Support for the $2 Billion Connect NC Bond Referendum

March 3, 2016 at 10:22 pm Leave a comment

The Piedmont Triad Apartment Association (PTAA) is supporting the Connect NC bond referendum that will appear on the March 15 ballot, and the reasons why were very well articulated by the Triad Real Estate and Business Industry Coalition (TREBIC) of which PTAA is a member:

The ($2 billion) bond is focused on the strength of our economic future: infrastructure, economic growth, and public education in the state of North Carolina.  These well-vetted projects are critical to economic development, and therefore the health of our industry as well.  There will be no tax increase due to NC’s financial strength and favorable interest rates and timing.

Relevant facts:

The Basics and Background

–     $2B Statewide Infrastructure Bond

–     Referendum March 15th

–     First statewide bond since 2000

–     Proactive investments in economic development/future jobs and emergency readiness

–     Impacts 73 counties directly, all 100 indirectly

–     No tax increase based on

  • NC’s strong financial position, low debt
  • Historically low interest rates
  • Lots of bonding capacity available, even after passage

–     Since last bond, NC has added 2 million people, so our needs are growing

–     Started at $6B from Governor

–     Lots of vetting to get to final project list

–     Ultimately won broad support from House, Senate, Democrats and Republicans

–     It won’t meet all needs, BUT there is no current debate on future or serial bond issues

What’s In The $2B Bond?

–     All projects are needs that can’t be met by annual operating budgets

–     New construction and renovation, but also deferred maintenance

  • $980M for Universities

–     Focus on Science, Technology, Engineering, and Math (STEM) buildings

–     New construction, renovation and repairs

  • $350M at 58 Community Colleges for new construction/repairs/renovations

–     40% of NC workers have attended a community college in the past 10 years!

  • $100M for Parks, including $25M for Zoo, with a focus on attracting visitors/economic impact
  • $3M for Disabled Children & Veterans parks infrastructure
  • $309.5M for Water & Sewer Competitive Grants and Loans

–     Utilities will have to apply to DENR

–     Expected focus is repairs and improvements to mostly rural, existing systems

  • $78.5M for 3 National Guard  & Pub Safety Centers, including 1 in High Point
  • $179M for Agriculture – largest single state investment ever in farms and agriculture

–     mostly at NCSU

  • new Plant Sciences Research Complex
  • Agriculture and Consumer Sciences Lab for veterinary, food, drug, and motor fuel testing
  • $349M (21%) In The Triad (plus possible Water & Sewer grants/loans)

–     $230M in Guilford County

  • NCA&T: $90M Engineering Building
  • UNCG: $105M Nursing School
  • GTCC: $9.5M for Medlin Admin Building Modernization
  • $23.3M High Point National Guard
  • $1.5M Haw River State Park

–     $119M in other 11 Counties

  • WSSU, Alamance CC, Davidson CC, Forsyth Tech CC, Randolph CC, Rockingham CC, Surry CC
  • State Parks: Hanging Rock, Mayo River, Pilot Mountain, NC Zoo
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Entry filed under: Government Affairs, North Carolina. Tags: , , , , .

Survey Shows Triad Rents Up, Still Lag Other NC Metro Areas PTAA Goes to Washington

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