I wanted to pass along some information about the upcoming Bond election so you’ll have the correct information prior to the start of early voting on April 26th. You’ll also read this information in the HPNA Newsletter coming out during the first weekend of May. It’s important that you know what the bond actually provides. Please study the package so you can make an informed decision for the City of Richardson as well as for your Heights Park neighborhood. We’ve provided a very brief recap below. (Bond information provided by Stephen Springs, HPNA Civic Chair)

2010 Bond Program

If all four propositions pass, the average cost per month would be an increase of approximately $9/month in property taxes based on the average priced home in Richardson: $182,000.

Janet DePuy
President
Heights Park N.A.
214.282.6921

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What is a municipal bond?

Quite simply, bonds are debt.  Think of them like a mortgage.  A municipal bond is basically how a city takes out a mortgage in order to build things.  There are two types of municipal bonds,revenue bonds and general obligation bonds.  Each is named for the means by which they are financed.

A revenue bond is paid for by income created by the improvements created.  Examples of projects that are typically funded by revenue bonds include toll roads, and water and wastewater infrastructure.

A general obligation (“G.O.”) bond may be paid for via any legal resource available.  Typically, G.O. bonds are repaid either through growth or property tax levy, or both.

Young cities often have the ability to take on debt without raising taxes thanks to their sheer growth.  Mature cities more often have to tie debt to property tax rates.  As recently as the late ‘90s, the City of Richardson sold bonds based on anticipated growth.  Projects funded by those bonds took a long time to realize because the economy slowed, stunting growth compared to expectation.  Since, Richardson has tied bond sales to property taxes, which is much more stable and predictable.  The 2006 bond program is now nearly complete.  The 2010 G.O. Bond Program on the ballot next month, if successful, will also be funded by a property tax increase.

Information on Richardson’s 2010 Bond Election

For the most up-to-date information available, look at the City of Richardson website (www.cor.net).  Information on the website includes detailed information on each proposition, project listings, project maps, election data and a PowerPoint being used for public meetings around town.

Early Voting Times:

April 26 to April 30 (Mon-Fri)

8 AM TO 5 PM
MAY 1 (SATURDAY) 8 AM TO 5 PM

MAY 2 (SUNDAY) 1 PM TO 6 PM
MAY 3 (MONDAY AND TUESDAY)

MAY 4 – 7 AM TO 7 PM                                                     

Early Voting Location:

Richardson Civic Center

411 Arapaho Road

Election Day / Location for Heights Park:

Saturday, May 8

Richardson Heights Elementary (Precinct 1707)

101 N. Floyd Road

The basic rundown:

City staff and Council started with more than half a billion dollars of identified needs, more than $150M of which were identified as “Priority A”, or urgent needs.  This list was pared down to $66M to take to voters.  As has been typical for past Richardson bond issues, the election is broken down into 4 propositions:

Proposition 1                        Streets and Drainage                          $24.7 Million

Proposition 2                        Parks and Recreation                          $22.6 Million

Proposition 3                        Public Buildings                              $10.5 Million

Proposition 4                        Neighborhood Vitality                         $8.1 Million

Total                                                                              $66 Million

Proposition 1 Description-

A city-wide comprehensive street and alley inventory has been performed which grades all roadways in town on a scale of 1 to 100.  Using this data and logical grouping strategies for contracting, this proposal essentially replaces or rehabilitates all residential streets scoring below 50 and all alleys scoring below 55.  There are also scattered improvements to various intersections, traffic control devices, culverts and the like.

What’s in it for Heights Park?  (see project list of streets and alleys below in addition to sidewalk repair)

6 blocks of alleys

5 blocks of residential streets

Proposition 2 Description-

The Completion of a city-wide Parks and Open Space Masterplan in 2009 and Heights Park Masterplan in 2008 informed this proposition.  It includes numerous improvements and additions to city trails, playgrounds, irrigation systems and sets aside funding for park acquisition in underserved areas of town.  Most significantly…

What’s in it for Heights Park?

Replacement of the Heights Recreation Center and pool!

Proposition 3 Description-

The bulk of this proposition has to do with replacing the next-in-line substandard fire station and constructing a long-awaited fire training center.  Also included are technological advancements to the Library and an upgrade to the Animal Shelter.

What’s in it for Heights Park?

Nothing directly, though improvements for the Fire Department will allow for redistricting of city fire districts, which improves response times for everyone.  If you use the library, it will get you in and out faster.

Proposition 4 Description-

The smallest of the proposals actually could have one of the largest impacts for residential areas.  $8.1M buys a lot of sidewalk repairs and aesthetic improvements.

What’s in it for Heights Park?

A lot of sidewalks.  Drive around the Heights area south of Beltline to see what was done in the previous bond program.

SPECIFIC HEIGHTS PARK PROJECT LIST

Have questions?  Feel free to contact any of your HPNA board members or City Hall.  To contact the city, pick up your phone (972-744-4141) or keyboard (www.cor.net).

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