Wake Forest voters to decide on $75 million bond referendum to fund new Town projects
On November 8, Wake Forest voters will have the chance to vote on four bond referendum questions totaling $75 million. The referenda will ask voters whether they approve of the Town’s use of general obligation bond financing to pay for the following initiatives: 1) $24.4 million for parks and recreation; 2) $23.7 million for roadway and transportation; 3) $14.35 for greenway improvements; and 4) $12.5 for a public parking facility in downtown.
Potential projects include a multipurpose outdoor sports complex (to include Pickleball courts), restroom installations at local parks, road connections and street resurfacing, bus shelter installations, Smith Creek Greenway phases 2 and 3, Dunn Creek Greenway phases 3 and 4, and the downtown parking facility.
If voters choose to invest in all four bond issues, then a property tax increase of one to three cents, up from the current rate of $0.495 for every $100 of assessed value, may be needed. Historically, the Board of Commissioners has tried to minimize the tax impact by utilizing growth in revenues and staggering projects in phases. Since there are several projects included in each bond order, the timing of the projects and the respective debt issuance will be spread out over seven years.
To help voters understand the four bond financing questions, the Town has created a 2022 Bond Referendum portal on its website. Located at www.wakeforestnc.gov/2022-bond-referendum, the website provides detailed information about each bond item, their potential impact on the Town's tax rate, a list of frequently asked questions, and more. For more information about the 2022 Bond Referendum, contact Chief Financial Officer Aileen Staples at 919-435-9461 or [email protected].
The Town of Wake Forest is prohibited from using public funds to advocate for the bond referendums. However, Town officials are available to meet with civic groups and community organizations to provide information and answer questions. To schedule a speaker, contact Communications & Public Affairs Director Bill Crabtree at 919-435-9421 or [email protected].