Public Hearing - Proposed Bond Issue

Special Projects

The Raleigh City Council is considering a plan to issue up to $9 million in two-thirds general obligation bonds for four special projects. Council members voted today to hold a public hearing on the proposal on March 6 at 7 p.m. in the council chamber at the Avery C. Upchurch Government Complex, located at 222 W. Hargett St. Public comment will be accepted on the plan at the public hearing.

The proposal would consist of $7.5 million for parks and recreational facilities bonds and $1.5 million for land acquisition bonds. At the City Council’s direction, the City administration is studying using the two-thirds general obligation bonds for the following special projects:

• Second-phase development of the Annie Louise Wilkerson M.D. Nature Preserve Park in north Raleigh. This would include converting the Wilkerson residence into an education center for the City’s first nature preserve;
• A new tennis complex next to Barwell Road Community Center in southeast Raleigh. The complex would consist of 18 regular courts, eight smaller “quick start” courts and a clubhouse;
• Upgrades to the City’s Dix soccer fields off of Western Boulevard and to the WRAL Soccer Center on Perry Creek Road; and,
• An urban agricultural center just south of Downtown off of Garner Road. The center would offer crop sales, research, education, community outreach and job training programs.

Two-thirds general obligation bonds are a long-term financing option available to local governments in North Carolina under state law. The bond total can be up to two-thirds of the amount by which the municipality reduced its outstanding general obligation indebtedness in the preceding fiscal year. The City of Raleigh can issue up to $9 million in two-thirds bonds prior to the issuance of other general obligation debt. The City Council today approved a series of preliminary steps required by state law to issue the bonds, including scheduling the March 6 public hearing.

In past years, the City of Raleigh has issued two-thirds general obligation bonds to finance capital projects. These include City Plaza and the Raleigh Amphitheater, both Downtown, and roundabouts on Hillsborough Street.

For people and other interested parties who are unable to attend the March 6 public hearing, written comments on the proposed bond issue may be submitted to:

City Clerk’s Office
P.O. Box 590
Raleigh, 27602