Since the 1900s, Cary has used voter-approved bonds as one of several financial strategies to help create and maintain the community. In 2019, voters passed the Shaping Cary’s Tomorrow Bonds. Visit the Projects pages to learn about which 2019 bond-funded projects are underway and which are complete.

As part of its annual budget discussion on May 2, 2024, Council and staff reviewed the potential projects that could qualify for funding with debt financing via general obligation bonds. There was agreement for a “not to exceed” total of $590 million for Cary’s next referendum: Up to $560 million for community projects, and the remaining $30 million going toward housing. Council directed staff to begin the legal process to hold a general obligation bond referendum on November 5, 2024.

The referendum will be comprised of two separate questions and will ask voters whether they approve of the Cary’s use of general obligation bond financing to pay for qualifying community projects and qualifying housing initiatives.

While the referendum sets maximum limits for borrowing in each of the two categories, Cary is not required to borrow the full authorized amounts. If the referendum passes, the projects and initiatives may be designed, constructed and initially financed over as many as 10 years.

• Cary Town Council voted unanimously to offer citizens the opportunity to vote on two general obligation bond initiatives for Community Projects ($560 million) and Housing ($30 million). Registered voters will have the opportunity to voice their opinions about each bond initiative individually during the Nov. 5 general election.
• The Community Projects Bond consists of $560 million for new parks and greenways, including a new Asian Garden that celebrates the multicultural fabric of Cary. Two new community centers, the first in over 20 years, are also being proposed, including a modern, multipurpose sports and recreation center for citizens of all ages.
• The Housing Bond consists of $30 million to support the programs and initiatives needed to further the Cary Community Plan vision and 2021 Cary Housing Plan goals in the key strategic areas of: new housing opportunities, preservation of existing housing, housing instability support, and nonprofit partnerships.
• Projects and initiatives in both the Community Projects and Housing Bonds could begin almost immediately if the bonds are approved.
• There is no contingency finance plan for these projects and initiatives. If voters do not approve the authority to finance them, they will not move forward until and unless a bond referendum is passed.