Projects & Initiatives » Project Updates » General Government Projects

Cary Community Investment Bonds

Print
Share & Bookmark, Press Enter to show all options, press Tab go to next option
Font Size: + -
RSS

Cary registered voters were given the opportunity to vote on three separate bond initiatives totaling $80 million at the November 6, 2012, election. Each of the initiatives were approved by voters as follows:

Fire Station Bonds Referendum

Yes - 58,459 - 80%
No - 14,417 - 20%

Bond funding will be used for the Relocation of Fire Station 2.

Parks and Recreation (PRCR) Bonds Referendum - $15.87 million

 Yes - 50,252 - 69%
 No - 22,693 - 31%

Bond funds support these PRCR projects:

Transportation Bonds Referendum

Yes - 51,209 - 70%
No - 21,449 - 30%

Bond funds support these transportation projects:

The bond funding includes $1 million for improving bicycle facilities and programs. The Town of Cary sought residents' input into how and where the bicycle funds were invested. See Community Investment Bond Ped/Bike Map.

Project Funding - Tax Rate Increase

The $80 million in bonds will be repaid through a tax rate increase, with a 2-cent property tax rate increase in 2013 and another 2-cent tax rate increase in 2015. Presently at 35 cents per $100 valuation, Cary has the lowest property tax rate in Wake County.

For each $100,000 of home value, the annual tax impact would be $20 for each of two tax increases, for a total of $40. This means that if your home is valued at $250,000 for tax purposes, your related tax bill would increase by $50 per year for the increase in July 2013 and an additional $50 per year for the increase in July 2015. The total impact would be $100 per year after July 2015.

For questions about the 2012 Cary Community Investment Bonds referendum, please email carybonds@townofcary.org.  

Contact
Susan Moran, APR
Chief of Strategic Communications
Town Manager's Office
(919) 460-4951
susan.moran@townofcary.org