Thursday, August 11, 2016

Bond Analysis: South Asheville gets left out again

1.1% of $74 Million Bond will benefit South Asheville

Bond Analysis
According to the City of Asheville's projected plans for the $74 million bond it wants taxpayers to approve in November, only $825,000 will directly benefit South Asheville taxpayers and voters and it will all go toward a park, the Jake Rush Park.
None of the $32 million transportation portion is allocated for improvements in South Asheville.
None of the $25 million affordable housing portion will go to South Asheville. Actually, half of that goes to private developers ($12 million) and the other half goes to the City to buy land or houses with the intention of keeping them affordable but the developers nor the properties have been identified.
Only $825,000 of the $17 million parks and rec portion will directly benefit South Asheville residents.
To see a detailed list of proposed projects for each area of the bond, see the article in the Citizen-Times dates July 11, 2016, "What would $74M buy for Asheville?"

South Asheville left out again
In recent months South Asheville has come up in the news when a districting bill was introduced that would have given voice to South Asheville residents who feel they have none.  Now, it looks like they're left out again but they're expected to help pay for it.

The Bond's financial burden: $36.2 Million in Interest
The $74 million bond will cost $36.2 million in interest payments.  Those interest payments will be paid for by taxpayers through a property tax increase.  So, South Asheville residents and businesses will be looking at an increase of 5 to 10% more in property taxes in order to pay for the bond.  Plus, South Asheville residents will see an additional increase when Buncombe County does their reassessment.

PS. South Asheville residents should voice their concern at the City Council meeting August 9th where residents can make public comments.

Where does it go?
More analysis coming but most of it goes to Central Downtown, parts of Biltmore Village, a little to West Asheville and North Asheville.  A portion goes to East Asheville, mostly to connect the City to Warren Wilson College students, the alma mater of several of our City Council members (past and present).

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