Agenda - 10-19-2004-7b - Laserfiche WebLink

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15' North Carolinians, for Jobs ~ Progress VOTE FOR AMENDMENT ONE Self-Financing Sonds Overview: Self-financing bonds are a powerful job tool used in 48 states in this country -including every state east of the Mississippi except North Carolina. An amendment to the North Carolina Constitution is requited before local governments can use this tool. In November 2004, North Carolinians will have a chance to vote for jobs and opportunity. Description: - Self-financing bonds will be a tool that local governments can choose -but axe not required to use. - Self-&nancing bonds will finance public improvements such as streets, water and sewer service and sidewalks in special development districts. They also will be used to help spur private development, including the re-use of abandoned textile and furniture factories. - Unlike General Obligation Bonds, self-financing bonds do not require a vote of the people because they do not obligate full faith and credit. - The net gain in property taxes, generated witlvn the district by the improved property, will pay the debt created from bonds issued by the local government. - When the debt is retired, total property taxes generated by the district will go into the local government general fund. - Projects must be approved by independent and non-partisan NC Local Government Commission.. - Limits axe placed on local governments' use of this tool, A total of only five percent of a government's jurisdiction can be in development districts. How our neighbors are using them: Red River Development=Rocl; (-sill SC: Neighborhood enhancement program Total self-Enancing bonds will be $25 million. Projected private investment is more than X140 million with additional tax revenues of $2.1 million annually. Private development includes mall, hotel and theater Manchester Ville Redevelopment District -Rock Hill, SC: X10 million to convert a former garbage transfer station and Brownfield site owned by the City into viable commercial and residential development.. Residential redevelopment includes 238 town-homes ranging from X110,000 to X240,000 and a proposed 312-unit luxury apartment building. Commercial J~ aclopment includes restaurants, a hotel, office space, a cinema, a medical center, and several large retail stores A~~nroximately 900 employees currently work on site. Holl~nvood District -Hollywood, PL: Redevelopment of downtown, including commercial and residential. Bonds will be Eor CIS million, with private investment projected for $100 million. Public projects include streets, parking water and sewer. Smvrna District - Stmn na. GA: ' 'n to $30 trillion in bonds to support the renovation of a 1950s shopping center into high-end condominiums, .rr ~ r Icvel retail and office space. Brooli~n Industrial Parl: - Brool;h n, IA: The Industrial Parh is located in a development district. If a business moves into the district, the town uses self-financing bonds to pay for water, sewer and streets.