Since the City has the highest possible bond rating of “AAA” from all three national credit rating agencies (Moody’s Investors Service, Standard & Poor’s and Fitch), Greensboro’s excellent financial condition results in the lowest interest rates on bonds.

How are bonds paid?
Bonds are typically repaid through property taxes. When bonds are issued, property taxes are increased, if necessary, to pay the debt and to support the higher cost of operations for new facilities.

What are the proposed bond projects?
Citizens will vote on the following bond projects on November 7:

Fire Stations ~ $24,500,000Will provide funds for constructing, equipping and furnishing additional fire stations, including the acquisition of fire fighting apparatus, and acquiring any necessary land.

Public Building Renovations ~ $5,200,000Will provide funds for renovating and improving City-owned buildings that house City government offices, including constructing new roofs and installing new heating and cooling systems. 

Economic Development ~ $10,000,000Will provide funds to support industrial parks and provide infrastructure, such as water and sewer and street improvements, acquisition of land and other economic development projects. 

Library Facilities ~ $8,600,000Will provide funds for constructing, equipping and furnishing new branch libraries and renovating and expanding existing branch libraries, including the acquisition of any necessary land.

Greensboro Historical Museum ~ $5,300,000Will provide funds for renovating the Greensboro Historical Museum in order to provide additional exhibit space and galleries, including the acquisition of equipment and furnishings. 

War Memorial Auditorium ~ $36,000,000Will provide funds for renovating the Greensboro War Memorial Auditorium, including the renovation of the lobby, seating areas and balconies, and other structural renovations, including improvements to restrooms and handicapped access.

Parks and Recreational Facilities ~ $5,000,000Will provide funds for providing neighborhood parks and recreational facilities in Greensboro, including the acquisition of land and installation of equipment.

Neighborhood Redevelopment ~ $850,000Will provide funds for acquiring and improving land in the Ole Asheboro Neighborhood redevelopment area and other redevelopment areas in Greensboro to further the City's urban redevelopment program. 

War Memorial Baseball Stadium ~ $5,500,000Will provide funds for renovating the Greensboro War Memorial Baseball Stadium, including locker rooms, restrooms and the catering area.

Swimming Center ~ $9,000,000
Will provide funds for constructing and equipping a facility for competitive swimming events, including the acquisition of any necessary land.

International Civil Rights Museum ~ $5,000,000Will provide funds for renovating and furnishing an international civil rights museum. The issuance of Bonds is contingent on the museum raising $5 million in matching funds from external sources.

How will the bonds affect my property taxes?
The proposed bonds would be paid for with tax revenues either through growth of tax base or an increase in tax rate, if necessary, or a combination. According to the City of Greensboro’s Finance Director, if all of the bonds were approved and the entire debt had to be financed with increases in the tax rate, it would require a total increase of 3 cents per $100 of valuation. In other words, for a house which has a tax value of $200,000, this would represent an increase in the property tax of $60 per year or about $5 per month.

Questions?
Call the City at 373-CITY (2489) or visit www.greensboro-nc.gov/departments/budget. 

Questions or comments about this newsletter should be addressed to: Nancy Lindemeyer, Communications Manager, 373-2105 or email.