The Eloy City Council heard a presentation earlier this week on the possibility of presenting voters with a General Obligation bond request to fund municipal improvement projects.
Nick Dodd of investment banking firm Raymond James presented Council with information about a potential request.
Over the past 10 years, Eloy’s growth rate has averaged 4.15%. City Manager David Malewitz explained the City needs additional revenue if it plans to implement large projects like water, wastewater and parks to accommodate the growth.
A $43M bond request—one of the options discussed—would raise property taxes on a $250K home by $459/year.
In discussing the possible request, Councilmembers recommended beginning public education and feedback efforts to muster support and determine what types of projects residents want to see.
Should the City decide to pursue a bond in the November 2024 election, the decision must be finalized by May. (Source)