By City of Tempe
Increasing funds for affordable housing, protecting Tempe’s historic places and restoring all of Tempe’s streets may be on the ballot this November as part of a proposed bond election.
Councilmembers heard information about leveraging bonds to increase affordable housing opportunities and preserve and maintain Tempe’s historic places at the Feb. 8 Work Study Session.
Affordable Housing
The City of Tempe has invested $72M in housing solutions as well as assistance to the community’s unsheltered population.
To accelerate the city’s affordable housing efforts, an additional $32M is being requested, $8M annually for four years. The cost of this to the average household? About $1.58 a month or $19 annually.
Phoenix and Flagstaff voters recently passed bond elections to address this national issue.
Historic Preservation
Tempe’s history could also receive a boost. Approximately $12.3M is being requested to restore, maintain or purchase historic properties. Money would also be set aside for the potential acquisition and rehabilitation of endangered historic properties.
Both the affordable housing and historic preservation funds provide bandwidth for purchasing properties. This would allow the city to buy property with the intent to develop affordable housing and to protect and preserve endangered historic properties that could go on the market.
Street Restoration
Other items being considered for November include $180M to restore all Tempe streets within four years. Current pavement cost estimates are $1.3M/mile. Without bond funding, it would likely take 15 years longer and cost more money to accomplish Tempe’s goal of citywide excellent street conditions. The cost of this would be about $81 a year for the median household.
If residents voted to pass bonds to fund affordable housing, historic preservation and street restoration, the City of Tempe would still rank among the middle of surrounding area communities for the cost of services.
The City would pay these bonds back over 20 years.
Currently, there is no decision on whether to move forward with these potential bond items. Questions regarding the November bond election will come back to Tempe City Council in March at a future Work Study Session. Council would need to call the election in April to have questions on the November ballot.