The City of Tempe is considering asking voters to approve $581.5M in General Obligation bonds through three questions proposed for the Nov. 5 election.
The bond questions would cover:
- $301M for community safety and roadway development to improve every street in the city within a four-year timeframe;
- $248.5M for “quality of life” improvements, including historic property preservation and restoration, and
- $32M to cover four annually consecutive $8M affordable housing bonds starting in fiscal year 2024-25.
City Council plans a vote on calling for the bond election at its April 25 meeting.
In addition to the bond considerations, City staff is attempting to work with a $1.58B planned budget for the 2024-2025 fiscal year that maintains current service levels.
The planned budget represents a 17% increase over the $1.35B current budget for capital projects and operations. Adoption of the final operations and capital improvement budget is planned for June 6.
The total five-year Capital Improvement Program budget is $1.95B, which marks a 29% increase over the current $1.51B. Under the five-year CIP budget, seven projects would be accelerated, which counts for most of the planned increases.
Those projects are:
- $134.6M to accelerate roadway improvement and preservation;
- $32.9M for a police substation and training facility;
- $32M for affordable housing program enhancements;
- $30M for a public safety and Fire Medical Rescue Station No. 8 in the Arizona State University Novus Corridor;
- $21.4M for Mill Avenue improvements downtown;
- $12.3M for historic property projects, and
- $7.8M for charging infrastructure for electric City and public vehicles. (Source)