The Scottsdale City Council unanimously agreed to seek voter approval to issue bonds for 58 community projects totaling up to $319 million. The projects will appear on the ballot grouped in three questions: (1) parks, recreation, and senior services; (2) community spaces and infrastructure; and (3) public safety and technology.
This will be Scottsdale’s first election conducted completely via mail – every registered voter in Scottsdale will be sent a ballot with prepaid return postage.
If voters approve, the city expects to finance these projects by issuing general obligation bonds to be repaid through secondary property taxes. The financial impact of the bond election will vary from resident to resident based on property values and the number of bond projects financed.
The estimated average annual tax rate for the proposed bond authorization is $0.2877 per $100 of net assessed valuation used for secondary property tax purposes.
The City Council set the bond program at $319 million after confirming that the bonds can be issued in stages as existing bonds are paid off in order to keep the city’s secondary property taxes at or below current levels.
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