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cityofspokane

Streets and Parks Levy Informational Story

158 views 1 month ago
The Challenge: Address two of Spokane citizens' highest priorities—ongoing street improvement needs and an updated Riverfront Park—in an affordable way that gets citizens greater value for their dollar.
The Proposed Solution: A refinancing plan of existing debt that frees up money for significant new work at the same rate that citizens pay today for streets and parks.
The Mayor and Council President announced this proposal in early May. They compare the streets and parks funding proposal to refinancing a house, which allows homeowners to reduce their monthly mortgage payments and free up dollars for other household priorities.
Currently, Spokane's citizens pay 91 cents per $1,000 of assessed property value toward the repayment of three street and park bonds. With strategic refinancing, the dollars generated could be used to provide:
$25 million annually for street funding. That level of spending, which includes matching funding, would maintain the level of street work completed annually on under the 2004 Street Bond. Projects would be prioritized across multiple needs, including pavement condition, bike and pedestrian improvements, utility infrastructure, stormwater management, and economic development.
$60 million for implementation of the new Riverfront Park Master Plan, which was developed with considerable public input. More information about the master plan and its components is found at riverfrontparkmasterplan.org.
Retirement of the current debt. Show less
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