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Potential projects Live Oak o cials are looking at roads in high-tra c areas that show signs of cracks or other damage. Should the bond pass, a list has been established for priority roads that the city would allocate funding to rst. Projects included are examples only and are subject to change based on nal engineering analysis and funding.
Priority 1
Arterial roads
2 Judson Road
3 O'Connor Road
1 Toepperwein Road
Priority 2
Connector streets
5 Palisades Drive
6 Gateway Boulevard
4 Forest Blu
2
Residential roads Priority 3
1604
7 Cool Sands Street 8 Rimwood Street 9 Welcome Drive
10 Welsford 11 Marble Lake 12 Bressani Way
13 Dry Canyon Trail 14 Sage Oak 15 Belgrave Way
1
6
BELGRAVE WAY
35
According to Director of Finance Leroy Kowalik, this election is ideal for the bond to pass as it would have the best potential I&S tax rate of $0.1604 per $100 valuation in scal year 2022-23, up from the FY 2021-22 rate of $0.0965 per $100 valuation. If the city were to wait, debt interest rates and construction costs would be higher meaning a higher out of pocket cost for the city. “With the market and environ- ment we are in right now, our nan- cial advisors put together their best bets on what the potential interest rates will be by the time we issue this debt,” Kowalik said. “They came out with around 6.3 pennies when we issue the debt service. Next year’s debt service, it won’t have any e ect on the current year.” According to a tax impact analysis report put out by the city, Live Oak’s taxable assessed value—the value of all taxable properties within the city after the subtraction of the home- stead cap—is expected to grow at a 3% rate through 2042. For the city, this growth rate will help with the repayment of debt
“We want our voters to have all the information they need, so they can make the educated vote for them- selves,” Martel said. “We are trying to do our best for the residents of Live Oak and provide them with timely repairs on their streets, so they have safe streets that continue to function According to Wagster, the bond total of $18 million was estimated by City Engineer Jess Swain, who helped calculate totals by looking at construc- tion rates, estimated around Decem- ber, and anticipated cost increases. Wagster said Swain pulled potential projects and estimates from roads as part of a 2019 Pavement Condition Index Study, which measures the gen- eral condition of pavement sections. “The bond was estimated out based on work from our city engineer,” Wag- ster said. “He took those streets that had been identi ed previously as part of a Pavement Condition Index Study. Those construction costs are also based on other projects that our city has done recently.” into the future.” Financial e ect
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GATEWAY BLVD.
10
12
BRESSANI WAY
WELSFORD
9
SAGE OAK
5
14
8
RIMWOOD ST.
4
FOREST BLUFF
13
7
3
DRY CANYON TRAIL
11
COOL SANDS ST.
MARBLE LAKE
MAP NOT TO SCALE N
SOURCE: CITY OF LIVE OAK COMMUNITY IMPACT NEWSPAPER
thatwoulda ectpropertytaxratesdif- ferently. A wraparound option allow- ing the city to o set debt for two years was o ered, which would result in a smaller property tax rate increase but would accumulate an estimated addi- tional $1 million in debt repayment. The council was not in favor of this option, instead going with the option to pay the bond up front, which
would raise the interest and sinking, or I&S, tax rate an estimated $0.06 per $100 valuation, an increase for resi- dents but savings of the additional $1 million debt for the city. According to City Manager Glen Martel, the city wants to be open about the bond nancials and help residents understand the proposal, so they can make an educated vote.
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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
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