Mayor Nancy Vaughan announced that the Greensboro City Council would be considering placing a bond referendum on the ballot for the November 2021 election.
The voters of Greensboro passed four bonds totaling $126 million in 2016 and the majority of that money has not been spent.
A housing bond to facilitate the building of more affordable housing in Greensboro is one of the bonds that the City Council is reportedly considering putting on the ballot, along with a bond for public safety.
In 2016, the voters passed a $25 million housing bond. City Councilmember Sharon Hightower has frequently complained since then that $25 million wasn’t enough, but in fact, of that $25 million, as of Nov. 30, only $10.5 million had been spent; an additional $500,000 has been encumbered, which means contracts have been signed to spend the money but the $500,000 hasn’t been paid out yet.
That leaves the city with over $14 million in bond money available for affordable housing. So the city has been spending the affordable housing money at a rate of about $2.6 million a year. If that spending rate continues, the city won’t run out of housing bond money for over five years, which might make some question why a housing bond is necessary in 2021.
In fact, the city as of Nov. 30 had only spent 43 percent of the 2016 bond money and encumbered an additional 3 percent, which means over half, 54 percent, is still available in 2020.
The City Council often talks about economic development as being a top priority, and in 2016 the voters passed $38.5 million in Community and Economic Development bonds. Of that $38.5 million, in the past four years the city has spent $4.5 million and encumbered $1.5 million, which leaves $32.5 million available.
The Community and Economic Development bonds includes $25 million for “Downtown Streetscapes and Enhancement.” Of that, $2.8 million has been spent and $1.2 encumbered, which means $21 million is still available to enhance the downtown.
Parks and Recreation is much more in line with what would be expected. Of the $36 million Parks and Recreation Bond, $24.3 million has been spent and $1.9 encumbered, so about $9.7 is currently available.
Of the $28 million transportation bond, $15.3 million has been spent and $12.7 million remains. The amount encumbered is $141.
John, youre a punk.
Is Ben mad that John can see through the BS and lies of our Nancy Pelosi wannabe? Is Ben related to this joke of a mayor?
What kind of comment is that? John is stating the facts. Maybe you live in a fantasy works where Greensboro citizens have unlimited funds for this joke of a bond. The fiscally responsible tax payers do not. New leadership is needed.
Be nice if they would finish Spencer Love Tennis dreams with that money.
Bond money is dole (sorry, Bob) money.
It’s irresponsible to not know, as a council member or a mayor, how much of the previous bond funds have been spent. Why would voters want to approve another referendum when so little of our previous bond money has been spent. Even though some of the housing bonds have been encumbered, they are not yet spent or under contract. We’ve had a year of Covid, jobs lost, homes lost. Why would we approve a bond under these conditions. Council has so many other resources available to help those without homes and for those wanting to create jobs. Put the burden on those groups that were created to help. The IRC, Urban Ministry, Greensboro Chamber of Commerce, Piedmont Triad Partnership. There are other resources.
The City makes developers jump through hoop after hoop, many of them totally asinine, to attempt to get any money for affordable housing development. Even in a year when a certain amount is offered via the City’s RFP, any funds not awarded go back in the pot rather than fund a project already in development to help lower hard debt by the developer so the rents could stay affordable. If the City was really interested in having more affordable housing, the powers that be would fire a leader or two in neighborhood development, planning, and inspections, clean out the deadwood employees, the City Council and the Mayor’s office, and try to streamline the process for quality developers.
City councils buddies can only work so fast, they sure not going to open bid anything.