2021 Bond Referendum
The Municipal Election is November 2, 2021, and citizens of Fuquay-Varina will have an opportunity to vote on two bond referendum questions totaling $38.5 million.
The referenda will ask voters whether they approve of the Town’s use of general obligation bond financing to pay for qualifying transportation projects and qualifying parks and recreation projects.
The Town of Fuquay-Varina has used voter-approved bonds as one of several financial strategies in the past. The most recent referendum was approved by voters in 2015 for transportation and utility projects. All the funded projects are either complete or underway.
Below is information that will help voters make an informed decision on the 2021 Fuquay-Varina Bond Referenda.
The Town is seeking voter authorization to issue up to $20 million in general obligation (G.O.) bonds for various transportation projects to improve traffic flow and congestion in Fuquay-Varina. Historically, the town has been able to leverage bond funds to seek matching grants from state and federal authorities. Since the 2015 Transportation Bond was passed by voters, the town has received approximately $21 million in transportation grants.
Bond funding will be used to enhance intersection and operational improvements, new roadways that enhance the Town’s current road network, new bicycle and pedestrian projects, and traffic mitigation safety improvements along high-traffic areas.
Based on the current tax base, debt service on the Transportation Bonds could require the equivalent of a 2.5 cent increase on the tax rate. However, it is the intention of the Town Board to mitigate the impact on the tax rate through tax base growth, as it has done successfully in the past, and utilize transportation bonds as a tool to leverage outside resources to assist in transportation improvements.
Parks & Recreation Bonds
Voters will also be asked to authorize issuance of up to $18.5 million in general obligation (G.O.) bonds for various Parks and Recreation improvements.
The Town has identified Parks and Recreation G.O. bonds as the primary funding tool for the Community Center North Project.
What is the Community Center North?
The Community Center North is a multi-generational facility that plans to offer a broad spectrum of programs and amenities for all ages with dedicated space to accommodate an expanded slate of activities for active adults. This will be the second community center in Fuquay-Varina and was identified as a needed facility during the 2020 Parks, Recreation and Cultural Resources (PRCR) Systemwide Master Plan that was adopted in July 2020. The new facility will be located at Hilltop Needmore Town Park and Preserve Park (HNTPP) and provide a more convenient location for residents located in the northern part of Fuquay-Varina to pursue recreational programming. The Town of Fuquay-Varina recognizes the diverse nature of our growing community and the necessity for a new Community Center to offer activities and programs that are of interest to all our residents. This facility will also help to accommodate the growth in program demand in Fuquay-Varina.
How was the Community Center North Design Determined?
Because stakeholder input was key to the design of the Community Center North project, the Town of Fuquay-Varina held a robust Public Engagement Phase geared toward facilitating a discussion, gathering input, and developing a program and design that meets the needs of the entire community now and in the future. In March 2021, two in-person public meetings were held and more than 500 people responded to an online survey. Paper surveys were available upon request. The Town engaged a design team led by HH Architecture, which includes senior-active adult center specialists, Lifespan Design Studio.
On August 17, 2021, the Town Board chose conceptual design "B" for the Community Center North Project. The conceptual design identifies a gymnasium with two basketball courts, an elevated indoor walking track, multipurpose and flexible classrooms for recreational programs, fitness areas, and a kitchen.
The design also includes a dedicated Active Adult Center specifically designed to meet the needs of residents over 55.
What is the Estimated Cost of the Community Center North?
The Town has identified Parks and Recreation G.O. bonds as the primary funding tool for the Community Center North. An $18.5 million P&R Bond referendum will be on the Municipal Ballot on November 2, 2021.
The total expected construction costs are estimated at $25 million. If the bond referendum is successful, the Town will finance construction of the facility, and the debt service and operating cost of the facility are anticipated to require up to a 4.5 cent adjustment to the tax rate. The Town Board expects to mitigate the impact on the tax rate through tax base growth, as it has done successfully in the past, and by leveraging grants and other funding sources, and competitive bid prices.
If the Parks and Recreation bond referendum is approved by the voters, construction drawings will begin in December 2021 and construction will begin in late Summer 2022.