|Questions and Answers
How is the city impacted by approval of the bond?
The road improvement bond is a mixture of new road construction, road rehabilitation, and road reconstruction.
The projects funded in the City Center area (Paseo del Volcan extension and Unser Boulevard Widening) address immediate and future development needs, which in turn, promote economic development critical to the city.
Adequate planning of basic infrastructure such as roads spawn economic development. The growth of the City Center will generate revenues that can be used to provide increased services to the entire city.
Funding from the bond is dedicated to providing substantial maintenance to older road construction in the city, which directly impacts property values and quality of life.
What type of interest rate does the city expect to get on the bonds when they are sold?
On April 22, 2009, the city was able to obtain an interest rate of 2.88 percent on the bonds. This is an historically low interest rate. Due to this interest rate, the city was able to obtain a $500,000 bond premium, which means an additional $500,000 is available to the city for road projects.
How can the city bond for road improvements and not raise taxes?
The city can bond for $25 million for road improvements due to the pay-down of past bonds.
Approval of the bond kept in place approximately 1.5 mills of existing property tax.
What information was used to determine the need for road improvements?
Beyond city engineering staff reviewing and calculating needs, Mayor Tom Swisstack's transition team reports, a citywide citizen survey, town hall meetings, and surveys of city staff/city board and commission members were used.
What is pavement preservation work?
The purpose of pavement preservation, or preventative maintenance work, is to extend the life of existing pavement and improve driving surfaces.
There are several different methods of preventative maintenance work that can be performed depending on the condition of the road, traffic volumes and other factors.
One method used for preventative maintenance on city roadways is called micro-surfacing. Micro-surfacing is not new pavement, but a surface treatment that extends the longevity of city roads (between 3 to 5 years depending on pre-treatment conditions), improves driving conditions/makes roads safer as skid resistance is improved, and protects the road surface from additional weather deterioration.
It is important to note that when micro-surfacing work is done, pre-existing cracks will still be visible in the roadway. The only way to eliminate pre-existing cracks from showing would be to conduct a full reconstruction of the roadway. A full reconstruction of a city roadway is where all the existing asphalt is removed down to raw dirt and new asphalt is put down.
Another type of pavement preservation that is done in the city depending on the condition of the roadway is mill and inlay work, which is where approximately 1 to 2 inches of the existing asphalt is removed and replaced.
More about Paseo del Volcan (PdV)
Additional information about the PdV project.