Three Austin bonds up for vote for November total more than $3 billion

Bonds from Austin ISD, Austin Community College and the City of Austin will all be on the ballot later this year for voters to decide.

AUSTIN, Texas – Austin residents will have three bond packages to vote on in this November election.

The City of Austin, Austin ISD and Austin Community College all voted to approve bonds totaling more than $3 billion.

The City of Austin Affordable Housing Loan is $350 million. Austin ISD’s bond is $2.44 billion and ACC’s is $770 million.

The city of Austin’s $350 million proposal for new affordable housing comes as house prices and rents hit record highs. The money would be used for things like creating more affordable rental units, making repairs for homeowners and building housing for people emerging from homelessness.

With the passage, the debt service portion of the tax rate will increase by $0.0130. The annual impact on the typical homeowner, defined as a home valued at $448,000 with a taxable value of $358,400, is a $46.59 fee increase.

RELATED: Austin City Council Approves $350M Housing Bond Placement in November Vote

The Austin School District’s $2.44 billion will be divided into three projects:

Proposal A: All Purpose $2,316,025,000
Proposal B: Technology $75,541,000
Proposal C: Stadiums $47,434,000

Jason Stanford, AISD’s communications director, said most of the funding will be used to modernize the campus.

“We can’t keep and recruit the teachers we need for our kids if we’re putting money into old buildings that really need replacing. So it does. focused,” Stanford said.

The proposed bond would increase the debt service portion of the school district’s tax rate by one cent for every $100 in value for the 2023-24 school year. However, due to property tax compression, the AISD school board will reduce the overall tax rate by 6.5 cents this school year and another three cents next school year if the bond stands, according to an AISD press release.

RELATED: Austin’s ISD board votes to select $2.44 billion bond package

ACC’s $770 million bond will go towards projects aimed at expanding training capacity in high-demand areas such as healthcare and advanced manufacturing. ACC said it would also include new locations in southeast and southwest Travis County.

According to the ACC, it is currently the largest educator for the Austin-area workforce, serving 70,000 students each year. Around 80% of graduates now live and work in the region, and graduates increase their earnings by an average of 45% within five years of graduation.

“With Tesla and Samsung moving in and so many people thinking about coming here, our programs just can’t keep up. The capacity of our programs needs to increase,” said Nora de Hoyos-Comstock, vice chair of the ACC Board of Trustees.

The college estimates that a taxpayer with a $500,000 home at his current tax rate would pay up to $5 a year for the first five years, with a maximum of $25 a year for the remainder of the bond. Seniors (age 65 and older) and residents with disabilities would not experience a tax increase as a result of this bond program. In 2021, the ACC Board of Trustees passed a tax cap (freeze) for seniors and residents with disabilities.

RELATED: ACC Board Approves Bond Election for 2022 Ballots

KVUE on social media: Facebook | Twitter | Instagram | youtube

Texas This Week: Gov. Greg Abbott’s ‘unprecedented’ influence on ERCOT

13-year-old Aurora boy dies of an accidental fentanyl overdose

South Austin taco restaurant fire ruled an accident

https://www.kvue.com/article/news/local/three-austin-bonds-november-ballot-3-billion-2022/269-bc89b936-8d5f-456b-891a-75d9c61ab63b Three Austin bonds up for vote for November total more than $3 billion

Laura Coffey

World Time Todays is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@worldtimetodays.com. The content will be deleted within 24 hours.

Related Articles

Back to top button