The city of Santa Clara faces an infrastructure gap of hundreds of millions of dollars, and voters will decide on Election Day whether to partially fill it with a $400 million bond, the first in 65 years.
Measure I comes as the city grapples with aging infrastructure that costs more than $600 million to repair and replace, city officials said.
The general facilities bond will be financed by an annual levy of an estimated $19 per $100,000 of assessed property value, beginning in 2025 and ending in approximately 2060. Commercial property owners in the top 20 will pay an average of about $154,000 a year, while homeowners will pay an average of about $154,000 a year. You’ll pay about $128 a year.
Mayor Lisa Gilmore, who supports the measure, said the bond is “an essential step in preparing Santa Clara for its future.”
City officials originally proposed a $600 million bond, but Gilmore reduced that amount and specified which projects would be funded to make the bond more affordable and transparent for residents. He said he insisted on doing so.
When the City Council voted to put the measure on the ballot this summer, it divided the money into six buckets: $41.1 million for streets and transportation, and $142.2 million for fire departments and emergency response. , $43.9 million for police facilities, $115.2 million for parks, $46 million for storm drain improvements for aquatic facilities, including renovating or replacing libraries, senior centers, and the George F. Haines International Aquatics Center; $9.2 million was spent on historic buildings and beautification.
The measure also includes a provision that the deposit cannot be used for improvements to Levi’s Stadium or any facilities within a half-mile of the venue.
“I want to show residents that they can trust us with this work, that the money will go directly to these specific projects, and that if the projects change, we will make them more affordable and explainable.” We wanted responsible assurance measures, and there would be a lot of transparency about that,” Gilmore said.
Changes to the spending plan would require recommendations from city officials, feedback from an oversight committee and unanimous approval from the council.
In addition to Gilmore, supporters include City Councilmember Karen Hardy, Police Chief Pat Nicolai, Santa Clara Firefighters Union Local 1171 President Anthony Pascall, Senior Advisory Board Member Judy Hubbard, Santa Clara This includes the Swimming Foundation.
Although there has been no organized opposition to Measure I, resident and attorney John K. Haggerty called the initiative “expensive and irresponsible” in a public argument against it in the Santa Clara County Voter Guide. “It’s a policy of borrowing and spending tax money.”
Hagerty told the Mercury News the city doesn’t have as much of an issue with infrastructure as it does with spending.
“Our City will significantly reduce its current operating expenditures, which have continued to grow out of control over the past decade, and rely on and adequately fund the Capital Expenditure Fund to continue meeting infrastructure needs. “It’s better to restart.” It’s been successful in the past,” Haggerty said.
Local attorneys said the city should only pursue bond measures if interest rates are low.
Measure I requires 66.7% support to pass, but if Prop. 5 (an effort to lower the standard for municipal bond measures) passes statewide, Santa Clara would only need 55% approval.
