Council Advances $390 Million Investment for Neighborhoods
Council Advances $390 Million Investment for
Neighborhoods
2018 Bond Sale Authorization
for Infrastructure, Public Safety, Utilities and Affordable Housing
[COLUMBUS,
OH] On Monday, September 17, 2018, Council passed ten ordinances to authorize
the sale of $399,795,000
in bonds to fund major investments in City infrastructure, public safety,
utilities and housing. Of the ordinances, six are from past voted bond
packages.
Councilmembers
and the Administration of Mayor Andrew J. Ginther worked to align budget priorities with community feedback through the 2018
capital budget planning to invest in neighborhood needs across the City.
“Our
2018 capital investments enhance the quality of life for all our residents by
upgrading critical infrastructure needs and neighborhood amenities throughout
the City,” said Councilmember and Finance Committee Chair Elizabeth Brown. “At
the same time, residents save millions in tax dollars thanks to strong fiscal
management from city leadership and our city auditor, which has resulted in
Columbus’ AAA bond rating.”
The
proceeds from the bond sale support the 2018 capital budget which includes $48
million in street resurfacing, lighting and sidewalk projects. This represents
the largest resurfacing investment in the history of Columbus. The budget also
includes a $5 million investment in housing, reaffirming the City’s commitment
to providing safe, affordable homes for all residents.
“We are happy to partner with Columbus City Council on the
sale of bonds to help with capital improvements of Columbus neighborhoods,”
said Mayor Andrew J. Ginther. “We are grateful to the prudent fiscal management
by Finance Director Joe Lombardi, Auditor Megan Kilgore and the collaboration
with Council to benefit the people of Columbus.
The
2018 capital budget also features $20 million for a new Linden Community
Recreation Center, $7.5 million for fire apparatus such as medics, platform
ladders and engines, and $480,000 for the construction of homes on the South
Side.
“Construction
projects like these will have a visible impact on neighborhoods and create jobs
to bolster economic growth,” said Council President Shannon G. Hardin. “This plan
is critical to upgrading neighborhoods and we are grateful to our residents
who’ve supported past voted bond packages to allow many of these projects to
advance.”
The City of Columbus continues to have AAA bond rating from
the three major national bond rating agencies, which noted Central Ohio’s
strong economy and the City’s healthy rainy day fund and prudent fiscal
management.
###