#8 City of Columbus – Proposed Bond Issue
BALLOT ISSUE #8City of Columbus – Proposed Bond Issue #4Explanation:Neighborhood Development.Shall bonds be issued by the City of Columbus for the purpose of promoting neighborhood and community development and affordable housing within the City of Columbus by purchasing, constructing, demolishing, renovating, improving, equipping and furnishing residential and commercial structures in the City, and acquiring, clearing, testing, remediating environmental issues, extending utilities, and otherwise improving residential and commercial sites in the City, and providing funds for grants in connection with the same in the principal amount of $500,000,000, to be repaid annually over a maximum period of 20 years, and an annual levy of property taxes be made outside of the ten-mill limitation, estimated by the county auditor to average over the repayment period of the bond issue 1.39 mills for each $1 of taxable value, which amounts to $49 for each $100,000 of the county auditor s appraised value, commencing in 2025, first due in calendar year 2026, to pay the annual debt charges on the bonds, and to pay debt charges on any notes issued in anticipation of those bonds?See the full text of issues at the Franklin County Board of Elections.Source: Franklin County Board of ElectionsLeague Explanation:This issue would allow the City of Columbus to issue $500,000,000 in bonds for neighborhood development projects. The bonds would be repaid through a property tax of 1.39 mills, costing $49 per year for each $100,000 of a home’s appraised value, for 20 years beginning in tax year 2025, which voters will see reflected when they file their 2025 taxes in Spring 2026. A “yes” vote approves this funding for the listed projects. A “no” vote rejects this source of funding.
