How We Move: Transportation In Castle Pines
PRIORITIZING OUR ROADS
The City of Castle Pines has determined that the voters of Castle Pines should be allowed the opportunity to decide whether or not they would support upgrades to their roadway systems, specifically the reconstruction of Castle Pines Parkway and Monarch Boulevard. Over the years, residents have voiced their concerns about the safety and maintenance of streets and have asked the City to prioritize transportation projects.
FUNDING THE PROPOSAL
On November 3, 2020, voters have the opportunity to decide on a funding for the maintenance and improvements to Castle Pines Parkway and Monarch Boulevard.
On September 1, 2020, Council Members formally approved Resolution No. 20-30, which sets the ballot language for the November 3, 2020 City special election, which will appear on the ballot as Question 2A.
Question 2A asks voters if they would allow the City to borrow $30 million to fund and complete the necessary roadway improvements in a more expeditious manner than the current budget allows, and if voters would be in favor of increasing property taxes to repay this debt. With current interest rates, the City estimates that the property tax rate increase will be 6.2 mills or approximately $222 per year for a home valued at $500,000. The ballot question would limit the property tax increase to 8.0 mills or $286 per year for a home valued at $500,000.
To build a community where residents can live, work and play requires public investment, commercial development, and cooperation among community organizations to maximize funding and services.
ROAD MAINTENANCE IN CASTLE PINES
Funding transportation needs is a practical investment that ensures that the high cost of replacing infrastructure is minimized by allowing for thoughtful improvements and maintenance over time. It’s more cost effective to patch a hole in a pair of pants than it is to buy a new pair of jeans. The same is true of our transportation systems.
Castle Pines Parkway and Monarch Blvd. have reached the end of their useful life, you get to decide if now is the right time to reconstruct the roads.
FREQUENTLY ASKED QUESTIONS
1. If passed, what will the ballot issue fund?
If voters say yes, the City of Castle Pines would receive, up to, $1.8M per year, for 30 years, to the following:
• Maintenance and future improvements to Castle Pines Parkway
• Maintenance and future improvements to Monarch Boulevard
• Connected drainage facilities, sidewalks and pedestrian safety improvements
2. Is there a sunset provision with this ballot question?
The ballot question will sunset when the debt of $30M is paid off. It’s anticipated to be paid off in 30 years.
3. How long will our roads be under construction?
The phasing of the projects has not been determined yet. However, we are estimating 4-6 years for completion. The City will work with the public to ensure that the projects are done as quickly and efficiently as possible.
4. How much will my property taxes increase if this ballot question passes?
Today, on a home that is worth $500k, the homeowner will pay between $222 and $287 per year. However, as more homes are built in Castle Pines, more residents will be paying into the City’s property tax fund which will potentially allow for rates to be reduced.
5. What accountability will there be for the expenditure of these monies?
The monies will be in a restricted fund and may only be used for the purposes laid out in the ballot question. As part of the annual budgeting process, City Council will have to publicly report how the monies in this fund are spent.
6. Will my taxes be increased in perpetuity?
No. If approved, the $30M debt will be financed over a 30-year period, and will be retired no later than 2055. Once the debt is paid off, property taxes will be lowered by the amount required to pay off the debt. It is estimated that the mill levies for the debt will be approximately 6.2 mills to 8 mills.
7. If interest rates skyrocket, how much will the City have to pay back on the $30M it borrowed?
The City expects to be able to enter the bond market at an interest rate of 2.25% around December 1, 2020. Repayment cost of $30M debt at 2.25% would be approximately $41.6M. However, the ballot question caps the amount that the City can collect at $60M. It is important to note that the City cannot collect more than the debt payment amount.
8. Will my sales tax go up as a result of this ballot question?
No, only property taxes will be increased under this measure.
9. Can the City use the funds for something other than roads?
No, the City must use the funds for the purposes stated in the ballot question
JOIN THE CONVERSATION
Between now and Nov 3, 2020, we will be available to answer any questions you may have.
To participate and follow the conversation: