What kind of projects could be implemented along the corridors?
The Corridor Mobility Development reports provide a basis for further analysis and development of potential projects, per Council Resolution 20160818-074. The Resolution directs the City Manager to “begin coordination, design, and engineering activities as soon as possible,” and through these activities, and additional public input, the City Manager will recommend specific projects that Council would review and approve. These projects will be included in a Corridor Construction Program. For more information about the Corridor Improvement Projects category included in the 2016 Mobility Bond, visit AustinTexas.gov/page/2016-bond-programs-and-projects.
What sidewalks, urban trails, and bikeways willbe constructed under the Local Mobility Improvements category?
The 2016 Mobility Bond includes $37.5 million for sidewalks, $27.5 million for the Safe Routes to School Program to be divided evenly between the 10 City Council districts, $26 million for urban trails with a transportation or mobility purpose, $20 million for bikeways with a transportation and mobility purpose; We do not have a list of specific sidewalks, bikeways, or urban trails that would be constructed. For more information about the Local Mobility Improvements included in the 2016 Mobility Bond, visit AustinTexas.gov/page/2016-bond-programs-and-projects.
How much would a $720 million bond take up of the City of Austin’s capacity to issue bonds without raising the property tax rate?
As was presented to Council, applying the assumptions used in the General Obligation Bond Capacity Analysis dated June 1, 2016 the City could issue $500 million in new general obligation bonds over the next eight years, starting in fiscal year 2017 (which began Oct. 1, 2016), without raising the debt service portion of the City’s property tax rate. The debt service portion of the tax rate is the part that goes to paying off general obligation debt. Per Resolution 20160818-074, the $720 million proposition would be comprised of $250 million of the City's $500 million of bond capacity under its existing debt tax rate, and an additional $470 million associated with an estimated debt tax rate increase of approximately 2.25 cents per $100 worth of property valuation. Additionally, per the Resolution, City Council desires to preserve $250 million of bond capacity for a future bond referendum in 2017 or 2018. For more information about the financial and tax impact, visit AustinTexas.gov/page/2016-bond-financial-and-tax-impact.
When will construction begin on the projects? When will construction end?
Resolution 20160818-074 directs the City Manager to analyze existing capital project delivery systems and processes in order to recommend potential changes and resource requirements to complete the proposed bond program within eight years from the time it starts (provided that bonds and notes authorized by the November 2016 Mobility Bond Election are issued to provide funding for the bond program at the appropriate time, as determined by Council).
Can the City move money from one project to another if the 2016 Mobility Bond is approved?
Resolution 20160818-074 limits the ability of the City to move funds from one mobility project to another. The Resolution establishes a contract with voters that “specifies that the proceeds from the $720,000,000 in bonds and notes shall only be used for the projects identified in the ordinance calling the November 2016 Mobility Bond Election.” Additionally, the Resolution states that “if the cost of improvements associated with an identified Regional Mobility project is less than the amount designated for that specific project, the excess funds shall be used on additional improvements in the corridors on which identified Regional Mobility Projects are being implemented.”
How much is there in remaining bond funding for transportation and mobility from the 2010 Mobility Bond and the 2012 Bond programs?
As of the end of the third fiscal quarter (June 30, 2016) the City of Austin had approximately $60.5 million in remaining transportation and mobility bond funding out of $233 million approved from the 2010 and 2012 bond programs. The remaining funding is programmed for use on transportation and mobility projects and programs that are already underway and are included in the Five-Year Capital Improvement Program Plan that Council approves as part of the annual City budget process.