Mayor's Town Hall Recap on Bond Election
Mayor's Recap of Town Hall on Bond Election
The City of Woodcreek held a Town Hall meeting this past Wednesday evening to answer questions about the general obligation bond for road repairs throughout the city. Early voting begins this Monday, October 24 and more information on the bond and election can be found on the city website. More than 40 Woodcreek citizens were in attendance.
Citizen's questions were answered by representatives from the city's bond counselors, Orrick, Herrington & Sutcliffe, as well as members of the Platinum Roads Panel and the City Council. Most questions centered on the planning behind the road reconstruction, amount of the bond ($3,495,000), and citizens' out-of-pocket costs. Members of Orrick, the Platinum Panel and Council addressed each question in the 90 minute session.
There were also questions raised in a flyer circulated before the meeting that require some clarification for accuracy:
- The Platinum Road Panel suggested a tax note combined with a future bond to repair roads after they were told by the former city manager that it would not be possible to hold a bond election until May of 2023 at the earliest. The city was later informed by counsel that it would indeed be possible to have the bond question on this November's ballot, and the Council acted on it. The Platinum Panel supported the decision.
- The city is not required to hold public hearings on calling a bond election, unlike the city budget and tax rate. For informational purposes, Woodcreek scheduled the Town Hall, and will hold two other informal Q&A sessions in the coming days.
- Actual costs, duration, scope and tax impact are not set in stone until after the bond passes (if it does). The city has the results of past engineering studies and reports from previous road committees to work from, and the Platinum Panel and this Council, as well as previous Councils have studied the results. If the bond passes, we will then be able to get firm bids and engineering plans, but the city is confident in the current estimates based on recent experience and engineering studies from the past several years.
- The amount of the bond was set to adequately fund road construction at an average cost of about half a million dollars per mile for the type of work as was performed on Woodcreek Dr. The other major streets in the city are planned to be resurfaced in the same way. The million dollars per mile stated in the flyer may have been based more on the concrete construction of Brookhollow Dr. In addition to the proposed bond revenue, the city already has over $400,000 in the bank from a FEMA grant to assist with drainage updates, and we have already allocated over $225,000 from our reserve accounts to begin repairs to side streets. Those streets would likely be milled and resurfaced with chip seal.
- For those concerned that we have not yet hired a city manager to help oversee the project, we have completed interviews and are likely only a few days away from announcing our new city administrator.
- The amount of the debt total, assumed rate and duration of the bond in the flyer are correct, but do not change the figures the city has shared with citizens (approximately $90 per year on a home appraised at the average value of $450,000). We also explained that if the bond passes, but the market is unfavorable, we do not have to move forward immediately. We can wait until more favorable market conditions to exist before going out for funding.
Electing to go with a general obligation bond was felt by the city to be the best, most efficient and least expensive way to achieve our citizens' number one priority - getting our roads fixed - based on the recommendations of our financial advisors and after months of meetings on the topic. But it is entirely up to you, the citizens of Woodcreek, to make the final decision. Please vote and make your voices heard. Early voting begins Monday, October 24 with the Community Center and Scudder as the nearest locations, and election day is Tuesday, November 8.
If you would like answers to your questions about the bond election, go to the city website (woodcreektx.gov) and click the link for "November 8, 2022 Election." You may also plan to attend an informal Mayor's Coffee at City Hall Wednesday, October 26 at 10:00 a.m. at City Hall, or an evening session being scheduled for Wednesday, November 2 at 5:30 outside at the Cypress Falls Tavern. Watch the city website for updates, and if you haven't already, be sure to sign up on the site for email and/or text updates from the city.
Thank you for your interest,
Jeff Rasco, Mayor
City of Woodcreek
