2024 Cary Community Bond Referendum
On November 5, 2024, Cary citizens voted against the Cary Community Bond Referendum.
- The Parks and Recreation Bond did not pass with 54.92% of voters voting no.
- The Housing Bond did not pass with 51.26% of voters voting against it.
ABOUT THE BONDS
On May 2, 2024, Cary’s Council voted unanimously to proceed with a proposed general obligation bond referendum, divided into two ballot questions, to fund a total of $590 million of capital projects and programs.
If approved by you, Cary’s 2024 Community Bond Referendum would continue our investments in shared aspirations found in the Imagine Cary Community Plan, bountiful green spaces, state-of-the-art facilities, and the essence of Cary’s exceptional quality of life. The bonds would fund projects that include the expanded access to greenways and greenspaces, tennis and pickleball, as well as two new modern, multi-generational community centers, the first in over 20 years. Complementing these facilities are bonds for additional thoughtful affordable housing initiatives designed to help ensure Cary is a place for everyone.
DID YOU KNOW?
Cary, N.C. has the highest quality of life of any place in the state and one of the strongest economies in the nation.
Cary has used voter-approved bonds since the early 1900s, maintaining high financial standards and one of the region’s lowest tax rates.
The projects expand access to parks, recreation, cultural facilities, and programs, as well as thoughtful affordable housing initiatives throughout the community.
General obligation bonds offer Cary a cost-effective financing option due to its strong credit rating, saving millions in interest charges for taxpayers.
If approved by the citizens, the bonds would fund projects to keep up with Cary’s thriving community and maintain quality services.
BONDS FUNDING CITIZENS' DREAMS
The most recent bond issuance occurred in 2019 — allocating $112 million for new parks, including Phase 2 of the Downtown Cary Park.
Downtown Cary Park exemplifies the benefits of bond investments, quickly becoming a seven-acre oasis and a community highlight. Fact is, bonds have been essential in Cary’s growth, supporting infrastructure, historic preservation, and vital facilities.
As Cary evaluated the proposal of the 2024 Community Bond Referendum, the following was taken into consideration:
- Cary maintains ‘AAA’ credit rating, signifying excellent financial health.
- It is not feasible to pay for these important projects with cash while still sustaining the high level of service our citizens expect, and maintaining fund-balance levels that are required by law and directed by the Cary Council. Instead, Cary relies on funding through bonds.
- Financing over 20 years allows future citizens who will benefit from these projects to help pay for them.
- The projects align with the citizen-driven Imagine Cary Community Plan’s vision for 2040.
Need to know more?
What are the tax implications
of these bonds?
What are the tax implications of these bonds?
If Cary citizens vote to approve $590 million in general obligation debt, the property tax rate would increase by 9 cents. This increase occurs upon debt issuance and goes towards repayment. The tentative plan, subject to change, is 3 cents in 2026, another 3 in 2028, and an additional 3 in 2030.
1 penny is estimated at $10/year for every $100,000 house based on rates provided by the North Carolina State Treasurer.
Note, this increase would not cover the operating costs of the proposed new facilities. If approved, those costs would be determined through master planning and likely funded by additional property tax increases.
