Monday, June 9, 2014

City Council will vote on budget tonight

Posted By on Mon, Jun 9, 2014 at 3:38 PM

City Council is set to vote on the fiscal year 2015 budget during tonight's meeting.

The $2.1 billion plan requests a small water and sewer rate increase, that will amount to about $1.73 per month for the typical user, to cover increasing costs. The budget also proposes a storm-water fee increase of about .24 a month for a typical user to fund new and backlogged customer requests. CATS fare would also increase, by about .20.


A resolution to the budget would fold in a five-year, $4.1 billion Community Investment Plan. Supported by bonds - the first of which voters would consider in November - the $4.1 billion project would be divided between housing and neighborhood improvement projects and improving transportation, economic development, infrastructure and the environment.

The November referendum will include $110,965,000 of street bonds, $20,000,000 of neighborhood improvement bonds, and $15,000,000 of housing bonds. Council is expected to hold a public hearing on the bonds July 28.

The Charlotte Housing Authority is requesting a "multi-family revenue bond" that would finance a portion of a mixed-income development in west Charlotte. Two of three phases of contraction of The Renaissance, located at the corner of West Boulevard and Billy Graham Parkway, are complete; the structure is totally occupied. The revenue bond would go toward the third phase of construction.

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