Voters in Wake Forest will soon decide how the Town will finance new infrastructure and amenities needed to keep up with current and anticipated growth. On November 8, four Government Obligation (GO) bonds will be on the ballot pursuant to a $75 million series of improvements to parks and recreational facilities, roads, greenways, and a new Downtown parking deck.
Specific projects could include a multipurpose outdoor sports complex, restroom facilities at town parks, road connections, street resurfacing, and bus shelters. The GO bonds could also fund Phase 2 and Phase 3 of Smith Creek Greenway and Phase 3 and Phase 4 of Dunn Creek Greenway. Wake Forest’s increasingly vibrant Downtown would gain a multi-level parking garage.
“It is impossible to be a world-class community without making significant and regular investments in our economic amenities,” says Beth Stout, Chair of the Board of Wake Forest Business & Industry Partnership (WFBIP). “The Town’s staff and elected leaders have done a great job charting out the assets and improvements we need and their costs. It’s time for voters to determine how those investments will be financed.”
The Town of Wake Forest’s exemplary AAA credit rating enables the community to tap bond financing at the lowest interest rates. GO financing is considered the best and least expensive of tax-supported debt, with the savings typically passed along to taxpayers. In 2014, Town voters approved by wide margins a similar series of GO bonds valued at $25.1 million. Those projects have all been completed, and new recreational, transportation, and greenway amenities are now in place.
For Wake Forest Chief Financial Officer Aileen Staples, the November vote will be the fourth referendum she has seen across her 28-year career in Town government. “All four have been successful,” says Staples. The investments are part of the Town’s long-range planning. “We’ve identified GO bonds as a way to pay for it,” she says. Some of the GO-funded projects may also be eligible for state and federal grants, opening up possibilities for additional value to local taxpayers and residents.
Voters will consider four separate bond issues:
Roadway & Transportation Bonds
Greenway Improvement Bonds
Parks & Recreation Bonds
Parking Facilities Bonds
Each will appear as a separate question on the ballot, and voters may support or reject each measure.
By law, government employees may not advocate one way or the other for any a local referendum. But Staples is available via telephone (919-435-9461) or email (astaples@wakeforestnc.gov) to answer any technical questions regarding the GO bonds and the projects they might fund.
Liz Simpers, President of the Wake Forest Area Chamber of Commerce, which enthusiastically supports the GO package, says she believes the bonds will fund amenities that will benefit the local business community. “The more we can create a live-work-play atmosphere, the more we can expect global employers will choose Wake Forest as a business destination,” Simpers says. The 750-member chamber is appealing for voters to approve the full package, utilizing social media and yard signs to underscore the importance of the projects.
Simpers believes the Town’s strong track record of fiscal management will keep local tax rates reasonable. “We are one of the most attractive and financially stable places to live,” she says. The Town’s 0.495 rate is competitive with suburban municipalities of similar size elsewhere in the Triangle Region.
The Chamber collaborates with both the Town and WFBIP on business-related issues. “We are a grateful partner to both,” Simpers says. “We’re all working together to keep Wake Forest attractive.” National and international employers considering the Town as a possible business destination look for an appealing quality of life for company workers. New transportation amenities, for example, will help prevent the sort of daily traffic headaches that often plague competing towns.
For additional information about the November 8 GO bond referendum, visit www.wakeforestnc.gov/2022-bond-referendum.
