Mayor-President Kip Holden will ask voters to approve a $748,454,619 capital improvements bond proposal this fall, marking his third attempt to pass tax package.
The proposal is about $150 million less than the one voters rejected in fall 2009.
This November, pending approval from the Metro Council, voters will see the package broken up into three different components:
- Public safety, for a total of $350,509,259, calls for a quarter-cent sales tax plus 2.15 mill-property tax.
- Infrastructure improvements, for a total of $366,074,847, calls for a sales tax of quarter-cent sales tax plus a 0.75 mill property tax.
- Economic Development and Recreation, for a total of $31,875,515, calls for a quarter-cent sales tax, plus a 0.25 mill property tax. No bonds will be issued for this component and these taxes will cease within five years.
In 2009, voters were asked to approve a 9.9 mill property tax and a half-cent sales tax to finance the $901 million bond package.
If all elements of the new package are approved, tax payers will pay an additional three-fourths of a cent sales tax and 3.15 mill property tax.
The proposal revealed last week mirrors Holden’s past attempts which included a new parish prison complex, juvenile services facility, public safety complex, traffic signal synchronization and drainage improvements.
The proposal also calls for $52 million to retrofit the downtown city hall building which is 40 years old.
New to this proposal is an additional $80,000,000 for bridge replacement and repairs.
As he’s said before, Holden left out the unpopular Alive Riverfront Development project.
The Metro Council has until August 10 to approve the proposal for it to be presented to voters on the November ballot.