Charlotte has just secured $400 million in general obligation bonds to address transportation, housing, and neighborhood improvements after approval from the Local Government Commission (LGC).
The funding is allocated as follows:
- Transportation ($238 million): Pothole repairs, congestion mitigation, and Vision Zero, a program aimed at reducing traffic fatalities.
- Housing ($100 million): Support for low- and moderate-income families through affordable housing initiatives.
- Neighborhood Improvement ($61.7 million): Sidewalk installations, pedestrian and new bike paths.
A tax increase of approximately 0.25 cents per $100 of assessed property value is expected to cover the bond costs.
The LGC, chaired by State Treasurer Brad Briner and staffed by the Department of State Treasurer, ensures that local governments can responsibly manage debt. The commission reviews the necessity and financial feasibility of proposed projects while monitoring the financial health of over 1,100 local government units.
