City may ask voters to OK $60M bond
Mayor proposes package that would focus on public safety, roads; separate bond seeks $13M for facility infrastructure
Mayor Alan Webber on Wednesday proposed a two-part bond package that could deliver some $73 million to city coffers. Approval of much of that sum would be up to city voters this fall.
A proposed bond election, which would be consolidated into the general election Nov. 6, would ask city voters whether to authorize a total of $60 million in general obligation bonds, expected to be earmarked for public safety and roads.
A separate proposal for an issue of gross receipts tax improvement revenue bonds would not require voter approval. It would not exceed $13 million and would generally be put toward city facility infrastructure, according to a notice of the newly proposed ordinance, the text of which was not immediately available Wednesday night.
While the specific uses of the general obligation bond funds are still to be determined through the City Council committee process this month and next, Brad Fluetsch, the city’s financial planning and reporting officer, said they would fall into public safety and roadwork improvement categories. He mentioned the need for a new city fire station on South Meadows Road, an area that will become the city’s responsibility as a result of ongoing Santa Fe County annexation, and a new fire and police training center.
The city recently launched an $11.5 million bond-funded roadway improvement project, but city staff have said those repaving tasks barely scratch the surface of the city’s roadway infrastructure needs. Fluetsch said Wednesday that roughly $40 million of the proposed $60 million of voter-approved bonds could be put toward roadwork.
The specific uses would be put to voters this fall in the form of ballot questions. The proposal requires council approval to appear on the ballot.
Generally, if approved by voters, the $60 million would address “big-demand projects” that were identified as community priorities in a citizen survey last year, Fluetsch said.
“Put it this way: The 2008 parks bond was far too specific,” Fluetsch said. “‘This bench will go in that park at this particular location.’ That is not going to ever happen again.”
The general obligation bonds would be repaid with property taxes, Fluetsch said, adding that would “likely” mean a property tax increase, though the specifics of repayment are to be determined by the state Department of Finance and Administration and could be affected by the city’s plans to pay down bonds of recent years.
The gross receipts tax improvement revenue bond funds would be slated for general infrastructure purposes, such as city facility improvements — including sustainability measures that will help the city reach its 2040 target for carbon-neutrality.
Webber speedily introduced the items during Wednesday’s council meeting and was unavailable to discuss them further amid a stuffed meeting agenda. He deferred immediate comment on the proposals to Fluetsch.
Both items are scheduled for their first committee hearing later this month. They could arrive at the City Council for final consideration by June 13.
Councilors: State public bank worth exploring
City councilors on Wednesday signaled they will work to explore the possibility of a state public bank, accepting the city Public Bank Task Force’s conclusion that establishing municipal Public Bank of Santa Fe would face prohibitive regulatory hurdles.
“I thought it was really important to explore something we had never tried before,” said Councilor Renee Villarreal, who like many councilors applauded the work of the task force, which was assembled last year.
“This restored my faith in task forces,” said Councilor Roman “Tiger” Abeyta, lauding the task force’s thorough report.
Villarreal said she will soon introduce a resolution seeking to incorporate the task force recommendations — that the city seek to participate in state-level efforts to establish a public bank and establish some form of standing committee to explore public-private partnerships that could effectuate a “collaborative financial network” locally.
“We’re not done yet,” Villarreal said.