During the November 2021 general election, Apex residents will have the opportunity to vote on a proposed general obligation bond. The bond referendum, for an amount up to $42 million, will be used solely for street and sidewalk projects.
What is a General Obligation Bond?
A general obligation bond is a financial tool used by towns and cities to pay for major capital projects. It works similarly to your home mortgage, in that you finance a large purchase and pay it back over time.
Because of the longer payback period (typically 20 years), the financial impact is not applied only to current residents, but also to residents who move to Apex after the projects are complete and will also be potential users of these streets and sidewalks.
Apex’s credit rating of a AAA, the highest possible rating, allows the town to secure the most favorable rates for borrowing money.
An increase in the property tax rate will be necessary to repay the bond debt. Homeowners will likely see a 1.4-cent increase in 2022, and an additional 1.6-cent increase in 2026. For the median home value in Apex, this would result in about $98 more per year in property taxes if the full 3-cent increase is applied.
Proposed Bond Projects
Our goal is to increase the walkability, connectivity, and reliability of our streets and sidewalks with the following proposed projects. Find detailed information on each project at www.apexnc.org/2021bond.
Walkability (pedestrian projects)
Estimated Cost: $9 million
Accelerates completion of sidewalk and crosswalk construction, and enhancements that provide pedestrian routes to Apex schools
Improves railroad crossings and completes sidewalk gaps along two gateways to downtown Apex
Eases pedestrian travel by completing a sidewalk gap along a major roadway
Connectivity (major road construction projects)
Estimated Cost: $29 million
Completes the Apex Peakway southwest connection from NC55 to S. Salem Street
Widens Apex Peakway between Center Street and Old Raleigh Road
Begins the connection of Jessie Drive from Ten-Ten Road to NC55
Reliability (road rehabilitation projects)
Estimated Cost: $5 million
Restores our roadways to keep them functioning reliably for years longer
Addresses current backlog of repairs and resurfacing
Extends the life of our roadways and saves future dollars
Project Timing
If the bond referendum is passed this November 2, projects already in the planning phases will begin construction as early as Spring of 2022. For new projects, the standard timeframe for construction to begin is three to five years. The Town will determine which projects will launch and in which order, with the possibility of multiple projects running at the same time.
Election Information
Voters will see bond information printed on their ballots during the general election this fall. Early voting begins Saturday, October 23 and runs through October 30. The John M. Brown Community Center, located at 53 Hunter Street, will serve as an early voting location. Election Day is November 2, when all residents can vote at their assigned polling location.
Find more information on voting, including registration, polling locations, early voting and more at: www.wakegov.com/elections
