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Tualatin Moving Forward Set to Invest $24 Million
In December, just before the holidays, every Tualatin home received a copy of the Fourth Annual Report for Tualatin Moving Forward, the City's bond-funded transportation improvement program.
If you looked carefully, you might have noticed the program is now estimated to invest a total of $24 million in transportation improvements by the end of 2023.
Wait a moment – how could that happen? In May 2018, Tualatin voters approved a $20 million bond program. Why is that amount now $24 million?
There are two reasons and they are both good news for taxpayers:
First, in August 2018 the bonds were sold at a premium. That means the competitive bidding environment and favorable market conditions resulted in the successful bidders offering $3 million more to invest in the City’s bonds. That’s possible because of the City of Tualatin’s excellent credit rating and strong financial condition. “We’re an attractive risk”, explains City Finance Director and Assistant City Manager Don Hudson.
Second, an additional $1 million comes from interest accrued on the unspent funds. It’s possible this accumulated interest may increase a bit more before the end of the bond program in late 2023.
Most important, the increase from $20 million to $24 million doesn’t result in any property tax increase. Also, the extra dollars must be invested in the same type of improvements to local streets that voters prioritized in 2018.
Why is this good news? The City of Tualatin and Tualatin’s taxpayers are able to reinvest the additional $4 million over the next two years on projects that reduce congestion, improve neighborhood traffic safety and provide safer access to schools and parks. This is truly a case of buying $20 million worth of projects and getting $24 million worth of projects!
The additional funding makes it possible to expand the improvements planned along Boones Ferry Road: creating continuous facilities for safer walking and biking. These priorities were identified through public outreach events held along the corridor (see photo). The budget for the Boones Ferry Corridor project has increased to $7,000,000.
Learn more by visiting www.TualatinMovingForward.com
