City of Rye $1.86 Million Bond Fact Sheet

The City of Rye released a fact sheet regarding a $1.86 million bond the public will vote for or against on Nov. 6. The money would be used to address infrastructure and safety needs in and around downtown Rye and city schools and for flood improvements to the Rye Free Reading Room.

"The top projects put forth were selected from the City's capital improvement plan and were chosen because of their immediate impact on safety," the city document says. "Further delay would cost significantly more in the long-term due to the decaying infrastructure."  

The statement notes that the current low interest rate environment allows the city to maximize tax dollars while addressing the need for critical safety improvements and eroding infrastructure projects in a "financially smart way." 

Read the full document in the PDF attached to this article.

The bond will be two separate resolutions. The first (Proposition 1) will be $176,000 and be used to fund sprinkler and ADA/flood improvements at the Rye Free Reading Room. In return for the funding, the library would provide additional services to the community as part of its annual inter-municipal agreement with the city.

The second (proposition 2) $1.68 million bond would be used for construction, reconstruction and improvement of streets. The five major areas of improvement targeted in this portion of the pond are:

• Major pedestrian safety improvements to the Smith/Elm/Purchase streets intersection
• Reconstruction and paving of portions of Smith Street to address crumbling beneath the paved surface
• Rebuilding a portion of the retaining wall along the Boston Post Road between Thistle Lane and Purdy Street
• Replacement of the outdated sewer siphon on Locust Avenue
• Additional sidewalk and pedestrian safety improvements city-wide (primarily around school zones)

According to the city, the bond would increase the tax rate by .6 percent over the adopted 2012 tax rate and cost approximately $19 per home per year.

“There can be no compromises when it comes to safety,” the document reads. “A much longer list of possible capital and infrastructure needs was pared down to the most critical elements to be covered by this bond. While the City recognizes the severe fiscal challenges faced by municipalities today, it still has a responsibility to ensure the safety of its residents and provide the necessary capital investments to maintain the integrity of our infrastructure, which is in all our residents’ best interests,” the document reads.

The fact sheet also states that the debt would not affect the ciy’s current triple A rating and would not put the city over the 2 percent state mandated tax cap.

Read the full fact sheet in the document attached to this PDF.

Do you think this bond is necessary? Why or why not? Tell us in the comments.