Show/Hide

CedarParkBond.com

Print
Press Enter to show all options, press Tab go to next option

Bond Program title_web

 

April 30, 2019:

In November 2015, voters authorized a total of $96,700,000 in bond funds for Proposition 1 (Streets), Proposition 2 (Public Safety), Proposition 3 (Library) and Proposition 4 (Parks).   

Bond projects are prioritized and funded based on debt financing capacity, project management phasing and availability of financial partners.  The 2015 Bond Program was planned as a seven-year program with three issuances (take downs) scheduled.  During the creation of this bond program, the project schedule was designed to manage bond project capital costs so that they will not impact the debt portion of the City’s tax rate. 

The first take-down was in summer of 2016, when the City issued $30,245,000 of these voter-approved bond funds for Proposition 1 (Streets) and Proposition 2 (Public Safety).  The second takedown was in Fall of 2018, when the City issued $35,123,000 for a total of $65,368,000 that has been issued thus far.    This leaves $31,332,000 tentatively scheduled for take-down in spring or summer of 2020.  

Graphic of car on roadProp 1:  Streets and Roads (74.76% of vote)
($63,000,000)
These bonds will provide funding for land acquisition, design, engineering, construction and other costs associated with road projects. Potential road projects may include but are not limited to New Hope Rd. construction from Cottonwood Creek Trail to Ronald Reagan Blvd., Anderson Mill Rd. from Cypress Creek Rd. to Zeppelin Rd. and from RM 1431 to the county line, the design and right-of-way acquisition for RM 1431 (Whitestone Blvd.) from Bagdad Rd. to Anderson Mill Rd., and costs associated with the redevelopment of Bell Boulevard, otherwise known as the Bell Boulevard District Project. 

A total of $52,695,000 has been issued out of the voter-authorized $63,000,000 for Proposition 1 (Streets).  Projects that are substantially complete or are underway within these issued funds include:

  • New Hope Drive (Cottonwood Creek to Ronald Reagan Boulevard). Construction is complete, ribbon cut in June 2019.
  • Arrow Point Extension.  Construction is complete.
  • Arterial Overlay.  Complete for now on several roads, seeking additional funding for more roads.
  • Bell Boulevard Redevelopment Project Phase One. The Bell Boulevard (US 183) Realignment Project will return the current Bell Boulevard (US 183) roadway east onto the full extent of Old Highway 183, from Cypress Creek Road to Cedar Park Drive in Cedar Park. Currently, Old Highway 183 is a two-lane roadway parallel to Bell Boulevard (US 183), running generally north and south. Bell Boulevard is proposed to be realigned and relocated to the Old Highway 183 alignment and reconstructed to a four-lane divided roadway that includes a raised median with turn lanes at intersections and driveways. 
  • New Hope Drive from Ronald Reagan Boulevard to Sam Bass Road.  Currently in design.
  • Anderson Mill Rd Phase II.  underway
  • County Road 272.  Design began in summer 2019 with construction to follow.
  • RM 1431 (Bagdad to Anderson Mill Road). Design funded this fiscal year and will begin soon.
  • Brushy Creek Road (Arrowhead to Ranch Trail). Improvements and widening funded this fiscal year and will begin soon.

Graphic of Police and Fire badgesProp 2:  Public Safety (73.00% of vote)
($7,550,000) 
These bonds will provide funding for public safety facilities for police and fire protection. These projects may include but are not limited to an expansion and renovation of public safety facilities for police and fire to create additional workspace, and the construction of Fire Station #5 which will service the north central/northeast portions of the City. 

$7,550,000 has been issued out of the voter-authorized $7,550,000 for Proposition 2 (Public Safety):

  • Fire Station 5.  Complete and opened May 2019. Located on Cottonwood Creek Trail, on land donated by Cedar Park Regional Medical Center, it serves the fast-growing north central and northeast portions of town and houses Firefighters and Williamson County EMS.
  • Fire Department Admin Building at City Hall. Finished in 2018.
  • Police Station Building Expansion. This project was completed in November 2018.
  • City Hall Building 6 finish-out for Fire Administration.  This project was completed in October 2017.
  • $150,000 remains available for future Public Safety projects.

Graphic of bookProp 3:  Public Library (59.86% of vote)
($20,500,000) 
These bonds will provide funding for construction, renovation or other costs relating to the Public Library. This may include additional program space, classrooms and conference rooms, quiet spaces, new technology, capacity for more materials and a larger parking lot. 

$2,000,000 for design has been issued out of the voter-authorized $20,500,000 for Proposition 3 (Library).

  • New Cedar Park Public Library. Discussions in early 2019 of possibly locating the new library in the future Bell Boulevard Redevelopment.  Expect updates, coming soon! 

Graphic of tree and sunsetProp 4:  Parks & Recreation (71.47% of vote)
($5,650,000)
Park projects that would be funded by these bonds could include but are not limited to the development of Lakeline Park property, additional trails and bike facilities, parkland, and developing park amenities.

$3,123,000 has been issued out of the voter-approved $5,650,000 for Proposition 4 (Parks).

Lakeline Park and Trails. Construction is set to begin on the new more-than-200-acre park, project includes trails and bicycle facilities.

History of Bond Program:

Election results were made official on November 16, 2015, when Cedar Park City Council canvassed the votes in a Special-Called City Council Meeting.  Click here to see the official election results.

Some projects could begin soon; others are others could be more long-term. The City is planning for a five-to-seven year period for issuance of the bonds.  Keep checking this page, www.CedarParkBond.com, for updates.  See below for more specific information and answers to Frequently Asked Questions (FAQs).

Informational video about the projects: 

Frequently Asked Questions (FAQs):

Graphic of car on road     Graphic of Police and Fire badges

Graphic of book     Graphic of tree and sunset

 

How was the bond package developed?
What are bonds?
How are bonds repaid?
Will this impact our tax rate?
If General Obligation bonds are passed by voters, will those funds be used for any other purposes?
How soon could construction on the bond projects begin?

How was the bond package developed?
In 2015, the Cedar Park City Council appointed a 15-member Bond Advisory Task Force made up of community members. The Task Force had the charge of reviewing capital improvement projects, which were primarily taken from existing master plans, and preparing an overall recommendation package comprised of four categories to be considered for a General Obligation bond election.

During the process, the Task Force studied the City’s various capital needs and considered long-range strategic plans related to City services and infrastructure. The Task Force engaged with the public throughout the process before finalizing its list of recommendations. Click here to see the Bond Advisory Task Force's final report.

In July, the Bond Advisory Task Force presented its recommendations to the City Council, who developed the final bond package that went before voters in November 2015. 

What are bonds? 
There are different types of bonds, but the type of bond being considered is a General Obligation bond, or GO bond. Bonds are a method used by cities to finance major capital projects. They work similarly to your home mortgage, through which you finance a large purchase over time. Bonds are a commonly used tool for growing cities. As population has rapidly grown in the City of Cedar Park, so has the demand for our services and infrastructure. Bonds can help the City manage this growth and demand for services. Individuals, insurance companies, pension plans, and other investors purchase the bonds providing the City money to pay for capital projects. These bonds are different from Certificates of Obligation (COs), and the City does not issue Capital Appreciation Bonds (CABs). 

How are bonds repaid?
GO bonds are repaid through the City’s ad valorem property tax, paid by owners of taxable property in Cedar Park. 

Will this impact our tax rate?
Based upon current economic conditions, a General Obligation Bond Rating of AA and increasing debt capacity due to paying off older bonds, the City can issue the proposed General Obligation bond package of $96.7 million, which includes issuance costs, over the course of five to seven years without increasing the current tax rate. 

If General Obligation Bonds are passed by voters, will those funds be used for any other purposes?
No. The bond initiative will be presented to voters in four categories (Streets and Roads, Public Safety, Public Library, Parks & Recreation). If a bond category is approved by voters, the approved funding may only be used for the specific category listed in the specific bond question. For example, approved Parks funding may not be used for Road projects. 

How soon could construction on the bond projects begin?
Some projects will begin soon; others could be more long-term. The City is planning for a five-to-seven year period for issuance of the bonds. 

Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Acrobat Reader Download Acrobat Reader Flash Player Download Flash Player Windows Media Player Download Windows Media Player Microsoft Silverlight Download Microsoft Silverlight Word Viewer Download Word Viewer Excel Viewer Download Excel Viewer PowerPoint Viewer Download PowerPoint Viewer