CITY OF LAKE OSWEGO - Measure 3-548
Referred to the People by the City Council
BALLOT TITLE
Bonds for Open Space, Parks and Recreation Land and Facilities
Question: Shall Lake Oswego issue $30 million in bonds for open space or park land, and for park and recreation facilities? If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.
Summary: This measure authorizes the City to issue up to $30 million in bonds to acquire real property for open space or parks, or to renovate, replace or develop park and recreation facilities. Uses will be guided by the city’s current and future parks and capital improvement plans. The bonds will be payable over a period of up to 20 years. The bonds will be repaid from property taxes. The resulting tax rate is estimated to be not more than $0.24 per $1000 of assessed value. For a property with an assessed value (not real market value) of $500,000, the annual cost would be $120. This is the same rate as the current open space and parks bond portion of property taxes for three current bond series, which will be paid off over the next three years. It is expected that the newly-approved bonds will be issued in several series, allowing the open space and parks bond portion of city property tax rates to be maintained at no higher than the current rate.
EXPLANATORY STATEMENT
The Lake Oswego City Council has referred this measure to the voters. If approved, the measure authorizes the City to issue general obligation bonds totaling up to $30 million for parks, park and recreation facilities, and open space. With previously approved park bonds maturing over the next three years, it is the intent of the City Council to hold the tax rate associated with this bond measure to no more than the current rate for Lake Oswego park and open space bonds.
The uses of the bond proceeds are limited to the following types of land acquisition and improvements:
- Acquisition of park property, both for natural open space and for park land that can be used for active or passive recreation. Proceeds could be used to acquire land for open space and parks within the city limits, as well as within nearby unincorporated areas where acquisition is determined to be in the City’s long-term interests.
- Renovation and replacement of park improvements and facilities;
- Development of new park and recreation improvements and facilities that meet the needs of the community.
Specific uses of the bond proceeds will be guided by the City’s current and future parks and capital improvement plans, with input from the public and from the Parks, Recreation and Natural Resources Advisory Board.
What would the bond cost?
Because of maturing park bonds, approval of this bond measure is estimated to result in a tax rate less than or equal to the current tax rates associated with Lake Oswego park bonds. The combined tax rate for existing Lake Oswego park bonds is (for the 2018-19 tax year) $0.24 per $1,000 of assessed value, resulting in an annual cost of $120 for a house with a taxable assessed value of $500,000 The total principal amount of bonds authorized will not exceed $30 million, with a term of no more than 20 years.
A “yes” vote authorizes the City to issue the bonds for parks, park and recreation facilities, and open space. A “no” vote prevents the City from issuing the bonds.
Submitted by
Anne-Marie Simpson
City of Lake Oswego
NO ARGUMENTS IN FAVOR OR OPPOSITION TO THIS MEASURE WERE FILED.
