Buncombe County’s voters have authorized local government to borrow $70 million over the next 20 years.
Two ballot measures seeking voters’ approval for new county bonds both passed handily, according to unofficial results published by the North Carolina State Board of Elections. Roughly 58% of voters supported the referendum on $40 million in affordable housing bonds, while about 64% backed borrowing $30 million for “open space” efforts like parks and greenways.
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The results echoed those from similar Buncombe referenda in 2022, although support for both bond issues was lower this time around. In the last midterm election, the open space and housing bonds passed with roughly 69% and 62% of the vote, respectively.
Vote Yes on Bonds, a referendum committee that supported the new borrowing and the open space and housing bonds, had advocated for the money as a way for Buncombe’s government to continue its progress on strategic plan goals. Backers included a broad coalition of environmental and pro-housing organizations, among them the Asheville Area Chamber of Commerce, MountainTrue, and the Sierra Club.
With the bonds now authorized, Buncombe can now issue debt to pay for projects as needed. Due to interest costs, the total overall expense for the borrowing is expected to run about $111.1 million.
According to Leah Wong Ashburn, co-chair of Vote Yes on Bonds and the president/CEO of Highland Brewing, the bonds will cost the average Buncombe homeowner about 83 cents per week in additional property taxes.
“The county’s finances are strong. This spring, Moody’s and Kroll gave Buncombe County their top AAA rating,” Ashburn told the Citizen Times. “That means low borrowing costs and more of every dollar going into homes and land. Recovery is exactly why now is the time to invest in our future.”
Reporting by Daniel Walton, Asheville Citizen Times / Asheville Citizen Times
USA TODAY Network via Reuters Connect
