On November 3rd, the residents of Fuquay-Varina will have an opportunity to help set the course for the community’s strategy regarding traffic issues and infrastructure improvements.
The 2015 Bond Referendum was approved by the Town Council in August as a way of involving the residents of Fuquay-Varina in the decision-making process regarding funding of projects that are much-needed in Fuquay-Varina. This $26 million referendum will include $21 million for several transportation projects, including completion of the northwest loop of Judd Parkway, the intersection of Hwy 401 and Judd Parkway, and the intersection of Hwy 401 and Sunset Lake Road. The other $5 million is slated for water and sewer lines for the water treatment plant expansion that is already underway.
Why are these projects so important to the town of Fuquay-Varina? Our town is growing at the rate of 2,500-3,000 residents per year. Although we are the fastest-growing municipality in North Carolina with a population over 5,000 people, we still lag behind cities like Cary and Wake Forest in terms of priority with state and federal agencies. Until our population catches up with theirs, our transportation and infrastructure needs are going to rank lower on the funding lists of DOT and other organizations that determine where state and federal money gets allocated. In addition to that, Fuquay-Varina also serves as a conduit for traffic from Johnston and Harnett counties, whose residents pass through Fuquay-Varina on their way to RTP and Durham for work. Our roadways just cannot continue to handle the congestion and traffic without intervention, and we cannot wait for DOT to find the funding for road improvements in our part of the county.
The completion of Judd Parkway (the NW piece of the loop) is vitally important to the town’s ability to move traffic around town and through town to other destinations. Without that loop being completed, congestion will continue to build on smaller, more residential streets as the population of Fuquay-Varina grows. The congestion will also have an impact on the community’s ability to attract new businesses, which in turn impacts the commercial tax rate and the availability of good jobs.
The two intersections addressed in this bond are in need of reconfiguration and upgrades. The town recently allocated between $1-1.5 million to the design and right-of-way acquisition phases of the Judd Parkway and Hwy 401 intersection. Approval of the bond will allow the town to continue into the construction phase of that project and include the Sunset Lake/Hwy 401 intersection as well. The importance of these transportation projects to the quality of life of our residents has been validated by leaders at both the state and federal levels as the single most important piece of transportation policy that Fuquay-Varina can embrace.
The upcoming bond referendum is a voting process that gives voters the power to decide if a municipality has permission to raise funds through the sale of bonds. It is how towns borrow money to address capital improvement projects and gives town leaders permission to move forward with solutions to major issues that can’t be addressed by a general operating budget. Town leaders would like to take advantage of the current historically low interest rates on municipal bonds and their newly acquired AAA bond rating to finance these projects with the least impact on the tax-paying residents of Fuquay-Varina as possible.
The expected impact of passing this bond referendum is roughly 6.75 cents on the property tax rate in Fuquay-Varina. With no tax increase in over 14 years, the town council and Mayor believe that the timing is right to make an investment in Fuquay-Varina’s future by tackling these projects that will have a significant positive impact on our quality of life. “The town board came to the conclusion that with the fast growth the town is experiencing, this is the best opportunity for us as we move into the future,” explains Mayor John Byrne. “The board recommended it, but wants the citizens of Fuquay-Varina to have a voice in the process—thus the use of a referendum on the matter.”
If the bond is not passed in 2015, the Transportation projects included in this package will be placed on a back burner until the state’s Department of Transportation (NCDOT) can find the funding for them. At this time, there are no funds planned or programmed by NCDOT for any of these proposed projects, and none are anticipated in the foreseeable future. The water and sewer lines will still be added, but at a higher cost if they are not included in the bond.
The Fuquay-Varina Chamber of Commerce passed a resolution of support for passage of this bond referendum at their September 9th Board of Directors meeting. As the primary support system for business and industry in the Fuquay-Varina area, these leaders firmly believe that business and commercial growth cannot be sustained unless these projects are approved for completion. “Business and industry always factor the safety and mobility of their employees and customers when making site decisions,” explains Chamber Director Linda Frenette. “Anything we can do to improve our roadways and ease congestion is a win-win for both our residents and our business owners.”
For more information about this bond and its impact on the community and the tax rate, please visit the town’s website at www.fuquay-varina.org/2015Bonds.
