What is a General Obligation bond?

Periodically, the City authorizes general obligation (GO) bonds to restore, replace, and expand infrastructure and capital assets across the city. GO Bonds are a debt obligation issued by local governments to fund public purpose capital improvements such as roads and public facilities and are backed by the full faith and credit of the city and payable from dedicated property tax mill levies. GO Bonds are proposed and voted on in citywide elections.

Have G.O. Bonds been previously approved?

Citizens of Coral Springs have voted in favor of G.O. Bonds in the past when proposed in 2006, and more recently in 2014. In 2014, 72% of voters throughout Coral Springs voted Yes on a $12.45 million G.O. Bond referendum. The funds were used for:

  • Public safety communications systems
  • Replace Fire Stations 43 and 95
  • Renovate the Crime Scene Investigation & Evidence storage facility
  • Build a new Safety Town Building

**All projects were completed on time and within budget

When did the Commission vote to add the G.O. Bond question to the ballot for the March 13, 2018 election and why?

The G.O. Bond was approved on December 6, with a 3-2 vote. This Bond includes funding for projects which will improve the City’s infrastructure and public amenities that require funding beyond that of the City’s normal operating budget. There are improvements to be made that have not been possible due to limited funding.

How will the questions appear on the ballot?

The Bond will appear in three questions on the ballot: Bond for Public Safety Projects, Bond for Parks and Recreation Projects, Bond for Streets and Drainage Projects. Residents will have the choice to vote for or against each bond separately.

How will the tax increase impact the average single-family home?

Beginning Oct, 1, 2018, the average single-family home will see an increase of $123.00 to their annual property taxes. The average breakdown in annual costs for the three bond issues is as follows:

  • Public Safety: $43
  • Parks & Rec: $41
  • Streets & Drainage: $39

What is the cost of an “average single- family home” and how is it established?

For 2017, the City of Coral Springs’ average market value is $335,245 with an average assessed value of $260,815, as determined by the Broward County Property Appraiser’s Office. In Coral Springs, the average single–family home has an assessed value of $260,000. The assessed value incorporates homestead exemptions and the Save Our Homes act which limits, or “caps” increases in the assessed value of a homesteaded residence.

If the bond measure(s) is approved, which projects will the G.O. Bond measure(s) fund and why?

The bond includes 15 projects, many of which will take place within two years – once the bond passes. Projects focus on improving our City’s emergency preparedness, updating training facilities for public safety officials, improved roads and street drainage and enhanced public amenities.

What will the Bond do and how will it benefit the community?

The Bond will focus on improvements to the following:

Public Safety: The projects included in this bond issue support improvements to the city’s emergency response capabilities and preparedness, providing better training and facilities for public safety officials.

Streets and Drainage: The projects included in this bond issue support the integrity of the City’s roads. Keeping roads maintained with regular resurfacing and proper drainage is key to our City’s basic infrastructure.

Parks and Recreation: This bond issue will enhance the overall services offered in the following parks: Mullins, North Community Park, Cypress Park and Sportsplex. In addition to upgrades to the City’s parks, this project includes improvements/additions to the City’s public amenities such as a new senior center, a new outdoor community gathering place and improvements to the aquatic center.

How much money will go towards each project? What is the cost breakdown?

The 75 million dollar G.O. Bond will provide funding to three major projects: Public Safety ($27.352 M), Parks & Rec ($26 M), and Streets & Drainage ($24.492 M).

  • Public Safety and Public Works Campus ($18,500,000):
  • Fire Station 64 Reconstruction ($4,000,000):
  • License Plate Readers-Perimeter & Interior ($1,600,000):
  • Tactical Training Facility ($1,500,000)
  • 2 Emergency Traffic Signals ($700,000):
  • Parks & Recreation Lighting ($3,400,000):
  • Aquatic Complex New Pool + Enhancements ($5,600,000):
  • Park Artificial Turf Fields ($8,000,000):
  • Amphitheater/Splash Pad ($2,000,000):
  • Senior Center ($5,000,000):
  • Mullins Park-New American League Building ($1,000,000):
  • Road Resurfacing ($13,250,000):
  • Corporate Park Drainage ($4,300,000):
  • Westchester Drainage ($5,000,000):
  • Meadows and Dells Drainage Improvements ($1,000,000)

If the bond measure(s) do not pass, how will the proposed projects be affected?

If these bond measure(s) do not pass, the majority of these projects will not have the funding to move forward.

Why haven’t these improvements been proposed until now?

The impact of the prior economic downturn, declining revenues and unfunded mandates have eroded the funding needed to make these improvements to the City’s infrastructure and public amenities within the City’s operating budget.