Bach looks for voter approval on bond measure

Mayor Steve Bach Fox21 News file photo

On Monday, Mayor Steve Bach presented his plan to address the city’s backlog of high priority, underfunded capital improvements.

City leaders say they are looking to repurpose bonds.

“We propose to do it without an increase in sales tax or any fees,” said Colorado Springs City Manager Steve Cox.

Bach claims the bonds would be used to complete more than 70 projects in the Colorado Springs area.

Bach looks to complete projects such as stormwater, neighborhood streets and parks and public safety.

In 1998, Colorado Springs voters approved the SCIP bonds, which stands for Springs Community Improvement Program.

Those bonds are close to being paid off, and so the mayor’s proposal hopes to renew them.

“So that means we have money that we are going to repurpose, and that’s what we’re proposing to council to put on the ballot for the voters to decide, which is that we would repurpose those dollars plus a few more dollars that we have to go ahead and borrow some more money to address these high priority needs,” said Cox.

If the proposal makes the April municipal election ballot with voter approval, the bond would be paid off over 20 years with an interest rate of about 3.3 percent. 

Council member Don Knight says he’s not on board with this new proposal and said he’s worried Bach may not even see it happen.

“If he doesnt run or he doesn’t get elected then basically his proposal is encumbering the new mayor without even the new mayor getting a chance,” said Knight.

The money from the bonds would be broken down. For instance, $75 million would go toward neighborhood streets, $40 million for stormwater, $20 million for public safety, and $10 million for parks.

City council is scheduled to make their decision on this proposal December 9.

Related: Failed ballot measure prompts city leaders to address stormwater

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