Ohio Pen - City of Columbus Proposes .9 Billion Bond Package

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~ Columbus, OH - The City of Columbus has announced a new $1.9 billion bond package that will fund capital improvements in neighborhoods throughout the city without raising taxes. Mayor Andrew J. Ginther has taken the first step in placing five bond issues on the November 4 ballot by advancing Resolutions of Necessity to Columbus City Council.

The proposed bond package is broken down into five categories: Safety, Health & Infrastructure with $250 million, Recreation & Parks with $250 million, Neighborhood Development/Affordable Housing with $500 million, Public Service with $400 million, and Public Utilities with $500 million.

This new bond package builds upon the success of previous affordable housing bonds in 2019 and 2022 valued at $50 million and $200 million respectively. The city plans to commit $500 million from this new package towards the construction of affordable housing units in Columbus.

Mayor Ginther stated, "One of the most powerful ways we can address our housing crisis is to get shovels in the ground and build units for Columbus residents struggling with housing instability." He continued, "Affordable housing bonds have supported the construction of more than 4,000 rental units in our city, including more than 630 units of permanent supportive housing. This bond proposal doubles-down on our commitment to drive continued progress."

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If approved by voters, these ballot measures would allow the City of Columbus to sell bonds to investors and use the proceeds to finance infrastructure improvements such as police and fire facilities and equipment, road resurfacing, new community centers, parks and pools, and water and sewer infrastructure. The debt will be repaid using 25% of income taxes collected and a portion of utility bills over a term of five to 20 years. Since 1956, the city has never had to use other sources of funding to repay bonds, allowing them to invest in infrastructure without raising property taxes.

City Council President Shannon Hardin expressed his support for the bond package, stating, "Columbus is a growing city with growing needs. This bond package ensures we're not just keeping up - we're planning ahead, investing in the infrastructure and services that will support our residents today and for generations to come."

Residents of Columbus will have the opportunity to vote on this bond package in the general election on November 4. More information about the bond package can be found at columbus.gov/bonds.

Filed Under: Government, City

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