Frequently Asked Questions Will voting FOR this bond issue raise my taxes? NO. The sales tax rate in Conway will not go up if the bond issue passes. It won’t go down if this bond issue fails. When will these bonds expire? The current bond issue is scheduled to expire in 2022. Voting to “rededicate” the bonds extends their stated maturity to 2045. However, that is based on ZERO percent growth in sales tax revenue. The Central Landing and Lewis Crossing developments are estimated to bring in more than $100 million in new taxable sales. That would represent a 7-10 percent increase over time. To illustrate the impact of likely increased tax collections, here are the estimates for rededicated bond payoff: Growth in sales tax revenue 1% 2% 3% 4%
Estimated bond payoff 2040 2037 2035 2033
What exactly will be built with the bond proceeds? The bond proceeds will fund three projects: -
Connecting the new southern interchange (at mile marker 132) to local streets
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A new overpass extending what is now Sixth Street over the interstate and landing at Conway Commons. Bruce Street will also be improved and extended to connect with Sixth Street.
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A completely new boulevard connecting the Central Landing development with Oak Street
Passing the bond proposal will also free up street funds to replace two stoplights on Dave Ward Drive (east of Interstate 40) and replace them with roundabouts. This will improve traffic flow and accommodate the Lewis Crossing development. Are we giving $18+ million to private developers in exchange for $6+ million to buy the airport? That sounds like a bad deal! No money is going to any private developers. The bond proceeds will pay for the three projects listed above. Two of those projects (the southern interchange connection and additional interstate overpass) have been identified as long-term street priorities for at least five years. The boulevard from Central Landing to Oak Street is the best alternative to handle additional traffic drawn to the development. CONTINUED