Boiling Spring Lakes to hold public hearing on $20 million dam restoration referendum

The City of Boiling Spring Lakes will hold a public hearing on placing a $20 million dam restoration project on the November ballot on Tuesday, August 2.
Published: Aug. 2, 2022 at 11:33 AM EDT
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BOILING SPRING LAKES, N.C. (WECT) - The City of Boiling Spring Lakes will hold a public hearing on placing a $20 million dam restoration project on the November ballot on Tuesday, August 2.

If approved, the bond would provide up to $20 million to allow for the city to rebuild, improve and repair the dams damaged by Hurricane Florence. Per a city presentation created by Davenport Public Finance, the Sanford, Upper, Pine Lake and North Lake dams all failed during the 2018 hurricane.

The town estimates a price tag of $51.8 million to restore the dams and improve them to current state standards. The project was approved for $20 million in funding from the Federal Emergency Management Agency, $14 million from the state and $3 million from Brunswick County. The city is left with about $14.8 million in costs.

According to current estimates, a 30-year loan would accumulate $14.7 million in interest, while a 40-year loan would accumulate $20.4 million. Property taxes would be increased to pay for the bond. Increases span from about $150 annually for homes in the $150,000 range to $875 annually for homes in the $350,000 range.

The city estimates the tax impact from the bond for USDA ranges from 13 to 22 cents as follows:

Change in Property Tax Bill
Home Value:$150,000$250,000$350,000
Tax Rate Impact:Annual / MonthlyAnnual / MonthlyAnnual / Monthly
10.0¢$150.00 /$12.50$250.00 / $20.83$250.00 / $20.83
11.0¢$165.00 / $13.75$275.00 / $22.92$385.00 / $32.08
12.0¢$180.00 / $15.00$300.00 / $25.00$420.00 / $35.00
13.0¢$195.00 / $16.25$325.00 / $27.08$455.00 / $37.92
14.0¢$210.00 / $17.50$350.00 / $29.17$490.00 / $40.83
15.0¢$225.00 / $18.75$375.00 / $31.25$525.00 / $43.75
16.0¢$240.00 / $20.00$400.00 / $33.33$560.00 / $46.67
17.0¢$255.00 / $21.25$425.00 / $35.42$595.00 / $49.58
18.0¢$270.00 / $22.50$450.00 / $37.50$630.00 / $52.50
19.0¢$285.00 / $23.75$475.00 / $39.58$665.00 / $55.42
20.0¢$300.00 / $25.00$500.00 / $41.67$700.00 / $58.33
21.0¢$315.00 / $26.25$525.00 / $43.75$735.00 / $61.25
22.0¢$330.00 / $27.50$550.00 / $45.83$770.00 / $64.17
23.0¢$345.00 / $28.75$575.00 / $47.92$805.00 / $67.08
24.0¢$360.00 / $30.00$600.00 / $50.00$840.00 / $70.00
25.0¢$375.00 / $31.25$625.00 / $52.08$875.00 / $72.92

You can view the full agenda and watch the meeting live tonight at 6:30 p.m. on the Boiling Spring Lakes website.

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