The Concord City Council has raised $114.3 million to pay for citywide capital improvement projects, primarily focused on addressing backlogged roadway maintenance and repair needs in the City.
The new funding was generated through a tax-exempt debt issuance rated AA by S&P Global (formerly Standard & Poor’s). The debt bears a total borrowing cost of 1.88% and will be repaid over 20 years.
“The City has worked hard on fiscal stability over the last decade, and we are proud that these efforts have been recognized by S&P with a strong credit rating,” said Karan Reid, Director of Finance.
This borrowing provides significant funding to make a near-term impact toward addressing the City’s deferred roadway and infrastructure maintenance needs and is made possible with the voters’ passage of Measure V in November 2020. Measure V is a one-cent local use and transaction (sales) tax that is anticipated to generate $27 million annually. Measure V took effect on April 1, 2021 and supersedes the City’s previous Measure Q sales tax.
“We’re so grateful to Concord voters for passing Measure V, which has allowed us to move quickly and take advantage of the historically low interest rate environment to advance our vital roadway projects,” said Concord Mayor Tim McGallian.
The City’s investments will start immediately with a citywide roadway base repair project this summer followed by significant investment in many of Concord’s streets and roadways over the next three to five years. On June 8, the Concord City Council will consider the projects proposed for FY 2021-22. Members of the public are invited to participate. Meeting details will be available through the City’s website, and the meeting agenda will be posted no later than June 4.
Projects for the following four years will be developed over the next 14 months and incorporated into the City’s next Capital Improvement Plans to be considered by Council in the spring and summer of 2022 and 2024.
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So what you’re saying is Concord sold municipal bonds totaling $114 million.
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Bonds are debt. Debts are not “investments” unless you’re the buyer of the bonds. Please avoid spinning the term “investment” in lieu of actual “spending”.
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Does the City of Concord have a programmed renewal of streets in their capital improvements program (CIP)? Or has the deferral of anticipated repairs (potholes, alligator cracking, sloughing, etc.) resulted in an overwhelming amount of work and cost?
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so question
why isn’t the existing tax for roads and maintenance enough?
you said this
“The City has worked hard on fiscal stability over the last decade, and we are proud that these efforts have been recognized by S&P
err you have worked hard to secure credit …is that what i am hearing
or are you patting your back for fiscal stability over the last decade
either way if your so hard working and satisfied with your work
then why did we need to be taxed again and now have to pay for a loan
your own words show your lying and cheating us
as well as nowhere do i see anything about sanctuary illegals in the whole article who do not contribute taxes working from in front of homedepot and uhaul on monument blvd among other venues like mowing lawns and cutting trees
the city council and other entities seem very pleased they cant manage a budget and keep getting loans to do maintenance at our expense
sure would like that job
ok sir or madam or they or them or none or binary or social displaced or lb and gyt sjw
your job is to maintain the budget and keep up the city that has a population increase of bums and illegals steadily out pacing the budget
since we are continuing the push out of businesses in favor of socialist gov agendas
wait what you cant ….
oh hey hi we love you and respect your enthusiasm
no worries we will tax the people allready paying high taxes
again with threats of closing schools and limiting toilet paper
great work ….
oh no you wont have to do anything right now just collect your pay and benefits maybe next year we will do some maintenance if we can
again great job city council and associated anti american pro dissention city staff
Not to mention selling tamales and such in front of many venues with complete disregard to health and sanitary laws. When will the city step up and enforce current laws and collect sales tax? If the Farmers Market has to do they should too!
North Concord Industrial Park (Bates Ave,, Laura Alice Way, Nelson Ave, Arnold Industrial) needs significant pavement rehab ASAP! Was last tended to over 15 years ago when I began working over there. Road conditions are deplorable.
Please spend it wisely and none of this cut and patch quilt work. There are areas that have been done that way and now the roads are failing between the patches
Potholes – FIX the potholes!
What happened to all of the other money that was supposed to put towards road repair?
I guess that money just disappeared.
Much like the money supposedly allocated here.
Along with monumental 20-year debt.
I’m still wondering what happened to that expensive little machine that was going to repair all the potholes.
That disappeared too.
Guess I’ll have to dust off the old street grader and oil spreader and get Cellophaine’s street grading and oiling business rolling again.
As I believe only streets that will be repaired will be the streets the City Council members (and their best buddies) live on.
Poor neighborhoods will be ignored, as usual.
Per the City of Concord: “We rob the other guy and pass the savings on to you.”
it went to the illeg….. i mean “citizenship-less” people of the city….
Make the streets as smooth as glass, they can start on Meadow Ln. and work their way through Oak Grove Rd.
Too bad the money raised will go towards something other than what it was raised for…
I’m sure the money will be pissed away.All lies what happened to the previous tax money?You cheating Politicians.
At June 30, 2020, the City had unrestricted net position of NEGATIVE $95.5 million, meaning that, if they liquidated all their assets to pay for all the liabilities, they would be that much short. How is this “fiscal stability?”
Whatever happened to the 12 cent per gallon gas tax? It was the answer to the problem of crumbling roads. It was sold as the ‘Protect Public Safety Measure!’. Where has all that money gone? Was it given to illegal aliens? Welfare deadbeats? Criminals? Corrupt politicians? It sure hasn’t been used for road repairs, as the government promised it would be.
it went to the illeg….. i mean “citizenship-less” people of the city….
Get rid of the fruit sales on Olivera and Esperanza
Good point, Kenny. It appears that anyone can set up shop and run a business on a street corner. No taxes, no fees, no permits, no insurance, no rent, no health department inspections, no fire inspections… Is it even legal?
Maybe all the businesses in the country should do likewise.
add in Farm Bureau rd.
Maybe the City should place a 1/2 cent sales tax increase on the ballot. I’m sure they could find a way to justify it.
I’m not impressed with all the hard work city employees in Concord are doing to save tax payers money. This is just a lot of hogwash.
According to Transparent California, the public service web site the tracks the ridiculously high salary and benefit packages of many public employees in California, the average city employee in Concord is costing taxpayers 174,000 annually when you combine the generous salaries with the bloated pensions and so forth. In Walnut Creek the median average city employee is being paid 115,000 in pay and benefits.
I was reading the other day the state of California has this huge budget surplus, so does the City of San Francisco. Where is Concord’s budget surplus? In fact, we don’t have one. The City is broke. Concord was broke 10 years ago, it was broke 5 years ago, it was broke during the booming first three years of the Trump Administration. And, of course, the city is broke today. Broke today, broke tomorrow, broke forever – that’s the the motto of our city now. We have to borrow money to pay to fix the roads!
Because Concord is always broke we can’t get a new library built to replace our aging rat-trap, our city hall is a dump, recreation programs are way below average for a city our size too.
City officials can’t do a thing in Concord, they only excel at giving themselves big fat raises. The do that and and then they call a press conferences to tell us how broke the city is.
“Uh, has anybody sitting on that council happen to notice the ludicrously high salary and benefit packages that Concord is paying these do nothing city workers, the ones who can’t figure out how to build a new library?”. Apparently not.
In Concord nothing get’s done, these do nothing city workers just spend the whole budget on themselves in the form of these ridiculously high pay and benefit packages. Adding insult is the fact that these people running the city – the ones that can’t get anything done – are all out of town ringers, outsiders brought in to tell us taxpayers – as they do regularly – how broke the city is.
I invite any ClayCord readers to go check out Pittsburg’s beautiful city hall, or Pleasant Hill’s City hall, and compare it to our rat-trap dump. Or go and take a tour of WC’s beautiful library, or Clayton’s, or check out the soon to be constructed PH library ( I’ve seen the plans, going to be a gorgeous library, the kind of beautiful state of the art library taxpayers – and kids – deserve).
Concord is NOT getting wonderful new additions to our city – like I just described – because of the ongoing corruption going on in Concord, the people working at the city have rigged the budget to work for themselves only, and these people working at the city don’t even live in Concord, they are mostly lout of town ringers.
Concord is a cesspool of corruption, we taxpayers are paying huge salaries and benefit packages to people that can’t get a thing done, all they can do is call press conferences and tell us how broke the city is! Even after they passed this recent tax hike they are telling us the city is broke.
Kathleen Trepa – and City Manager Valerie Barone – these gals deserve pink slips, they are do nothing to deal with the obvious corruption going on in Concord, ie the obscene salary and benefit packages, they just look the other way and collect their fat checks.
@Lars Anderson….Long time, no see, welcome back!
Time to drain THAT swamp!
That is NOT “fiscal stability” by any definition.