This fall, Austinites will vote on a $1 billion bond package for a light rail line and state road improvements. Austin's bond proposal is a long one, clocking in at 220 words, and it's an expensive one.
What's behind those numbers? Let's take a look:
How does the price tag of this bond stack up to previous bond elections?
It's the biggest ever. While only $600 million of the bond election is technically voter-approved for a starter light rail line, the other $400 million in improvements for state-managed roads is still debt that will be taken on by the city.
So what does that billion dollars pay for?
$600 million will go the capital costs (studies, engineering, and construction) for one 9.5-mile light rail line, with a total estimated capital cost of $1.38 billion. That line would go along East Riverside, through downtown and the UT campus on San Jacinto, then go over or under (and parallel) a portion of the existing MetroRail line up to Highland Mall. The project would be contingent on getting federal matching funds for the city's $600 million investment.
$400 million would go to road improvements for state roads.
A billion dollars sounds like a lot of money. How much debt does Austin have currently?