Why is the Town considering this project now?
The Town’s 2013 and 2001 voter-approved bonds, which were used for the Basalt River Park and Old Pond Park projects, will be retired in 2021 and 2023. When they retire, the property tax that pays for the bonds will also expire. If voters approve an extension of the property tax and a new bond amount, the Town can maintain property tax rates at current levels—with no increase—to help fund several new capital improvement projects.
Will this increase my property taxes?
No. Approving and extending the mill levy will keep the Town’s property tax at the same level, while allowing the Town to issue bonds to help fund key community-wide infrastructure projects.
How much could be raised for projects while keeping my property tax the same?
If voters approve an extension of the mill levy used to pay the Towns’ bonds, it would allow Basalt to raise up to $14 million for future projects identified in the Basalt Forward 2030 process.
Are there other ways to finance these projects?
The most fiscally responsible way for the Town to raise up to $14 million is through extending the property tax. The Town pays for smaller capital projects through a Capital Improvement Plan prioritization that is part of its budget process.
How will the projects be selected?
The Master Plan process identified 13 projects through an extensive public input process. The Town is currently completing a comprehensive Facility Needs Study of all Town facilities that will identify other needs within the Town. A Capital Needs Committee has been formed during 2021 to provide public input and recommendations to Council regarding projects to select. Council makes the final recommendations for projects.
How quickly will the projects begin?
We will be working on designing the projects once they are approved and anticipate construction to begin during 2022.
How will Basalt manage project costs?
The Town will hire an independent Construction Manager, with experience in construction and logistics in the Roaring Fork Valley, to ensure that the Town is able to manage costs, materials and other issues that impact the time and final costs of these projects.