Why did Roanoke call a bond?
The City of Roanoke has approved calling a $62 million bond election for the convention center.
The convention center is the only project on the ballot. The City is also planning a parking garage and hotel, funded without property taxes.
Click here for more information on what's proposed.
If no tax increase,
why do we have to vote?
The law mandates voter approval to issue bonds for this project, which is not classified as a “public works” facility. Under the proposed structure, property taxes will be required to be used to repay the convention center bonds if the four key funding sources – hotel revenues, sales tax, user fees, and H.O.T. tax – do not generate the required revenue. If these funding sources generate sufficient revenues each year, no property taxes will be needed to repay the bond.