Austin Residents To Vote on $1 Billion Rail Line and Road Improvement Package
Austin residents are heading to the voting booths to voice their opinion on a proposed $1 billion rail line and road improvement package.
Monday was the first day for early voting on the city’s Proposition 1, and residents were out in full force. So, what exactly is at stake for Austin? The proposed package includes a 9-mile rail line with a price tag of $600 million, along with various pot hole fixes and other road improvements priced at $400 million.
The $600 million will come in the form of voter-approved bonds, whereas the $400 million for road improvements will be taken in the form of debt by the city.
According to local news agencies, the nine-and-a-half-mile-long rail line has an estimated capital cost of $1.38 billion, running from East Riverside, going through downtown and the University of Texas campus, and ending at Highland Mall.
The project will only begin, however, if the city of Austin is able to obtain matching federal funds for its $600 million investment.
Of course, there are both advantages and disadvantages to this proposed rail line and road improvement package. If approved, residents can expect higher property taxes, with an average increase of $217 per year on a $200,000 home.
Constructing a new rail line isn’t a quick or easy project by any means. While officials have yet to announce a projected date of completion (assuming voters approve the measure), rail experts say it could take five years to complete.
On the other hand, the new rail line would certainly stimulate Austin’s already thriving economy. By allowing tourists and workers to commute via rail line, it would generate millions of dollars in revenue for the city while subsequently freeing up traffic congestion.
“City of Austin voters will consider a $600 million general obligation bond proposition. If approved, the bonds would pay a portion of the cost of a fixed-rail transit system known as “Urban Rail” that would service the East Riverside Corridor, downtown Austin, the State Capitol Complex, Medical School complex, the University of Texas, Hancock Center, Austin Community College Highland Campus and surrounding neighborhoods,” wrote the official AustinTexas.gov website in its description of Proposition 1.
Early voting for Austin’s Proposition 1 began October 1 and will continue through November. So, do you think Austin should approve the $1 billion rail line and road improvement package? Let us know what you think by leaving a comment below.
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Image Credit: Austin Capital Metro
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