Close Menu
Fund Focus News
    Facebook X (Twitter) Instagram
    Trending
    • Motilal Oswal MF launches Contra Fund; targets turnaround bets across market cycles as NFO opens May 8
    • Growth and Income Fund: Definition, Investment Mix, Examples
    • ETFs win the wrapper war as advisors and RIAs pull away from mutual funds
    • High Return Equity Mutual Funds in India: Highest 5-Year Returns Ranked – Money Insights News
    • PGGM / PFZW ILS investments returned 12.4% in USD, ended 2025 at $8.904bn AUM
    • Active-passive fund mix key amid global market volatility: ICRA Analytics
    • Lump sum vs SWP: What is the right way to withdraw money from mutual funds after retirement?
    • First-ever separate platform for buying, selling open-end mutual funds on the cards 
    Facebook X (Twitter) Instagram
    Fund Focus News
    • Home
    • Bonds
    • ETFs
    • Funds
    • Investments
    • Mutual Funds
    • Property Investments
    • SIP
    Fund Focus News
    Home»Bonds»Marina Council calls for $50M bond measure for Nov. ballot, voters to decide – Monterey Herald
    Bonds

    Marina Council calls for $50M bond measure for Nov. ballot, voters to decide – Monterey Herald

    August 9, 2024


    MARINA – The Marina City Council will leave it to the electorate of the city to decide on the prospect of whether or not the city gets money to fund the construction of new facilities.

    The Council voted 4-1 at its meeting Wednesday, with Mayor Bruce Delgado dissenting, to place the $50 million general obligation bond on the November 2024 ballot to build a fire station, police station and community center in the city of Marina.

    Delgado has said he believes that though the need is there, it would be easier to get a bond measure passed if it were a smaller amount to fund one of the three projects, namely the fire station, that the bond is proposing to cover.

    The Marina City Council has been studying putting a bond measure before its citizens for a number of years and has held workshops, study sessions and public forums to find a path forward. It recently held a study meeting that included an open house for the public, presentations by city staff and RNT Architects, that covered topics such as facility needs assessment review, cost estimates and potential locations.

    At its meeting in late July, the council considered four options for construction and costs, landing on the third option to construct three projects.

    Option 1 would be the construction of a new fire station with an approximate cost of $16 million dollars.

    Option 2 would be the construction of a new fire and police station with an approximate total cost of $33.5 million (fire $16 million and police $17.5 million).

    Option 3 would be the construction of a new fire and police station and a community center, with an approximate total cost of $55 million (fire $16 million, police $17.5 million and community center $21.5 million).

    Option 4 would be the construction of a new fire and police station, city offices and renovation of existing public safety building and community center into a recreational campus at Hillcrest with an approximate total cost of $62.5 million (fire $16 million, police $17.5 million, community center $21.5 million and renovation of Hillcrest campus $7.5 million).

    “We got direction at our last meeting from the City Council to place on the ballot a $50 million general obligation bond on the November 2024 election ballot to build a fire station, police station and community center,” said Marina City Manager Layne Long.

    The cost of the general obligation bond is an average over a 30-year period of time and comes out to $54.74 annually or $4.50 monthly per $100,000 of assessed value of property, explained Long. The median assessed value for a single-family home in Marina is $496,962. The median is the midpoint of home values with 50% being higher and 50% being lower.

    The approximate cost for a $50 million bond for a median single-family home in Marina with an assessed value of $497,000 would be $22.70 per month or $272 annually.

    The actions taken during Wednesday’s meeting included approving a resolution and ordinance placing the measure on the November 2024 election ballot, approve the ballot measure language and appoint two members from the city council to write arguments supporting the bond measure and potential rebuttal arguments.

    The Council needed to take action Wednesday as it had a deadline of Aug. 7 to put a measure on the ballot. Friday was the last day for the city to file the local measure with the Monterey County Registrar of Voters.

    At previous meetings, the Council reviewed several potential sites for city facilities including the existing civic center site, Locke Paddon park, a site adjacent to the Marina/Salinas Transit station, Cypress Knolls and Vince DiMaggio Park.

    The Council decided not to identify a specific site for the community center buildings, as several potential identified sites will work. A more engaged process with the public identifying the specific sites for the community center facilities will happen later if the bond is approved.

    Originally Published: August 9, 2024 at 2:21 p.m.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    I bonds are the best place to put your cash right now – and that should worry you

    May 6, 2026

    New threat to Labour spending plans as UK long-term borrowing costs hit highest level since 1998 | Gilts

    May 5, 2026

    Martin Lewis warning for Premium Bonds holders as ‘you would beat it’

    May 5, 2026
    Leave A Reply Cancel Reply

    Top Posts

    Defensive and cash-like funds top sales as investors boost ISAs

    May 6, 2026

    The Shifting Landscape of Art Investment and the Rise of Accessibility: The London Art Exchange

    September 11, 2023

    Charlie Cobham: The Art Broker Extraordinaire Maximizing Returns for High Net Worth Clients

    February 12, 2024

    The Unyielding Resilience of the Art Market: A Historical and Contemporary Perspective

    November 19, 2023
    Don't Miss
    Mutual Funds

    Motilal Oswal MF launches Contra Fund; targets turnaround bets across market cycles as NFO opens May 8

    May 7, 2026

    Motilal Oswal Mutual Fund (MOMF) on Thursday announced the launch of the ‘Motilal Oswal Contra…

    Growth and Income Fund: Definition, Investment Mix, Examples

    May 7, 2026

    ETFs win the wrapper war as advisors and RIAs pull away from mutual funds

    May 7, 2026

    High Return Equity Mutual Funds in India: Highest 5-Year Returns Ranked – Money Insights News

    May 7, 2026
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    EDITOR'S PICK

    Latest Mutual Funds News Today on August 19, 2024 Live Updates: Raksha Bandhan: From rakhis to returns—How financial gifts can shape a secure tomorrow

    August 19, 2024

    Bitcoin, Ether, XRP, SOL ETFs Still Not On The Table, CEO Of Giant Asset Manager Vanguard Asserts ⋆ ZyCrypto

    August 15, 2024

    Get ready for an art-fueled night of sips and spectacles

    October 16, 2024
    Our Picks

    Motilal Oswal MF launches Contra Fund; targets turnaround bets across market cycles as NFO opens May 8

    May 7, 2026

    Growth and Income Fund: Definition, Investment Mix, Examples

    May 7, 2026

    ETFs win the wrapper war as advisors and RIAs pull away from mutual funds

    May 7, 2026
    Most Popular

    🔥Juve target Chukwuemeka, Inter raise funds, Elmas bid in play 🤑

    August 20, 2025

    💵 Libra responds after Flamengo takes legal action and ‘freezes’ funds

    September 26, 2025

    ₹9000 monthly SIP can help you retire at 45 with ₹2 lakh monthly pension

    May 5, 2026
    © 2026 Fund Focus News
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.