STEPHEN E KRAFT

Council member Ward 1

KraftStephenE@gmail.com
314-863-1136
KRAFT  U CITY COUNCIL
Working for a City that delivers first class city services

Preserving U City Values
          $20 MILLION BOND ISSUE FOR STREETS
       VOTERS WILL MAKE THE FINAL DECISION

Ballot measure Prop S, April 7, 2015
The bonds will be paid back through an increase in the property tax levy of $0.242.  
Passage requires 4/7 (57%) voter approval
.

The proposal includes
  • Resurface 40 miles of asphalt streets
  • Resurface 1.25 miles of streets without curbs and gutters
  • Replace concrete along eight miles of alleys
  • Update ADA ramps and trip hazards on sidewalks of streets to be resurfaced
  • All work would be done over a 3 year period
  • Average street rating would increase to 9+ (on a scale of 1-10)
How much would it cost on my taxes?

St Louis County calculates assessed value as 19% of the appraised (or market) value.













With the passage of Prop S, property tax bill will increase by about 2.76% per year.
LINK streets and alleys included in the bond issue
The current economic environment allows us to do more streets for our money

Interest rates are low.   U City has a AA+ bond rating.  We can borrow money at historically low rates.

As the price of oil decreases, the price of asphalt drops.  We can get more paving for our money.

The City of University City has very little debt.  Under state law, U City is allowed to borrow $56 million in bonds.



The U City balance sheet shows only about $60,000 in bond debt.
(U City has about $5 million of outstanding bonds, however money has already been expensed to pay these bonds.  There are    
legal reasons that prevent early repayment
)
Quite simply, the U City streets are in poor condition.  Streets are rated on a scale of 1 to 10 (with
10 being excellent).  Currently U City streets average around 6.  As streets become lower rated, they start
deteriorating at a faster rate and require more money to maintain.

Maintenance spending on streets and sidewalks has remained at about $1.9 million per year for the last 5
years.  This level of spending can slow the deterioration of the streets, but can not fund major capital
improvements.

Using reserve funds that number was increased to $3 million in 2014.  However, reserves are not large
enough to continue spending at that level
LINK to Prop S U City website
LINK TO LIST OF STREETS INCLUDED IN THE BOND PROPOSAL