Stewart proposes $1 billion bond for county infrastructure spending

WOODBRIDGE — Prince William County leaders could explore the idea of floating new bonds for transportation improvements.

On September 4, Board of County Supervisors Chairman Corey Stewart asked the board to consider directing the county executive to look into a referendum on next year’s ballot for a $1 billion dollar bond in Prince William County for roads, parks, and libraries.

“It sounds like a huge number, but at this point what I’m just asking the staff is to look at the needs for the projects and whether that can be timed over the course of time over several years so that there can be as minimal impact on tax bills as possible,” said Stewart.

“I am not ready to give direction for a billion dollar bond for anything,” Marty Nohe, Coles District Supervisor said during the session. “A billion dollar bond is something on the order of $95 million dollars a year in debt service. I do not think we have that kind of debt capacity available to us.”

After Nohe spoke, Stewart then said he wanted the bond to be broader than just roads, and said, while it may not have to be a billion – or a specific number – he wants this referendum before the voters. Nohe suggested if Stewart wants to add more projects, he is fine with looking at more infrastructure but cautioned the board from giving a specific number. Stewart agreed and reiterated that there doesn’t have to be a specific number, but he is ready for the county to move forward with putting the referendum before voters.

On August 21, the Board of Directors for the Prince William Chamber of Commerce endorsed the Supervisors’ directive for beginning a study of a Mobility Bond.

Mobility Bonds are historically a successful way that Prince William County has accomplished funding for infrastructure needs that aren’t being paid for by the state.

Nohe explained that the projects that will be looked at for the bond study are vital for improving the quality of life and economic development of County residents.

“I think that the number one issue you see in Northern Virginia continues to be traffic. At the end of the day, it’s difficult to have a conversation with Northern Virginians – especially those in Prince William County- that doesn’t eventually turn into a conversation about traffic,” Nohe told Potomac Local in an interview. He also serves as the Northern Virginia Transportation Authority Board Chairman.

A few projects under consideration are increased mobility around Belmont Bay in the Woodbridge District, Potomac Shores in the Potomac District, and University Boulevard in the Brentsville District; as well as building a railroad overpass for Route 15 in Haymarket.

Projects not being considered, for the time being, are a Virginia Railway Express to Haymarket and a Metro extension to Potomac Mills mall. Nohe said those ideas are still far in the future if they ever happen.

“The County has seen over 110,000 people move into its borders since the last bond was approved, and projections only have it growing even more,” stated Betty Dean, Chair of the Prince William Chamber of Commerce. “It’s time to start looking toward the future. There are projects that need to be completed if we are going to be competitive economically. Giving the County the ability to invest in our infrastructure can ensure that we are prepared for whatever the future may bring.”?

The last Mobility bond passed with overwhelming success in 2006, but then the recession hit and there was a long break. Prince William County has every reason to think this will pass again easily. “Every time we’ve done this since 1998 it’s passed in a landslide,” Nohe said.

Having the support of the Chamber of Commerce is a major boon to the study’s success, especially since the roads should increase economic development for the area.

“Every successful bond initiative this county has ever done has had [the] Chamber as one of our advocacy partners,” said Nohe, who sits on the Prince William Chamber of Commerce Board of Directors.

The study should take about a year and a half, ending in spring 2020. The project’s cost is unknown, but it ultimately depends on what projects are prioritized.

For residents who are concerned that a Mobility Bond will raise their taxes, Nohe explained it’s a multifaceted issue. Bonds are paid back by citizen’s taxes, but that doesn’t necessarily mean that their taxes are raised.

“Prince William County is going to be investing in transportation one way or the other, we’re either going to invest in it by borrowing money [to fund] really big projects and pay them off over time, or we’re going to be taking a piecemeal sort of short-term approach where we’re making small improvements that don’t require [you] to borrow money but don’t necessarily have a big impact. Or we can do nothing, and make no improvements, but citizens still pay, because they pay – rather than paying in taxes, they pay caught sitting in traffic, either within the county or driving to and from the county. The hope and expectation [is] any money we’re borrowing for a road is an investment in bringing more jobs to the community so that eventually the debt that we’re taking on for these roads would be in part paid back with the new commercial tax base that we’re developing…” Nohe said.

Nohe explained we have to go to referendum to borrow money for most things – not only roads but also parks and libraries.

The Chamber of Commerce plans to reach out to the business community and the Board of County Supervisors in the coming weeks to brainstorm and plan.