Get rid of rebuild houston, save taxpayers $150 million annually on interest for past debt through a Public Bank
ReBuild Houston is the City of Houston’s initiative to improve the quality of life and mobility for residents of the city by rebuilding our drainage and street infrastructure. To support the initiative, the city has established a dedicated, pay-as-you-go fund to maintain the infrastructure, and to plan upgrades to meet future needs as the city grows.
City of Houston – Rebuild Houston
Pay as you go
For decades, the City has simply issued debt to pay for construction. The City currently has about $1.7 billion in debt as a result of bond obligations for street and drainage projects. The City pays nearly $150 million per year in interest on that street and drainage debt accrued in years past. The most difficult task is that we must pay off past debt while continuing to rebuild our street and drainage system. 11.8 cents of every $100 of property value collected from property owners is currently going to pay off the debt incurred on previous street and drainage projects.
Drainage Utility Charge
A new Drainage Utility Charge voted on by Houstonians in 2010 took effect July 1, 2011 to help pay for drainage and street projects with a drainage component. The charge is based on the actual impact a property has on drainage infrastructure. It is determined by calculating the property’s impervious surface. Eight of the ten largest Texas Cities have drainage charges, including Houston, Dallas, San Antonio, Austin, El Paso, Fort Worth, Lubbock, and Abilene. The Drainage Utility Ordinance (No. 2011-254) states that the Utility Charge will not be increased for a minimum of ten years.