Frequently Asked Questions
What is a general obligation (G.O.) bond?
A general obligation bond (G.O. bond) is a form of debt obligation that, when issued, provides local government with funds to finance large capital improvements, such as those currently proposed for enhanced parks and recreational facilities.
General Obligation Bonds are backed by the full faith and credit of the City of Cape Coral, which means that the City is obligated to pay back the bonds plus interest by pledging its ad valorem taxing power. As such, the City uses a portion of its property tax revenues to repay the General Obligation Bonds in the form of annual principal and interest payments. General Obligation Bonds require approval by a majority of the voters voting in a Citywide referendum.
What can general obligation bonds be used for?
General Obligation Bonds allow the City to pay for major capital investments having a public purpose, such as quality of life enhancements related to parks, recreational facilities, and green space. Bonds are sold to investors and the proceeds from the sale of these bonds are used to pay for capital projects. Bond funds cannot be used for everyday operating costs.
Why is a G.O. bond needed?
Cape Coral is the 9th largest city in the state of Florida with a population approaching 200,000. Our inventory of parks and recreation facilities is significantly deficient and does not serve the current residents let alone future residents. This bond will provide up front funds that will enable the City to develop much-needed neighborhood parks and community parks. Existing facilities, such as the popular Yacht Club, will receive improvements and upgrades. Using a GO bond will enable the City to complete $60 million of parks and recreation projects throughout the city within a few years. Without the bond funds, the City’s only option will be a pay-as-you-go approach, which would take decades to complete these projects.
What will it cost?
Voters will have the opportunity to vote on a G.O. bond for $60 million that would help fund the construction of future park projects and improvements to existing parks. This bond will help provide the residents of Cape Coral with access to numerous new recreation and leisure opportunities city-wide, and it is eestimated that a 15 Year, $60 million bond could cost the typical homeowner an average of $55.50 in additional property taxes.(*based on the median Cape Coral taxable value of $150,000). The bond would cost 37 cents per $1,000 of taxable property value for the first year. View the "GO Bond Calculator" to see how much the bond will cost you.
Phase I of the Plan includes 7 new neighborhood parks, 3 new community parks, improvements to at least 19 existing parks and a new environmental park. For more information, please click here to view the presentation.
To view the improvements that will be made to existing parks, click here.
What's the timeline?
2019-2020 public input meetings will be conducted to develop site plans
2019-2021 park improvements to existing parks will begin
2020-2023 permitting and design for new parks begin
2020-2026 construction of 7 new neighborhood parks
2022-2028 development of community parks
2027-2028 development of Yellow Fever Creek environmental park
*For a detailed timeline of the process please click on the Timeline that was presented to Council at the January 28, 2019 Committe of the Whole Meeting.
Where do I get more information?
The 2016 Parks Master Plan can be viewed at www.capecoral.net/ParksMP.
To view the G.O. Bond Park Elements that were presented to City Council, click here.
For more information or to schedule an informational meeting for your group or organization contact Parks and Recreation Director Kerry Runyon at firstname.lastname@example.org or call 239-573-3110.