For the second time this month, the Cary Park District voted Thursday to issue general obligation bonds to finance the construction of a 6-mile bike trail system to link most parks and schools with downtown.
Last week, the Park District issued $12 million in long-term tax-free bonds to finance acquisition of the 250-acre Hoffman Farm. This week, it issued $600,400 in one-year non-referendum bonds. The bonds pay a tax-free return of 3.8 percent and won’t affect the property tax rate.
The county Highway Department joined with the Park District on the project and will contribute funds for a trail from Main Street south along Cary/Algonquin Road to Fox Trails subdivision, said Executive Director Steve Cherveney. The county and the district will submit a joint application for a state to finance the bulk of the project, he said.
Cathy Paez, from the Fox Trails subdivision, told the Park Board, “We are an island with no connection with Cary except by Cary/Algonquin Road, which makes this bike trail so important for the safety of our children.”
