In the face of opposition from Neighborhood Councils, the Los Angeles City Council last week delayed a decision on pursuing a $3 billion bond measure to repair city streets.
City Council members Mitch Englander and Joe Buscaino proposed asking voters to approve the bond measure on the May 2013 citywide general election ballot. If approved, owners of a $350,000 home would pay $119 per year in added property taxes over the course of the 29 years it would take the city to pay off the debt. The tax on a property's assessed value would start low and increase as the city borrows more heavily to fund the street repairs, with the rate eventually declining as the city stops borrowing more money.
Englander and Buscaino told the council the bond measure is needed to clear a 60-year backlog in street repairs that has left a third of city streets in poor condition.