There is no better time to rebuild the Piedmont Pool by passing Measure UU on November 3rd. Our 56-year-old community pool is already closed for health and safety reasons and will soon to be closed permanently due to age-related deterioration, equipment failures, and the loss of 3,000 gallons of water each day. Having a pool for our families and our schools is not a luxury, it is a vital part of our community and an expected city amenity – one that countless children and families and have enjoyed since the early 1960s.
- Repairing the current pool doesn’t make fiscal sense as it would cost millions and would only buy a few more years of sub-standard usage. That’s not a good return on investment in our city’s infrastructure, nor a long-term solution for this public resource.
- Measure UU will authorize the City of Piedmont to issue general obligation municipal bonds to pay for the construction of a safe, sustainable, and affordable pool facility to serve Piedmont families, students, and seniors for the next 50 years. The city could borrow up to $19.5 million, depending on the final design and cost of the pool.
- The bonds would be issued after the design and costs have been finalized. The bonds would be repaid over 30 years through property tax assessments and the City would not be pledging any funds for the repayment of these bonds – not transfer taxes or any other City funds. The cost of the loan would be spread throughout the entire City and make it the most affordable way to finance the project. The interest rate on the bonds would be locked in when the bonds are issued, likely within the next year or two. Current interest rates are near historic lows and are projected to remain attractive.
- If Measure UU passes, there will be community input and oversight as the conceptual plans are further developed. Those concerned about the project design should continue to be involved.
It’s time to rebuild the Piedmont Pool. Please join me in voting Yes on Measure UU.