Who gets to be on Buncombe’s $70M bond oversight committee? Commissioners just decided

Andrew Jones, Asheville Citizen Times
·3 min read

ASHEVILLE - Buncombe County Board of Commissioners voted unanimously Aug. 16 to create an oversight committee for a total $70 million in bond spending for housing and conservation should residents vote to allow that borrowing Nov. 8.

The bonds represent money that will be borrowed following a bond referendum, which studies already showed could get substantial support during the General Election.

“Over the years we’ve had several bonds issued in both the city and county,” said Commissioner Al Whitesides. “And one of the complaints has been transparency. And I think this helps because we have the overall committee to look at it. This is one of the areas where we can’t have too many eyes looking at it.”

Previously: Should Buncombe borrow $70M for housing, conservation? Surveyed voters said yes. Now what?

Related: Pending Buncombe vote, $70M bond referendum for housing, land headed for November ballot

Commissioners Terri Wells and Amanda Edwards expressed their support for the group.

A voter marks their ballot at the West Asheville Community Center polling location on May 17, 2022. Two items on the Nov. 8 ballot will ask Buncombe residents if they want the county to borrow a total $70 million to support housing and land conservation.
A voter marks their ballot at the West Asheville Community Center polling location on May 17, 2022. Two items on the Nov. 8 ballot will ask Buncombe residents if they want the county to borrow a total $70 million to support housing and land conservation.

According to the resolution commissioners voted on, the committee will contain people with five different professional backgrounds:

  • One person with an accounting background

  • One person with a banking background. 

  • One representative of the affordable housing community.

  • One representative from the conservation/greenways community, appointed by Board of Commissioners.

  • One member to be appointed by the Asheville Area Chamber of Commerce.

Though the total amount of bond money the committee will oversee is $70 million, it is split into two distinct spending priorities, described in a news release directly following the Aug. 16 vote.

One is supposed to generate $30 million for the capital costs of acquisition and improvement of land or interests therein for conservation and protection of natural resources and preservation of farmland, including but not limited to, the development of greenways and trails for recreation purposes.

The other one is $40 million for investments in housing to benefit people of low or moderate income, including construction of related infrastructure improvements and the acquisition of related land and rights-of-way.

Commissioner Robert Presley asked how long each member on the committee will have to serve.

“The intention is to invest all the funds in seven years,” said Board Chair Brownie Newman. “There’s a potential it could be longer but not expected to be needed.”

Related: Buncombe wants 20% of land conserved by 2030; could cost an additional $9.5 million

More: Buncombe County wants to build 3,000 units, invest $62 million, use tax credits

Buncombe County Bond Oversight Committee Resolution by Andrew Jones on Scribd

In discussion with Pressley, Newman noted there may be a process to replace someone on the committee if they move for instance.

As previously reported by the Citizen Times, a preliminary study completed by Trust for Public Land and Impact Research showed the $70 million in bonds would cost a typical Buncombe household about $34 annually for 20 years.

Those figures were calculated based on an assumption the bonds would be issued simultaneously at a 4% interest rate. It also assumed no future growth in tax payer base, which leaders and those who conducted the study said is extremely unlikely.

Despite this, the study also found general enthusiasm for the borrowing in a poll of Buncombe residents: 71% said they would vote for the land conservation bond and 63% said they would vote for the affordable housing bond, indicating the referendum is likely to be successful come the general election.

More Buncombe County news:

Andrew Jones is Buncombe County government and health care reporter for the Asheville Citizen Times, part of the USA TODAY Network. Reach him at @arjonesreports on Facebook and Twitter, 828-226-6203 or arjones@citizentimes.com. Please help support this type of journalism with a subscription to the Citizen Times.

This article originally appeared on Asheville Citizen Times: Committee to oversee proposed $70M in Buncombe borrowing after vote