LA Takes Closer Look At $3B Bond Measure To Pay For Street Repairs
LOS ANGELES (CBSLA.com) — A report on a proposal to sell $3 billion in local bonds to pay for street repairs was scheduled to be presented to the Los Angeles City Council on Wednesday.
First introduced by Councilman Joe Buscaino in January, the “Los Angeles Emergency Local Street Safety and Traffic Improvement Measure” (PDF) would be financed through a 6 percent increase in property taxes to pay for the repair of the estimated one-third of city streets labeled “DNF”, or “Does Not Function”, by the city.
Buscaino, who also chairs of the Council’s Public Works Committee, told KNX 1070 NEWSRADIO the tax could raise up to $250 million a year to fund the repairs within a “realistic” 10-year timeframe.
“What happened between 1955 and 2005, the city failed to maintain the streets, and ultimately those streets fell in the DNF condition,” Buscaino said.
A study conducted in 2010 by national transportation group TRIP found nearly two-thirds of L.A.’s streets were poorly paved and possibly posed a threat to drivers.
Buscaino said he hopes the City Council will move to get the measure on the November ballot, where two-thirds of city voters would have to approve the repair tax.