We write to advise you the Village of Bald Head is seeking approval from the North Carolina Local Government Commission (“LGC”) of its proposed $54 million general obligation bonds for purchase of the Transportation System Assets.
The Village is opposing the purchase of these assets by the Bald Head Island Transportation Authority (BHITA) and seeking approval for the Village to purchase the Transportation System Assets.
We write to be sure you know this general obligation bond issue is a potential personal real estate tax responsibility for all real property owners on Bald Head Island.
Yesterday (August 18, 2021), Mayor Andy Sayre of Bald Head Island advised the LGC that, “The debt from the $54M Village General Obligation Bond proposal to purchase the Bald Head Island Transportation Company is projected to be paid off through revenues, not by raising property taxes. However, in the case of a crisis, having the possibility of modest tax increases is far better than runaway rates and slashed services.”
As your homeowners’ association, we write to be sure you know your real estate taxes could be raised if the Bond financing for the Village were approved.
Earlier, we sent you a general factual summary of the issues involved here. That included the details of a proposed purchase by the BHI Transportation Authority (BHITA), for which you would have no property tax increase to pay for the purchase or operation of the Transportation System. Click HERE for a link to that summary.
The Village Council will hold a public hearing on the proposed Bond on Friday, August 20th at 10:00am at the Public Safety Building. If you are able to attend,
let the Council know your opinion. If you cannot attend in person, you should let your opinion be known by emailing the Village Clerk by 5:00pm today, Thursday, August 19th. Emails should be sent to village.clerk@villagebhi.org.
We urge you to email the LGC today by 5:00pm, as well, to let them know what you want to happen. Email the LGC at slgfd@nctreasurer.com.
If you want the bond financing for the BHI Transportation Authority (BHITA) approved so it may purchase the Transportation System, tell them so in your email.
If you want the bond financing for the Village of Bald Head Island approved so it may purchase the Transportation System, tell them so in your email.
In your email, be sure to let them know you are a Bald Head Island property owner.
To join the Village Council meeting and two Public Hearings remotely on Friday,
August 20, 2021, at 10:00am, click HERE for instructions.