CBPA ENDORSES FACILITIES BOND ACT OF 2016

 

The California Business Properties Association (CBPA) has endorsed the Kindergarten Through Community College Public Education Facilities Bond Act of 2016. The measure, a $9 billion state school facilities bond to adequately fund school construction and modernization projects throughout the state, will appear on the November 2016 ballot.

“Passing a state school facilities bond in November is going to accomplish important goals: provide an infusion of funds to move projects forward; create good paying jobs; and give students access to great schools.  This investment will strengthen California.” said Rex Hime, President and CEO.

The last statewide school facilities bond was passed by California voters in 2006. The state’s fund to provide matching dollars to school districts that have already raised local funds for school construction projects has been effectively depleted, leaving a muti-billion dollar backlog of K-14 project applications in limbo. With estimates placing K-14 school construction funding needs for the next decade at more than $20 billion, the school facilities bond will be a significant step forward to address the state’s school construction needs.

Passing the school bond in November will also help protect one of California’s most successful investment partnerships between the state, local school districts and private business. This successful partnership has been in place since 1998, providing safe and modern schools to millions of children and good paying jobs to regions across the state. According the Center for Strategic Economic Research, every $1.2 billion in annual new construction and modernization investment will create or support more than 15,000 jobs, and result in $2.5 billion in overall economic output benefits for California’s economy.

“Continuing the investment partnership between the state, school districts, and the business community will help provide students with modern, safe school facilities equipped for their success,” concluded Hime

Passing the school bond in November is important to our state’s continued economic success. To find out more click here.

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