- City district sold $26 million of bonds in muni market
- Removing the power lines ‘just looks better’: Mayor Pro Tem
Newport Beach, California is investing millions of dollars to remove unsightly power lines in an effort to boost its already sky-high property values.
The city tapped the municipal market for roughly $26 million this week to bury the lines in two sections of the beach-side town, which will “enhance neighborhood aesthetics, safety, and reliability” according to bond documents.
In 2021, residents approved a ballot measure to carry out the renovations and they’ll pay special tax levies that will secure the bonds. Newport Beach is one of the wealthiest cities in the country, with a median household income of more than $140,000 — double the US average — while the median home price is more than $3 million.
Bloomberg CityLab
By Jordan Fitzgerald
July 19, 2023