Tuesday night’s primary vote turned into a big night for Long Beach’s public officials who were hoping that voters would approve a series of tax increases to help fund improvement projects in the city.
The Long Beach Community College District (LBCCD) was among those who had their wishes granted when Measure LB was voted into effect by over 63 percent of voters.
The $850 million bond measure, formally known as the Long Beach Community College Board of Trustees, will raise funds to go toward infrastructure repairs and classroom upgrades at the two campuses in the city.
The revenue stream will come through taxing property values at a rate that is approximately $25 for every $100,000 the property is worth annually. If a person owns a $400,000 home, their property tax would increase by $100. Those taxes will be placed on homes within the school’s district boundaries, which reach into parts of Lakewood, Signal Hill and Catalina Island.
It’s estimated the bond will help provide the school with revenues to help it carry out projects running through its 2041 master plan.
“We thank the community for its confidence and support and look forward to working with our campus stakeholders and the public to maintain the excellent, affordable education our students deserve,” said LBCCD Superintendent-President Eloy Oakley in statement Wednesday morning. “The funding Measure LB provides will continue to be guided by LBCC’s tradition of fiscal prudence.”
Measure LB is structured much like the city’s Measure A, having an oversight committee that will help oversee the allocation of funds once they start to roll in. It also includes a provision for annual independent audits to monitor the expenditures. However, unlike Measure A, it required a higher approval threshold (55 percent) because it was a bond measure, one that it easily cleared.
The school’s board of trustees voted unanimously earlier this year to place it on the June 7 primary ballot in an effort to raise funds to address the needs of its classrooms, most of which were built in the 1940s and 1950s. The bond is expected to take approximately 25 years to generate the $850 million goal.