The city of Spokane announced this morning a refinancing proposal that would fund street maintenance and park improvements.

City spokesman Brian Coddington says the proposal would require voter approval, though the City Council hasn’t decided yet when it will place the measure on a ballot.

If executed as proposed, the city says in a press release, strategic refinancing could provide $25 million annually for street funding, $60 million for improvements to Riverfront Park, and retirement of current debt.

Property owners within the city currently pay 91 cents per $1,000 of assessed property value—or $182 annually for a home assessed at $200,000—to pay off a park bond passed in 1999, a street bond approved in 2004, and a pools bond passed in 2007.

Spokane Mayor David Condon said in a press release, “Just as citizens have refinanced their home and used the savings to make other investments, we are proposing sustainable funding for streets and reinvigorating our parks, all without asking citizens to reach deeper into their pockets.”

Council President Ben Stuckart also said in the release, “Citizens consistently remind us how important streets are to them. They also talk about reinvigorating Riverfront Park .... This proposal meets both of those needs and fulfills an important citizen priority.”