Foster City voters passed the Levee Improvement Bond Measure P in 2018, authorizing the City to issue $90 million in general obligation bonds to fund these critical levee improvements. The Measure P levy will start appearing on Foster City property tax bills starting this fall (2020) and will continue for 30 years. The first-year rate will be approximately $36 per $100,000 of assessed property value. Subsequently, the rate will be an estimated $33 annually, with continuing decreases assuming assessed property valuations continue to rise.
On August 5, 2020, the City issued $85 million in bonds. On March 6, 2023, the City authorized issuing the remaining $5 million Measure P bonds and approved the appropriation of $5 million from the City’s Capital Improvement Plan funds.