Unlocking the Potential of Bills Bonds: A Unique Investment Opportunity for Erie County Residents

In a strategic move to finance the construction of the new Highmark Stadium, Erie County has launched the retail sale of Bills Bonds, offering residents a chance to invest in the future of their community. This innovative approach aims to engage local investors and contribute to the county's financial obligations, setting the stage for a transformative project that will shape the region's landscape.

Empowering Erie County Residents to Invest in Their Community's Future

Bridging the Funding Gap for Highmark Stadium

The construction of the new Highmark Stadium is a significant undertaking for Erie County, with a total cost of $250 million. To finance this project, the county has decided to allocate $125 million in cash and the remaining $125 million through the issuance of municipal bonds, known as Bills Bonds. This strategic decision allows the county to leverage the resources of its residents and share the responsibility of funding this landmark development.

Accessible Investment Opportunities for All

The retail sale of Bills Bonds presents a unique opportunity for Erie County residents to directly contribute to the future of their community. The minimum investment is set at $5,000, making it accessible to a wide range of investors, from individuals to institutional players. This inclusive approach ensures that everyone, regardless of their financial standing, can participate in the county's growth and development.

Tax-Advantaged Investments for New York State Residents

One of the key benefits of Bills Bonds is their tax-free status. As Michael Angelucci of Level Financial Advisers explains, "They issue bonds that will pay a rate of interest over the next 20 or 30 years to whoever buys those bonds, and that interest will be New York state tax-free if you're a New York State resident that buys that bond and federally, tax-free when you do your taxes." This tax-advantaged feature makes Bills Bonds an attractive investment option, particularly for residents in higher tax brackets.

Securing the County's Financial Future

The issuance of Bills Bonds not only supports the construction of the new Highmark Stadium but also serves as a strategic move to strengthen Erie County's financial standing. By engaging local investors and diversifying its funding sources, the county can ensure the long-term sustainability of this project and potentially unlock additional opportunities for growth and development in the region.

Navigating the Investment Process

To invest in Bills Bonds, Erie County residents will need to have a brokerage account. While the initial retail sale may have limited availability, investors can explore the secondary market to purchase these bonds through their regular brokers. Michael Angelucci advises, "It might be too late as far as if they are able to set up a brokerage account quick enough for the initial issue, but at some point through their regular broker, they could buy these bonds, potentially on the secondary market."

Mitigating Risks and Maximizing Returns

As with any investment, Bills Bonds carry inherent risks. However, Erie County Comptroller Kevin Hardwick emphasizes the relatively low default rate of municipal bonds, stating, "They have a very low rate of default, and they'll pay, maybe, five percent, but that's tax-free." This tax-free interest, coupled with the long-term nature of the bonds (25 years), can make them a compelling investment option for those seeking stable, reliable returns.

Shaping the Future of Highmark Stadium and Beyond

The successful sale of Bills Bonds will not only contribute to the construction of the new Highmark Stadium but also set the stage for future development and growth in the region. As the project progresses, expected to be completed by 2026, the community will witness the transformation of their local landscape, potentially unlocking new economic opportunities and enhancing the overall quality of life for Erie County residents.By embracing the Bills Bonds initiative, Erie County residents have the chance to directly participate in the shaping of their community's future, while also securing their own financial well-being through a unique investment opportunity.