Everything you need to know about Montgomery’s Momentum 2040 plan

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With Momentum 2040, the capital city could soon benefit from funds that will allow The City of Montgomery to improve infrastructure, enhance public services, increase public safety and more. Dubbed Momentum 2040, this proposed long-term capital investment plan — the first such effort in more than 20 years — is designed to, as its name suggests, leverage and build on existing progress and continue to push it forward, propelling the city into a brighter future.

The foundation of Momentum 2040 is a municipal bond program, which would authorize up to $375 million in bond financing, with approximately $350 million dedicated to capital projects across Montgomery.

The plan must pass the Montgomery City Council to be enacted, but here’s a preview of what Momentum 2040 is, what it includes and the positive ways it will affect residents and shape the city for decades to come. 

What is Momentum 2040?

Momentum 2040 is a major citywide plan for investing in Montgomery by building on the proven successes achieved with the Montgomery Forward initiative, including enhanced city parks and community centers, increased public safety and more.

The plan has a multi-faceted purpose. It will:

• Strengthen neighborhoods by upgrading infrastructure + connectivity to make daily life better.
• Modernize public facilities + improve essential services, leading to stronger emergency responses, more reliable city services + more efficient and effective operations.
• Expand + enhance recreational and quality of life opportunities — including investments in recreation, youth + community spaces — which not only benefits residents but also attracts new businesses and private development. Plus, it will draw more visitors, too, which strengthens the tax base and drives economic growth across the city.

A municipal bond of $375 million will enable city leaders to reach all of Momentum 2040’s goals. And, city officials believe that proceeding with Momentum 2040 could bring three times the bond amount to Montgomery in the form of additional outside investment. 

This video outlines the plan.

How does Momentum 2040’s municipal bond work?

Cities across the country use municipal bonds to borrow the money needed to pay for large public projects—things like roads, schools, parks, utility systems, arenas and other infrastructure, without immediately raising taxes on residents. 

Municipal bonds work like loans, but instead of borrowing from a bank, the city borrows from investors, who buy the bond. 

Once investors buy the Momentum 2040 bond, the city receives the money upfront, and then, using city revenues (taxes, fees, economic activity), it repays the bond amount over a set amount of time with interest. But, because bonds are often tax-advantaged for investors, bonds allow cities to borrow at lower interest rates.

Why is Momentum 2040 needed now?

Right now, Montgomery sits at a pivotal moment in its story. Facilities, neighborhoods and business corridors important to keep it moving ahead need revitalization. Momentum 2040 equips city leaders with the strategy and funds to do necessary work today that will keep paying dividends for decades and generations to come by creating a city that is safer, more vibrant, and therefore, more competitive.

Momentum 2040’s goals are key to Montgomery’s continued progress and prosperity; each allows the city to draw more tourism, sporting events, military partnerships, as well as more businesses and private investment — meaning more jobs — to Montgomery. 

How will Momentum 2040 impact Montgomery and its residents?

The Momentum 2040 plan will build a city that is better for everyone. Some of the plan’s specifics include:

A $200 million convention center and arena expansion, which will: 

• attract major events, concerts, conferences + tourism
• generate revenue for local hotels, restaurants + small businesses
• create jobs + increase visitor spending

Housing and infrastructure improvements, which will:

• support safer, more stable housing, especially in historically underserved areas
• enhance sidewalks, parks, corridors + community spaces
• upgrade city facilities + essential services
• improve public buildings, safety infrastructure + service delivery

A new sports complex and amphitheater, which will:

• expand entertainment options for families
• strengthen youth programming + recreation
• position Montgomery as a regional draw

Momentum 2040 also positively positions Montgomery for long-term, sustainable success by helping the city to maintain its strong bond rating, which helps secure favorable financing for future projects.

Want to know more about Momentum 2040? The City of Montgomery’s website contains a detailed explanation as well as some FAQs to help you understand the value of this strategic initiative.

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