The bonds include $6.5 million for Downtown development, $4million for a proposed business park and $2 million for commercialand industrial development.

Bond referendum opponents are irate. They argue taxpayer dollarswill be going into the pockets of private developers. Butproponents say Winston-Salem has a lot of momentum and the bondsare a necessary tool to fuel continued growth. Opponents, however,call the bonds corporate welfare.

So far this year, the city has spent nearly $5 million buyingland that has been sold to Magnolia Partners, a private developer.Magnolia is building a 13-story office tower at One West Fourth, abuilding that will take up almost an entire city block. Thedeveloper paid about $600,000 for the site. Magnolia previouslybought the Two West Fourth site for $1.7 million from the city andwants to build class A offices there.