Manatee County Commissioners Hear Plans on Debt Issuance

BRADENTON – At Tuesday's BOCC Work Session, members evaluated the issuance of Capital Projects for General Government and Transportation; both came with a hefty price tag.

Local government officials argue that Capital Improvement Projects (CIP) are driving the economy in Manatee County; with a Build it and they'll come mind-set.

In the General Government category a total issuance of $35,217,950 is being proposed for CIP projects.

Just shy of $10 million will go to Beach Nourishment projects on Anna Maria Island, and another $2.5 million for Beach Erosion Control in Cortez.

$15 million is going to pay for the P-25 Regional Radio System, $2.7 million more will go to for a Tax Collector Annex and $1.2 million will go to the purchase of a Jail Management Software System.

$2.5 million will go to pay for the now finished second floor remodeling of the Court House, and $350,000 is going to supply a Child Protection Agency building for Children and Family Services.

The county's financial adviser recommends bank debt to secure the $35.2 million, and a debt service per year as follows:

Years 1-5, $5,203,111 annually

Years 6-10, $3,003,357 annually

Years 11-20, $194,384 annually

In Transportation projects, the 44th Avenue Projects tips the scale at over $130 million, add another $26 million for additional 45th Street and 53rd Avenue projects and the total Transportation Debt Issuance tops out at over $156 million.

County officials plan to secure a $40 million line of credit for FY2017, then establish a bond and remove the line of credit.

There are almost $37 million in 44th Avenue Projects proposed to be under construction in 2017.

The Transportation Debt Service–calculated at four percent–over a 20 year period, is, $6,796,010 a year; and said to be paid for with Road Impact Fees.

At Tuesday's work session, one of the presentations before the board, was an update to an Impact Fee Study performed by TischlerBise. Administrator Ed Hunzeker requested the study.

The majority of commissioners were thumbs down to any idea of increased impact fees on new construction, and suggested seeking other sources for the needed revenue the proposed impact fees would generate.

The next proposed steps to issuing debt will be November 3, where a proposed resolution will come before the BOCC to allow the County's Financial Advisor to determine sources for funding general government debt and transportation credit line.

Going forward with a transportation bond prior to securing a vote to reinstate Transportation Impact fees sufficient enough to cover all of the cost and debt accrued throughout the $156 million 44th Street extension project might not sit well with Manatee County residents that think growth should pay for itself.