Manatee County has secured $232 million in funding on the bond market to speed up several high-profile capital improvement and infrastructure projects.
A total of 19 developments identified in the current Capital Improvement Project (CIP) will end up on a faster track to completion, thanks to the bonds, which will be paid back at a 4.09% interest rate over the next 30 years.
“This allows the County to move these important projects to completion faster,” said Manatee County Administrator Scott Hopes. "Doing this now makes financial sense.”
From the expansion of the Bradenton Area Convention Center, to adding world class facilities (like an Olympic-sized competition pool) to the Premier Sports Complex, renovations at Buffalo Creek Park and a new Parrish Community Park, these funds will bring residents some long-anticipated amenities.
Major infrastructure and transportation initiatives—like the expansion and widening of Moccasin Wallow Road, Upper Manatee River Road and 44th Avenue East—will be on a faster track to completion due to the funding.
“These are forever assets,” said Manatee County Commission Chair Kevin Van Ostenbridge, who officially signed the loan documents September 12. “We are spending this money on important infrastructure for future generations to enjoy.”
“For too long, citizens of Manatee County have been forced to deal with severely inadequate infrastructure, lagging years behind our growth,” said District Seven Commissioner George Kruse. “Past financial practices and a lack of direction have resulted in overly cautious planning at the expense of our residents' comfort. The current Board recognizes the economic and time benefits of municipal bonding, which will finally begin improving our County and its citizens’ quality of life.”
“We have been working on this for a while,” said District Five Commissioner Vanessa Baugh. “With the funding completed, we’re moving forward . . . with two millage reductions to boot.”
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