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Hillsborough Voters To Rule On $200 Million Conservation Bond

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By MIKE SALINERO

The Tampa Tribune

Published: June 18, 2008

TAMPA - Brian Blair did his best Tuesday to convince fellow county commissioners that Hillsborough's conservation land-buying program doesn't need $200 million to continue.

Blair argued that a Nov. 4 referendum on continuing the Environmental Lands Acquisition and Protection Program should authorize borrowing a maximum of $100 million. Supporters of the program, including the ELAPP general committee, are recommending up to $200 million in bond issues.

Blair said the county, struggling with property tax reductions passed by voters in November, cannot afford maintenance of the 44,700 acres the county has purchased since the program was approved by voters in 1988.

"I can't put that additional burden on the operating budget," Blair said.

Voters agreed in the original referendum to tax themselves up to 0.25 mill, or 25 cents per $1,000 in assessed value. Mike Merrill, county director of debt management, told Blair that if the $200 million in bonds were sold immediately, the assessed millage still would be only 0.20 mill, well under the cap.

Merrill also pointed out that money borrowed today is paid back years later in dollars that are worth considerably less.

"It's probably not the best way to look at it," Merrill said, "but $200 million of interest paid over 30 years is not necessarily a bad thing."

Jan Smith, chair of the ELAPP General Committee, said a recent poll showed that county residents would support $200 million in debt to buy land to save from development. The respondents balked at $300 million.

Blair finally gave up and voted along with the rest of the commission to schedule a July 16 public hearing on the ordinance authorizing the Nov. 4 referendum. That ordinance includes language allowing up to a $200 million bond issue for the program.

"Everybody knows what the deal is now," Blair said.

Reporter Mike Salinero can be reached at (813) 259-8303 or msalinero@tampatrib.com.

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