FOR IMMEDIATE RELEASE

Contact: Pete Winton, Lee County Administration
              (239) 335-2777

COMMISSION APPROVES BOND REFINANCING/SCHOOL DISTRICT AGREEMENT

FORT MYERS, Fla. (October 5, 2004) - The Board of Lee County Commissioners today approved the following items during its weekly meeting:

Bonds - Authorized the refinancing of $28.1 million of bonds originally issued in 1995 to help pay for the overpasses at Colonial and Del Prado boulevards as part of the Midpoint Memorial Bridge project. Present market conditions indicate a possible overall savings of $2.3 million if the bonds are refinanced at lower interest rates. Authorized the Board's Chairman or Vice Chairman to sign a resolution for the authorization when market conditions are right to go market.

New School Reviews - Approved an updated interlocal agreement with the School District outlining county expedited procedures for reviewing District site plans and development orders. The School District is building eight new schools in the next year and plans 36 in the next eight years due to increasing enrollments and projections. The county's Department of Community Development will charge the district for development order reviews ($4,200 per application) because it is a fee-supported service. However, the county has agreed to expedite its reviews of School District projects (21 days instead of 42 days) and allow early work permits after the initial review of the application. This is all intended to help speed the construction process for the new schools.