FOR IMMEDIATE RELEASE
Contact: Pete Winton, Lee County Administration
(239) 335-2777
COUNTY COMMISSION APPROVES BABCOCK FUNDS/SETS SANDY LANE EXTENSION ALIGNMENT
Babcock Ranch - Approved a recommendation by the Conservation 20/20 Citizens Committee to set-aside the following for the purchase of the Babcock Ranch:
1. $5 million from unused 2004 Conservation 20/20 funds;
2. $10 million from 2005 Conservation 20/20 funds (of the $23.8 million collected);
3. Transfer that $15 million to reserves;
4. Starting in 2006, set aside up to 0.2 mills of the 0.5 mills charged for Conservation 20/20 (not to exceed 40% of the total program revenues per year), or about $10 million a year, until a proportionate share of the Lee County portion of the ranch's acquisition cost is met.
Background:
On November 4, 2004 at its regular meeting, the Conservation Land Acquisition and Stewardship Advisory Committee voted unanimously to support a recommendation to the Board that proposes an allocation of certain, identified Conservation 2020 funds be placed into a separate, County interest-bearing subfund for the purpose of providing additional funds for the purchase of the Lee County portion of the Babcock Ranch properties. The specific CLASAC recommendation was to allocate $5 million in existing Conservation 2020 funds from Fiscal Year 2003-04; $10 million from Fiscal Year 2004-05; and up to .2 mills, but not more than forty percent (40%) of the total program revenue per year, of the potential .5 mills allocated annually for the Conservation 2020 Program. The term of this transfer is intended to meet only the required funding for the Lee County portion of the Babcock property.
Sandy Lane - Adopted the alignment for Sandy Lane Extension Corridor from Old 41 to Pelican Colony Boulevard, as supported by the Bonita Springs City Council on August 4, 2004, and from Corkscrew Road to connect to Oriole Road; and authorized DOT and County Lands to proceed with voluntary acquisition of right-of-way. The alignment runs through pre-existing right-of-way in the Cascades community. Commissioners asked staff to work with residents of the community on traffic calming designs such as a round-a-bout or flyover. For more detailed information, view http://www.lee-county.com/meetings/agendafiles/2004/11-16-04/Administrative/A9A.pdf.
Bonita Beach Road - Approved closing a median opening along Bonita Beach Road near Sunshine Plaza, for safety reasons, and as an alternative opening the median cut 500 feet to the east.
Causeway Financing - Authorized the borrowing of up to $45 million from the Tax Exempt Commercial Paper Program (temporary financing) for the new Sanibel Causeway Span A and Toll Plaza. On April 27, 2004, the Board of County Commissioners approved the borrowing of up to $40 million from the Tax Exempt Commercial Paper Program for the acceptance of bids for Spans B & C of the Sanibel Causeway. Of that authorization, $20 million has been drawn down on June 10, 2004. The City of Sanibel's lawsuit relative to Span A has not been settled to date and has prevented the county from securing permanent bond financing. Therefore, in order to pursue financing for the balance of the project, the county will need additional borrowing of up to $45 million from the Tax Exempt Commercial Paper Program to provide funding to accept bids for Span A and the
Sanibel Toll Plaza - The borrowing will be for the period through 2009.