Does Manatee County need more money to protect land from development? Officials say no

Manatee County leaders opted not to move forward with a proposal that would have allowed voters to weigh in on expanding the county’s land conservation fund by up to $200 million.

Commissioner George Kruse proposed raising the program’s $50 million bond limit in May. He argued that it would allow the county to conserve more land with no extra cost to taxpayers and pointed to a similar move by Sarasota County in 2005.

During a Land Use Meeting on Thursday, county staff presented options to increase the program’s bonding capacity to either $90 million, $125 million or $250 million.

If the board approved one of the options, it would have gone to voters for a final yes or no. The change would not have increased the tax that funds the program, which costs the average homeowner about $45 per year.

But after presenting the options, county staff recommended against increasing the bond capacity, arguing that the program has enough funds and an increase could carry financial risk.

Commissioners opted to take no action and maintain what voters approved in 2020, leaving intact the $50 million bond capacity.

Could Manatee County miss conservation opportunities?

Speaking in favor of expanding the bond capacity, Kruse said the county may miss some big conservation opportunities because they don’t have the purchasing power.

“It’s a little disheartening. Sarasota (County) somehow found a way to $250 million of bonding capacity. If we don’t do some level bonding capacity increase for a hypothetical opportunity that presents itself, whether it’s Rattlesnake Key ... or something we haven’t even seen yet ... We cannot bond over that $50 million,” Kruse said.

Referendums must appear on a general election ballot, so the next chance to consider expanding the program’s bond limit will be in 2026.

“If we don’t do it now, we have a two-year wait,” Kruse said. “Something’s going to come along. And we’re going to say ‘Sorry, we’re out of capacity until 2026 because we didn’t allow ourselves any buffer whatsoever.’”

But Kruse did not find support from fellow commissioners or county staff.

Chief Financial Officer Sheila McLean said raising the capacity to $250 million or $125 million could lower the county’s bond rating, making it a potentially risky move. Bonds with higher ratings typically carry lower interest rates.

“Would we have at a long term the capacity to bring it to $250 (million)? Potentially. But the assessed values that we are currently earning are not supporting doing that at this stage,” McLean said.

McLean said a bump to $90 million would be the least risky increase, but she recommended leaving the bond limit at $50 million.

New land conservation opportunities on the way

Speaking on behalf of the Environmental Lands Program, Deputy County Administrator Bryan Parnell said the group does not think an expansion of the funds is necessary at this time.

“We have looked at this, done the research and we are confident that the program is currently resourced sufficiently at least through the next couple years to be able to accomplish what we’re trying to accomplish right now,” Parnell said.

Though over $30 million of the $50 million limit has been bonded, Parnell said the group is counting on reimbursements and grants from the state and others that will free up many of those millions again.

Parnell said the Environmental Lands Program is working towards 12 land acquisitions totaling around $45 million.

Earlier this year, the program’s first purchases were approved for the conservation of Crooked River Ranch in Parrish and an expansion of Emerson Point Preserve in Palmetto.