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For Immediate Release: June 13, 2009
Package includes $71M for transportation, $18M for green energy, $15.5 for higher education, $25M for economic stimulus and $20M for environmental cleanup and conservation
AUGUSTA– The Legislature has approved a $150 million bond package that will invest in Maine’s economy and put Maine people to work. All told, the package would help to support thousands of jobs and provide an estimated $368 million in economic activity in the state over the coming two years when private and federal matching funds are factored in. The House enacted the package by a 127 to 13 vote. It was enacted by a vote of 32 to 0 in the Senate.
The proposal, which was approved by the Legislature on Saturday and will be sent to referendum, would invest in Maine’s transportation infrastructure, put Maine at the leading edge of the green energy revolution, provides needed capital to help Maine businesses innovate and help Maine communities make needed environmental upgrades. This $150 million package is based upon the framework of the bond plan that Governor Baldacci put forward in March.
“This package is timely, targeted and affordable,” said Speaker of the House Hannah Pingree. “We need to ensure that our transportation infrastructure is modern and safe and we need to ensure that we are on the leading edge of renewable energy development. This package focuses on job creation and business investment.”
The proposal would go to voters for their approval in three phases; November, 2009, June 2010 and in November 2010. Specifically, it would place a $71.25 million transportation infrastructure bond on this November’s ballot. While stimulus funds are carrying much of the construction industry this summer and fall, the bond would allow firms to move forward with planning projects next winter and then execute them in the summer of 2010. The $71.25 million in state funds would leverage an additional $133.23 million in matching funds.
“These bonds will put thousands of people to work building and improving Maine’s infrastructure. Whether it is an investment in our transportation network or weatherization, this package is a vital component of the long term strategy to grow Maine’s economy,” said President Elizabeth Mitchell. The recession made investing through bonds more important than ever. In this package we directed our resources to areas that will address Maine’s greatest challenges; high unemployment, crumbling transportation infrastructure and an over reliance on foreign oil.”
The second phase of the package would go to Maine voters for their approval on the June 2010 ballot. This would include a $25 million economic development bond, an $18 million green energy bond, a $10.25 million clean drinking water, wastewater and environmental cleanup bond and a $15.5 million higher education bond.
The $25 million economic development bond includes:
· $5 million for the Small Enterprise Growth Fund
· $3 million for the Economic Recovery Loan Fund
· $1 million for grants to support agricultural processing
· $5 million for the Communities for Maine’s Future
· $3 million Competitive R&D through MTI
· $8 million for Brunswick Naval Airstation Redevelopment
The Energy Bond would include $6 million for Ocean/Wind Energy and $12 million for weatherization and energy efficiency efforts.
The $15.5 million for higher education is broken down by $1 million for Maine Maritime Academy, $5 million for the Maine Community College System and $9.5 million the University of Maine System.
The third round of voting would be for a $10 million conservation bond that would include $7.5 million for Land for Maine’s Future [which includes $1 million for Working Farmland], $2 million for working waterfront and $500K for state park improvements.
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