When my wife and I bought our first home, the sum of money we were borrowing looked like a scary figure. But buying a home was an investment, and something we needed as we started to have a family. We’ve raised three sons since then, and have now been married over 28 years. The investment was well worth the cost, and we’ve been blessed to be happy and healthy in our home. We can apply the same reasoning to making smart investments in our communities.
This week, I’m back in Augusta considering what we can do to ensure long-term economic growth while allowing our state to remain “Vacationland.” We’re looking at sending a bond package to voters this fall that will create new jobs, repair our infrastructure, and preserve public access to land.
Since buying our first home, Diane and I have always tried to plan big purchases so that we could minimize the amount of money we needed to borrow. But the state has one big advantage over the average consumer-federal matching funds. In some cases, the amount of money our state spends on projects is matched at a rate of five to one.
Remembering my younger days as a first-time home buyer, I would have gladly taken matching funds if they had been offered, and I’m sure that any other person would, too. That money adds up, and makes these necessary projects a reality. We notice a pothole here and there, and believe me, those are on the list to be fixed, but there are additional concerns with our infrastructure that desperately need to be addressed.
Take our bridges, for example. Many of our modern bridges were built in the 1940s as a part of President Roosevelt’s New Deal. It’s now time for more than 45 percent of those bridges here in Maine to receive major reconstruction.
If the transportation part of the bond package is passed, our state will contribute 34 million for transportation-related projects and the federal government will give Maine over $130 million in matching funds. The rest of the bond package is more of the same, with significant matches in areas like revamping our wastewater treatment facilities, water pollution control, and drinking water infrastructure. As I write this, legislative leaders are still deliberating over the final total of the package. It is difficult to balance the amount of borrowing with the amount of matching funds, as well as the potential job creation and overall return on the investment.
We’ve had excellent results in the past with job creation, as well as research and development. This package focuses on marine research as well as biomedical research at colleges and universities around the state. I believe research bonds show returns well beyond just the development of new industries.
Our oldest son, Noah, is a chemical engineering student at the University of Maine, and the engineering department has done significant research through bonds and private research grants in the past. Because of the ability to do successful research, University of Maine’s engineering department is one of the top-ranked programs in the country, and Noah receives the best possible education in this field.
All of these investments will pay off, but none more so than contributing additional monies to the Land for Maine’s Future fund. It is very difficult, as we look around at our area, to ever imagine not having access to our lakes, forests, and hiking trails. But that threat is real, and the LMF fund is working to preserve those lands for future generations to enjoy. Without continuous funding, LMF will be unable to meet its goals.
As always, I’m interested in hearing what you think about the bond package and other state matters. Feel free to call me at home at 892-6591, or e-mail me at RepMarkBryant@yahoo.com.
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