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THE TRUST FOR PUBLIC LAND Memorandum TO: Interested Parties FROM: Wendy Muzzy, Director, Feasibility Research and Will Abberger, Vice President, Director, Conservation Finance DATE: May 14, 2020 RE: Indian River County conservation finance estimates Introduction In November 1992, Indian River County voters approved a $26 million bond backed by a'/ -mill property tax increase by 53 percent. In November 2004, Indian River County voters approved a renewal of the county's successful land conservation program, approving a $50 million bond backed by a'/ -mill property tax increase with 67 percent voting yes. The Trust for Public Land provided technical assistance to Indian River County to design the ballot measure and worked with local, private citizens to organize and run a successful ballot measure campaign. Indian River County is now interested in exploring the possibility of again renewing county funding for land conservation. In February 2020, Indian River County requested The Trust for Public Land's technical assistance to evaluate potential funding options to continue and sustain the county's land conservation program. Background' The primary purpose and objective of the existing Indian River County Conservation Lands Program is to protect, restore and sustain endangered ecosystems and associated rare and endangered species in Indian River County. Secondary objectives of the program include passive public recreation, preservation of open space, groundwater quality protection, flood protection, protection of historic and cultural resources, and general preservation of "quality of life." The Conservation Lands Program is managed by the Conservation Lands Manager through the Parks and Conservation Resources Division and supervised by the Parks Superintendent. The Conservation Lands Manager and Parks Superintendent also work closely with the Community Development Department. The Parks and Conservation Resources Division enhances and maintains parks, conservation lands, buildings and equipment in order to provide quality recreation, leisure and conservation area. Indian River County's outstanding debt at the end of FY 2018/2019 stands at $14,597,000. Enterprise Funds support 21.7% of the overall debt (Utilities Department), leaving about $11,423,000 or 78.3% in bonds paid from General Govemmental funds. The only general obligation (G.O.) bond outstanding is a voter approved G.O. issue for conservation land acquisition. It should be noted that in the State of Florida, G.O. bonds may only be issued after a voter referendum to approve them is passed. 1 Largely excerpted from the Indian River County website at https://www.ircgov.com/Departments/General Services/Parks/Index.htm and Indian River County Annual Budget for FY 2019-2020. 4