Sarasota County Commissioner Jon Thaxton helps a worker install a Penny Wise “fast-track” sign for a Swift Road resurfacing project.

Sarasota County to fast-track penny surtax projects after voters approve bonds for economic stimulus

On May 6, county voters approved plans by the county to borrow up to $300 million to fast-track dozens of projects over the next 72 months to create more than 2,000 jobs and stimulate the local economy. The road resurfacing of Swift between Bee Ridge and Clark roads is one of the projects to be fast-tracked.

Fast-Track Facts

• About $190 million in projects can be fast-tracked. About $100 million can begin within 12 months, and the balance can begin as soon as design work is completed.
• No new taxes are involved for the projects. The projects are already funded by the penny sales tax, which was approved by voters in November 2007.
• The fast-track period covers 72 months. The bond authorization lasts until the county reaches $300 million of eligible debt or the end of the surtax.
• Projects are being fast-tracked if they can be started or completed in 72 months.
• Bonding and constructing these projects now can save money because construction costs are low. Bonding allows the county to begin construction now instead of waiting for the revenue to begin accumulating in September 2009 and doing projects on a piecemeal, pay-as-you go basis.