Maine Governor Unveils Bond Package

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Maine Governor Unveils Bond Package

February 9, 2005 -- AUGUSTA – Governor Baldacci today unveiled the details of his $197 million bond package. The package for review by the Legislature includes critical investments for jobs, transportation infrastructure, clean water and the environment, education, and Land for Maine’s Future.The text of the Governor’s remarks and follow. Additional information on the Governor’s economic development strategy, budget and bonds packages can be found online at http://www.maine.gov/governor/baldacci

"This bond package will create good paying jobs with benefits and grow Maine’s economy. It is fiscally sound – it is equal to the amount of principal being retired by the end of the biennium. It is well within the state’s 5% debt to revenue goal.

This investment proposal leverages more than $250M in federal and private matching funds, for a total infusion of nearly one-half billion dollars into Maine’s economy. A half billion dollars in construction, real estate, finance, research, and engineering will create or sustain more than 2000 jobs in 2006 alone, with more jobs to come in the future.

In the last two years we have created 5000 net new jobs, saved paper industry jobs, created Pine Tree Economic Opportunity Zones, provided tax relief, controlled government spending, focused on business costs, focused on education to train a future work force, and created Dirigo Health to help small businesses and workers.

It is time to invest in Maine’s future. Our state debt per capita is 30% below the national average. Our economy is sound. It is time to work together, time to pull together. I met last week with bipartisan leadership to outline my approach on jobs and investments. I invite them to meet again next week so that we can stay focused and working together.

Today we turn to the future – to make investments in strategic sectors, investments in research & development, investments in education, and investments in Maine’s communities. Today we have the opportunity to bring more good paying jobs with benefits to every region of the state. My jobs bond proposal has three major focal points –

First – investments in Maine’s traditional industries.

Our natural resource-based industries – including farming, fishing, and forestry – are our backbone. We will support irrigation and agricultural marketing. We will support fishing by retaining our working waterfronts and our small harbors. We must invest in environmental infrastructure and clean water so that we can open clam flats for jobs in Machias and elsewhere. We must support forestry by investments in freight rail and removing road postings on our rural highways.

We must also move our natural-resource based industries into the twenty-first Century through research and development. We will become world leaders in aquaculture and bio fuels from our fields and forests – creating new jobs through innovation and technology. The University of Maine’s acquaculture facility in Hancock County is just one example of how world-class marine research will allow Maine to capitalize on its ocean-based economy and traditional maritime heritage. We have a unique asset – it’s called the Gulf of Maine. This bond provides funding for more than 22 marine research institutions working together to pull jobs from this phenomenal resource.

Second – investments in Biomedical research & development.

Maine’s past R&D investments are paying off. The State’s investments in R&D infrastructure and programs have increased 30-fold over the last 10 years. Maine has surpassed the national average for R&D activity and federal funding in not-for-profit institutions for several years – led primarily by Maine’s biomedical research laboratories. We are creating spin-off companies from our academic institutions. We have increased the amount of R&D invested to a new Maine record. But more investment is needed. While Maine is gaining in all key indicators, we still lag the nation.

In my State of the State address, I proposed a research triangle connecting the University System, Maine’s hospitals, and private research institutes including the Jackson Laboratory. Today’s investment package continues my commitment to realizing Maine’s full biotechnology potential statewide. Companies in Maine that receive benefits from Maine’s R&D investments pay 12% more than average Maine companies and have 23% faster increases in employment. Biotechnology jobs pay more than $60,000 per year.

Third – investments to realize the potential of our creative economy and to retain youth in our state.

The economy of the future is knowledge-based and mobile. I propose aggressive funding to continue the success of the New Century Community Program, investing in museums, libraries, and theaters across the state. I propose money for housing investments including workforce and downtown housing – keeping Maine cities affordable for our young people. In cities like Lewiston-Auburn, Dover Foxcroft, Farmington, and Bangor we are building a new economy – investing in creativity and quality of life and social capital -- and attracting young business people and new jobs. I proposed sustained funding for Community Colleges and the University System. I propose funding for tribal housing as well – recognizing the economic strength of Maine tribes’ honored and revered cultural traditions – and knowing that our diversity is our strength as a State.

Finally, we will invest $50 Million dollars in the Land for Maine’s Future program. Our economic growth is determined by our quality of life. Our tradition of public access to Maine’s land is a fundamental part of Maine’s quality of life and Maine’s competitive advantage as a state.

Our future is bright and we have made significant progress. This bond package will continue strategic, targeted investments that will keep Maine on the path to becoming a national leader in providing opportunities for all of its citizens. "