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Pasco commissioners approve up to $80M bond sale for parks; debate centers on East‑side project choices
Summary
The Pasco County Commission on June 3 approved two resolutions to competitively issue up to $80 million in non‑ad valorem revenue bonds to finance parks capital projects; discussion focused on whether to buy and develop one large East‑side site (2 Rivers) or pursue multiple smaller community parks and how to manage debt service and impact fees.
Pasco County commissioners on June 3 adopted two resolutions authorizing a competitive sale of up to $80 million in non‑ad valorem revenue bonds to fund parks‑related capital projects, including East‑side park priorities. The board approved both resolutions by roll call.
Keith Wiley, director of Parks, Recreation and Natural Resources, summarized East‑side needs and options. He identified the county’s capital plan priorities in the East impact‑fee zone — VOPH District Park/bike park, Dade City recreation complex/shelter, 2 Rivers District Park, a Connected Cities community park, San Pasco Park expansion and Winfields Community Park — and said the proposed bond would support acquisition, design and construction for those projects. Wiley explained that the county is negotiating an agreement for 2 Rivers that would include an approximately 85‑acre high‑quality park parcel with design and construction funds; the tentative deal would also involve cash, land credits and a cost share on an adjoining road and school board participation.
Amy Farrell, budget director, explained the bond mechanics: a not‑to‑exceed $80 million aggregate principal amount, sold competitively to secure favorable interest rates; debt service would be pledged to legally available non‑ad valorem revenues (primarily East impact fees) under a covenant to budget and appropriate. Important dates cited in staff materials: competitive bond sale target June 16 (fixes borrowing amount), tentative land agreement to come to the board June 17, pre‑closing June 20 and final closing June 26.
Commissioners discussed value and risk. Commissioner Starkey and others cautioned that $200,000 per acre (as represented for the parcel under negotiation) is a high price and asked whether a smaller‑site approach (using existing San Pasco and Winfields acreage) could stretch the dollars. Wiley and others said the 2 Rivers parcel offers high‑dry site conditions and operational efficiencies of a single larger park versus multiple smaller sites, and that some projects could be substituted if negotiations fail.
The board adopted the two resolutions (authorizing the not‑to‑exceed bond amount and approving forms and notices for the competitive sale) by roll call; recorded votes were unanimous in the transcript. Staff said if projects do not proceed as planned, bond proceeds could be used on other eligible park projects in the county capital plan.
Why it matters: The bond would accelerate park acquisition and construction in growing East Pasco but increases the county’s near‑term debt exposure and links debt service to impact‑fee revenues that can be volatile. Commissioners asked staff to pursue cost reductions and to monitor state funding outcomes that might lower the county borrowing need.
Ending: Resolutions R32 and R33 were adopted; the board will consider the tentative 2 Rivers land agreement on June 17 and complete bond sale steps in mid‑ to late‑June if the board confirms direction.
