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Bonita Springs council approves line of credit to keep rail-trail purchase on track
Summary
After hours of public testimony in favor, the City of Bonita Springs voted 6–1 to authorize staff to obtain a line of credit—up to $15 million—to preserve the Bonita Estero Rail Trail acquisition while grant decisions are pending.
The Bonita Springs City Council voted 6–1 on April 16 to authorize staff to secure an interim line of credit to support the city's potential purchase of the Bonita Estero Rail Trail corridor.
The approval gives city leaders the ability to draw interim financing while the project's sponsors and partners pursue state and federal grants and private donations. The action does not obligate the city to immediately draw funds.
Advocates filled the council chamber during public comment and repeatedly urged the council to act so the project would remain eligible for three upcoming grant rounds. "The commitment that you make today will increase the likelihood for success with grants from private, state, and federal levels," said Deb Orton of Friends of the Bonita Estero Rail Trail. Multiple business owners and longtime residents spoke about safety, health and tourism benefits.
Finance staff and the city's financial adviser presented options for interim and long-term financing. Julie Santamaria of PFM Financial Advisors told councilors the city is "in a very strong…
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