Marco Island residents in the Aug. 18 election considered a bond referendum proposal that would pay for road and bridge repairs that were put off for years to keep property taxes low.
The $23 million bond is a 20-year obligation for the city that is a tourism mecca and considered to have one of the top 10 beaches in Florida as ranked by U.S. News.
Marco Island needs more money than the $23 million for the bridges that need to be replaced, road paving and mixed-use paths.
Even so, city councilors said they didn’t think voters would go for $34 million, the other option they considered.
What would Marco Island get with the bond money?
What’s the need and what would $23 million pay for versus $34 million?
These are among the many needs for Marco Island after eight years of property tax rollbacks by previous councils.
In September 2025, the council ― with its then chairman and now deceased councilor Erik Brechnitz absent ― voted 4-2 to implement a slight tax rate increase for Fiscal Year 2026 and let voters decide on capital improvement spending. This year’s property tax, or millage, rate is 1.267 mill, up from 1.2400 this year. Councilors in July had considered a 34% increase to1.6680 mill.
In January, the council narrowed the focus of a bond referendum to transportation needs, leaving out water issues and parks and recreation improvements.
According to a city analysis, $34 million bond over 10 years would have paid for the following:
The $23 million will support the following projects over 10 years:
How do general obligation bonds work?
General obligation bonds are debt instruments often used for financing long-term capital projects such as infrastructure, parks and public safety facilities.
The bonds are backed by what’s called the “full faith and credit” ― specifically the ad valorem (property) taxing power ― of the issuing local government, in this case Marco Island.
Basically, what that means it that repayment of those bonds is secured through mandatory, voter-approved property taxes. In Florida, these bonds require referendum approval. They offer high security to investors, generally leading to lower interest rates.
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J. Kyle Foster is a senior growth & development reporter for The News-Press & Naples Daily News. Reach her by emailing jfoster1@usatodayco.com.
This article originally appeared on Naples Daily News: Marco Island residents consider $23 million bond referendum
Reporting by J. Kyle Foster, Fort Myers News-Press & Naples Daily News / Naples Daily News
USA TODAY Network via Reuters Connect
By J. Kyle Foster, Fort Myers News-Press & Naples Daily News | USA TODAY Network
