On Tuesday's parks bond vote, five numbers ... Tell the Story

From the Marietta Daily Journal on Sunday, November 5, 2006 by MDJ guest columnist Chuck Kaste.

On Tuesday, the last item on Cobb County's ballot will request approval for the county to issue bonds for the purpose of buying parkland. This ballot initiative presents a unique opportunity. We can have county funds earmarked toward something that will have a material and tangible benefit on the quality of life and property values for all Cobb residents. And the news gets even better; no new taxes will be needed to fund this initiative.

Somewhat surprisingly, there's debate about it. But this debate is not about the idea of parks. I have not run into anyone who thinks having more parks in Cobb County would be a bad thing. No one questions the financial, environment and community-building virtues of having more parkland for all of us to enjoy. Instead, this debate is about how we should pay for them.

Some say we should wait until funds can be pulled out of the operating budget or until the county has identified each parcel of land it wants to acquire. I disagree, and I have five numbers that tell me this bond initiative is exactly the right way to go:


* FORTY - as in $40 million is the amount that this initiative sets to be spent on parkland acquisition over the next two years. By law, these funds can only be used to acquire property and the land acquired must be parkland forever. No sidewalks. No right of way. No easements. Only parkland and always parkland.

* TEN - as in 10 years, will not appear on the ballot, but it's an important part of this acquisition plan. It's the term of the bonds that will fund this parkland acquisition. The county government wants to make sure it is being fiscally responsible and will pay these bonds off in just 10 years.

If 10 years seems like a long time, consider that most private sector loans for land acquisition are for 20 to 30 years, not just 10. These parks will not be a liability on future generations. No, they will be purely an asset.

* FOUR AND A QUARTER - as in 4¼ percent, is the interest rate at which Cobb County currently borrows. This rate is important because it is very close to the recent growth rate of real estate prices in the county. Since these rates are so close, this proposed bond initiative will not cost the county any more than if we waited to acquire the parkland over the next 10 years.

At the same time, waiting to buy is fraught with risk. First, if we do wait, the property is not likely to be appropriate or even available for purchase because it will have already been turned into a shopping center or subdivision. Second, many experts are predicting that the metro area's real estate market is going to exceed historic growth rates because of the continued influx of people and corporations into the area. If that happens, waiting to buy the land (if it is still available and undeveloped) will actually cost more than issuing a bond, buying it now and paying interest.

Bottom line, the so-called "pay as you go" approach is not likely to provide any cost benefit, may actually put us at a cost disadvantage, and may prevent us from being able to purchase the land in the first place. As such, buying the land now with the proceeds of a bond issue is the best approach to avoid these risks.

* THREE - as in the three members from each commission district that commissioners will appoint to the advisory committee for the bond. This committee will be composed purely of private citizens. No government officials or staff will serve on it. This committee will oversee the dispersal of funds and the acquisition of properties that they, as a group, select. Your district's three committee members will represent you as properties are nominated, discussed and prioritized. The balance of this committee will ensure that all properties brought into the process receive fair consideration, regardless of where they are in the county.

* ONE - as in how not voting for this initiative is the one way to guarantee that the county will not have the funds to acquire this much parkland over the next two years at today's prices.

We have one opportunity to make sure these funds are earmarked for parkland - and we can do it without raising taxes. The land is out there now at today's prices. But if we wait, it will either be gone or it will cost much more than it does today. Now is the time to act.

What can you do to help?

The first thing is easy. Spread the word. Let your friends, neighbors and family know about the importance of this item on the ballot. Tell them that you will be voting "Yes" and ask them to vote "Yes" too.

The second thing is even easier. On Tuesday, vote "Yes" for the initiative.

With this bond initiative, we have a unique opportunity to leave our county a legacy - a legacy of parks and greenspace. These will be parks that my two boys and your kids can enjoy in their childhood. When they grow up and the parks are paid for, our grandchildren will enjoy them as will our great grandchildren. If we all support this initiative, it can be our gift to them and all future generations - and we can do this without raising taxes.

I hope you will join me.

Chuck Kaste is a management consultant who has made east Cobb his home for the last 15 years. A lifelong Atlantan, he is active in local several parkland and greenspace "Friends" groups and serves as president of his homeowners association.