Smart and timely investments can improve our state’s infrastructure, prepare our workforce and put Mainers back into good jobs. Maine voters will have a chance to weigh in on several bond proposals next month and spark our state’s economic engine to life.
Five of the seven referendum questions on the Nov. 4 ballot are the result of the Legislature’s Joint Select Committee on Maine’s Workforce and Economic Future. This bipartisan group met with business leaders, key figures in higher education and economic experts over many months to design investment bonds to jumpstart Maine’s economy.
The workforce committee developed proposals that build on Maine’s strengths and invest in business sectors that are growing. Those proposals touch on education opportunities, the jobs that require training and the state investments necessary to bring it all to fruition.
The $10 million bond for biometric analysis, proposed in Question 4, works to ensure that Maine continues to lead as a worldwide resource for medical research. Another $3 million investment proposed in Question 5 would increase biotechnology workforce training and create a drug discovery and development facility.
Important cancer research takes place right here in our state and advances lifesaving measures for people here and all over the world. Our scientists are working to pinpoint the genetic root of cancer and other diseases and need to stay on the forefront of discovery.
To do that, they need infrastructure and support. If Questions 4 and 5 are approved, both of these bonds will be matched with private and public funds, turning a $13 million initial investment into a $29.7 million total investment.
Further developing our training and research capabilities keeps our young people here and attracts people to our state to compete for these pioneering careers. These jobs pay well, and there is a bright future in these fields. This is the kind of job growth Maine needs to get back on track.
Question 7 proposes a $7 million investment that would create jobs in the marine economy and increase the sector’s capacity through investment in our seafood processing capability. With millions of pounds of Maine lobster leaving our state to be processed elsewhere, we’d be smart to build the infrastructure to do it here.
The University of Maine Cooperative Extension would use an $8 million bond, proposed in Question 2, for a lab to assist farmers and foresters. The lab would monitor and test insects and pests that infect plants and animals with diseases. If Question 2 is approved, the lab would also conduct new research aimed at early Lyme disease detection.
Questions 2 and 7 capitalize on our natural-resource based industries, which is what Maine is known for. The bond investments would help our heritage industries compete on the current global stage.
Question 3 is a small business bond that would have almost immediate impact if approved. The bond requests a total of $12 million to recapitalize two loan funds that help small businesses that are on the cusp of growing and of creating jobs.
Question 6 is the proposal to invest in our clean drinking water, prepare for severe storms and conserve habitat for recreational fisheries and wildlife. The $10 million bond was supported by the Maine State Chamber of Commerce, the Sportsman’s Alliance, the Nature Conservancy and a number of other groups.
The total $50 million investment plan earned overwhelming support in the Legislature in large part because of the money it will leverage from other sources. If approved by voters, our investment will be matched as much as 16 to one. Taken together, these funds will put Mainers to work and target areas with the potential for real growth.
Now is the time to make these investments. We are currently retiring previous bond debt, and interest rates are still low. This will be good for all of Maine and great for our economy.
These bonds are measured and targeted, and it is my hope that you will support them in November.
Rep. Archie Verow, D-Brewer, is serving his first term in the Maine Legislature. He serves on the Transportation Committee.