Cape Coral residents demand answers on $65M bond for city projects

CAPE CORAL, Fla. (WINK)—Cape Coral taxpayers and some council members are questioning where the money is going after a $65 million bond was proposed to fund major city projects.

The bond was on the agenda at a council meeting but did not move forward. Council members said they want more accurate numbers on where their money stands before making any decisions.

The projects in question include Jaycee Park, Coral Oaks Golf Course, the Yacht Club seawall and more. The city says some of these projects are already complete.

"Should we completely burden today's ratepayers or taxpayers with financing something, or should we spread that out over time," said Michael Ilczyzyn, Cape Coral city manager.

The city says the $65 million bond is being issued to repay the short-term financing that was used to pay for those projects. They showed each project listed in need of this money with millions of dollars listed to the side, but some council members say it did not add up.

"I would like to hear… we have $50 million of cash hanging out there somewhere. Who can address that?" said Rachel Kaduk, District 7 council member.

"When we debt fund something, people that come in the future pay to help pay for the things that we need to put in place right now that will be there for decades," said Bill Steinke, District 1 council member.

The city is replacing short-term project financing with a long-term loan. Taxpayers who would help pay these loans aren't buying it.

"The yacht club, we don't even have a plan of whats going to happen. I think you're just overspent, so whether you can take the money, like mr. Sharer said, out of the general fund or not, maybe you should get a clear plan before you approve signing," one taxpayer said.

"Why aren't we using the cash we have at hand to pay for these things to pay them off? Why are we getting more debt," another taxpayer said.

Because the council wants updated numbers on project costs, they will have deeper discussions next week. A vote is expected on June 3.