Supporters of a $100 million state borrowing proposal told lawmakers Monday that a little help from the state can reap big rewards from federal and private funding sources.
One example?
The Bigelow Lab for Ocean Sciences in Boothbay used a $25,000 grant to leverage $26 million for development of a seaweed additive to cattle feed, Valerie Young, Bigelow’s chief of staff, said.
The feed could be a major help in the global battle against climate change.
“Suppression of methane emissions — burps — from livestock has the potential to drastically reduce the global production of this greenhouse gas, which has over 25 times the warming potential of carbon dioxide if released into the atmosphere,” she told the Appropriations and Financial Affairs Committee.
Those types of innovations, as well as others in life sciences, biomedical technology, renewable energy, forestry, marine technology and precision manufacturing would be supported by funds raised by a bond issue proposed by Sen. Teresa Pierce (D-Falmouth).
Voters, who must approve state bond issues, last approved a research and development bond in 2017. That $45 million investment led to 5,350 jobs and $1.4 billion in economic impact, Pierce said.
“Our state is at an inflection point,” she said. “If Maine is to remain competitive in a rapidly growing economy the time to invest in and on our expanded industries is now.”
Pierce’s bill, LD 416, is one of about 20 bills the budget committee will consider this week that propose state borrowing initiatives. Others include:
- LD 1480, a request for $4 million for the Gulf of Maine Institute to protect the Union Wharf in Portland as a working wharf;
- LD 850, $17 million to upgrade and replace broadcast infrastructure of Maine Public;
- LD 1074, $100 million to build new affordable housing;
- LD 1457, $3 million to build a jail in Caribou;
- LD 912, $25 million for restoration of historic community buildings.
Maine voters often support state borrowing requests and have approved 24 bond questions dating back to 2013.
The last one to fail was in 2012, when voters rejected an $11.3 million request for capital improvements at the University of Maine System, Maine Community College System and Maine Maritime Academy.
Following this week’s public hearings, and other potential requests that come forward, the Appropriations Committee will decide which bonds will go to the full Legislature. The bond bills need bipartisan support because a two-thirds vote of the House and Senate is required before a measure can be put before voters.
Pierce’s bill to support research and development already has some bipartisan support with Rep. Sawin Millett (R-Waterford) and Sen. Trey Stewart (R-Presque Isle) signing on as co-sponsors.
And Sen. Rick Bennett (R-Oxford) provided written testimony indicating that investing in research and development “will help secure Maine’s future economic success.”
“Investing in R&D has been Maine’s most successful economic development tool in the last 24 years,” he wrote. “It has been well documented in academic studies that scientific discoveries, new technologies, and inventive applications of cutting-edge knowledge are essential for success in the competitive global economy.”