There should be no argument that the Land for Maine’s Future program and the projects it has funded have benefited the state. Turning a rail corridor in Aroostook County into a snowmobile trail, preserving spectacular stretches of coastline and making them accessible with hiking trails, and protecting large swaths of wildlife habitat have encouraged people to visit different parts of the state. But, there is a limit to how much good this program can do because land conservation is only a small piece of economic development.

The fund has now run out of money, spending the $50 million voters approved in 1998 for the next five years of LMF operations. The fund’s treasury needs to be replenished. But, doubling its funding at a time of other unmet pressing needs is asking a lot. Reiterating a campaign pledge, Gov. John Baldacci has begun advocating for a $100 million bond issue on this fall’s ballot. Some are pushing for a $150 million bond issue. The case has yet to be made for either.

Technically, Maine can afford such large bonds. The state includes in every annual budget the assumption that $150 million worth of general obligation bonds will be sold each year. Assuming the governor’s $100 million figure, the LMF bonds would presumably be divided into five installments of $20 million a year. This would be a small portion of the state’s overall commitment.

The state now operates under the 5 percent rule, meaning that its annual debt service should not exceed 5 percent of highway and general fund revenue. This spring, the debt repayment will be 3.9 percent of these revenues.

This is about more than what is affordable, however. It is about putting money where it will have the most impact. Several years ago, when Maine had little protected land and large parcels began to be sold at record pace, land preservation was a priority. In recent years, more than 2 million acres have been protected by the state and private entities either through purchases or easements.

There remain places to be protected, but with ongoing and successful fund drives by private land conservation groups to raise $100 million and $50 million each, it is clear that money is available from individual donors and foundations to support such endeavors. The state needs money on hand for purchases and easements on key parcels, but has not yet shown it needs such a significant amount.

Two University of Maine researchers several years ago studied the economic impact of conservation lands in the northern forest, which stretches across the top of the country from Minnesota to Maine and is heavily dependent on logging. Whatever the environmental benefits, the study found that setting aside land for conservation purposes had little impact on local economies. A few more people might move to a region because such land means opportunities to hike and hunt, but preserving land does not lead to more jobs, the study concluded. “We don’t find evidence that it is an economic development tool for failing economies,” said Andrew Plantinga, now a former UMaine resource economics professor.

Gov. Baldacci is wisely attacking Maine’s economic malaise on many fronts. Preserving land is part of the plan. But it must be held against what is given up when money is spent on it and not somewhere else. Increasing funding for research and development by the level of the annual land debt payment, for example, would do more for the state’s economic future than buying more land.

The case for $100 million more for land has yet to be made.