In November 2017, City of Miami (the “City”) citizens approved the Miami Forever Bond (the “Bond”), which will invest $400 million to fund a series of infrastructure, public safety, and affordable housing projects. The Bond is resolved to alleviate existing and future risks to the City stemming from sea-level rise and flooding while also addressing needs for roadways, parks, public safety, and housing. The City anticipates creating jobs and lowering costs associated with sea-level rise and increasingly frequent storm events.
The Bond will be funded through a General Obligation Bond that will be repaid through the 3% rate currently assessed on City residents’ tax bill. Because the City has paid off prior bonds, the City was able to issue a new bond program without increasing taxes.
Funds will be allocated for each category of projects as follows:
- Roadway Improvements ($23M): Reduce streets in disrepair, poor maintenance and with potential liability claims. Minimize traffic congestion, enabling adaptive traffic flow and multi-modal capacity.
- Parks and Cultural Facilities ($78M): Replace and renovate park elements and facilities in poor condition. Improve safety and accessibility of parks and cultural facilities, investing prudently to reduce future maintenance costs.
- Public Safety ($7M):Minimize fire and rescue response, as well as recovery time. Improve response ability, facility resilience and community outreach.
- Sea-Level Rise Mitigation and Flood Prevention ($192M): Minimize flooding frequency, severity, duration and impact. Protect critical infrastructure and high-use areas, reducing financial and economic vulnerability.
- Affordable Housing ($100M): Improve availability of affordable housing units across diverse income levels, leveraging alternative funding sources and partnerships.
Projects will be implemented through phases, then completed through subsequent phases to deliver long-term solutions to the City’s needs. Because each project has a separate objective, benefit, and cost criteria, the Bond Task Force evaluates each undertaking and prioritizes based on funding availability, project coordination/consolidation, and public interest.
Phase I’s projects, scheduled for early 2019, have received approximately $58 million in funding from the Bond and include:
- $10.3 million to fight sea level rise, including a redesign of Brickell Bay Drive and the installation of 50 new one-way valves;
- $15 million for new affordable housing projects and a single-family home rehabilitation program;
- $420,000 for upgrades to Fire Station No. 10 located at 4101 NW 7th Street, Miami, FL 33126;
- $7.6 million to improve nearly 4 miles of roadways;
- $25.3 million to enhance our public parks, including upgrading playgrounds, repairing sidewalks, and enhancing accessibility.
The projects pertaining to Phase I are in the early phases of solicitation, implementation or award.
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