HomeMy WebLinkAboutSubmittal-Mayor Regalado-Presentation regarding GOBSubmitted into the public
record for item(s) DI.3
on 04-13-2017 . City Clerk
General Obligation
Bond Discussion
March 22, 2017
1896-Submittal-Mayor Regalado-Presentation regarding GOB
Submitted into the public
record for item(s) DI.3 ,
on 04-13-2017 . City Clerk
Why Propose a GO Bond?
• Like many cities, Miami has aging infrastructure — parks, roads, fire and
police stations, and drainage needs.
• This aging infrastructure affects the quality of life of residents and
visitors.
• A GO Bond is under consideration because the City has identified
infrastructure projects of significant magnitude that need to be
addressed.
• Resilience and drainage, public safety, and recreation and culture
upgrades are among the priority areas that require immediate attention.
• The GO Bond makes improvements to these areas achievable.
Submitted into the public
record for item(s) DI.3 ,
on 04-13-2017 . City Clerk
Why Now?
• Bonds will be paid over 25-30 years like a mortgage, sharing the
costs with future tax payers who will use these city-wide
improvements.
• The City is paying off previous debt which makes it possible to
do projects without raising the property tax rate. The millage
rate will not rise as a result of the bond being issued, and may in
fact be lowered over time.
• Without the GO Bond, the City may eventually have to raise the
operating millage rate to address the needed projects or forgo
many of these projects.
Submitted into the public
record for item(s) DI.3 ,
on 04-13-2017 . City Clerk
Why Lead with a GO Bond?
• Our residents want the improvements.
• It is important to look to the future.
• There is a need throughout the City.
• This will create jobs.
• We can use GO Bond funds to match any future federal
infrastructure programming -maximizing our buying power.
• But, only with leadership.
• December 13 — 23
• March 23
• April 1-June 1
• June 2-9
• June 13
• June 22
• June — October
• November 7
Submitted into the public
record for item(s) DI.3 ,
on 04-13-2017 . City Clerk
Timeline
Kickoff Meetings with City Officials
City Commission Discussion Item
Community Meetings
Meetings with City Elected Officials
Print Day
Vote on Language and List of Projects
Campaign to Approve the GO Bond
City of Miami General Election
Possible Projects
Submitted into the public
record for item(s) DI.3 ,
on 04-13-2017 . City Clerk
Public Safety Resiliency and Drainage
Police and Fire Equipment
Police and Fire Infrastructure
Fire and Rescue Training Center
Total
$17,000,000
$20,000,000
$17,000,000
$54,000,000
Sea Level Rise Mitigation and Flood Prevention
Roadway Improvements
Workforce Housing
Total
Neighborhood Parks and Infrastructure
Citywide Pool Facilities
Historic Preservation
Citywide Park Improvements and Safety Features
Community Trails and Bikeways
Total
$18,000,000
$17,000,000
$40,000,000
$6,000,000
$81,000,000
$100,000,000
$20,000,000
$20,000,000
$140,000,000