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Home My WebLink AboutSubmittal-City Manager-Miami Forever General Obligation Bond Program PresentationSubmitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk Miami Forever General Obligation Bond Program July 27, 2017 2184-Submittal-City Manager -Miami Forever General Obligation Bond Program Presentation Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk Community Meetings • Meetings were held at Coral Gate Park, Duarte Park, Hadley Park, City Hall, and the 12th Avenue Community Center (and presentations to other community groups as requested) • Included interactive priority setting (using hundreds of sticky -notes) • Promoted via NET Offices, social media, flyers, and word-of-mouth Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk Input from Professional Staff • Department Directors (Parks, Public Works, Capital Improvements, Community Development, Police, Fire, and others) • Engineers • The City's Chief Resiliency Officer • Outside Agencies Compiled by OMB All of this Input Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk • Culminated in a list of needs of more than $1.4 billion • Staff input and public input were very similar • These needs won't go away Bonding Capacity Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk • The total bonding capacity is $480 million to $500 million This assumes the tax roll growth of the City's Five - Year Plan (7%, 5%, 5%, 5%) reduced by a third $25,000 homestead exemption in FY 2019-20 and 3% growth thereafter, flat millage, and a borrowing cost starting at 5% and increasing • The proposal is conservative in all ways Submitted into the public Homeland Defense record foritem(s) RE.3 on 07/ City Clerk General Obligation Bond Payments $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY Submitted into the public record for item(s) RE.3 . Pr op o s e d Miami F o r e v e r°n 07/27/17 . City Clerk General Obligation Bond Payments $30,000,000 $25,000,000 „#�� $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 20 Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk This is not a tax increase City of Miami Legislation Resolution File Number: 2184 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE ISSUANCE. SUBJECT TO THE ELECTION HEREIN PROVIDED FOR. IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING THREE HUNDRED MILLION DOLLARS ($300,000,000.00) OF GENERAL OBLIGATION BONDS ("BONDS") OF THE CITY OF MIAMI, FLORIDA ("CITY") IN ONE OR MORE SEPARATE SERIES FOR CAPITAL PROJECTS AND IMPROVEMENTS FOR PUBLIC SAFETY. RESILIENCY AND SUSTAINABILITY, CITY PARKS AND INFRASTRUCTURE. WITH INTEREST PAYABLE AT RATES NOT EXCEEDING THE MAXIMUM R L I\IY AN 1 ON OF AD VALOREM TAXES TO PAYS ' - 'ROVIDE THE DEBT MILLAGE NOT EXCEED THE RATE O' 0.5935 MILLS; ALLING FOR A M SPECIAL ELECTION AND PUBLIC NOTICES AND OLUINU A &ITU i trtKtNUUM S ECIAL ELECTION CONCURRENTLY WITH THE GENERAL MUNICIPAL ELECTION ON NOVEMBER 7, 2017, FOR THE PURPOSE OF SUBMITTING TO THE ELECTORATE AT SAID ELECTION, WITH RESPECT TO THE ISSUANCE OF SUCH BONDS: DESCRIBING THE REGISTRATION BOOKS AND RECORDS MAINTAINED UNDER THE Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk There are Many Ways to Manage Debt • Don't sell the bond until the project is already underway • Structure the bond so that debt will be spread out at the most strategic times • Refinance the debt if advantageous Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk This is not a tax increase • Property Taxes would, however, go down over the next twelve years if this is not approve • And, the projects would not be funded Project Categories Sea Level Rise Mitigation and Flood Prevention Parks and Cultural Facilities Roadway Improvements Workforce Housing Public Safety Grand Total Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk $191,962,000 $58,200,000 $22,838,000 $20,000,000 $7,000,000 $300,000,000 Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk Project Categories • The City Commission is being asked to vote on large categories of projects • Clear backup has been provided showing how the amounts of the categories were developed • Some projects are site specific, such as Parks • Others are more Citywide in nature, such as drainage and roadways Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk Now is the time • The need is both now and in the future • Interest rates are low • The City's bond rating is the highest at least for 30 years, maybe ever Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk Think Citywide • These projects will position the City of Miami for the future • Water doesn't obey city boundaries or Commission Boundaries — it only flows downhill Submitted into the public record for item(s) RE.3 . on 07/27/17 . City Clerk Miami Forever General Obligation Bond Program July 27, 2O1i