HomeMy WebLinkAboutSubmittal-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
Submitted into the public
record for item(s) RE.3
on 07/27/17 City Clerk
CommunityMeetings
• 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,
word-of-mouth
C7
C7
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Submitted into the public
record for item(s) RE.3
on 07/27/17 City Clerk
Inputfrom 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
11
11
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
proposal
is conservative
all ways
General Obligation Bond Payments
$30,000,000
Submitted into the public
record for item(s)
Homeland
Defense
on 07/27/17 CityClerk
General Obligation Bond Payments
$30,000,000
Submitted into the public
record for items) RE.3
Proposed Miami Forever on 07/27/17 . City Clerk
General Obligation Bond Payments
$30,000,000
Submitted into the public
record for item(s) RE.3
on 07/27/17 City Clerk
This is not a tax increase
v,
City of Miami
City Hall
_
Leillation
Legislation
3500 Pan American Drive
�,
Miami, FL 33133
0 R%
Resolution
www.miamigov.com
File Number: 2184 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
QetttrTrOMN OF AD VALOREM TAXES TO PAYS ROVIDE
THE DEBT MILLAGE NOT EXCEED THE RATE O 0.5935 MILLS, ALLING FOR A
UM SPECIAL ELECTION AND IQN �^� _
PUBLIC NOTICES ANDSPECIAL 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 ManyWays to 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
Thi i not increases s a
• 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
$22,838,1000
$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
drainage and roadways
nature, such
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, 201-1