Miami Beach weighs $116 million second round of bond money for parks and fire stations

Miami Beach’s Finance and Economic Resiliency Committee meets at 10 a.m. Wednesday to consider lining up about $116 million in new funding from the 2019 general obligation bond program: $81.2 million for parks and cultural projects and $34.8 million for police, fire and public safety projects.

City administrators are not asking to sell the bonds yet. According to the committee memo, they want the committee to send the full City Commission a request to sign a “declaration of official intent.” Under that approach the city would pay for the work with General Fund reserves for now and reimburse itself from bond proceeds later. The memo says the debt-service tax rate would not rise until the bonds are actually issued.

Why now

Voters approved the $439 million bond program in November 2018. The city spent the first round, about $151.1 million, on as many projects as it could. According to the memo, about 85% of that first round’s parks money and 78% of its public safety money has been spent or committed, and several projects are nearing phases that need more funding. It says 45 of the 57 voter-approved projects are finished or under way.

Where the money would go

The biggest share goes to North Beach and South Beach parks:

• 72nd Street park, library and aquatic center: $43 million
• Flamingo Park and Youth Center: about $15.2 million
• Waterway restoration: $5.5 million; Baywalk: $5 million; West Lots redevelopment: $4 million
• North Shore Park and Youth Center: about $3.7 million; Art Deco Museum expansion: $2 million

The public safety list includes $10 million to replace Fire Station 3, $6 million for Fire Station 1, $6.5 million for street lighting, $4.5 million for police headquarters renovations and $4 million for an Ocean Rescue facility in North Beach. Smaller amounts would go to Tatum, Pinetree, Muss, Fisher and Palm Island parks, LED lighting in parks, security for public spaces and a marine patrol facility.

The bonds would be repaid through property taxes on all taxable property in the city, according to the memo.

What happens next

The committee, chaired by Commissioner Joseph Magazine, meets in the Commission Chambers at City Hall and on Zoom (webinar ID 863 6059 5462). If it agrees, the request goes to the full City Commission. The memo says administrators may come back later to raise the amount as more projects become ready.