Miami, FL – City of Miami Mayor Manny Diaz welcomes today’s Florida Supreme Court’s decisions that local governments can use tax-increment-financed bonds to fund redevelopment projects.

“We are pleased with the decision regarding the use of these funds,” said Mayor Manny Diaz. “The court has affirmed a long-standing tool that governments have used throughout the country to reinvest in our communities. The biggest winners today are the inner-city areas that need the most help.”

“We are looking forward to moving ahead with projects to invest in affordable and workforce housing, infrastructure, job creation, economic development, parks and open spaces, arts and culture and quality of life improvement initiatives in our city. These investments would not be possible without the use of these bonds,” Mayor Diaz added.

The Court issued two decisions today regarding the use of these funds: Bay County, Florida vs. Town of Cedar Grove, etc., et al, and Dr. Gregory L. Strand vs. Escambia County, Florida, etc., et al.

The decision on Bay County, Florida vs. Town of Cedar Grove, etc., et al reads: “…the proposed bonds conform to the tax increment financing mechanism we approved in Miami Beach…Consequently, the proposed tax-increment-financed bonds are constitutional without referendum.”

The decision on Dr. Gregory L. Strand vs. Escambia County, Florida, etc., et al. reads: “The circuit court determined that the bonds could be validated without the referendum required by article VII, section 12, Florida Constitution, because the bonds to be issued under the Ordinance and the Resolution do not constitute an indebtedness, liability, or pledge of faith, credit, or taxing power of the County.”