Frequently Asked Questions
What is Miami Forever?
Miami Forever is a series of construction projects that will change the future of the City of Miami by investing a total of $400 million into five broad categories:
- - Flood Prevention and Sea Level Rise Mitigation ($192 million)
- - Parks and Cultural Facilities ($78 million)
- - Roadway Improvements ($23 million)
- - Affordable Housing and Economic Development ($100 million)
- - Public Safety ($7 million)
How will it be funded?
Miami Forever will be funded through a General Obligation Bond (GO Bond). A GO Bond is one way cities fund major construction projects such as roads, parks, drainage, and/or buildings.
They are backed by the full faith and credit of the City.
- - This GO Bond will be repaid through the 3% in your tax bill currently allocated towards paying off the previous bond as specified in the ballot language
How will Miami Forever be implemented?
The projects will be chosen under the five major categories by the City Commission and will be monitored by a Citizens Oversight Board through various public hearings
Projects will take approximately 15 years to complete and 20-30 years to pay off.
What is a General Obligation Bond (GO Bond)?
A General Obligation Bond (GO Bond) is a type of bond used by municipalities to fund major public projects such as new infrastructure, parks and storm drainage improvements. GO Bonds are backed by the full faith and credit of the City of Miami. They are secured and repaid by a stand‐alone property tax rate, after a vote by the residents of the City.
Why issue GO Bonds?
The City of Miami’s 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. Public safety, parks, roadways, and drainage upgrades are among the priority areas that require immediate attention. The GO Bond makes improvements to these areas achievable.
This is an ideal time to borrow money for projects because the City’s finances are strong. Furthermore, property values have increased and the City is retiring its debt service millage rate which makes it possible to do projects without raising the millage rate.
Will my taxes go up?
The millage rate will not change as a result of the bond being issued. The GO Bond is structured in a manner that will cap the tax rate.
What are our options?
Over time, the millage rate is expected to decrease as property values increase. 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.
How will we pay for it?
Bonds will be paid for over 25 years, sharing the costs with future tax payers who will also benefit from the city-wide improvements.
When will I see the results of the GO Bond?
If approved by voters, the first wave of projects can be completed in approximately 3 years. Bonds can be issued to complete projects until we reach the amount approved by voters.
What areas will be impacted?