Miami Forever Bond

Forever Bond Logo

The intent of Miami Forever Bond is to build a stronger, more resilient future for Miami, alleviating existing and future risks to residents, economy, tourism and the city’s legacy.  The Bond will fund a series of projects that will transform the future of Miami by investing a total of $400 million in five key categories, which align with the City’s most pressing needs:  Sea-Level Rise and Flood Prevention, Roadways, Parks and Cultural Facilities, Public Safety and Affordable Housing.

Bond projects will benefit current and future residents, businesses and visitors, while also creating jobs and lowering costs related to sea-level rise and increased storm events.

The Miami Forever Bond will be funded through a General Obligation Bond (GO Bond). A GO Bond is a mechanism through which cities fund major infrastructure projects such as roads, parks, drainage, buildings and much more. While previous bonds are being paid off, the City can issue this new bond program without raising taxes. This Bond is backed by the full faith and credit of the City.

Vision: 

To create a stronger, more resilient and innovative future for Miami by orchestrating a deliberate and objective project selection process, city wide requirements and citizen input, and optimizing all available resources.

Implementation Strategy:

The City of Miami is approaching the bond spending in a systematic manner across the five categories.  We have developed five themes to guide the project selection process.

Guiding Themes:

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Safety: Enhance public safety by decreasing the frequency and severity of dangerous events. Better equip the city to mitigate and/or respond to emergencies and minimize the negative impact to citizens.  

Wellness and Quality of Life: Preserve and enhance Miami’s reputation as a desirable place to work, live, and play.

Equity: Distribute investment benefits fairly across the city and income levels while maintaining cohesiveness of social fabric and diversity. 

Economic Return: Use cost and benefit framework that considers effects on the economic and financial vitality of the city, local property value and insurance rates, job creation, and education investment.

Modernization Future City: Advance new technologies and innovation to transform Miami in a smart city of cutting edge of smart city development.

The Bond program is being executed in three phases, Immediate Impact, Gain Momentum and Long Term solutions.

Immediate Impact:  

The bond kick-off had an immediate impact with the launching of over 100 ready projects that will be completed in the next three years. The projects were selected based on the five guiding themes, each bond category’s goals and objectives, and with coordination with our citizens and partners. The deliberate selection process resulted in a first tranche of $58.7M to be invested in key projects spread across all bond categories and sections of the city. Tranche one is divided in two series of allocations, Series A and B.  Series A projects are focused on infrastructure, and Series B projects are concentrated on Affordable Housing solutions. 

Series A –    Infrastructure – to include:

  • Roadways
  • Parks and Cultural Facilities
  • Public Safety
  • Sea-Level Rise and Flood Prevention

Series B – Affordable Housing – to include:

  • Develop and invest in Affordable Housing solutions
  • Initiate and continue  Affordable Housing studies, plans and assessments 

Gain Momentum:

This phase provides an opportunity to wisely program the first series of projects, strengthen partnerships and agreements and set a strategic course for future investment. While programming the over 100 projects valued at 58.7M, a detailed capacity assessment will be performed to ensure the three-year time completion, creating new and employing alternative methods of procurement, developing a rigorous risk management plan, and establishing compliance and stewardship guidelines.

Long-Term Solutions:

This phase will deliver design and construction of the first series of projects, capture lessons learned, begin future bond tranche investments, and address resiliency through non-infrastructure measures.

  • Establish strict project and financial monitoring and reporting processes while working with the City Commission appointed bond civilian oversight board.
  • Refine the project selection model for subsequent tranches using lessons learned, study results, professional staff analysis, partner participation and community engagement.
  • Assess and update the City’s zoning, planning and building policies and standards to institute rules that will maximize the resiliency benefits from new development. 

 

The Miami Forever Bond funds will be allocated as follows:

  1. Roadway Improvements ($23M)

    Provide a safe, convenient, effective, multimodal roadway system which is coordinated with future land use and provides for the mobility of people and goods.

    Objectives: Reduce streets in disrepair, provide a safe, effective, multi-modal roadway system coordinated with traffic plans, future land-use and resiliency solutions. 

  2. Parks and Cultural Facilities ($78M)

    Provide accessible innovative parks and cultural facilities to the residents of Miami.

    Objectives:  Restore capital assets past their useful life. Replace and renovate parks to be more innovative that will provide an overall community health, strengthen local economies, creating jobs, help with storm water run-off, improve air quality and much more.

  3. Public Safety ($7M)

    Enhance the City’s ability to save lives and protect property while promoting the health and well-being of our citizens.

    Objectives: Minimize fire and rescue response, as well as recovery time.  Improve response ability, facility resilience and community outreach.

  4. Sea-Level Rise Mitigation and Flood Prevention ($192M) 

    Mitigates the impact of severe current and future sea-level rise, flood risks and vulnerabilities through strategic infrastructure investments.

    Objectives:  Minimize flooding frequency, severity, duration and impact. Protect critical infrastructure and high-use areas, reducing financial and economic vulnerability.

  5. Affordable Housing ($100M)

    Create and preserve affordable housing units, as well as increase employment opportunities through job training and assistance to existing and new businesses.

    Objectives:  Improve availability of affordable housing units across diverse income levels, leveraging alternative funding sources and partnerships.

 

Project Project-B# District Bond-Funding Total Cost Category  Current Phase 
Very Poor Condition Roads, Phase 1 - Outside Priority Drainage Basins 40-B193622 CW $7,590,182 $7,590,182 Roads  Design
Alice Wainwright Park Seawall and Resiliency 40-B40454C 2 $2,650,000 $4,906,280 Parks  Design
Douglas Park Community Center 40-B40581 2 $1,000,000 $4,365,345 Parks  Design
Legion Park Boat Ramp 40-B40510 5 $263,000 $1,895,536 Parks  Construction
Spring Garden Point Park 40-B40566 5 $850,000 $1,500,000 Parks  Design
Legion Park Building 40-B40510A 5 $825,000 $2,995,893 Parks  Design
City-wide Parks Access and Mobility Renovations 40-B193508 CW $2,212,000 $2,212,000 Parks  Construction
City-wide Parks Playground Renovations 40-B193509 CW $2,788,200 $2,788,200 Parks  Construction
City-wide Parks Roofing Reconstruction 40-B193510 CW $655,400 $655,400 Parks  Construction
Bay of Pigs Park 40-B183526 4 $310,000 $1,020,000 Parks  Design
Shenandoah Park Pool Renovation 40-B40563 4 $600,000 $7,600,497 Parks  Design
West End Park Master Plan, Pool Design and Enhancements 40-B183505 4 $500,000 $700,000 Parks  Bidding
Antonio Maceo Boat Ramp and Dock Renovations 40-B17357 1 $79,929 $579,929 Parks  Bidding
Curtis Park Community Center Design 40-B193511 1 $400,000 $400,000 Parks  Bidding 
Armbrister Park Community Center Design 40-B193512 2 $400,000 $ 400,000 Parks  Bidding
Moore Park Gym Design and Construction 40-B193513 5 $6,800,000 $6,800,000 Parks  Bidding
PBA/Fern Isle Park Enhancements 40-B40543 1 $244,700 $4,211,007 Parks  Bidding
Coral Way Park Expansion and Enhancements 40-B193514 3 $925,000 $925,000 Parks  Design
Riverside Park Renovations and Enhancements 40-B193515 3 $995,000 $995,000 Parks  Construction
Bryan Park Playground Renovations and Park Enhancements 40-B193516 4 $650,000 $650,000 Parks  Complete
New Park at 3699/3701 SW 1st AVE 40-B193517 3 $1,200,000 $1,200,000 Parks  Design
New Park at 2200 SW 9th AVE & 910 SW 22nd RD 40-B193518 3 $1,000,000 $1,000,000 Parks  Design
Fire Facilities Resiliency Project (FS10) - Design 40-B193207 1 $420,000 $420,000 Public Safety   Bidding
Immediate Flood Control: Install Backflow Valves (Phase 1) 40-B193800 CW $2,457,000 $2,457,000 SLR&FP  Complete
Improve Drainage Outside of Priority Drainage Basins (Phase 1) 40-B193801 CW $2,300,000 $2,300,000 SLR&FP  Construction
Brickell Bay Drive Design Criteria Package 40-B193802 2 $1,000,000 $1,000,000 SLR&FP  Bidding
Jose Marti Park Flood Mitigation Study and Design 40-B193803 3 $940,000 $940,000 SLR&FP  Design
Fairview Flood Mitigation 40-B30737 2 $1,800,000 $4,944,615 SLR&FP Construction 
NW 17th Street from NW 27th AVE to NW 32nd AVE - Road & Drainage Construction 40-B183611 1 $1,797,928 $2,047,928 SLR&FP  Design
Construction and Permanent Financing: MLK Residences N/A 5 $2,000,000 Housing   Planning 
Construction and Permanent Financing: Liberty Renaissance N/A 5 $1,000,000 Housing   Planning
Affording Housing and Economic Development N/A CW $8,000,000 Housing   Planning
Home Ownership Preservation / Single Family Home Rehabilitation N/A CW $4,000,000 Housing

  Planning

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