First projects to be funded by Miami Forever Bond - Approved
Published on December 13, 2018
(Miami, FL December 13, 2018) - The City of Miami Commission has approved the initial $58 million bond issue to fund the first set of Miami Forever Bond projects. Today's decision puts in motion a plan to build a stronger, more resilient Miami that began when residents voted in favor of the $400 million Miami Forever Bond in November 2017.
“I am thrilled to see tranche one of the Miami Forever Bond approved by the Commission,” said Miami Mayor Francis Suarez. “This allows us to get started on shovel-ready projects to build a stronger, more resilient future for our city. Today’s approval is also a huge step for us to continue identifying projects that will improve our residents’ quality of life by targeting our resiliency, affordable housing, and public safety needs.”
Over the course of a year, City of Miami administration officials have worked in conjunction with residents to identify and prioritize proposed bond-funded projects. Miami Forever Bond projects are categorized in five areas including Flood Prevention and Sea Level Rise Mitigation, Parks and Cultural Facilities, Roadway Improvements, Affordable Housing and Economic Development, and Public Safety.
"With the approval of this first tranche, we can move forward with thoughtfully selected projects that will have an immediate impact while also creating lasting benefits to Miamians," said City Manager Emilio Gonzalez. "We will strengthen the City of Miami by adapting to and mitigating existing and future risks to our residents, our economy, and the City’s legacy."
Through the five key categories of the bond funding allocation approved today, the City of Miami will dedicate:
- $10.3 million toward fighting sea level rise, including a redesign of Brickell Bay Drive and the installation of 50 new one-way valves
- $15 million for new affordable housing projects and a single-family home rehabilitation program
- $420,000 for upgrades to Fire Station No. 10 located at 4101 NW 7th Street, Miami, FL 33126
- $7.6 million to improve nearly 4 miles of roadways
- $25.3 million to enhance our public parks, including upgrading playgrounds, repairing sidewalks, and enhancing accessibility.