Why not levy a bond with those funds? This voter referendum will give the City the required statutory approval to use the ad valorem taxes being generated by the Sole Mia project on bond projects.
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A General Obligation bond, also known as a GO bond, is a debt mechanism that is financially backed by the assessment of ad valorem taxes. Ad Valorem taxes are commonly referred to as property taxes. A GO bond must be approved by the voters before proceeding with implementation.
Visit the GO Bond Calculator page, where you'll find the GO Bond Debt Service Millage Calculation. This feature allows you to view and calculate assessed property values and annual tax payments. The website offers two types of bond calculators. The first calculator provides your average cost per year, based on your taxable home value. After completion of the Sole Mia project, we anticipate a reduced cost per household. The second calculator includes reduced post-Sole Mia project savings estimates.
The financial information listed on the website is based on estimates and assumptions. Actual costs, interest calculations, and millage assessments will not be final until the actual issuance of the debt and the tax millage are officially assessed.
The purpose of the City of North Miami's proposed GO Bond is to finance the cost of various capital improvement projects including:
Residents will vote on the implementation of each element of the proposed bond during a special election on Tuesday, May 1st.
The proposed bond principal amount shall not exceed $120,000,000. The total estimated interest amount over the 30 year span will be approximately $132,217,000.
A proposed $10 million is allotted for acquisition and construction of affordable single-family and multi-family housing.
For infrastructure and sustainability, $31 million is proposed for improvements to:
A total of $2 million is proposed for technological enhancements geared toward:
City Administration proposes $77 million focused on public and recreational facilities, including:
The City would need to seek guidance from the bond legal counsel, and collaborate with underwriting banks, and City staff to prepare the necessary legal and financial documents to sell the bonds on the municipal bond market. Additionally, the projects would need to be designed and prepared to be built.
Based on feedback from North Miami residents and City Administrators, the Proposed GO Bond has four areas of focus: Public Facilities, Infrastructure and Sustainability, Technology Improvements and Affordable Housing. Visit the Proposed GO Bond Focus Areas page to view the complete listing of possible available projects. Each project must go before the City Council for approval.
The City held a series of public input sessions last November and December, and public information sessions in January and February. All public input and information sharing sessions were hosted by City Administration to garner direct feedback from residents about desired neighborhood improvements and to update the public on how their input shaped the bond proposal. Projects were selected based on staff recommendations, public input received during several town hall meetings, and City Council approval.
Bond proceeds cannot be used to pay day-to-day operating cost. The proceeds can only be used on the approved projects indicated in the bond referendum questions.
The bond will not exceed 30 years beyond the date of issuance.
The bond proceeds are anticipated to be issued in 4 tranches (or draws) over 8 years.
If North Miami residents vote to pass the proposed bond, City Administration will establish a Bond Oversight Committee made up of North Miami residents, staff and elected officials. The oversight committee will monitor and review implementation of the bond, to further the City's efforts toward transparency. The committee will be made up of North Miami residents and professionals that have requisite relevant experience, such as:
We expect to have the first wave of projects commence within 12 months.
If approved, all North Miami property owners will receive an additional ad valorem assessment sufficient to pay the debt.