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Miami Politicians Still Trying To Figure Out How To Spend $400M 'Forever Bonds'

Miami Politicians Still Trying To Figure Out How To Spend $400M ‘Forever Bonds’

The city of Miami still has no idea how to spend $400 million in “Forever Bonds,” approved by voters last year, according to the Herald.

The bonds still have not been issued, and no potential projects have been identified yet. An oversight board has also yet to meet.

None of the funds will be spent on transit. Voters were told that the spending would be in the following categories:

  • $192 million for anti-flooding pumps, seawall improvements, drainage upgrades and other adaptation projects in the face of sea level rise
  • $100 million for affordable housing and economic development
  • $78 million for parks and cultural facilities
  • $23 million for road improvements
  • $7 million for public safety

Approval for the bonds by voters came after an advertising blitz paid for by an anonymous, “dark money” organization from New York, which claims to be a sea rise advocacy group.

Former Miami Mayor Tomás Regalado aggressively campaigned for the bonds, calling it his legacy. He left office shortly thereafter, filing documents that stated he had a net worth of just $9,000, despite earning around $130,000 per year.

(photo: phillip pessar)

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Polo
Polo

How about extending the metro mover all the way to the design district.

Oscar
Oscar

“None of the funds will be spent on transit.” Not to say we don’t need additional funding for transit (we do) but that is not what this bond aims to address.

Anonymous
Anonymous

and some bike lanes.

Anonymous
Anonymous

Lol… you really have a desire to get ran over, don’t you?

Anonymous
Anonymous

How about spending the money on this :

$192 million for anti-flooding pumps, seawall improvements, drainage upgrades and other adaptation projects in the face of sea level rise
$100 million for affordable housing and economic development
$78 million for parks and cultural facilities
$23 million for road improvements
$7 million for public safety

Anonymous
Anonymous

No cause that’s still $23 mil too many spent on roads.
And $400 mil too little spent on mass transit (and real traffic reduction).

Suomynona
Suomynona

It was not a mass transit bond that voters approved. It can’t be spent on transit.

And the roads in this city/county are trash. I’m not saying to build more, But the ones that already exist aren’t in great shape.

Anonymous
Anonymous

The way to combat sea level is by raising the streets, not putting pumps (pumps is like a small bandage).

Half of Singapore & large portions of Hong Kong (including its Airport) are built on what used to be Ocean. It’s called “reclaimed land there”. We should do that. Every time a house is demolished, it should be leveled with the streets or higher to raise the City gradually, same with new buildings.

It’s a waste of money to build pumps and seawalls, looked at New Orleans. This is just a temporary bandage.

Anonymous
Anonymous

$100 million will actually be spent, the other $300 million will be unaccounted for.

mondocondo
mondocondo

Yes, lot’s of potential pork barrel spending. Need to allocate some funds to an Inspector General.

suomynona
suomynona

Meh. I voted no on this. I don’t trust this town to spend my/our money wisely or efficiently. I’m generally in favor of these sorts of things, just not in Miami.

Because, as a man once said, “Fool me once, shame on…shame on you. Fool me, can’t get fooled again.”

Anonymous
Anonymous

and Miami Beach wants to borrow $500 million as well.

Anonymous
Anonymous

MIAMI IS A JOKE

Anonymous
Anonymous

I have a net worth of $5000 but I make $1,000,000 a year… shhhh… don’t tell the IRS.

Anonymous
Anonymous

You guys think this only happens in Miami???
You’re all a bunch of fools…

Anonymous
Anonymous

Tomás Regalado, is that you?

Magazine
Magazine

So Miami residents and taxpayers will be repaying +$100m for 30 years to provide select individuals subsidized housing. Nice deal.

Anonymous
Anonymous

Yes, it is a nice deal.
I rather have my tax money spent in eliminating the concentration of poverty in some Miami’s neighborhoods, than used it to subsidize suburban privates schools.

Anonymous
Anonymous

Heck, we spend that much for one brand new AF fighter jet in this country.

Anonymous
Anonymous

The jet might save my ass from an invasion.
The subsidized housing allows fast food workers to buy smart phones.
I’ll take the jet.

Your Guy
Your Guy

The invasion you seek to protect yourself from won’t be a foreign military, it’ll be investors buying your home from the bank and turning it into a luxury condo. Which they’ll do after the US gov. wastes all its money on fighter jets instead of investing in the prosperity of its own citizens. You dumb douche.

mondocondo
mondocondo

Love the $78 Million for parks line item, as the city tries to give every park it has now for a soccer stadium. Cheers.

Anonymous
Anonymous

The city is “trying to give away every park” it has… the Dickens you say!

Miami
Miami

What a joke!!!!! they’re probably trying to figure out how to spend it on themselves!! Most corrupt city in the U.S.

Anonymous
Anonymous

“Most corrupt city in the U.S.”

Really… what city is second?

Anonymous
Anonymous

Please write emails to our City of Miami Commissioners if you think that irriversibly bulldozing the largest remaining green space that remains in the Center of Miami to replace with a monumental soccer/retail COMPLEX is a bad idea.
Mrs. Beckham and Mas are millionaires and can thus afford to buy the land to build this.
Not to mention the NIGHTMARE traffic situations that will await us around the airport.