Item Coversheet

Committee Assignments - C4  I




COMMISSION MEMORANDUM

TO:Honorable Mayor and Members of the City Commission 
FROM:Commissioner Ricky Arriola 
DATE:June  5, 2019
 



SUBJECT:REFERRAL TO THE FINANCE AND CITYWIDE PROJECTS COMMITTEE TO DISCUSS APPROPRIATING SERIES 2017 STORMWATER BOND PROCEEDS AND SERIES 2017 WATER & SEWER BOND PROCEEDS TO NORTH BEACH TOWN CENTER.

ANALYSIS

The Commission has prioritized the revitalization of North Beach through the activation of Town Center and has a planned a neighborhood improvement project for the area. Our Public Works team estimates that upgrading the infrastructure below the city-owned streets in Town Center will cost approximately $32 million for stormwater and $20 million for water and sewer, exclusive of above ground infrastructure.

Developers are now working on site plans for new mixed-use buildings in the area, but they are unsure as to what the future crown of the road will be, which has a significant effect on their first-floor building designs. In order to create business certainty and attract immediate investment to the area, I am asking for the Finance and Citywide Projects Committee to consider allocating leftover Series 2017 Bonds to the North Beach area. 

The Series 2017 Stormwater Bond has approximately $29 million remaining and the Series 2017 Water & Sewer Bond has an estimated $47 million remaining. While these bond monies remain unspent, residents continue to pay interest in the form of higher fees while the threat of inflation means the City could end up paying more for reduced project scope. 

Legislative Tracking
Public Works
Sponsor
Commissioner Ricky Arriola