On, November 16, 2022, the Commission referred a “Discussion With Possible Action As Needed Regarding The G. O. Bonds For Arts And Culture Approved By The Voters On November 8, 2022”. 

A key objective in the City's 2019 Strategic Plan, Through the Lens of Resilience, is the need for improving the resiliency of arts and cultural institutions in the City, including addressing facility needs and related affordable or workforce housing in the City. To support this effort, the City proposed a general obligation bond (GOB) issue to construct and improve facilities throughout the City of Miami Beach. Further, in view of the lack of affordable or workforce housing options in the City, particularly for artists and employees of cultural institutions, the proposed GOB also addressed affordable and workforce housing needs of such persons.

At the July 20, 2022 Commission meeting, the Mayor and Commission approved Resolution 2022-32261, authorizing a special election, submitting to the electorate of the City of Miami Beach the question asking whether the city shall be authorized to issue general obligation bonds, not exceeding $159,000,000, to improve facilities for resiliency of arts and cultural institutions throughout the city, including museums, performance venues, artistic playgrounds, senior/cultural centers, botanical garden, aquatic sculpture park, and related artist/workforce housing.

On November 8, 2022, the voters of the City of Miami Beach approved the issuance of $159 million in Arts and Culture Bonds as follows:

For Bonds                 15,142            64.80%

Against Bonds            8,226            35.20%

Over the past two months, the Administration has been working diligently with City staff and with the institutions to be funded from the proposed 2023 Arts and Culture bonds issue,to evaluate and refine roles and responsibilities, timing of funding needs, etc., while at the same time, preparing the documents needed by Bond Counsel to evaluate the taxable versus tax-exempt status of each project. The latter is essential as to whether the bonds issue(s) will be taxable, tax-exempt or a combination.

A supplemental PowerPoint presentation will be submitted separately and will address the following:

·         Overview of Projects

·         Tax-Exempt vs. Taxable Bond Issue

·         Potential Issues for Determining Tax Exempt Debt

·         Potential Impacts of 2 Tranches

·         Potential Options Debt Structure and Number of Bonds Issues

·         Timeline for Bond Issuance

·        Impact of GO Bonds and Other Bond Issues on the Milage Rate and Property Owner

The Administration recognizes that the Art and Culture bonds projects will be transformative to Miami Beach.  They will significantly elevate our museums, performance venues, artistic playgrounds, senior/cultural centers, botanical garden, the future aquatic sculpture park and related artist/workforce housing.  As such, we are fully committed to the timely issuance of these bonds and completion of the projects.