The Miramar City Commission approved the proposed $50 million revenue bond during Tuesday’s commission meeting after weeks of debate among residents over whether the city should borrow this money for questionable projects.
The bond was approved by a 3-2 vote, with Commissioner Barnes and Mayor Lori Moseley voting no.
One of the main concerns among residents was the construction of two amphitheaters; a 5,000 capacity amphitheater in Miramar Regional Park, and a band shell in Shirley Branca Park in east Miramar. Commissioner Wayne Messam, Yvette Coulbourne, and Vice Mayor Davis argued that now is the right time to approve this bond and assured the public these projects would benefit them and the city in the long run.
“It’s not all about concerts, it’s about festivals,” said Commissioner Messam during the meeting, “it’s about all types of family events that could be done right here in our city.”
The terms of the bond is 25 years with a 3 year capitalized interest period. You can read more detailed information on the bond in the agenda (.pdf, 175 pages).
The terms of the bond is 25 years with a 3 year capitalized interest period. You can read more detailed information on the bond in the agenda (.pdf, 175 pages).
Mayor Moseley was against the bond, as made evident during the second town hall meeting, saying she doesn't believe now is the right time to be borrowing this large amount of money. Mayor Moseley suggested lowering the bond to $25 million; however that proposal was shut down in a vote by the commission.
Proponents of the revenue bond cited the low interest rates and necessary renovations and modifications to current city infrastructure as reasons to accept this bond now.
“By borrowing at the current low interest rates, the City will be able to commence work sooner and allow the benefits to the City’s residents to be realized sooner,” stated the meeting’s agenda.
Other notable events at Tuesday’s meeting were the approval of new City Manger Kathleen Woods-Ricahrdson’s employment contract and the large number of residents from the Huntington community who came to protest the renaming of Southwest 148th Avenue to “Alcee Hasting Way”. Read more about the street name change issue here.
No comments:
Post a Comment