MIAMI – City of Miami Commissioners have unanimously voted to take the first steps toward securing potentially up to a half billion dollars over twenty years in financing for the redevelopment of Overtown/Park West. Funds would be obtained by bonding out the revenues of the Southeast Overtown/Park West Community Redevelopment Agency (CRA).
At today’s city commission meeting the city’s chief financial officer estimated that over $100 million in bonds could be issued within one year. In response, city commissioners unanimously directed Miami’s city manager to begin the process. Use of the these funds would be restricted to eliminating slum and blight in Overtown/Park West.
Earlier, sitting as the CRA Board, Miami City Commissioners adopted a finding of Necessity Study that would result in the expansion of the CRA boundaries. The next step is for the City of Miami to review the study and forward it to Miami-Dade County to approve the expansion and extension of the life of the CRA.
According to Commissioner Spence-Jones, “these findings demonstrate what we already know – there is considerable slum and blight surrounding the existing redevelopment boundaries that must be addressed if we are to be successful in revitalizing Overtown/Park West. If we can support the major projects slated for downtown Miami, then we can do the same for the areas that have the most need.”
She went on to state: “I am pleased with the support shown by my colleagues and hope that the City and Miami-Dade County will quickly follow the actions of the CRA and demonstrate their commitment to seeing Overtown and Park West revitalized as a cultural destination where businesses and families thrive.”
