SERVING MIAMI-DADE COUNTY SINCE 1958
Community Newspapers SUN
JUNE 15, 2009
S unny I sles B each $20 Million Richer
VOL. 27, NO. 22
INSIDE THIS
BY BARI AUERBACH
ISSUE VISITOR CENTER RIBBON CEREMONY
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F.I.S.T.
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DRAMA CLUB Page 17 SUNNY ISLES BEACH DEALS
BY: HOMEXPERTS 305.351.8628
<< FOR SALE
33160 3/2 1,264 sq-ft.
$222,000 31% below value
FOR RENT>> 33160 2/2 2,020 sq-ft.
$2,600/mo Annual Rent is 5% of Estimated Value Based on Info from SEFML as of 6-08-09. Details and more undervalued homes at:
www.communitynewspapers.com
ow would you make the most of $20 million? Maybe you’d quit your job, buy a yacht and sail away to a place people call “paradise” with spectacular ocean views, lush landscaping, a plethora of parks and green open space, an excellent school plus fun activities like parties, power boat races, jazz concerts and movie nights for the whole family… If you’re already lucky enough to have found “paradise” in Sunny Isles Beach, you know you don’t have to be a millionaire to enjoy all of the community’s great amenities. And now that the city is planning even more capital improvements, life in the city will be even more richly rewarding. Thanks to a $20 million fixed-rate loan from Bank of America, the City of Sunny Isles Beach will soon be enriched with new infrastructure projects, park development and property acquisitions to facilitate and perpetuate continued revitalization. Prior to the City Commission’s approval of the ordinance regarding the tax-exempt loan to finance capital projects, assistant city manager/finance Doug Haag and acting city manager Rick Conner explained the $20 million will be re-paid over 20 years with legally available non ad valorem rev-
H
enue. Mayor Norman S. Edelcup emphasized, “Property tax money will not be used to repay the loan.” Haag and Conner also noted that after letters of interest were submitted to the Florida League of Cities and a multitude of financial institutions, Bank of America was selected based on criteria including offering the lowest rate (4.03%), a longer term and the ability to commit to the entire $20 million. Quarterly payment amounts will be approximately $366,250 for a total annual debt service of $1,465,000. Since the first payment is due in October, funding will be included in the city’s proposed fiscal year 2009/2010 budget. ‘ROAD TO RICHES’ Historically, the City Commission’s goal has been to “make the best even better.” Flashing back to 2002, it was proposed that an eight-year capital improvement program estimated to cost $28,597,456 would be initially funded with revenues from sources including impact fees paid by developers, grants and a slight increase in the property tax millage rate (rising from $2.65 per $1,000 of assessed property value to $3.35). Testifying to the city’s prosperity, the current Sunny Isles Beach property tax millage rate is $2.48 – one of the lowest in all
BEACH BASH FOOD, MUSIC, VOLLEYBALL and SUN June 20 • 3:00 - 7:00 p.m. Teens 7th - 12th Grade East of Samson Park at 174 Street and the Beach Admission FREE with student ID A Teen Advisory Group (T.A.G.) For information, call 305-792-1706
of Miami-Dade County - and even lower than it was following incorporation in 1997 when the millage rate was $2.683 per $1,000 of assessed property value. The city’s original intent was to use available funds prior to borrowing from a financial institution. At a workshop held in 2002, former city manager Christopher Russo pointed out, “Interest rates on what we can invest in are so low now that it doesn’t pay to borrow [while keeping existing funds that can be utilized for capital improvements] in the bank…It ‘pays to pay down’ what we need to borrow - and then borrow less at the lowest possible interest rate.” Now that the “bank loan prophecy” is coming to fruition, Sunny Isles Beach residents will reap the benefits as $20 million goes a long way towards proactive projects such as maintaining and upgrading existing parks; acquiring more green open space; landscaping enhancements; infrastructure improvements including the undergrounding of utilities; and ensuring Sunny Isles Boulevard becomes an impressive gateway to the city befitting “Florida’s Riviera.” At the May 21 City Commission meeting, resolutions were approved furthering the mission to keep generating municipal
–––––––––––––––––––––– See MILLIONS, page 2