The Bond program is being executed in three phases, Immediate Impact, Gain Momentum and Long Term solutions.
The bond kick-off had an immediate impact with the launching of over 100 ready projects that will be completed in the next three years. The projects were selected based on the five guiding themes, each bond category’s goals and objectives, and with coordination with our citizens and partners. The deliberate selection process resulted in a first tranche of $58.7M to be invested in key projects spread across all bond categories and sections of the city. Tranche one is divided in two series of allocations, Series A and B. Series A projects are focused on infrastructure, and Series B projects are concentrated on Affordable Housing solutions.
Series A – Infrastructure – to include:
- Parks and Cultural Facilities
- Public Safety
- Sea-Level Rise and Flood Prevention
Series B – Affordable Housing – to include:
- Develop and invest in Affordable Housing solutions
- Initiate and continue Affordable Housing studies, plans and assessments
This phase provides an opportunity to wisely program the first series of projects, strengthen partnerships and agreements and set a strategic course for future investment. While programming the over 100 projects valued at 58.7M, a detailed capacity assessment will be performed to ensure the three-year time completion, creating new and employing alternative methods of procurement, developing a rigorous risk management plan, and establishing compliance and stewardship guidelines.
This phase will deliver design and construction of the first series of projects, capture lessons learned, begin future bond tranche investments, and address resiliency through non-infrastructure measures.
- Establish strict project and financial monitoring and reporting processes while working with the City Commission appointed bond civilian oversight board.
- Refine the project selection model for subsequent tranches using lessons learned, study results, professional staff analysis, partner participation and community engagement.
- Assess and update the City’s zoning, planning and building policies and standards to institute rules that will maximize the resiliency benefits from new development.