The Town’s economic development goal is to reinforce, strengthen and promote the livability and sustainability of our neighborhoods, commercial, and industrial areas in the face of the current economic climate and changing needs of the population.
Occupying a land area of approximately 6.6 square miles and conveniently located just 10 miles from Miami International Airport, also bordered by Opa-Locka Airport, and several major interstates, the Town is home to approximately 30,000 residents and over 1,700 businesses. Since incorporation in 2000, the Town has experienced significant development which has resulted in a population increasing from 22,676, in 2000 to 29,361, in 2010, which represents an increase of 6,685 persons or 29.48%.
The Town is approximately 94% built out, with only a small portion of the land remaining vacant and undeveloped. As a result, the Town’s current and long range planning efforts have shifted from a primarily growth management-related role to a larger focus on economic development and redevelopment. This trend is anticipated to continue over the next ten years.
In an effort to assist and promote the continued viability and occupancy of the Town’s commercial and industrial areas the Town’s Community & Economic Development staff coordinate regularly with local realtors, business owners, developers and property owners to assist in the streamlining of regulatory processes to remove barriers or impediments to quality development or redevelopment in accordance with the Town’s requirements. These types of activities are essential to encourage and assist new business owners and perspective developers to choose Miami Lakes as their home.
While the economy in South Florida continues to struggle under the effects of the global economic recession, the Town’s per capita income has remained strong and is significantly higher than the Miami-Dade Metropolitan Statistical Area (“Miami-Dade MSA”) and the State of Florida (the “State”). U.S. Census Bureau, American Community Survey data, indicated that the Town’s per capita income for 2010 was $29,039, while Miami-Dade MSA and the State per capita personal income were $23,750 and $27,151, respectively. The Town has also benefitted from a relatively low unemployment rate. In 2010, the Town’s unemployment rate was 7%, which was significantly lower than the County’s unemployment rate of 13.1 % for the same period.
The Town of Miami Lakes is in excellent financial condition, as recognized by Moody’s and Fitch with an AA+ rating for the Town’s bond issue and maintains one of the lowest tax rates in Miami-Dade County. In 2011, the Town distributed $525,000 from unspent funds from the prior fiscal year which translated into a $75.00 dividend to all homestead exempt Town residents. The Town is one of few local governments in the County that has ever returned monies to its residents.
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