Miami Lakes, FL – The Miami Lakes Town Council has approved authorizing $15.5 million in municipal bonds to finance major stormwater system upgrades to improve drainage, alleviate flooding, protect, and enhance water quality, and build a stronger and more resilient Miami Lakes.
The Stormwater Utility System Revenue Bonds, Series 2021 are offered for sale with priority given to retail buyers on the date of the sale, which is expected to occur on either July 21 or July 22. The tax-exempt bonds will be sold in lots of $5,000 and will be payable semi-annually on March 1 and September 1, beginning in 2022. For a complete description of the Stormwater Utility System Revenue Bonds, Series 2021 or to purchase these bonds you may contact Raymond James at (877) 295-9116, RBC Capital Markets at (786) 582-2743, your broker or investment advisor prior to Tuesday, July 20, 2021.
“The bonds will finance the engineering and construction of the most critical drainage projects in the town,” said Mayor Manny Cid. “Additionally, Miami Lakes is slated to receive $13 million from the federal government’s America Rescue Plan which will also be used solely for improvements to the stormwater utility system.
“These projects will help mitigate flooding during storm events, protect road infrastructure, and safeguard the public welfare. These projects also help reduce or avoid flood damage to property which in turn supports the Community Rating System and may lead to greater savings in flood insurance premiums.”
Funding for repayment of the bonds will come from the Town’s Stormwater Utility Fee, which is part Miami Dade County Water and Sewer bill. The Town raised the fee to $10.50 per month for residential customers earlier this year. Commercial customers will also pay $10.50 per month per ERU (Equivalent Resident Unit) which is calculated per 2,800 square feet of impervious commercial space. Together, the bonds and the American Rescue Plan funds will cover $28.5 million of the total estimated $54 million needed to complete all stormwater projects.
The stormwater system upgrade consists of the design, permitting, and construction of new drainage systems consisting of French drains, manholes, and catch basins with pollution retardant baffles to move away water and improve water quality. The new stormwater system components will connect with existing drainage infrastructure and create additional capacity to mitigate flooding. The fifteen (15) initial drainage projects and one canal improvement project will cover a total of five miles of roads. (See attached document for a list of projects.)
Miami Lakes’ existing stormwater management system has five dry retention systems, 49,000 linear feet of French drains, 43 pollution retardant baffles, 96 outfalls, 20,000 linear feet of pipes, 1,210 catch basins and curb inlets, and four canal systems that traverse the Town.
The projects will enter the design phase this year with the first project expected to enter the construction phase in a year’s timeframe.
In addition to the drainage benefits, the Town has designated the Series 21 Project as a “Green Project” that will help improve water quality, and the bonds as “Green Bonds.” Estimates are that the improvements will result in a reduction of 90 percent of phosphorus, nitrogen, and dissolved solids entering the lakes, canals, and retention ponds.
“Flooding has been a severe problem in Miami Lakes for many years, and in 2019 the Town’s Stormwater Master Plan identified the most acute needs, so with the stormwater revenue bonds we can move quickly to complete these projects,” Mayor Cid said.
“A survey conducted in 2020 identified flooding as the number one concern for Town residents, and we’re excited about the prospect of commencing work on a solution.”
An investment opportunity from the Town of Miami Lakes
The Series 2021 Project consists of the design, permitting, and construction of new drainage systems consisting of French drains, manholes, catch basins with pollution retardant baffles to mitigate flooding and provide water quality and quantity treatment. The improvements will be made in the following areas:
- NW 153rd Terrace Drainage Improvements. Approximately 1,700 linear feet.
- West Lakes Gardens Second Addition Drainage Improvements. Approximately 2,200 linear feet.
- Alameda Northwest Drainage Improvements. Approximately 1,400 linear feet.
- Royal Oaks Eight Addition Drainage Improvements. Approximately 1,300 linear feet.
- Francesca/Mary Drainage Improvements. Approximately 2,000 linear feet.
- NW 83rd Place North Drainage Improvements. Approximately 170 linear feet.
- Loch Lomond Drainage Improvements. Approximately 1,990 linear feet.
- West Lakes Gardens Drainage Improvements. Approximately 4,800 linear feet.
- Royal Oaks Sixth Addition Drainage Improvements. Approximately 1,750 linear feet.
- Royal Lakes First Addition Drainage Improvements. Approximately 420 linear feet.
- NW 159th Terrace Drainage Improvements. Approximately 800 linear feet.
- NW 166th Street Drainage Improvements. Approximately 700 linear feet.
- Commerce Way Drainage Improvements. Approximately 900 linear feet.
- West Lakes Garden First Addition Drainage Improvements. Approximately 1,200 linear feet.
- Genesis Oaks Gardens Drainage Improvements. Approximately 3,200 linear feet.
- Canal Bank Stabilization Phase 3. This project includes the design, permitting, and construction of approximately 1,600 linear feet stacked canal bank stabilization system along the south side of the Golden Glades Canal bank to protect the canal bank from further erosion and maintain a safe and effective canal system.