Miami is currently thriving as the leading Latin America hub and the city is reporting a budget surplus of $45 million, five times greater than expected thanks to a revived real estate market, according to unaudited numbers.
Now Miami is set to lower its borrowing costs and will start selling $50 million of tax-exempt bonds as soon as this week despite being under the cloud of a U.S. Securities & Exchange Commission investigation.
Bond proceeds will help finance a tunnel project that will increase access to the Port of Miami through the city’s downtown. The debt will be repaid with non-property-tax collections, as well as some revenue from development districts that stand to benefit from the project.
