The newly-established community development district for the 27-acre Miami Worldcenter project has successfully sold $74.1 million in tax exempt bonds in a private placement, which provided a crucial source of funding for the project.
CDDs are government agencies established to fund infrastructure improvements and maintenance in defined areas. The bonds are repaid over time through property tax assessments within the district.
The $74.1 million was one of the largest CDD bond issuances in South Florida in recent years.
For Miami Worldcenter, the CDD bonds will fund street improvements, modernized mass transit stations, new landscaping, widened sidewalks, more water and sewer capacity, electrical work, and new street lights. Located on the north side of downtown Miami, the $2 billion Miami Worldcenter will include condos, apartments, retail, restaurants, and a hotel/convention center.
North Miami Beach-based FMSbonds was the sole underwriter of the Miami Worldcenter CDD bonds. The deal included Greenberg Traurig as bond counsel, Squire Patton Boggs as underwriters counsel, Billing, Cochran, Lyles, Mauro & Ramsey as issuer counsel and Fishkind & Associates as financial advisor.