Projects will double the tax budget of one of the nation's poorest cities, but the jump in taxes is not a net gain.
Miami has 233 mixed-used projects in process, which will bring more than 66,000 new residential units to or or near downtown. If all are completed, the City's tax rolls would increase to over $40 billion by 2006, from $22.0 billion today. The city is forecasting that virtually everything currently in the pipeline will be completed. "At this point, there is no evidence of city projects slowing down," Mayor Diaz said. The jump in taxes is not a net gain. Costs rise with growth. "As the city becomes denser," Larry Spring, city budget and strategic planning chief said, "additional expenses on police and firefighters are necessary."
Thanks to Silvia Vargas
Read the full story: New projects to double Miami's tax rolls, officials say
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