The city has announced that it would like to borrow $600 million to fund stormwater, flooding, and resiliency improvements.
At the same time, it is considering proposals for the Gas Plant site that could result in giving away up to $1 billion in taxpayer-owned prime downtown land to a single developer.
Why would we do that?
Why would we give away $1 billion in value – while asking taxpayers to take on more than $1 billion in new debt, when the city could retain that value by leading the development itself?
Because that’s the reality of what the city is proposing – asking residents to pay more in taxes to support more than $1 billion in borrowing, while giving away up to $1 billion in public value.
The $600 million is what would be borrowed, but when interest is included, the total cost will likely be $1.1 to $1.3 billion (assuming roughly 30 years at about 5–5.5% interest)—paid by taxpayers over time.
What This Means for Residents
According to recent reporting, the proposed borrowing would increase property taxes by approximately:
$96 per year for every $100,000 of home value
That means:
- $300,000 home → $288 per year
- $500,000 home → $480 per year
- $750,000 home → $720 per year
- $1,000,000 home → $960 per year
- $2,000,000 home → $1,920 per year
- $3,000,000 home → $2,880 per year
This is a real, recurring cash cost—every year.
At the Same Time — The Gas Plant Decision
At the same time we are talking about raising taxes, the city is considering proposals for the Gas Plant site that would:
- Transfer control of publicly owned prime downtown land to a private developer
- Result in the land being sold far below its current and future value—a potential loss of up to $1 billion in public value
That loss becomes real if the city selects a single developer to control the entire site rather than pursuing a city-led approach that captures the full value over time.
I’ve written more specifically about what’s at stake in a recent post, “A Billion Will Go Out the Window.”
What We Also Risk Losing
When the city turns over control of a project of this scale to a single developer, additional risks come with it:
- Execution risk — projects stall, markets change, or developers run into trouble
- Loss of control — the city no longer determines what gets built, when it gets built, or how closely it reflects community priorities
And if something goes wrong, we could be left with far less than expected.
A Fair Question
Even City Council members are raising questions about how these tax increases and the city’s borrowing plans will be explained to residents. As reported by Florida Politics, Gina Driscoll recently asked:
“What do you say when a resident says…. why didn’t you just take .96 mils (the proposed $96 per year tax for every $100,000 of home value) from what I’m already paying and put that into a separate fund? Because you guys are taxing us enough…and start living within your means, government, like we have to?
It’s a fair question when you consider:
- The actual taxes collected by the city have increased dramatically since 2015
- The population growth has been relatively modest over the same timeframe.
What Is the Better Use of Our Resources?
- Focusing our resources on the approximately $5 billion needed for flood protection, reliable infrastructure, and long-term resilience – as confirmed in a meeting with officials
Or
- Moving forward with a deal that turns over control of the Gas Plant site and risks giving away up to $1 billion in public value
A Decision in Front of Us
The city is holding a public meeting on April 30th to review proposals for the Gas Plant site and take questions.
Two of those proposals involve turning over the entire site to a single developer.
There is also an alternative—where the city takes a more direct role and retains that value over time.
With infrastructure needs approaching $5 billion, do we want to:
give away up to $1 billion in public value—
or retain it for the benefit of the city?
In a recent poll, 93% said the city should not give away up to $1 billion in public value while raising taxes.
If this matters to you, attend the April 30th meeting and make your voice heard.
