Cutler Bay council approves financing package and brownfields steps to advance Legacy Park

The Town of Cutler Bay on March 18 moved forward on financing and legal steps intended to advance construction of Legacy Park and the municipal complex.

Council approved an ordinance and associated resolution authorizing issuance of capital-improvement revenue bonds not to exceed $17 million and approved a loan agreement and bond award to TD Public Finance LLC. Town representatives reported they negotiated more favorable loan timing language — the previously discussed mandatory “put” was extended from 15 to 20 years — and that the borrowing carries a locked interest rate of 4.16 percent. Council voted unanimously on the ordinance and the related financing resolutions.

In closely related action, the council approved two brownfield-related resolutions. The first authorizes an amendment to an existing brownfield site rehabilitation agreement (BISRA) related to the larger contaminated care zone that includes the town property and privately held parcels developed by Publix and others. The amendment would remove the town’s parcels from the existing joint BISRA so Publix can proceed on its section, and would let the town enter a replacement BISRA that covers only town-owned parcels.

Town counsel and the brownfields attorney said the split would preserve the town’s liability protections and allow the town to capture 100 percent of the voluntary cleanup tax credits for which it is eligible on its parcels — up to $500,000 annually — plus additional bonus credits (the presentation cited up to $1 million in bonus credits once qualifying conditions are met). That change should streamline the town’s ability to apply for tax credits and to manage remediation on the town-owned portions of the site without coordinating each application with the private owner.

Brownfield counsel noted that the town has already submitted roughly $2.7 million in eligible remediation costs (2021–2025) and expects about $763,000 in annual voluntary cleanup tax credits so far; the replacement BISRA would preserve continuity of earlier credits and allow access to additional bonuses when the town meets applicable conditions (for example, if a qualifying health-care provider locates on the site). The council approved the BISRA amendment and replacement agreement unanimously.

Separately, project staff and the owner’s representative provided a construction update on Legacy Park: site remediation sampling for Phase 1 finished in February and GMP2 bids (underground utilities/site work) were expected later in March, with GMP3 (vertical building) initial bids due at the end of March. The design team reiterated a goal to phase the work so the community center and pool are prioritized; staff estimated that portion could be operational in mid–late 2027, depending on permitting, funding and remediation results.

Council members said the financing and brownfields steps remove key obstacles to continuing Legacy Park work while ensuring the town can collect applicable state cleanup tax credits to offset remediation costs. Staff said the next steps are execution of the loan agreement and BISRA documents and continuing GMP procurement and permitting activity.