Town Council Workshop - Legacy Park and Municipal Complex Gap Financing Options

The Town of Cutler Bay held a special town council workshop on January 27, 2026, focused on addressing the $17 million funding gap for the Legacy Park and Municipal Complex project. The council discussed financing options, ultimately selecting a $17 million bank loan from TD Bank with a 15-year term and non-ad valorem revenue security, rather than issuing additional bonds. The loan was chosen for its lower cost, greater flexibility, and shorter amortization period. The council also reviewed the project's design, budget updates, and construction phases, with presentations from financial advisors, the design team, and project managers. They emphasized maintaining strong fund balances to protect the town's credit rating and discussed potential reimbursements from grants and tax credits. The meeting concluded with plans to develop a tailored investment policy and continued oversight of the project’s financial and construction progress.