Cost of Coral Gables’ “Renaissance Debt” Near $2 Million Yearly

A Simple Calculation.

Taking $22.5 million as the base, the cost of financing that over 20 years is said to be $35m.  That is about right at about 4 to 5 percent interest.

That is a cost of $145,000/month or $1,740,000 per year.

Also, the cost of maintenance of the new works should be added to the capital cost.

Give or take, the city will be spending $2,000,000 for the 17 capital projects.

No small sum and so quickly agreed to by the commission without much serious consultation with the taxpayers.

Are there any other better uses for all or part of this money?  Isn’t that the question?

About Stephen E. McGaughey
International consultant in economic development programs and projects

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