Let's GO Hollywood Bond

Let's GO Hollywood

What Is The Let's GO Hollywood General Obligation Bond?

On March 12, 2019, the City of Hollywood will hold a Special Election where voters will be asked a decide on whether to fund a variety of city-wide public improvement projects to be funded by a General Obligation Bond of $165 million.

What will the GO Bond Include?

The Let's GO Hollywood improvements are divided into three broad categories, with those categories appearing as three questions on the March 12th ballot.

- Police and Fire Public Safety, Facilities, Technology and Equipment - $78 million
- Parks, Recreation, Cultural Facilities, Open Space Preservation, Trails and Golf - $64 million
- Neighborhoods, Infrastructure and Resiliency - $23 million

With input from the community and assessment of city-wide needs, a list of projects to be funded through the GOB has been compiled. 

Summary of Proposed Projects

  • New Hollywood Police Department Headquarters
  • Hollywood Fire Rescue Trucks and Equipment
  • Traffic Calming and Control Measures
  • City-wide Park Improvements
  • Preservation of Open Space through the acquisition of the former Sunset Golf Course and revitalization of Orangebrook and Hollywood Beach Golf Courses
  • Art and Culture Center/Hollywood Multidisciplinary Arts Education Center
  • ArtsPark at Young Circle Improvements
  • Renovation of former Armory Building into Indoor Sports Facility
  • Recreational Facilities and Sports Fields
  • Creation of Natural Trails
  • Neighborhood Sound Walls and Landscaping
  • Gateway and Neighborhood Monument Signs
  • Tidal Flooding Mitigation and Sea Walls
  • Hardening of Utilities in North Beach

View the most recent presentation to the City Commission on December 5, 2018. This presentation includes a comprehensive list of projects to date. 

How Will These Projects Be Funded?

The Let's GO Hollywood improvement projects will be funded through a General Obligation Bond (GO Bond). A GO Bond is one way cities fund major construction projects such as roads, parks, drainage, and/or buildings. They are backed by the full faith and credit of the City. The Let's GO Hollywood Bond would be a 25 year bond that would be repaid through an additional percentage on your property tax bill. For a $165 million bond, the owner of a home with an average taxable value of $165,000 would pay an estimated $106 more per year. General Obligation Bonds require voter approval.

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Why Is a GO Bond Being Proposed?

The City of Hollywood maintains more than 85 facilities and parks, 400+ miles of streets and alleys, 301 miles of sidewalks and 5+ miles of beach. Each year the City adopts a 5-year plan to address large scale maintenance projects, renovations and construction of new facilities. This allows the City to plan funding for maintenance of its basic infrastructure such as street resurfacing, sidewalk repair, facility upkeep, etc.

The City uses various sources of funding to pay for the projects. Such funding sources include:

•Debt Financing (borrowing money)
•Permit Fees
•Charges for Services
•State and Federal Grants

Even with these sources of revenue, the City currently does not have available funds to complete many proposed improvement projects. Debit financing has been the primary mechanism for paying for large, City-wide projects. The interest and principal (debt service) on debt financed projects is repaid by the General Fund Operating Budget over a period of time. The City has the ability to pay for debt financing but, if you all add in paying for the annual debt service too, that figure limits the amount of funding available for capital improvement projects in any one year. Bond financing allows cities to spread the cost for large projects out over many years. 

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Will My Taxes Go Up?

The City's base millage rate will not change as a result of the bond being issued. A separate millage rate estimated at .6402 will be added to cover the costs of GO Bond projects. For a $165 million bond, the owner of a home with a taxable value of $165,000 (the average taxable value in Hollywood) would pay an estimated $106 more per year.  

What Are Our Options?

Without the GO Bond, the City may eventually have to raise the operating millage rate to address the needed projects or forgo many of the projects.

What Can Taxpayers Expect in this Process? 

A public education effort is underway to ensure voters have the information they need to vote on the Let's GO Hollywood Bond initiative. The public must vote on authorizing the City to acquire bonds; therefore three referendum questions will appear on the March 12, 2019 special election ballot for voters of the City to decide.

Lets Go Hollywood Citizens' Oversight Board

If approved by voters, a Citizen's Oversight Board, or "steering committee," will be established in April 2019. Steering committee members will be appointed with the responsibility to monitor GO Bond projects. 

When Can I See The Results of the GO Bond?

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Bonds are typically issued 3 to 6 months after voters have approved the referendum. While smaller projects will get underway quickly, the first wave of large-scale projects are expected to take approximately three years including design and construction.

What Areas Will Be Impacted?

All areas of the City will see improvements.
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In 2004 Hollywood voters approved the issuance of $53,680,000 General Obligation Bonds. The bonds were issued on June 3, 2005 at a interest rate of 3.0% - 5.0%. On July 9, 2015 a note was issued refunding the bonds to secure a lower, fixed interest rate of 2.92%. The note is set to mature on June 1, 2030.  

Funds were used to finance the construction of improvements to parks throughout the City including large scale projects such as the complete renovation of the Fred Lippman Multi-Purpose Senior Center, construction of Sal Oliveri/Veterans Park, Boulevard Heights Community Center, Hollywood West Sports Fields, and new Fire Station on Federal Highway. A complete renovation of Rotary Park and improvements to fire rescue and public safety facilities, as well as equipment and technology upgrades were also included. Below are some examples of the accomplishments from the GO Bonds: