Underline scores $15M in funding from Coral Gables
City will use impact fees from developments like Paseo de la Riviera
The Underline just got another boost in funding, this time from the city of Coral Gables.
The Coral Gables City Commission voted Tuesday to direct $15 million from impact fees, which come from developers constructing projects in the area, to the linear park. Collecting the funds will take about five years and will likely come from projects like the controversial Paseo de la Riviera, the Miami Herald reported.
The proposed multimillion-dollar park project, which will run under the Metrorail from Brickell to Dadeland, is now only $15 million short of the $100 million it needs for construction. Friends of the Underline, the nonprofit leading the charge for the park, plans to break ground in about a year by starting construction on the Brickell portion.
In the Gables, the park will run in front the University of Miami and NP International’s Paseo de la Riviera, which recently secured construction financing.
Last month, the city of Miami’s planning and zoning department proposed providing bonuses to developers who contribute funds for the city’s portion of the planned 10-mile park.
About a year earlier, Miami city commissioners approved $50 million in funding for the Underline. The money will come from development fees charged by the city, while bout $67 million will be raised through private donations and other public funding.
[Miami Herald] – Katherine Kallergis