Bloomberg

Miami Beach Aims to Kill Spring Break Image With $100 Million Bond

Miami Beach plans to fund cultural projects with $97.6 million in municipal debt to attract 'cultural tourists' and move away from its spring-break image.

Miami Beach is selling $97.6 million in municipal debt to fund cultural projects and improve its reputation as a spring-break destination.
The bonds will be backed by property taxes, which have surged due to the city's appeal to wealthy residents.
Miami Beach aims to attract 'cultural tourists' and shift its economic model away from spring break partying.
The city has seen a surge in residential property values and an increase in high-net-worth individuals.
The bond funding will support cultural institutions like the Miami City Ballet and the Miami Beach Botanical Garden.

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