FYI Miami: May 28, 2020
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
$150 MILLION FOR JACKSON: In its ongoing fight against Covid-19, Jackson Health System will be able to access up to $150 million to use as “operating capital” through a non-revolving line of credit from Wells Fargo. The funding mechanism – drawable in $5 million increments as-needed over three years – is “absolutely necessary” to ensure Jackson has “adequate resources to help in keeping our community safe and reducing the risk of Covid-19,” Miami-Dade Deputy Mayor Ed Marquez wrote in a memo accompanying the ordinance, which county lawmakers approved this month. The ordinance also authorizes Mayor Carlos Giménez’s administration to “execute further extensions of the terms of the credit facility if he determines, in consultation with [county financial advisors], that the terms of the extension are favorable to the county.” During talks over the county nonprofit hospital system last month, Jackson CEO Carlos Migoya estimated a 40% revenue dip since the beginning of March as elective surgeries dropped to zero, leading to a $13 million shortfall that month alone. He anticipated up to another $30 million in lost revenue in April and for that trend to continue through May. “At best,” he said. “we will see Jackson being able to get back to what the new normal will be … sometime in June.”
TROPICAL PARK POOL: Tropical Park’s many amenities include trails, playgrounds, a boxing gym, athletic fields, pavilions and an equestrian center. In due time, it will also have an aquatic facility similar to those recently built in other parks throughout Miami-Dade, where residents can swim and enjoy other water-related activities. County commissioners May 19 unanimously OK’d a resolution by Commissioner Javier Souto to direct staff to find funds and architects to build a water park at Tropical Park. One potential source of funds, Mr. Souto’s item said, could be up to $3.81 million unspent in the county’s bond program for park projects.
METERED PARKING BACK ON: The Miami Parking Authority has begun charging for parking once again, having suspended enforcement of regular metered parking back in March because of the pandemic. The authority tasked with managing off- and on-street parking in the City of Miami will, however, still offer customers one free hour of on-street parking when they use the PayByPhone app. The agency has launched “Welcome Back Miami!” as its reopening campaign. As per a press release, the authority will deploy its enforcement officers as “goodwill ambassadors” who will assist customers with the PayByPhone app and provide further technical assistance and information on parking programs available in the community, such as discount program for residents. Municipal garage rates have been reduced to a flat $10 rate.