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P H A S E 1 I M P L E M E N TA T I O N BOND REFERENDUM 10.6.2026

“Bond…General Obligation Bond.” General Obligation (GO) Bonds $

A general obligation bond is like a mortgage; it is a way for local governments to borrow money, backed by their property taxes, for larger improvement projects (and sometimes, operating costs) and pay it back over time with interest.

“Bond…General Obligation Bond.“ Public Referendum $

A referendum is a public question placed on a ballot by a local unit (such as a town or city), leaving the final decision to the voters. Past referenda have included construction projects (for various taxing units, including schools and parks) and operating needs (for schools).

STEP 1 – Feasibility Research  Parks and conservation priorities  Finance options  Fiscal capacity  Political profile  Election history  Election requirements  Ballot language requirements  Pathways to the ballot  Best practices

STEP 2 – Public Opinion Survey Methodology: random, statisticallyvalid, voters, mail/telephone Why poll (again)?  Reality test (funding levels)  Real-time perspective of voter sentiment on broad community issues/priorities.  Reach non-park users.  Inform messaging + target audiences

STEP 3 – Program Recommendations  Clearly define projects to be

funded (“hub and spokes”).

9900 PLAZA

OPTIMIST PARK

 Funding source(s)/mechanism.  Amount, duration, impact.  Timing (election type/date).

VILLAGE COMMONS PARK + CONSTITUTION PARK

 Management/accountability. MEMORIAL PARK

BAYFRONT PARK

STEP 4 – Ballot Language [is critical!] Must be:  Legal - Florida: 75-word body, 15-word title  Ethical - Reflecting actual priorities  Single Subject – Cannot include unrelated projects  Reflective of community values Easy to read and understand

Best practices:  Listing benefits of the bond that people support  Completing research to know which projects are most important to voters  Easy to find on the ballot (difficult to control…)

Why does it matter?

Around 40% of people decide how to vote in the ballot box!

STEP 4 – Ballot Language Town of Cutler Bay, FL

Around 40% of people decide how to vote in the ballot box!

City of Doral, FL (11/2018)

(11/2018)

Shall the Town of Cutler Bay issue general obligation bonds not exceeding $40,000,000, in one or more series, as tax-exempt and/or taxable bonds, maturing not later than thirty years from their issuance dates, bearing interest not exceeding the maximum allowable by law, payable from ad valorem taxes levied by the town, to acquire and improve property for parks, open space, public facilities, and economic development? [65 words / 75 max]

To improve public health and protect natural areas by building/ improving parks and recreational facilities with safety features, including, but not limited to, green spaces, community centers, cultural amenities, aquatic facility, playgrounds, sports fields, and 5 miles of walking/ cycling trails, shall Doral issue General Obligation Bonds, within maximum lawful interest rates, maturing within 30 years from each issuance, not exceeding $150 million, payable from ad valorem taxes, with independent annual audits and citizen oversight? [75 words / 75 max]

STEP 4 – Ballot Language Town of Cutler Bay, FL

Around 40% of people decide how to vote in the ballot box!

City of Doral, FL (11/2018)

(11/2018)

Shall the Town of Cutler Bay issue general obligation bonds not exceeding $40,000,000 $40,000,000, in one or more series, as tax-exempt and/or taxable bonds, maturing not later than thirty years from their issuance dates, bearing interest not exceeding the maximum allowable by law, payable from ad valorem taxes levied by the town, to acquire and improve property for parks, open space, public facilities, and economic development? [65 words / 75 max]

STEP 5 – Educate Core Objectives:  Make it easy to vote “yes.”  “Educate” NOT “advocate” Toolkit:  Coalition building  Public “Town Hall” meetings  Staff + ambassador training  Dedicated webpage w/ FAQ  Communications (media) – – – –

Paid media: direct mail, digital Analog: Signs/banners/door hangers, etc. Digital: Socials + Village Newsletter Phones (SMS)

IMPLEMENTATION: Roadmap R E S E A R C H

E D U C AT E

D E V E L O P

Council adopts final ballot language (12/15) Finalize ballot language

ELECTION - 4/13/27

Draft ballot language Finalize bond package SEPT

NOV

OCT

FEB

DEC

MAR

APR

MAY

27 Public polling complete Onboard financial advisor Begin public polling Stakeholder focus groups (9/15-16) Survey instrument development + testing

Master Plan adoption (5/19)

SMS campaign Social campaign Public town halls Park ambassador + staff training Launch updated website Submit final ballot language to County

IMPLEMENTATION: Research 1. Ballot Measure (Referendum) Feasibility Research: bonds A. Statistical Polling – Obtained detailed data on how residents eneral might vote, test viable funding amounts;g use f u n d data to inform final funding amount/projects, outreach strategy.

impact grants Focus Groups w/ Council – Conduct focus group sessions with fees

Council and Bond Counsel to review survey findings, determine bond amount and key projects as well as oversight/accountability.

C. Draft Ballot Language – Work with Council and Village Attorney to strategically draft ballot language.

IMPLEMENTATION: Develop 2. Outreach + Education Campaign – Development Phase onds A. Outreach Strategy Development – Key messaging, btarget audiences, crisis communications plan. g e n e r a l fund

B. Expanded Website – Added detail, imagery, and narrative for i m p a c t (nextg rsteps), master plan vision, implementation strategy and key ants fees ballot/election information to reduce voting friction. C. Support Collateral – Meeting-in-a-box toolkits, key talking points by target audience, social media content and templates, graphics/photo database, additional impact data/stat. collection. D. Staff Training Sessions – Every conversation is an opportunity.

IMPLEMENTATION: Educate 3. Outreach + Education Campaign – Execution Phase b o nof d s the A. Public Town Halls – Public forums to present the findings

master plan and implementation strategy. g e n e r a l fund

B. Focus Groups – Discuss MP outcome and next steps with key community groups/organizations.

impact grants f e e s master plan projects, Social Media Campaign – Highlighting key

community benefits of MSV parks/programs

D. Hard-copy Mailers/Flyers/Signage – for community events, newsletters, etc.

E. SMS Text Message Campaign - Messaging specific to target audiences, including election/voting information.

IMPLEMENTATION: Target Audiences

GENERAL PUBLIC

SENIORS (55+)

BUSINESSES

BOND OPTION 1: $55M

GENERAL OBLIGATION BOND REFERENDUM OPTION 1 - g$55 e n eMillion ral BOND PROJECT

f u n dUNIT

MP PRIORITY

PROJECT TYPE

FUNDING MECHANISM

UNIT

G.O. Bond

New Indoor Community Recreation Center

Captial - New

Village Commons Park (Rec. Complex)

Captial - Renovation

impact f e SF es G.O. Bond

COST

$589 $35

bonds QUANTITY

BUDGET

PERCENT OF TOTAL

66,610

$39,250,000

71.4%

450,000

$15,750,000

28.6%

TOTAL:

$55 M

grants

BOND OPTION 1: $55M Option 1 Includes: bonds

 NEW multi-generational indoor community center.  Complete renovation of the “rec complex” (Village Commons Park) site: 1. Tot-lot 2. Athletic fields 3. Parking 4. Pickleball Courts 5. Basketball Courts 6. New maintenance facility

impact fees

grants

BOND OPTION 1: $55M Public Survey Test Question (OPTION 1): The Village is considering a $55 million bond referendum to build a new indoor community center for residents of all ages and renovate the Recreation Complex, including its athletic fields, courts, and tot lot. If approved, the estimated property tax increase would be $1.57 annually for every $1,000 of a property's taxable value. For example, the increase would be approximately $648 per year for a home with the Village's median taxable value of $412,935. Note; a property’s “taxable value” is typically less than its fair market value (what it would sell for).Based on this information, how would you likely vote on this bond referendum? Based on this information, how would you likely vote on this bond referendum? ____(1) In favor

____(2) Unsure

____(3) Against

BOND OPTION 1: $55M VILLAGE COMMONS PARK ($15.8M / 29%)

NEW COMMUNITY CENTER ($39.6M / 71%)

Option 1 ($55M)

9 10

4 8

2 1 3

6 7 11

13 12

NORTH

1 •

New Community Ctr.

2 •

Covered Exterior Plaza

3 •

Destination Shaded TotLot

4 •

Outdoor Child-Watch Playspace

5 •

Drop-Off Court

6 •

Basketball Courts

7 •

Pickleball Courts

8 •

Athletic Fields

9 •

Artificial Turf MultiSport Field

10 •

Looping Walking Path

• 11

New Parking Lot

• 12

New On-Street Parking Around Constitution Park

13 •

Outdoor Fitness (existing)

14 •

Park/PW Service Yard

BOND OPTION 2: $75M Option 2 Includes:  NEW multi-generational indoor community center.  Complete renovations of ALL existing Village Park sites: 1. 2. 3. 4. 5. 6. 7. 8.

Tot-lot Athletic fields Constitution Park Optimist Park Memorial Park Bayfront Park Rec Complex (Village Commons Park) Dog Park

CONSTITUTION PARK

impact fees

b oOPTIMIST n d s PARK

grants

VILLAGE COMMONS PARK + CONSTITUTION PARK

 Up to $1M in upgrades to the existing aquatics center.  Up to $5M in strategic projects to improve Villagewide walkability and pedestrian safety.

MEMORIAL PARK

BAYFRONT PARK

BOND OPTION 2: $75M VILLAGEWIDEWALKABILITY IMPROVEMENTS

CONSTITUTION PARK

($5M / 7%)

impact fees RENOVATIONS OF EXISTING PARKS

b oOPTIMIST n d s PARK

grants

VILLAGE COMMONS PARK + CONSTITUTION PARK

($26.9M / 36%)

NEW COMMUNITY CENTER ($43.1M / 57%) MEMORIAL PARK

BAYFRONT PARK

BOND OPTION 2: $75M GENERAL OBLIGATION BOND REFERENDUM OPTION 2 - $75 Million BOND PROJECT

MP PRIORITY

PROJECT TYPE

FUNDING MECHANISM

UNIT

UNIT COST

QUANTITY

BUDGET

$646

66,610

$43,062,611

57.4%

$16,825,853

22.4%

$2,831,016

3.8%

New Indoor Community Recreation Center

Captial - New

G.O. Bond

Village Commons Park (Rec. Complex)

Captial - Renovation

G.O. Bond

Constitution Park

Captial - Renovation

G.O. Bond

Memorial Park

Captial - Renovation

G.O. Bond

Optimist Park

Captial - Renovation

G.O. Bond

Bayfront Park

Captial - Renovation

G.O. Bond

Aquatics Center

Captial - Renovation

Dog Park

Walkability Improvements

general $37 f u450,000 nd $38

75,000

i$37 m p a c t62,000 fees

PERCENT OF TOTAL

bonds

g r a n t s 3.1%

$2,318,229

$37

62,000

$2,318,229

3.1%

$37

35,000

$1,308,677

1.7%

G.O. Bond

$1,000,000

$1,068,308

1.4%

Captial - Renovation

G.O. Bond

$250,000

$267,077

0.4%

Captial - New

G.O. Bond

$500 - $750

$5,000,000

6.7%

TOTAL:

$75 M

BOND OPTION 2: $75M Public Survey Test Question (OPTION 2): The Village is considering a $75 million bond referendum to build a new indoor community center for residents of all ages, make substantial renovations to all existing Village public parks, and make strategic improvements to improve Village-wide walkability. If approved, the estimated property tax increase would be $2.14 annually for every $1,000 of a property's taxable value. For example, the increase would be approximately $883 per year for a home with the Village's median taxable value of $412,935. Note; a property’s “taxable value” is typically less than its fair market value (what it would sell for).

CONSTITUTION PARK

impact fees

b oOPTIMIST n d s PARK

grants

VILLAGE COMMONS PARK + CONSTITUTION PARK

Based on this information, how would you likely vote on this bond referendum? MEMORIAL PARK

____(1) In favor

____(2) Unsure

____(3) Against

BAYFRONT PARK

VISION: Optimist Park

VISION: Memorial Park

VISION: Constitution Park

VISION: Bayfront Park

VISION: Village Commons

Village Commons Park + Constitution Park

VISION:

9 10

4 8

2 1 3

6 7 11

1 •

New Community Ctr.

2 •

Covered Exterior Plaza

3 •

Destination Shaded TotLot

4 •

Outdoor Child-Watch Playspace

5 •

Drop-Off Court

6 •

Basketball Courts

7 •

Pickleball Courts

8 •

Athletic Fields

9 •

Artificial Turf MultiSport Field

10 •

Looping Walking Path

11 •

New Parking Lot

• 12

Outdoor Fitness Course

• 13

Sand Volleyball

• 14

Flex Lawn

• 15

Park/PW Service Yard

13 14

NORTH

VISION: Walkability Shared-Use Path – Club Drive / NE 96th St.

CLUB DRIVE – 60’- 65’ ROW

VISION: Walkability Shared-Use Path – Club Drive / NE 96th St.

PATHWAY BRANDING PEDESTRIAN LIGHTING REGULATORY SIGNAGE PLANTED BIO-SWALE BUFFER W/ BOLLARDS AND/OR STANDING CURB WEST

EAST

RAILROAD EASEMENT 15’

20’

3’

CLUB DRIVE – 60’- 65’ ROW

8’ SIDEPATH

10’ - 15’

5’

RESIDENT IMPACT - Comparison

Estimated level annual debt service

$50,000,000 Bond

$65,000,000 Bond

$3,069,577

$3,990,450

New (voted) debt service millage

1.4262 mills

Illustrative resulting total Village millage*

~9.36 mills

1.8540 mills

~9.79 mills

Annual $ impact — median home ($412,935 taxable value)

$588.91

$765.59

Monthly-equivalent $ impact — median home

$49.08

$63.80

Impact per $100,000 of taxable value

$142.62 / year

$185.40 / year

Total interest paid over 30year term

~$42,087,000

~$54,714,000

*Adds the new voted debt millage to the Village’s current FY2025-26 total millage of 7.9331 mills (7.8000 operating + 0.1331 existing voted debt). Illustrative only — the actual total in the bond issuance year will

Home Taxable Value

$50,000,000 Bond Annual $ Impact

$65,000,000 Bond Annual $ Impact

$200,000

$285.23

$370.80

$300,000

$427.85

$556.21

$412,935 (Village median)

$588.91

$765.59

$500,000

$713.08

$927.01

$750,000

$1,069.63

$1,390.51

$1,000,000

$1,426.17

$1,854.02

Note: “taxable value” (not market/just value) is the correct basis — it already reflects homestead exemption and Save Our Homes caps where applicable, so it is typically lower than a home's market value for longtime owner-occupants.

RESIDENT IMPACT - Comparison Detailed comparison results at 4.50% interest rate:

Illustrative annual impact by home taxable value:*

Option 1 ($55M GO Bond)

Option 2 ($75M GO Bond)

Estimated level annual debt service*

$3,376,535

$4,604,366

New (voted) debt service millage

1.5688 mills

2.1393 mills

Illustrative resulting total Village millage* Annual $ impact — median home

($412,935 taxable value)

Monthly-equivalent $ impact — median home

Home Taxable Value*

Option 1- $55M

Option 2 - $75M

(Annual $ @ 4.5% APR)

$200,000

$313.76

$427.85

$300,000

$470.64

$641.78

(Village median taxable assessed home value)

$647.81

$883.37

$500,000

$784.39

$1,069.63

$750,000

$1,176.59

$1,604.44

$1,000,000

$1,568.78

$2,139.25

$412,935 ~9.50 mills

$647.81

$53.98

~10.07 mills

$883.37

$73.61

Impact per $100,000 of taxable value

$156.88/yr

$213.93/yr

Total interest paid over 30-year term

~$46,296,046

~$63,130,972

*Adds the new voted debt millage to the Village's current FY2025-26 total millage of 7.9331 mills (7.8000 operating + 0.1331 existing voted debt). Illustrative only — the actual total in the bond issuance year will also reflect the then-current operating millage and status of existing debt.

* “taxable value” (not market/just value) is the value used to determine the impact of a property-tax measure on private property. Taxable assessed value, as determined by the County’s property appraiser, takes into account existing homestead exemptions and Save Our Homes caps (where applicable). “Taxable value” is typically lower than a home's market value (what it would sell for) for longtime owner-occupants.

RESIDENT IMPACT – Supporting Information Key data inputs and sources: Input

Key assumptions: Data/Value

Data Source

Village total taxable value (tax base)

$2,152,326,300

FY2025-26 Adopted Budget (2025 certified roll)

Median homesteaded property — taxable value

$412,935

Miami-Dade PA, 2024 Average & Median Homestead Residential Values (certified)

Current operating millage

7.8000 mills

FY2025-26 Adopted Budget

Current voted debt service millage

0.1331 mills

FY2025-26 Adopted Budget

Bond amounts evaluated

$55,000,000 (Option 1), $75,000,000 (Option 2)

Provided assumption

Assumed bond issuance year

2027

Provided assumption

Assumed bond term

30 years

Provided assumption

Assumed all-in true interest cost (TIC)

4.00% / 4.50% / 5.00% (range)

FL Division of Bond Finance (4.39% est., 7/13/26); FMSbonds AA 30-yr benchmark (4.65%, 8/14/26)

Debt service structure

Level annual debt service

Standard structuring assumption at this phase.

Level (even) annual debt service is assumed across the 30-year term — the typical structure for voter-approved G.O. bonds, which produces a fairly stable, predictable annual millage rather than one that is front- or back-loaded. A single, up-front bond sale in 2027 for the full par amount, rather than phased/multiseries issuance. Interest rate of 4.00%–5.00%, bracketing current tax-exempt municipal market benchmarks as of early-to-mid August 2026. Actual borrowing cost will depend on the Village's credit rating, bond insurance/structuring decisions, and market conditions at the time of pricing in 2027. The Village's current total taxable value ($2,152,326,300, from the FY2025-26 certified roll) is used as the tax base for both options. In recent years this base has grown 8– 14% annually; if that trend continues through the 2027 tax roll, the actual millage needed to generate the same debt service may be somewhat lower than shown here, all else equal. “Median home” is defined as the median taxable value among homesteaded (owneroccupied) residential properties per the Miami-Dade Property Appraiser's 2024 certified report ($412,935), applied consistently to both options. Each bond amount ($55,000,000 and $75,000,000) is treated as a fixed, single figure — not a cost range — per the current project scope. As a matter of standard municipal bond practice, we'd still recommend ballot language state each as a “not to exceed” amount to preserve contingency headroom, but no low/high sensitivity is needed since only one figure was provided for each option. Both options include a $5,000,000 allowance for a new sanitary sewer connection between the proposed recreation center and the nearest existing connection point, not construction of new main line.

THANK YOU.