Miami-Dade County commissioners committed up to $700 million in PortMiami debt on Thursday, July 30, a 30-year borrowing plan that will shape the future of Biscayne Bay's busiest waterfront and the Fisher Island fuel facility sitting just across the channel from Key Biscayne.

Commissioner Raquel Regalado, who represents District 7, cast the lone dissenting vote on Agenda Item 261220, which authorizes Seaport Revenue Bonds carrying an estimated $968 million in interest and $1.62 billion in total debt service through 2056, according to Community Newspapers.

The vote came 11 days before the county's newly hired port director, Jonathan Daniels, is scheduled to start the job.

What the county is borrowing

The actual borrowing totals roughly $655.6 million: about $380 million for nearly 20 capital projects including terminal upgrades, gantry cranes, bulkhead repairs and shore power; $200 million to refinance existing short-term commercial paper; and nearly $100 million for reserves and capitalized interest.

The bonds are repaid from PortMiami revenues, not property taxes. But those revenues come from fees charged to cruise lines, cargo carriers and port users, and the costs flow downstream to passengers, businesses and consumers across Miami-Dade County.

The Fisher Island question

The bond package's biggest wild card sits on the north shore of Fisher Island, directly across Biscayne Bay from PortMiami on Dodge Island. The county obtained three appraisals for the 9.6-acre fuel facility property: $25 million (assuming a 1978 restrictive covenant keeps it as a fuel yard), roughly $180 million, and $430 million (assuming residential development), according to the Miami Herald.

HRP Fisher Island LLC paid $180 million for the site in September 2025 and planned luxury condominiums. After negotiations on a reported $400 million deal collapsed, the commission voted 11-1 on June 16 to pursue eminent domain, with Regalado again the sole dissenter.

When she voted against the eminent domain authorization in June, Regalado told the Miami Herald: "This is a decision that will impact this county for the next 50 years, and it should not be made lightly. Every time we see a crisis here, we run into a burning building without getting all the facts."

A jury will ultimately determine the property's fair market value, meaning the county committed bond capacity without knowing the final price.

Refinancing at a higher rate

The $200 million commercial paper refinancing has drawn scrutiny. The existing short-term debt carries an interest rate of about 2.49%, while the new 30-year bonds carry a 5.50% coupon, according to Community Newspapers Publisher Grant Miller, who cited county financing documents in his analysis. Miller found no net present value savings from the refinancing and estimated it adds roughly $369 million in total debt service.

New director, no review

Daniels, who previously led Port Everglades and the Port of Baltimore, is scheduled to start as PortMiami director on Monday, Aug. 10. The commission approved the 30-year borrowing plan before he had any opportunity to review it.

The Fisher Island fuel controversy has already churned through port leadership. Former Director Hydi Webb departed, interim Director Frederick Wong resigned less than a week after taking the role, and Deputy Mayor Roy Coley filled in starting Wednesday, July 1, according to Miami Today.

What's next

The bonds are being prepared for pricing. No public comment deadline tied to the bond sale has been announced.

The eminent domain case against HRP Fisher Island LLC remains pending in court, with HRP CEO Roberto Perez vowing to "aggressively fight" the seizure, according to The Real Deal.