Fort Lauderdale greenlights $1.3B financing for Prospect Lake Water Treatment Plant

Fort Lauderdale greenlights $1.3B financing for Prospect Lake Water Treatment PlantThe City Commission unanimously authorized a massive bond and note issuance to fund the new treatment facility, while simultaneously advancing an ordinance to restructure water rates and capital expansion fees.

Commissioners approved a $121.25 million water and sewer revenue subordinate bond and a $1.179 billion subordinate note.

The $1.3 billion financing package is dedicated to the Prospect Lake Water Treatment Plant project.

A separate ordinance passed its first reading to increase water fixed-cost recovery, update capital expansion fees, and revise irrigation tiers.

The rate ordinance was amended to include a 12-month average wastewater credit to alleviate customer billing issues caused by leaks.

The City of Fort Lauderdale is moving forward with a massive capital injection for its municipal water infrastructure, approving over $1.3 billion in financing for the Prospect Lake Water Treatment Plant project during its September 2, 2026, commission meeting. The City Commission unanimously adopted a resolution authorizing the issuance of a $121.25 million water and sewer revenue subordinate bond alongside a non-interest-bearing water and sewer subordinate note totaling $1.179 billion. The financing package follows a recent staff presentation detailing the capital requirements for the Prospect Lake facility. Mayor Dean Trantalis noted the approval with a directive to utility staff to "spend it wisely." To support utility revenues and address customer billing concerns, the commission also unanimously approved the first reading of a comprehensive water and sewer code amendment. The ordinance increases water fixed-cost recovery, establishes new multifamily fixed charges based on dwelling units behind the meter, revises irrigation volumetric tiers, and updates water capital expansion fees. During the meeting, a city staff member requested an amendment to the draft ordinance to ensure a 12-month average credit for wastewater was included alongside the proposed water credits for leaks and unusual consumption. Vice Mayor Ben Sorensen supported the amendment, noting that unexpected leaks and billing errors have been a major "pain point" for Fort Lauderdale residents. The expanded provisions will give city staff greater authority to credit customers for unpreventable water loss.