The city of Miami Beach said it is participating in the RE.invest Initiative funded by the Rockefeller Foundation along with seven other municipalities around the country.
The two-year initiative will help cities rethink the way they design, plan, implement, and finance urban infrastructure, the foundation said. By helping cities use public resources more efficiently and attract new sources of private investment, RE.invest will reduce the burden placed on city personnel and public budgets.
"Miami Beach faces unique challenges in protecting ourselves from storms and surges, and we look forward to being a part of the RE.invest Initiative to provide a better future for our residents," said Miami Beach Mayor Matti Herrera Bower.
Miami Beach will receive technical assistance from Bechtel Corp., Akin Gump Strauss Hauer & Feld LLP, and Wall Street Without Walls, which will provide engineering, law, and finance expertise.
The study will identify news ways to bundle revenue streams so cities can effectively work with private investors and the private sector to make smart improvements to their local infrastructure, the foundation said.
"The rehabilitation and upkeep of our nation's urban storm and waste water systems is of great importance, and we are thrilled to be part of the RE.invest Initiative to help these cities attract this much-needed investment," said Susan Lent, a partner at Akin Gump Strauss Hauer & Feld LLP.
The Rockefeller Foundation is providing up to $3 million in seed money for the RE.invest Initiative, which will align philanthropic and public resources to leverage private financing for sustainable urban storm and waste water systems in cities across the United States.
Two other Southeast cities participating in the initiative are New Orleans and Norfolk, Va.