This past May, the City of Miami Gardens celebrated its 20th anniversary. In just 20 years, we took a dirt field and transformed it into a world-class entertainment destination with a thriving economy and a community with a lot of heart.
From the Super Bowl to the Miami Tennis Open to Formula 1, every world-class sporting event takes place right here in Miami Gardens. Some of the largest businesses relocating to South Florida are coming here. Today, there are national chains anchoring major intersections, new building developments are going up and top-selling auto dealers are operating in the City. Collectively, these advancements create opportunities for our residents, creating jobs and contributes to the economic vitality of our businesses.
The City continues to improve its financial situation. For the 11th consecutive year, we were able to hold the millage rate steady at 6.9363. Miami Gardens boasts an Aa3 credit rating with Moody’s and AA- with Fitch. Our City's financial health is strong, with a 14.9% growth in taxable value. For every $1 million the City has invested in the community, it has realized a return of $17 million.
A cornerstone priority for this City is to improve our residents’ quality of life by enhancing our physical environment and creating venues for engagement and interaction. As of September, 70% of the projects in the $60 million General Obligation Bond program have been completed, fulfilling the promises made in 2014. This year, we opened 2 new facilities, Bennett Lifter Park and Dr. Lester Brown Park. We also broke ground on Brentwood Park, which will be renovated to include a new playground, walking trail, fitness stations and pavilions.
Community enhancements like beautifying curbs and gutters, housing improvements and improvements to our streetlights are also coming to fruition. In October, we broke ground on the NW 7th Avenue Streetscape Improvements Project that will not only include additional lanes to ease traffic, but other improvements include drainage, improved sidewalks and ADA ramps, landscaping, and irrigation. Under the Housing Rehabilitation Program, 40 homeowners received assistance with replacing their roofs, windows, air conditioners, water heaters, exterior painting and driveways. Through the funds we received from the memorandum of understanding with Formula One Racing, the City continued the Senior Beautification Program; created a small business assistance fund; and distributed a total of $50,000 in scholarships to college-bound seniors from Miami Norland and Miami Carol City Senior High Schools.
Public safety remains a top priority for the City of Miami Gardens. Our Police Department continues to invest in programs, resources and technological advancements to enhance our sense of security. In addition to the state-of-the-art Real Time Crime Center, just last week, the Department unveiled its recently acquired high-tech mobile command center. This is the one of latest investments made by the City to empower our Police Officers to better serve and protect our community.
Miami Gardens is continuing to experience a period of growth and development. The Calder site is being transformed and other projects are either in progress or in the pipeline. These projects include multifamily developments, medical facilities, retail spaces and industrial sites, and have an estimated value of approximately $1 billion.
As we look to the future, new shops and restaurants will soon call the 27th Avenue entertainment corridor home. Also in the works: the 5-acre site across from City Hall will become a thriving development and the 35-acre lot will be developed into a City Center featuring two hotels, market rate apartments, entertainment venue and the world’s first Formula 1 museum. The 3.68 acres adjacent to City Hall, the PACE district, will become home to a performing arts center with a culinary arts program and a boutique hotel. The addition of multiple hotels will finally allow visitors to stay in Miami Gardens rather than in neighboring communities.
Miami Gardens is a City on the rise, filled with promise, progress, and opportunity. Our commitment to our community, our focus on public safety, infrastructure development, and our thriving local economy are the principles upon which we build our City's future. We are a City of resilience, growth, and innovation, and I want to extend my gratitude to our dedicated City Council, Charter Officers, employees, and, most importantly, our residents for their continued support. Together, we will continue to build a brighter future for the City of Miami Gardens, a beacon of progress and prosperity.