MIAMI (CBSMiami) – The Miami City Commission approved another plan to infuse tens of millions of dollars into the Overtown area in hopes of sparking growth and resurgence in the area.

The Commission approved a $50 million plan put together by Commissioner Michelle Spence-Jones after one day of wavering over the cost, according to CBS4 news partner the Miami Herald.

The proposal will make a $35 million investment into four mixed-use development projects in Overtown and an additional $15 million will fund renovations to aging Town Park residences.

The $50 million bond initiative will now go before the Miami-Dade County Commission which will also have to approve the deal before the money is psent.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


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