Cutler Bay town manager, Rafael Casals

Cutler Bay won’t be buying land and building new town facilities, at least for now.

Town voters on Tuesday turned down the proposal to pay $40 million over time from their property taxes to buy and develop land with facilities such as parks, a municipal complex or projects aimed at economic development.

The ballot measure failed narrowly with 52 percent of those who voted casting ballots against the measure in the mail-in bond referendum, according to Miami-Dade County Elections website.

In total, 4,498 ballots were cast, which represents 16.97 percent of registered town voters.

The town had asked voters if it can borrow the money in one or a series of general obligation bonds to be repaid with property taxes over 30 years.

It already had set its sight on one property, an 18-acre vacant lot northeast of Old Cutler Road and Southwest 212th Street that’s part of a larger 30-acre vacant property known as the Potato Field.

The plan was for the town to purchase this and likely other land and then draw a development plan with community input.

All Cutler Bay property owners would have paid for these initiatives through their property taxes. The owner of the average home with a homestead exemption would have paid a maximum of $124 annually if the town had issued one $40 million bond at once, although the town would have been more likely to borrow the money in smaller chunks.