HomeMy WebLinkAboutSEOPW-CRA-R-00-0136r1
-^ ITEM 11A
SEOPW/CRA
RESOLUTION NO. SEOPW/ CRA pclf J► W h T
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
COMMUNITY REDEVELOPMENT AGENCY (-CRA") PROVIDING A
GRANT OF $1.17MM TO THE NEW ARENA SQUARE,
APARTMENTS AND FURTHER AUTHORIZING THE EXECUTIVE
DIRECTOR TO ENTER INTO AN AGREEMENT WITH SALOMEN
YUKEN, OWNER OF NEW ARENA SQUARE APARTMENTS IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY, SUBJECT TO THE
LOAN APPROVAL FROM FANNIE MAE.
WHEREAS, the City of Miami approved and adopted the Southeast
Overtown/Park West Community Redevelopment Plan pursuant to
Resolution Nos. 82-755 and 85-1247 (the "Redevelopment Plan"); and
WHEREAS, the CRA is responsible for carrying out community
redevelopment activities and projects in the Southeast Overtown/Park
West Redevelopment Area (the "Redevelopment Area") established
pursuant to the Redevelopment Plan; and
WHEREAS, the CRA desires to provide a grant of $1.17 MM to the
New Arena Square Apartments and further authorizing the Executive
Director to enter into an agreement with Salomon Yuken, owner of New
Arena Square Apartments in a form acceptable to the City Attorney,
subject to the loan approval from Fannie Mae.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to
this Resolution are incorporated herein as if fully set forth in this
Section.
Section 2. The Board of Directors of CRA hereby authorizes the
CRA to provide a grant of $1.17 MM to the New Arena Square
Apartments and further authorizing the Executive Director to enter into
an agreement with . Salomon Yuken, owner of New Arena Square
Apartments in a form acceptable to the City Attorney, subject to the loan
approval from Fannie Mae.
Section 3. The
upon its adoption.
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® ITEM 11A
SEOPW/CRA
PASSED AND ADOPTED on this 18'n day of December, 2000.
ATTEST:
Walter J. Foeman, City Clerk
APPROVED AS TO FORM
AND CORRECTNESS:
Alejandro Vilarelio
City Attorney
Arthur E. Teele, Jr., Chairman
SEOPWICRA
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EXHIBIT A
SEOPW/CRA: Of)- i36
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LAMBERT ADVISORY, L.C.
FACSIMILE 'TRANSMITTAL SHEET
TO:
FROM:
Dipek Parekh Eric Liff
Email m
Dena Dial #: 305-960-3716
COMPANY: DATE:
Mia CRA 12/8/00
k'AX NUMBER: TOTAL NO OF PAGES INCLUDING COVER:
305-372A646 6
PHONE: NUMISER:
SENDER'S REFERHNCR. NUMBER:
RR YOUR REFFRENCQ NUMBER:
❑ URGENT ❑ FOR REVIEW ❑ PLEASE COMMENT ❑ PLCA.5E REPLY ❑ PLEASE RECYCLP:
NOTEWCOMMENTS:
sE®gwIcx� - 1.36
2601 SOUTH BAYS110RH Uklvr, SU).TP. Soo D
MIAMI, Fl, 33133
PHONE! (305) 860-3715 PAX: (305) H60-3777
WWW.LAMBER'FA13VI5()RY.COM
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L� ambert
Advisory
• . 2601 South Myshore Drive, Suite 300 D
Miami, Florida 33133
USA
Mr. Dipek Parekh
City of Miami Community Redevelopment Agency
300 Biscayne Boulevard, Suite 430
Miami, FL 33131
December 7, 2000
Dear Mr. Parekh:
ph 305 660 3715
fx 305 960 3777
We have completed a review of the Arena Square Apartment Increment Tax analysis
(refer to the attached Proforma Analysis and Charts). our primary objective was to
identify the time frame for which Increment Tax proceeds from the Arena Square
Apartment would equal the grant provided to the project plus any interest on the
underlying Fannie Mae loan. It should be noted that this analysis is exclusively related to
increment tax generated from the project and does not take into account the value of the
project from an economic development perspective, or its ability to "prove" the
residential market in the Overtown/Park West District.
The following is a summary of primary assumptions utilized in this analysis:
— The CRA will contribute as a grant $1.17 million to the redevelopment of Arena
Square. The funds will be provided through Fannie Mae loan, which the CRA will
repay based upon a 7-year amortization and a coupon of 10.0 percent (0.5% above
Prime). The loan will not be collateralized by the project, and will have to be paid
out of CRA funds.
— Upon completion of the improvements, the development's Total Project Value is
estimated to be $10.51 million, based upon acquisition and projected development
costs provided by Mr. Salomon Yuken. For this analysis, we assume a project value
breakdown of $8.4 million for improvements and $2.1 million for land and,
furthermore, the value of the property is expected to increase 2.5 percent SWUally.
The property's assessed value for Ad Valorem (and Personal Property) Taxes
assumes 80 percent of estimated Total Project Value, which is consistent with the
County's assessment methodology.
The Increment Tax paid to the CRA assumes a millage of 14.760, which includes
both County and CRA increments portions.
Proceeds from the Increment Tax utilized to repay the CRA loan was prepared. on a
current value basis, as well as present value basis.
0 � O?vj 100,6 0 r �, a3 -�
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Mr. Depek Parckh
City of Miami Community Redevelopment Agency
Based upon these assumptions, the following can be concluded:
- The CRA.'s loan repayment obligation is $240,000 annually, or $1.68 million over a
seven- year amortization period.
- On a current dollar basis, increment tax proceeds from The Arena Square Apartments
will reach $1.68 million after 12 years
- On a present value basis (using a discount rate of 5 percent), proceeds from the Arena
Square increment tax will reach $1.68 million after 17 years.
Please call with any questions or comments regarding our analysis - (305) 860-3716.
Sincerely,
Eric L'
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100- 136
SEopW/CRA_
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Arena Square Apartments
E
Increment Tax Schedule
$3.5
Current Dollars
>`.
$3.0
$2.5
$2.0
Total Coat of Loan to CRA: 1.68 Million Owosso
.o
—
$1.0
>
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$ • 5
Repayment Period
$0
12
Years
V
Year
n
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Arena Square Apartments
Increment Tax Schedule
Present Value Basis
$3.5
v
$3.0
c
c
$2.5
$2.0
T1 Coat of Loan to CRA: $1.68 Million
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—
rr�
$1.0
$
Repayment Period
.5
$o
*17
Years
v
Year
M
CITY OF MIAMI, FLORIDA
ITlEli'][ IIA
TO: Chairman Teele and
Members of the CRA Board
FROM: Dipak M. Pare
Executive Directo
INTER -OFFICE MEMORANDUM
DATE. December 6, 2000 FILE
SUBJECT New Arena Square Apartments
REFERENCES
ENCLOSURES: Resolution and Tax Analysis Review
RECOMMENDATION
It is recommended that the CRA Board approve the attached resolution providing, for a grant of $1.17
MM for one hundred percent (100%) gutted rehabilitation and expansion of the residential and
commercial units of the New Arena Square Apartments and further authorizing the Executive Director
to enter into an agreement with Salomon Yuken, owner of New Arena Square Apartments in a form
acceptable to the City Attorney, subject to the loan approval from Fannie Mae.
BACKGROUND
The New Arena Square Apartments is one of the major rehabilitation programs of the SEO/PW
• Redevelopment Plan Phase I Development Programs provided for in the City/County Interlocal
Agreement dated March 13, 1983. As part of the 3`d Avenue Business Corridor, the New Arena Square
Apartments rehabilitation is a top priority for immediately removing blight and slum from the 3rd
Avenue Business Corridor, and the providing of a much higher quality apartments and commercial
shops. An economic analysis, conducted by Paul Lambert of Lambert Associates shows that on a
current dollar basis, increment tax revenues from the New Arena Square Apartments will reach $1.68
million after 12 years.
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The line of audit being applied for is to primarily develop commercial walk-up residences within the
New Arena Square Apartments Complex along with the following . additional and essential
improvements that do not qualify for funding from the financing products of the developer.
1. Dramatic changes in the front of the buildings on the 3`d Avenue corridor and enhances
the south corridor entrance all in accordance with the design of a CRA Charrette by
Overtown Community.
2. Increases the size of the stores from 500 to 1,000sq. ft. for a total of 15,000 sq. ft. as
opposed to 7,500, which does not meet the need of the community thus improving the
feasibility to rent to national chains doing business in inner cities.
3. Combine the two buildings into one with a majestic 3`d Avenue entrance, with a center
landscape courtyard and glass enclosed elevators. The combination creates one larger
complex, with better security for its residents and commercial operation.
4. Create the landscape of 3`d Avenue public area with royal palms and sidewalk with paves
creating a pedestrian friendly environment.
Funding Source: CDBG Funds, Other Funds
Account Number: 689005.550012.6.860
SE0rw1CM-.. -
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November 30, 2000
Shalley Jones, Director
South Florida Partnership Office
FannieMae
1000 Brickell Avenue, Suite 600
Miami, Florida 33131
Re: CRA's Loan Application Request of $3.37 MM
Dear Ms. Jones;
Enclosed, please find a copy of the Community Redevelopment Agency's Loan
application request in the amount of $3.37 MM for the Arena Square Apartments project
and the 11 `h to 14'h Street Town Homes of the CRA.
If you have any -questions regarding this Loan application, please don't hesitate to contact
me in the office at (305) 579-3324.
Sincerely,
q,N
Dip ak M. Parekh
Executive Director
cma/dmp/dmp
SEOPws 0 ®— 16 f
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300 Biscayne Boulevard Way 9 Suite 430 • Miami, Florida 33131 9 Phone (305) 579-3324 • Fax (305) 372-4646
• •
SEO/PW CRA
• 300 Biscayne Blvd. Way
Suite 430
Miami, FL 33131
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Community
Redevelopment
Agency
• Loan Request
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Fannie Mae
American Communities Fund
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� L'oan Summary
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Redevelopment Dollars Re Invested in the Southeast
Overtown/Park West Agency (CRA)
ARENA SQUARE APARTMENTS $1,170,000
One million and one hundred seventy thousand dollars ($1,170,000) would be used to facilitate the
renovation and expansion of a portion of the Arena Square Apartments facility to provide essential
commercial services for the residents and local citizens and to improve adjacent street way, facades and
landscaping. This project represents a $5.5 million total project consisting of 124 units of residential (2&3
bedrooms) and 7,500 square feet of commercial / retail space located between the I Oh and I Vh Street on NE
3`d Avenue and forming part of the Historic Priority NE 3`d Avenue Business Corridor Project of the CRA
Redevelopment Plan.
The two residential buildings are located at 268 NW 1 Vh St, and 275 NW IO h they face NW 3`d Ave, a
major central artery through the Overtown sub -area of the SEO/PW CRA redevelopment area that has been
designated as an 3`d Avenue Historic Priority Business Corridor.
The Arena Square Apartments is a major one hundred percent (100%) gutted rehabilitation, of the
existing apartments complex especially in regard to increasing the size and including certain units from
single family to multifamily apartment units (76%) that are in extreme demand in the area.
The line of audit being applied for is to primarily develop commercial walk-up residences within the
Arena Square Apartments Complex along with the following additional and essential improvements
that do not qualify for funding from the financing products of the developer.
1. Dramatic changes in the front of the buildings on the 3r" Avenue corridor and enhances the south
corridor entrance all in accordance with the design of a CRA Charrette by Overtown Community.
2. Increases the size of the stores from 500 to 1,000 sq. ft. for a total of 15,000 sq. ft., as opposed to
7,500, which does not meet the need of the community thus improving the feasibility to rent to
national chains doing business in inner cities.
3. Combine the two buildings into one with a majestic 3rd Avenue entrance, with a center landscape
courtyard and glass enclosed elevators. This combination creates one large complex, with better
security for its residents and commercial operation.
4. Create the landscape of 3`d Avenue public area with royal palms and sidewalk with paves creating
a,pedestrian friendly environment.
SEOPWICRA 0 0 _ 136
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Summary of Committed Funds. The following represents the funding sources that have been committed
for this arena square redevelopment area square redevelopment project and the source of those funds.
• City of Miami / CDBG $ 300,000
• City of Miami / HOME $ 1,250,000
• SEO/PW CRA (Pending Fannie Mae Loan) $ 900,000
• Guilford Capital Corp. 3,050,000
Total capital Requirement $ 5,500,000
1.1 .. TO 14:M STREET TOWN HOMES OF THE CRA $2 200,000
Seven hundred thousand dollars ($700,000) will be used to fund Phase I of the Town Homes Program
project (Phase I Project). The Southeast Overtown/Park West Agency has allocated eight hundred thousand
dollars ($800,000) of its available community development block grant from the City of Miami (City) for
the Phase I Project.
The Project is part of the Phase I Redevelopment Program within the Southeast Overtown/Park West
Community Redevelopment Agency (CRA) redevelopment area and is defined generally in an Interlocal
Agreement between the Miami -Dade County (County) and the City of Miami, acting as the CRA, for the
implementation of the Overtown sub -area of the CRA redevelopment area between NW I Vh to NW 14a'
Street (11d'to 14d' Street Town House Area) that is the major blight and slum residential area of the CRA.
The Project calls for up to eighteen residentially owned Town Houses (Town Houses) of low and moderate
income persons within the community redevelopment area of the CRA. It is the plan of the CRA to give
priority to all qualified persons, which includes the elderly and those who qualify under Housing
Opportunity for People With Aids (HOPWA). The CRA also plans depending on available fund from other
sources to purchase the housing that can not be economically rehabilitated of residents in the I Id' to 14`s
Town House Area that qualify and intend to purchase and reside in a Project Town Home. The intent is
acquiring at this time only the single homes that cannot be economically rehabilitated to eliminate blight
conditions. If the CRA does not purchase by negotiation or eminent domain it will not have met the
legislative requirements of the Act Community Redevelopment Act of 1969 to provide replacement housing
and eliminate blight and slum at the same time. Along with this program will be the acquiring of CLUC-90
real property that due to government liens (City and County) and of no financial benefit to a private sector
person that would have to pay the liens. These properties when acquired will be part of the Town Homes
program.
The Town Homes Program includes a second development plans (Phase II Project) within the I I'h Street /
14d' Town House Area of the CRA fronting the 3`d Avenue Historic Business Corridor. Phase 1I of the
Project includes up to fifteen (15) commercial / walkup residential units. These units will be primarily made
available for sale to existing and new commercial entrepreneurs that are within and who provide services to
the Overtown areas Conceptional planning of the Phase II Project is underway and it is anticipated that
additional grants and loans will be available in the next fiscal year of the CRA to start Phase II Project.
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The Borrower
The Southeast Overtown/Park West Community Redevelopment Agency (the "CRA") is a separate legal
entity organized under the laws of the state of Florida for the express purpose of eliminating blight and
fostering redevelopment within the CRA redevelopment area. The Tax Increment revenue of the CRA are
used for financing the CRA redevelopment plan to the extent permitted under the City/County Interlocal
agreement dated March 31, 1983 and F.S. 163.387(6) which are collected from the real property in the area
are reinvested in redevelopment in that same area. The Board of Directors for the CRA is the five City
Commissioners.
Fostering Redevelopment in the CRA Areas
The primary function of the CRA in using tax increment revenues and any other sources of removal for
implementing the redevelopment plan of the SEO/PW is to afford maximum opportunity to the
redevelopment of the redevelopment area by private for profit enterprises as encouraged under F.S. 163.345.
Technical Assistance
The CRA provides technical assistance to private for -profit enterprises and not for -profit community
redevelopment corporations and to qualify existing persons that are in need to rehabilitate existing
residential and commercial facilities as part of the redevelopment plan for eliminating blight and slum
condition. This assistance could be professional technical services or other "in -kind" contributions by the
CRA.
Business Retention, Expansion and Attraction
Third Ave has been designated a Historic Priority Business Corridor. The first thrust of this designation is
to "shore up" the existing businesses and help bring them up to code. This is followed by an effort to
facilitate expansion of existing businesses and attraction of new businesses.
Inter -local Collaborations
Many times to facilitate a mutually beneficial project, the CRA, the City, the County and sometimes the
State will collaborate or interlocally cooperate to facilitate the development of a particular project. Below
are some examples.
F.:; St ,Pedestrian.; %(eccim liotet:.<
�. 's�<a;� .s ....:>i'„ ,`�:�:,�.•;-�-:-..;,Mall:: .> .._�:,`�.�w,.,._... =
CRA
1 mm 750k-1.5mm
$300K 'a k
Miami=Dade County 2mm
Table. Inter -local Collaborations
Terms
The CRA is open to negotiate the terms of the loan based on its structure.
' You can visit our website @ www.miami-cra.orQ
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Summary
LOAN AMOUNT:
PROPOSED USE:
TYPE Of FACILITY:
PROPOSED SECURITY:
INTEREST RATE:
•
$3,370,00
Capital Projects
Revolving Line Of Credit
Tax Increment Funds
.5% Over Prime
5
SEOPWICM-
00-136
New Arena Square North & South Ltd.
1023 N.W. 3 Avenue
Miami, Florida 33136
Tel. (305) 372-1383
Fax. (305) 3744451
November 15, 2000
City of Miami Community Reinvestment Agency
Mr. Arthur E. Teele Jr., Chairman and Board Directors
300 Biscayne Boulevard Way, Suite 430
Miami, Florida 33131
Re: New Arena Square Development
Dear Mr. Teele:
Thank you for the opportunity to present at the September 25 Board meeting the
upgrading of the design plans for the buildings located on the Third Avenue corridor.
As explained in our presentation the Equity Partners (Guilford Capital Corp.,
Montgomery Al.) has committed a total investment of approximately $14,000,000.00 to
the complete redevelopment of the 12 buildings of New Arena Square, which together
with $1,550,000.00 approved by City of Miami Economic Development takes it to a
grand total of $15,550,000.00 (Holland & Knight document enclosed).
The two buildings located on the third avenue corridor are 268 N.W. 11 St. and 275 N.W.
10 St. with an as is combination of 162 apts. mainly one bedroom units and
approximately 7500 sq. ft. of small stores fronting third avenue.
Our original plans are for 100% gutted rehabilitation, with everything new in the
apartments and a change to larger units with a 124 unit mix composition with 76% two
and three bedroom units, and a budget of $5,500,000.00 (hard & soft costs) for both
buildings covering only the housing portion of the properties, without any changes in the
exterior (besides painting) or any repairs in the commercial area (enclosed photos of
actual conditions of the 3`d Avenue buildings front).
When the announcement of development plans of the Third Avenue corridor, we had a
meeting with the Charrette Architects and they explained to us that being our property at
the South entrance of the corridor, it would be great for the area and the community to
come up with additional plans on a design that would completely change the image of
Overtown and would make a statement of how future development should set the
standards from.
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After the Architect meeting we met on several occasions with CRA staff and Chairman
Commissioner Teele and we agreed to work on revise plans that would help change the
image of Overtown.
Enclosed you will find the final drawings of the revised plans for the project which
change the original concept of the development as follows:
1.- Dramatically changes the front of the buildings on the 3`d Avenue corridor and
enhances the south corridor entrance.
2.- Increases the size of the stores from 500 to 1,000 sq. ft. for a total of 15,000 sq. ft.
thus improving the feasibility to rent to national chains doing business in inner cities.
3.- The two buildings will be combined into one with a majestic 3`d Avenue entrance,
with a center landscape courtyard and glass enclosed elevators. This combination
creates one large complex, with better security for its residents.
4.- Landscape of 3`d Avenue public area with royal palms and sidewalk with pavers
creating a pedestrian friendly environment.
To accomplish the above in accordance to the cost of the additions from the original
plans, we are respectfully requesting a grant in the amount of $1,167,187.00 (cost
breakdown enclosed) that will cover all of the items not included in our original
development budget.
The beautification of the Third Avenue Corridor will definitely turn around the image
and the economy of the Overtown Community.
Sincerely,
New Arena Square & South Ltd.
Salom uken
is
sE®FWicR 6 6 - 13 6
HOLLAND & KNIGHT LLP
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Atlanta
Boston
Orlando
Providence
Bradenton
SL Petersburg
701 Brickell Avenue, Suite 3000
Chicago
San Francisco
P.O. Box 015441(ZIP 33101-5441)
Fort Lauderdale
Seattle
Miami, Florida 33131
Jackwnville
Tallahassee
Lakeland _
Tampa .
305-374-M
Los Angeles .
Tokyo
FAX 305-189-7199
Melbourne
Washington, D.C.
wwwhkiaw.com
Mexico City
West Palm Beach
Miami
p 7mau" oes
New York
Bi Aim
NorthemViirginia
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September 15, 2000 LYNN C.IVASHINGTON
305-789-7798
Internet address:
la•ashino hklaw.com
Mr. Salomon Yuken
1023 N.W. 3rd Avenue
Miami, Florida 33136
Re: Confirmed Financing For New Arena Square North and South, Ltd.
Dear Mr. Yuken:
The purpose of this letter is to confirm the committed financing for the
rehabiLtation of the buildings owned by New Arena Square North and South,
Ltd. (the "Partnership"). As of this date, -the Partnership has -committed
financing in the amount of $15,534,79.1 from the following sources:
1. City of Miami/CDBG $3002000
2., City of Miami/HOME $1,250,000
3. Guilford Capital Corporation $1,213,791 (existing equity)
4. Guilford Capital Corporation $12,771,000 (new equity)
If you need any further questions regarding this matter, please do not
hesitate to contact me.
Very truly yours,
HOLLAND & KNIGHT LL.P
By:9we6owni—L
Washington
1AIA1 #972282 Y1
-SEOPWICRA, 0 0 `
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�rE�t�'Ei13�
2M N.W. 6th Ave.
MhuTil. FL 33127
Tel. (305) 571-8353
Fax (306) 67'f 41367
September 18, 2000
New Arena Square North & South
275 N.W. 10"' St
Miami, FL 33136
Re: 275 and 268 Buildings
Attention Mr. Salomon Yuken:
Addendum 41 to original construction plan.
This addendum covers the area comprised of buildings
268 N.W. 11 St and 275 N.W. I & Si. fronting 3'd ave.
Removal of interiors of existing commercial & residential units:
Shores & scaffolding as needed.
Clean up & haulink of all debris:
Structural & ArquitectuTal:
New addition to existing, commercial and
Residential units as per plans & specs.
New foundations
New CBS walls
New tic beam & col u7nns
New floor slabs
New roof:
Front elevation along Yd ave.
Construction of new entrance with arch & columns
as per Plans & specs.
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SEOPW/CRAJ 0 0 - 136
New store fronts and enlargement addition
New stucco to entire fagade and sidewalks.
Removal where needed of CBS overhang and refinish
as needed.
Construction of four decorative towers with Spanish tile roofs.
Decorative crown roof & windows.
Two glass caps elevators.
Sub Total:
Profit & Overhead 25%:
Total
Addendum 02 Public Works:
a_ Provisions for a temporary protected pedestrian walkway
With temporary lighting along P ave. from 10 street to- 11
Strret
b. Removal of existing sidewalk
c. Removal df existing curb & gutter.
d. Replace sidewalk- with interlocking pavers.
e. Build new island planters as approved by D.O.T. and /or
Public Works Department
f Build new curb & gutter as required ,
Sub Total:
Profit & Overhead 25%:
Total:
Thank you for your attention to this matter.
Braulio Gutierrez, Pres.
425,000.00
815,000.00 .
203,750.00 ;
1,019,750.00
118,750.00
29,697.00
148,437.00
SEOPWiCRA —
COMMUNITY REDEVELOPMENT AGENCY - SEOPW
. PROJECTED TAX INCREMENT REVENUE
FOR THE YEARS 2007 - 2006
41
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ADJUSTED
TAXABLE
YEAR VALUE
CITY PROJECTED
TAX CITY
RATE TIF
COUNTY PROJECTED
TAX COUNTY
RATE TIF
2001
63,612,632
574,104 1
344,280 2
2002
123,809,930
8.9950
1,057,987
5.7510
676,429
2003
191,582,926
8.9950
1,637,124
5.7510
1,046,704
2004
280,856,239
8.9950
2,399,987
5.7510
1,534,444
2005
312,788,218
8.9950
2,672,854
5.7510
1,708,903
2006
339,987,629
8.9950
2,905,279
5.7510
1,857,505
NOTES:
1 - Amount represents estimates received from The City of Miami Finance Department.
2 - Amount is based on estimates made by the Property Appraiser's office for the applicable year.
3 - All estimates for the years 2002-2006 are computed based on estimated taxable property
values and the millage rate applicable to the 2001 year.
Planned projects were based on estimates from the County Planners Office and estimates
of anticipated projects to be completed over the next five year
A 5% property value growth rate was assumed.
SEOPwicRA" 0 0 -
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• • •
670001000
5' 000 7 000 _}
410001000 -
310007000
110001000 --
SEOPW Projected TIF
ML
2001 2002 20 "-) _--'004 2005 2006
u Years
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sEOPw1-CR& Q 0 - 136
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MI
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I
I AN
House Milami-Dade 1995-1997
House South Florida 1997-2000
Five Year
Anniversary
Report
Submitted into the public
record in connection with
11-,1 or 12111-1(7&
CRG Walter Fo,-,,6zjaj I
City Cleric
5wrWI -
ThE HERALD, FRIDAY, OCTOBER 24, 2997
X
rnat�t c u'AT1rS.T7' 1xi2UL7RR7)
DAVID LAWRENCE JR. AzNli&b and Qiairman
JAMES L XNGHr (190%199U
JOE eptj,t FIM N DOUG N
MART .IiA MUSGROVE and JOE OGLESSBY LARRYOUASrEAD
r
Azaciate Magagixg&Editors
t,
! 1 g well, by'doing 909r%U
or struggling fam-
ilies and first-
time home buy-
e there's an old say-
ing that has the sting of
truth: Banks. will lend
money to anybody
except people who
need it. That should
'smart less now in
South Florida, however, thanks to a $ l4
billion, five -gear commitment to the
area by Fannie Mae, the nation's largest
,6ource of mortgage funds.
A federally chartered corporation that
-is publicly owned,. Fannie Mae buys
mortgages from lenders and resells thews
to investors. It does not,' by any means,
-save money away; it answers to stock-
holders. But Fannie Mae does have a
special mission. By providing loan fund-
ing in targeted areas and through special
programs, the company ideally
improves the availability of mortgages
-for low- and moderate -income families,
unnorities, and immigrants •— in short,
-for communities and people historically
underserved by lenders.
The new $ l4 billion commitment,
tilled House South Florida, is the larg-
'trst of Fannie Mae's 28 targeted, pro-
grams nationwide. The reasons: the
area's pressing need for affordable hous-
Og and strong partnerships with hous-
ing nonprofits and agencies. An out-
growth of a 2-year-old, $5 billion plan
that was limited to Dade County, the
new plan additionally covers Monroe,
Broward, and Palm Beach counties. It
expects to provide opportunities for
Submitted into the public
SE®PWICR , item Cl c, on -% LUaJ
-- Walter Foeman
City Clerk
9
House South Flot'da/House- Miami-Vade-
Fifth Annivea
Submitted into thre publi
record in connection with,
item on L2Q
Walter Foemam
City Clerk
The American Dream Commitment
On March 15, 2000, Fannie Mae Chairman
Frank Raines announced a new initiative
called the American Dream Commitment to
finance $2 trillion of affordable housing in
ten years. This initiative will help provide
affordable housing opportunities to ten
million families who have. been previously
underserved by the housing finance system.
We will work with our lending and
community investment partners to reduce
consumer costs, break down barriers to
homeownership, and serve as a catalytic force
in the revitalization of communities. To
reach these goals. Fannie Mae has opened 47
Partnership Offices across the country to
address the housing and homeownership
needs of communities in the most
comprehensive way possible.
House South Florida
House South Florida, a five-year $14 billion
lending and investment strategy, was
created by Fannie Mae in 1997 for the
counties of Broward, Miami -Dade, Monroe,
and Palm Beach. The plan will provide
affordable housing opportunities for more
than 165,000 families using Fannie Mae
mortgage products, community lending
products, multifamily financing, and other
affordable housing investments. It
represents an expansion of the successful
five-year, $5 billion House Miami -Dade plan
established in 1995.
Five-year achievements
Increasing lending activity
• Through our lender partners., Fannie Mae
provided $15.1 billion in affordable
mortgage financing to help more than
173,669 families become homeowners.
• Loans to low- and moderate -income
families represented 41 percent of all loans
made; loans to first-time home buyers were
27.8 percent., and loans to minority
borrowers were more than 44 percent.
Expanding homeownership activities
® As part of its Community Development
Financial Institution (CDFI) Initiative to
expand financial services in underserved
communities, Fannie Mae provided S1
million in equity investments and
certificate of deposits to Eagle National
Bank, Peoples National Bank, Continental
National Bank, and Gulf Bank.
• To address one key barrier to homeownership,
Fannie Mae provided 12 Down Payment
Assistance Investment Notes (DPkINs)
totaling $6.1 million to the Broward,
Miami -Dade, and Palm Beach County
Housing Finance Authorities, and the
Florida Housing Finance Corporation.
These DPAINs provided down payment
and closing cost assistance for low- and
moderate -income families.
® Fannie Mae increased the supply of below -
market financing for low- and moderate -
income home buyers by purchasing $102
million in mortgage revenue bonds with
the Broward, Miami -Dade, and Palm Beach
County Housing Finance Authorities
providing affordable housing to low- and
moderate -income families.
More than 5,255 families purchased homes
in South Florida using Fannie 97, our most
flexible lending product, providing $396.0
million in financing to borrowers earning
less than the area median income.
Tailoring products to local. needs
Fannie Mae designed several products to
address mortgage financing barriers
identified by key housing partners in the
South Florida communitv:
The Neighborhood Ineill & Stabilization
Program (NISP), a $3 million commitment,
was created to address the disparity
between the market value and the cost of
construction in low-income neighborhoods.
SEOPW/CR&' G 0 -
•
To serve former recipients of public
assistance and very -low income individuals
in Miami -Dade County, Fannie Mae
approved Homeownership-Through-NV-ork.
a $10 million mortgage experiment.
Under the leadership of the Miami -Dade
Housing Agency, the American Dream
Mortgage Guarantee Program, a $5
million commitment, was designed to
stimulate for -profit developers to create
new housing in underserved communities.
Increasing multifamily affordable
housing
Fannie Mae also recognized the need of
affordable rental housing as a critical issue
In five years, Fannie Mae invested nearly
$846 million in multifamily developments,
providing more than 24,000 units of
affordable rental housing.
Fostering economic development
Through its American Communities Fund
(ACF), Fannie Mae approved and invested
$8.12 million in local affordable housing
community development ventures, including:
• Equity investments of $700,000 in
Brownsville Renaissance Shopping Center,
a neighborhood center; $367.000 in
Poinciana Village, 24 new townhouse
units; $432,000 in Point Royal Townhomes,
40 new townhomes developed by Pinnacle
Housing Group; and $1.293 million for The
Shoppes of Liberty City, a neighborhood
center.
® Debt investments that included a
$5 million line of credit to the Miami -Dade
Housing Agency and a $331,000 debt
investment in Biscayne East, 15
townhouses developed by Little Haiti
Housing Association and Al Townsel, Inc.
Submitted into the public
record in connection with
item on
C ZC Walter Foeman
City Clerk
Fighting discrimination
® CitiMortgage and Fannie Maes South
Florida Partnership Office announced a
partnership to provide $1 billion in
affordable mortgage lending in South
Florida over the next five -years.
* Four South Florida counties (Monroe,
Miami -Dade, Broward, and Palm Beach)
were selected to participate in Fannie
Mae's $100 million New Immigrants
Underwriting Initiative.
® Fannie Mae continued to assist two
faith -based initiatives in the Miami -Dade
County area: New Birth Baptist Church
and San Juan Bosco Catholic Church,
granting more than $105,000 to support
their homeownership efforts in the
African -American and Hispanic
communities, respectively.
Raising home -buyer awareness and
building counseling capacity
Partnership Office training sessions on new
affordable Fannie Mae housing products
were attended by more than 2,000 lenders,
nonprofits, and real estate professionals.
• Special training sessions on HomePath
Adviser, Desktop Home Counselor, Timely -
Payment Reward, Condominium./PUD
Approval, and Credit Union Opportunities
were held in conjunction with local lend-
ers, nonprofits, governmental agencies,
real estate professionals, and faith -based
organizations.
Fannie Mae Foundation
The Fannie Mae Foundation is making
significant ifiFlorida to
cant contributions to South Fl gn 1
support the availability of and accessibility
to affordable housing finance and remove
information barriers in Monroe, Miami -Dade,
Broward, and Palm Beach counties and to
address the various community needs.
n - 4 IQ n
SEOPWICRA U 1 at)
During the last five years, the Fannie Mae
Foundation awarded $3.8 million in grants
to local initiatives, nonprofits, placed -based
groups, faith -based churches, scholarship
programs, and other institutions whose
efforts support home -buyer education,
counseling, and affordable housing
opportunities.
Some local Foundation initiatives have
included:
The New -Americans program to address
the special challenges immigrants face
when entering the home -buying process.
The Foundation has provided more than
500,000 new Americans in Miami -Dade
County with home -buying information in a
variety of languages.
The Foundation supported One -Nation in
its extensive citizenship drive that provide
services to new Americans, including
homeownership outreach, education, and
information.
The Homeownership Education and
Counseling Center, a full service housing
counseling center, was established by
countywide to offer budget counseling,
debt management, credit counseling and
improvement, and pre- and post -purchase
counseling for low- and moderate -income
individuals.
® Grants from the Fannie Mae Foundation
created two four-year educational
programs to train Miami high school
students for careers in carpentry and the
financial services industry. The Academy
of Residential Construction (ARC) and the
Academy of Finance, both at Turner Tech,
were funded by the Fannie Mae
Foundation.
• The Mortgage Finance Program, a pilot
program at Miami -Dade Community
College, was created to promote workforce
diversity to develop professional education
and training opportunities for minority
tic
Subrnitted jf1to tne PuD
record in connectiOn with
item on
CMG Walter r-oc&ff tan
City Clerk
students interested in pursuing mortgage
finance careers. The first class graduated
in December, 1999.
• Program -Related Investments (PRI) were
made to Greater Miami Neighborhoods,
Inc. which leveraged more than $1.5
million in real estate developments and to
Centro Campesino to cover pre -
development costs for the construction of
149 new single-family units.
® Little Haiti Housing Association was the
recipient of the Foundation's national
Maxwell Awards of Excellence.
® The Fannie Mae Foundation worked with
the local South Florida Partnership Office
and 'other entities to sponsor home buyer
fairs designed to increase information
about the home -buying process. The
Foundation participated in more than 100
housing fairs, seminars, and workshops
which more than 75,000 consumers
attended over the past five years. Other
participants in these events included: the
Miami Dade Housing Finance Agency
Fairs, U.S. HUD Housing Fairs, Broward
County Office of Housing Finance Fairs,
the Monroe County HFA Fairs, Miami
Dade Community College/Little Haiti
Housing Association Fair, the National
Puerto Rican Coalition Homeowner
Exposition, the Broward County Afford-
able Housing Task Force Housing Fairs,
Consumer Credit Counseling Service
seminars/Nvorkshops, the Haitian Commu-
nity Center/Minority Development &
Empowerment, Inc., Hot 105's Mortgage
Mall & Fair, Vision to Victory CDC, St.
John CDC, Goulds CDC, Housing, Fair, San
Juan Bosco Catholic Church, the Metro -
Miami Annual Conference, City of
Deerfield Beach Housing, City of Home-
stead/Florida City, Miami Beach CDC and
Family Self Sufficiency, and many others.
4 SE01)WIM
•
1111*310W
LWA or.] I I III �R 10 1 #A X
Eirld 0 -
On July 28, 1995, as part of our pledge to
provide $1 trillion in affordable housing
financing, we opened our doors in Miami.
The HouseMiami-Dade investment plan and
the opening of the office were officially an-
nounced on July 28, 1995. Shalley A. Jones,
a native of Miami -Dade, and a highly re-
spected banker and community leader, was
named director.
Larry Small, Fannie Mae's President and
Chief Operating Officer, said that
HouseMiami-Dade would provide $5 billion
in affordable housing financing for approxi-
mately 70,000 low-, moderate-, and middle -
income Miami -Dade home buyers and
renters. The investment plan was a collabo-
rative effort of Fannie Mae, the City and
County government representatives, lenders,
and nonprofit organizations.
Submitted into the public
record in connection with
item on -LQ�
Walter Foeman
City Clerk
Some highlights of HouseMiami-Dade in-
vestment plan included the following:
• Introducing Fannie Mae's Community
Home Buyer's Program
• Participating in Miami -Dade county's
Bank Partnership Program
• Developing an Employer -Assisted Housing
Plan for the City of Miami
• Hosting and participating in Community
Lending Roundtables
• Developing rehabilitation products that
addresses the rehab needs of the City and
Miami -Dade county
• Partnering with Neighborhood Housing
Services to offer purchase and rehab
products
• Offering multifamily financing to provide
affordable rental units for low-, moderate-,
and middle -income families
• Partnering with local nonprofit counseling
agencies to provide counseling and out-
reach to prospective home buyers
Shalkv Jon.es, all -rector, South, Floririn, Partnership Ofl',�m
SE0FWjCF-4_
Submitted into'' Lily
recOW in cU
Item inan
city Cleric
V" ..
Investing in Miami -Dade and Meeting
Underserved Population Needs
During our first year, through our local
lenders, Fannie Mae invested more than $1.1
billion in mortgage financing in Miami -Dade
to help more than 16,000 families obtain
affordable housing. More than 40 percent of
the families were first-time homebuyers.
More than 71 percent were minority borrow-
ers and more than 30 percent were low- and
moderate -income borrowers.
House Miami -Dade First Aaniversary tL-R): Vice :tlayor Jim Burke, Mianii-Dade Board of County
Commissioners; Senator Connie Mack: U. S. Rei)re.sentati4e Lcncoln Diaz-Balart: Larry Small.
president, Fannie Mae; Shallev .Jones, director. South Florida Partnership Office: and Agu.ttan
Dominguez, president, Greater Miami Neighborhoods, Lnc. Auoast 1996
Submitted into the public
record in connection with
r q ; item.. on
SEOPW/CRA O�A Walter Foeman
6 ,.:. City Clertt
t{Y'.f.�. st�l;u �i •�, �.ii.�Y:v�C.+U`n. dRL ti.�:k:�i
Mayor Alex ''
enelas Joins
Citimortgage o
PartnershipAnnounce New
Provide Billion o ; r . e
qwg-• i. # t i .
Families
MIAMI, FL — Thousands of South Florida's
low- and moderate -income, minority, new
immigrant, and other underserved house-
holds will benefit from a new partnership
announced today by Steve Stein, executive
vice president of Citimortgage, Inc., a mem-
ber of Citigroup (C/NYSE) and Rob Levin,
executive vice president of Fannie Mae
(FNM/NYSE), the nation's largest source of
financing for home mortgages. The partner-
ship will provide $1 billion in affordable
mortgage lending in South Florida over the
next five years.
" t ✓�...
�_
William McKe,,.sori, riational sales director:, CitiMortgage:
Tammv Orr AVP, CitiVtortlage; Barbara Romani, VP-CKA
Officer. CitiBanh: Steve Stein, E17P, CitiMortgage; Shalleti
Jories , director. South Florida Partnership Office: Dauid
Elam, VP Housing and Community Development. Fannie Lice
Submitted into the public
record in connection with
item ) (—C.� on _W
C14 Walter Foeman
u City Clerk
Mayor Alex Penelas praised the new partner-
ship. "In. Miami -Dade, there is a critical need
to increase the homeownership rate among
new immigrants and minorities. I commend
Citimortgage and Fannie Mae for joining
forces to make the American Dream a reality
for more hard-working South Florida fami-
lies including those who are newcomers to
this countrv."
This initiative represents a .major increase in
the affordable lending business of
Citimortgage and will transform the way the
company serves emerging markets in South
Florida. To achieve this goal, Citimortgage
has commmitted to originate loans and
Fannie Mae has committed to purchase $1
billion in innovative and affordable mort-
gage loans. At the center of this partnership
is the expansion and introduction of flexible
mortgage products that address the unique
needs of South Florida's low- to moderate -
income borrowers, minority home -buyers,
and new immigrants.
Emilio Fernandez, CitiMortgage; Shelley Jones, director,
South Florida Partnership cjf,,ice
SEoPwlCRA -
0
House,Mi.ami-Dade Second Anniversary (L-R): Jaime Gorelick. dice chair, Fannie Mae; Mayor Alex
Penelas; Sholley Jones, director South Florida Partnership Office; and Larry Small, president,
Fannie Mae. October 1997
Submitted into the public
record in connection with
Item - �i on II i I rLa�
SE®PyJ Cam. ('Ili Walter Foeman,
8 City Cleric;
-d a 0
Addrve.snsing Cua-,%-MMulqjhLAw7
y
Revitalization anct nome
Improvement Ne
ecls
ftbMittec; Into M ---
"I'll"d if, Connecta Pubuc
"on With
on
SBO vvl I I�wwc* 00- 9 13G ter FOeMan
CitY Clerk
•
Fannie Mae American Communities
Fund Invests in Liberty City
Shoppes of Liberty City is located at N-W 54",
Street and NW 15�h Avenue in Liberty City.
Liberty City is located within the city limits
of the City of Miami. Household incomes in
this community are at 40 percent ($18,438)
of the area median income. The community
has a strong sense of neighborhood pride
that is evidenced by the well kept, single-
family homes surrounding the center.
Partners gather at the Shoppes of Liberty Ground -breaking
cLremtlny. September 2000
Shopping Center Snapshot:
• 79,000 square foot
e $7.8 million total development cost
• $1.3 million Fannie Mae ACF investment
.Partner:
Redeoro Enterprises.
Impact:
• Create a neighborhood shopping center
• Eliminate blight caused by a vacant site
• Assist in neighborhood revitalization
• Promote employment opportunities (Winn
Dixie to hire 325 employees)
• Provide opportunities for small and minor-
ity businesses
• Foster corporate and community
collaboratives
,;hoppes o! Liberty C'rty.
Submitted Into the public
record in connection with
item ([ on -LLLj.�
C ISC, Walter Foeman
City Clerk
Submitted into the Public
record in Connection ith
item IL-cf- on _L,�_J LS wkk
$'Cl Walter F11-Man
CRY Clerk
Fannie Mae Awards MNUP
Foundation $10,000
The Metro Miami Action Plan Foundation
(MMAP), Inc., is a nonprofit corporation
organized in 1994 for charitable, cultural,
and educational purposes. It is a spin-off of a
quasi -governmental agency, the Metro
Miami Action Plan Trust, that was
established to help eliminate widely
recognized disparities (criminal justice
sensitivity, education, employment, economic
development, and housing and health and
human services) between the African -
American community and others in Miami -
Dade county. The MMAP Foundation was
awarded a $10,000 grant by Fannie Mae's
National Housing Impact Division to assist
in carrying out its mission.
ev
'11
Lill I t
Z
Farinie Mae lCoatinental National Bank of Miami CDFI
Investnient (L-R): State Senator John Cosgrove; . tace.v Steed,
vice pre.�!ident, Fannie Mae,% Shallev Jones, director, South
Florida Partnership Athan "Buster" Castigiia, President
& COO, Continental National Bank of Miami. October 19.98
Partners in Community DetWopment (L-R): Cecilia la Villa-
Travie.so,.senior deputy director, South Florida Partnership
Office; Representative Carrie Meek, District 17; Sherwood
DuBose, executive director Metro -Miami Action Plan. Trust.
October 1995
Fannie Mae Invests in Local
Hispanic -Owned Bank
Fannie Mae bought $700,000 worth of stock
in Continental National Bank in Miami, as
part of a national effort to boost affordable
housing opportunities in South Florida. The
goal of Fannie Mae's Community Devel
opment Financial Institution program is to
give minority -owned banks the resources to
compete. By investing equity in Continental,
Fannie Mae helps the bank increase its
capacity to lend more money.
SF'OPWICRk
12
•
Plan to Reverse Urban Blight
Unveiled
Increasing market value in distressed neigh-
borhoods and eliminating urban blight
through the construction of new single-
family homes on vacant lots is the goal of a
new partnership formed by Fannie Mae's
Miami -Dade Partnership Office, Greater
Miami -Neighborhoods, Inc. (GMN), Metro -
Miami Action Plan, Metro -Dade Housing
Agency.. the City of Miami, Greater Miami
LISC, CitiBani, and SunTrust.
The Neighborhood Infill & Stabilization
Program (NISP) will create a model for new
construction and rehabilitation of existing
single-family housing stock in neighbor-
hoods that are undergoing extensive rede-
velopment. The NISP pilot will be
implemented through three nonprofit com-
munity development corporations (CDCs),
including Little Haiti Housing Association.
On Thursday, December 6, 1996, a family
from Haiti became the first beneficiary of the
pilot program that will help build or reno-
vate homes in low income areas of Miami -
Dade County.
Miami -Dade Partner.>hip Office Director Shalley Jones ' (rightj , congratulates
Joseph. Philocles (left) and his family at the groundbreaking, ceremony for their
new home in Little Haiti., the first constructed bY the AUSP Partnership.
December 1996
Submitted Into the Public
record in connection with
item 4L—C 4_ On
SEOPWICRA' 00— 13
C P 4 Walter Foeman
1 "3 City Clea�
C
0
Submitted into the public
record in connection with
ftern on -LaWfLAL
Walter Foeman
City Clerk
Poinciana Village Phase III -
The Poinciana Village Condominiums is the
first middle class condominiums developed
and the first homeownership opportunity in
Overtown in 30 years. The Condos are
located in Overtown, within limits of the City
of Miami. Overtown is the South Florida
Partnership Office's designated Neighbor-
hood Partners Initiative (NPI), Miami's
historically black residential community, and
once -famous entertainment and business
district. Household incomes are less than
60percent of Area Median Income (AMI)
($10,100.00) and homeownership rate is
approximately 3 percent. However,
Overtown is now closely linked with the
economic growth prospects of the City of
Miami's CRA, the Miami -Dade Empower-
ment Trust, LISC, and others.
U.S. Representative Carrie R Week addresses the cruiod at the
Fannie MaelPoinctanar tillage Ribbon Cutting ceremony.
1'0,Crnber 1999
Poinciana Condominium Village Phase III:
Total development Costs $2.8 Million;
Fannie Mae's ACF Investment $365,000;
24 units (as of September 25, 18 units sold/
occupied)
Partners: Public/Private Collaboration,
Fannie Mae, City ofNliami, CRA,
SunTrust, and Bank of America
Impact: Assist in neighborhood
revitalization.- increase property tax base;
promote homeownership opportunities for
Overtown; and rejuvenate the"reinvest-
ment cycle" in a blighted neighborhood
Poinciamn, Village Condominium
SEOPW/CRA:
14
Submitted into the
record, in public
item °nnection =
Lc
on Wish
S Wa(teroeman
F
City Clerk
?5
0
Suol,nitted into the publ'16,
re,r,ord inClconnection ion vVt
on��itaill —wlwir FoeMW' CZGr
City cleru
Commissioner Dorrin Rolle joins
Fannie Mae South Florida
Partnership Office Senior Deputy
Director, Cecilia la Villa-Travieso and
Urban Renaissance Partners in
announcing the rehabbing of Sunset
Palm Villas
Sunset Palm Villas is a condo conversion
targeting very -low income families in the
Little Haiti neighborhood. Located at NW
85th Avenue, between 2nd & 5th Avenues,
the project consists of the redevelopment of
260 townhouse units developed by Urban
Renaissance Partners, a for -profit developer.
SunTrust has committed a $2.9 million loan
that is a combination of an Acquisition and
Development and Revolving Loan for Rehab.
Fannie Mae will team with SunTrust and
other lenders to provide mortgage financing
under the Neighborhood Infill and Stabiliza-
tion Program, Community 100, or the
Homeownership -through -Work programs.
Miami -Dade Commissioner. Dorrin Rolle and
Cecilia la Villa-Travieso, senior deputy
director, South Florida Partnership Office.
June 2000
Parrner.e gather at the rehabbing announcernent oi'Sunset Palm. Villas.
k-
a, g,
911Y House Apartments, 175 NE 119th Street (or 11950 AT 2nd Avenue). North :Miami
SEOPW/CRA,l
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, i,ug'i'�c�``13 Sngs'�^�k��uCr�'
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Gleneagles Apartments, 17660 W 67th Avenue, Miami Lakes
0
WIN
5
Briaru,00d Apartments, 13841 SIi% .90th Avenue. Miami
Dubmitted into the public
reCOrd in connection with
Item on -Gz-/�Co
�124 Walter FQernan
SE®PWI ,',, 0 0 — 1316
" ; v City Cleric
a�
Ol 9
Harbour Key, 100 _North Kendall Drive, Miami
Submitted into the PuNic
record in connection vvi h
item .. on _ _J z_ j_C i.
(ZG Walter Foeman
City Clerk
SE®PW/CR
U L �--
20
Submitted into the public
record in connection with
item r on L2 U41fl-I
Walter Foeman
!OYA City Clerk
Sp 1 (;Z OpW/CRAJ,j 6 0 4��
21
LI
•
Fannie Mae's Office of Diversity
Partners with Historically Black
Colleges
Florida Memorial College, a historically
black college in South Florida, joins with
Fannie Mae in support of community
development and to provide homeowership
information to its faculty and staff.
Congressman Alcee Hastings was present to
"kickoff"the event with the theme
"Community Development: Building Today
for a Better Tomorrow." Additionally,
a student from the HSBC will intern as a
Research Analyst in the local partnership
office of Fannie Mae.
Hi.swrieally Black College Event <oith Florida Memorial College (FMC; (L-Ri:
➢r. Sandra 'T Thompson, c.hairpercon, Division of Social Serice,�, F:V1C; ➢r.
Albert E. Smiti>. president, F.11C; U. S. Representative 3lcee Hastings; Shalley
Jone•>', director, South Florida. P rtnerahip ?Bice; Dr. Barbara Edwards, vice
president, Development and College Relations, FMC.
Submitted into the public
record in connecuo
item / /� on
GC4 Walter Foeman
23.; City Clerk
Submitted into the public
record in connection with
)t0M_J(-C on 19J-61(
0� Walter Foeman
V'ai L 3 City Clerk
National Association of Urban
Bankers Fannie Mae and Other
Lenders in Home -buyers' Fair
The National Association of urban Bankers
(NAUB) held its 24='l Annual conference in
Miami and hosted a homebuyers fair with
Fannie Mae and over 40 lenders and
nonprofits participating in the event.
Florida State Representative Kendrick Meek
kicked off the festivities in which more than
2,000 consumers received information on the
home buying process. The event was also co-
sponsored by local radio station Hot 105.
NAUB's membership consists of minority
professionals employed in the financial
services industry. The Association is head-
quartered in NVashington, DC with 50 local
chapters in major cities throughout the
country.
R"
Comumers li,,ten during �e.';Sz . On on, Credit. Jurte 1998
SEoPW/CRA
U
NAUTIFannie Mae Foundation Ham ebavers' Fair (L-R): State
Senator Kendrick Meek, Shalley Jones, director, South Florida
Partnership Office; William Smith, president, -N,AUB.
June 199&
3V
71ft",
V
T"
D: V IS! 0N
Jeannette Smith, housin- director. City of Hollywood.
June 7998
24
Fannie Mae and NAACP Resource
Centers Team Up
Fannie Mae and the NAACP Resource Cen-
ters partnered to provide free home -buyer
counseling using Fannie Mae Desktop Home
Counselor. Desktop Home Counselor (DHC)
is a software program that allows education
providers to better assess a client's readiness
and ability to purchase a home. Fannie Mae
also provided the NAACP with a $76,000
grant to establish a network of computers to
support the home -buyer education program
at eight NAACP resource centers.
Representative Alcee Hastings joined Fannie
Mae and the NAACP for the announcement.
Deputy Director Cecilia la Villa-Travieso
demonstrated the user friendliness of the
application and ways to customize it to the
needs of the organization.
-14P,fnlitted
� IH�L I KJU J17tO the ;Public
B-SW 49 696.1
with
on
1�� Wabr Fo6mEffl
City Clerk
ueciiia is vitia-iravieso, senior aepury airector, z)outn. rioriac
Partnership Office, demonstrates Desktop Home Counselor at
,zN,A.ACP event. April 1998
Fannie Mae LVA.WP lnitiatioe (L-R): Tijuana Woods, director of
' Center
Operations, N-A.ACP Resource Center; LT. S. Representative Alcee
Ha.:tin,,s: Shalle-v Jones, direc!or, South Florida Partner.>hip 0,
Jjlce,
April 1998 25 SBOPWJCRI�;� 0 0
11
s'U'brriitte i .
intii� tPi � Public.
recor! ' cbrincctjon .��tj,
terra on
CMG Walter Foeman
City Clerk
Fannie Mae and San Juan Bosco
Team Up for Homeownership
Expanding its outreach to provide
homeownership opportunities, Fannie Mae's
South Florida Partnership Office has es
tablished a church -based initiative by
teaming up with San Juan Bosco to offer
homeownership information on Fannie Mae
products and affordable housing finance to
the Hispanic community. Under its "New
Immigrant Initiative" Fannie Mae
contributed $40,000 to San Juan Bosco to
pilot a program that provides counseling and
homeownership opportunities to new
immigrants and other low- and moderate -
income Hispanics.
I'WI CR,'
.New Immigrants Initiative CI,-R): Monsignor Emilio V"allina,
San Juan Bosco Church: Miami -£lade. Commissioner Bruno
Barreiro; Sha.11ey Jones, director. South Florida Partnership
Office. July 1999
;vlramz•uaae uommis:;uoner lsruno tsarretro aaaresses attenuees at
1%eu, Immigrants Initiative press cor,erence. July 1999
C
q.o
26
•
0
lillill !�� Jill q�ii 111
I
SEOPWICRA, 0
Submitted d in In
recorto the pub . 110
item )L"1'connp(,thDn
Waite,
einan
City C/O*
28
•
LJ
Check Presentation to Little Haiti Housing Association on
behalf of Fannie Mae Foundation (L-R): Cecilia la Villa-
Travieso. senior deputy director, South Florida Partnership
L. S. Representative Carrie Meek, District 17; David
Harder, executive director, Little Haiti Housing As.:�ociation.
October 1995
Legal Services of Greater Miami
receives Fannie Mae Foundation
Grant
Fannie Mae Foundation awarded a $75,000
grant (over three years) to Legal Services of
Greater Miami for its support of nonprofit
Community Development Corporations
involved in the development of affordable
housing.
Legal Services was established approximately
30 years ago to meet the civil and legal
needs of low-income residents of Miami -Dade
and Monroe counties. Legal Services serves
almost 450,000 people from its three offices
in Miami, South Dade, and Key West. Within
the area of affordable housing, the mission of
Legal Services of Greater Miami is to increase
the capacity of CDCs involved in development
activities by providing them with skilled
legal assistance. Assistance such as
negotiating the terms of their business
relationships, guiding them through
government regulations, and resolving
SSftbMitted into
L&jjWd in I 11nnethe Public
co
0 n n With
Waftr 1=0em-n
QY Cterk
Local Housing Association Receives
Award from Fannie Mae Foundation
Little Haiti Housing Association was
established in 1987 by a group of Haitian
pastors to assist Haitian immigrants with
their economic needs. In 1995, the
organization received a $5,000 grant to
assist them with their homebuyer education
program. U. S. Representative Carrie Meek
was on hand to offer congratulations.
U.S. Representative Lincoln Diaz-Balart.- Shalley Jones, director,
South Florida Partnership Office; Victor Diaz, president, Legal
Services: -John Little, senior attorney, Legal Services; Marcia
Cypen, executive director, Legal Services.
disputes that may arise during the
development of individual affordable housing
projects.
U. S. Representative Lincoln Diaz-Balart, a
former attorney at Legal Services, served as
keynote speaker.
30 SEOPW I CFA_
Submitted into the public
record i�c®®nectl2l,
.L
item .---
C., Walter Foernan
City Clerk
Home -Buyer Fairs
On May 11, 1996, the Fannie Mae
Foundation, the Realtor Association of
Miami, Miami -Dade Community College,
Miami -Dade County, Commissioner Alex
Penelas, and local radio station, HOT 105,
held a massive home -buyers fair on the
grounds of the Miami -Dade Community
College.
The event had more than 75 information
booths staffed by local banks, community
groups, nonprofit counseling agencies, and
real estate professionals. The event also
featured free information seminars regarding
the mortgage process, availability of low
down payment loans, fixing credit problems,
and qualifying for a mortgage. More than
7,500 South Florida residents attended the
home -buying fair.
The event was created especially to help low -
and moderate -income persons learn how to
buy a home and where to find affordable
financing.
Kick o/1 of homehu'vers' fair: Miara-Dade Commissioner and
.amoral CandidateAlex Pene•la.<: Shalle , Jones, director; South
Florida Partnership Office: Jorge Caratero, Reader Association, of
Greater .tifianai. :L?ay 1996
South Florida Board of Realtist. Fair Participants. May 1996
lfiami-Dade• Cornmi«inner and
lfaavoral Candidate Alex
Penk4as making opening
remarks. Mati• 1996
•
Immigration Group Wins Award.
From. Fannie Mae Foundation
Fannie Mae Foundation teamed with One
Nation to provide home -buying information
in eight different languages. One Nation, an
organization dedicated to assisting
immigrants with the citizenship process, won
a $25,000 grant from the Fannie Mae
Foundation. One Nation is a coalition of
community service organizations, elected
officials, and prominent citizens dedicated to
providing one -stop naturalization service.
Shalley Jones, representing the Fannie Mae
Foundation, presents check to founders of
One Nation, U. S. Representatives Carrie
Meek, Ileana Ros-Lehtinen, and Lincoln
Diaz-Balart, and One Nation's Chairman Al
Cardenas.
bsubmitt�
tl Into
the
npublic
on �taun kith
erj
City Clef
Lti5 Citizenship Drive (L-Hi: U. S. Representative Carrie :Meek, District 17,
U. S. Representative Ileana Rot-Lethinen. District ILA; Al Cardenas,
chairman, One Ration: Shalley Jones, director. South Florida Partnership
Office, representing Fannie _, ae Foundation; (.1. S. Representative Lincoln
Diaz Batart, District 21. A'ovemher 1996
SEOPW/cRA
32
Submitted into the public
record in connection witz
_Item_B-� on
_
Walter Foeman
City Clerk
Little Haiti Housing Association Wins
Maxwell Awards of Excellence
Little Haiti Housing Association ' was estab-
lished in 1987 by a group of Haitian pastors
to assist Haitian immigrants with their
economic needs. David Harder became the
Executive Director in 1990. Under his lead-
ership, Little Haiti Housing Association has
built and/or rehabbed over 48 homes.
The Fannie Mae Foundation Maxwell
Awards of Excellence recognizes and re-
wards organizations for their innovative,
professional and caring approach to develop-
ing housing for low-income families. Little
Haiti Housing Association received a
$25.000 award for its efforts in restoring
abandoned houses and successful promotion
of homeownership. Specifically, the award
recognized Little Haiti Housing Association's
Scatter Site Homeownership Initiative that
built one new home and renovated 10 others
on 10 streets.
1,'annte Mae1(_:o7n.,njjjjity Finaricin, Consortiu,%, Inc. Partner-
ship !L-R): Arthur Flernin- executive director, CFC; Shc1ley
Jones, ehrector, South Florida Partnership Office: James Carr.
senior vice pre.<;dent, Fannie hIae Foundation. October 1998
Little Haiti Housing A."ociation, Fannie Mae Foundation
Maxwell Award Winner (L-R): Senator Bob Graham (D-FL);
David Harder, executive director, Little Haiti Housing Associa-
tion: Jacaues St, Louis, housing development rna)-zager;
Shelley Jones, director, South Florida Partnership Office;
Jules habossi ere, secretary. Board of Little Haiti Housing
Association. June 1997
Alliance of lenders makes $12 Million
available for affordable housing
The Community Financing Consortium Inc.
last week launched two new loan pools total-
ing more than $12 million to generate devel-
opment and investments in affordable
housing in South Florida. Fannie Mae Foun-
dation awarded a grant of $70,000 to cover
operational expenses. The consortium, a
private partnership of banks that operate in
South Florida, provides financing for low-
income housing,
Jim Carr, senior vice president, Fannie Mae
Foundation was the keynote speaker. The
event was also attended by Maude Ford -Lee,
Chairperson, Palm Beach Board of County
Commissioners.
SEO.PW/CRA
33
July. 29 1991
Mae M-O-ve's to
r anni
Ease 1101ne BuYing
0
Submitted into the public
rGCorq, in connection wi:,h
2 rjc
Item LL-C&— on - 2 Y)
C �C, Walter Foeman
City Clerk
august 'l996
Mo,toraue Program
11eipinor Many
n
'lie-ve -yea
kel
Fannie
Fannie Mae President and
Chief Operating officer
Lawrence Small
8 .-nnounces $5 Billion
HouseMiami-Dade
Investment Plan to Provide
y, for
_fordable Housi,.1�,
Nearly 6, Families in
Next Five Years
00-
SF ,0pWjCRA
34
0
N
Fannie Mae
3900 Wisconsin Avenue, NW
Washington, DC 20016-2892
raO Fanm*eMae
w w w. f a n n i e m a e. c o m