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Home My WebLink AboutM-01-0837BASEBALL STADIUM UPDATE . mm PRESENTATIONr• oc, L;:; CITY CSF MIAMI 5;; H+ � 0 z m�o'� August 9, 2001 w 41 0 ■ In accordance with the Resolution (adopted March 15, 2001), the City conducted additional due diligence to determine the feasibility of the,� selected Riverfront site for the Marlins' new stadium. ■ Following additional analysis, it was determined that there were sufficient site constraints to warrant an investigation of an alternative riverfront location, cr, oUbmiited intro the public W record in connection With _ ry 0 CITY MAP - STADIUM SHORT LIST Park West Arena est � J ►s,17r� 'rte s"� } „ �+► �e a rc`Lt�. PRELIMINARY SITE PLAN Enron Field Footprint -Achievable but Somewhat Challenging ■ An additional site was selected. Awa The additional site " „ i South Rwerfront Site, is 5 bounded by the Miami River on the north S.W. C -' 8th Street on the south, S.W. 2nd Avenue on the cr �" east and Interstate-95 on the west. ■ Upon receiving the Marlins' preliminary approval of the location, the city performed additional site analysis. ; ■ The city, county and Mbrlins continued negotiations for the develo ment of t N i p he new 3 Q stadium in accordance with the March 15th '~Q a Resolution. _ o. d A Memorandum of Understanding (MMU) is in jw c) the final stages of negotiation and execution. utian. r. ■ The MOU recognizes that the stadium will not be completed on a best case basis until the 2005 season. ■ In conducting the analysis of the South ' 9 .� Rtverfront site, the Consultants us/lid the same various site selection criteria that were applied during the • analysis of the eight iniial sites. �n ? Cr �Q i0 II t . Cts `j I ■ Functional and Programmatic Issues ■ Access to the Site Vehicular Mass Transit Pedestrian CD Cor Q a 3 ■ Impact on Neighborhoods 0 o Traffic Parking 3 ? n Community Integration t • is ■ Timing Related to Land Assemblage Land Acquisition Movement of Utilities Roadway Improvements Environmental Clean -Up Brownsfields Elgibility ■ Economic Development Impact adjacent development Potential for ad'p � Economic impact to the City ■ Development of Regional Impact ■ Costs Used Florida Marlins' Baseline Data (Revised Budget) Provided general additions or reductions to the Revised Budget 1 P 0 �Q �a o5 w w! - Cr ■ Timing Related to Land Assemblage Land Acquisition Movement of Utilities Roadway Improvements Environmental Clean -Up Brownsfields Elgibility ■ Economic Development Impact adjacent development Potential for ad'p � Economic impact to the City ■ Development of Regional Impact ■ Costs Used Florida Marlins' Baseline Data (Revised Budget) Provided general additions or reductions to the Revised Budget 1 P 0 ■ The revised baseline budget is approximately 15.67o higher than the original estimate. ■ Budget increases are attributed to the following: cru C;9 I � ✓ Moving the stadium completion date from 2004 to 2005/2006. ✓ Further refining construction costs as developed by the the Marlins' project manager in conjunction with the City's consultants. C� • = 3 G7 3 Er j =a 2 3 F5 i m +Q� cc;. ZIQ= n c c� 1 INITIAL BUDGET $385,000,000.00 ADJUSTMENTS Stadium Construction Parking Garage Inflation - 2005 * Inflation - 2006 * REVISED COST ESTIMATE • $ 20,500,000.00 $ 14, 000, 000.00 $ 12,600,000.00 • $ 12, 900, 000.00 saas:000 00000 * Inflation reflects a 3% annual adjustment. �! t 11 25 ind � duals - • �o'fd/o .:entities ow n r h� pa ce s w� n _ this= ite -= 11 ECONOMIC .DEVELO.PM'ENT IMPACT... #es significants in -off develo ment:onboth • .,�.-" ". - a*_ ems.. p . c COMMUNITY-IM.-PACT rnal `+dsru" tion to the nei hbor Albin ._. . p -neighborhood - Relocation _of se..eral businesses, 1=1 a : artments 3 du iexes and 1 sin:` p le fam.�ily:residenee • A _-'i� . ilT t J.y .i- ; ". _ iY p .gyp`•}' t.^ , i _-'i� . ilT t J.y .i- ; ". _ iY p .gyp`•}' t.^ , ■ ENVIRO.NMEiVTAIvironmi ,- .z:E hl �,ntd.1'..,":I,s.sues,,,to.,,,be� addressed (a minimum n, Tho an n s:reu�red]r 4 ;� a f J �y ; sites in- W rms of Parkin g-"' -sup p"hY. " ro-Rdil- sto the-Ro'' 0 P t, ette"I Y7 trOU ver- S: -'tops within warn T.ice thit ei -Yth Ctv,,mAv%-& UTILITIES.-'-- $2.1D-ib'$205 milliont-_(est.) 0 CDDEVELOPMENT--0f -6REGl.ONAL IMrPACT DRf ,Not,w Downtown :DR1 I:- Q ' t _ fd t _ o M� `Canbe'addressed during development phase - -�� _ .; �THERrCONSfDERATIoNS - Utilities relocation are si nific antlyi.1ower than Northr Riverfronf (No*-,FO&L re Assues . Thee°propos;ed _Riverwalk "ho-Uidx a cttel y r . y t A pursuedf tomake parking to tte .y nd p g east r F yrno e: ac:cessie. 2,! PRELIMINARY SITE PLAN I Ft �> A r 40 A A 1 FSite Acquisition Infrastructure [Stadium Design Year 1 r; - c� Year 4 Year 5 0 CAst�uaion o E 1�3 p ti - oia�t7 i i 12 Mont z. s t� Year 1 Year 2 Year 3 Year 4 Year 5 .. -� oQf3'%jest• Tian ,.fan �-�-•,�. � a 8-12 Months 14 Months! i i 12 Mont i ; ■ ■ pl Ilio. 31 Months on ■w► 0 All figures in millions J 1 Arena West Park West North Riverfront Marlins Budget $385 $385 $385 Public land $13-$15 $1-$2 NA Private, Non- $7-$10 $35-$40 $40-$45 City land Utility $3-$5 $8-$10 $53 Relocation Site logistics & $4-$8 $4-$8 Other Other Minimal Minimal $10-$20 (Roads, etc.) Total L $412-$423 $433-$445 $499-$521 . _ a 3 All figures in millions J 1 SITE ANALYSIS MATRIX �IREVISED Arena West Park West North South Riverfront Riverfront I- Marlins Budget $445 $445 $445 $445 Public land $13-$15 $1-$2 NA $2-$3 Private, Non- $7-$10 $53-$61 $56-$61 $30-$32 City Land Utility $3-$5 $53 $2-$3 Relocation 1-$526 $6.1.3-$637 $488-$495 Site Logistics L$4-$8 $4-$8 $1-$2 Other Other $5a$8 Minimal $48-$60 $8-$10 .(Roads, (Buyout) (Metro) Total a 4 $477-$491 $51 O w All figures in W millions ' J V _ v 1-$526 $6.1.3-$637 $488-$495 Uses: Sources: Stadium $445,000,000 County — CDT $I 18,000,000 Land $33,00o,00o city -- Parking Surcharge $150)000,000 Utility Relocation $29500,000 City — Parking Tax Rebate $23,000,000 Site Logistics $2,000,000 River Tax Increment woun,,.,cis., $30,000,000 Infrastructure $10,000,000 Subtotal $321,000,000 Finan U o r sts $7,500,000 Marlins/Coun * ty $179,000,000 a. 3 Total - n �. 3s500,000,000 $500,000,000 Total 0 ID Ori cD * Suiect to further negotiations �Z ■ The City, County and Marlins ma ' make its final site selection; ! ■ The City determines the extent of• environmental remediation through a Phase I preliminary analysis; The Marlins/ • County identify and Secure funding �. _ g sources for theiranion of � a p he project financing; S. W The • �o y City, County and Marlins finalize a CD MSU and a =z finance plan to fund the stadium construction that is �-� consistent with an iy action by the Miami City Commission (voter referendum). f