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HomeMy WebLinkAboutR-98-0291J-98-71 3/16/98 RESOLUTION NO. 9 S - 291 A RESOLUTION ACCEPTING THE PROPOSAL OF APPRAISAL AND REAL ESTATE ECONOMICS ASSOCIATES, INC. ("AREEA") TO PERFORM PROFESSIONAL REAL ESTATE CONSULTING SERVICES, INCLUDING A MARKETING STUDY AND FEASIBILITY ANALYSIS FOR THE REUSE OF THE BOBBY MADURO STADIUM PROPERTY, FOR A FEE NOT TO EXCEED $18,000; ALLOCATING FUNDS THEREFOR FROM THE SPECIAL REVENUE FUND ENTITLED: "BOBBY MADURO STADIUM PROGRAM"; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE AN AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH AREEA FOR SAID PURPOSE. WHEREAS, the City of Miami is desirous of exploring the redevelopment potential of the Bobby Maduro Stadium property (the "Property"); and WHEREAS, the City Commission on January 13, 1998, adopted Resolution No. 98-50, and Ordinance No. 11595, thereby accepting and appropriating grant funds from the United States Department of Commerce, Economic Development Administration for purposes of undertaking a marketing and feasibility study; and WHEREAS, a Request for Proposals inviting proposals from professional real estate consultants for purposes of furnishing professional services including site assessment, market analysis, program feasibility, and the creation of a disposition strategy Cary coxw3$mpw MEETING OF MAR 2 4 W8 R"Olution r" S- 291 for the Property (the "Professional Services") was issued on January 23, 1998; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION 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 proposal submitted by Appraisal and Real Estate Economics Associates, Inc. ("AREEA") to perform professional real estate consulting services, including a marketing study and feasibility analysis for the reuse of the Bobby Maduro Stadium Property is hereby accepted. Section 3. The City Manager is hereby authorized1l to negotiate and execute an agreement with AREEA, in a form acceptable to the City Attorney, for a fee not to exceed $18,000.00, with funds therefor hereby allocated from the Special Revenue Fund entitled "Bobby Maduro Stadium Program" for said purpose. 1� The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. - 2 - W-29i Section 4. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 24th day of ATTEST: WALTER J.FOEMAN, CITY CLERK PREPARED AND APPROVED BY: JUL IE 0. ASSISTANT CITY ATTORNEY W2253:JOB:BSS:kd March , 1998. JOE CAROLLO, MAYOR APPROVED AS TO FORM AND CORRECTNESS: /1-) 4�w JO L EDWARD MAXWV6LL U#ERIM CITY ATTORNEY In accordance with Miami Code Sec. 2-36, since the Mayor did not indicate approval of this legislation by signing it in the designated place provided, said legislation now becomes effective with the elapse of ten (10) days from the date of Commission action regarding same, without the Mayor exercising a eto. r wqe,pd Froemrn, City Clerk - 3 - 98 r- 291 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO Honorable Mayor and Members of the City Commission FROM Jose Garcia -Pedrosa City Manager RECOMMENDATION A=10 DATE: March 24, 1998 FILE: Resolution Accepting Proposal for SUBJECT: Bobby Maduro Stadium Marketing Study REFERENCES: For Commission Meeting of 3/24/98 ENCLOSURES: Proposal Submission; Evaluation Committee It is respectfully recommended that the City Commission adopt the attached Resolution accepting the recommendation of the City Manager to accept a proposal from Appraisal and Real Estate Economics Associates, Inc. (AREEA) to perform a marketing study and feasibility analysis for the reuse of the Bobby Maduro Stadium property. The Resolution further authorizes the City Manager to execute a negotiated agreement with AREEA in a form acceptable to the City Attorney for a fee not to exceed $18,000 from available funds allocated in the special revenue fund entitled "Bobby Maduro Stadium Program." BACKGROUND - The Department of Planning and Development has prepared the attached documentation. The City of Miami is exploring the redevelopment potential of the Bobby Maduro Stadium property and is interested in enhancing the economic viability of the surrounding neighborhood. The City Commission adopted Resolution No. 98-50 and Ordinance No. 11595 on January 13`h, 1998, to accept and appropriate grant funds received from the United States Department of Commerce, Economic Development Administration, to conduct a marketing and feasibility study for the stadium property. A Request for Proposals was issued on January 23`d, 1998, seeking qualified individuals or firms to perform a marketing and feasibility study. One proposal was received from the firm of AREEA, as attached. AREEA is a non -minority owned firm located in Miami -Dade County, wholly owned by Mr. Michael Y. Cannon. An evaluation committee convened on February 17`h, 1998. The committee recommended to the City Manager that the proposal submitted by AREEA be accepted. A report by the evaluation committee outlining its deliberations and findings is also attached to this memorandum. 98- 291 Honorable Chairman Hernandez and Members of the City Commission Page 2 I have reviewed the proposal submission and the evaluation report submitted by the committee and concur with the committee's recommendation that the AREEA proposal be accepted by the City. The proposer, AREEA, is hereby recommended to perform the marketing and feasibility study for the Bobby Maduro Stadium Property at a fee not to exceed $18,000. JGP: MC:ARW:gjl c: Arleen Weintraub, Assistant Director, Planning and Development Department 9 8 -- 291 Section 4. This Resolution shall become effective immediately upon its adoption. `PASSED AND ADOPTED this ATTEST: WALTER J.FOEMAN, CITY CLERX PREPARED AND APPROVED BY- JULIE O. B� ASSISTANT CITY ATTORNEY W2253:JOB:BSS:kd. "APPROVED AS TO FORM AND 'CORRECTNESS: 01 JOPL'EDWARD MAXWELL L 7MR 6; CITY ATTORNEY - 3 - 9 8 - 291 EVALUATION COMMITTEE REORT TO THE CITY MANAGER Selection of a Consultant to Perform a Marketing and Feasibility Study for the Bobby Maduro Stadium Property 2301 N.W. LOTH AVE. MIAMI, FLORIDA City of Miami March 9, 1998 98- 291 March 9, 1998 Mr. Jose Garcia -Pedrosa City Manager City of Miami 3500 Pan American Drive Miami, Florida 33133 Dear Mr. Garcia -Pedrosa: The Evaluation Committee for the selection of a consultant to perform a marketing study and feasibility analysis for the Bobby Maduro Stadium Property is pleased to transmit the attached report for your consideration. One proposal was received on January 30, 1998, in response to the City of Miami's Request for Proposals (RFP) issued January 23, 1998, for the selection of a consultant to perform a comprehensive marketing study and feasibility analysis for the disposition of the Bobby Maduro Stadium Property. The Evaluation Committee convened on February 171h, 1998, to evaluate the proposal submission received from the firm of Appraisal and Real Estate Economics Associates, Inc. (AREEA) and to make its recommendation to the City Manager. This evaluation process was carried out in accordance with City of Miami Code Section 18-81. The proposal is hereby recommended for acceptance. The Evaluation Committee appreciates having had the opportunity to work with you on a significant asset such as the Bobby Maduro Stadium Property. The results of this study will surely contribute to the increased prosperity and enhanced quality of life for our community. Sincerely', Gary Lhner On Behalf of the Evaluation Committee 98- 291 Table of Contents List of Evaluation Committee Members 1 Background 2 Proceedings 3 Findings and Recommendation 4 Exhibit A Request for Proposals Issued January 23, 1998 Exhibit B Request Log and Bid List Exhibit C AREEA Proposal Submission Dated January 29, 1998 Exhibit D Evaluation Committee Ballots 291 Evaluation Committee Members City Staff Gary Leuschner Real Estate Specialist Planning and Development Francisco Garcia Urban Design Coordinator Planning and Development Dena Bianchino Assistant Director Asset Management Angela Johnson Financial Analyst Finance Eddie Borges Administrator Allapattah NET Office Hammond Community City of Miami Noriega Redevelopment Authority Private Sector Tom Schlosser Real Estate Consultant Sharpton, Brunson and Co. Steve Kneapler Owner Monty's Harvey Taylor President Taylor Development Co. NOTE: Mr. Manny Medina, President and CEO, Terremark and Mr. Armando Codina, CEO, Codina Group, were recommended members of the Evaluation Committee, but were unavailable to serve. -- 1 98 - 291 Background In an effort to fully explore the City's options regarding the stadium property, the City of Miami applied for and received a Technical Assistance Grant from the United States Department of Commerce, Economic Development Administration, to conduct a marketing and feasibility study for the redevelopment of the stadium property encompassing 13 acres of land in the heart of one of Miami's most productive employment districts. The study is intended to reveal the market factors at work in the area immediately surrounding the property, identify the most appropriate alternatives for the future utilization of the property and make recommendations as to its use. Possible alternatives for future development to be investigated by the consultant include an expansion of the produce/perishable goods exchange activity currently located two blocks from this property; establishment of a wholesale flower exchange to retain and attract the cut flower business currently expanding in Miami -Dade County, or a combination of these two uses. To accomplish any of these redevelopment alternatives, the City could either sell the property to a private developer or determine that it be accomplished through the Unified Development Project process by the issuance of an RFP seeking private developers under a long term lease and development agreement. The Bobby Maduro Stadium property is currently zoned Government Institutional --GI. A change of zoning to Industrial --I is underway to allow maximum flexibility in the future reuse of the property. 2 291 Proceedings A meeting of the Evaluation Committee to consider the Bobby Maduro Stadium Property proposal submissions was convened on February 171h, 1998, at the Department of Planning and Development, 444 SW 2nd Ave. Miami, Florida. The meeting was called to order at 11:05AM. Two of the nine members, Mr. Steve Kneapler and Mr. Hammond Noriega, were absent. The first order of business was a presentation on the contents of the Request for Proposals (RFP) document and the scope of work expected to be performed by the consultant . The RFP is attached as Exhibit A. The overview was delivered by G. Leuschner, Real Estate Specialist in the Planning and Development Department. The request log and bid list were distributed to all members for review. These documents are attached as Exhibit B. The request log shows the names of all individuals and firms that requested the RFP. The bid list indicates that one proposal submission was received from AREEA on January 30,1998, the submission due date. AREEA's proposal submission is attached as Exhibit C. The criteria used by the Evaluation Committee in analyzing proposals is - outlined on page A-4 of the RFP document. Because only one proposal was under consideration, the Committee determined it would evaluate the merits of the proposal and cast individual ballots to approve or disapprove acceptance of the proposal submitted by AREEA. Discussion among the Committee followed. Many Evaluation Committee members indicated they have had experience with AREEA and expressed their satisfaction with past work performed Dena Bianchino, Assistant Director of Asset Management, expressed concern regarding the timetable for the study. She requested that the study not take longer than 90 days. Each Committee member then cast a ballot. The ballots were tallied. AREEA's proposal was approved for acceptance 7 votes in favor and 0 against. The Evaluation Committee ballots are attached as Exhibit D. The meeting was adjourned at 11:40 AM. 3 98 -- 291 Findings and Recommendation The Evaluation Committee's findings, based on the contents of the AREEA proposal submission, are as follows: AREEA is capable of executing the work to be performed, as indicated by the qualifications of the firm, members of professional staff and client list included in the submission. AREEA's previous professional experience in the City of Miami and Miami -Dade County will bring valuable insight to this study. AREEA is willing to perform the study within a 30 day time frame, an acceptable study completion schedule. The Evaluation Committee hereby recommends to the City Manager that the proposal received from AREEA be accepted to perform a comprehensive marketing study and feasibility analysis for the disposition of the Bobby Maduro Stadium Property. 4 98- 291 Exhibit A REQUEST FOR PROPOSALS FOR PROFESSIONAL REAL ESTATE CONSULTING SERVICES FOR THE BOBBY MADURO STADIUM PROPERTY January 23, 1998 The City of Miami is seeking the services of a qualified firm(s) or individual(s) through this Request for Proposals (RFP) to perform a comprehensive marketing study and feasibility analysis for the disposition of the Bobby Maduro Stadium property. As a result of changes in the professional sports industry in South Florida, as well as the construction of new facilities, the Bobby Maduro Stadium has been rendered inactive in its current configuration. The City is seeking professional consulting services for the purpose of site assessment, market analysis, program feasibility, and the creation of a disposition strategy. The City of Miami will use Department of Commerce, Economic Development Administration (EDA) program funding for the purpose of identifying an appropriate strategy for this currently underutilized city -owned property. The goal of this study is to enhance the City of Miami's capability to maximize employment potential on this parcel and to enhance the economic development potential of the adjacent industrial/ commercial neighborhood. The project site is approximately 13 acres. Background The project site is located in the Allapattah area of Miami. According to the 1990 census, Allapattah had a poverty rate of 39.5 percent, an unemployment rate of 10.9 percent, and a per capita income of $6,463. Sixty four percent of its adult population were without a high school diploma. The most recent citywide data indicates that Miami has a 12 month unemployment rate of 10.7% and per capita income that is 68.6% of the national average. The Bobby Maduro Stadium is located within one of the City's Community Development Target Areas and wholly within a Federally designated Enterprise Community. Additionally, the Maduro Property is within the State of Florida's Enterprise Zone. The Allapattah neighborhood has historically been a major component of Miami's industrial base providing many low and unskilled jobs. Allapattah has suffered from long term economic deterioration as evidenced by the flight of distribution and warehousing establishments to suburban industrial locations. In fact, from 1980 to 1990, Allapattah's industrial district lost over 1,800 jobs, a 15.3 percent decrease. A-1 98- 291 Scope of Work Task I- Property Evaluation This preliminary task will: • Review all relevant information concerning the property, its assets and liabilities. • Review the property's physical and legal constraints. • Inspect the site and review all relevant plans; to determine its physical configuration, frontage, access, easements or encumbrances. • Review the existing zoning or other regulatory controls in the area. • Evaluate the development trends, pressures, and problems in the neighborhood. Task II- Market Evaluation The focus of the market analysis would be upon the market support for the property in an "as is" condition or for the redevelopment of the property. Alternative uses, that may be appropriate to the site should be addressed. In general terms, the focus of this effort during this phase, will be geared toward: • An analysis of the specific economic context and development trends in the market area. • An evaluation of the sources of demand emanating from local and regional markets. • An evaluation of major competitive facilities within identified market areas. • The identification of product characteristics and conditions requisite to successful development. • Identification and qualification of supportable development potentials for the site. Task III- Development Program Formulation The objective of this task is to formulate a development program which maximizes the property's potential and the City's objectives. Actions necessary to enhance the property's development potential will be identified, specifically: • Undertake a preliminary development program analysis which addresses the financial viability and economic value created by each separate potential use component. • Evaluate mixes of uses, subject to the physical and legal constraints, -in order to arrive at the use or mix of uses which maximizes the feasibility of any future development. In undertaking these analysis, computer based models, should be used to test alternative mixed uses, unit configurations, pricing alternatives, etc. to determine the use or mix of uses that best meets the City's job creation goals and formulates the strongest development program for the current or any other applicable use. Task IV -Disposition Strategy This involves: • Identifying an appropriate disposition strategy which will enable the City to realize the site's potential. A critical element will likely be to identify the obstacles to renovation or redevelopment and to identify methods of overcoming such problems. This might include the provision of additional public infrastructure, identifying potential funding sources which will enhance the development feasibility, or attract a private partner. A 98- 291 • Addressing identification of the most promising development vehicle whether private and/or public, or an economic development corporation, as well as the best means of property disposition such as an outright sale, subdivision of the site with staged sale of component sites, or long term lease, will be essential to any successful strategy. Request for Proposals Process In accordance with the City Code provisions, we are issuing this Request for Proposals and conducting a competitive negotiations process in order to identify a qualified and experienced individual(s) or firm(s) that is able to provide comprehensive professional services required for this study at a reasonable fee. Funding in the amount of $18,000 is available as compensation for these professional services. Additionally, it should be noted that time is of the essence in the preparation of this study due to the City's desire to stop the continued decline of the Bobby Maduro Stadium Property. Interested firms are asked to submit a brief proposal NO LATER THAN 11:00 A.M., ON FRIDAY, JANUARY 30, 1998. Sealed proposals are to be delivered to the City Clerk's Office, 3500 Pan American Drive, Miami City Hall, Miami, Florida 33133. Proposals received past the stated deadline or to any other location or office will not be considered. The exterior wrapping or envelope shall contain the identification `Bobby Maduro Stadium Property Analysis Proposal". Proposals must contain the following information and documents: - A letter of interest addressed to Arleen Weintraub, Assistant Director, City of Miami Department of Planning and Development, generally describing- the - consulting firm and services. - Complete identification of the consulting individual, firm or team (prime and subconsultants, if any), including name, address, area of specialty, principals and project managers. Team Identification and Firm Ownership forms are attached. - Names of individual employees of the firm or firms who will work on the study, including their minority/ethnic affiliation. A Personnel Form is attached and must be completed for each firm comprising the team. - Detail as to the experience of the firm(s) and involved individuals in projects and studies of similar scope. A Previous Relevant Experience form is attached. - Brief narrative as to the approach and methodology that will be used in conducting the study. - Time line for completion of the study. Evaluation Process Proposals will be evaluated by a committee comprised of City staff and one private sector individual with expertise in commercial real estate. 98- 291 A3 During the analysis of proposals, the following criteria will be considered: Maximum Value + Previous professional experience, related to successful completion of projects of similar complexity and scope .......... 30 • Capability of individual or team, its organization, membership and range of expertise ........................................ 20 • Method of approach, activities to be undertaken, procedures, methodology, coordination between firms areas of study ........................................... 20 • Minority/Ethnic Participation (Black, Hispanic and Female) in firm ownership and individuals who will work on study ........................................... 10 • Proposed study completion schedule ...... ............ ...... 20 Total: 100 Sub -consultants may submit on more than one team, however prime consultants or those firms which may joint -venture or associate to form the prime consultant may only submit one proposal and may not be a sub -consultant on other teams. Selection Process Based upon the results of the above process, the Committee will present a recommended rank order of proposal submissions to the City Manager for consideration. The City Manager will recommend selection of a proposer to the City Commission on February 10, 1998, and seek authorization to enter into a professional services agreement in the amount of V 8,000 for said services. Questions concerning this solicitation should be directed to Gary Leuschner of the Department of Planning and Development at (305) 416-1427, or to the address below. The City Manager reserves the right to waive irregularities and to cancel this request at any time. The City of Miami appreciates your interest and we look forward to your participation in this process. Ate'+ 98- 291 CITY OF MIAMI CO/SULTMM SEL6CTIOr PROCESS TEAM IDZUTIFICATION FORM Prime Consultant: name: Address: Contact Person: Telephone: ( ) Specialty: • Ethnicity: Sub-consnitaat: ' Name: Address: Contact Person: _ Telephone: ( ) - Specialty: Ethnicity: Sub-000snitant: Name: Address: L Contact Person: Telephone: ( ) Specialty: Ethnicity: A-5 98- 291 CITY OF MIAMI CONSULTANT SELECTION PROCESS PREVI008 RELEVANT EXPERIENCE This form must be completed-for,the entire .team•listing_at. least. throe appropriately related projects: project Names Owner/users Contact Persons Telephones( ) Budgets Schedules Scopes Hare of Teas Menbsr (s) involved s Project Zanies Owner/users Contact Persons Telephones ( ) Budget: Scopes Same of Team Member(s) involved: Schedules A-6 9 8 - 291 CITY OF Mimi CONSULTANT SELECTI0N PROCESS PERSONNEL FORM This form must be completed for the entire team listing all members of Staff anticipated to work on the proposed project. safe/lis: -- Professional Ezpert3ae gender Ethnicit The foregoing is a statement of -facts. signature of Corporate officer Typed name and title date or Principal of Prime Consultant 1 of 1 A-7 98r 291 REQUEST FOR PROPOSAL (RFP) BOBBY MADURO STADIUM REQUEST LOG td t' m r• rt z CITY OF MIAMI OFFICE OF THE CITY CLERK BID SECURITY LIST BID ITEM: PROFESSIONAL REAL ESTATE CONSULTING SERVICES BOBBY MADURO STADIUM PROPERTY BID NO.: RFP DATE BID(S) OPENED: JANUARY 30. 1498 TIME 11:00 A.M. BIDDER TOTAL BID AMOUNT BID BOND (ER) CASHIER'S CHECK AREEA 1• date and t+ar•. received timely as of the above open!--:1 are hereby re;ected as late:' -e A _ - Jn►,ga Rqro.ac received Pe on rec ' mQ bid(s) PLANNING AND DEVELOPMENT (City Department) SIGNED:. LLB L y� l eputy City Clerk B-2 ( ) envelopes on behalf of on 30 . M P (Date) 98- 291 Exhibit C APPhAISAL AND REAL ESTATE ECONOMICS ASSOCi. ES, INC. ' 9400 S. Dadeland Boulevard Telephone (305) 670-"l Penthouse One S. Florida Watts 1 (800) 273-6373 �Z Miami, FL 33156-2817 Residential Fax (305) 670-2275 Please reply to Ext. Commercial Fax (305) 670-2276 January 29, 1998 Arleen Weintraub Assistant Director City of Miami Planning and Development 444 S.W. 2°d Ave., 3" Floor Miami, FL 33130 Re: Professional Real Estate Consulting Services Bobby Maduro Stadium Property 2301 N.W. 101 Avenue Miami, FL Dear Ms. Weintraub: We are pleased to submit our proposal to perform professional real estate consulting services of the Bobby Maduro Stadium Property for the City of Miami. We have reviewed your 1/23/98 Request for Proposal (RFP) to perform a comprehensive Marketing Study and Feasibility Analysis for the disposition of the stadium property. AREEA understands that the City of Miami will use Dept. Of Commerce, Economic Development Administration (EDA) program funding for the purpose of identifying- an appropriate strategy for this currently underutilized city -owned property. AREEA's study, if selected, should enhance the City of Miami's capability to maximize employment potential on this parcel and to enhance the economic development potential of the adjacent industrial -commercial neighborhood. AREEA and its affiliated firms, has since 1973, vast experience in conducting market/marketability, feasibility, and consulting services for the real estate industry including, but not necessarily limited to, the City of Miami, City of Miami Beach, City of Homestead, Miami -Dade County, Miami Dade School Board, University of Miami, Public Trust for Land, Resolution Trust (RTC), Federal Deposit Insurance Corporation (FDIC), and other federal government agencies. AREEA also performs such studies for the private industry including various financial institutions, etc. (see attached qualifications of firm, members of professional staff, and representative client list). More specific information can be submitted if called upon. If AREEA is selected to perform this study, I will personally supervise members of AREEA's professional staff who will participate in research and analysis. The scope of work performed will incorporate (as summarized in the RFP): - Property Valuation - Market Evaluation - Development Program Formulation • MARKET ANALYSTS • CONSULTANTS • VALUATION SPECIALISTS • 9 8 _ 291 C-1 APPRAISAL AND REAL F ATE ECONOMICS ASSOCIATES, INC Arleen Weintraub January 29, 1998 Page T" o AREEA will conduct a micro/macro economic analysis of the thirteen (13) acre parcel and its surrounding environ in order to determine the property's Highest and Best Use, taking into consideration physical, legal, and economic benefits of ownership. AREEA is also aware that the Bobby Maduro stadium property is in a state of disrepair and has had excessive vandalism. If selected, AREEA would like the opportunity (in addition to a physical inspection) to meet with representatives of the City and review any engineering reports relating to the property's structural and physical condition, as well as any environmental reports and other documents in order to quantify if the existing improvements are salvageable. If it is determined that they are not and the existing improvements must be demolished, cost estimates born by the City must be obtained from a reputable demolition company and such estimates will be incorporated in AREEA's study. Subject to the timeliness of th;, City's response in awarding AREEA the contract -and AREEA's receipt of relevant Jocumcrits requested, we estimate the time line f(�r completion of the study to be within a ninety (90) day period. AREEA agrees to enter into a professional services agreeirent-for a total fee of S i 3;C00 including two (2) original copies of the report. Additional copies-wiL be made available at cost. We look forward to being o rofessional service. Respectfully_ submitted. A2PR1%-iSAL AND REAL ESTATE ECONOMICS ASSOCIATES, I.NC. State Certified General Appraiser Certificate No. RZ-0000684 P.S.: Please note that my home address is within the City of Miami at 3251 Coacoochie St., Coconut Grove, FL 33143 C-2 98- 291 CITY OF Mimi CONS LTAdT B=CTION PiJOC S TEAM IDM "ITIGTION FORM Prise Consultant: Va�1es APPRAISAL AND REAL ESTATE ECONOMICS ASSOCIATES. INC. (ARREA) Addres as 9400 S . Dadeland Blvd., PH 1 Miami, FL 33156 Contact Persons Michael Y. Cannon, President Telephone: ( 305 )670-0001 Specialty: See attached qu,ali4ications Ethnicitys Caucasian . StiD-cosssnitaat t • Name: Address: Contact Persons r Telephone: ( )- Specialtys Ethnicity: Sob-000snitant: Names Address s Zontact Person: Telephone: ( ) Specialty: Ethnicity: C-3 98-- 291 CITY OF Mimi CONSULTANT aRLECTION PROCESS - PERBo9lwEL FORK This form must be completed for the entire team listing all members of Staff anticipated to work on the proposed project. sale/�►ira — Professional Espartise. Gender Ettaicit APPRAISAL AND REAL ESTATE ECONOMICS ASSOCIATES,•INC. (AREEA) Michael Y. Cannon, Pres., MAI See qualifications Male/White David M. Dabby, S.V.P., MAI " Male/White Jay B. Katz, ASA, S.V.P. " Male/White MaryJane Stone, S.V.P. " Female/White Jose E. Valera, ASA, S.V.P. " Male/Hispanic Chris Librizzi, Appraiser/Research Analyst " Male/Italian Dawn M. Soper, Market Research/Analyst " Female/White The or'frincipal of of - facts . hae Cannon, President Tylbed name and t tle tant - - Jan. 29, date 1 of 1 C-4 98- 291 CITY OF MIAMI CONSULTANT SZLRCTION PROCESS PRSVIOOS RZIs WANT Z"ZRIEdTCE This form must be completed"for.the entire .team-li,sting..at, least. three appropriately related projects, project Naset North Miami Speedway Park (Racetrack and Amphitheatre) Owner/users City of North Miami CCMtaet person: Lee Feldman Telephones (305 893-6511 Budget s $ 5 , 000 Sebedule s Scopes Impact on Real.Estate Values of surrounding residential properties Nano of Teas M=ber(a) involveds Michael Y. Cannon, President Paul S. Black, Sr. Vice President ti proj4mt $asses University of Miami South Campus ovner/lizors University of Miami Contact Person: Alan Fish Telepbones ( 305 ) 284-5550 Budget s $13 , 7 24 Schedules Scopes Market/Marketability Study Sate of Teas Menber'(a) Jmvolveds Michael Y. Cannon, President David M. Dabby, Senior V.P. C-5 i 8 i 291 cITY or mimi CONSULTANT SELECTION PROCESS PREVIOUS REIXTANT EXPERIZNCE ,is form must be completed ' for .the entire team • listing.. at. least. three ppropriately related projects: ro j ect lanes Pioneer Village - Urban Redevelopment Property rner/users City of Homestead intact Person: Charles Baldwin Telephones ( 305 ) 247-1801 sdget s $15 , 000 Schedules =pet Market/Marketability Analysis um of Tease KmAmr(s) Imolveds Michael Y. Cannon, President Jose E. Valera, Sr. Vice President .oject Haas , mer/users intact Persons tdgets Schedules cpes me of Teas Hember(s) Lnvolveds Telephones ( ) -6 98- 291 FEE SCHEDULE AREEA's fees for professional services rendered are based upon actual number of hours expended by members of AREEA's professional and support staff. Our standard hourly rates are as follows: Hourly Rate Per Diem' Whichever is Greater Analysis, consultation by Michael Y. Cannon, $185 $950 President Michael Y. Cannon's testimony at deposition $185 $950 or trial Based upon the scope of the assignment, the $100 to $165- $500 to $850 following are standard fees for members of AREEA's Senior Appraisal Staff Research & data compilation by Researcher $50 to $75 $250 to $400 or Market Analyst as supervised by Senior Staff Plus reasonable pre -approved out-of-pocket expenses. " Per diem rate re resents a 35% discount of standard hourly rate. Out-of-pocket expenses such as long distance telephone calls, computer processing, typing, graphics, travel, maintenance, and report reproduction are not included and will be billed separately at our cost. (K' `STANDARDPROPOSALJ 98- 291 IF THE MAGAZINE OF FLORIDA BUSINESS Specializing in all facets of Real Estate Analysis Ail A114 Market Analysts • Consultants • Valuation Spedalists APPRAISAL AND REAL ESTATE ECONOMICS ASSOCIATES, INC. AREEA ASSESSMENT CONSULTANTS, INC. • Market / Marketability Studies • Feasibility Studies • Market Research • Commercial Appraisals • Residential Appraisals • Investment Analysis • Litigation Support • Tax Appeals (Real Property & Personal Property) • Real Estate Counseling • Acquisition / Disposition Negotiation & Counseling • Lease Negotiations • Publishers of the AREEA Report for South Florida Affiliated with AREEA INVESTMENT MANAGERS, INC. AREEA INVESTMENT ADVISORY SERVICES, INC. 9400 S. Dadeland Blvd. PII-1 Miami, Florida 33156 Phone (305) 670-0001 Residential Division Fax (305) 670-2275 Commercial / Market Research Division Fax (305) 670-2276 Advisory / Management Affiliate Fax (305) 670-2180 f7 IM 98- 291 SOUTH FLORIDA BUSI-N'ESOJQURNAI __ AREEA analysts play gains or musical chairs Wealth of records keeps Cannon, Kimball hopping The public iccntd serves at n 9 u1J :tine of information for industrious business people, as well as rosy repollcrs such as myself. And probably no industry has its laun- dry — clean of dirty — aired in public like real elute. Mortgages, deeds, property sales, furc- closures, devcaopmcut plats and zoning requests are just sonic of (tic local real cs• tate documents that originate as a planer of public record in Ute depths of South Florida's county halls. "A world of information is down there," attests Michael Cannon, presiticnl of Miami -based Appraisal Real Buie Economics Associalcs Inc., also cunvcn- icnUy known as AREEA. AREEA arguably is the source most tapped into the wealth of real estalc infor- mation filed in Drowaid. Dade and palm Beach counties. Since 1973. the firm has collected, collated, analyrcd and repotted on reams of data gencratcLI in the tri- county airs. "11'3 a great starling point to kill) - what's happening," Cannon explains. "It's used by everyone: markcl analysts, apptaisera, lenders." Not to mention South Florida's news- papers. Canton two wcclt-t ago bcg:ut -tiling a real estate column for llic Miami I icr- old's Sunday }louse & Dcsign and llusi- neaa Monday sections. For nhnusl Ulc past five years, he Co -wrote a column in the Fort Lauderdale Sun-Sculiucl. Al the herald. Cannon replaced Charles Kimball, who returned to writing daily reap estate columns for the )(cvicw Ncws- pq)crs. Kiutball also is rconoluic a,lviscr for AR.EFA, supervising tic Fam's cullcc- Gon of public rccnrds. lire one constant in this Ronne of nuwi- cal chairs is David Dabby, who cnnuoucs as the real dole culunmusl for the roll Lauderdale Sun-scnlincl, sans C-a On. Dabby is legal counsel fur, you gucsud it, AREEA. TTrc infurrnalion Uul app.cars in cash of the columns "conics front Ilrc tame data bast that our fine owns." Cannon ex- plains. -`fhe infonnalion in the data base nrecord of tack ail co,cs flout Ibc pullitc . DrOward and Palm Ilcach cuuntics... What AREEA does is so uni,{uc illat Cannon believes it's Ilse only rcsrarch firth of its kind In the cnunlry, That may explain why AREF'A is relied oil so touch by the South Florida press. The company sprcndc frunh SIW,IXXI to $130.0W A year on data bast research, Cannon says. A staff of ns many as four clllpfoycct, supervlscd by Kimball. Rican the public record a minilounl of one day a wrrk in rach cnunly. .Ir l.•n.liul• , , Flo ,jut umt ill Ir1u,gN AIr.1.LA I,.,, Ih, .d..hly to scut from 2,1XX1 Ili 25•(XA) pages of documtcltts each day. Dabby adds. On avcragc, a1KI1,11 dU.tXXJ UJnsattit,ns are rcconlcd in IhC Conolics on a u,onthl) basis. Cannon says. Only a lutodlnl of those deals ever fttld their way into ttc ncwspapxr columns of Cannon. KitubAi and Dabby. "lhcrc arc to (dotty Ir1111saillnits that occur that very little duplication will occur (between coluuua)" Cannon vys. Kimball, who could not be reached for cmmncnt, has cnntcwhal of an ndv:unacc over his 1-o colleagues, because -1 he tic. view provides a [otunt live Jays a svcck will) publications for each of IhC llltcc counties it covers. The "Kimball on Rcal L%lalc" culunul priohnrily cunccutratcs tan curunrcic6l properly salts still foreclosures. But io his short stint at Tltc Rcvicw, Kimball Itas Ili, vidcd analysis on subjects such as resi- ticulial land sales. Cannon's column in the licrold's Runic & Dcsign section has a residcntial (lane, ItiRhliy,hling rccrol aparinscnl. condonri- niunl and iand sales. 'Ilrr. liusincss Mon- day coluuu, cxckms cly AK uccs tan cons ...trend deals it, Da,le And ILruwnr,l ci nn- tics. Dabhy's rclxwl in Iltc Fort l 1utlud.11c Sun-scntn,cl ,,vcr I,anaacli, ns in It— ward and Val... l leach cuunlire. "1 Pive each 3111CIC a slant " Da1dhy says. "I R,uup the Uansacliuns InF�clhcr. so I'll du sl... p centers unc wcck and warChouscs the ucx(." Apt ll. h.A ha• conlraUs -ith the Ilriild and Su,, Scwincl, In,c K.o.b.,II in.liv ideally was hied by the l(cvicw, Cannon says. 'I tic South Florida Dusincss Journal alto ou otcasiou relict at ARITA as a snutcr fur data. 'I Inc runt provided nnrrh of the nuntcricnl inforntalion for (his ncws- paper's'Iop 10 lists for Imu:1 huildcrs and condominium dcvclol+crs ptcc page 15). 111c properly transactions lisird in 116% newspalxr arc provided by Orlando-hascd Alluutcy's Filic Insurance Fund Inc.. Ihuwcvrr. AREL•A's dabbles in the louhlh cslalc arc just a sidelight to ill main businesses — nharkcl research and cnonocrcial and Ictidcotial ploltctl) analysis and appuis al. 'ltic Coln puhhshcs "lhc AM I,A Itc- pKol (or South Ilolida a monthly pobli cation (tacking prol•crty activity in the Mute eounlies. 'Ihc ICIK)rle arc analyses oI the tuonth's events with an analytical overview. - Akl:LA also has two affilialc frruts. AREEA Investment Advisory Scrvi.cs In, conlruls 8250 million wmilt of plop. city in Florida and ulhcr pads of the coun- Iry for an midiscloscd I utidom based to ,, pony. And ARl:]:A Imc.lnrriu Nlaoagcrs hrc. tttatiahcs and lenses Ibal proltcny. But AI[EFWA m4micly suu,cs from its (cal ctlalc data base and IhC Itlfoln in...I it provides ill the It, al press "All duce pikers tcyui,c l'.rl cslatc coverage." Dabby says of the Ilclald. Sun-Sculincl and ltic Rcvirw_ "plc tuultc is basicallyuc May 14 , L990 -9 98 - 291 PRESENTING AREEA'S ALL -NEW COMMERCIAL TRANSACTION DATABASE.. . NOW's your chance to tap into concise, authoritative write-ups on virtually all major (over $300,000) real estate transactions on an "as need" basis. The AREEA database covers ail commercial and land market activity from January, 1990 to the present. ■ Office Buildings ■ Shopping Centers ■ Warehouses ■ Hotels/Motels ■ Apartment Buildings ■ Restaurants / Clubs ■ Investment Acreage ■ Commercial Sites ■ Homebuilding land ■ Apartment Sites Nobody else can offer this service because we are the source. We research the courthouse records on a 100 percent basis under the direction of Charles E. Kimball, III. We can sort your search: • By Type of Property ■ By County ■ By City ■ By Dates ■ By Price • By Key Words or Phrases Also use the database for other reasons, Investors & Lenders: Are you interested in searching whether an individual corporation or partnership is involved in the market? Just give us the names involved and we'll do the rest. We can give concise write-ups on whose making construction loans, For What? For N/Vhere? and For How Much? Your report can be delivered in narrative or table format. Each sales includes the following data as a minimum: ■ Buyer/Seller - ■ Location/Address ■ Size; Date Built ■ Price ■ Price/Sq. Ft. ■ Prior Sale Prices ■ Prior Litigation Details Do you want to know whose making permanent loans? Just give us your search parameters, we'll do the rest. Nobody, absolutely nobody, can match our services and prices. Our reports run from just $50 to $250. Turn -around times are one day for most requests. CALL TODAY FOR ALL YOUR INFORMATIONAL NEEDSII AREEA ' 9400 SOUTH DADELAND BOULEVARD PENTHOUSE 1 ' MIAMI, FLORIDA 33155 Market Research Department - (305) 670-0001 �8 �, 291 C-10 WHO SOLD WHAT? FIND OUT FROM ARE -EA NEW RESIDENTIAL SALES ACTIVITY PRESENTED IN A FLEXIBLE FORMAT FOR YOUR INFORMATION AND PLANNING NEEDS. CHECK OUT YOUR COMPETITION. ORDER YOUR CUSTOMIZED REPORT NOW ACCORDING TO ANY OF THE FOLLOWING VARIABLES. SALES ANALYSIS OF SINGLE FAMILY HOMES BOCA WEST MARKET AREA l SALES FROI4 $ 70.000 THRU S 80,000 0.77% 1 SALES FROM $ 80.000 THRU S 90.000 0.77% 5 SALES FROM S 90.000 THRU $100.000 3.85% 13 SALES FROM $100,000 THRU $125.000 10.00% 39 SALES FROM $125.000 THRU $150.000 30.00% 36 SALES FROM S150,000 THRU $175.000 27.69% 18 SALES FROM $175.000 THRU $200,000 13.85% 8 SALES FROM $200,000 THRU $250.000 6.15% 7 SALES FROM $225,000 THRU $250.000 5.38% 2 SALES FROM $250.000 THRU $300.000 1.54% 0 SALES FRO14 S300,000 • 0.00% Yus u.a, rm •.0 .ra• (mar wl•u ll.al - carts .ac.( Kll w.[r uu Itl pylrp, IM UY( ru(1 Yq ll... .... lti.rl (d.. Ir4 Item m 1/.l Irtlm m m/II l.lm m 01/1l Im Ill.m m 0111> L111 •.14L1 .l ttlm Y., .,.(r ( l..(I.l 01 •lt�nl.l IK /! llamm m .1/1l S.11i ..14(1 rla.em m I tle.am m •1Rlm Yr. r.Kr .. tif! 1 HW 9.K m.l loll ll. IK nnm m .rrll . �i. •41 •i .Q..ie .ti,l I r,c +nl, I.c ,> ...m m el/ ■ BY HOUSING TYPE Single Family Condominium ■ BY -GEOGRAPHIC AREA Dade, Broward & Palm Beach Specific Regions - Countywide Down to Any Square Mile ■ BY -SPECIFIC PROJECT OR BUILDER ■ BY TIME FRAME Monthly, Quarterly, Annually ■ REPORTS PRESENTED ALPHABETICALLY BY 7 Project Builder/Developer Nobody can beat our prices for value, timeliness, and accuracy. Reports range in price from $50.00 to $250.00. Call for your CIUote Today! AREEA * 9400 SOUTH DADELAND BOULEVARD, PENTHOUSE 1 MIAMI FLORIDA 33156 Market Research Department - (305) 670-0001 -11 98- 291 $81 a square foot buys Gables office building n oficC building at 4689 Poil cc do Leon Blvd., Coral Gibles. has been ;old. I he 4 1-square-foot ;,ructurc ,�as bull in i9n: on a Syu .rc - Coot , nor III :, i r S: 0.000. This t,n,c the prig; as S4 `0 000. or . s� l -1 -1 a MICHAEL Y. A s s eloot sed CANNON -; alUe Is :`O4,SI Scllc,s ��c;,-\Ifred J and Gav Cinque. acn%f real estate inves- tors The ne%• ,)v%ner is Audrev H. floss Financ;ne Irorn Interna. tional 13:,nk of '�lianlr rs for S 160,000 Warehouse holds value over nvo decades In some cases, warehouse ,;races can remain stable for 2C Cars. An example: the 101,297• square -loot \%arehouse at 4250 NE 37,h Aye.. Hialeah, built in 074 and sold for SIA million «hcn new In 1987, a sale etas made for S 1 21 million to buyers that included Gary P. Cohen and David Fins They have now accepted .S 1.53 million, or S 1 5. 10 per square foot. Metro Bank provided a Ilrst ntocAgage of 5800.000. Taking title %%as Warehouse Associates I Ltd., whose manager is Day id T. Diamond. Developer purchases 60 acres near turnpike :X subsidiary_ of Capo Builders, a leading housing developer, has purchased 60 acres cast of Flori- da's Turnpike at Northwest 81st Strect. 1•hc land cost was S 1.32 million, or 522,000 an acre. Pur- chase money mortgages total S 960.000. The seller was Seven J. Corp., John C. Fritz, president. Execu- tiyes of the buyer, BCC Enter- prises. are Julio and Gerardo Capo In 1994, the Capos sold S 12, ; million %-orth of single- family homes and 59.7 million worth of condominiums. .Additional financing set f-or Republic building New financing . has been arranged for a downtown Miami office building that was named in foreclosure litigation this year: the Republic National Bank building at 150 SE Second Ave., built in 1956 with 167,755 square feet, gross. Rentable office space comes to 119,600 square feet. The owner is Hartford Inves- tors -Miami Associates. The ven- ture is managed by William R. Harrison. -An additional partner in Hartford is HIMAC, whose executives include David F. Cox J r. The building was purchased for SIO million in 1989, or 583.61 per rentable foot; financing of REAL ESTATE $8.55 million was obtained from Security Capital Credit Corp. The first mortgage was pur- chased by Hyperon Credit Capi- tal at a discount. Later, Hyperion advanced Hartford an additional 5866,883. At the end of last "ear, a foreclosure case was filed.'The suit was settled by the new financing. BROWARD COUNTY Hallandale warehouse has new owners A warehouse with 20,160 square feet has changed hands at 311 Ansin Blvd., Hallandale. It was completed in 1974. Prior sales were for 5425,000 in 1983 and 5600,000 in 1988. The latest deal was for 5825,000, or 540.93 per square loot. MRD Associates (Mark S. Krohn) sold the property to Ansin Boulevard Associates; the general partner is Brick Road Investments, Angel L. Perez, resident. The sale included a 644,557 wrap -around purchase money mortgage. Foreclosure complete on store in Pompano A foreclosure auction has been completed for a store built in 1987 at Sample Road and North- west IOth Avenue, Pompano Beach. At the public sale only a nominal bid was made for the 13,746-square-foot building; title was awarded to Wilminton Trust Co., acting for the RTC Mortgage Trust. The original lender was Cartgret Savings Bank, which .x A � ur. failed and was taken over by the RTC. The final judgment was S 1.65 million. Rental -condo complex sold in Fort Lauderdale A 65-unit condominium that has operated as a rental project has been sold. The building and adjacent apartment sites are north of Northwest 19th Street at Seventh Avenue, Fort Lauder- dale. The prior owner was TC Asso- MONDAY. APRIL 24 am THE r!F"A`_ crates, whose otlicials a,. Tnpi and Robert Notts In Sunrise Sa'vines & Loan F.n the 65-unit buildint3. In :. tion, a final judgment of million was awarded Ti!,- I eral Deposit Insurance Cora+ now accepted S 1.81 m,llimi 527,846 a unit. Buyer was Southern.- tional Properties. whose print pal is Jorge Valdes. a builJ,2r I,, Cutler Ridge. He obtained S I r; million in financing from Ea: tcr! National Bank. AROUND THE WORLD - BY SUPERSONIC CONCORDE c•�T _. __...__. All In The Real Estate Family I he AIt I'.I A • I.t,„III' .. coI„I,I t r,►.(if Cl cil;lI'y (80) associ.ltcs, w,ls founded by Michael Y. C:Innmi. 1v1A1, SRA. CRI: in 1973. (-)vcr the years, Appraisal and Rcal Istatc (.cononlics Associates, ►nc. (A ►ZI•, l'.A) his I1c(:olllc .111 atIdlol Ity Ill all (rcets of real estate analysis, including; consulting, marker research, preparation of market/marketability analysis anti feasibility studies, iovesnncnt analysis and real cstatc appraisals for a %vide spl:crrurn of local, national and intcnla- tional clients. Members of ARI:LA's professional staff arc quoted in the local, state and national media weekly. Mr. Cannon writes a real cstatc colunul in -I he Ill I Icrald; Charles I?. Kimball, ill, economic advisor to ARITA, writes for 1-he Rcvicw; and I)avid I)abby, senior vicc president, writes a similar column Ill the Sun-SCIlLinCl. ARE• EA's newest af`il(mc, ARE•EA Assessment Constlltant.s, Inc., whose president is Maryf atic Stoic, provides All Valorem asscssmcnr and consulting services throughout Florida. AIZLIjA's outer affiliates, including ARI:F-A Investment Advisory Services, Inc. and ARE -EA Investment Managers, [tic., perfonrl real cstatc Implcnlclltarion for a Major fotcirn investor of conuncr- cial real cstatc throughout the United States. David Yoblick, vicc president and director of ploperty managcnlcrtt, supCrvises property nnnag;cilent and leasing activities for -,I Q51,0001000 portfolio. ARI.F.A•s nlaii,%cmrot :u1d leasing, affiliate has hCcll SnCCCSSful since its inception clue- to its 1,14cssion:11 appro.ich to propmy m.m.il;crticw and lcasinl; ARI.FA's m.m;igenicni and Icamig asso, iatcs throng,,llmlt the United �t:ttrS have IICC11 tr11111rd III he SI't,Vttvc, not only to 111.11krt conditions, but to Cxisting, .tall pinsllcc live wo.1111t Mt ( '.mtion rc rmph.lsires ARI•.1•.A•s conu11111ncnt to provi,ftnl; professional sc•tviccs, ­ Analytil ally, IZcIi.11,ty, lJlcc tivcly, I III,_wwIy, and Amh,.rtt.lttvcly .. Thank You! AREEA Investment Managers, Inc. wishes to thank the tenants and brokers who have contributed to our success over the past Thanks to Them, we have leased a total of 221,501 square feel of office and retail space'. Boca Corporate Center Lake Country Village Shopping C Boca Raton, FL Phoenix, AZ Feather Sound Corporate Center I One East Camelback Clearwater, FL Phoenix, AZ 600 Corporate Drive Pittsburgh Office & Re- •,�h F Fort Lauderdale, FL Pittsburgh, F f�i■ P-W Investment Managers. Inc. affiliated with Appraisal & Real Estate Economics Associates, Inc. Penlhouse One 9400 South Dadeland Boulevard Miami, Florida 331= (305) 670 0001 C-13 98- 291 NEW MIAMI/JUi DEALUAKER She wields a mean tax ax to trim property assessments Appeals specialist helps property owners fight high valuations AT home, MaryJanc Stone practices Tac Kwon Da. She's a black belt. At work, sparring with county property appraisers around the state, she's .uually dangerous. They've taken many falls at net hands. At other times, though, she's been hired by them to fend off assessment appeals. Stone, 39, is senior vice president of Appraisal anal Real Estate Economics Associates Inc. (.AREEA), a Dade County research firm, and presiuent of one of its affiliates. AREEA assessment Consultants Inc. She won about 45 of 50 appeals statewide last year, by her count, taking properties valued at a total 'of S255.6 million and getting their assessments reduced to S214.2 million. That came down to tax savings of $1.03 million, including S282,000 on one office building. This year, she says, given the real estate slump, the pace should quicken. "As the economy goes down, my division gets busier," says Stone, who is known in the business as M.J. Her division of five appraisers and an administrative assistant Thomas James draws on the specialized Dixon, a Miami expertise of AREEA's appraiser, says 30 appraisers and data he market has bank. changed The appeal procedure dramatically and in Dade, where she does the county has not much of her work, calls responded.' for a hearing before a special master, who forwards a recommendation to the Valuation Adjustment Board. There's plenty of room for successful appeals, say private and public appraisers, given the state of the economy and the sheer weight of the county's appraisal workload — Dade has 600,000 residential and commercial properties. The county agrees that commercial property values have been dropping, but disagrees that it's doing little about it. "We're trying to respond to it as quickly as we can," says Robert Perez, Dade County's senior property appraiser supervisor. Perez acknowledges that the county's «orkload necessitates a mass assessment approach, relying on general market trends and spotty information submitted by commercial property owners. That reality leaves many assessments subject to debate. ''We have a limited staff, and with the number of parcels we have :o cover, there arc going to be mistakes maCc." he says. Sionc, on the other hand, might spend four weeks analyzing one complicated building. When she presents her case. she has at her ringertips analyses of leases, nuances of architecture and location, and many other factors the county might have overlooked or underestimated. Credibility based on research "She's usually very articulate, very rough," says Steven Weintraub, a real csute praiser who serves as a Dade special master rur assessment appeals. "Shc definitely does her research " chat preparation gives her credibility, says l_cc Yvarunkcr, another Dade special master "Shc no( going to give something that's pie in the sky \ tut of t)eople go m there Ito Appeals hearings; D 1 rvitid to play the taw of averages -' f hat ,I„c", t meals SI„nc al'..JY' get, what vie ,.. 1 •oiler JllY, J ,(lfxi.11 ,ItJslfr .! �J ii.,li„il %Iar.Jane Stone says she saved property owners S1.03 million on their tax bills last year. s .._....._ _u,,. , a:;d in Dade, when she wins a With many Icnanis moving aul a(;er :moo or thief c :u�:gun )I more :han !o percent, the zounty months. there were extra costs and an unsiablc ..)J:Ilcrapr:ca; in court. Inl Orrlc strearin that alic reduced Target +alue ()t:c �asc of Storie's currently under litigation — a'. Jppul rdcd in august 1990, involves an Ing figures fit Inflated J; ar.mcnt complex near downtown Miami that Furthermore, Stone says, the county ._r _ounty assessed at S12.5 million — miscounted the apartments and their rental rates. :-mon,tratcs her methods. Slone, who declines uveresnmanng the property's income — i do.W , the property at the owner's request, arguably the most important factor '.n J.. "1J: JHr ',tudying the owner's income and -dctermmmL he vislue of such a compiea The "•I'r'�'•r '.i.c :i:c':t S, she realized the property was .ounty hid joucri its numbers by cli::nj a rcria! Sa rr.il',�un agent un the ,te, Sl,xie says The agent gave out nl, thai the complex's g,c3l!y 01,1,il Icnu, rates ul hopes of boosting .tic.. i— n,lud-is taxes, amaunted to 31 the .i's �. �. , u,s m,o,nC But in tact. she says. When the .Jr.,>us tJ.irxs .ere,ddcd up. chc . I., crpcn ut, bloated by high sccurit! cuun(y s csl 11a(c.1: 'Jic pl L,per:y s in,omc was .� i... ,I ',tic inner cily location, T� K il.ii It li irl.l,!i liiglicr .:IJiI the icwj, ns income. substantially an.l ,'.,b,tJni�ativ .,�. n.uar. .aloe ,kcwu�g ;tic J'.,cs,;nc it. 11 wit vvs illh-;ngh the building's `)() percent i­icr ,!ended :he uih ..ry lsigh li, the ioiw', Y. she .inner;, s llUm CefS and h,gn %,l Jrni,uro. ,c t, J .. ..: '.It I2I 91 P�C,f 3a 98 ilntcri�alt ;1r1)it ra11OIl rltitiO( 1:11 iOn 11is/�u[r /lrsnln[ir+rr .lrrr�rrrti 41'n+lrin��dr• Contact American Arbitration Association 799 Brickell Plaza Miami, FL 33131 telephone: 305-358-7777, facsimile: 305-3584931 Commercial Panel Michael Y. Cannon, MAI, SRA, CRE Current Employer/Title Appraisal and Real Estate Economics Associates, Inc. (AREEA) - President Profession Real Estate Appraisal, Consulting, Analysis, Valuation, Property Management and leasing of commercial property Work History President, Appraisal and Real Estate Economics Associates, Inc. (AREEA) and AREF.A, Inc., 1973-present; Vice President, AREEA Assessment Consultants, Inc., 1991-present; President, AREEA Investment Advisory & Management Services, Inc., (AIAMS), 1982-present; President, AREEA Financial Services, Inc., 1973-present; Vice President/Chief Loan Officer, Citizens Federal Savings & Loan Association 1967-73; Staff Appraiser, National Appraisal & Realty Management Corp., 1960-67; Real Estate Assessor, Dade County Tax Assessor's Office, 1957-60. Experience Over 35 years practicing real estate analysis, valuation, consulting and finance; holds professional designations of MAI, SRA, ASA, CRE and SMC. AREEA performs real estate consulting, market research, market/marketability studies, feasibility studies, investment analysis, appraisal, valuation and act valorem assessment services covering residential, commercial and all types of real estate throughout Floricla and other regions of the U.S. Speaker/lecturer before local, state and national meetings covering topics on all facets of real estate and finance. Testified before U.S. Senate Banking Committee and Resolution Trust Corporation (RTC) Oversight Board. Alternative Dispute Resolution Experience Extensive experience a, Real Estate Expert Witness, Bankruptcy cases, rnecliator and arbitrator for Technical Advisory Service (ASA). Alternative Dispute Resolution Training AAA Advanced Arbitrator, Training, ,'Miami, 7/94. Professional Licenses Flori<I.r Re.d F.,iaw Broker, 1961 (#0182�553); Florida Mortgage Broker (#I IA-267525721), Florida Cci(ilicd (:ener:rl Appraiser, 1991 (#IZ'I.0000681). C-15 98- 291 LUATION VIEWS Quarterly Publication of Valuation International Ltd. & Appraisal and Real Estate Economics Associates, Inc. 3rd Quarter 1997 Volume 10, Number 3 Preservation Versus Market Value Preserve, conserve, restore, renew. These actions can constitute an economic opportunity for real estate entrepreneurs. In addition there's the satisfaction of doing something to benefit a neighborhood, community, city or even the nation in revivifying an older property. Restoration and renewal put the developer or owner on the side of the angels, not just in terms of the protection of some rare architectural gem, but also in terms of the new broadened context of the current historic preservation movement: r)reservation has emerged as a trend embracing the atural and built environments as a whole and the cultural heritage of all the various people of the United States. Historic properties play a dual role. They represent our national heritage and as such they belong, in a way, to every citizen. At the same time they are real estate, which is a commodity, an investment, and a bastion of private ownership rights. An economic conflict sometimes inheres in this duality I examine the relationship between the historic preservation trend as it stands at the end of the 20th century and real estate economics in the second edition of Historic Properties: Preservation and the Valuation Process published by the Appraisal Institute this year. I like to think of the dynamic conjunction between the preservation movement and real estate economics as "cultural literacv meets market value." Both concepts are basic to humankind. They are also basic to democracy in that they are available to all. It may well be that in the next century we will all be -ing in modular structures assembled in factories, ien transported by trucks to crammed -together sites. The office space of the future may all look the same as the industrial space, the movie theaters, and the big -box stores -- life in a series of boxes, the primary function of �,vhich is to cover our COmputers_ But right now, we are in the part of the architecture cycle that once again looks to the old the ornate, and the classical. There never at anv timE have been as many books and magazines treating period architecture and landscape design. The International Style, with its function -following forrr. and its ruthless monotony, is at least for the time being as outdated as Marxism. Architecture is only one facet of the preservation movement. The primary focus has always beer, those properties associated with persons or events important to American history: the places that were General Lee's headquarters or where Lincoln agonized over the Gettysburg Address. A third type of historic property, more recently recognized as significant to our heritage, is made up of those properties that are expressive of a particular culture, period or place. Properties in any of the categories can be old or rare or somewhat less so. Most include 19th-century structures of one kind or another. The stock of 18th-century buildings is extremely limited in this country and those left from the 17th century are few indeed. All categories of - historic properties serve to communicate and interpret the past to the present and future generations. However, there is another, practical aspect to the preservation movement that focuses on the recycling of existing structures and infrastructure. It goes without saying that the deterioration of the inner cores of our cities and the loss of the Main Streets of our small towns are shamefully wasteful of capital and effort. Solving Appraisal Problems There are both benefits and problems attached to historic properties that simply aren't there for neev construction. The ramifications of (1) gowernment policy at federal, state and local levels; (2) the market's appreciation or apathy toward age and historic qualities in real estate, and (3) the additional costs and problems that are associated with odder building~, all need to be understood bt —16 98 -- 291 Apptaisal Views 1'ags, '� those who would value, own or redevelop a historic property. Some of the benefits include financial grants, income tax credits, property tax reduction and public acclaim. All but the last of these are dependent on specific historic designations such as listing on the National Register of Historic Places or listing on a state or local register. In addition, historic properties produce income and value on their own. They attract capital to commercial and residential neighborhoods. They generate tourism, which in turn benefits other properties near them. The complications and negative aspects may include extra paperwork and legal costs, engineering and logistical problems, and product and craftsmanship non -availability that do not occur with new construction. The production of new buildings has been organized to a high degree of efficiency. Restoration is more tortuous. In addition, the public sector is likely to interfere in the process of development and use of a historic property. Categorization, Highest and Best Use Historic properties are not as easy to describe and categorize as new construction. Appraisers need to become researchers to discover the history and significance of undocumented properties. One of the more startling facts to realize about old buildings is how often changes in their structure, size and finish have been made to meet the evolving circumstances and sensibilities of the people owning and using them. Sometimes their owners simply do not maintain them and thus they are changed. But often people change them in ways that obscure their architectural lines and massing and compromise their trim and finish details. Buildings begin their lives as the vision of an owner or an architect, but they seldom remain in that form over a long period. Architectural integrity becomes a muddle. It is the appraiser's job to relate the past history of the property to its current condition and to its highest and best use. The appropriate rehabilitation program must be decided on: what balance between preservation and modernization befit meets the market's expectations. :mother aspect of highest and best use analysis for a historic property is relating it to the physical, economic and political environment. Historic properties are likely to be physically atypical, more subject to governmental controls, more expensive to maintain and rehabilitate and either more or less popular than newer properties. While an C-17 architectural gem or a very important propert•. in American history will have a'- ,lutt physical qualities, these are worthless ou the interaction of the external influences or market value. Location Location probably accounts for the greates differences in sales prices of historic properties. '' supply of restored historic properties iii a giver area means that buyers are positively dispose, - toward them generally. Once the supply o properties available to be restored is used up price_ will continue to rise. A supply of unrestored historic properties is seldom a stable condition. They wit: either be allowed to deteriorate, thereby becomin, less and less valuable, or they will undergo restoration and increase in value. The Search for Comparable Data Because of their unusual characteristics, the search for appropriate comparables for historic properties is often daunting. If you're lucky, your property i� not the first of its kind in a neighborhood or community; most restoration and development builds on what others have accomplished. T' ita may be readily at hand or not apparent at a._, out historic properties have produced sale, rent expense, cost and rate comparisons since the restoration movement began in the 1950s. The major problem has always been finding data within the immediate area of the property under consideration. Comparables taken from areas with different economic bases have to be analyzed separately before their indications can be applied. The historic characteristics of comparables must be accurately understood just as those of the propert being appraised must be. Most of the same type of research that was carried out for the appraised property must also be completed for eac't. comparable. In order to make the necessar,, interior inspections of the comparable properties appraisers often need to infiltrate the closed rank; of the restoration and preservation community. Market Economics and Preferences Old buildings are fraught with physical any: functional depreciation. It can be very expensive tt, cure advanced physical deterioration - equal or exceeding cost new. It has to be worth -it to, at, reason or another to restore or renew an ol,i building. The marketing or use of the property hay to cover and exceed the costs. In that regard restoring the exterior appearance of a historic structure is the easy decision to make: the restored - 291 appearance should be as close to the original as possible. This pleases everyone, including otential buyers. But restoring the interior to its exact original condition isn't going to suit most of the market players, except perhaps historians, and they are a very small group. Buyers and users of historic buildings generally feel that the charm and interest of older buildings offset the limitations of difficult interior configurations. However, most of them have to be carefully modified to preserve the best of the historic characteristics and at the same time to provide reasonable comfort, convenience, ease of maintenance and safety. Redeveloping historic properties for owner - occupancy is one matter; redeveloping them to maximize net income is another. Hotels and office buildings are prime examples of the potential conflict between preservation and market economics. Maximum efficiency of space cannot be the major criterion, although it has to remain a consideration because of the costs to restore, service and maintain every square foot of ornate lobbies and public rooms. The income from the restored historic buildings has to be high enough to ,ecapture the extra costs and expenses. .-ortunately for historic preservation, market preferences have changed since the National Historic Preservation Act of 1966 was passed, creating a comprehensive program of documentation, designation and financial assistance for historic properties, extending from the federal level through the state and local levels. In the meantime, many subsidies for historic properties have been eliminated. Favorable income tax provisions were virtually wiped out with the 1986 revisions to the Internal Revenue Code. Most direct federal grants have been eliminated, although state and local grants as well as other subsidies remain. Federal funding for the National Trust for Historic Preservation has been eliminated, but the National Trust is forging ahead with private support. In this same period the listings on the National Register of Historic Places have grown enormously, landmark ordinances and historic districts have been created in all parts of the country, and the public appreciation for historic properties has replaced the support programs that the 1966 -t created. l he marketplace and preservation, for the moment, have reached an accord. - Judith fZe l/?Iolds, MA1 (The next issue of Appraisal Views zvill exaneine the restoration anti adaptive re -use of older cornrnercial buildings in some of Anterica's city cores.) - \1 V/1 VIL News We are pleased to add four new affiliates to our 38 existing associates in the U.S. and those in the United Kingdom. These four valuation and consulting professionals exhibit the local -market expertise that is the single most valuable asset VIL offers its clients. They were also chosen for their high level of client service, another VIL hallmark. J. Philip Cook, MAI, is President of J. Philip Cook & Associates, Inc., Salt Lake City. His specialties are eminent domain, golf courses, hotels, industrial, office, shopping centers, ski resorts and special -use properties. He is a Member of the Appraisal Institute, and a member of its National Board of Directors. He is also a member of the International Right -of -Way Association. He has an MBA from the University of Utah, where he has taught and lectured. Highlights of his career include a 250- property restrictive -use easement assignment at Hill Air Force Base and I-15 reconstruction corridor acquisitions. P. Barton DeLacy, MAI, is Principal of Columbia Consulting Group, Inc., Portland, Oregon. He specializes in litigation support, site selection, value impacts of aggregate operations and other undesirable land uses, timber and transition land uses, regional retail centers, and complex commercial properties. He advises several regional pension funds. A Member of the Appraisal Institute, he has held national Al posts. A member of the American Planning Association and American Arbitration Association, he has a Masters Degree in Urban Planning from Portland State University. Michael Y. Cannon, MAI, SRA, CRE, is President of Appraisal and Real Estate Economics Associates, Inc. and AREEA Investment Advisory & Management Services, Inc., Miami, Florida. Cannon's name is familiar to Floridians from his weekly real estate column in the Miami Herald. With 35 years of experience in real estate analysis, valuation, consulting and finance for national and international clients, his specialties are housing studies, litigation, development and ad valorem assessments. He has served on the Appraisal Institute's Board of Directors. He is also a member of the American Society of Real Estate Counselors, American Society of Appraisers, ULI, NACORE and other organizations. He has lectured and taught at the University of Miami. George Bighia, long-time VNI/ VIL associate in Omaha, will continue to be involved with our organization but has handed over more active duties to Thomas E. Stevens, MAI, President of Associated Appraisers, Inc. in Omaha. Stevens has 32 years of real estate appraisal and consulting experience. His clients include investment companies, developers, governmental agencies, railroads and public utilities, attorneys, and man' national corporations. He is a Member of the Appraisal Institute, and oast president of the local chapter of the Scc:ety ;,f Real Estate .\ppral,ers. Valuation International Ltd. is a commercial real estate counseling and valuation sen Ices firm with 40 offices in 30 states and in the United Kingdom. ..._ h�..{ .I I , , I tc, 1n ;hI ,o I I L II' g L' S .I n..t. :\tI. nt.1. <,A.:\Ii ,, I ; rc �:, 1.. ♦I. B.1... m are 1.1 L, �1.11I0tR`.%C,C11g,I II. C:11cl1n t',( II t.'`�.I,I.m bl.,.`;C. ll'I nhl,.. tIF1. �'.III..I,' Y. La. .I.. C ). Do—, %if, F,,.t w„ru,, rs Ff.­,,­,, rx. InI],.0 �,.,1n,11,. K.1n..,, K'. L.I, \cp,.n, .V,, I u.:\n�;rlew'. A, %J .un , I I KLn;,r ep„I�. `.1% \1„r1,t,".-.. ., ...c. `J. 'I, I lA, `. ­ 1„r.. V(, I I1n., h.1. %r. t lr l.�r �,f,,. I I I"„I.I.I,�11' ..I I'.\ � ,n�,�. AL. I':.r, t`u rgh. I'A..,'rN enJ, K. I',"rL, 1, %11., R, Im,, ,, .1, vA.. >t ..... u _ A11 :. _.. i .r.r C.n I -T tiers :\nt,n„ rr. .u, J , ,. . -A. S. ,, i -an, ,,, \ :\. � 1ti, . l\.\' . r.,.,, Nt r .. ..I . `K., ..'L LV.�,h,ntin'n. L1( VII .,I.,, .,e, 1n .IthL�,1,1h K,ryd,nn .,n i I..:n gyp. Jel,yl.,r, l�ewt �t t„Llraherl 11,r en I�rn .I year 1nr 4,r.al .,Mr.e• „t `Jal,ralr,n �r,lerr,al rnul l,� ',e V,DIK aI.w' -Y,e� n r rr ler le{!al eV{,ra,aal ,r,v n i ur rHhnr {,ruleeaarnal ar tv a:s �„{ry n.,fe I'1S1 Valuelsn 'nt 1� C-18 er'reil hY Vnrrr,ra,rr,n 11 aaVILn' ;r15 nw NE e:r/, •Ilene• 10Y,3 ielepnr�ll erll lay ', ' F..'�1101 rt'1 'Ir l 08- 291 Appraisal Views P'y�`' Appraisal and Heal estate economics Associates, inc. (Amr_c#k) 9400 S. Dadeland Blvd., Penthouse 1, Miami, FL 33156-2817 • (305) 670-0001 Ext. 212 • Fax (305) 670 '276 Look for Viewpoint 1998 Viewpoint 1998 will be published in February, 1998. VIL's ninth annual look at real estate value trends, the publication will present both macro and micro criteria to provide investors with the foundation necessary to begin the underwriting process and make informed decisions to buy, sell or finance commercial real estate. The 1998 edition will include an economic outlook based on recent trends; market -by -market demographic and economic trends; and cur- rent data, five-year reviews and five-year projections for commercial property types in 40 major U.S. markets. Be sure to order Viewpoint 1998 by contacting your local Valuation International Ltd. representative, and also take advantage of their real estate valuation counseling services. Or call 1-800-345-1277 for Viewpoint subscription information. In the meantime, feel free to visit VIL's Internet website at http://www.realworks.com/vilhome.html for data from Viewpoint 199 and past issues of the publication. RealWorks Database VIL offices are now equipped with RealWorks, an integrated database and valuation system that gives VIL offices access to standardized for- matted reports as well as comparable data from all over the nation and the world. RealWorks provides our clients with a greater degree of con- formity in reports and other sophisticated computer applications that assure clients of more definitive analysis. Please call your local VIL office or VIL corporate headquarters (1-800-345-1277) for additional information about the uses of this excit- ing new technology for your valuation needs. Appraisal and Real Estate Economics Associates, Inc. (AREEA) 9400 S. Dadeland Blvd., Penthouse 1 Miami, FL 33156-2817 C-19 98-- 291 Exhibit D Selection Committee for The Bobby Maduro Stadium Property disapprove the proposal submitted by AREEA. D-114 98- 291 Selection Committee for The Bobby Maduro Stadium Property Committee Member I vote t approve disapprove the proposal submitted by AREEA. signature 98 - 291 D-� Selection Committee for The Bobby Maduro Stadium Property Committee Member T &/ /,A 131 fiwCIl1VU CIvote disapprove the proposal submitted by AREEA. / ao..ti signature D-3 9 8 - 291 Selection Committee for The Bobby Maduro Stadium Property Committee Member `CL►'lrJ A CC Q 3. G keu a qvote to appr � e/ disapprove the proposal submitted by AREEA. signature L-4 98 - 291 Selection Committee for The Bobby Maduro Stadium Property Committee Member m, 1,/1 /SJc K I vote to approve disapprove the proposal submitted by AREEA. D-6 98 - 291 Selection Committee for The Bobby Maduro Stadium Property Committee Member �D>>� /904+�5 I vote to approve disapprove the proposal submitted by AREEA. I n_,r Selection Committee for The Bobby Maduro Stadium Property Committee Member 4AIW,4 367 M5W I vote t approv / disapprove the proposal submitted by AREEA. D-7 8 - 291 ATY OF MIAMI OFFICE OF THE CITY ERK BID SECURITY LIST BID ITEM: PROFESSIONAL REAL ESTATE CONSULTING SERVICES BOBBY MADURO STADIUM PROPERTY T / BID NO.: R F P yL DATE BIDS) OPENED: J A N U A R Y 30, 1998 TIME 1 1: 0 0 A. M. BIDDER TOTAL BID AMOUNT BID BOND (ER) CASHIER'S CHECK AREEA don received timely as of the above open,*-c date and t1imra, T. .. are hereby re;ected as late." .,z< y, hr ymi r,3 received Per on rec mg bid(s) PLANNING AND DEVELOPMENT (City Department) SIGNED: eputy City Clerk (--) envelopes on behalf of on ►a..r.aw so , 194 P (Date) i;Y 1 H 0 I n , . 14) 1 , r- ?'I tc It ±it w'o-- I it A"d rk., is .-It-vatif vlatis t" t K(A II'vA oa A(I "i 11V I E'u c !Iuk -.J c 15 i A N % 6 L ki I .t , d , k 1 -1, 11 %A] 111 -1' K L ,,IL a 0 , -i A J.09j.' (111d It -,,.I lol; 'P: 'Alpj)of toAlL IICN � 101)111rJjj Ir. : : , " . 11 4 1 k1W k w'Nt it, to r114 1 % .4 14: to 1" `4'CC It 11'-fe -'o,11 if o lt T , , f , - I, . - I , N( W I N I t It jil, ilit)'l '14,314 it propo- to t i "Still oc,.r, 0� I Io mt 1w lit t,, nc ,1 ,I, 1r It 0 1, ()N '�0.1k, ir. —;i I !i-tl4 ow .--r% t — P4 itt-1 q 0 117. 1 t rl I I k. 1 I . '!l"110jiff, :t �V: .� . r... 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