HomeMy WebLinkAboutR-98-0697J-98-656
6/15/98
RESOLUTION NO. 9 8 - 6 9h"
A RESOLUTION RELATING TO THE DEVELOPMENT OF
PHASE III OF THE MELROSE TOWNHOMES PROJECT
TO BE DEVELOPED BY CODEC, INC., CONSISTING
OF FORTY-SIX (46) TOWNHOMES, WHICH WOULD BE
AFFORDABLE TO FAMILIES OF LOW AND MODERATE
INCOME LOCATED IN THE ALLAPATTAH
NEIGHBORHOOD (THE "PROJECT"); DIRECTING AND
INSTRUCTING THE CITY MANAGER TO CONVERT THE
APPROXIMATELY $1,128,151.00 OF THE
OUTSTANDING BALANCE ON THE CITY'S LOAN OF
APPROXIMATELY $1,520,145.00 INTO A GRANT IN
AN EFFORT TO MOVE FORWARD WITH THE
CONSTRUCTION OF PHASE III OF THE PROJECT;
AUTHORIZING THE CITY MANAGER TO EXECUTE
INDIVIDUAL PARTIAL RELEASE OF MORTGAGES TO
CONSUMMATE THE PURCHASE/MORTGAGE CLOSING ON
THE FORTY-SIX (46) TOWNHOME UNITS TO BE
CONSTRUCTED UNDER PHASE III OF THE PROJECT,
INSTRUCTING THE CITY MANAGER TO EXECUTE AN
AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, WITH THE ESCROW AGENT TO PLACE IN
ESCROW THE CITY'S ANTICIPATED SHARE OF THE
PROCEEDS FROM THE SALE OF EACH TOWNHOME
UNIT, UNDER PHASE III, IN THE AMOUNT OF
APPROXIMATELY $391,994.00.
WHEREAS, in October of 1989, pursuant to Resolution No. 89-
966, the City Commission designated CODEC, Inc., as developer, for
the development of a one hundred fifty unit (150) townhome project on
8.5 acres of the City -owned former Melrose Nursery site; and
WHEREAS, in an effort to assist the developer in moving
forward with the construction of the proposed housing project, the
City of Miami made available a $1,000,000.00 site
CITY coma ow,
MEETING QF
J U L 1 4 1998
R"Wutkm no.
98- 697
development/infrastructure loan from the interest income earned from
the City's 1976 General Obligation Housing Bond Fund; and
WHEREAS, in addition to the aforementioned City financial
assistance, the City also agreed to hold a mortgage for the sale
price of the land for $750,000.00; and
WHEREAS, in an effort to assist the one hundred fifty (150)
potential homebuyers during a period of spiraling mortgage interest
rates, the City also allocated $460,000.00 in 1976 Housing General
Housing Obligation Bond -Interest Income, for the establishment of a
mortgage interest rate buy -down program with Barnett Bank; and
WHEREAS, on October 26, 1995, representatives of CODEC, Inc.
made a personal appearance before the City Commission to discuss the
repayment of the City's loan in the amount of $1,750,000.00 in
connection with the development of the 150-unit Melrose Townhome
Project ("Project"); and
WHEREAS, CODEC, Inc. made a request for financial relief, in
connection with the $1,750,000.00 in City financial assistance to the
Project, due to the increased costs in building materials and
modifications to the South Florida Building Code as a result of
Hurricane Andrew; and
WHEREAS, on October 26, 1995, pursuant to Resolution No. 95
773, the City Commission directed the City Manager to execute
individual partial release of mortgages to consummate the
purchase/mortgage closings on the fifty-four (54) townhome units
constructed under Phase II of the Project; and
WHEREAS, the City Manager was further directed to work with
CODEC, Inc., in an effort to determine the fixed project development
cost, unit sales prices, the final amount of the subsidy to the
2 98- 69
Project, in addition to the feasibility of developing Phase III,
prior to the commencement of construction; and
WHEREAS, through Resolution No. 95-773, the City Commission
further directed the City Manager to bring back the feasibility of
moving forward with Phase III, once CODEC, Inc. has secured Surtax
Program funding from Miami -Dade County for Phase III of the Project;
and
WHEREAS, to date, CODEC, Inc. has received a preliminary
commitment from Miami -Dade County for $800,000.00 in Surtax Program
funding for Phase III of the Project; and
WHEREAS, in order for CODEC, Inc. to move forward with the
construction of Phase III of the Project, it will be necessary that
the City convert approximately $1,128,151.00 of its outstanding loan
of approximately $1,520,145.00 into a grant, subject to an increase
in the sale prices by Miami -Dade County's Surtax Program and the
return to the City of approximately $210,000.00 in mortgage interest
rate buy down funds; and
WHEREAS, in an effort to provide affordable housing
opportunities to forty-six (46) additional low and moderate income
families in the Allapattah neighborhood, the City Administration
recommends approval of said resolution;
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 hereby adopted by reference thereto
and incorporated herein as if fully set forth in this Section.
Section 2. In connection to the development of Phase III of
the Melrose Townhomes Project to be developed by CODEC, Inc.,
98- 697
3
consisting of forty-six (46) townhomes, which would be affordable to
families of low and moderate incomes, located in the Allapattah
neighborhood, the City Commission hereby approves and instructs the
City Manager to convert approximately $1,128,151.00 of the City's
outstanding loan to CODEC, Inc., in the amount of approximately
$1,520,145.00 into a grant, subject to certain anticipated increases
in the sales prices of the units by Miami -Dade County's Surtax
Program. This action is further subject to CODEC, Inc. providing the
City approximately $391,994.00 in sales process from the construction
of Phase III, and the $210,000.00 in funds which are being held in
escrow by Barnett Bank in connection with the interest rate buy -down
program established for the Melrose Townhomes Project.
Section 3. The City Manager is hereby authorized to execute
individual partial release of mortgages to consummate the
purchase/mortgage closings on the forty-six (46) townhome units to be
developed by CODEC, Inc., under Phase III of the Project.
Section 4. The City Manager is hereby instructed to execute'
an agreement, in a form acceptable to the City Attorney, with the
escrow agent responsible for the purchase/mortgage closings, to place
1/ The herein authorization is further subject to compliance with all requirements
that may be 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.
9 O - 697
4
the City's share of the sales proceeds for Phase III in escrow, in an
estimated amount of $391,994.00
Section 5. This Resolution shall become effective upon its
adoption and signature of the mayor or pursuant to Section 4(g)(5) of
the City Charter and Section 2-36 of the City Code.
PASSED AND ADOPTED this 14th day of July , 1998.
JOE CAROLLO, MAYOR
ATTEST:
WALTER J. FOEMAN, CITY CLERK
CITY CLERK'S OFFICE
APPROVEb AS i3O F RM .a OORRECTNESS :
A'
W2664-CSK:LKK
In accordance with Miami Code Sec. 2-36, since the Mayor did not indicate aop,"O of
this legislation by signing it in the designated place prodded, said leg�Slation ^°:a
becomes effective with the elapse of ten (10) ays from the date ,)f Commission action
regarding same. without the Mayor axe a vet
n, City Clerk
98— 69
5
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM 31
TO: The Honorable Mayor, Joe Carollo and DATE : June 8, 1998 FILE:
Members ofthe City Commission
SUBJECT: Resolution Relating to Melrose
Townhomes Project Phase III
FROM: Donald H. Warshaw REFERENCES: City Commission Agenda Item
City Manager June 23, 1998
ENCLOSURES:
RECOMMENDATION:
It is recommended that the City Commission adopt the attached resoltition, relating to the
development of Phase III of the Melrose Townhomes Project, planned in the Allapattah
neighborhood by CODEC, Inc.. The attached resolution authorizes CODEC, Inc. to proceed with
the development of the forty-six (46) twnhomes which are being planned under Phase III. The
attached resolution further directs the City Manager to convert the outstanding City loan of
approximately $1,520,145.00 owed by CODEC, Inc. to the City into a grant, less the anticipated
sales proceeds of $391,994.00, which would be provided to the City as a result of the sell -out of
Phase III. Should the City decide to move forward with the construction of Phase III, the estimated
amount which would have to be forgiven by the City would be $1,128,151.00 ($1,520,145.00 -
$391,994.00).
BACKGROUND:
In October of 1989, through Resolution No. 89-966, the City Commission designated CODEC, Inc.,
as developer, for the development of a 150-unit townhome project on the former 8.5-acre City -
owned Melrose Nursery site. In order to assist the developer in moving forward with the proposed
housing project, the City agreed to provide CODEC, Inc. a $1,000,000.00 site
development/infrastructure loan, in addition to holding a mortgage of $750,000.00 for the cost of
site acquisition. The loan for site development was provided to CODEC, Inc., at an interest rate of
three percent (3%), with interest payments due semi-annually. The remaining terms of the loan with
CODEC, Inc. called for the repayment of the site development/infrastructure loan in increments of
$6,666.67 as each of the individual one hundred fifty (150) townhome units was sold by the
developer (150 units x $6,666.67 = $1,000,000.00). In addition, the $750,000.00 in land cost owed
to the City was to be recaptured at the sale of each townhome unit at $5,000.00 per unit (150 units x
$5,000.00 = $750,000.00).
In addition, the City also allocated $460,000.00 in City assistance to the project, for the purpose of
establishing a mortgage interest rate buy -down program, to assist the one hundred fifty (150)
homebuyers in securing a lower interest rate on their first mortgages with Barnett Bank.
98s 697
The Honorable Mayor, Joe Carollo and
Members of the City Commission
June 8, 1998
Page 2
The $1,000,000.00 in City assistance provided to CODEC, Inc. for the interim construction loan and
the $460,000.00 for the interest rate buy -down program was provided from the interest income
earned from the City's 1976 General Obligation Housing Bond. The Melrose Townhomes Project
site was also acquired from the proceeds of the City's 1976 General Housing Obligation Housing
Bond.
At the February 25, 1993 City Commission meeting, representatives of CODEC, Inc. made a
personal appearance to request a reduction in the City's infrastructure loan of $1,000,000.00. This
request for a reduction was made due to a substantial increase in the cost of building materials and
construction labor, experienced in South Florida, as a result of Hurricane Andrew. This increase in
the cost of the project initially impacted Phase II (50 units), since the developer had already secured
executed purchase and sale contracts with the prospective homebuyers, at previously established
purchase prices. For Phase II (54 units) and Phase III (46 units), the developer proposed to request
an increase in the sale prices from the Miami -Dade County Surtax Advisory Board, in an attempt to
offset the increase in the project's cost, due to Hurricane Andrew. This item was discussed and later
deferred, with no action being taken by the City Commission.
At the October 25, 1995 City Commission meeting, the City Commission approved CODEC, Inc.'s
request for a deferment in payment of the City's loan of $1,750,000.00 and authorized the City
Manager to execute individual partial release of mortgages for the City's loan, in order to allow
CODEC, Inc. to proceed with the purchase closings on the fifty-four (54) twnhomes constructed
under Phase II. The said resolution further instructed the City Manager to execute an agreement
with an independent escrow agent for depositing the estimated $500,000.00 in sales proceeds, which
were anticipated to be received by the City for Phase II.
Moreover, through Resolution No. 95-773, the City Commission directed the City Manager to work
with the developer, in order to determine whether it was economically feasible to proceed with
Phase III, which would consist of the remaining forty-six (46) twnhomes and return for City
Commission approval/disapproval, once CODEC, Inc. had secured additional funding for Phase III
from Miami -Dade County, through the County's Surtax Program.
To date, CODEC, Inc. has secured approximately $800,000.00 in Surtax Program funding from
Miami -Dade County in connection with the development of Phase III of the Melrose Townhomes
Project. Presently, the developer needs to advise Miami -Dade County whether the City plans to
proceed with the development of Phase III.
9 8 - E� 9'1
The Honorable Mayor, Joe Carollo and
Members of the City Commission
June 8, 1998
Page 3
To date, approximately $394,855.00 has been received by the City from CODEC, Inc., in
connection with the sell -out of Phase I and II of the project. In addition, since 1993, CODEC, Inc.
has not made any of the interest payments on the $1,000,000.00 site development/infrastructure loan
provided by the City. Presently, approximately $165,000.00 in interest payments are also due the
City. In total, approximately $1,520,145.00 ($1,355,145.00 + $165,000.00) is now owed to the
City,which includes the outstanding principal and interest payment.
Moreover, in addition to the City's funding to the project, CODEC, Inc., also received
$1,040,000.00 from Miami -Dade County for Phase I and $900,000.00 for Phase II. The
$1,900,000.00 in Surtax Program funds were to be utilized by CODEC, Inc. as an interim
construction loan, and once construction was completed, the aforementioned funds were to be
converted into low -interest second mortgages for the one hundred four (104) prospective
homebuyers. In addition, approximately $3,000,000.00 in private construction financing was
provided by Barnett Bank. Subsequently, the construction financing was converted into permanent
first mortgages for the prospective homebuyers for the consummation of the home purchase.
The total cost of construction for Phase I was $3,574,372.00 and the total sell -out of the units was
$3,016,200.00, which resulted in a deficit of approximately $558,172.00.
The selling prices of the townhome units constructed under Phase I were as follows:
(28) 2 Bedrooms/1 '/2 baths $55,000.00
(11) 3 Bedrooms/2 baths $66,600.00
(11) 3 Bedrooms/2 1/z baths $67,400.00
The total cost of construction for Phase II was $3,829,185.00 and the total sell -out for the units was
$3,591,400.00, which resulted in a deficit of approximately $237,785.00. For Phase II, the selling
prices for the townhomes which were developed were as follows:
(32) 2 Bedrooms/1 % baths $59,500.00
(11) 3 Bedrooms/2 baths $76,000.00
(11) 3 Bedroom/2 1/2 baths $77,000.00
As per Resolution No. 95-773, the City Administration is bringing back, for discussion, whether the
City should allow CODEC, Inc. to proceed with the construction of Phase III of the Melrose
Townhomes Project. As per the aforementioned resolution, CODEC, Inc. has received a funding
commitment from Miami -Dade County for $800,000,00 in Surtax Program funds. The funds are
9 8 - 697
The Honorable Mayor, Joe Carollo and
Members of the City Commission
June 8, 1998
Page 4
scheduled to be recaptured by Miami -Dade County, in the event that the City decides not to proceed
with the development of Phase III.
At the April 14, 1998 City Commission meeting, the Melrose Townhomes Project Phase III was
discussed and subsequently no action was taken by the City Commission. Since that time, a revised
proposal has been submitted to the City of Miami by CODEC, Inc. in connection with the
development of Phase III. Based on the modified proposal, CODEC, Inc. proposes to carry -out the
following: '
1) CODEC, Inc. will seek approval from the Miami Dade County Surtax Program for an increase
in the sale prices of the twnhomes by an additional $5,000.00 per unit. This increase in the
proposed sale prices of the units would make available $8,521.00 per unit or a total of
$391,994.00 in sale proceeds for Phase III to the City. Based on the original proposal submitted
by CODEC, Inc., the City would receive approximately $161,934.00 from the projected sell -out
of Phase III as indicated in Column 3. Based on the modified proposal submitted by CODEC,
Inc., the City would receive approximately $391,994.00 from the projected sell -out of Phase III
as indicated below in Column 4.
Projected
Requested Increase
No. of Units Model
Sale Prices
Sale Prices
28 2Bedroom/2Baths
$69,850
$74,850
9 3Bedroom/2Baths
$84,900
$89,900
9 3Bedroom/2 %2 Baths
$85,900
$90,900
Total Gross Sell Out
$3,493,000
$3,723,000
Less Total Project Cost
$3,331,006
$3,331,006
Funds available to
$161,994
$391,994
reduce the City's outstanding
loan balance of $1,520,145
2) CODEC, Inc. would negotiate with its lenders, general contractor and the Miami -Dade County
Surtax Program to ensure that the City receives a minimum amount of $8,521.00/unit or
$391,966.00 for the close-out of Phase III.
9 697
The Honorable Mayor, Joe Carollo and
Members of the City Commission
June 8, 1998
Page 5
3) CODEC, Inc. will return to the City the balance from the original $460,000.00 allocated by the
City for the establishment of the mortgage interest rate buy -down program. Presently,
approximately $210,000.00 is being held in escrow by Barnett Bank, which represents funds for
the remaining forty-six (46) prospective homebuyers that would purchase units under Phase III.
Currently, first mortgage interest rates are much lower and the need for the aforementioned
program is no longer necessary for the prospective homebuyers in order to qualify for the
purchase of a unit.
At this time, the City has two (2) options regarding whether to proceed or not, with the
development of the forty-six (46) townhomes planned under Phase III:
Option 1
Based on the revised proposal for Phase III submitted by CODEC, Inc., the total sell -out
projections for Phase III would generate approximately $391,994.00 in sales proceeds in
order to reduce the City's outstanding loan of $1,520,145.00, which includes the outstanding
principal and interest payment due. In order to move forward with the construction of the
forty-six (46) townhomes which are being planned under Phase III, the City would have to
forgive or convert the outstanding loan of $1,520,145.00 owed by CODEC, Inc. to the City
into a grant. This amount would be reduced to $1,128,151.00 ($1,520,145.00 -
$391,994.00), based on the estimated sales proceeds of $391,994.00, which would be
provided to the City as a result of the sell -out of Phase III.
In addition, CODEC, Inc. has also received approximately $150,000.00 in Community
Development Block Grant Program funds to defray the organization's administrative cost of
developing the one hundred four (104) townhome units, which have been constructed under
Phase I and II. Based on the anticipated amount of $1,128,151.00 which is being
recommended to be converted into a grant and the $150,000.00 in CDBG Program funding
made available for administrative cost, the total City subsidy per townhome unit would be
approximately $8,521 per unit ($1,128,151.00 + $150,000.00 _ 150 units = $8,521.00).
Moreover, based on the purchase closings which have occurred for both Phases I and II, each
of the new homeowners that purchased a home have been determined to meet the income
requirements to be classified as low and/or moderate income households.
Option 2
This option would involve the City not proceeding with Phase III of the project and the City
taking back title to the balance of the Melrose Townhomes Project parcel, which has not
ape
The Honorable Mayor, Joe Carollo and
Members of the City Commission
June 8, 1998
Page 6
been developed. An appraisal of the subject parcel in October of 1995, determined the fair
market value to be approximately $690,000.00. To date, the City has received only
$394,855.00 in loan payments from CODEC, Inc., on the City's original loan of
1,750,000.00. Should the City Commission decide to terminate CODEC, Inc.'s
development rights to the land where Phase III is being planned, the City's loss on the
outstanding loan balance of $1,520,145.00 could be reduced by $690,000.00, by selling the
subject parcels to another developer. This option may require the City to institute certain
legal actions by the Law Department against CODEC, Inc., in order to take back title to the
balance of the Melrose Townhomes Project parcel, in the event the developer does not
voluntarily agree to return the parcel to the City. This option would also allow for the City
to recapture the $210,000.00 which is being held in escrow by Barnett Bank.
The City Administration recommends that the City Commission approve Option 1, which would
allow CODEC, Inc. to proceed with the development of Phase III of the Melrose Townhomes
Project, subject to the conditions specified in their proposal. The $1,128,151.00 in City financial
assistance which would have to be converted to a grant are proceeds from the City's 1976 General
Obligation Housing Bond Fund. No federal assistance from the U.S. Department of Housing and
Urban Development was utilized for the development of the Melrose Townhomes project. Moving
forward with the construction of Phase III, would provide affordable homeownership opportunities
to forty-six (46) additional families in the Allapattah neighborhood, in addition to generating
approximately $20,955.00 in additional ad valorem taxes annually for the City. Since 1994,
approximately $240,537.00 in new ad valorem taxes have been received by the City, as a result of
the development of Phases I and II.
In an effort to provide homeownership opportunities to forty-six (46) low and moderate -income
families and neighborhood revitalization in the Allapattah neighborhood, City Commission
approval of the attached resolution is recommended.
DHW:CMC:GCW:JBH:sjg
[Memosjg]<Pedrosa12. doc>
9 6 -
PHONE: (305) 642-1381 /82
FAX: (305) 642-5487
CODEC INC.
300 S.W. 12th AVENUE • 3rd FLOOR • MIAMI, FLORIDA 33130
May 15, 1998
Mr. Jose Garcia-Pedroso
City Manager
City of Miami
444 SW 2nd. Avenue
Miami, Florida
Re: Melrose Townhomes Project - Phase III
Dear Mr. Garcia Pedroso:
This letter will serve to ratify the proposal made by CODEC, Inc. in reference to the
aforementioned project.
CODEC, Inc. proposes to carry out the following steps to increase the amount of
funds that the City of Miami will receive from the completion of Melrose
Townhomes - Phase M.
Step # 1: To seek approval from Surtax to increment the sale price of the units an
additional $5,000.00 from the proposed sales price. This will reflect the following
increment:
No. Of Floor
Projected
Requested
Model Units Plan
Sale Price
Sale Price
A 28 2 br/2 bth.
$ 69,850
$ 74,850
B 9 3 br/2 bth.
84,900
89,900
C 9 3 brr.5 bth.
85,900
90,900
Total Gross Sell Out
$3,493,000
$3,723,000
Less Total Project Cost
$3,331,006
$3,331,006
Available Funds to the City
$ 161,994
$ 391,994
ten #2: CODEC will do its best efforts to assure the City of Miami that, its
negotiations with lenders and contractors for the construction and sale of the units
comprised on Phase III of the Project, as well as with the Surtax, out of each closing
on the sale of the units comprised in this Phase, the total sum of $8,521.00 will be
disbursed to the City of Miami, netting thereto up to $391,966.00.
COMMUNITY & ECONOMIC DEVELOPMENT 9 n _ 697
COOEC INC.
Mr. Jose Garcia Pedroso
May 15, 1998
Page Two
Sto #3* CODEC will undertake to cooperate as required to make available to the
City of Miami the interest reserve amounting to $210,000.00 placed in escrow with
Barnett Bank as part of the financing of Phases I and II of the Project, presently
superfluous, considering the current interest rates; which sum will be off -set against
CODEC's existing indebtedness to the City.
Accordingly, we confide that you and your staff shall recommend to the
commissioners of the City of Miami at their coming June 23rd. meeting, that (a)
CODEC's rights be recognized to continue to be the developer entrusted to complete
Phase III of the Project in conformity to the plans and specifications prepared by
CODEC for the whole Melrose Townhome project, assuring that the Project be
completed as promised in such plans and specifications to the satisfaction of existing
Melrose Townhome owners and those who become their neighbors with the support
of the City of Miami; and (b) any indebtedness of CODEC for this Project be deemed
a grant of the City of Miami to CODEC.
On behalf of our General Counsel, Agustin de Goyfwlo, P.A., Chairman Peter
Bernal, President Guarione Diaz, and all other members of the Board of Directors,
we thank you for taking your valuable time to discuss the Melrose Project issue with
US.
Please do not hesitate to call me here at (305) 642-1381 or at my cellular phone (305)
389-1597, if in doubt.
Very truly yours,
ODEC C.
As
e gas
Executive Director
JF:ivo
cc: Mr. Agustin de Goytisolo, P.A., CODEC, Inc.
Mr. Peter R. Bernal, CODEC, Inc.
Mr. Guarione Diaz, CODEC, Inc.
Mr. Jeffery Hepburn, City of Miami ✓
Ms. Gwendolyn C. Warren, City of Miami
98- 0
MELROSE TOWN HOUSES
Estimated City of Miami Taxes
P. - ..., ....
Unit
Owner 1
Owner 2
Monthly Tax
Date of closing
Total Taxes Paid
1
212
Gilberto Fernandez
Rosa A. Fernandez
$102.92
04/19/94
through 10/31/97
2
209
Jose Juan Martinez
Vivian Crucet Martinez
$128.83
04/29/94
$3,087.60
$3,864.90
3
716
Lourdes Iglesias
Armando Diaz
$143.24
04/29/94
$4,297.20
4
5
210
Ruben Gerber
Paulina Gerber
$118.29
04129/94
$3,548.70
6
603
Arturo Fuentes
Carmen Benitez
$128.83
05102/94
$3,864.90
7
604
605
Jaime Rabel
Eduardo Diaz
Julia Rabel
$135.76
05/02/94
$4,072.80
8
909
Arsenio Mejia
Betsabe Diaz
Marta Mejia
$105.37
$102.92
05/02/94
$3.161.10
9
609
Domingo Blanco
Nubia Blanco
$135.76
05/03/94
05/03/94
$3,087.60
$4,072.80
10
11
606
Miguel Largaespada
Nubia Largaespada
$102.92
05/03/94
$3,087.60
12
703
708
Jorge Guerra
Altagracia Camejo
Olga L. Guerra
NSB
$128.83
05/04/94
$3,864.90
13
713
Mario Polinario
Aurora Martinez Polinario
$106.06
$102.92
05/04/94
05/05/94
$3,181.80
14
702
Nuris Palma
Jorge Rodriguez
$128.83
05/05/94.
$3,087.60
$3,864.90
15
16
906
904
Jesus D. Cueto
Gloria Flores
NSB
Ana Elsa Flores
$102.92
05/05/94
$3,087.60
17
715
Julio Medina
Bemanardina Leon
$128.83
$128.83
05/05/94
05/06/941
$3,864.90
18
712
Anselmo Gala
Ursula Gala
$102.92
05/10/949
$3,864.90
$3,087.60
19
610
Lourdes Hernandez'
Rolando Colon
$102.92
r 05/12/94
$3,087.60
20
707
Alfredo Barreras
Maria Barreras
$128.83
05/12/94
$3,864.90
21
701
Miguel Saavedra
Nancy Saavedra
$102.92
05/17/94
$3,087.60
QO$102.92
22
709
Hector Rodriguez
Xiomara Rodriguez
05/19/94
$3,087.60
I
23
711
Idalberto Reyes
Maria C. Reyes
$128.83
05/19/94
$3,864.90
24
25
706
602
Guarionex Rivera
Juan Gilberto Benitez
NSB
Sonia Benitez
$128.83 •
05/19/94.
$3,864.90
$105.78
05/25/94
$3,067.62
C�
Page 1
Unit
Owner 1
Owner 2
Monthly Tax
Date of closing
Total Taxes Paid
through 10/31/97
26
704
Jesus Hernandez
Silvia Hernandez
$105.37
05/26/94
$3,055.73
27
607
Angela Treminio
Wilfredo Mejia
$106.06
06/01/94
$3,075.74
28
208
Jorge Duenas
Rita Duenas
$105.85
06/02/94
$3,069.65
29
905
Jesus Negrin
Nelly Diaz
$106.16
06/07/94
$3,078.64
30
903
Oscar Lopez
Telma Lopez
$134.94
06/07194
$3,913.26
31
802
Rolando Calveiro
Carmen Calveiro
$102.92
06/17/94
$2,964.68
32
901
Jorge Lopez
Delia Cabrera
$102.92
06/17/94
$2,984.68
33
608
Febilio Penate
Rosa Penate
$102.92
06/17/94
$2,984.68
34
902
Carlos Doval
Minerva Doval
$128.63
06/29/94
$3,736.07
35
705
Adolfo Bello
Amelia Bello
$102.92
08/04/94
$2,881.76
36
207
Horlirio Cruz
Eloina Cruz
$102.92
09/26/94
$2,778.84
37
202
Maximo Granda
Fanny Granda
$102.92
09/28/94
$2,675.92
38
801
Nicolas Cortez
Edelma Cortez
$102.92
10/27/94
$2,675.92
39
204
Hector Garjardo
Maria Gajardo
$128.83
10/31/94
$3,349.58
40
203
Israel Santiago
Norma Santiago
$102.92
12/06/94
$2,573.00
41
910
Raul Orbezo
Ruby Orbezo
$102.92
12/06/94,
$2,573.00
42
714
Williams Dimaren
Olga Dimaren
$128.83
12/06/94
$3,220.75
43
908
Arturo Carias
Ana Carias
$128.83
12/07/94
$3,220.75
44
907
Maria Otero
Elizabeth Giron
$102.92
12/16/94
$2.573.00
45
710
Jose A. del Sol
Norma del Sol
$128.83
12/22/94
$3,091.92
46
206
Maria T. Aquino
NSB
$102.92
04/04/95
$2,264.24
47
201
Maximo Averhoff
Norma Averhoff
$102.92
04/06/95
$2,264.24
48
205
Jose Camallery
Clara Camallery
$128.83
04/26/95
$2,705.43
49
601
Bernardino Pardo
Irma Pardo
$102.92
04/26/95
$2,161.32
50
211
Carmen Estevez
Benjamin Figueroa
$102.92
07/29/94;
$2,881.76
51
1407
Yahoska Orozco
Marcos Lainez
$105.38
01/14/9i,
$632.28
52
104
Otniel Granda
NSB
$105.37
01/14/97
$632.22
53
103
Wilfredo Castro
Ana P. Baca
$135.76
11/20/96
$1,086.08
54
108
Candida Portillo
Julio Salguero
$105.37
11/07/96
$842.96
55
101
Lazaro Valiente
Aida Pacheco
$105.37
11/07/96
$842.96
I
56
1309
Benigno Aguirrechu
Maurilia Aguirrechu
$105.37
10/02/96
$948.33
a~
57
1316
Marco Membreno
Maria Guadamuz
$105.38
10/02/96
$948.42
58
1412
Gladys Martinez
Douglass Bermudez
$105.38
08/07/96
$1,053.80
Pagr-"•
Unit
Owner 1
Owner 2
Monthly Tax
Date of closing
Total Taxes Paid
59
402
Misael Chacon
Silvia Charon
$105.37
08/27l96
through 10/31/97
60
61
406
107
Teresa Jarquin
Jairo Jar uin
q
$105.38
07/31/96
$1,053.70
$1,053.80
62
1308
Jorge Prado
Jose Martinez
Maria Ela Prado
Leonides Martinez
$135.76
07/12/96
136
$1,59.07
63
1410
Jose A. Gonzalez
Rosalba de Gonzalez
$105.37
$105.37
07/10/96
07108/96
$1,1159.07
64
65
1402
1305
Esbin Martinez
Rosa Aguirre
NSB
$105.38
07/08/96
$1,159.07
$1,159.18
• 66
1312
Octavio Amador
NSB
Maria Amador
$105.37
$105.37
06/24/96
�
$1,159.07
67
1403
Agustin Figueroa
NSB
$105.38
06/24/96
$1,159.07
68
1301
Armando Williamson
Zaida Williamson
$105.38
06/21/96
06/21/96
$1,159.18
69
70
112
404
Jose Mario
Irma Arias
Marleen Mario-
$105.37
05/31/96
$1,159.18
$1,264.44
71
1313
Miguel A, Moreno
Jorge Perez
Esperanza Zamora
$105.38
$105.37
05/28/96
$1,264.56
72
405
Daniel Perez
Annia Vigos
$105.38
05/28/96
05/21/96
$1.264.44
73
74
1408
403
Portirio Pena
Raul Ar enal
Sonia Pena
$135.76
05/21/96
$1,264.56
$1,629.12
75
401
9
Daphne Cordoba
Elia M. Argenal
NSB
$105.38
05/16/96
$1,264.56
76
1411
Sandro Munguia
Yahaira Chavarria
$105.37
$105
05/10/96
$1,69.94
77
408
Clemente Sanchez
NSB
.38
$105.3
04/12/96
04/12/96
$1,36.4
78
503
Jose B. Carrillo
Rosalia Carrillo
$105.377
04/12l96
$1,369.94
79
80
102
506
Luis Pitti
Beymar Sabogal
Sandra Pitti
Sandra Sabo al
g
$135.76
04/12/96
$1,369.81
$1,369.81
81
1307
Ibis Diaz
NSB
$105.37
04/11/96
$1,369.81
82
501
Pedro Gonzalez
Rosario Peralta
$105.38
$105.38
04/11/96
$1.369.94
83
111
Marcos Carias
Olga M. Carus
$135 .76
04/11/96
04l03/96,
$1,6.88
84
1314
Orlando Jimenez
Germania Jimenez
$135.76
03/29/96'
$1,764.
85
1401
Altagracia Paula
Roclo Perez
$105.38
02/15196
$1,764.88
86
87
1406
105
Maria Chaudry
Marcos Hoyos
NSB
NSB
$105.38
02/15/96
$1,475.32
$1,475.32
88
106
Antohony Montanez
Angela Montanez
$1335$1.
5.7766
02/14/96
$1,475.32
I
1
89
1311
Franklin Zapata
Suyapa Zapata
$135.76
02/14/96
02/09/96
$1,900.64
�
90
91
110
109
Erasmo Estrada
Yaimisna Barrera
$135.76
02/09/96
$2,036.40
$2,036.40
CCU
Ana Otinda Jorge
David Gonzalez
$105.38
02/09/96
$1,580.70
Page 3
Unit
Owner 1
Owner 2
Monthly Tax
Date of closing
Total Taxes Paid
...;, .,
through 10/31/97
92
502
Francisco Germosen
NSB
•$105.38
02/02/96
$1,580.70
93
504
Jose Menjivar
Yolanda Menjivar
$135.76
02/02/96
$2,036.40
94
1304
Nelson Hernandez
NSB
$105.37
02/02/96
$1,580.55
95
1310
Jose Pena
Vilma Pena
$135.76
01/29/96
$2,036.40
96
407
Victor Chirinos
Leslie Chirinos
$135.76
01/11/96
$2,036.40
97
1303
Cecilio Munoz
Norma Munoz
$135.76
01/11/96
$2.036.40
98
505
Juan Torres
Kenia B. Castro
$135.76
01/11/96
$2,036.40
99
1405
Domingo Sosa
Monica C. Sosa
$135.76
12/28/95
$2,172.16
100
1315
Manuel Cordoba
Ana Mueller
$135.76
12/27/95
$2,172.16
101
1302
Pablo Marrero
Denisse de los Santos
$135.76
12/22/95
$2,172.16
102
1404
Julio Figueroa
Delfica Rodriguez
$135.76
12/22/95
$2,172.16
103
1409
Jadin Figueroa
Zurisadday Perez
$135.76
12/21/95
$2,172.16
104
1306
Arsenio Rodriguez
}
Idamir Santiago Lugo
$135.76
12/21/95
$2,172.16
Monthly taxes
$12,006.22
Total taxes
$240,537.26
Pag
MELROSE TOWH HOMES PHASE III
'
GROSS INCOME
Model
Number of
Price per
Price per
Units
Unit Code 1
Gross Income
Unit Code 2
Gross Income
A
28
$64,850
$1,815,800
$69,850
$1,955,800
B
9
$84,900
$764,100
$84,900"
$764,100
C
9
$85,900
$773,100
$85,900
$773,100
Total Units
46
Total 1
$3,363,000
Total 2
$3,493,000
00
PROPOSED CITY'S PORTION OF TAXES TO BE GENERATED
FROM MELROSE TOWNHOUSES - PHASE III
MIAMI
OPERATING
DEBT SERVICE
APPROX. PROJECT TOTAL VALUE:
MINUS HOMESTEAD EXEMPTION
ESTIMATED PROJECT TOTAL VALUE
Cn Y'S PORTION:
9.5995
1.92
TOTAL MILL: 111.5195
2,969,050.00
(1,150,000.00)
1,819,050.00
:_ 9 O - 0