HomeMy WebLinkAboutItem #08 - Discussion ItemTO :
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM 7
All City Commissioners 19.Jan. 1994
DATE :
SUBJECT :
FROM : Stephen P. . Clark REFERENCES
Mayor
ENCLOSURES:
FILE :
Please be advised that I have requested the City Manager to
make a report to the full City Commission on the status of the
j Overtown Park West Bond Rating.
cc: Elvi Gallastegui
Agenda Office
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO : -Honorable Mayor and Members DATE : JAN 1 R i°94 FILE
of the City Commission
SUBJECT: Discussion Item -
S. E. Overtown/ParkWest
Bonds
FROM Cesa io REFERENCES:
City ger ENCLOSURES:
Please find enclosed the written information provided to the bond
rating firm of Standard & Poor's during its recent visit to Miami
in reference to the $11,500,000 City of Miami, Florida Community
Redevelopment Revenue Bonds, Series 1990. These bonds were
issued to finance costs related to the Southeast
Overtown/ParkWest Redevelopment Area.
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HERBERT J. BAILEY' '!y
Assistant City Manager
" uHll 11111
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT BONDS
Credit Rating Presentation
Standard & Poor's Rating Group
18 January 1994
AGENDA
Introduction
New Projects
• Homeless
Occupancy Rates
o Assesses Values of Ten Largest Properties
Proposed Empowerment Zone
CESAR H. ODIO
City Manager
94- 49.1
DEPARTMENT OF DEVELOPMENT AND HOUSING CONSERVATION/DUPONT PLAZA CENTER
300 Biscayne Boulevard Way, Suite 400-401/Miami, FL 33131
DEVELOPMENT DIVISION (305) 579-3366 / HOUSING DIVISION (305) 579-3336
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SOUTHEAST OVERTOWN PARK WEST
COMMUNITY REDEVELOPMENT DISTRICT
Fact Sheet
PROJECT
COST
STATUS
L poinciana Village Condominiums
Phase 3 - 24 Units
' $1.8 million
Groundbreaking in 2/94
Phase 4 - 91 Units & Parking Garage
$8.0 million
Groundbreaking in
Summer 1994
2. Citadel Sports Bar/Restaurant Complex
7-8 Fast Food Restaurant & 16000 sf.
Restaurant/Sports Bar
$6.5 million
Completion by 12/94
3. Expansion of the 9th Street Mall/
Promenade
$2.0 million
Groundbreaking in 1195
4. Omni leg extension of Metromover
$200.0 million
Ready for operation in
Spring 1994
5. Burle Marx Landscaping/Street
Improvements - Phase I
Biscayne Blvd. x 5th -12th Streets
$8.0 million
Groundbreaking in
Spring 1994
6. St. John CDC Townhouse Complex
35 Units Apartments
$3.0 million
Completed
7. Scattered Site Housing Rehab.
Since 1990
$2.5 million
Completed
8. Federal Justice Building
9. Federal Detention Center
10. YWCA
11. Performing Arts Center
12. Port of Miami New Cruise
Terminall Entertainment Complex
13. Miami Dade Community College
Expansion
14. Dade County School Board
Administrative Office Expansion
15. International Merchandise Mart
16. Dade County Health Clinic
Adlacent Protects
$36.0 million
Completed • •
$50.0 million
Occupancy in 8/94
$2.0 million
Completed
$170.0 million
Architect shall be
selected in Summer 1994
$200.00 million
Groundbreaking in 1/95
$15.0 million
Underway
$18.0 million Occupancy In Summer 94
$2.5 million Occupancy in Fall 1994
$3.0 million Groundbreaking in 12/93
7
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I. Food and Beverage Tax
Authorized by State Legislature in April 1993
Task Force developed comprehensive plan to assist
homeless.
1 percent food and beverage tax approved to fund plan
July 1993.
Tax imposed effective November 1, 1993.
Expected annual revenues - $7.5 million.
Homeless Trust created to oversee expenditures and
coordinate all issues relating to homelessness.
Funds to be used to develop homeless assistance
centers to provide emergency shelter and assessment;
to increase availability of treatment services; and
to develop long term housing.
II. U. S. H.U.D. Homeless Initiative Funding
Shelter Plus Care grant for $5 million already
awarded by HUD to develop long-term housing with
supportive social services.
Cisneros commitment to fund Homeless Trust for
additional $15 million.
III. U. S. H.U.D. Special Purpose Grant
$2.0 million originally awarded to support relocation
of Camillus House.
Pending redirection to Homeless Trust.
IV. Camillus House
Above programs will distribute funding and services
among more service providers throughout County.
Camillus House will no longer be focal point of
service delivery.
Camillus House pursuing relocation of admifiistrati,�e
and health services in order to upgrade existing
location and move food service lines within property.
l�
94- 49.1
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT DISTRICT
Occupancy Rates
PROJECT
1991
1992
1993
1994
Arena Towers Apts.
78%
100%
90%
94%
(356 Units)
Biscayne View Apts.
55%
100%
90%
90%
(465 Units)
Poinciana Village Condominiums
30
36
40
40
(40 Units Completed)
I.
94- 49.1
Courthouse Center
Biscayne View
Arena Towers
Southern Bell
Gran Central
Gran Central
Freedom Tower
Mark Partners
Gran Central
Diversified storage
SOUTHEAST OVERTOWN/PARKWEST
COMMUNITY REDEVELOPMENT DISTRICT
(Ad Valorem Tax Assessments of Ten Largest Properties)
Activity
Of f ices
Residential Apts.
Residential Apts.
Utility
Vacant land
Vacant land
Offices
Vacant land
Vacant land
Warehouse
1991
$22,127,471
18,960,000
15,550,000
7,994,615
5,524,840
5,124,608
4,937,795
3,850,000
3,763,930
2,750,000
1992
$19,600,000
18,960,000
15,550,000
4,000,000
6,268,818
4,486,283
9,987,060
1,620,950
3,295,079
2,750,000
1993
$18,180"000
13,5Q0,000
10,000,000
3,918,410
5,785,960
41485,597
2,559,120
1,396,400
3,294,568
2,750,000
% Change
Over 1991
-18%
-29 %
-36%
-51%
- 5%
-12%
-48%
-64%
-12%
0% 0
r.
EMPOWERMENT ZONES
CLINTON'S BUDGET RECONCILIATION ACT OF 1993 ESTABLISHED:
w
EMPOWERMENT ZONES:
Funded for $100 million over two years
6 urban, 3 rural
Up to three non-contiguous areas in one zone
Must be jointly nominated by local and state
governments
ENTERPRISE COMMUNITIES:
funded for $2.9 million
65 urban, 30 rural
URBAN ZONE ELIGIBILITY:
a
POPULATION - maximum 50,000
SIZE - not more than 20 square miles
POVERTY RATE - complex formula mandating a minimum of 20%
for each census tract, not less than 35% poverty rate for
at least half of the census tracts.
INCENTIVES:
Tax- exempt,facility bonds
Employment credit
Expensing under Sec. 1.79
APPLICATION MUST CONTAIN:
STRATEGIC PLAN - must be developed WITH THE COMMUNITY, be
a COORDINATED economic, physical, social and hufian
services plan to EMPOWER a community and improve the
QUALITY OF LIFE of the residents.
ASSURANCES by agencies in partnership that the activities
will be carried out.
EVALUATION PLAN with baseline data, methods and
benchmarks.
G
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