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HomeMy WebLinkAboutR-88-0646WHEREAS, all other financing for the successful completion of the project has been obtained. w:> r P J-88-657 7/14/88 RESOLUTION N0. 149-fl,16 A RESOLUTION AUTHORIZING THE CITY MANAGER TO PURCHASE FROM PEOPLES NATIONAL BANK ITS LOAN `CO THE. HAI.TIAN TASK FORCE, INC. FOR THE CARIBBEAN MARKETPLACE PROJECT IN THE AMOUNT OF ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000)AT THE SAME TERM AND RATE OF THE CITY OF MIAMI LOAN, SAID FUNDS PREVIOUSLY ALLOCATED BY RESOLUTION N0. 87-350 FROM THE TWELFTH (12TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS. WHEREAS, the City Commission is committed to economic development and the expansion of Trade and Commerce; and WHEREAS, Resolution No. 87-350 authorized the City Manager to negotiate and execute a contract in the amount of one hundred fifty thousand dollars ($150,000) with the Haitian Task Force, Inc. for the purpose of development the Caribbean Marketplace Project; and WHEREAS, the City's loan commitment is contingent upon the Haitian Task Force, Inc. securing additional funds to finance the project; and WHEREAS, the City's loan will be secured by assuming first position on the Caribbean Marketplace mortgage; and WHEREAS, the Haitian Task Force, Inc. has obtained commitment from the State of Florida to approve a direct loan at zero percent (0%) providing that matching funds are secured from a private lending institution; and WHEREAS, the Haitian Task Force, Inc. has secured a loan commitment from Peoples National Bank with the precondition that the City purchases said loan immediately thereafter; and WHEREAS, all other financing for the successful completion of the project has been obtained. f CITY COMMISSION MEETING OF JUL 144 198i-646 88 RC50LUTION No. 88-. t NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA; Section 1. The City Manager is hereby authorized to purchase from Peoples National Bank its loan to the Haitian Task Force, Inc. in the amount of one hundred fifty thousand dollars ($150,000) at the same terms and rate of the City of Mtamt toan with funds previously allocated from Twelfth (12th) Year Community Development Block Grant Funds to enable the Haitian 'Cask Force, Inc. to meet the State of Florida eligibility requirements. Section 2. The purchase of the loan from Peoples National Bank is hereby authorized subject to the condition that the City of Miami be placed in first position on the Caribbean Marketplace mortgage as part of the City's loan requirement. PASSED AND ADOPTED this 14th 1988. ATTEST• i::_;: MATn HIRAI CITY CLERK COMMUNITY DEVELOPMENT REVIEW AND APPROVAL: ��1FRANK CASTANEDA, DIRECTOR ("" _ DEPARTMENT OF COMMUNITY DEVELOPMENT FINANCE REVIEW AND APPROVAL: (Z��4401 C GARCIA, DIRECTOR DEPARTMENT OF FINANCE MitIVK -2— 8l9--or-Us' MANACtMENT 6 BUDGET REVIEW AND APPROVAL! MANOHAR SURVA, DIRECTOR DEPARTMENT IF MANAGEMENT & BUDGET PREPARED AND APPROVED BY! ow RO ERT C K CHIEF DEPU CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS! 1 JO EO. F RNANDEZ CITY ATTOR EY /Bid CITY OF MIAM1. FLORIDA INTEROFFICE MEMORANOUM TO Honorable Kavor and Members DATE JUL _ ( 198a FILE of the City Commission 'lot :RCM Cdsar H. Odii City Manager SUBJECT Caribbean Marketplace Project REFERENCES ENCLOSURES REC0%IMEtiDA'rIov It is respectfully recommended that the Citv Commission adept the attached Resolution authorizing the City ManaZ to purchase Peoples National Bank its loin to the Haitian Task Force, Inc. in the amount of one hundred fifty thousand dollars ($150,000) at the same terms and rate of the previously approved City loan f,)r the purpose of allowing the Haitian Task Force, Inc. to meet the State of Florida Department of Community Affairs funding requirement that matching funds must be secured from a -private lending institution. BACKGROUND! The Department of Community Development has analyzed the need to purchase from Peoples National Bank its loan to the Haitian Task -irce, Inc. for its Caribbean Marketplace Project. .Previously, via Resolution No. 87-350, the City Commission approved the allocation of one Hundred thousand dollars ($150,000) to the Haitian Task Force, Inc. for the purpose of developing the Caribbean 4arketplace. The estimated cost of developing the Caribbean Marketplace is eight hundred twenty-five thousand dollars ($825,00J). To -date, all financing has been secured by the Haitian Task Force, Inc. for said project. a breakdown of the fundin; is as follows: SOURCE: AMOUNT: TERM: Metropolitan Dade County $110,000 These funds are being provided to the. Haitian Task Force, Inc. as a grant. 37 �iA-646 37- 1 ., Honorable Mayor and Members of the City Commission Page 2 SOURCE! City of Miami AMOUNT: $150,000 TERM: One hundred fifty thousand dollars ($150,000) at six percent (511.) amortized over thirty (30) years and called on year fifteen (15). Principal and interest will be deferred for years one (1) and two (2); loan will be interest free during the construction/rehabilitation period. SOURCE: Local Initiative Support Corporation AMOUNT: $220,000 TERM: These funds are being provided to the Haitian Task Force, Inc. in the form of a grant. SOURCE: Office of Community Services AMOUNT: $135,000 TERM: These funds are being provided to the Haitian Task Force in the form of a grant. SOURCE: State of Florida Department of Community Affairs AMOUNT: $150,000 TERM: Two hundred fifty thousand dollars ($250,000) at zero percent (Oy) interest, for twenty (20) years. SOURCE: City of Miami AMOUNT: $60,000 TERM: These funds are being provided to the Haitian Task Force, Inc. in the form of a grant with monies previously allocated from the Little Haiti Commercial Facade Program and the Edison/Little River Gateway Project, 20— 91 8- 46 Honorable Mayor and Members of the City Commission Page 3 The State of. Florida, Department of Community Affairs require that in order to meet eligibility requirements for their. one hundred fifty thousand dollars ($150,000) at zero percent (0%), loan matching funds must be secured from a private lending institution. In order t•? miet the nforementtoned requirement, the Haitian TnSi; Force, Inc. 'n:as aht..ai nevi a preconditioned commir.rienr_ from Pe,)nle.a National Rank to approve a loan with the same rate and terms as the City's loan providing that the City purchases satire immediately thereafter. This action by the City Commission will -insure full financing for the Haitian Task Force, Inc. to complete the Caribbean Marketplace Proj ect. /gjd !9Sy- -1s46 3 J 98-657 7�1��ee RESOLUTION NO. 9".- A RESOLUTION AUTHORIZING THE CITY MANAGER TO PURCHASE FROM PEOPLES NATIONAL BANK ITS LOAN TO THE HAITIAN TASK FORCE, INC. FOR THE CARIBBEAN MARKETPLACE PROJECT IN THE AMOUNT OF ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000)AT THE SAME TERM AND RATE OF THE CITY OF MIAMI LOAN, SAID FUNDS PREVIOUSLY ALLOCATED BY RESOLUTION NO. 87-350 FROM THE TWELFTH (12TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS. WHEREAS, the City Commission is committed to economic development and the expansion of Trade and Commerce; and WHEREAS, Resolution No. 87-350 authorized the City Manager to negotiate and execute a contract in the amount of one hundred fifty thousand dollars ($150,000) with the Haitian Task Force, Inc. for the purpose of development the Caribbean Marketplace Project; and WHEREAS, the City's loan commitment is contingent upon the Haitian Task Force, Inc. securing additional funds to finance the project; and WHEREAS, the City's loan will be secured by assuming first f position on the Caribbean Marketplace mortgage; and WHEREAS, the Haitian Task Force, Inc. has obtained commitment from the State of Florida to approve a direct loan at zero percent (0%) providing that matching funds are secured from a private lending institution; and WHEREAS, the Haitian Task Force, Inc. has secured a loan commitment from Peoples National Bank with the precondition that the City purchases said loan imastAlately thereafter; and Wf1RREAS, all other financial for the •uccessfol nor ► 1 r �" of tha.'roject has been obtained. .�. NOW. TIEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA; Section 1. The City Manager is hereby authorized to purchase from Peoples National Sank its loan to the Haitian Task Force, Inc. in the amount of one hundred f if ty thousand dollars ($150,000) at the same terns and rate of the City of Miami loan with funds previously allocated from Twelfth (12th) Year Community Development Block Grant Funds to enable the Haitian Task Force, Inc. to meet the State of Florida eligibility requirements. Section 2. The purchase of the loan from Peoples National Bank is hereby authorized subject to the condition that the City of Miami be placed in first position on the Caribbean Marketplace mortgage as part of the City's loan requirement. PASSED AND ADOPTED this 14th 1988. ` 8 VAIM XAVIRZ MAY 0 R a ATTEST NATTY HIRAI CITY CLERK COMMUNITY DEVELOPMENT REVIEW AND APPROVAL: ASTDEPARTUNTAOf COMMUNITY DEVELOPMENT r 4 x FINANCE 9E4IIEW AND APPROVAL: t.f {4�`Y37 r.. a 2000ST ItVttW AND APPROVAL: MINOBAR -SO& DIPARTMINT, rf KANAGZHINT & 10001T PRIPARID AND APPROM By:. d9 QW& Clullsip D2P7CITY ATTORNIT APPROVED AS TO FORK AND CORRRCTNISS: t CITY ATTORAZY �.j V.0 2 I r 40 v 1'+ loe '44 J11W Am"! �A C� wk lk 01, 44 Mai a�•ue-bs7 1lla/e8 RESOLUTION NO. A RESOLUTION AUTHORIZING THE CITY MANAGER TO PURCHASE FROM PEOPLES NATIONAL BANK ITS LOAN TO THE HAITIAN TASK FORCE, INC. FOR THE CARIBBEAN MARKETPLACE PROJECT IN THE AMOUNT OF ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000)AT THE SAME TERM AND RATE OF THE CITY OF MIAMI LOAN, SAID FUNDS PREVIOUSLY ALLOCATED BY RESOLUTION NO. 87-350 FROM THE TWELFTH (12TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS. WHEREAS, the City Commission is committed to economic development and the expansion of Trade and Commerce; and WHEREAS, Resolution No. 87-350 authorised the City Manager to negotiate and execute s contract in the amount of one hundred fifty thousand dollars ($150,000) with the Haitian Task Force, Inc. for the purpose of development the Caribbean Marketplace Project; and WHEREAS, the City's loan commitment is contingent upon the Haitian Task Force, Inc. securing additional funds to flaaaee %he project; and WHEREAS, the City's loan will be secured by assuming first position on the Caribbean Marketplace mortgage; and WHEREAS, the Haitian Task Force, Inc. has obtained commitment from the State of Florida to approve a direct loan at zero percent (02) providing that matching funds are secured from a private lending institution; and WHEREAS, the Haitian Task Force, Inc. has secured a loan eommitsent from Peoples National Bank with the precondition thatf the City purchases said loon imnsdiotely thereafter; *84 WURREAS, all other financing for the succoaatal 406rk,�' of, tkt project he* bean obtained._ .Tyr �4 • � k � k .-N, NOW. THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA; Section 1. The City Manager is hereby authorised to purchase from Peoples National Bank its loan to the Haitian Task Force, Inc. in the amount of one hundred fifty thousand dollars ($150,000) at the same terns and rate of the City of Miami loan with funds previously allocated from Twelfth (12th) Tsar Community Development Block Grant Funds to enable the Haitian Task Force, Inc. to meet the State of Florida eligibility requirements. Section 2. The purchase of the loan from Peoples National Bank is hereby authorized subject to the condition that the City of Miami be placed in first position on the Caribbean Marketplace mortgage as part of the City's loan requirement. PASSED AND ADOPTED this 14th 1968. MAT 0 R ATTEST NATTY HIRAI CITY CLERK COMMUNITY DEVELOPMENT REVIEW AND APPROVALS" r `/P •. S J DE9'AirKEM? or couxaNIlr t►ErELottarT FINANCE 99119W AM0 APPROVAL$ w I j .V- Yy��R S . r MANAGEMENT i MORT REVIEW AND APPROVAL: A DEPARTMENT "rip MANAGEMENT i MOST PREPARED AND APPROVED 1Y:' 921 E C1197 DEPO CITY ATTORNEY APPROVED AS TO PORK AND CORRECTNESS: 1 JOIFE 3L. FljRMkWDtZ CITY ATTO EY '4 t4,• .. • �; .. 1 s• t; n. -e $r L any dj1El'�y , .F,_ .. yfii, bA `- 1 Ada' � ttM �: ., � n.. ,. y!� ���+�+,� :� �' •.x -. t F ' o 44�.k it �.' �l � ? ..... _, ». •. •. " • cy „�„ es � . i:''t r v a +i ` ^'' .e� r� � �-. "� l,v Pa .� r . o- • S :� ` A .. -. �4.. , ,"si.. . y... }.w`�' tit ah �r4i - � r * q ,i 7tia�,� � F�'�,[.,$" � F.�`� .- 'G`.. f rt`% f,<°' q ,,•. v�+�2�+�yv'i .i a3``!y`'� �^.: :e # � ,``i.� '�..'S `sy � �'Y �a &3r.'.ygp'�N&4aP'- r. ?ya', tr3aQit "% is s r �'ii� + • . ass '` -' � r l 4y jj Fi: k h z 5a r � • Sri y v.«t *t1. ®�CIC�DDC] 400 as a ®a ©® 7488 N.E. 2nd Avenue a Suits A e MMwd. F1oAda 3313a a (305) 751,-IM in tom The Haitian Task Force, Inc. (HTF) incorporated in 1962 as a nonprofit dedicated to serving the Haitian refugee community in Dads County by: performing advocacy and resource recruitment functions; studying and documenting community problems and needs; and planning and implementing economic and social development programs. In 1993, the HTF secured a federal tax exemption. Initially, the HTF concentrated on advocacy and research. It helped organise and staff a coalition of health professionals to work with the federal Center for Disease Control (CDC). ' These efforts led to the CDC's determination that Haitians are not a high risk group for AIDS by virtue of their national origin. The ISTF also collected data on the type and incidence of infectious diseases among Haitians in Dade County, and arranged several events designed to showcase Haitian culture. .In 1964, the HTF became a community development corporation by formulating a comprehensive strategy for the development of "Little Haiti". Little Haiti is the neighborhood in the City of Miami and adjoining unincorporated Dade County where the vast majority of Haitian refugees has settled. It lies largely within the Edison/Little River Target Area, bounded by I-95 on the west, the Florida East Coast Railway on the east, 79th Street on the north and the Airport Expressway on the south. Current estimates put the Haitian population of the area at close to 40,000. Several studies show that these residents are the poorest, least educated and worst housed segment of the Miami population. For example, a 1963-24 Florida International University survey showed that: 61% of Haitian refugees were living in poverty after 3 years of residence versus 26% of Cuban Kariel entrants; and only It of the employed Haitian refugees worked for Haitians as compared to 422 of the employed Kariel refugees working for Cuban employers. These statistics are true despite the fact that the rate of business tormatlow -903r Haitians is high given their disadvanta�s. Tisre_ are- ever" W small businesses owned by Haitians in 3riltle Haiti OW : micro -enterprises. d ' • e major 1,1 111 1 to at theaaM#1 nt # Thr,adopted, and its aeoosplantar am Obsee.q. e "OL"" 31e"30" "t Cleatand se191aW wail twinesses arwi by pr+aterMw tar aftaLM4 s $so !Ot �i3aw Fe. as ,Wi swaid.� i9rwrala aka. to be amm V as 111918t 00ta1100* tAW r 2 ids got guarantees to Republic sank for loans to 17 prov small businesses, creating 67 jobs. Mine loans have been repaid. The remainder are current. The second installment will be used for tenant financing in connection with the Caribbean Marketplace. -- Providing technical assistance and training to small businesses, with special emphasis on loan fund applicants and recipients. In addition to assistinq fund borrowers, the HTF has aided 55 small businesses in areas such as accounting, purchasing, bidding, inventory control, merchandising, marketing, management and store layout. In doing so, the HTF has involved pro bono technical resources from Barry University, Dobbs House and Florida International University. Further, the HTF has co -sponsored three workshops for 200 participants with the U.B. Small Business Administration (BRA). HTF's technical assistance and training track record resulted in its designation by SBA as an official Technical Resource Center. -- Developing at least one "anchor" commercial real estate project in Little Haiti. The Caribbean Marketplace is this project. o� commercial Revitalisation -- Upgrading the appearance of the commercial corridors In Little Haiti by developing design guidelines. The Wr commissioned and gained business community approval for a set of guidelines including color choices, signage types and landscaping for the major commercial corridors. -- Planning and implementing a facade renovations program. This program is operational. working with the City, County, Florida Paint and Coatings Association and merchants and landlords, the HTF has renovated 51 storefronts and buildings. These achievements led to a public/private partnership award from President Reagan. o community Organising a promotion -- Linking Little Haiti residents and verch*v other and the wider community. In this Donn* do publishes and distributes the bilingual hotpatol' has sponsored and prorated an n u bW of Including the local tour of a fmith ot�1M_ O ' eeaitis The first Black Lbepublle 'i s ° 10 I►eebaa". open air Saturday ftarlorts, and bol iday testivals t aM is Sam as • !or the Little ltaiti sousin4 sewr; ar et^4awisetrenowat bMW is at** VM trm the Treater LLiafi s pasnersbip. -- to F 1.1 -- Providing support for the Haitian American Chamber of Cosmerce. Over several years, the HTF has contributed office space and clerical support to the Chamber. it intends to continue this practice, housing the Chamber in the offices planned for the Caribbean Marketplace. The HTF accomplished these task* with a staff that ranged from two to four persons, the aid of various consultants and volunteers and general administrative funding averaging less than $150,000 per year from the City of Miami and the Ford Foundation. At present, there are three staff members. Robert Lamothe is the Executive Director. He was born in Haiti. He has a B.A. in Econometrics and a Masters in Public Administration. Prior to coming to the HTF, he served in Vietnam, was an Assistant Zone Manager in distribution for the Miami Herald, an Assistant Buyer for Surdines and a National Urban Fellow in the office of the Mayor of Miami. Emmanuel Salvant is the Business Development Specialist for the HTF. He has a B.S. in Management with a concentration in Accounting from the University of Massachusetts, and has served as a staff accountant with various firms including State Street Bank. The HTF is a membership corporation. Membership is open to community residents, agency representatives and merchants as well as others' interested in the welfare of the community. The mambo" elect the majority of the Board of Directors. At present, the >oatd consists of 8 Directors. It is chaired by Max Massac, an electrical engineer. Other Directors include: a former bank commercial lending official; an accountant with a neighborh000d business clientele; an architect; a local proprty owner; a County employee; a City employee; and a merchant. Elections are scheduled to fill the vacancies on the Board. 144 Beginning in 1984, the Greater Miami LISC made three grants to the HTF. The first, a $30,000 action included funding to develop design guidelines for the commercial corridor and monies for preliminary feasibility work on two projects: a marketplace; and 0 small cultural center housing a cafe and art gallery. The original grant term was one year. This term was extended twice bom 3 there was high staff turnover at the Executive Director 1*Vqa + became obvious the two project concepts sbgWA be a04 11 . first building selected was sold, eta. Since t w WOO& mWiared, bob Lamothe has brought stabilityto tho, MW a _ �ry so" two grants, one for $300000 MW one or s10,O� O aawss�i partial support tees the Jkwb ores position and further preiwoiopmsnt wort � Harlon=* under "AN" 4"Ams h8tis#..' _ NbMJd be mated tb&t $",V 000 •el tWWO mqftJ4W aW :L , goer ads" In the z � 4 3 tt its I a `Fk, y The Caribbean Marketplace is located in two buildings, combined into one, containing better than 10,000 square feet. One of these structures is the former Rockmoor Grocery Store, the original supermarket operated by the Davis family in the twenties before they founded the Winn -Dixie chain. Complete renovations are necessary, though there is not much demolition involved, and the structures are basically sound. The Haitian Task Force (HTF) has acquired these properties and the land they sit on for $225,000. The total cost for renovations, including parking lot improvements, is $565„000. Soft costs are scheduled at $80,000. The total project price is $670,000. In addition, the overall development budget includes $150,000 in loans to tenants for fixtures, equipment and inventory. These loans will be made, via She HTF/Ford Foundation- supported revolving loan fund. Therefore, the total development cost is $1.020 million. (See Development Budget attached.) The Caribbean Marketplace concept is based on traditional markets like those in the Islands and older cities in this country. It alsq shares some of the characteristics of the festival marketplaces like Bayside on the upper end of the income scale, and flea markets on the lower end. It will be a large open floor divided by see -through partitions into 23 retail spaces, ranging from 125 to 300 square feet. An average space contains slightly more than 200 square feet. Some spaces will be located in the center of the floor, and some around the perimeter walls. The space will be lit by skylights and tract lights. There will be a large open landscaped and furnished Atrium beneath a mezzanine floor where the offices of the HTF and Haitian American Chamber of Commerce will be housed. Only the offices will be air conditioned. The remainder of the space will be cooled by large exhaust fans and dozens of paddle fans. 23 individual small merchants will occupy the retail spaces selling essential, convenience and shoppers goods related to the Islands, Haiti, the Bahamas, Cuba, the Dominican Republic, Jamaica and Puerto Rico -- all of the nations with significant imdp-r lb populations residing in the Miami metropolitan area. Thee is not yet final, but goods sold will includes fresh. (suits and vegetables; plants and flowers; coffees and spibaMt, goods; ice cream and tropical fruit juicew sandwic:b s apd¢ Island equivelenta; candy and nuts; n0"V4p0r41# 9seoting cards; records and tickets to WOU101 04 olotbUg; tabrios s arts cratts = jewel I a104 the . L , botanicas. Sent rates will range from�323 to d"s a Marketplace aaaager will also program a" rWW tie t%p' sat" for 000ial and a4vt parents, dome perto and partUm * S The exterior will be redone to resemble the architecture of the Islands, with a roof and wood detailing that are particularly characteristic of Haiti. (see Elevation attached.) In addition, through its Commercial Revitalisation program, the HTF is helping upgrade all the other storefronts on both sides of the block. (See 8treetscape attached.) once renovations begin, construction is expected to take no longer than 6 months. Renovations will begin as soon as the final financing is approved. r3[i� The Caribbean Marketplace is located on N.E. 2nd Avenue on the southwest corner of 59th Terrace -- in the heart of Little Haiti on one of the busiest blocks along the strongest commercial corridor. There are 15 storefronts on this block. Just one is vacant. The rest contain: two small grocery stores; two restaurants; two botanicas; a hardware store; an auto parts outlet; a car washt a bar; a liquor store; a beauty salon; a video store; a laundromat; and a storefront church. The site is less than a block from Notre Dame d'Haiti, the largest church and social service institution in the community with thousands of parishioners and clients. It is about the same distance from the new Toussaint L'Ouverture Elementary School. 2nd Avenue is one of the major north/mouth arterials to and from downtown. The Miami Design District is roughly 20 blocks to the south. The Marketplace is also very visible from 62nd Street, one of the primary east/west arterials. There is one set of bus stops at 59th and one set at 62nd Street. Development XAM The HTF is the owner/developer for the Marketplace. Though the staff has no previous development experience, the architect on the Board is assisting in the process and the HTF has assembled an exceptionally strong development team. The architects for the project are Charles Harrison Pawley and Rufus Nina. Shortly after the HTF started, it co -sponsored a design competition for an anchor facility in Little Haiti with the Florida South Chapter of the American Institute of Architects. 13 entries were submitted. Pawley and Bins submitted the winning design, a marketplace based on the famous Iron Market in Port-au-Prince. They followed up► developing design guidelines for the area. Mr. Pawley lows OW well. He was born and lived there. Mr. Miss is known as one a� founders of "Tropical Architecture". His accomplishments tutVO celebrated in several exhibits, including one on bis od14 students' work called "Rufus )rims: Three aeneratiWW of Architecture". loth architects have won numerous awarOe they have designed renovations for better than 100 bare: .." ?he project will be ronowtod br lieo Csopa Y, the firm Just 000pletiog the ieison !ba Tevvl Eooeomiolagsent Cesportian. r ca 9 91 -_ 6 year old corporation with an extensive track record and a strong interest in rehabilitation, particularly historic preservation. It won a National Trust for Historic Preservation annual award for the outstanding renovation in Florida on the work it did in restoring the Alamo, the original City of Miami Hospital, as a museum. Recently, it renovated the Douglas Entrance in Coral Gables. Beauchamp will do the Marketplace on a fixed price fully bonded basis. It expect& to commit at least 20% of the job to black trade accounts and subcontractors, and work with the NTT to use as many Haitian firms and individuals as possible. The remainder of the development team consists of: Robert Merlin, Esq., Merlin and Steinberg; and Arnold Montgomery, MBA and business packager, working on leasing. Mr. Montgomery has worked on numerous commercial real estate projects, including Edison Plata. Technical assistance to the HTF is also being provided by the Dade County Office of Community and. Economic Development and the Greater Miami LISC Program Director. The HTF will manage the Marketplace when it is complete. It will hire a fulltime manager and janitor on staff and employ a security guard. In addition, Bob Lamothe's experience in buying and merchandising, the Business Development Specialist's accounting skills and the staff's collective experience in providing training and technical assistance to merchants will be employed in aiding the tenants. The primary trade area for the Marketplace is a circle with a 1.5 mile radius. The trade area population is estimated at about 60,000 persons, 65% of whom are black. Most of those who are black are Haitians. 15.6% of the population is designated as Hispanic. Most of these Hispanics are Puerto Ricans. The total yearly retail sales potential is estimated at $276 million including: $62 million for food stores; $28 million for eating and drinking places; $44 million for general merchandise; $12 million for apparel and accessories; and $12 million for furniture, furnishings and equipment Assuming that Marketplace merchants must pay no more than 100 of their sales in rent in order to turn a profit, the tit businesses would have to do a combined total of $1.46 minion U sales the first year. Achieving this sales volume a►wounto to capturing .0050 of the trade area retail Market. 07, � another way, combined tenant sales must average $26,000 a go tenants *soon" data have signed leases Yet. fte and talked with a ==bar of psoapeots MY "d a deterain the feasibility of the Project. not want market any specs ode" or until the hg. soon 1-1. Mevertholess, wife approached the Wr "king for so **vsrt1sim/, analostions. 87 00 !'i�M0-0 V 7>7tTak 3`.. Y 7 t S. due.`• 9 in place, the No will laurAb a mark*tieq oanpaLln wisp weall ethnic su and public sesvios provva L:q on etbaic radio as the major• The Caribboan U-90Pelplaoe can work based on primary trade area business alone. gowewr, it sew UkelY that the Marketplace will attract residents with Island ori9lns from other areas. S en it it attracts little Cuban trade, it is estimated that in Oade CowtY there are 100,000 residents from the Caribbean islands inoludinq 100,000 Jamaican, •s,000 Puerto Ricans, is,000 Oominicans and thousands of Oahaaians, in addition to the i0,000 Naitiana livisq outside Little Matti. a .r 1 ✓+�T rj } tt'rk�r�YM1 t�1 vFJ "�y • hew � .... r�.. s �'-;!;':: i. F� tb �f �• �y�� t�t� f . n III. PRUICT FINANCING The total development budget is $1.02 zillion. includin $870,000 in project costs and S1509000.in tenant financing. 1'ha sources of interim and psrnanent financing and status of these sources are outlined below. For additional information, see the Development Budget and Projected Profit and Loss and Cash Flog attached. Inter $ 5,000 60,000 90,000 135,000 150,000 30v000 1500000 1009000 150,000 150,000 1,020,000 HTF Equity (Committed, Spent) City Equity Grant (Committbd $40 000 Spent) County Equity Grant (Committed. 660,000 Spent) HHS Equity Grant (Committed, Spent) LISC Equity Grant (Committed) LISC Predevelopment Grant (Committed, Spent) HTF/Ford Foundation Tenant Loans (Committed) LISC Loan. 3Z 9 Months (Committed) Savings 1 Loan Consortium loan, 8.541, 6 Months (Committed) State Loan, 01, 6 Months (Committed) TOTAL INTERIM FINANCING 1) Funds spent have been used to acquire the property and cover various predevelopment and soft costs. 2) All loans, other than tenant loans, are predicated on the' availability of the total financing needed. 3) The Sevinga & Loan Consortium, will act as lead construction lender. Pssmanent $ 50000 60.000 90.000 135 v 000 ISO coo . 1��0000 1; 000 1s0, 00© 1so, o00 ATF Equity (Committed. Spent) City Iquit grant (Committed, $40 000 ,fto County xMity grout (Cosmittsd. US 9 LZ I=ty y Ocant (Cos M04. Swat)LxsCGrant (Committer) LISC Pssdevsloplsat 1)aras�t (►tls RTF/Font P'oandati� ?mast LISC Loan, 3% 10+ (' state Loan+ H 10 Tags r � i .. ,.. rDaa7dvnl.&YKK�tY4 .�._..ik d?.�..3'S,S.r4'✓8i'. ate,. .v �i,�. Y _�.4„5�..4�i;�y-'� 9 9 NOW 1) Ali loans other than tenant loans, are predicated on the availability of all financing needed. 2) State loan request woke originally $250,000 for 15 years. State program only has $150,000 available. Did not lvdbm OF of shortfall, or 10 year terms, until past two weeks. LISC loan request covers shortfall. 3) Peoples National bank participation is necessitated by State rule requiring hatching loan from commiarcial lender. 4) Peoples loan will take out Savings & Loan Con*OCtLuW-1,,loM*wt - 5) City will buy out Peoples loan. 6) Peoples will service state loan'. t "EIKVIM, "it ;41 NU To di'2S' UIC 2H a 4 9"IFICU20 �e reasons thasa investments are ja i led are as loners. 9 !hs Caribbean is the I In of the taitian lack toroats meiyhborhood revitalisation strategy. It sepsesents the culminallon of four Years of to iaplsment this strategy. There are so alternative project possibilities. o It builds on the commercial strength in Little Haiti and the entrepreneurial spirit and life experience of its residents in a way no other project would. o It w rnesses the resources and taps the skills and exper- lonoe of the Haitian Task force in a way few other projects ..could. • o It provides the first significant assets and income to the •aitian Task Force. o It creates 22 affordable entrepreneurial opportunities JNw •mmall merchants. 4 it 'generates an estimated dS jobs. o It serves as the commercial and social focus of the community, as markets do throughout the Caribbean. o The building has been purchased. The comwunity is aAticift pating its renovation. x c k�_Jf`h • L S i ,t,� ~'jww �� r•'• 'K '•H •. �! } f +o .�M~���,��. .. .. ai: *•J f�•1y • I t +' R'`� ,j, OP 0 r j 04 .. �,-,,.,. li4s,.� i`_�:: N • � ... � � '� Ct,e � r,. .. a- a". .+.�. �9i •;sNW ..'7 ... amomflow a saax=w am cows (aromieeturs &aaiiseeriaq, y OleaLut Coats, FLUNWL" tees, lasrraa, sater"t, LOSS1 tees, Feiss, at..) sarwr sasaesw �rwr+r .G z so�►L it,ata.Na Iv I'x y ' • qy Y�l.. .. � z 4 4. A r • � . � � 4,� "f�e4;...�.yi bad- �iv FaF' ,I I _. :°';�iS:ti�irBd'P,w:wA'r�c'Xt, ' -.7w.�� i�+sk+RP��Sy`•:'Fd�.n� � !.. _. ,,.. ,' 'a= '. IVT {x ' �- .far p,y, }� a' a d . • 'Z 7 MAN Pz u a: not nut nua �I 1q�,2q 1S7,293 165,1#4 173,423 102,094 1!1/1!! 200,759 14,OS3 14,fii 11.000 111562 11,400 12,140 11,500 12,747 11,,360 13,3N 11,100 10.800 34#1 iS,330 $165,002 $172,703 =iN, 'S47 $199,913 $197,S06 650 117 233 122,045 95. 94,440 js/ ",170 13,500 103,129 13,500 107,206 13,090 3,030 111, 12,6 00su 2, , 12,150 2,130 11,700 1,"1 4, 3,"l 2,as 3,460 2,400 2,025 1,725 1,425 1,125 24, 3" 4,s00 26,364 4,3" 24, 3" 4,200 26,364 4,050 26,364 3,900 26, 3" �a -,T •14s,sl7 SiS3.361 S2.560116 S3.99,127 $163,360 $166,822 , - = 1S,906 26,3N $ 11,621 24.364 S 16,667 26,244 $ 21,420 24/.204 : 2S,992 26,364 = 30,644 26,364 AS 4f2+'10i S 37,903 $ 43,031 $ 51.91! $ 57,046 fz�xSfta nu i zm I wit m 210,497 221,337 232,4N 14,796 is,494 16,260 10, 7N 10/ 4N 10,100 $206,441 $214,243 S226,236 127,097 132,403 137,"3 11,2SO 10,000 101390 1,330 7" 330 $29 529 22S 3.7SO 3,600 3,450 26,364 26,344 24,3M $170,S24 $174,479 $170,6" S 33,117 $ 41/764 S 47,537 26,364 26,3N 26,304 S 62,201 $ 60/120 S 73,l01 V i 4 'F 4 } r +u_ q XM i im nw ! IMS Yiit l Z s :_�; - • - • • • 500O0 5,00O s,Ooo 1s."o s,00O 0o ls,o 51000 15,060 �_vqQ `= u�ON 1s,0OO ls,eoo 10,000 ls,00e 10,000 10,000 10,000 10,000 ;kOOO 10,o" a• �. w-..r`�"."•� i,40! NON f 17,350 f 7.90s f 13.031 i 170004 f 21,f1f f 27,010 2#, 03! 34,824 40, Os; 47, 4sf 00,170 •��w �M ��Mw� S� po '^ �� 4" �w� i 20.930 ��w ; 39,424 i 49,O69 i O7,4sf i O9,370 $116.424 115•� ";� 130 we S•,••• 14S.000 t i lirl, 20, 000, 000 iO, 00• .. . 40, 000 30, "0 a 1 i 1 x i 1 War h ]s i ]m 1 nos it s,O•• •,eme 9,0Oo is,0a 1s,0" 19,OOO 10,000 10,000 10,000 N..M �Nw• MN-- f 32,201 i 36,120 i 43,901 11�,4l0 1400707 104,030 $140,7O7 i186,035 i23O,73O 120,000 i1s,0N 11O.OM 30, 0M 1S, 0M 20,000 1O,0N - 0 10 i tso 6rewt for 22 ratan starting units with startirants ranging Eras $323 to K6s 'aslst ts, plrs a site at ilLl�m�m ri eSn iC�• aailltaMunnoa (cm) fees starting at $2.50 par square footpent and Chll Increases are calculated aR 1.q 1As sM'M g your ammd Sit in each subsequent year. gg wis pelye0ted at los the first year and 7= in eacb subsequent rear. [:"Jl .N a jgg2WMY rest an the atrium for functions calaulated at $2,400 is years i thru 2, q.NO In years 4 mad 9, arse 16 a" 1 asd $2,2oo is years a tk" not interest income of 6= ea CO guarantying Peones 1/atIOMd Seek leas art rsastaadiag balanncet and DTt reinvests interest it earns of the state loan equal to $4,309 In a�Lisiudas salaries and fringes for a tanager and janitors seaosityt utilitieat pest- sad A011ws jMW tt tamest insurance; and a reserve for replacement. 0�perstiag exp�nee ingresses era pseejeotN at so rt!t 'lest taieas, insurance and the reserve. Ingresses in taxes and insurance are passed on to the tenants. The M is pl#tN for year 1, $4,000 a year in rears 2 thru S and $5,o00 a year in Years 6 thru 10. 19 N O1 serer is oalculat•d on the outstanding principle balance assuming semi-annual payments of principle to the oy LUC ales an areal end of the year payment to Peoples. sae is waived during years i and 2, and calculated at 2% on the outstanding balance of the Peoples lams as a SM,00o basis, with a useful life of 27.5 years, using the straightlinne method. M hgpias loan are deferred duri year• i and 2, and node according to a 20 year asertisatiew i U. i►rinc#ple repayments are level for the state and LISC loarW- thatwill be tenants top theelast mouth'sf the rant o• ataosrai�waahla.We Is • Nsia 4 0 T'l IF#jpff j 4 4 I �4� i West Indian American Day Carnival Assoc. 74 of Greater Miami. August 249 1988 Mr. Lesar H. Udi c Litv Manger City o+ Miami 35Oo Pan American Dr1Ve Miami; Florida 33133 Dear Mr. Od i o: The o++icers and members of the West lndnCn,Ah�rebynDAY requout Carnival Association o+ Grealicedionithe Agenda at the next that the +ollov+inc item be P ,'oval. meeting of the Citv Commission +or app the t The Meat Indian Aaiericaval- fo athevnexts+oiveayears,+ Greater Miami, Inc. seeks appro Miami Carnival in the City n+ to present West Indian American t thereby requesting streeforeclosure therewith1hethe Miami• Weekend ee adinq Columbus'Day. festival is held the wee 7th and Ath, 1999. October ®th dates requested are October 1991, October 10th and 199t), October 9th and loth, and 9th, 1993. 11th, 1992t October 11th and 12th, y Thanking you in advance +or Your kind consideration - Very truly yours+ r r Aldwyn C. Thomas fact cc: Hon. Mayor. Xavier Suarez 640n, Mayor Rosario Kennedy Hon, Commi ssi oner Victor De Yurre Han 0 Cowmi ss i oner J . 1i� �: J r . Non. Gommi ssioner Miller RA City Clerk z k l' ;a 1 }ter RV, ... , :f3.$ , ..%:ri'u ° ,: d`;* ,--r q , , nte.: w , �3. 4.3: •