HomeMy WebLinkAboutM-87-11017
CITY O« MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
ro, of the City COM1416610n
,1
FROM Cesar H. Odie
City Manager
RECOMMENDATION:
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Economic
Development/
sus�ear physical
Improvement
Contract
Selections
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It is respectfully recommended that the City Commission adopt the
attached resolution authorizing the execution of contract
agreement, in a form occeptable to the City Attorney, between the
community based organization identified below and the City of
Miami, for the purpose of implementing the approved project
and/or program as selected by the Economic 'Development/Ph yaleaI
Improvement Project Fund committee, in accordance with the terms
and conditions as set forth herein.
AACKGROUND :
The Department of Community Development has analyzed the need to
execute an agreement with the organization stated in the attached
resolution, pursuant to the CLty Commission approval of
Resolution No. 66-914, created the Economic Development/Physical
Improvement Fund, with fund%, ollucated from the Tveifth (12th)
Year Community Development block Grant in the amount of seven
hundred thirty thousand dollars ($730,000). In order to review,
evaluate and select proposals, a committee was established,
comprised of Directors from the Departments of Community
Development, Development, Planning and a representative from the
City Manager's office.
Proposed projects were solicited from both not -for -profit and/or
for -profit entities and evaluated by the aforementioned
committee. Programs and/or projects submitted for funding vta
said pool were evaluated and scored on established criteria as
set forth in the Economic Development/Phyaieal Improvement
guidelines. A total of fifteen (15) projects were submitted
totalling $1,131,223.50 for this round.
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Honorable ?Mayor and Ht-mbers
of the City Commission
Page Z
Ot the fifteen (13) proposals submitted the following project has
been selected by the committee and is being recommended for
funding via Commission approval. As follows:
ORGANIZATION: International Car Wash, Inc.
PROJECT TITLE/COST: Retail/Professional Office Complex
$1509000
PROJECT DESCRIPTIOR: This project entails the construction of
a two-story mixed use shopping renter
complex to be located on N.W. 34th
Street between 11.W. 14th and N.W. 1 Sth
Avenues. This project will consist of
16,000 square feet of leasable space.
It is recommended that this project
proposal be submitted 'for consideration
and funding as an Urban Development
Action Grant MAO). The City is also
proposing to allocate one hundred and
[fifty thousand dollars ($150,000) co
International Car Wash, Ine. se +a loan
In the project. The City"a funding
commitment to contingent upon seeicrtng
additional funding. No funds will be
disbursed until all funding is secured
and we will require a joint closing
etmongst all the lenders.
TERMS: The proposed terms of financing for the
Model City Retail/Professional Office
Complex is as follows:
City of Miami (Loan) - One hundred
fifty thousand dollars ($150,000) at
eight percent (82) amortized over
thtrty (30) years, with principal. and
Interest payments deterred for the
first five (S) years.
'Urban Development Action Grant
(Loan) - One hundred fifty thousand
(0150,000) at three percent (3x)
amortized over a thirty (30) year
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Honorable Mayor and Members
of the. City Commission
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period and called on year fifteen
(15). Specifically, no accrual and/or
interest payments during years ene (1)
through five (5); years six (6)
through ten (10) Interesst and
principal will begin at an interest
race of three percent (3X); years ten
(10) through fifteen (15) interest
will be at ten percent (102).
Miami Capital Development, tne.
(Lean) - One hundred seventy-two
thousand three hundred fifty-seven
dollars ($172,357) at seven and half
percent (7.52) amortized over twenty
(20) years, with principal And
interest payments due on an annual
baste.
Private Lender (Loan) - three hundred
thirty-five thousand three fifty-four
dollars ($335,354) at eleven percent
0 1X) interest amortized over twenty
(20) rears with interest and
principal; due monthly.
International Car Wash, Inc. (Private
equity) - One hundred Rixty-one
thousand two hundred ninety dollars
($161r290).
The above project was determined to be feasible within the
respeetive tarSet area and met the scoring requirements. The
above project will result in a significant number of jobs being
created/retained and the leverage of additional public/private
Investment in City of Miami neighborhoods.
Attached for your review is a copy of the project proposal
submitted by the cotamunity based organization.
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