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Home My WebLink AboutM-87-048172 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM M Cesar odio DATE: April 29, 1987 FILE: City Manager SUBJECT: Agenda Item FROM: Xavier L. Suarez REFERENCES: 42787/XLS/LCG ENCLOSURES: Please place on the agenda for the next regularly scheduled Commission Meeting on May 14, 1987 a discussion item by Mr. Stuart Sorg representing the Sorg Marketing Group. XLS/LCG/om oy 87=481 a BORG MARKETING GROUP 94NCE 1994 April Z, 1987 FROM: STUART SORG TO: MAYOR, VICE MAYOR, CITY COMMISSIONERS AND CITY MANAGER SUBJ: BISCAYNE HYDROFOIL LOAN I am fowarding to you a copy of my letter to Juan Del Cerro, Chairman - Miami Capital Development Inc. I would appreciate the opportunity to review this issue with the City Commission, and I am requesting the item be placed on the agenda for purposes of discussion. R fully submitted, �STUAR" SORG SS:ad MARKETING STUDIES • PLANNING • AOVERTISING 0 GOVERNMENT RELATIONS P.O. BOX 73 • COCONUT GROVE. FLORIOA 33133 • (305) 656-0556 87-481 C, April 2, 1987 Mr. Juan Del Cerro Chairman Miami Capital Development 311 N.E. 13th 'Terrace Miami, Florida 33132-1621 Dear Mr. Del Cerro: I am in receipt of a letter from Miami Capital Development (MCDI) dated March 18, 1987 declining the short term commercial loan requested by Biscayne Hydrofoil Inc. for the purpose of establishing in Miami, America's first Hydrofoil Waterborne Transportation System. Following seven (7) months of loan packaging, under the direct guidance of MCDI and. their close scrutiny since January, I was stunned to learn that the loan had been declined. Because of the enormous amount of evidently wasted professional time that I have put into this loan, it is imperitive that you understand the key facts and data pertaining to this loan and why I am personally dissappointed in the unprofessional and unsophisticated manner in which the loan was processed. The reasons stated in MCDI's letter of March 18, 1987 for declining the loan, specifically targeted my personal financial position, which was clearly identified during our first meeting, and Biscayne Hydrofoil's "outstanding" shareholders. First of all, I am not a shareholder. I have taken on the management and coordinations of the project because of its immense value to our city, and my personal financial position should have absolutely no bearing whatsoever on the outcome of the loan request. My asset position should have no more bearing on the issue, than the city awarding to the Rouse Company, city property to develop Bayside. At no time during the course of the packaging of the loan were any MDCI rules, guidelines or regulations ever discussed as they related to my request for funding from MCDI. Since January, I have had numerous personal discussions with the Executive Director and the Loan Analyst at MCDI and their positive support and en- couragement strengthened my time and effort in developing the loan package. The last two (2) weeks of February, three separate meetings were held at MCDI for the review of the loan package and on the 5th of March, I received a letter from MCDI asking me to supply five (5) specific items in prep- aration for the loan package going to the loan committee. P.O. BOX 73 • COCONUT GROVE. FLORIOA 33133 • (305) 858-0558 13 87-481 F �"�,f1 /ice al.1 Page Two April 2, 1987 On Friday, prior to the loan committee meeting on the following Wed- nesday, the loan analyst met with me on Virginia Key in order that he might physically inspect the hydrofoil. Because of the continuing support and guidance from MCDI since January, one of Miami's most prominent Investment Banking Firms contributed over 25 hours to the project for the construction of a computer data printout,, regarding the income and expense projections over a five (5) year period. One of their Senior Vice Presidents personally met with MCDI at which time the loan package was reviek•,,ed in detail. In conclusion, I have personally invested over 200 hours since January, and the University of Miami has graciously provided an 1•1BA intern who spent in excess of 25 hours assisting with the packaging process. He also met twice with the MCDI loan Analyst to review the loan package. As a past Regional Vice President with one of Florida's largest banking systems, it is inconceivable for me to imagine that the Executive Director and the Loan Analyst had no knowledge on MCDI loan requirements. It is embarrassing to me that because of their continuing support and encourage- ment, I reported on a monthly basis to the Miami City Commission, the in- vestors in the project, as well as one appearance before the Metro -Dade Commission, all on the anticipated inaugeration of the hydrofoil being in operation prior to June 1987. I am asking the City Manager to place this declined loan package on the City Commission agenda in order that we might properly and publicly review the issue in keeping with the Miami City Commissions direction to me in July 1986, and -;,he months of needless effort and time packaging the loan. Si erely, STUART S SS:ad P.O. BOX 73 • COCONUT GROVE. FLORIDA 33133 • (303) 859-0558 Y 87-481 1 AMC Page Three April 2, 1987 cc: Mr. Leonard S. Anthony Mr. Robert Truarig Mr. Monty Trainer Mr. J.J. Skip Shepard Mr. John L. Ricciaredlli Mr. Tom Post Ms. Alice L. Schleicher Mayor Xavier Suarez, Vice Mayor J.L. Plummer Commissioner Biller Dawkins Commissioner Rosario Kennedy Commissioner Joe Carollo City Manager Cesar Odio enc. R.O. BOX 73 • COCONUT GROVE, FLORIDA 33133 • (305) B5B-066B 8'7--481 Im u .+ HAND DELIVERY March 5, 1987 Mr. Stuart Sorg President Biscayne Hydrofoil Inc. P.O. Box 73 Miami, Fla. 33133 Re: Our Reference # L 283 /87 Dear Mr. Sorg: At our meeting of March 4, 1987, you were asked to supply information which would enable Miami Capital Development Inc. (MCDI) to determine how we could assist you with your business plans. This information was requested from you yesterday, since this corporation w;as formed in October of: 1985. A list of what MCDT needs to revico., your application is as follows: / 1.- Since this corporation was formed on October 10, 1985; / certificate of good standing of Biscayne Hydrofoil. J 2.- Balance Sheet and P & L Statement as of January 31,•1987 of Biscayne Hydrofoil as (BHI). 3.- Income tax returns of BHI Inc. Current personal financial statements and personal income tax returns for the last three years of BHI's principals. /5.- Certificate of title of the State of Florida, coast guard vessel, if available. Please call me when you have this information ready to arrange an appointment to review the requested material. Sincerely yourq. 49 Orestes N. Russi Deputy Director FYad.d by ONR/LS/cma n CNVCWcc: Leonidas Solorzano, Senior Loan Analyst Miami Capital Development Inc.. 311 t4wihew 13th Twt"*. Mimi, FWWa J3132.1621 Tel. 1305► 358.1025 a 87-481 C March 18, 1987 Mr. Stuart Sorg President Biscayne Hydrofoil Inc. P.O. Box 73 Miami, Florida 33133 Re: Our Reference # L 329 /87 Dear Mr. Sorg: Thank you for your interest in participating in our loan pro- gram. It is our policy to explore every possibility for fa- vorable action on a loan application. However, the regulations under which we operate have certain limitations, and we cannot always grant a loan. Careful consideration tias been given to your application, regret- tably, it has been declined. The In -House 1,oan Committee, after much deliberation has deemed that your company can obtain conventional financing at prevail- ing rates from local financial institutions. A revic., of Biscayne Hydrofoil's President. Personal Financial Statements showed that you have a net worth. of In addition to this fact, the list of shareholders provided by you reveals names of outstand- ing persons of this community, which are known to have access to conventional financing from Banks. Our loan program is geared to those businesses that are unable to obtain conventional financing. MCDI would like to encourage you to develop banking relationships with conventional lending institutions. We wish yo nd your business continued success. Sincerely s, Orestes N. Russi Deputy Director & Vice Chairman MCDI's In -House Loan Committee cc: Pablo Perez -Cisneros, Executive Director ''Anded by: Miami Capital Development Inc. 311 Norlhtotl 13#h Terroce, Miami, Florida 13F32.1621 Tel. (305) 359.1023 87--481 C a f � + January 28, 1987 Mr. Stuart Sorg President Biscayne Hydrofoil Inc. P. 0. Box 73 Coconut Grove, Fla. 33133 Re: Our Reference # L 109f87 Dear Mr. Sorg: On January 13, 1987, Miami Capital Development Inc. (MCDI) sent you a letter requesting you to provide us with the loan application already completed. As of today, MCDI has not received any documents pertaining to Biscayne Hydrofoil Inc. Since our in-house loan committee is scheduled to meet very soon, it would be advisable that your application be in our office before our Committee Fleeting, if it is going to be presented for the February Loan Committee. If you are unable to provide us with the complete application by Wednes- day, February 4th, then there is always the possibility to review your case on the !March Loan Commitee. Sincerely ORESTES N. RUSSI Deputy Director OUR/LS/cma ccs Pablo Perez -Cisneros, Executive Director Leonidas Solorzano, Senior Loan Analyst File nmF..ea ey: Q,..W ?M. Miami Capital Development InC. 311 Nwhood 131h T«roce, Miami, FkwW* 33132•1621 Tel. (305) 351.1023 r 87'"4�1 BORG MARKETING GROUP SINCE 1884 MEMORANDUM April 3, 1987 FROM: STUART SORG 01AV TO: CESAR ODIO, CITY MANAGER SUBJ: PROPOSED TENTATIVE SHIP VISITATION SCHEDULE US ATLANTIC FLEET AApri 1�24 - 26/27: USS CALOOSAHATCHEE AO-98 Ma 12 (possible to Sumner Quarter) A BB-61 May 22 - 25: (Star Wars type) VSS71CONDIROGA CG-47 June 09 - 12 CG-20 June 08 - 12 D-977 cc: Mayor Xavier Suarez Vice Mayor J.L. Plummer Commissioner Dawkins Commissioner Carollo Commissioner Kennedy MARKETING STUDIES • PLANNING • ADVERTISING • GOVERNMENT RELATIONS • P.O. BOX 73 • COCONUT GROVE. FLORIDA 33133 0 (305) B519-055B 87 --481 BORG MARKETING GROUP SINCE 1 e94 MEMORANDUM April 3, 1987 FROM: STUART SORG TO: CESAR ODIO, CITY MANAGER SUBJ: 2nd ATLANTIC FLEET SHIP SCHEDULING CONFERENCE _ On Friday, the 27th of March, in the office of Captain Colucci at CINCLANT in Norfolk, Virginia, I reviewed a list of Naval vessels that would possibly come to Miami for liberty between now and the first of July. On Tuesday, the 7th of April, the Third Quarterly Scheduling Conf- erence will be held, at which time I will once again address the 300 or so officers in attendance, and have an opportunity to become personally acquainted with the major scheduling officers, repre- senting particular vessels that we could accomodate in Bicentennial Park. The anticipated expense to the city will be the cost of a round trip air line ticket, and the possible rental for one day of an automobile. Resepctfully submitted, STUART SO G .c....,- _.-... _... „;,. SS:ad MARKETING STUDIES • PLANNING • ADVERTISING 0 GOVERNMENT RELATIONS P.O. BOX 73 • COCONUT GROVE, FLORIDA 33133 0 (30S) B5B-055B /Q 87-4e11. SINCE 1884 April 8, 1987 Jerry 0. Tuttle Rear Admiral, U.S. Navy U.S. Atlantic Fleet Norfolk, Virginia 23511-6001 Dear Admiral Tuttle: The arrival of the USS SARATOGA CV-60 in Miami electrified the entire community and for the first time in my career of working for the City Of Miami for the past ten (10) years, I was proud of the unifidd effort by the people of our city to make the Officers and enlisted personnel feel at home and letting them know that we truly wanted them here. On behalf of the City of Miami, I want to express my grateful appreciation to you for your conmittment, making it possible for the USS SARATOGA to come into Miami waters. And to Captain Col ucci , who wtorked with me in sending the original liason team which was critical for the planning that had to be done by the City, but more important for his total support and encouragement when it looked like, on a couple of occasions, the USS SARATOGA might not cope. In closing, I would like to commend Captain Frost, Commanding Officer of the USS SARATOGA, for not only representing the U.S. Navy in the proud traditions which we so dearly cherish, but as important, for making him- self available to everybody, and as I look back, I am not sure that he ever slept for four days. Miami has a new page in its history book created by the USS SARATOGA. l y, Commander USNR R Naval Special Warfare Detatchment 106 cc: Captain Colucci Bill Cullom Mayor Suarez Vice Mayor Plummer City Manager Cesar Odio Commissioner Dawkins Commissioner Kennedy Commissioner Carollo MARKETING STUDIES • PLANNING • ADVERTISING • GOVERNMENT RELATIONS P.O. BOX 73 • COCONUT GROVE. FLORIDA 33133. • (305) B5121-055121 /l 8'7-40f GPC Cq Ut grbve Chamber cif Commerce 2820 McFARLANE ROAD COCONUT GROVE, FLORIDA 33133 (305)444-7270 April 8, 1987 Coral Reef Yacht Club Commodore Abess, Jr. 2484 South Bayshore Drive Miami, Florida 33133 Dear Commodore Abess: On behalf of the Coconut Grove Chamber of Commerce and the City of Miami, I want to express my grateful appreciation to you, the officers and the members of Coral Reef Yacht Club who so graciously and generously enter- tained Captain Frost of the USS SARATOGA and his Officers, at a splendid cookout and dance. You could tell how enjoyable the event was to Captain Frost and the Officers, who at 1.0:00 arere just getting into the swing of things and didn't want to leave, even though %ye had one more stop on our itinerary that evening. I particularly want to thank you for taking a special moment when you presented the Captain with the Coral Reef Yacht Club Qurgee, and 1 was delighted when he mentioned that he would fly the burgee from the SARATOGA during some of the Port visits in the Mediterranean. The entire evening made me proud to be a member of Coral Reef. ncer , Stu President cc: Bill Cullom Mayor Suarez City Manager Cesar Odio Vice Mayor Plummer Commissioner Dawkins Commissioner Kennedy Commissioner Carollo (4't:U jorf �% I of MATTY HIRAI CESAR H. ODIO City Clerk City Mandger Cq�E CO F 1OQ04, , May 200 1987 Mr. Stuart Sorg Dear Mr. Sorg: Please be advised that on the City of Miami Commission Meeting of May 14, 1987, the following motion was passed and adopted: MOTION 87-481 A MOTION OF THE MIAMI CITY COMMISSION GOING ON RECORD IN SUPPORT OF THE HYDROFOIL TRANSPORTATION SYSTEM. If we can be of further assistance, please let us know. Very truly yours, Walter Foeman Assistant City Clerk WF:sl ? 7-- y 8 OFFICE OF THE CITY CLERK/City Hall/11SW Pan American Drive/P.O.Bo% 33070E/Miami, Florida 33233-0708i(305) 579-6065 .W54C v ssito V