HomeMy WebLinkAboutR-86-0341J-86-327
5/7/86
RESOLUTION NO. 6 d J 4 1
A RESOLUTION OF THE CITY OF MIAMI COMMISSION
APPROVING, SUBJECT TO CERTAIN CONDITIONS, THE
CONSTRUCTION DISBURSEMENT SCHEDULES FOR THE
COMMUNITY DEVELOPMENT CORPORATIONS THAT WILL
BE DEVELOPING CERTAIN MODERATE -AFFORDABLE
HOUSING AT THE SHELL CITY AND EAST LITTLE
HAVANA SITES PURSUANT TO RESOLUTION NO. 86-
169, AS AMENDED.
WHEREAS, on February 27, 1986, the City Commission did pass
and adopt Resolution No. 86-169 which approved three (3) sites
for the construction of moderate -affordable housing units
pursuant to the Commission's prior Resolution No. 85-812; and
WHEREAS, Resolution No. 86-169 called for each of the
Community Development Corporations (CDC) that would be
responsible to construct said housing on the Shell City and the
East Little Havana sites to submit, for Commission approval,
construction disbursement schedules for said sites; and
WHEREAS, said approval was to be given by the Commission
within fifteen (15) days from February 27, 1986; and
WHEREAS, said construction disbursement schedules were duly
submitted by said CDC within said time, but no Commission meeting
was available for review and approval thereof until March 27,
1986; and
WHEREAS, the City Commission has extended to May 8, 1986,
the time limits for City Commission approval of said construction
disbursement schedules;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The City Commission hereby approves the
attached construction disbursement schedules submitted by the
Community Development Corporations responsible for the
construction of the moderate -affordable housing units at the
Shell City Site and East Little Havana Site that were submitted
to the City Manager on March 14, 1986, pursuant to Resolution No.
86-169, as amended, subject to and conditioned upon the
following: CM COMIISSION
NEETIN Q:.:
MAY 7 16
aNN_86-:
(a) no contingency fund expenditures be made without City
Commission approval;
i
(b) no marketing funding is approved; but the developers
may request such approvals in the future;
(c) all construction contracts are to be awarded by the
developers only after compliance with City competitive
bidding procedures including the submission of said
bids to the City Clerk;
(d) The budgeted developers' overhead is approved for a
period of 6 months, thereafter, the developers, prior
to any overhead expenditures, must request and obtain
approval from the City Commission prior to such
expenditures;
(e) The minimum size of units constructed shall be six
hundred (600) square feet for a one -bedroom unit, seven
hundred fifty square feet (750) square feet for a two -
bedroom unit, and eight hundred fifty (850) square feet
for a three -bedroom unit.
PASSED AND ADOPTED this 7th
PREPARED AND APPROVED BY:
e� 1�_v A '-14,,) 'y 0—
iss
L E. MAXWEpt
istant City Attorney
APPROVAS TO/
LUCIA A. DOUGH
City Attorney
JEM/wpc/pb/P004
day of May y /--� , 1986.
XftVIER L. SUAREZ, Mayor
D CORRECTNESS:
84-341
W
TO; Cesar H. Odio
City Manager
-;;?
.
FROM:
Herbert J. Bailey
Assistant City Manager
CITY OF MIAM1, FLORIDA �•'
INTER-OFFKIff.�ik' G' ANDUM
[?ATE:! May 1, 1986 FILE:
'.'Sub1�T: ATTACHED REPORT SUMMARIZING
i •
DEVELOPMENT PRO FORMA AND
OTHER PROJECT INFORMATION/
REFERENCES: CLAUGHTON ISLAND DEV. ORDER
ENCLOSURES: May 7, 1986 Commission Agenda
(3)
Please find attached a summary of the latest development pro forma
information as supplied by the East Little Havana Development
Corporation (East Little Havana Site) and the Tacolcy Economic
Development Corporation (Shell City Site) pursuant to Resolution No.
86-169 (adopted February 27, 1986). which relates to the Claughton
Island Development Order.
If you have any questions, please advise.
HJB/RO/es
Attachment
cc: Lucia Dougherty, City Att ney
Matty Hirai, City Clerk
8f -341.
CITY OF MIAMI, FLORIDA
VANTE0-0FFICE MEMORANDUM
' March 17, 1987
Matty Hirai DATE- FILE:
To City. lerk Claughton Island
SUBJECT. Housing Project /
FERENCES Rio Plaza
C
FROM err D. Ge eaux, Director Condominiums
Hou ing Co serva ion and ENCLOSURES.
De elopmen Age cy
In February of 1986, the City Commission through Resolution No.
86-169, designated Tacolcy Economic Development Corporationand
the East Little Havana Development Corporation
raio s unitsofof
sponsors for the development of approximately 235
housing affordableoderate incomne ghborhoodse families in the
Model City and East Little Havana
Pursuant to Resolution No. 86-341, Section 1(c), all construction
contracts are to be awarded by the developers only after
compliance he with th
on's competitive bidding procedures
including t all bids to the city Clerk.
This memorandum serves to inform you that sealed proposals for
the furnishing of all labor, materials, and equipment_ fir -the_\
above referenced housing development are scheduled to be �\
submitted to the City Clerk's office on March 24,
19 $Z
Transmitted herewith is a copy of the Inuit won o Submit
Proposals which appeared in the Miami Review on MarcYi-�,- �98'�-.`''
ove
If you havent ct Jefft1Hepburn, regardingons Assist Assistant for mentioned
at extension
please co
3336.
JDG/jr
Attachment
cc: Jeffery B. Hepburn, Assistant Director
MIAMI REVIEW • MARCH 2. 1987
•38 spr-+s..;.,ar undercover, sin NOTICE OF ADMINISTRATION NOTICE OF ACTION NOTICE OF ADMINISTRATION et seq., I st
624442; 1 Glenfleld, rifle, mod.25, IN THE CIRCUIT COURT FOR Ire No. 104281 IN THE CIRCUIT COURT FOR public vend
22 cal., sin 19702925; 1 Rohm, .38 DADE COUNTY, FLORIDA IN THE CIRCUIT COURT OF THE DADE COUNTY, FLORIDA Courthouse
cal, special, revolver, a/n 132849; PROBATE DIVISION ELEVENTH JUDICIAL CIRCUIT PROBATE DIVISION the 27 day r
i Marlin Glenlleld, mod. 75, rifle, File Number 87.489 IN AND FOR DADE COUNTY, File Number 87 1062 Noon, prev;
TRATION .22 cal., a/n 25297625 were seized Division PROBATE FLORIDA Division 02 Ing real eat
URT FOR in Dade Co., FL for violation of IN RE: ESTATE OF FAMILY DIVISION IN RE: ESTATE OF being in the
RIDA Title 18 USC, Chap. 44. Any per- EUGENE S. FRANKEL CASE NO.87-08860 — 16 LIPPMAN BERKOWITZ of Florida
eon claiming an Interest In the Deceased IN RE: The Marriage Of: Deceased described it
said property may file a petition The administration of the estate ARCHANGE CHARLES, The administration o1 the estate! 3, HYDE p<
for remission or mitigation of for. of EUGENE S. FRANKEL, Husband, of LIPPMAN BERKOWITZ,;ing to the f
failure, or file a claim and deliver a deceased, File Number $7.489, is and deceased, File Number $7.1062, In Plat Boots
cost bond, with the undersigned, pending In the Circuit Court for ANDREA M. BROWN, is pending in the Circuit Court for Public Recc
on or before 411/87, otherwise the Dade County, Florida, Probate Wife. DADE County, Florida, Probate Florida. The
property will be forfeited and dis• Division, the address of which is TO: ANDREA M. BROWN Division, the address of which is to satisfy th
the estate posed of according to law. Surety 73 West Flagler Street, Miami, Residence Unknown 73 West Flogler Street, Miami, FL judgment en
i ,rased, File for the claim and cost bond should Florida. The names and addresses YOU ARE HEREBY NOTIFIED 33130. The names and addresses with Intere
ling in the be made payable to the Clerk of of the personal representative and that a peliton for dissolution of of the personal representative and costs of it
E County, the United States District Court the personal representative's marriage has been commenced the personal representative's approximate
lion, the and mailed to the Bureau of Alco• attorney are set forth below. and filed in this Court and you are attorney are set forth below. Dollars taro
73 West hol, Tobacco and Firearms, Chief All Interested persons are required to serve a copy of your All interested persons are conditions o
Florida Planning and Analysis, ATTN: required to file with this court, written defenses, If any, to It on required to file with this court, follows: a. T
addresses SEIZED PROPERTY, 1200 Penn. WITHIN THREE MONTHS OF THE HARRY E. GEISSINGER, 111, Attor• WITHIN THREE MONTHS OF THE sold as a w
tative and Sylvania Avenue NW., Washington, FIRST PUBLICATION OF THIS ney for Husband, at Suite 201 at FIRST PUBLICATION OF THIS parcels at I
ntative's DC 20226. The amount of the cost NOTICE: (1) all claims against the 415 West 51st Place, Hialeah, Flor• NOTICE: (1) all claims against the County Court
low. bond Is $2,500. unless the prop- estate and (2) any objection by an Ida — 33012, and Elie the original estate and (2) any objection by an within whict
^ns are erty is a vehicle, vessel or aircraft Interested person to whom this with the Clerk of the above anti. Interested person on whom this thereof is lo(
t t,urt, seized under Title 49 U.S.C., Chap• notice was mailed that challenges tled Court on or before April 3, notice was served that challenges States may t
:r THE ter 11, and then the cost bond the validity of the will, the quali• 1987; otherwise a default will be the validity of the will, the quali• its judgment
)F THIS should be In the amount of $2,500 fications of the personal repre• entered against you for the relief fications of the personal repre• on, plus cos
ainst the or 10 percent of the value of the sentative, venue, or jurisdiction of prayed for in the petition, sentative, venue, or jurisdiction of without tend
on by an claimed property, whichever is the court. This notice shall be published the court. vided by Titir
tom this lower, but not less than $250. (I.N. ALL CLAIMS AND OBJECTIONS once each week for four consec- ALL CLAIMS AND OBJECTIONS Code, Sectior
rallenges 13222.83.2556V) NOT SO FILED WILL BE FOR. utive weeks In the MIAMI REVIEW. NOT SO FILED WILL BE FOR- of sale as to
it quail- 312.9.16 87-030204M EVER BARRED. Witness my hand and seal of EVER BARRED. parties biddin
1 �I repre• NOTICE OF ACTION Publication of this Notice has said Court at Miami. Florida, this Publication of this Notice has successful b
action of CONSTRUCTIVE SERVICE begun on March 2, 1987. 27 day of February, 1987. begun on March 2, 1987. chaser" herein
t IN THE CIRCUIT COURT VI THE Personal Representative: RICHARD P. BRINKER Personal Representative: to deposit wit,
CTIONS BLOSSOM K. FRANKEL As Clerk, Circuit Court ETHEL PINCUS Marshal cash r
E FOR. ELEVENTH JUDICIAL CIRCUIT 204 Poinclans Island Drive (Circuit Court Seat) 5 Pudding Lane cent (2004) of
OF FLORIDA, IN AND FOR DADE Miami, Florida By: T. CASAMAYOR Dix Hills, NY 11746 diately upon I
Passeice has COUNTY. Attorne for Person I
$ live:
'N
1
.r277M
iT10N
FOR
total•
Bead.
,iding
:oun•
i, the
Well
Pride
rases
t and
Ive's
are
curt,
;THE
-HIS
Ithe
thi
pas
Jell•
pre•
not
NdS
OR-
has
iM
►L,
i)n t
to I
CIVIL ACTION N0.87-07814 y a As Deputy Clerk Attorney for Personal struck off and
IN RE: THE MARRIAGE OF (05) Representative: 3/2.9.16.23 87-030281M Representative: the highest an
BARBARA DIAZ, RONALD E. TEMKIN Michael A. Drib the remainin.
Petitioner, SW E. Hallandale Beach Blvd., 08 NOTICE FL BAR NO.206656 (80%) of the pi
Hallandale, FL 33009 IN THE CIRCUIT COURT OF THE Broad and Cassel be paid to the
and Telephone: (306) 947.2726 ELEVENTH JUDICIAL CIRCUIT One Biscayne Tower shal within thirt%
JOSE EVER DIAZ, 312.9 87-030283M IN AND FOR DADE COUNTY, 2 S. Biscayne Blvd. notice to pun
NOTICE
B FLORIDA Miami, FL 33131 United Stair
NOTICE BY PUBLICATION
TO: Jose NOTICE OF ACTION FAMILY DIVISION Telephone: 305 371.9100 received a cer,
Residenccee Diaz Unknown () IN THE CIRCUIT COURT OF THE NO.86.54961 FC 11 3/2.9 87-030214M Order Confirmir
• I ITH JUDICIAL CIRCUIT IN IN RE: THE MARRIAGE OF
YOU ARE HEREBY NOTIFIED pared to detivr
that a petition for Dissolution of AND FOR DADE COUNTY, ELOUISE A. BELL, INVITATION TO deed to the prol
*Ii4arriage has been filed and com- FLORIDA Petitioner SUBMIT PROPOSALS place specified
menced In this court and you are CASE NO. 87-03236 (24) and shall be liable I
required to serve a co of IN RE: THE MARRIAGE OF JOE A. BELL, Sealed g
copy your proposals for furnishing Purchase mot
written defenses, if any, to It on Nohra Lasprills Bradley Respondent all labor, materials and equipment attents and rec
BRAD I. SCHANDLER, ESOUIRE, Petitioner, YOU JOE A. BELL, Residence for the following project will be such time and p
attorney for Petitioner, whose and and Meiling Address UNKNOWN received In the Office of the City case he neglec
address is 10726 S.W. 104th Strut, Jose Fernando Suarez are hereby notified to file your Clerk, City of Miami, Miami City deed and pay it
Miami, Florida 33178, and file the Respondent. Answer to the Petition for Disso- Hall -First Floor, 3500 Pan Ameri. purchase monei
Original with the clerk of the above TO: Jose Fernando Suarez lutlon of Marriage with the Clerk can Drive, Dinner Key, Miami, Flor- United States A
styled court on or before April 3rd, Residence Unknown of the Court and mall a copy to Ida 33133. up to 2:00 p.m. Local the option of elf
1987; otherwise a default will be YOU ARE NOTIFIED that an the Petitioner's Attorney CINDY Time, March 24. 1987. the property anc
entered against you for the relief action fordissolution of marriage D. SACKRIN, LEGAL AID SOCIE• or of proceedirn
prayed for In the complaint or has been flied against you and TY. DADE COUNTY BAR ASSN., DESCRIPTION: Rloplaza Purchaser to cc
petition. you are required to serve a copy III N.W. let Ave., Suite 117, Condominiums, 2 six story build. chase; and in the
This notice shall be published of your written defenses, If any, Miami. Fla. 33128 on or before the Ings, 114 condominium units. S.W. if property shall
once each week for four consec• to It on Nora Lasprllla Bradley, 3rd day April 1987; or this Petition 1st. Street and 5th. Avenue, Miami, sum that the fort
Wive weeks In MIAMI REVIEW AND Petitioner, whose address Is 8875 for Dlaaolution of Marriage filed Florida. and expenses, it
DAILY RECORD. B Fontainebleau Blvd. Apt. 101, against you will be taken as be held liable fo
WITNESS my hand and the seal Miami, Fla. 33172, on or before confessed. ARCHITECT: Rodriguez Khuly but if it should I
of said court at Miami, Florida on April 3rd, 1987, and file the origi• DATED this 26th day of Feb. Quiroga Architects, 4440 Ponce sum than the fort
this 26th day of Feb., 1987. net with the clerk of this court 1987• de Leon Blvd., Coral Gables, Fior• and expenses, the
RICHARD P. BRINKER, either before service on Petitioner RICHARD P. BRINKER Ida (305) 448.7417. Contact Tony not receive any
As Clark, Circuit Court Of Immediately thereafter; other. CLERK OF CIRCUIT COURT Qulroga for any questions, e. The bidding w
Dade County, Florida wise a default will be entered (Clrcutt Court Seal) between the hours of 9:00 a.m. after the proper)
(Circuit Court Seal) against you for the relief By BARBARA RODRIGUEZ and 12:00noon. until the success
By BARBARA RODRIGUEZ demanded In the petition. Deputy Clerk pletes the certifi.
As Deputy Clerk DATED this 26th day of Feb., 312.9.16.23 87-030242M The proposal shall be placAd In to this Notice of.,
Attorney for Petitioner: 1987• a seated envelope in accordance Its twenty percer
BRAD L $CHANDLER, ESQUIRE RICHARD P. BRINKER, Clerk CTION A
NOTICE OR with the provisions described In bid price with IN
10726 S.W. 104th Street (Circuit Court Seal) OONSTIItOF A SERVICE the Instructions to Bidders, and Marshal In the for
Miami, Florlds 33176 BY BARBARA RODRIGUEZ shall be entilled- Proposal for filled check or ca
(Phone) (308) 274.2100
DEPUTY CLERK (NO PROPERTY) "RIOPLAZA CONDOMINIUMS", the event that the
3/2.9/6.23 IN THE CIRCUIT COURT OF THE
312.9.16.23 87.030240M 87-030229M ELEVENTH JUDICIAL CIRCUIT to comply with ihr
NOTICE OF ACTION NOTICE OF ADMINISTRATION OF FLORIDA, IN AND FOR One set of documents may be terms of the sal
DADE COUNTY. obtained between the hours of States Marshal, at
IN THE CIRCUIT COURT OF THE IN THE CIRCUIT COURT FOR CIVIL ACTION NO.�4>e832— 27 9:00 a.m. and 5:00 p.m., at the again immediate
ELEVENTH JUDICIAL CIRCUIT DADE COUNTY, FLORIDA office of the Architect after 12:00 premises for sale,
OF FLORIDA, IN AND FOR PROBATE DIVISION FAMILY DIVISION noon March 2,1987 by depositing bids had yet been n
DADE COUNTY IN RE: THE MARRIAGE OF
File Number $7.287 JANINE CABAJ, $100.00 in check or money order announce that the
GENERAL JURISDICTION Division 03 Petitioner made payable to East Little be readvertised an
DIVISION IN RE: ESTATE OF and ' Havana Housing Venture. Deposit for sale at a later d
CASE NO.86.4W84 (14) BETTY MALTZMAN MICHAEL CABAJ, left with architect will be refunded the same condition
N RE: FORFEITURE OF THE Deceased Respondent upon return of documents In good inal purchaser shal
FOLLOWING DESCRIBED The administration of She estate NOTICE FOR condition within seven days after for any deficiency
PROPERTY: of B•tty Msltzman, deceased, File DISSOLUTION OF MARRIAGE receipt of proposal. receive the ber
THIRTY-THREE THOUSAND, Number 87.287, is pending in the TO: MICHAEL CABAJ } Increased bid. I. Th.
ONE HUNDRED FORTY-NINE Circuit Court lot Dade County, $91 Sout144ew Circle Proposal shall Include all Items he",' his", "him
DOLLARS (333.149) IN U.S. Florida, Probate Division, the' Fayetlevllle. N.C. 28301 "sled on the Form For Proposal, Purchaser shall be
CURRENCY address of which Is 73 West. YOU ARE HEREBY NOTIFIED furnlahad by the Architect. to one or more Ind
THREE THOUSAND, SIX HUN- Flogior Street, Miami, Florida -that a petition for Dissolution of or female, or a Corp.
DREG DOLLARS ($3,600) IN U.S. 33130. The names and addresses your Marriage has been tiled and The Owner, East Little Havens porations. g. The pt
CURRENCY of the personal representative and commenced In this court and you Housing Venture, retains the fight be liable for any and
'0: Maria Machado the personal representative's are required to serve a copy of to waive any Informalities and to tart stamps that ma
Residence Unknown attorney are set forth below. your written defenses, if any, to it accept or reject any of all bids, by any law. h. If no of
YOU ARE HEREBY NOTIFIED All interested persons are on LAWRENCE C. RICE, ESO., regardless of dollar amount of bid. been filed In writing
hat a forfelture action has been required to file with this court, attorney for Petitioner, whose 3/2 87.030206M with the Clerk of the
lied against the above -described WITHIN THREE MONTHS OF THE address Is Suite 909, I Dalian Can. tiftiwn r+Ft r+- •M + .. .
►operty by Metropolitan Dade FrarcT tautat trtertnu ^e - - -- --
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
30
Honorable Mayor and Members DATE: MAY 1 �� FILE:
To. of the City Commission
Review of Development Pro
SUBJECT: Forma and Other Project
Information For East Little
Havana and Shell City Sites
FROM: Cesar H. Odio REFERENCES: For Moderate Inc..
City Manager May 7, 1986 Commission
ENCLOSURES: Attachments A & B
Background
t f
u� At the April 10, 1986 Commission meeting, the Commission reviewed the
�i preliminary disbursement schedules for the two projects but withheld
information had been provided on
} final action until �ditional
including construction period interest.
specific soft cost ,
! This memorandum trmc,,�-- a the latest development pro formas for the
two projects and provi-aes an explanation of each of the soft cost
items.
It is suggested that the City take measures to insure that no Swire
all other loan
funds be drawn from escrow for these projects until
for small amounts for pre -construction
closings take place, except
a architectural services, land purchase options, etc.
h.,':,...
costs, such
} {
This would specifically apply to the East Little Havana situation,
1' where it is proposed that most of the Swire funds for the purchase of
The bank
E� y
the site be drawn at the beginning of the project.
-sales
supplying the primary construction loan may insist upon pre
could result in a
�t,rtyw::'
before allowing construction to proceed, which
into the land with actual
-N
��`:..:..,,�--
situation where the Swire funds .have gone
delayed. The East Little Havana CDC
construction being indefinitely
is agreeable to this provision.
EAST LITTLE HAVANA SITE
The latest development pro forma (dated 4/24/86) and an additional
homebuyer
break -down of pro forma costs, scheduled sales prices and
been supplied to the City by the East
costs (dated 4/25/86) have now
Little Havana Community Development Corporation (ELH) and are
included as Attachment A.
.I
SG--341
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
TO. of the City Commission
FROM: Cesar H. Odio
City Manager 0
Background
30
DATE: MAY 1 986 FILE:
Review of Development Pro
SUBJECT: Forma and Other Project
Information For East Little
Havana and Shell City Sites
REFERENCES: F o r Moderate Inc..
May 7, 1986 Commission
ENCLOSURES: Attachments A& B
At the April 10, 1986 Commission meeting, the Commission reviewed the
preliminary disbursement schedules for the two projects but withheld
final action until additional information had been provided on
specific soft cost items, including construction period interest.
This memorandum transmits the latest development pro formas for the
two projects and provides an explanation of each of the soft cost
items.
It is suggested that the City take measures to insure that no Swire
funds be drawn from escrow for these projects until all other loan
closings take place, except for small amounts for pre -construction
costs, such a architectural services, land purchase options, etc.
This would specifically apply to the East Little Havana situation,
where it is proposed that most of the Swire funds for the purchase of
the site be drawn at the beginning of the project. The bank
supplying the primary construction loan may insist upon pre -sales
before allowing construction to proceed, which could result in a
situation where the Swire funds have gone into the land with actual
construction being indefinitely delayed. The East Little Havana CDC
is agreeable to this provision.
EAST LITTLE HAVANA SITE
The latest development pro forma (dated 4/24/86) and an additional
break -down of pro forma costs, scheduled sales prices and homebuyer
costs (dated 4/25/86) have now been supplied to the City by the East
Little Havana Community Development Corporation (ELH) and are
included as Attachment A.
11
T
Honorable Mayor and Members
of the City Commission
Page #2
Overview
** The total project development cost is $6,188,500, including sales
costs to be paid by the developer.
** The average per unit total development cost is $55,752, including
the sales costs.
** Total hard construction costs are $3,752,000, or $33,802 per
unit.
** Total soft costs account for 19.2 percent of total development
costs, excluding cost of land and sales costs.
** The average per unit sales price is projected to be $45,468,
which reflects an average projected per unit write -down of
$10,283 on the sales price from the development costs, made
possible by the Swire Grant. (A full schedule of proposed sales
prices and unit types is included in Attachment A.)
(The average per unit write -down from the Swire Grant could be as
high as $14,414 per unit ($1.6 million/111 units) without any loss to
the developers, assuming the development cost estimates hold.
Development costs and sales prices are only estimates at this point,
and the possibility exists that actual costs may be higher and sales
prices may need to be reduced to successfully sell the units.
states that any excess funds generated from the project after sell-
out would be retained on a 50-50 basis between ELH and its for -profit
partner, Design Management Investments, for exclusive use to develop
additional affordable housing in East Little Havana.)
An explanation of the line item development costs for this project is
as follows:
Land Acquisition - $770,000
This price is based upon an agreed purchase option price. A complete
it may be
appraisal for the land is now being produced, however,
ce. Land
difficult tonegotiate a t of
Ha Havana tend tolreflectower ispeculativepvalues rices in this r
associated with
East Little
its proximity to the downtown area.
86--341
}
I.
Honorable Mayor and Members
of the City Commission
Page #3
Site Development - (Combined with Construction Costs below.)
Construction Costs - $3,752,000
This includes building construction estimates on a square
footage
basis (at $35 s.f.) as well as site
improvement miscellaneousosand 3 percent
also
includes an additional 3 percent
construction contingency. Building plans are not yet of the detail
to allow a quantity takeoff estimate, which would b Therefore, more reliable
representation of actual construction costs*
amounts
for miscellaneous and contingency seem valid at this point.
Architectural and Engineering Fees - $70,000 .
This is based upon a fee proposal from a specific A & E firm. At 1.8
percent of hard construction
feescwould be at least 3unusually
percent orlow
more��or
full services. (Typical
Insurance - $14,000
Includes builder's risk insurance, flood and fire insurance.
Taxes - $15,000
This item is for real estate property taxes on the site. This is an
unverified developer's institaxes, for is within a approximately two reasonable
years onn�he
Developer would be paying
land during construction and sales period.
Legal - $40,000
This fee estimate includes all legal assistance except for the
condominium document preparation and processing, which is included as
a separate item below. This includes purchase and development
partnership agreements site option agreement and construction
contracts.
Accounting - $6,000 (Self explanatory.)
Condominium Processing - $10,000 (See legal above.)
Construction Loan Closing Costs - $60,000
Financing Fees - $40,000
86 -341
Honorable Mayor and Members
of the City Commission
Page #4
The break -down for the above items appears under Item I. on the
Attachment LIS , EdThe
andmain
Bankitem
loans, with one -point
combined closing
total of
the Ford, quitable
$40,000.
Construction Inspection - $24,000
This item is for architect's inspection and contract administration
during construction.
Appraisal and Surveyor - $6,000 (Self explanatory.)
Developer Supervision - $245,000
This item covers the costs incurred and profits to be realized
for
the for -profit co -developer, Design Management Investments.
This is
the only line item in the development pro forma whereby EThis
development partner will be compensated for project management.
amount, which is 5 percent of the development costs excluding land
purchase, compares favorably with industry standards for developer's
fees. Fees of around 8 to 10 percent of total development costs are
typical.
Contingency - $120,000
Construction contingency is included in the construction cost
estimate. This item covers unforseen increases in soft costs, such
as construction period interest costs that may exceed the amount
calculated under Item V of Attachment A. Interest costs could exceed
this amount if one (or both) of the following conditions occur:
1. The prime rate, to which the construction loan interest rate is
tied, rises above 9.5 percent during the construction/sales
period.
2 Sale of the units is not fully accomplished during the eight
months after completion, necessitating an extension of the period
of time during which the construction loan is required.
8f~341. .
Honorable Mayor and Members
of the City Commission
Page #5
Sales and Marketing - $95,000
This amount is for sales brochures, promotions, media ads and
equipping and manning a sales office.
It does not include
independent brokers' commissions.
Construction Financing - $333,000
This amount is calculated under Item V of Attachment A.
SHELL CITY SITE
The latest development pro forma (3/11/86) and supprental rates,
information and explanations on sources of funds,
financing costs and
1986developer's B.
fees,
received the City from
Tacolcy on April 30,
Overview
** Total project development cost shown on 3/11/86 development pro
forma is $5,563,737. (The site is available at no acquisition
cost.)
** The average per -unit total development cost is $45,981.
** Total hard construction costs are $4,586,060, or $37,901 average
per unit,. Soft costs are 17.5 percent of total project costs.
** The proposed monthly rental rates are shown under Attachment B
(II) and are $220 and $340 for a one -bedroom unit and $250 and
$370 for a two -bedroom unit, assuming the Dade County Documentary
Surtax Program assistance is approved. (This approval is
expected in May.)
An explanation of the line item development costs for this project is
as follows:
Site Construction - $150,000
Building Construction - $4,436,060
Building construction costs are based upon a preliminary estimate of
$40 per square foot. (A nearby elderly housing high-rise was
constructed two years ago at a cost of $38 p
er square
Bf-341..
y�y.,� _ i
VU
Honorable Mayor and Members
of the City Commission
Page #6
A & E - $96,800 plus $35,000 for construction administration.
The above fee estimates are very reasonable. Final negotiations for
fee have not been concluded.
Insurance - $8,000
This is for owner's general liability during the construction period.
Taxes - $8,000
This item is for construction period real estate taxes on the land.
It has not been separately verified, but it seems reasonable.
Legal - $15,000 not
g costs
the
This amount covers all legal
fees very low and treflectsed to o an apparent n "pro
construction loans.
It bono" relationship between the law firm and Tacolcy.
Accounting - $7,000 (Self explanatory.)
Closing Costs - $125,000
These costs are itemized as part of Attachment B (under III- A).
Administrative Expenses - $5,000
This item is to partially cover Tacolcy"s costs as co -developer for
project.
Development Overhead - $221,893
oject
This is the andvisofives percentoverhead costs overall
of hardconstructioncosts,�rwhich
administration
is in the range of industry standards.
Closing Costs - $125,000
Financing Fees - $26,647
86-~341
Honor.aable \Sayor and Members
of the City Commission
Page #7
Contingency — $133,082
This amount covers contingencies for all project costs, including
construction. It is very low.
Rent —up and Marketing — $88,721
This amount covers promotion and leasing and is reasonable.
Financing Fee — $26,647
on
This amount approximates int charge financ financing onthe
t $2,400g OOOtiand oseems
f the
bank portion of the construction
reasonable.
Construction Period interest — $207,624
This covers the interest to be paid by the developer on the various
loans during the construction period. The above amount
seems too
stimate
low, and Tacolcy has since recalculated this amount u chment III,
of $393,674, which appears to be more in line.
D.)
CHO/RO/es
Attachments
ATTACINI-IN•I"; A
E A S T L I T T L E H A V A N A H O U S I N 6 P R O J E C T
D R A W S C H E D U L E
DESIGN MANAGEMENT INVESTMENTS, INC and EAST LITTLE HAVANA CDMMUNITY DEVELOPMENT CORP
PROJECT <--BIDDING
BUDGET < ---- DESIGN & WORKING DWGS ---- > & PERMIT-><--------- CONSTRUCTION 4 12 months )
ESTIMATE Closing Month 1 Month 2 Month 3 Month 4 Month 5 Month b Month 7 Month 8
4/24/86 '
------------------------------------------------------------------------------------------------------------------------------------
Land Acquisition Cost
Site Development
Construction Cost
Architecture & Eng.
Insurance
} Taxes
Legal
Accounting
Condominium Processing
Loan Closing Costy
Construction Inspect.
Appraisal & Surveyor
Developer Supervision
Misc. !. Contingency
Sales and Marketing
Financing Fee
Sub Total
Constr. Financing
It, T07 AL COST
CUMULATIVE DRAW
f770,000
f10,000
to
to
so
so
so
$7,500
$15,000
$20,000
$22,500
$25,000
$250,000
S105,060
$210,120
9280,160
$315,180`
$350,200
$3,502,000
$70,000
$3,500
$17,500
$17,500
$31,500
$14,000
$14,000
$15,000
f15,000
f40,000
fS,C►00
f5,000
f5,000
$10,000
f200
$200
$200
0200
f200
$6OUO
$5,000
f10,000-
f 60, 000
r 60,000
l2,000
$2,000
l2,000
$2,000
$2,000
f24,000�
$6,000
S1,5i'!0
$10,000
. f1,500
$10,000
f1,5g0
$10,000
$1,500
S159000
$15,000
t15,000
f15,000
,000
f15,000
V45,000
$30,000
f3U,000
$30
$120,000
$95,000
f5,000
$5,000
f15,000
f5,000
$5,000
f5,000
f5,000
�f5,000
f5,227,000
f40,000
$40,000
f5,267,000
f333,000
9.25%
blended rate
•
S1,943
f4,943
f8,595
--------------------------------
$5,600,000
$30,000
-----------------------
S39,000
f39,000
f1,000,000
f134,760
*247,320
$324,303
0394,823
$405,995
f30,000
$69,000
$108,000
f1,108,000
f1,242,760
$1,490,080
f1,814,384
S2,209,207
f2,6159202
L
}
A if K,a•4'K
m� "y�SP 5.: �� { �� �r�' �`�'j xi. 4 1
YYhy�F"5k
1 11 1"'- _• i
E
A S T L
I T T L E
H A V A N.A H O U S I N G P
R O J E C
T
D R A W
S C H E D U
L E
DESIGN MANAGEMENT
INVESTMENTS, INC and EAST
LITTLE HAVANA COMMUNITY DEVELOPMENT CORP
--- CONSTRUCTION
( 12 months ) ---------
-------------- >
<-----' SALES ------>
17
T O T A L
Month 9
Month 10
Month 11
Month 12
Month 13
Month 14
Month 15
Month 16
Month
----------------------------------------
$77o,000
Land Acquisition Cost
f0
fo
so
so
so
f0
so
f250,0U0
Site Development
$25,000
f25,000
f221500
$22,500
$22,500
$22,500
$20,000
Construction Cost
f350 + 200
f350 200
+
$315,180
$315,180
S315,180
$315,180
$280,160
$3,502,000
$70,000
Architecture & Eng.
S14,000
Insurance
$15,000
Ta::es
$10,000
f5,000
$40,000
Legal'
$200
$200
$200
$200
$200
$200
S200
f200
f4U0
f6,00
$10,000
Accounting
$5,000
Condominium Processing
$60,000
Loan Closing Costs
Construction Inspect.
f2,000
f2,000
t2,000
f2,UU0
f2,000
f2,000
f2,000
$24,000
$6,000
Appraisal & Surveyor
Supervision
$15,000
x15,000
$30,000
$15,000
f15,000
f15,000
$10,000
$10,000
$120,000
Developer
Misc. & Contingency
$5,000
f30,000
s5,000
t5,000
$5,000
$5,000
$30,000
f30,000
s5,000
S5,000
f5,000
f95,000
Sales and Marketing
t5,000
--$5,227,000
$40,000
Financing Fee
------------
>
$5,267,000
Sub Total
Constr. Financing
f12,351
$3,790
$7,501
$11,177
$14,609
$18,073
$21,569
$36,857
St91,590
$333,000
------------------------------
f409,751
f401,190
------------------------------------------------------------------
$397,381.
$371,057
$374,489
$377,953
$378,929
$62,057
$211,990
f5,600,000
T O T A L C O S T
CUMULATIVE DRAW
$3,024,953.$3,426,143
#3,B23,524
$4,194,591
f4,569,071
$4,947,024
$5,325,953
f5,388,011
$5,600,000
9s: 5 Id
act N E tl...�yyy���,,,`
�.+kwi- b4
----------------
F U N D I N G
Grant from Swire
Ban1 L Others
F U N D I N G
Grant from Swire
Bank & Others'
E A S T L
I T T L E
H A V A
N A H O U S I N G P R O J E C T
D
R A W
S C H E D U L E
DESIGN MANAGEMENT INVESTMENTS, INC
and EAST
LITTLE HAVANA COMMUNITY
DEVELOPMENT CORP
-
<--BIDDING
<---- DESIGN
& WORKING DWGS ---- >
6 PERMIT-><-----------
CONSTRUCTION ( 12 months )------------>
Closing
-----------------------------------------------------------------------------------------------------------------
Month 1
Month 2
Month 3 Month 4
Month 5 Month 6
Month 7
Month 8
$30,000
s39,000
039,000
$1,000,000 $134,760
$37,240 s0
s0
s0
s0
s0
s0
*0 $0
$210,080 $324,303
$394,823
$405,995
---------------------------------------------------------------------------------------------------
$30,000
$39,000
s39,000
$1,000,000 $134,760
$247,320 $324,303
$394,823
$405,995
<---------------------- CONSTRUCTION (12 months )-----------------------> <------ SALES ------>
Month 9 Month 10 Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 T O T A L
------------------------------------------------------------------------------------------------------------
s0
t0
so
s0
s0
$0
s320,000
s0
s0
$1,600,000
$409,751
--------------------------------------------------------------------------------------------------------------
$401,190
s397,381
s371,057
*374,489
$377,953
$58,929
$62,057
$211,990
s4,000,000
$409,751
$401,190
$397,381
s371,057
$374,489
s377,953
s378,929
$62,057
s211,990
$5,600,000
9
.:
E A S T L I T T L E H A V A N A N O U
S I hJ G
F' F.,O .1 F. G
.
Dave Ioper. DESIGN MANAGEMENT
INVESTMENTS'INC.
+
Af3r-il 5. 1t?^3
EAST LITTLE HAVANA
COMMUNITY DEVFI_nPMFNT r..nS:r
.
"eta
LOAN COSTS
Loan Amount.
Total
i
DocSt IntT Rer_ Title Inr ,.
t-4 7 00C.) 9 00':)
_
(�
40,000
Construction Loan Fee
+
t:)2J%
10,i!fai�
xr,
5
Borrower Attorney
$4.i.)i?t�,'Qiif;t
.
0.
•, ►rao
Lenders Attorney
TT4 , t:t!:)t) , ()Qf)
i).15%
f�,'?!)'=
Cost Analysis/Inspections4,ijrt!t,(jt:tf:t
Disbursement Fee
+
2. Ji 1 /��_
{°
TOTAL LOAN COSTS
;r4
I I . LAND COSTS
111 Units
77�j tJOt�
Acquisition Cost _-
4'�ir-�z
770, 0t7(�,
TOTAL LAND COSTS
III.HARD COSTS
Land Development, Landscaping
and Utilities
";
----------------------- -------------------
TOTAL LAND DEVELOPMENT -
'"Ji �' r_1ri!'t
.
s
Construction Cost
L �.
----------------
�� q914100
' v .
17, 0724 1000
BUILDING A
1 BEDROOM UNITS -
1
2 BEDROOM UNITS -
44
�' { "
3 BEDROOM UNITS -
12.
BUILDING B
34,F3!:t(►
1,21S,r;tr;tii
1 DEDROOM UNITS
- G
s
2 BEDROOM UNITS
- 2G
3 BEDROOM UNITS
- 4
------
----
-------//�
____ _ -------------
TOTAL CONSTRUCTION COST
-----•�----
r
•� , ryQft + tit l•t!�
HARD COST MISCELLANEOUS
t-Z 54t t 000
+- + -
Z. 0
1
HARD COST CnNTINrFNCY
# 7 , 54Q 000
+
7. 0
1 Ott.). !?r,' 0
-�'
TOTAL HARD COST
r4'
9
Page 1
0
1
IV. DEVELOPERS SUPrRV I S I ON
'`4.3 , 00171
V. CONSTRUCTION INTEREST RESERVE
60%
f..'S
vet-1r
Ford Fol.(nd at i on
t4•1(:1 q (:I(: Q
'' , 1_� f,
1
LISC
;t-25Ct+t;►i.►t:►
g.0%
1f3,(r0(a
F_quitmhlP Life
:>t'1,OoQ,(:)o(:,
U.S
t
Sank
$-2,7'rOQ t',t:,0
1C!.31%
217.C,0
TOTAL I NTE:RRST RESERVE.
:f>4 , 000, 000
VI. SOFT COSTS
Architect and Engineer
'0 1.1 r11'
Appraisal
; r(-)„
Surveyor
` 5"10
Accounting
Condominium Processing E>(pense
Insurance
Flood Insurance
f +f")
Ta>; es
Legal Fees
40,t.,t,u
Construction Inspection
40i)C'(I
Advertising and Marketing
95 00t)
Soft Cost Misc. "< Contingency :f:4,000,000 =,!i%
tsxnaatr=a.-a=moae�se;ar�t=eeaa-=:ee----••--=aa�=-==c-----.----.....__.�
.. _..._—__.....-r_
TOTAL SOFT COSTS
4C,0 , C►t 0
se-aa-m::az=as=ee»se-aaaaaas-raa�-az :so-asmneme--....--s-__sa-=m-e-... ---•---.. sue-
T 0 T A L E S T I M A T E D C 0 S T
600 , 1,i,1(',
SALE COSTS
Cost of Sale (Broc E::Qr) 6.0% 02.1300
Closing costs (Mortgages) 5.0% 52..,4r�(�
DOC Stamp Processing Expenses- 11 1 units T 'f1t,
____________________-__-__-_
TOTAL SALES COSTS S90 + 50
s3s3ss=s=s�msstsssssar_=sxrss�as:sssssz=aeseaos.-m a-:s--.-.:r--_=--_-=:.--.-----.n•--;= '_.";- =;9•.�
T 0 T A L P R O J E C T C O S T 6, 111n,5-►4
Pagp 2
°"'`341 .
r
1
r
IV. DEVELOF9RS SUPERVISION
?4 ,i�i�t"►
V. CONSTRUCTION INTEREST RESERVE
60%
).. r`i
t
vf.+r►r
Ford Fot..lnd at i on
14-St:) , t:)t. o
7.0%
1 � , 000
LISC
-
F_quitahlp Life
:i:l,bt o,01.70
Sank
-t , :_ QC) , t'+t:!t:)
i. t:! . "/.
217. i fit: 0
TOTAL INTEREST REGERVF..
:t4 , t:)t:!(") , t:►t: 0
^~ , i �t>0
VI. SOFT COSTS
Architect and Enninver
''"•�'�""'
Appraisal
Surveyor
`2, 50 )
Accounting
"' (-.1Q '
Condominium Processing Expense
!t:),t_'oc-'
Insurance
1 ^'t'"''"'
Flood Insurancp
Taxes
Legal Fees
: 4"), 000
Construction Inspection
''-4,0C1(' -
Advertising and Marketing
95,000
Soft Cost Misc. & Contingency
1;4,00C),00O :_;.t:)%
--_--- _ V--
__.-----
TOTAL SOFT COSTS
4t:+0 , C)0i i
T 0 T A L F_ S T I M A T E D C 0 S T 5,60Q,� C,0
SALE COSTS
Cost of Sale (Procl pr) 6. Q 7i )2.. 000
Closing costs (Mortgages) 0.0 52,4Q
DOC Stamp Processing Expenses - III units >r t7r) '7,3"<!
- - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL SALES COSTS
T O T A L F R 0 J-E C T C O T b, 1'�f� , rC►i
P'aq P 2
86-341 .
O RC11"S OF F LlNLY)' :
------------------
Orant from F,wire
Force FOLtnd,at i an :'. % •-
Equitable Life- 9.5% -3 yrs.
LISC 8% - 3 yrs
Ban1.: construction loan it:t.5% - 7. yrs
'rUTAL CONISTRUCT I ON FUNDS
BALES (aSSUMI=-'f ION;
--------------------
All residential unite for sale.
Yoar 1 (during construction), sale of 50 of units.
Year 2, salt":? (af balance n+ units
NUMBER OF UNITS ili 23
TYPE 01 UNITS 1 BEDROOM
AREA OF IJN I Ts 570
SALES PRICE PER' UNIT :37 , 000
DOWN PAYMENT 5. ta% 1 , 850
FIRST MORTGAGE -- :30 yrs, 10. 5% l::i, 9(ata
SECOND MORT GI.)GE - DOC STAMP - 30 yrs, :3% 19,250
ESTIMATED MONTHLY PAYMENT
450 , 0t it:t
25(
2 , tat;) , i it~ 0
5, 600,
, tatata
72 16
2 BEDROOM BEDROOM
7 Z 4 084
46 , 5(a0 5 , (:)i )()
322, 650
16,675 17,350
27,500 Z.,3 , c I00
FIRST MORTGAGE - 10. i%
1U9.3
145.44
15':2.5'
1513.70
SECOND MORTGAGE (SEE NOTE 1)
25. 00
"25. 0C1
25.00
CONDO FEES, TAXES, INSURANCE,
ETC.
90.00
116. tat:t
14U. c: 0
TOTAL ESTIMATED MONTHLY PAYMENT
$260.44
$293.53
V.32:3.70
N O T E (1) $25/month for the
first 5 years
:T-50/month for the
second 5 yearns
Thereafter DOC Stamp
payment
applied.
(2) Debts retired on a prorate basics:
FIRST YEAR First Year
Ford Foundation 225,000
00
Equitable Life 50(),00 Q
L I SC 125, (atai-t
Bank- construction loan 1,150,00()
Page
Second Year
225,000
500, U00
125 , ot)o
1,150,00C.)
i
Bf-''341' -
(305) 757-3737
Otis Pitts, Jr.
President
Officers
Dr. James 0. Plinton, Jr.
Chairmen Of The 80erd
Portia Bannister
First vice Chairperson
M. Athalis Range
Second vie# Chstlpere0n
Howard Rollins
Secretary
Major Leroy A. Smith
Tre#surer
Joann J. Perry
Assistant Corporate Secretary
Directors
Arthur J. Hill
JD Mack
Raymond Mandrell
William Wynn, Jr.
ATTACHMENTS B
TACOLCY ECONOMIC DEVELOPMENT
CORPORATION
April 29, 1986
Mr. Robert Olson
Assistant Director
City of Miami
Department of Development
100 N. Biscayne Boulevard
Miami, Florida 33132
Re: City of Miami Request for Construction Draw Schedule
Dear Bob:
Please find attached those items that we discussed by
telephone last Friday, April 25, 1986. Those items were as
follows:
I. Sources of Financing for Construction
II. Rental Schedule: Project Mix and Monthly Income
III. Construction Draw Schedule Development Budget Line
I tem s
If we can be of any further assistance, please let me know.
Sincerely,
Lorenzo Simmons
Vice President
LS/cn
645 N. W. 62nd STREET, SUITE 300, MIAMI, FLORIDA 33150
— 341 .
TACOLCY ECONOMIC OEVELOPmENT CORPORATION
I. Sources of Financing: Construction
Bank $2,400,000
Doc. Stamp 1,400,000
LISC 250,000
Ford 100,000
Swire 1,600,000
S5,750,000
II. Rental Schedule
Project Mix: 121 Number of Units $onthly 00 Rent
One Bedroom BO
Two Bedroom 21 370.00
*Low Inc./One Bedroom 10 220.00
*Low Inc./Two Bedrooms 10 250.00
*Documentary Surcharge and HUD required limits for low income.
III. Construction Draw Schedule
Development budget line items:
A. Closina Cost
$15,000
Legal Fees
} Escrows/Title Ins.& Taxes
50000
Title Insurance
16,000
000
23,000
Documentary Stamp Tax
Recording Fees
Application/Processing Fees
2,250
Appraisal
9,000
4 Surveys
6,000
Inspections/Permits/Fees
11,000
$ 2�0
B. Financing Fee
Estimated to be 1/2 point charge by the bank
$5,329,466 X .5% = $26,647
C. Development Supervision will be 5% of the Estimated
Construction Cost $4,436,060 equals the $221,003.
D. Construction financing cost is estimated at a blended rate
of 7.35% ($5,356,113) equals a charge of $393,674.
W-341.
.1%
a
..ram.....-,.. r..�+
..+w..w�
TACOLCY ECONOMIC DEVELOPNIEN7
CORPORA N
. i' • L�
1
(305) 7574737
March 14, 1986
l
Otis Pitts, Jr.
Pro&~
officers
Mr. Caesar Odi o,
Manager
r
or. James 0. Plinton, Jr.
City of M i am i
o%&kM." of Th. Bend
Portia 3anni3ter
P.O. Box 330708
P+rsfvre.ch.�ro.�on
Miami, Florida
33131
M. Athalle Range
S*CWd Wes Ch"MM009
Howard Rollins
Dear Mr. Odi o:
_-
!
{
Sserstsry
Major Leroy A. Smith
rfeesu"r
Pursuant
to City of
I
Mi am i P.esol � :ion No.:65bu s
di sburse�ent
JoannJ.P:rry
..,
have enclo�..d a copy
the Shell
of, the con: .ruction
City Site roject. The "Orzw
Asmemmcorporsasannary
schedule
for
discussions ,ith contractors with
ckec:cm
J. Hill
Schedule"
reflects our
in the type of _onstruction propose
Arthur
JC Mack
..
expensive
experience
R Oevelo;p ant, our joint venture
and- the
experience of
A &
y Raymond Mandrell
William Wynn, Jr. partner.
The "Sources" of financing reflect the requirement
AmeriFirst and -other lenders to the aroject as well as
most economically prudent use of the p:.,)posed sources.
of
the
If additional information is needed, you can contact me :at
my office or home at 757-3737 or 625-3102.
Yours truly,
Otis Pitts, Jr.
President
OPJr/cn
Enclosures
645 N.W. 62nd STREET, SUITE 300, MIAMI, FLORIDA 33150
T
i
8f: 41'
TACOLCY ECONOMIC DEVELOPMENT CORPORATION
rlb 6
SIIELL CITY 1.=N1rIL 3/ 11 /&E,
P E
UnAo
SCNEOULE
'N993-.T6FS
LUJ91 t.r3
' b 1
• ME
--_--
' M3 ________414__
• MS
' M6
.01
PI-,Iv1-f;:.
01-Na•y-b6
P1-beo-H6
01-Uet-b6
01-0I
Pl-Uwe-66
PI-Jan-87
01-Fsb-87
------------------------------------------------------------------------
6000E T
II0
4N
41D
!P
00
'18
48
40
Land Pa••cf.nse
P. l vat e l v Ur.nwd
[ilte Con-3t1-uetlon
1150.0P0
^a
075.N00
s15.bNN
118,000
115,000
40
so
Plda_ Con!9teuct ion
$4, 431060
$00.7E:1
0177, 44E
s310, SE4
$399, E43
f399, E45
0399, E45
4354, 885
!P
*354, 885
tP
R. R E
f96,boe
sN7.IEN
!N
1N
tP
so
!P
*qv_
sip!e
1 neure nce
so. N@N
*a, ove
!0
tP
/N
1N
so
fP
!P
tP
T aMe�
tB. P0N
t6. t�t�N
to
SIP
sN
to
t0
40
sP
!P
Leoe•1
s15,000
ltt,E60
t0
!P
1P
!P
_ !0
sP
nccra,nt Ir. p
h. @00
43. 50P
t0
,.•N
s0
tN
!N
1P
s0
fP
f0
Cloetn0 Ccet
tIE5,00N
41OY` o•':
i
IE.333
tt_. 333
s2, 333
!E, 333
fE, 333
!E, 333
!E, 333
Conet. a•cl lcn Im c.
s35. PPN
t5. NPN
se, 8PN
t t E7
! 167
! 167
! 167
s 167
! 167
lI6T
rYdw.l n. EKp.
lEE1.603
t13.b63
s13,b63
f13.b63
f13,663
$13,863
f13,863
613,863
t13,863
Dwvelov��rnt UN
1N
tN
t0
!N
433,E70
!P
!0
4QI
C.•±nt lr,g!ncy
f133 0bE
.
!P
tP
!0
f0
s0
4P
tP
nentuo 16 mrkt.
48b,7E1
!0
f5. sE9.4616
f0
f0
!P
!8
!0
1P
Flna.,cln[1 Fee
sE6 647
.
sE6,6i7
1N
.
Sub Total
$5,356,913
tP
13.109
16.289
19.162
111 153
Cont. Flnancinp
$707,624
�e
So
sP
lU1nl
___________------
15.563.137
----------------------------------
s3'7.691
fF68.DOS
f341.bb7
---------------------------------------------------
f430,608
1466.988
1421.897
1380.410
13e3.001
4347, 6ST1
$616, 4b6
s950, E-v3
4l, 38b, 901
' 11.8SS.See
12,277.785
$2.658,196
13.041,196
CUMULATIVE GRAN
;mOIit G
UFVCU)PMENT t;UltpoltAT10N
l•��t,E 7
Ci I I4FNt CIL 3ti1%L+b
,•rt••L► Ma+EULtIE
hg
•wg
.'•A^
'till
•r1E
Pt-Jvl-B7
.113
01- t'!vo-B7
01-Seo-B7
PI-Oet-87
70T�M
{11-Mp,--b7
Pa-po�•-U7
----
Qi-nw-b7
Pi-Jv,.-07
--_--_-N-S---------------
----------------
sN
se
s0
1P
L.+nri •�urchn--
so
sP
ee
$156, PPP
d.•ivnl.-lv U•+ncd
!�,
!l'3.E'dN
s13•000
to
'
Baca t onet. ,ct lon
fQ
sEEl.003
s199 6E3
s
1199, 6E3
f4, i36. P6P
a•ctl•`..
$3/0 yEi
•
!t 66. ib�
af'6C. 16i
sE66, ibi
s0
lEEt,B03
se
s0
sP
s9.6so
!P
096,000
sB.PP4�
Eldo- Cont.
M It E
$0
!P
* M
fP
1N
!N
1N
se
s0
_ !N
so
!e, PPP
s9, PPP
lne+u• Knee
fe
<N
10
!0
$0
1P
!0
1P
s3,73P
s 15.000
7e.nc�
!0
!N
fP
1P
sP
sP
s0
01,750
s7 PPP
•
L.co.•
ncc..unt 1 na
f 1.750
9 f
..�
s0
s@
1P
se. 333
*M eee
se, 333
f 1 E5. PPP
s33. 9100
Clcelna Cc•w!
sE.333
*E.333
fc:-333
f2.s33
!- *167
•• -f/67
se, 333
f167
s167
s167
f5,PPP
Conel.a.cllon Inwo.
s167
lt67
f167
$ W
s ts. A63
013,663
sf1134.,676B37
8
teseBBl.B70E3
ndmln.
fill
13. B63
,
113.063
fl3,b63
!N
s33, :7N
f0
fb
s33.E70
s133.Pee
!
Grveloomc•t
f33.E7P
f0
1N
sl°,.787
797
sly 7B7
76B37
s113,,
Ccntingency
f0
!B
f1ti.7137
RcntvoR
------__---
s5, 3E9. 466
sQ
f0
00
/E6,6i7
r l Went i „a t cr_
s0
----------- .
15, 356, l 13
Sub iotcl
i10.96J
S21.219
$23,491
125.600
$21.491
129.256
------
-- --
tenet. Financlnq
1 14 361
.
116 9Z4
_�__ ___
i309.711
-----------------------
1278,S5Z
1258.264
j335,119
•
$5;563.737
$376,268
1299,450
1331.276
$333.512
i01CIL
13,116,914
$49040,190
14,381,722
$4,691,436
$4,969;988
15.228.Z57
15.563;13i
15.563.737
cUMULM WE 011AW
•13.417,464
TI1GU►_C+ ECONOMIC UEVELOPPIENT CORPORATION
1 h!iE H
r.14rLL L1 tY Itt'.N1ftL 3/l l/b6
LL091r,1+
•pl
'MF:
•h3
fr43a.60a
.414
t463.079
-M'S
t4E1. 134
•M6
1379,64E
•M:
039E.EE7
Pl-ieb-
9.747. sat
•rr..N. b�2'9
•3"•i. bH7
PI-Heo-bb
PI-Oct-N6
Npv-
PI- b6
PI-Ucc-1!F,
pl-Jen-B7
elf
ff t'. i. af.f �ff�
6t1UNt:L6 Nl-J..1-h6
•.r�r
tnl-rwo-b6
�ff..1i .+.1a�a..f....�.....f.ffff...y
Af�fff �flf.f
ffff fff
if.�a+�f
10
10
. ♦...-..�A.f1i1 �J �f�•►.t�+�f..7-/f.�.,ff���f.1.�...
+347.GA1
ar_69. bob
s34 t. gtj7
sty
1321,101
1108 901
10
1 466 965
i0
4
S 21 897
1380 I10
R411 ttE c r,
irrdl,taOTHEt-ir---
+N
,
-------:------
,
---•'------_-_---'�---------fafl1..000--
0347. bb�ltk6b.
Uri
$ j41. bb7
1430,600
$466,966
$421,891
f
tUTNL
SHELL ciiv ncNthL 3/11106
P1,tiE 9
h8
d9
wIN
SJ31.276
�1/
1333.5]Z
'«lE
$309.7.
'M13
$278;552 .
'M14
1258.T69
'"Is
]]5,479
10114L
ERR
$376,268
r,NI-[tier-lt7
4Ut1Cr$
$Z99.450
NI-f.o. -t17
i/t-rtev-b1
N1-Jun-b7
W-Jul-N7
01-Auq-97
01-Sec-87
01-act-97
...�..1f..f.�.r�.��r•offf+y�►fOffff.fafff�tt..+�f+r...'Of.ff.ffFo�^+ffflf++f�O$320,000'++11,600000
tI
1
1
.l
i
Sul aE
$376,260
1299.45p
1.171,276
1]09.714
12- ---------Z69----
f 15,479 ----
----73-
t+r4r11t. 07 11E rill
--------------------------------
1331.276
-----32
$333.532
1309,714
1218.552
1258,269
1]]5.419
15.563,73
$376,Z60
$299,450
P
I Ir
i
CITY OF MIAMI. FLORIDA j
INTER -OFFICE MEMORANDUM
TO.Mr. Cesar Odio
City Manager
FROM:
Xavier L. Suarez(
Mayor
DATE: April 30, 1986 FILE.
SUBJECT. May 7, 1986 Agenda
REFERENCES:
ENCLOSURES:
r
i
Please place on the May 7th Agenda the item concerning
the disbursement of funds for East Little Havana CDC
and Tacolcy CDC, in the morning half of the Agenda.
The reason for this request is that both community
development corporations must appear before the County
Surtax Board at 4:00 P.M. on May 7, 1986.
Thank you.
XLS:EF:nl
"+ 341
APR 3 01986
E A S T L I T T L E H A V A N A H O U S I N G P R O J E C T
D R A W S C H E D U L E
DESIGN MANAGEMENT INVESTMENTS, INC and EAST LITTLE HAVANA COMMUNITY DEVELOPMENT CORP
PROJECT <--BIDDINB
BUDGET <----DESIGN & WORKING DWGS ---- > 6 PERMIT-><----------- CONSTRUCTION i 12 months 1 -----------'>
ESTIMATE Closing Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8
4/24/86 0 -------------------
------------------------------
Land Acquisition Cost
$770,000
$10,000to
$760000
to
to,
f0
$7,500
$15,000
$20,000
$22,500
Site Development
s250 OUO
$105,060
$210,120
$280,160
$315,180'
Construction Cost
$3 502 00o
,502,000
s3,500
s17,500
$17,500
$31,500
Ar -1 Lecture & Eng.
7
$14,000
s14,000
1 ante
41
s15,000
$15,000
Legal
$47 000
•
s5,UU0
$5,000
s5,000
s109000
$3,000
$200
$200
f200
$2iJ0
Accounting
s6,000•
$5,000
Condominium processing
Loan Closing Costs
s101000
t60,00Q
A"
f60,000 --'
$2,000
$2,000
$2,000
$2,000
Construction Inspect.
Appe'aisal Surveyor
f24,000 •
f6,000
���
sl ,.,.0
fl 500
,
fl,�,C�U
$10,000
$1,500
$15,000
115,000
$15,000
$30,000
Developer Supervision
V45,000
s10,000
s1U,000
$30,0000
Misc. 14 Contingency
$120,000
s5,000
l5,000
si5,000
s�,,000
s5,000
s5,000
f'�,000
Sales and Marketing
s95,000
s5,227,000
040,000
Financing Fee
$40,000
s5 267 000
s0
s25,000
$350,200
s200
s2,000
$15,000
$5,000
Sub Total • -
,;.. s1,943 $4,943 $8,595
Constr. Financing s333,000 9.25% blended rate
-----------------------------
-------------------------------------------
ot000 $39,000 $1,000,000 $134,760 $247,320 $324,303 $394,823
T O T A L C O S T f5,600,000 s30,000 s39,
CUMULATIVE DRAW s30,000 $69,000 f108,U00 f1,108,000 $1,242,760 s1,490,080 s1,814,384 $2,207,207 s29615,202
"�1 .;
� •S a"s � y 1 �
Y1 k4t � 39�. 3` t . � `
E A S T L
I T T L E
H A V A N.A H O U S
I N 6 P
R O J E C
T
D
R A W
S C H E D U
L E
DESIGN MANAGEMENT INVESTMENTS, INC
and EAST
LITTLE HAVANA COMMUNITY
DEVELOPMENT CORP
--- CONSTRUCTION ( 12 months )---------
------------ >
<------ SALES
------>
T O T A
Month 9
Month 10
Month 11 Month 12
Month 13
Month 14
Month 15
Month 16 Month 17
---------------------------------------------------
$770,000
Land Acquisition Cost
fp
!0
f0
fU
f0
f0
f0
f250,000
Site Development
f25 00V
$25,000
$22,500
$22,500
$22,500
$22,500
$20,000
Construction Cost
f350 200
.
f350 200
+
$315,180
$315,180
$315,180
f315,180
$280,160
$3,502,000
$70,000
Architecture & Eng.
014,000
Insurance
f 15,000
Ta::es
$10,000
f5,000
$40,000
Legal
f2Ui+
f200
f200
s2�i0
s2Ui+
s200
s000
20
�� 0
$400
$6 000
$10,000
Accounting
f$,UilO
Condominium Processing
$60,000
Loan Closing Costs
Construction Inspect.
f2,0C+0
$2,000
f2,000
f2,000
f2,000
f2,000
f2,000
$24,000
$6,000
Appraisal & Surveyor
$15,000
f15,000
t15,000
f15,U1J0
$15,000
$15,000
$15,000
f10,000
$10,000
$120,000
Developer Supervision
Misc. & Contingency
f�0,000
$5,000
$5,000
$5,000
$5,000
f30,000
$5,000
f5,000
f5,000
f95,000
Sales and Harketing
f5,000
$5,000
------------
s5,227,000
$40,000
Financing Fee ------------
_, $5,267,000
Sub Total
Constr. Financing s12,351 f3,790 $7,501 $11,177 $14,609 $18,073 $21,569 $36,857 $191,590 $333,000
------------------------------------------------------------------------------------------------------------
$401,190 $397,381. s371,057 f374,489 $377,953 $378,929 $62,057 $211,990 $5,600,000
T O T A L C O S T f409,751
CUMULATIVE DRAW $3,024,953 $3,426,143 S3,823,524 $4,194,581 $4,569,071 $4,947,024 $5,325,953 $5,388,011 f5,600,000
.. 4� •»',-.�.Y. �` C. '_� i, y .1 A' 1?' f'Y. ati% 4 �" � t ,: �' � 5 w '�'i��,�f.^ +'w" .Y
E A S T L
1 T T L E
H A V A N A H O U 6 1 N G P R
O J E C T
D R A W
S C H E D U L E
DESIGN MANAGEMENT INVESTMENTS, INC and EAST
LITTLE HAVANA COMMUNITY
DEVELOPMENT
CORP
<--BIDDING
<---- DESIGN
& WORKING
DWGS ---- >
& F*ERMIT-><-----------
CONSTRUCTION
4 12 months )------------>
JA Closing
Month 1
Month 2
Month 3 Month 4
Month 5
Month 6
Month 7
Month 8
-------------------------------------------------------------------------------------------------------------------------------------
F U N D I N G
Grant from Swire s3ir,000
s39,000
$39,000
s1,000,000 $134,760
s371240
s0
s0
s0
Banl & Others s0
t0
t0
$0 $0
s210,080
$324,303
s394,823
$405,995
---------------------------------------------------------------------------------------------------
11 f30,000
$39,000
*39,000
$1,000,000 $134,760
$247,320
$3249-303
$394,B23
$405,995
j
<---------------------- CONSTRUCTION ( 12 months )-----------------------> <------ SALES ------>
Month 9 Month 10 Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 T O T A L
--------------------------------------------------------------------------------------------------- --------
F U N D I N G
Grant from Swire s0 t0 s0 $0 s0 s0 s320,000 s0 s0 s1,600,000
bank & Others'_.. $409,751 $401,190 $397,381 s371,057 $374,489 $377,953 $58,929 $62,057 $211,990 $4,000,000
-------------------------------------------------------------------------------------------------------------
$409,751 t401,190 *397,381 $371,057 $374,489 $377,953 *378,929 062,057 *211,990 $5,600,000
T
APR 3 019K
E A S T
Developer:
L I T T L E H A V A N A H 0 U S I N G P R O J E C T
DESIGN MANAGEMENT INVESTMENTS, INC. April r5, 1'•?'M6
EAST LITTI_F_ HAVANA COMMUNITY DEVELOPMENT COS.T'.
I. LOAN COSTS
Loan Amount
Trital
DccSt,IntTx,Fec,Title Ins.
t-410)70,000
o 55%
CC,000
Construction Loan Fee
:V4,1:)00,i Q0
I. c'�()%
4
Borrower Attorney
tt4,Q00,'<•)00
0 '25%
11),):)�:)i?
Lenders Attorney
T41 000. 000
0 • C4'.
12 • i 0C)
Cost Analysis/Inspections
t'4.000,000
0- 15%
6,01-W.!
Disbursement Fee
, C100,))
TOTAL LOAN COSTS
2. 30%
1'-'" • 0 Q 0
II. LAND COSTS
Acquisition Cost
1 1 1
Un i is
770, 00o
TOTAL LAND COSTS
770, 000�
III.HARD COSTS
Land Development, Landscaping
and Utilities
-
TOTAL LAND DEVELOPMENT
Cam)? •')'��'
Construction Cost
BUILDING -A -------
59,`00
'S.00
072,0; Q
1 BEDROOW UNITS.
- 15
2 BEDROOM UNITS
- 44
3 BEDROOM UNITS
- 12
BUILDING B
J4,800
T-35.�:)C)
1,�18,►�:))i
1 DEDROOM UNITS
- 8
2 BEDROOM UNITS
- 22fl
�, BEDROOM UNITS
- 4
----------------------------
TOTAL CONSTRUCTION COST
------
- ^
•=+200+f-)t"jQ
HARD COST MISCELLANEOUS
540, 000
106, 000
HARD COST CONTINGENCY
3 . o %
TOTAL HARD COST
+7:a';'_ )0 •)
d
Page 1
8E-341,.
IT
APR 3 0 1sK
E A S T
De�el opPr
L I T T L E H A V A N A H 0 U S I N G P R O J E C T
DESIGN MANAGEMENT INVESTMENTS, '[NC. April r5. 1'•?P16
EAST L I TTI_F_ HAVANA COMMI.IN I TY DF_V'F_LOPMF_NT Cnr:r--' .
I. LOAN COSTS
Loan Amoune
Tr�ta1
DocSt,IntT:•:,Rer_,Title Ins.
t.4,0!7l)1000
1).55
Construction Loan Fee
F4,1000,! C10
1.%
Borrower Attorney
:T,4,!:100,'000
0.25%
Lenders Attorney
R'41 01)() 1 000
0. ;;S;r,
Cost Analysis/Inspections
:t-4,000,()("!;i
0. 15%
6,00 !
Disbursement Fee
:4, C100,000
!?. a%
0 Q Q!:)
TOTAL LOAN C033TS
2.3(.
II. LAND COSTS
Acquisition Cost
III
Units
770,000
TOTAL LAND COSTS
770,01*1("'
III.HARD COSTS
Land Development, Landscaping
and Utilities
TOTAL LAND DEVELOPMENT
250.0
Construction Cast
--------
BUILDINGA
59,2100
135. 00
17 072., i �00
1 BEDROOW UNITS
- 15
2 BEDROOM UNITS
- 44
3 BEDROOM UNITS
- 1
BUILDING 8
34,800
. !)! ►
1 ,^.18 , !:►:�!:�
1 DEDROOM IJN I T S
- 8
2 BEDROOM UNITS
- 29
71 BEDROOM UNITS
- 4
TOTAL CONSTRUCTION COST
? n �'� !'
,
HARD COST M I SCELLANF_OUS
1. --1 , 5 4 Q , 0 00
C, , !::!%
1 !:)h , 000
HARD COST CnNT I NGF_NCY
$7 , 540 , 000
. 3 . o
1 !?h , OCY)
TOTAL HARD COST
6
Page 1
86-341.
Fu
zv.
V.
DEVELOPERS SUPEPVIS1OM
CONSTRUCTION INTEREST RESERVE
Ford Foundation
LISC
Equitable Life
Bank
TOTAL INTEREST RESERVE
V I . SOFT COSTS
60%
:1'430 carats
:r-050
:1:4 , carat') , tataC)
Architect and Env_ineer
Appraisal
Surveyor
Accounting
Condominium Processing Expense
Insurance
Flood Insurance
Taxes
Legal Fees
Construction Inspection
Advertising and Marketing
Soft Cost Misc. tt Contingency $4,000,001:1
'... � , lat'►ta
1.5 vtar
8. t % IS, 000
10. 5 % : 17. 00C.)
777. 000
54) 1
1to,Q
Qt:1
^•_,000
1 5,000
40, C)C)(:)
"24 , 000
95,!:t0 )
TOTAL SOFT COSTS 400.0t 0
T O T A L E S T I M A T E D C O S T 51600,t:tiit)
SALE COSTS
Cost of Sale (Broc k4r) 6. 0% 702 , E31)0
Closing costs (Mortgages) 5. 0 % 252.9400
DOC Stamp Processing Expenses- 111 units I.Zo0 ..,,:,,._,t:tt;)
----------------------------- �-------------------------------
TOTAL SALES COSTS 58R,500
=asamss:a=as=saai✓aasr:r�saa=era== a:sa-=_-��;_-__-_....-=.._-os._s�--=-..=.rr_.s
T 0 T A L P R O J E C T C 0 S T 6, 1q. 0,50C.)
Page 2
8f --341
SOURCES OF F=UND5:
------------------
Grant from Sartre ,
Ford FOUnd,Ati on • % - yrs.
Equitable Life 9.5% -Z yrs.
LISC 8% - _( yrs
Dank construction loan 1c;t.5% - yrs
TOTAL CONSTRUCTION FUNDS
SALC:S ASSUMP'r I ONs
------------------
All residential units for sale.
Year 1 (during construction) , sale of 50 of units.
Year 2, sale t)f balance n+ units
NUMBER OF UNITS
TYPE OF UNITS
AREA OF UNITS
III
SALES PRICE PER UNIT
DOWN PAYMENT 5 . o
FIRST MORTGAGE - i+ yrs, 10.5
SECOND MORTGAGE - DOC STAMP - 0 yrs, Z
ESTIMATED MONTHLY PAYMENT
FIRST MORTGAGE - 10.5% 109.E
SECOND MORTGAGE (SEE NOTE 1)
CONDO FEES, TAXES, INSURANCE, ETC.
TOTAL ESTIMATED MONTHLY PAYMENT
23
1 BEDROOM
570
37, 000
1 , 850
10 , goo
19,250
1,60't,c_tiii�
45(l y r,'►i ito
25Ct , toft0
2,�toto,iitjto
r , �i to to , to Q o
72 16
2 9EOROOII = BEDROOM
7",S4 884
46,500 53, Ooo
2 31!1C 2,651)
16,675 17,J50
.27 , Soo Z—) , (:too
145.44 152.5C 158.70
25. 00 23. tact 25.00
90. 00 116. oto 14Q. 0O
1-260.44 $293.53 $' 2 3.Ito
N 0 T E (1) V25/month for the first 5 years
:T-50/month for the second 5 years
Thereafter DOC Stamp payment applied.
(2) Debts retired on a prorate basis
FIRST YEAR
First Year
Second Year
Ford Foundation
225, i 0Q
225,000
Equitable Life
5(:)4),C)Oo
500,000
L I SC
125, 00C.)
1,165,000
Bank construction loan
1,150,0t:tt7
1,•150,000)
Page T
8G"341.
I�.IIkid .111 111 1,111,
TACULCY
ECONOMIC
DEVELOPMENT CORPORATION
SIIEII_ CI'1Y I:ENI1`4I 3/11/66
Ffr6E 6
Ul111.!
9CNEbULE
,
.....+-------------------
Ct.08INa
MI
N6
'N3
•N1
'M�
'N6
'N7
PI-Jail-bG
PI-11lrA-b6
PI-ben-t16
01-Ue�-b6
01-Nov-06
01-bee-b6
01-Jan-07
01-Feb-07
------------------------------------------------------------------------------------------------
Lend hu••chowe
bUGBE7
t0
rw
s!r
SOSo,so
00
s0
so
P.•1valely U..nmd
site COn7tructlon
f150.0PP
t0
s7b.11
015.tote
11d,NPN
s15,060
to
s0
se
1do• Construction
011 436, P6P
100. 7E1
•177, 14E
6310, 11E4
6399, e45
t399, !43
0399, E43
s354, 803
s35s, 085
Fr 1: E
s96, h"
$al. lEN
sN
so
so
s0
to
to
fit
1 nsu.•enee
ts. NPN
to, NNN
III
to
sip
to
tP
- to
tP
ter
Tames
$0.11
$6.1p@N
sP
to
sN
so
so
sP
tipnccruntln
Leoal
s15,000
s11,E:50
sQ
tN
to
tP
to
to
- to
s!r
P
f7,PAP
s7,6PP
sN
s0
sP
so
$o
.60
to
Cloelno C^st
t1E'S,NON
stot"- 2
=l
iN
2E,333
sN
Se.333
fP
t2,333
to
sE,333
9la,333
to
se,333
0E,333
Construction Inso.
.03!3,PPN
a5,NPN
lE,SPN
$167
. s167
t167
t167
t167
t167
t167
ndr..ln. F_mp.
• b"V e l OOnrent UI1
sEE 1. b03
s 13. b63
s 13, bc3
013.1663
$13, bb3
013,e63
s 13, 063
* 13, 863
f 13, 863
Cunt1ngency
9,133,NbE
sN
!N
sP
sN
t33,E:70
to
to
tP
tip
nentuo A Plr I.t.
tell, 7E1
fP
tP
fP
.. f0
00
f0
sP
Flna..cing Few
s5.3Ey.466
tE6,647
6
OC6.47
tN
t0
s0
t0
t0
- 1P
1P
Bub Total
s5,356,113
*P
sA
sP
sP
13.109
16,289
19.162
111 753
Conrt. rinoncing
1207,624
7U'TnL
-------------------------------------------------------------------=----------------------------------
15,563,737;
93'.7.601
SeCe.bP5
630,1,bill
0430,600
$466,980
1421.891
$300.410
.138j.001
UnQH
s347, 601
t616, 4b6
$959, E `J3
s 1, 300, 901
' 11,855.8e8
12.271,785
12.658.195
$3,041.196
CUI•IULw I VE
��.,u... �_
Ili���h 11lill1 Lip i� I
III �I III,I IJi.d II I,
-. s�Jlul p..n...�.,_�.�.,.
m..,.,.,. ���ur.M
�. ...r y
. �i
�.� ��. �
i � � ��, �� �� �. �� ,�dn .{����I1 i,iJ
1 ACULC Y
EcOMOMI C UEVROPMCI1T CORPORATION
5I4ELI CITY NEtI I faL 3/ 1 l/ bb
r
Pht-E 7
r
WII rU tiu bul.E
col
we
----------------------
'all
el-Jnn-H7
'VIE
Al-J•i1-97
'sf3
el-1lr�e-97
OI-!?rv-97
V13
el-f7el-97----70ir11--_-
OI-Mw�--b7
P1-uo.•-t!7
PI-Mnv-b7
------------------------
.... _.
to
jI
----------------------------------------„9------
sta
so
eN t0
sN
!0
to
sQ'
a
tend Pvrchnro
r�rlv�tely U•.nrd
s0
to
f0
se
t19e,MA
i
t;1 tc Ccn�l.-•.rck fon
eP
to
slH. It ,a*' t13. trr�A
r1
t31O,`Jf 4
t66.1 t6+
tE6t.. l61 lE66.lb'1
tEEl,603
RE EI=9s�
t199,6E3
to
t199,6E3
t9. 69e
ta/�36.A6P
s96, 9eA
Fidq. Ccntl� uctfor♦
s0
to
to sN
s0
p It E
lnvur�nce
..�
ie
•,�
e0
tr sN
tN t0
tN
tp
sN
to
to
tE,AAe
79A
se oer
r
s 15, tee
'
7 e.wee+
sP
to
t1A
!A
f3,
trod
eP
eN
tP
s0 s0
sA
sA
to
t1,730
07,OAA
ncc^a.nt l..v
s 1.750
sr
'
'p•,
to7
tN
RA
tE9. 0AA
s 1 E9, AAA
Clcenn Cc -It
et+
se.333
te.233
sE.333 se. b33
tP,333
st:, 333
11
E , 333
t167
t3t55,,eeeAee
Ccneka•a.clton in}.o.
rodmin. EMO.
0167
t167
9167
t
t13.N63
s167
s13'663
t167
013,663
t13,963
sEE1,9e3
bevc 1 cv-'e-t oil
s 13. b6:1
t 13, b6e
s13.be3 t13.be3
sN
t33, E7N
se
sA
s33. E7A
t 133. Age
�
Cvntlnvrncv
s33, C7A
TIPeN
sp
s16.7b7 t14.797
s14,707
t14,797
0Rio, 791
f14' ,797
t99,7E1
Rrnt aro It Mi-la! -
s0
sN eN
s,s
to
•-s0
s0
tE6.6ti7
1
flnnnclno rce
90
-----------
_
Svb 7otnl
114,361
116.98
110.963 •121.219
123,491
125.600
cone!. r-fn[�neinq
--------------
__121,497_____i29,256-____20)�62___
_
$376,260
1299.450
1331.276 1333,532
$309,114
1278.552
12SB.269
$335,419'_
15;563.737
7 01r+t_
fill
13,A17.161
17.)16,41�
14;0/0,190 $4,301,722
$4,691,436 '
11,969;980
1S.22B.251
*SS.563;737
1S.S63.737
ct►ntnr�tivE t,Rriu
C-utiuLfITIVE U11rou
1
1
T1ICULGY ECO(iU(�i I C UFVELUPMEN T CORPORATION
I'/,!,li H
611ELL CI I V fiCNI94L 3/ 11 /b6
LL
T,1
Mb
a3
♦h3N.6i�8
.Mh
•463,A79
•03
lhEl. 134
.u6
t379,E.4t
•M:
•39E.!E7
IPl-Feb-!!
f 347. E4.1
.a47.
�tE.H. NP`.S
934R.b07
Nl-Heo-b6
PI-Det-86
PI-Nov-b6
PI-b,rc-AR
pl-Je"-e7
rr{{.rr{+r{r++
FtriIiTCEF
Nl-Jul-b6
NI-t�uo-b6
}0
10
10
�,.....{{{{ „{a{f+{f{..•.f{.f.++++�•++++{+..a,ffr+..a+r..{f.{..+++{++r+{{rr{r{rrfrrrr++r++{+rrrr+{{+r.f
F3h7.6a1
s�bA.605
Tr3h1,Ab7
*0
}321,)01
1108.901
10
1466.908
1421
------
S3flL000_-
swI ItE
a:aNth o n+Erc
----------------------
i091------}]OO,1LO
}]80,110
353,000
_ ---------------------
s347. WO
skbtf. Bt•d
sJ4I, bH7
$430,600
1466.906
1421.691
,
IUII,L
In
P11UE 9
SHELL Cllr nENTrIL 3/11/66
hB
d9
•elr
'• I
S.1J],S]2
a E
}]09.111
•NI3
1210;552
•1114
1250,269
•M!S
]]5.179
?D1hL
Enn
}]76.268
F(xtnCL6 N176.26 I17
}299.150
(t1299, 50
j]J1.216
E1!-n�r-A7
NI-Jun-67
01-Jul-A7
rr{{{{{+r
NI-Auq-97
dl-Bao-97
dl-bel-97
r{r
11,600,000
.-„a{{4-4...++.{{{{
af++r{r+{..
0 +.{rf..
}
Q ♦4♦+++r+1$0
}
So{rrr{{{rrr$
O+{{+r
$320,000
!�{{{{♦♦{+{+a
5u I ►tE
s0
1331,216
5333,532
5309.711
1278.552
S258.269
} 15-119-----].961.13-
}]16,260
1299.ISp
--
pr,Nl(•tl711Er,5
-----------------------------------------
1331,276
-----------
$333,532
-------------------------
1309,714
s218.S52
12S8.269
1335.419
$S.S63.131
}J16.Z60
1299,459
v
Land Acquisition Cost
Site Development
C *ruction Cost
A�ttecture & Eng.
11 Ance
Taxes
Legal
Accounting
Condominium Processing
Loan Closing Costs
Construction Inspect.
Appraisal & Surveyor
Developer Supervision
Misr. it Contingency
Sales and Marketing
Financing Fee
Sub Total
Constr. Financing
• 5.
T O T A L C O S T
CUMULATIVE DRAW
APR 3 01986
E A S T L I T T L E H A V A N A N 0 U S I N O P R O J E C T
D R A W S C H E D U L E
DESIGN MANAGEMENT INVESTMENTS, INC and EAST LITTLE HAVANA COMMUNITY DEVELOPMENT CORP
PROJECT <--BIDDING
BUDGET <----DESIGN & WORKING DWGS ---- > & PERMIT-><----------- CONSTRUCTION ( 12 months ) ------------>
ESTIMATE Closing Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8
4/24/86----------------- -----------------------------------------------------------------------------------
s770,000 $10,000 S760,000 so s0
f0 #O to
s250,000 $7,500 #15,000 020,000 $22,500 S25,000
$3,507,000 s105,060 s210,120 0280,160 $315,180 $350,200
$70,000 $3,500 *17,500 017,500 $31,500
$14,000 #14,000
s15,000 $15,000
$40,000 $5,000 S5,000 $5,000 $10,000 #200 $200 5200 $200
f6,000 •
$3,000 s200
l5,000 - •
$10,000- w #60,000 ••
S60,000 52,000 s2,000 $2,000 $2,000 52,000
S24,000-
s6,000 S1, 00 . $1,500 #1,540 $1,500000
-24
5,000 $10,000 $10,000 $10,000 *15.000 s15,000 $15,000 $15,000 $15,000 $15,000
,- f30,000
$120000 •
s5 000
f95,000 S5,000 #5,000 f15,000 #5,000 f5,000 #S,oUO s5,000 `
s5,227,000
s540,000
4o,000
#5,267,000
s1,943 $4,943 $8,595
#333,000 9.25% blended rate
.•.-_
-------------------- -------------- --------------------
s5,600,000 $30,000 S39,000 S39,000 $1,000,000 $134,760 $747,320 $324,303 $394,823 $405,995
$30,000 $69,000 s108,000 s1,108,000 $1,242,760 $1,490,080 $1,814,394 $2,209,207 #2,615,202
E A S T L I T T L E H A V A N.A H O U S I N G P R O J E C T
D R A W S C H E D U L E
DESIGN MANAGEMENT INVESTMENTS, INC and EAST LITTLE HAVANA COMMUNITY DEVELOPMENT.CORP
< ---------------------
Month 9
Month 10
-----------------------
Land Acquisition Cost
----------------------
f0
=►)
Site Development
f25,000
f25,000
ktruction Cost
$350,200
f350,200
itecture & Eng.
Insurance
Ta:: es
Legal
Accounting
f200
$200
Condominium Processing
Loan Closing Costs
Construction Inspect.
f2,000
f2,000
Appraisal & Surveyor
Developer Supervision
$15,000
f15,000
Misc. & Contingency
Sales and Marketing
t5,000
$5,000
Financing Fee
Sub Total
V.-Str. Financing
T O T A L C O S T
CUMULATIVE DRAW
1�
YF�i I
*CONSTRUCTION l 12 months I ---------
------------ >
<-''"- SALES ------>
T A L
Month 11
Month 12
Month 13
Month 14
Month 15
Month 16
Month 17
T O
-----------------------------------------------------------
$770,000
f0
$22,500
fU
$22,500
f0
$22,500
f0
$22,500
f0
$20,00►)
f250,000
*315,180
$315,180
$315,180
f315,180
$280,160
f3,502,000
$70,000
$14,000
$15,000
$10,000
$5,000
$40,000
$200
f2U0
f2U��
f200
$200
*200
$400
$6,00;1O,000
$5,000
f 60 , 000
,$2,000
f2,0U0
$2,000
$2,000
$2,000
$24,000
$6,000
f15,000
$15,000
$15,000
$15,000
$15,000
S10,000
$10,000
$245,000
$120,000
$30,000
$5,000
$5,000
$5,000
$5,000
$30,000
$5,000
$5,000
$5,000
S95,000
------------
$5,227,000
$40, 000
;k
------------
$5,267,000
$12,351 s3,790 s7,501 f11,177 $14,609 $18,073 *21,569 f36,857 $191,590 $333,000
-----
--------------------------------------------------------------------------------------------
f409,751 f401,190 $397,381. $371,057 $374,489 $377,953 $378,929 $62,057 $211,990 $5,600,000
f3,024,953 $3,426,143 f3,823,524 $4,194,581 S4,569,071 $4,947,024 $5,325,953 f5,3889011 f51600,000
E A S T L I T T L E H A V A N A H O U S I N G P R O J E C T
D R A W S C H E D U L E
DESIGN MANAGEMENT INVESTMENTS, INC and EAST LITTLE HAVANA COMMUNITY DEVELOPMENT CORP -
<--BIDDING
<---- DESIGN & WORKING DWGS ---- > & PERMIT-><----------- CONSTRUCTION 1 12 months )------------>
Closing Month i Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8
--------------------------------------------------------------------------------------------------------------
F U N D I N G
Grant from Swire s30.000 s39,000 039,000 $1,000,000 s134,760 $37,240 s0 s0 t0
Ban{ & Others $0 t0 so s0 $0 $210,080 $324,303 $394,823 $405,995
---------------------------------------------------------------------------------------------------
*30,000 $39,000 $39,000 $1,000,000 $134,760 $247,320 s324;303 $394,823 $405,995
F U N D I N G
Grant from Swire
Bank & Others'
-
<---------------------- CONSTRUCTION ( 12 months 1-----------------------> <------ SALES ------)
Month 9 Month 10 Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 T O T A L
------------------------------------------------------------------------------------------------------------
so
t0
to
$U
. so
s0
$320,000
s0
s0
s1,600,000
$409,751
$401,190
s397,381
s371,057
*374,489
$377,953
$58,929
$62,057
$211,990
$4,000,000
------------------------------------------------------------------------------------------------------------
$409,751
t401,190
*397,301
s371,057
$374,489
$377,953
s378,929
$62,057
0211,990
$5,600,000
I
r
APR 3 01986,�
A S T L. I T T L E H A V A
N A H 0 U S
I N G
F R 0 0 E C T
bevel oper : DESIGN MANAGEMENT INVESTMENTS, INC.
Anr i l 25.
EAST LITT1_E HAVANA COMMUNITY DF_VEl_OF'MFNT r.,nr:r'.
I. LOAN COSTS
Loan Amount-
TotA.l
DocSt, IntT:a,Rec,Ti tle Ins.
:1470001000
1;►.55,;
Construction Loan Fee
Z4,C►C,�:►,!:►►.+0
1.�';�7%
4Q,0O('►
Borrower Attorney
$4,
1�:�,�:►iiii
Lenders Attorney
T4,000.000
r►.Z.0.
12,t�;►�►
Cost Analysis/Inspections
t4.00f),c�00
0.15
�,'►'�"
Disbursement Fee
F4,000,
QQQ
TOTAL LOAN COSTS
30
1 >! ► , i �C) 0
II. LAND COSTS
Acquisition Cost
ill i Uni 5
7'��,'�D� �-
TOTAL LAND COSTS
77Q, q►-)ol
III.HARD COSTS
Land Development, Landscaping
and Utilities
------------------------------------
TOTAL LAND DEVELOPMENT
CJ"' 1*11?1'
Construction Cost
-------
BUILDING A
`,q, 200
T-'5. t:►Q
C , 072,
1 BEDROOM:UNITS
- 15
2 BEDROOM UNITS'
- 44
3 BEDROOM UNITS
- 12
BUILDING B
34,800
TZ-5.0
111218000
1 BEDROOM UNITS
- 8
2 BEDROOM UNITS
- ?8
3 BEDROOM UNITS
- 4
----------
___
-`
TOTAL CONSTRUCTION COST ----
----------
�.^.?;},00<�-
HARD COST MISCELLANEOUS
C' . 0 %
1 ►h ' i'i'�
HARD COST CONTINGENCY
Z' , 540, 001).
TOTAL HARD COST-___-_______________-__-__-_________+,�^-^�i?���►
N
Page 1
T
II�
I V . DEVELOPERS SUPERVISION
V, CONSTRUCTION INTEREST RESERVE 60
Ford Foundation 1450 , 000
L 1 SC :r.250 , 0Q1)
Equitable Life :r.I,Cr()f:),iidr,�
Dank 1.2 , . 00 , 0Q0
TOTAL INTEREST RESERVE •f4,000,000
VI. SOFT COSTS
H
1. vFe.:tr
10. 3% 2.17 , � i00
Architect and Eno_ ineer
7c'.''►'"�
Apprai sal
Surveyor
� • 51'c-►
Accounting
'-1
Condominium Processing E:;pense
Qc:1
Insurance
1 C . e:►c:,e:►
Flood InSLtrance
,':►i?c-►
Taxes
15,oi0
Legal Fees
4i,,000
Construction Inspection
24 , c:►C►Q
Advertising and Marketing
95,0ol)
Soft Cost Misc. '4 Contingency
$4,000,000 C1.0% 112Q,000
TOTAL SOFT COSTS
400, 000
a=aaasscsaaaama=saaaaaaaaa-.=-.s
=es=se===-sx-_•=======s-==.=---__.---
T O T A L E S T I M A T E D
C 0 S T 7,6001ci00
SALE COSTS
Cost of Sale (Protker) 6.Q% .,02,F3�:►c'�
Closing costs (Mortgages) 5.0 ~52,4Qo
DOC Stamp Processing Expenses -III units 7�o0 3•_,,30
---------------------------- ---------- ---------- -----------
TOTAL SALES COSTS 580,500
sseaam.-rr:a�=aeaaesmaaaai^aa=ws3aa saasas=xa-e-=-.-a-_s--x--=-cs--=-e-=sxr-
T O T A L P R O J E C T C O S T 6, 1na,500
Page 2
1
.s
t
SOURCES OF FUNDS:
------------------
-rant from Swire ,
Ford FOUnd,'At i can >% yrs.
Equitable Life 9.5% - yrs.
LI )C S% - 73 yrs
Bank construction loan 10.5% - 3. yrs
TOTAL CONSTRUCTION FUNDS;
SALES ASSUMPTIONS
-------------------
All residential units for sale.
Year 1 (during construction) , sale of 50 of units.
Year 2, sale of balance of units
NUMBER OF UNITS
TYPE OF UNITS
AREA OF UNITS
111
SALES PRICE PER UNIT
DOWN PAYMENT 5.0
FIRST MORTGA(")E - 3.0 yrs,
SECOND MORTGAGE - DOC STAMP - 30 yrs, :1%
23
1 BEDROOM
570
371000
1 , 85(:t
15, 90o
l9,-5U
72 16
2 BEbR OO11 ; BEDROOM
7;.i4 B84
46,500 5:3 , 000
Z225 2,65)
16,675 17,350
7 , Soo Z 3' , (:)4(7
ESTIMATED MONTHLY PAYMENT
FIRST MORTGAGE - lo. ;% 1u9.._1 145.44 152.5P 158.70
SECOND MORTGAGE (SEE NOTE 1) 25. 00 C5.00 25. 0o
CONDO FEES, TAXES, INSURANCE, ETC. 90.00 116.00 140.00
TOTAL ESTIMATED MONTHLY PAYMENT 4:26(:t.44 $29�.53 V: C .70
N 0 T E (1) $2.5/month for the first 5 years
-'5(:)/month for the second 5 years
Thereafter DOC Stamp payment applied.
(?) Debts retired on a prorate basis:
FIRST YEAR First Year
Ford Foundation 225, i. 0o
Equitable Life 5i!(),u(:0
L I SC 125 , 000
Bank construction loan 1, 1 54,o(:o
Page T
Second Year
225,000
50t) , 00o
1 G5 , OoO
1 ,• 15U, (lo(l
TACULCY EC0110MIC DEVELOPMENT C01ii' lIAT10N
514ELL C11Y t:ENIRL 3/11/b6 t•ME 6
Unn.l
9CIlEMA-t
•
• 14S93.. 16F_S
GLU91f.0
•NI
•NE
«. `.-------------------
•N3 `Ni
`M'J
`M6
•N7
P1-Jul-UG
PI-/lvrl-b6
Pt-beo-06
01-Ucl-b6
01-Nov-66
rl-Dee-b6
rl-Jen-87
el-Feb-87
----------------------------------------------------------------------------------------
Lend r1ul•rlrwwe
bU1�GE i
00
pw
sr
to
fr
fr
so
to
sr
P.-Ill-ntely U«n.rd
Glte Conelr•uctlon
0150.0PP
t0
f78.H0N
s15.6NN
sla.rrr
fI3,r0r
tr
sr
or
Pldo• Constvuction
t4,436,060
$00.7E1
1177,44E
6316,1JE4
t399,e45
t399,&45
$399,e45
0354,883
6354,685
tP
to R E
s96, "0
$07. IErd
sty
tip
sr
40
to
1P
sP
10
to
l.,nu.•a+nce
s8.00o
to.NNN
144
to
to
s0
00
sr
sP
-
Ott
tr
3
I ampst8.
PPN
s6. flrN
fr
se
td
t0
tP
fP
/P
00
Leo..l
015 0 �0
t7,k�00
*11. E50
$3.Boo
s.�
t e
sP
•P
sP
_ +r
10
hccranlln s
- Clowl-o C^et
t1E•5.Neo
t19?,-0Q•a
Te
soh
1F, 333
tN
te. 333
33
tt, 333
tP
fe, 333
'to
/f, 333
33
•e, 333
1r
sE, 333
Con5tr•uc! lcn Inwo.
039, PPN
s7, NN N
t F.. 5P.8
9167
. s 1 67
t 167
l 167
s 167
t 167
t 167
ndn. l n. E_"P.
UI(
fEE l b03
f 13, b63
013,663
t 13. b63
913,b63
t 13, b63
t 13, 863
613,863
s 13, 863
ba..el on�.ent
.
s133,VOL
tN
!N
sQ�
to
033,E-74A
0P
to
to
Contlnq..ncy
s8b,7E1'
tP
to
.. t0
-• f0
tll
se
to
fir
nentuo A hlrl.t.
•
rinnnClnB Fee �
05, 2iey. 46t,
4E6 647
.
SeG 647
.
flil
t0
tN
se
s0
- sr
.
fr
Sub iotel
t9, 356, 113
to
•o
to
sP
1),109
16,289
19,162
111.75)
Co"wt. rlrioncln p
1201,6Z4
---------
701nL
1
s1:68.Be5
--------------------------------------------------------
t341,OUT
t430,608
1166,98}
1421,891
1380,110
]87. 001
4347, 601
06Is, 4b6
t95N, Ey3
t 1, 3B8, 981
' 11,855,8E-0
12.271,76S
12.658,195
$1,041,196
CUMULnt ivE DnA0
1
i
614ELL C i T Y IIFtI i flt 3/ l I /bb
---------------------
Lond I-lul•cl,n-•r.
prlve�twly U..ned
Site cvn5tructlon
Vida. Construct""'
14 A E
lnsure...ee
1nwe�
Leas l
floc^u't If."
Closing Cc"t
C,.netrncticn In" a-
nd -In. E-n-
Develov�•enk all
Contlnoency
nentuo 8 ttrkt.
Fln,clna rev -
Sub 7ote•l
Cont. F"nanclnq
I UML
CUHUL(Il I VE DIif414
111CUI-C.Y
ECOMUMIC
DEVELOPMENT CUItPOR11TION
•
•,
f�lll-E %
l,►u�u NIaIFUULE
•bE
•a9
01-J,1'-87
PI-Jail-07-
e/-fl•�o=e7-_0t=6eo=e7_-et-O-----
QI-Mel -b7
PI-fltr/'-tl7
01-IYnv-b7
_�_�______________N
-----
---------------
_.
sltl
tN
!A
so
to
t0
s tli. krrN
s I5. ESOP
se
s0
of
is
4113e, eve
s0
s31u, St:?
st:66. I6+
sE66. 164
sE66, 1bti
seat, BP3
*eel, 003
s199, 6e3
to
ss, s36.
s199, 6e3 PEP
*90680 s96,BPo
s0
•'r
sP
sN
sA
sN
- sN
t0
so, 000
tN
t1�1
sN
1N
s0A
t0
so
ee, ooe
s0
t0
sN
s0
so
t0
00
l3,750
s15,eee
so
tN
sP
sP
s0
sir
*e
: so
s1.750
s7,llo0
91.750
we
s0
s0
so
t0
se5,000
06C5,tee
sN
sE. 333
I
se. 333
s r
•E.333
.tl
sc.333
st 333
•
se.333
s 167
sty. 333
t 167
se, 333
t167
l3S, floe
s5,eve
.0167 . ! 167
s13,b63 s13.663
s13,663
t13.663
s13�063
s13'b63
•13.1463
tN
s33, e7Ns14,7B7
ski
s33,e70
!14,787
t133,06e
s88,Tel
s33,E7P
sp
si>..7sbw7
lIh.78T
l.T87
slti,T87
se
-----------
s5,3e9,4&&
s0
to
se
!e
se6,647
sv
s�•
sN
to
____
$5, 356, 1 13
$14,361
116,04
110.963
•121.219
123,491
125.600
121,491
129,256----3201j624
-.
-----------------------
$376,260
1299.450
---------------------------------------_
1331.276
1333.532
$309.114
$278,552
$258,269
$335,479
15;563.737
•13,417,464
13.716.914
141'040,190
$4.301,722
14,691,436
14.969;980
15,228.251
*15.563;731
15.563,737
/
Crt.
l
'l
TACULCI ECwOMIC UFVEIUPMENI'
CUIIPUItlITION
t•A!�E H
611rLL C1lY 1►EN1�1L 3/11/66
•07
1
(.Li�Uly-Jul-b6
•
U97
•a3
0430.608 �63•079
t41. l3�t379
w8N6
64E
e6.• -97
NI-.J6
t39E. Et?
Feb-BT1NN
fit
t347.6t•1 aertf.1,a1
Ht-1.«ue-H6
N1-H.o-b6
N v -b6
N1-el-E16 @i- �•
n-170110E6
r++••�+•►
10
10
10
.....Fe•+4r1a.1•u.n,c.E+.+O+t+N+E+ric,+r♦++++•rr+r
s3�•7?6a-1 tt69�bfN
SO
1466.965
1i-------
---0,-10------
MLogo--
at`
---------------------
tJat.bb7
----�----------
$430.600
$421.691
10
1183,000
TUTt�
*347. bE,1 ale6o. Wets
NuHE 9
SHELL CIIV nENTAL 31I M36
,t
•
A
•Nl3
18;55
.h
.*1;
258,269
•N15
315,119
TD/AL
Ean
{376,760
1299,150
101-Aor-QT
S331,21 6
el-f`lev-b7
1333,532
(•1-Jon-67
01-Jul-al
01-Auq-97
tll-Beo-B7
01-Del-87
++4+++4+
4a11...
�Inmcr_e rot-tier-1.17
30 10
10.
$0
{310,000
-+
11.600,000
37
++++.1++...+++++1++r+t+++t.+1►t♦♦�O+a��1.t1rr.*fltrltl+rr...r7r+++r++1+•►+*.�1*r+++1+++�1++1444444a+1a+++4+411
SQ
{0
{337,5]2
S]09,711
$2-----
i 1---------
-
sutlit {316.Z60
E.f]NI N D 711E fi5
1249.1S0
$]]1,216
---------------------
iJ09,711
{218.552
------
1258.269
--
{]J5.1I9
----
{5.56J, ]
. {376,260
1199,150
1331,276
1]33.SJ1
1
- c-
i
Gr:
40
'1
EAST LITTLE HAVANA HOUSING PROJECT May 6, 1986
DEVELOPER SUPERVISION $245,000
This cost represents the co -developers costs directly
associated with the supervision of the project.
I. Roles and Responsibilities of CDC (ELHCDC)
A. Select architect, developer and lawyer.
B. Participate in contractor selection process.
C. Set number and mix of units.
D. Set final sales prices.
E. Set affirmative action requirements re subcontractors
and hiring.
F. Approve preliminary and final plans and specifications
and working drawings.
G. Prepare preliminary drawdown schedule for city and get
it approved.
H. Prepare preliminary financing packages for Dade County,
Equitable, Ford and Lisc.
I. Negotiate final land purchase agreement.
J. Participate in preparing and negotiating final
financing packages for sources above plus conventional
lender(s).
K. Approve all development budget(s) and timetable(s) and
cash flow and drawdown schedules.
L. Appoint Partnership Committee Members.
M. Approve final loan documents and contractors and
architect's contracts.
N. Sign / co-sign notes, other relevant legal documents.
0. Approve contractor draws, change orders, changes in the
development budget -and timetable and cash flowand drawdown
schedule.
P. Account for cdc expenditures.
Q. Prepare narrative reports to lenders.
R. Hold and attend Partnership Committee Meetings.
S. Market units including: doing additional market
research; formulating overall marketing strategy;
designing, preparing and distributing marketing
materials; and furnishing and manning model
apartment(s).
T. Select and supervise real estate broker, if any.
U. Counsel, prequalify and make final selections on
buyers.
1 5�-- 341. -
EAST LITTLE HAVANA HOUSING PROJECT May 6, 1986
II. Roles and Responsibilities of Developer (D.M.I.)
A. Manage contractor selection process.
B. Participate in setting number and mix units and final
sales prices.
C. Require contractor/subcontractors to meet affirmative
action goals.
D. Work with cdc and architect on preparation of
preliminary and final plans and specifications and
working drawings and securing needed approvals for
same
E. Approve preliminary and final plans and specifications
and working drawings with cdc.
F. Help cdc prepare preliminary drawdown schedule and
secure approval for it from the City.
G. Help cdc prepare preliminary financing packages.
H. Help cdc negotiate final land purchase agreement.
I. Prepare and help cdc negotiate final financing packages
with nontraditional and conventional sources.
J. Prepare; preliminary and final cost estimates;
preliminary and final development budgets and
timetables; and preliminary and final cash flow and
drawdown schedules.
K. Participate with cdc in negotiating final loan
documents.
L. Negotiate architect and contractor contracts subject to
cdc approval.
M. Sign/co-sign notes and other relevant legal documents
including pledge of company assets and/or other
collateral needed for conventional loans.
N. Prepare and approve, with cdc, contractor draws, change
orders and any changes in.the development budget and
timetable and cah flow and drawdown schedules.
0. Account for project expenditures including monthly
statements comparing budget versus actual expenditures
and analyzing any variances and have audited statements
prepared, as requested by the lenders.
P. Provide cdc with at least monthly written progress
reports.
Q. Manage construction.
R. Provide/secure project completion and liability
insurance for project in addition to contractor bonding
and insurance.
S. Attend regular progress and. Partnership Committee
meeting as neede, plus other meetings with lenders and
others as requested.
T. Open books on project to cdc and others, as requested by cdc.
U. Take responsibilities for investing, depositing and
paying out project funds in a mnner acceptable to cdc.
V. Provide cdc with technical support as requested vis-a-
vis marketing.
W. Provide cdc with other capacity building support as
necessary.
2 8C-341.
EAST LITTLE HAVANA HOUSING PROJECT
May 6, 1986
MISCELLANEOUS AND',CONTINGENCY
$120,000
Th
is item covers contingencies for all project costs such
as:
A. Sub -surface pro dewatering, piles, etc.
B. Unforseen increases in costs
of labor and materials•
C. increase in interest rates.
D. Deiay in time of construction.
E. Slow sales of units.
3 86-341. .
EAST LITTLE HAVANA HOUSING PROJECT May 6, 1986
SALES AND MARKETING
$95,000
This item for costs associated with the
marketing and
promotion of the apartments.
The following is an estimated budget for
this item:
$4,000
A. Brochures
$2,000
B. Renderings
$3,000
C. Sales displays
$1,000
D. Equipment
E. Estimated monthly expenses:
a. Sales office (trailer) rent:
$250
b. Sales office utilities:
$250
c. Sales office personnel:
$2000
d. Insurance and taxes:
$500
e. Furniture rental:
$500
f. Advertising:
$1500
17 months x
$5000
$85,000
TOTAL ESTIMATED SALES AND MARKETING:
$95,000
4