HomeMy WebLinkAboutR-85-0616r-
A AE'SGLOtION RATIPYING THE StLttTI'ON DE Tl4E
DECDMA VENTURE AS THE DEVELOPER OF THE
tbNVENTION/COLISEUM/EXHIBITION CENTER;
AUTHORIZING THE CITY MANAGER TO EXPEDITE THE
BUSINESS PLAN FOR THE COLISEUM/ARENA;
ENDORSING THE APPLICATION FOR A NATIONAL
BASKETBALL ASSOCIATION FRANCHISE; AUTHORIZING
THE CITY MANAGER TO FINALIZE A DETAILED PLAN
FOR EXPEDITED CONVENTION/EXHIBITION CENTER
DEVELOPMENT; AND AUTHORIZING THE CITY MANAGER
TO EXPEDITE ACQUISITION OF PARCELS DESIGNATED
FOR CONVENTION/EXHIBITION CENTER DEVELOPMENT.
WHEREAS, the City Commission recognizes the urgent need for
` construction of a convention/coliseum/exhibition center within
s
it the City of Miami; and
WHEREAS, Chapter 212.0579 Florida Statutes, was passed on
July 129 1983 to provide a significant funding source for this
project; and
WHEREAS, on March 19 1984, pursuant to the legislative
mandate, the Miami Sports and Exhibition Authority approved the
issuance of a Request for Proposals which was dispatched to over
400 national developers potentially interested in the process;
a
a n d
WHEREAS, on July 2, 19849 three national developers
5.
submitted detailed proposals which were further refined upon
November 9, 1984 in response to a Stage II Request for Proposals
document; and
WHEREAS, on March 29, 1985, the Miami Sports and Exhibition
Authority approved the designation of The Decoma Venture as the
successful proposer, receiving the initial right to negotiate the
development contract; and
WHEREAS, the Miami Sports and Exhibition Authority
previously authorized the Chairman, Executive Director and staff
*:.
attorney and/or their designee(a) to negotiate with The Decome
_
Venture with assistance of City staff, consultants, and other
professionals, and to introduce the first ranked development team
CITY COMMISSION
MEETING OF
JUN p13 1%5
BEMakKS
-
to the tlty taffMittion for review bf the development propAnd
of item which will tt4ulre 'City approval e114
imole'�ieiit$t1'fSfi� and
WH REAS; of the prbpatal§ teceivad, It appears that
Deea�M& Venture tO osa
p p- provides the host realistic fifl efiCing
tan MaxiMirin p g private investment and minimizing the riak to the
public sector; the most experienced development team in terma of
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financing, construction, planning, and Sports and Exhibition
facility Management; the most realistic probability of assisting
t
ether City -related developments such as Overtown/Park West and
the 8ayside Project; and a detailed proposal for meaningful
minority participation; and
WHEREAS, the specifics of The Decoma Venture development
proposal are available for review as an attachment to this
resolution; and
WHEREAS, the immediate development of the coliseum/arena
f
will strengthen the application for a National Basketball
Association franchise filed on behalf of the City of Miami and
will expedite the development and construction of the
4
convention/exhibition center.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Commission hereby ratifies the
selection by the Miami Sports and Exhibition Authority of The
Decoma Venture as the developer for the convention/coliseum/exhi-
bition center consistent with the business plan attached to this
Resolution.
Section 2. The City Manager is hereby authorized to work
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with the Miami Sports and Exhibition Authority and The Decoma
3>"
Venture to coordinate and assist in expediting the business plan
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for coliseum/arena items, including but not limited to land
acquisition, bond issuance, DRI/DIC approval, utilities review
and approval, street closures, compliance with building code,
energy code, fire safety, historic preservation, minority
participation and other issues.
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85-616
Settion 3, The City tww"Hasibti hereby vidoraba the
application for a National 86'aketball Astociatitn ftanthiatl in
the Icity of Miami.
Section 4. the 'City Manager is hereby authorized to work
with the Miami Sporta and Exhibition Authority and The Decuma
Venture to finalize a detailed plan for the expedited
development of the convention/exhibition center, ascertaining the
necessity and feasibility of additional public financing
commitments, and submitting said plan to the City Commission for
further review and approval.
Section 56 The City Manager is hereby authorized to work
with the Miami Sports and Exhibition Authority And the become
Venture to expedite the acquisition of all necessary parcels
designated for the development of the convention/exhibition
center.
1985.
PASSED AND ADOPTED THIS 13th day of aunA 9
Maurice A. Ferre
MAURICE A. FERRE, Mayor
ATTEST:
WALPH G. ONGIE AV
City Clerk
PREPARE AND APPROVED BY:
ROBERT N. SECHEN
Assistant City Attorney
APPROVED TO FORM AND CORRECTNESS:
LUCIA A. DOUG9ERTY
City Attorney
i
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Decome Venture's Biscayne Centrum
BUSINESS PLAN
June 6, 1985
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SECTION I
BUSINESS PLAN SUMMARY
The becoma Venture is pleased to present its business plan to the
MSEA and City of Aliami for the implementation of the Biscayne Centrum
Sports Arena and Exhibition Center.
The following business plan for the creation of the Biscayne Centrum
has been developed by the Qecoma Venture in cooperation with the
Miami Sports and Exhibition Authority and the City of Miami to
incorporate their concerns and desires. The salient features of the
business plan are:
1. Completion
Complete both the Arena and the Exhibition Center by 1990.
2. Phasing the Arena and the Exhibition Center
Finance and build the Arena portion first, the Exhibition
Center portion second. The development schedule would be
as follows:
Start Begin
Construction Operation
Arena 1986 1988*
x
Exhibition Center 1988** 1990
*Arena suitable for beneficial occupancy at end of 1987.
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**An initial purchase/option contract for select parcels of
the land for the exhibition center will be made earlier at
the direction of the City Commission, for the purpose of
demonstrating to the exhibition industry the reality of
the exhibition center.
The primary rationale for building the project in phases is to
r reduce the financial exposure to the City of Miami and facili-
tate the completion of both projects. Given the desirability of
phasing in general, we carefully reviewed several different
possible phasing plans for their impact on financing and
feasibility. We would, of course, be pleased to pursue
whichever phasing strategy the City prefers. However, we
concluded with the assistance of the MSEA and the City that
the development plan shown above is the most feasible.
The benefits of this development plan are:
85-616
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mir►a�clal Benefits:
The City enjoys early Infutdbn Of private capital from the
Decoma Venture into the arena to create positive lever-
age.
t he City enjoys its share of net cash flow from the
bfiY .
arena earlier and
these
centePr(w��h ltas noassist
financing of the exhibition
project-
ed positive net cash flow).
vel
c. Because the arena may not deplete nt�C WoueId ,o thntinDee tax
Opment Tax as the exhibition cer
accumulates and earns interestcreatingenter than money to
would be
be used toward the exhibition
available if it were built immediately.
1 d. The City does
not have to issue a bond of any kind for
the first phase, as it would have to do if the exhibition
center were built first.
and
e. The City's total C1 the oarenautratherr than ions exposure
rexhie
minimized by building
bition center fir iFor
enue example
saurces.he City reduces the
projected use ufts re
See Exhibit I in Section III for a graphic depiction of the
financial benefit of starting the arena first.
Non -Financial Benefits:
f. Land assembly is facilitatedihe )and under the arena
t
has far fewer owners than the
landunder the exhibition
center and is generally much less developed.
keeps alive the potential for a professional
9� basketbaThe ll team. The current potential NBA expansion
franchise will be granted if any only ifTh a arena
can has be
also
ready by the 1988 NBA seas
financial impact, because the early signing of an NBA
ess
franchise would significan,ncremental theenhance arena's
flow to
ccthe
and thereby produces
exhibition center which otherwise would not occur.
Miami may not have another chance for an NBA franchise
for several years.
of tekinaents
h. The schedule fits the requirementsto
to book events
for such facilities. It wouldbe o 1990� even if the
at the exhibition center prior
facility were ready earlier,
because major convention
center users often book theirons four to other hand,/ can years
In advance. Arena events,,n the
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booked on relatively short notice. By opening in 1990
the exhibition center can be suffer he marketed
financial burdens fuan
AL go the City will no
empty facility. Note that the marketing of the exhibition
tenter can begin before start of construction parcels tue
oe
of the initial purchaseloptionino of el purpose
exhibition cr tlhedreality of theprior to tl-) tprojecttime �r the
of demonstrating
The built
{� Metro T ancit of-FOE?ill be eater incremental ause of
first, w
the Metrorail and Uowntown People Mover than would the
exhibition center,
j. Both of the facilities can be operational by 1990, within
two years of each other.
3. Parking_ Garage, Traffic, and Public Transportation
Construction of a new parking garage will be delayed until
the demand for additional parking space is sufficient to
achieve a financially feasible garage. During the interim,
Cy of miami and Dade
Decorrna, in conjunction t t�to ailt,use,'tPeople MoverlDown own
County, will encourage he parking where appropriate,
garage use, and private surface p 9
See Section VI of tt,e Business
Plan for a detailed discussion
of this part of the businessplan.
4. Hotel
Opening of the exhibition center headquarters funds by the DecomaeVentu ee
developed entirely with private
will also be delayed until
thexhibhotel bu inesstion tto make athe hotel
operating to attract sufficient
financially feasible.
5. Costs (s millions)
S
Arena: Construction cost .5
36
36
Projected total cost .0
Z 41.0
Exhibition Center: Construction cost 100.0
Projected total cost
See Section IV of the Business Plan for more details about the
cost.
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2
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Arens!
Convention Development Tax
(F3ond 6 Receipts)
Decoma Venture private
capital
is Wiliam)
EXhIbIt10M Center. Convention Development Tax � 21.1
(Bond 6 Receipts)
Adjustabl bRaCeDTea d d arious
(backed y
city revenue sources to be
determined UQnegotiations
between �SEAandthe
67.9
City) 5.0
Sewer/Street Bond 3.0
Corp. and Foundation Grants
Social Impact
Subordinated
Loans (from maornsu ante
3.0
company)
See Section IV of the Business Plan for more details about the
financing plan.
7. minority Participation
Our Ian includes implementation of all aspects
of 984 proposal
0 plan
plan
alndedesires uof the City.
to achieve the g
See Section V of the Business Plan for details of the minority
investment program.
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SECTION 11
9ACKOROUND AND OVERVIEW
Although the proposal submitted by the Deco
ma Venture on November 9,
j 084 is still viable, this business plan incorporates several refinements
As a result of ongoing negotiations with the Miami Sports and Exhibition
Authority to respond to the concerns and desires of the Authority and
of the City of Miami. in particular, the City has Indicated several new
concerns and financial objectives since our November 9, 1984 submission
which have encouraged Decoma's careful review of all elements of the
original financing plan. The most important concerns of the City are:
1. The City prefers to minimize further the use of the limited
unencumbered general revenues which Decoma had identified
as secondary sources of revenue for the underwriting of new
bond issues for the arena and exhibition center.
7, The City prefers that the project rely more heavily on the
convention development tax and private capital.
3. The potential for a UDAG (Urban Development Action Grant)
Is now very low.
4. Further cost economization on the arena and exhibition center
would be acceptable and preferred if enhancement of project
feasibility and lower costs to the City resulted.
S. The City would like some significant step taken toward the
development of both the arena and exhibition center, some-
thing to substantiate to the convention and
sports/entertainment industries that both projects are a
reality.
The Decoma Venture has been working closely with the Miami Sports
_ and Exhibition Authority and its advisors to develop a business plan
which incorporates these concerns, while providing the City with essen-
tially the same project, in the same location, created by the same
development team. The key strategic modifications to our November 9,
1984 proposal include:
1. Cost reduction. We have reduced the estimated total cost of
the arena rom $78 million to $65 million, while maintaining a
first class facility comparable in quality to Reunion Arena in
Dallas, Texas. We have also reduced the estimated cost of
the exhibition center from $117 million to $100 million, while
maintaining a first class, marketable facility.
2. Phased development. Rather than building the arena and
exhibition center simultaneously, we plan to phase the
SS--616
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fil'lanting and construction, as we proposed as an alternate in
our November 9, 1984 proposal, so that expenditures by the
Gity are spread out over a few years rather than incurred in
.hrmp sum at the outset. Biscayne Centrum would still be one
esoo
project, but would be financed and constructed in p
maximize the City's financial leverage and the probability that
both needed facilities can be developed, aiven the desire by
the City to limit public funding cxpocure.
Initiate land acquisition for both components. Our plan
ins u es ma inq an roil ia7 pu hal ese r�e I'oning o before thselect start Cels
of
of land for the second p
construction of the exhibition center to provide substantial
evidence that both phases will be built.
Postpone construction of the parkinggara e. We propose
e aging construction o tie garage unti t e demand for
additional parking space is sufficient to ehiev inaefnj ncially
feasible garage. During the interim, c
nction
Kliami and Dade County, will encourage
with the City of
Metrorail use, People Mover/Downtown garage use, and pri-
vate surface parking where appropriate.
rivate investment (via IDB) in
$i nificantly increased Decoma
the arena: 9 mi ion.
These strategic refinements are developed
sections that follow.
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A}{�3dsf45
in further detail in the
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_ _ �? .a
y` EXHIBIT i
V1NANCIAL CENMT TO CITY OF BUILDING THE ARENA FIRST
"Our business Plat" - Aroma phase 1. Exhibition Center phase 11
Phase I fihase i 1
"Arena
tar1986 x i itron Center
Start 8
Open 1988 Open 1990
Advantageous Leverage to City
6.0 Other non-Decoma
Private
toCity 6.8
10 Excess CDT Accumulation
CDT Bond :•
Excess CDT Earnings 5.0
Sewer/Street
Bond
14.4
CDT Receipts
D.
13. 0 CDT Receipts
by City
rtlyevenue
.0 a :.
..
Sources
•million million
Arena Exhibition
Center
Pledge ofRevenueSources:
million
SourcesActual Use of City Revenue
through
Present Value 10t) of
million
•
•
5-616
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EXHIBIT i (continued)
e!�'NK�►�etital i2everse Phasing"
F.01bition Center Phase I. Arena Phase i1
Phase I
x i on Center
tart 1 86
Open 1988
6.0
5.0
Other Non Decoma
Private Funds
Street/Sewer Bond
14.5 CDT Receipts
43.0 CDT Bond A
Phase 11
Arena
ar 1988
open 1990
31.5 ARDN Backed Partly
by City Revenue
Sources
C $ NCF=CCIRY
Minimal Leverage to City
9.0 Decoma IDB
0.3 CDT Receipts
6.8 CDT Bond B
6.9 ARDN Backed
$65 million
$100 million Arena
Exhibition Center
$80.4 million
* Pledge of City Revenue Sources: fi
* Use of City Revenue Sources through 1999: $56.5 million
�23.5 million _ • •�
* Present Value (0 10%) of Page 2 of 3
85-616
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.X141B1T i (tontinued)
+ +� othetical Reverse ph +;.it ": A Comparison
tout � sly Pion v► Hya
us
"Hypothetical
" Reverse Phasing"
flour Business Flan Exhibition Center/Arena
Arena/Exhibition Center (2 years apart)
(2 years apart)
$80 City
Re a uefSources
;67 Pledge of City
Revenue
Sources 57 Use of City
Revenue Sources
.42 Use of City
Revenue
Sources $23 Present Value
of Usage
$17 Present
Value
of Usage
1: �0,, °Pledge in Phase 1: $32 million
led a in Phase
P g _
This presents only a hyp otheticdl case, presented strictly for an
the inanci ththatexhibition
else
objective comparison of changes all
It assumes that only the+mp phasing changes,
(1) it is
center first.
remains the same. This probably is unrealistic in that
Velnkth
start by 1986, 9nd;nd
2) it is
that construction of the exhibition center could
with z its
team
ohighf
unique complexities assocvenues wouldiated since the NBA
unlikely that the arena re be as
would not likely be available if the hiechan9 change; firstatwo y ar+s
costs m�9 likely
1gg0; (3) the construction
er revenuenin in 1988 would
of exhbi + openlity ing Iny1990, because of less
be less inncurretnt dollars) than one
time for marketing. ---------------
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Page 3 of 3
85--616
Exhibit
• •
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Convention
• • Assumptions
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f �S`• a✓.4""" M Ay=� x �h �. il[ St Y^v.
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tmp
C nwentlen Devel6pMemt Tax ASIUMPUD"
"Our Business Plan"
Assume $4.66 milliOM
CDT. 1985
$68 Pledge of City
Revenue
Sources
:42 Usage Thru
1999
$17 pV of Usage
Through 1999
"Ihereased CDT
Assumption"
Assume $5.20 million
CDT, 1985
64 Pledge of City
Revenue
Sources
31 Usage Thru
1999
$13 pV of Usage
Through 1999
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SS�fiI�SN I�
FINANCING PLAN
JJISGAYNE CENTRUM ARENA PHASE I
Arena: A state-of-the-art sports and enter-
tainment arena equivalent in quality
' to the Reunion Arena in Dallas,
Texas.
Private/Public The City of Miami will be the owner
Partlelpation:
of the arena with the Decoma
Venture acting as its defacto partner
through a management/lease contract
to be negotiated among the City,
MSEA, and Decoma, and subject to
legal and regulatory requirements.
Capital contributions to the Venture:
City of Miami $56 million
Decoma Venture $ 9 million
Total $65 million
• The sources of each participant's
capital contributions are more fully
explained below. Included in Decoma
Venture's arrangements are the
Decoma minority investors.
Net Distributable Cash Flow
allocations to the City of
Miami/MSEA:
1988-1990: 50%
1991-1996: 15%
1997-oil
A Decoma Venture affiliate, via long
term service agreement, will operate,
market, and otherwise manage the
Biscayne Centrum Arena.
$(000)
Estimated Development Land Acquisition s—r.w
Costs: Site Costs (depr) 4,500
Arch 6 Engr 3,100
85'-616
3
Construction Costs 39,300
r Furnishings, Fixt. ,Equip 20000
Insurance 6 Legal 11236
Financing Costs 71790 _
P/ R Marketing 750
Gen & Admin 3,200
Total Project Cost MAN
Financing Strategy: Utilize the Convention Development
j Tax (collections to date, plus a bond
backed by annual revenues) and
Decoma Venture private capital in
the form of an I D13. Allocate to City
a share of arena tet Operating
Income in the early years to defray
underwriting costs for the exhibition
center. The details of this strategy
are subject to definitive
documentation to be accomplished in
t the near future.
Capital Contribution
Sources: Public
onv. . Dev. Tax Bond A $43, 000
Conv. Dev. Tax Receipts 13,000
Private
ecoma IDB 9,000
Total Capital SourcesSj444
Terms: A. Convention Development Tax
-r
Bond A
$43,000,000, 30-year bonds
(ARDN )
-Issued June, 1986, by the City
or MSEA
-Backed by the CDT revenue
7.°. stream, with 1.35 coverage
PY` -Assume net effective "lower
} floater" rate of-'J '0%
-Liquidity support by AAA rated
— bank or insurance contract,
arranged by City based on
f, pledges of CDT revenues
F
85-616
z SYi, y"C N'd 1�3 Y'u "C YK 7 rt t1�� ti.gS'j_ -
�
+ z
titr:. d_;�1: �.s Y,• ,1• ,..+��>r�rs ¢d'i� P ." � �.�` r L �, tlN 'N') � d' e' fi
3 4� � x�T. ✓ a � i ,.•_ r �a�y` . +4 w+ �:} s yy'y�' o z a � c 4- � i¢ ' � rw' �' ' °•` � � Sy � r �` '3
:'� � .�; 4��m i,�a.Y-.f '�. 'r*"..�_+ w�� ''.". '!s _ a M�"yk�•itY"`�-'.�+&,� 'o`� t..f C':`^v3�i. •"�` `t x%hi''fr: �F
P
F
F' }
-Interest only for fiat fire
Years
=Debt service reserve for four
Months @ 11% rate
`MBIA insurance
-Interest rate insurance
�. Convention Development Tax
Receipts
-$13, 000, 000 , cash from CDT
balance
-Funded 4th quarter, 1986
C. Decoma Venture Private Indus-
trial Development Bonds (IDB's)
$9,000,0001 30-year bonds
(ARDN's)
-Tax exempt bonds issued by
the City or MSEA but under-
written by the Decoma Venture
-Debt service payable out of (in
order or priority) Decoma's
share of arena net operating
profits, ticket surcharge, and
Decoma Venture
-Assume "lower floater" rate of
7. 0%
-Liquidity support arranged by
Decoma Venture via orches-
tration of non-Decoma private
capital infusion to the Decoma
Venture coupled with the collec-
tive financial resources of the
Decoma principal venturers.
-Interest-only first 5 years
-Debt service reserve for four
months @ 11 % rate
-MBIA insurance
-Interest rate insurance
-Decoma minority equity inves-
tors provide liquidity support
for their portion of requirement
(See Minority Investment Pro-
gram)
-Although the following sources
may not be available, Decoma
will aggressively pursue all as a
possible component of the $9
million Decoma investment:
85-616
r __
P���rati:attr9n '�a�hfiigc�es
Grants
Additlofial POtt"Uhl
' Capital Funding
rims Decoma Venture will aggres$lvelyr .
pursue the following alternate
sources to reduce the reliance On
CDT revenues:
F
UDAG
' Tax Increment Financing
State of Florida Grants
Foundation Grants or
F Subordinated Loans
R
W>F
����
to • i sp
nss y� .. r Y x2 +`t5 -�
�. rSY�
"9a �'i5-
y-ty 1'riS'K 1�
�r a�72 e'�
„
�s Alrfia}'�'I.yd,°'1
t .� fj
tFt,.��'.�
"7 �'gsN �4+yiY.r MINE
>t,����A' 'iy-'r 4.1�'Y .�a.
e"4s''�"
L
-
�y
yc�
e:.
e ;
0
A
BISCAyN�t CENTER EXHIBITION
CENTER PHASE II
X)iii3iti(Itft a�et�tef:
A first class exhibition center, with
foot rectangular
=
a 200,000 square
exhibition floor at ground level.
Ownership -.City
of hiiami/VSEA� The
a Decoma
City will
Venture
contract with
affiliate (via long term
service
agreement.) to manage, operate
and
the
assist in the marketing
of
Biscayne Centrum Exhibition
Center.
$(000)
Estimated DevelOmeht
Land Acquisition
;4, 0
Cost:
Site Costs (deer)
7 ,500
Arch & Engr
,400
1 0 00
41,
Construction Costs
Furnish., Fixt. , Equip.
3,500
Insurance 6 Legal
,
14,800
300
Financing Costs
00
PAR Marketing
4,000
Gen S Admin
Total Project Cost
11QQj000
Financing Strategy: Utilize all CDT revenues not
required for the arena (collections to
date, plus a bond backed by
mental annual revenues above amount
pledged to arena) , a
street bond, an Adjustable Rate
Demand Note (backed by additional
CDT collections and various city
revenue sources to be determined by
negotiations among the City, SEby
and Decoma) , supplemented
non-Decoma private grants and
subordinated loans arranged jointly
by the City and Decoma. The
details of this strategy are subject
to definitive documentation to be
accomplished in the near future.
Capital Funding public
Sources: Z'6TReceipts $ 14,361
CDT Bond B 6,780
Adjustable Rate Demand Note 67,859 000
Sewer 6 Street Bonds
F• •
4 ✓t � � Y `5.4" µ .^>' 'L, t 2i' .C.t -..
.t Y{`�
}L �
�':
6
._
Terms.
i rlyate (non-Decoma.)
3,000
rpn. Urants
Social Impact Subord. Loan
36000
Total Capital Sources
;100,000
A. City of Kliami/MSEA Convention
Development Tax Bond B
-$6,780,000 30-year
bonds
(ARDN's)
-Issued early 1988, by
the City
y
or MSEA
-Backed by senior lien
on CDT
annual revenues in excess of
debt
amount required for arena
service
-Additional terms
identified
above in CDT Bond A
13. Convention ueveiopmuia a^
Receipts
-$14,361 ,000 cash from CDT bal-
ance
-Funded late 1989
C. Adjustable Rate Demand Notes
(ARDN's)
-$67,859,000 30-year adjustable
rate demand bonds the City
-Issued early 1988, by y
-Smaller than original (November
9, 19e4) financing plan by
virtue of building the arena
first which allows net cash flow
from the arena and more CDT
fund earnings to be allocated to
the exhibition center revenues
-Backed by (l)
CDT remaining after debt service for
CDT Bond A, CDT Bond 13,
and
(2) limited, declining use of
various city revenue sources to
be determined by negotiation
among the City, which will be
more than offset by a signifi-
cant increase in municipal tax
revenues resulting from....._
857.616
z K '=r*"� 5k...�e^�+�," ; •s z a><'• t", ^` -a � . _,. a�a ,, � .r ^ k , -cr N.., � - �a. . #'� V-1 :3 '.' ,). 7 r ,x= i' r
t
eee/m26
expenditures by the convention
delegates (the multiplier ef-
fect) .
-Additional terms identified
above in CDT Bond A
D. Street, Water and Sewer Bond
;5,000,000, 3O-year ARDN
1988, by
bond, issued early
City of Miami
-Used only for municipal
infrastructure improvements
-Already authorized by City of
Miami, pending approval of City
Commission
-Additional terms identified
above in CDT Bond A
E. Corporate and Foundation
Grants
-;3,000,000 (non-Decoma) private
grant, based upon community
redevelopment concerns; City and
ranged jointly by
Decoma
F. Social Impact Subordinated Loan
;3,000,000 consolidated
(non-Decoma) subordinated loan
from consortium of major insur-
ance companies
-10% interest rate, interest
payments only in years 1-10 City
-arranged jointly by t
and Decoma
85-616
B,r_;€' c TRIM
S �
a -y
Y i �
yf
tr
4 �
4 $E
a
`h 7
ItKnp• CNtree ttailillle Clete►
Irolniearl 1f/erataal /rn-reru
IIWO
1g11 1/1►
IM1
fill
IITt
IM7
IM4
IM! «IM1
-
19"
IMI' »/M1�
Igq Ig1l loaf
KIENKS
........
2.221
2.111
1,3I1
1,141
4,]1I
I,SM
1,12g
3,I0
3.321
5,7
N.lat
Coal .1 Services bl
ISItI
I411
I1111
11111
11,140,
I1,z131
11,2N1
1,121
11,)2t1
I,il4
I1,3971
1,171
II,I?
►,I"
RRIIrIIEtfT1• W
Hiles got
Ce.cetOlee 1•dtl
lal
pU
40
1,12s
41
1.271
54
1.472
61
1,341
is
!•
11
Load ntlaltltlN'
Casettes 11e11
»«------------
--------
---4
- -------
19,2Se
19,)11
l3,ih
la,llI
site LesnldrlH
��• ......,• �• 11 II
I2.443
13,171
$3,111
tA,It1
111
11,Ti1
.14
9],AH
title 1 r+l
Ctatlrwtuee Calls
4r,11N
Total
M
1.50
[IKK[I
1,411
1'4A1
1
1 na
1
1
1
2 171
2 142
2
t•uraptr 1 to 1
M
►I+latlal Cots
F.Im
11.
WW
--- CNNd 1 MaiaHtralles
233
363
iTs
3,:44
aMjl
7,244
134
3,211
4,13e
4.11,
4.314
Ile 1larltlul
elan
M
atpair I 141aleNace
2, 41
1.411
2,111
3,142
243
212
2a4
254
24A
212
I14
Go* t
Yul6tleel[Nlracl
lretllleaMwertisi•l
]11
253
135
.61
.91
201
271
ltl
321
341
--
---
----•---3..
Total protect test
/tN,IN
Itaer Ilalera.cel
»« .11
�
114, 4
1/4113/1 1#311311
111,11.1
--------
11611501
t "'?1
111.3631
111113/1
Illllsll
119
113/1
Total
11 /1 11
;
CN1111"cg
N N
Is....
........1
...I
........1 ...2
...1
.......
11[IATIK Nall I1es11
II N N
...... ....1I11
wo•m e.••aoa a»r•o • • ........T ........ ...
S01tt--
CalITAL----
INae riee.cins Caerpe
ewama. ..eaa..a ....ww . aeaeaatr
----"oils-
__--_«._.«�
FINANCING CI NOUS
SNreet.
---------------
Mile ----- ---
4,T71
4,T71
4,TS1
1,41
4,411
7, 123
SI2
7,123
Sat
mn
3,123
511
S,I23
r.atle
--
11;1!!►
Mr late logged Mtn
41S
ITS
413
331
4/!
fl1
4t3
331
42t
42t
�
42t
4M
N! title /ewes Vale
C11
C1/ IN/ 1 at ll
sewistreet leads
331
jeMflll/tf/ leads
S�aN11
Prnale
3841
SN
3"
3"
3"
]II
toy Ca91181lnedlef
1411361
311
Sot
3es
3"
social low%
»__«»
Private
/2 � �� N
In,•nl
Ill,pll
117,In1
117,In1
11l,Ini
111.1341
H1,1741
111,1341
111,1341
IST,1341
-------
Total illaotla• CIap1
N
II/,M3►
III,ItII
II1,1311
111,2121
Ilt,igl
III,IN/
IIl,dlgl
Ilg,itll
Social Igats Set t INIe m
1[cltlt FluMUS MEN t�
N N N /1 /1
111,g2l1
Ili,glgl
«I
1es;IN1
but
FINKI1t SWCEs
---------------
,
•
• 3:411
1,731
1,/12
/,11/
to
/,N/
871
1,271
3,913
Completion •/Nldraesl lag •
•
•
•
• 4112
4,114
3,p1
4'tp
3,146
Cltl 1eeeM Sw►tes •
•
m
ITS
to
2T7
ITS
:T7
21!
:17
ITS
:»
r.d EanUp--------
•-------
/,/11
« 1,1I1
/,112
« 1.T7
l.tN
•,11t
t,T2S
Total Salem •
`
•
•
11 II
N
N
N
/I
/1
/1
/1
f1
11
v
KI r11Mht sslrl•SIIErigll 11
/1
N
N
m
tweet$
alle/da.te
Est let►aeNtal Us Mann I/INI
11"3 dellaral
11< i7S Id1 IN Ili Ili Ili NS 193 1"
too yf,.11d {N.049
.1N111 123,711 n27 111 9.111 U21,211 N21,241 N221.2 N Im •i1,IN1 s2221,2es I21-M
' .#.. p�� , ;
Van!
land acpllitile (
124�IN1
r,lMl
site cnllldw,
Arta I tag
4W
teatlrettlln COIN
0.10
Tit
St7m
faNrnate I ttpl
I./M
rlanatlal Clapp
14;IMMw
pit erituq
SW
tee I addle
I,
Total rreaetl tell /IN;IIP
t
i?. '2 - ..,-..•..J..v.nr..w+.�-..roe. _-f.,.....-s-r,..-_ •
..'.@'� .mot �''t-� .,,�n.. t�::. Y .�h�.t ...�. _... ..._..-+. ...� .:... ,,y..r..a.l.- .. .: i...:u..a....r:.-.-.... u......_.-...-....._.-.:..•..,c'.�.r.++.• w.+•,u.• _..-...._
toop$#% IM3,1111 lM prpntloo
pigs
llstap0 CNtrve Aregs
Prell•iear 11truU0 pro-Teroi
I1'sl
lIM 19N N90 iHi IH! iM3 iM4 MIS1991 119T IMF' 1111t
----
11./S7
12.411
12,KWKS )e3
12.17a
1
1
Jew
1)►l
i
1
t 141
,Iq
2"181
T44
I oil
1,1))
1•tt7
1. q94
52/
)q
a/2
t1i
138
oil
1]l
191
Catesslgs1lMl
220
293
315
)N
399
too
135
1)9
79I
Ill
Prlrate
/q
573
729
]U
315
a25
ISI
6e9
------
- - --
------
- ......
ims
At•nllalq
e21
IH
------
--
- -
ta,A14
17,2e]
11,SU
91,941
U,3
Otuer -
/t
« ««----
^�N q,131
f1,e11
q,111
a),)va
e],924
ta,222
tl,]73
Ttsal 11
tmRtS
t2,421
t2,121
7.
t2,2.'
t2,171
t2,133
t2,7T9
517
t2,tA7
54e
A2,IK
)e2
-----
Crewel I A1elela&rdtlw
II,S21
17)
11.3e3
91 3S4
11,11e
tat
QI
4r2
#41
1,1t2
lit
1 tlq
7 2
1.5ii
1.37%
T,15)
1,131
Nl
bplr 1lYstseNNe
I93
e4e
92l
1,u9
tlq
1,213
141
i,297
i55
112
itt
t19
179
114
i9a
t41
1N
Ou1tNts
11)
12f
121
9S
Its
le]
111
I1,
ennlu•taOtorU\Iq
11
91
I
1
1]4
143
lostraaca
hd Euau iue0
1
I
111
219
12]
111
131
- ---
-qe9z.1.1.5.21•►
-
........
-----toe_d-
other-
113191J
4241
m1....
1p.7N1
114.1411
114,ZUI
194,4101
194.6111
if,
Ltd is
iI�I
V.
11,31
$1.114
41:I1
12.023
12.
2,:/
...
1�219
we...•].K.
ww1Z.w.Inw
e1
11 InS
11,111
.
T...
.........
(lNal nun•e
MIo[hIrAla 1IeCl\
•wvrwr wee.....
w............
......................
uPIaOtfl1q1
C4r10
e(aeKiK CIMdi[S
3.011
3,111
3.611
3.116
3,IN
3.A"
3•
lIf
Colead A a1 1 II
3,111
In1!1
INIS1
IN
t11
:H
ISI
ISI
IN
$sat% 11 Cretsd lags
Private
M
M
M
331
7N
»z
359
33312
3M
DSe
i--
3!t
ease In•nae
M
UI
630
134
IN
639
--«I12
----
Ntna lot
^'1,111
«I,IN MI,IN
----- -
-------
I,IN
--- ----------
1,912
1,112
--
1,112
--3,01
5,112
D.
3.112
3,Ii2
I,1N
Total IlwatUt Ctary11
►INdCiK S1IACES
311
1„
t92
441
62]
497
T29
let
J44
tqa
lid
141
eM
lea
7I1
1M
of
lM
___-----
dt1's Sucre of Mt 1Pef late"
141
IN
141
IM
1
149
t
141
a
t
1
q
1
1
I
feat Corclap
Ar1aa licit& Shce1 1114,
1
I
i
1
!
1
1
3,1g4
],T)1
1• it!
D,NI
Arran Gacenial tuts
tell totals logs
I
:,NI
I
1,131
t, 41!
,,
2 431
3.3n T72
3,311
172
7,273
T72
1T2
772
1T
q
112
1
Or a
Partin of ED,
131
f31
I71
I
4l1
434
/
t
I
1
s
1
e
4
t
IiI Vetere 901 Sarvld
I
I
/
t
►
4
- -•-
•-------
--------
ticket Sarcdares Nocaodl
1
I
--------
--------
---� 9l2
-"--"'-
].
],412
).tt2
Coll de•nn Seerces
�-----
--^---
--
4 144
4,1a2
4.942
Total r/ssKtal swtN •tee ha•••
n,..a,M am.■......
...........
....
tSd
134
t]1
1)4
114
134
1,3N,11/
134
i,3N,11/
112
ISD I SI
f,lN,111
ISI
1,SN,110
I,SN,111
I,S91,011 I,SN,111
I,SN,1/0
1,I11
,5/1,111
I,SN134
toastsI,IIi,IN
1,317,010
"It"Aste
1110
KMIPI WHO
toes 4lefllslogp
Site Cntsl/Nrl,
Mcd 1 too
Ce•1lretelee Ctste
Fri
1e10r49ce glop,
fleaeclal Caste'
ell 1110,101 Sol
Get I AdMI
total er\ja0 tool'
er/1
MOO
V
311110
3W.3W
t 11/
t,2S11
3.1i11
INI,Nr1
V
CAPITAi T11gt1� Slylty
Seereea
MttF
tt> bw AS 4lkW6
CW'. tAPtet r"Nlg 1 900
Nes
UN Acpt4atlow
Site C91111dte►t
Mc. 1 to*
C..stratlin CNV
T11
lasveue 1 told,
li•secial East*
et1 /arletsal
CAPS 1 Nae
Total Project Case
$%"a
41
P.IM
3D,71!
1^,1111
1,251►
i7,1S11
3LIW
sAI
� I C. � I I- I I��i�•
ri 9F r
�` },y
t
'^*r w
'Y ',fa^L�!
5'"rs. *c
q,;n .ngN i.� •Myy�,'S��ay,_ x,.;x
y�_
i
r� v.. al
9
1 ,
fit �',V. +
n.0 i... .. --
'
.,.. _ :'.. t�'g Sr: :.
i ..i.r i ��i.i�? I �.'. � T ��rt . :.;"
_ _ ... ....__� ........>.._.. .....
_
��.�:_... � ' -
-
i tY��: dYti�i
_•,_:,.:._a
Y..16i%...,
i.rnr.....t—.v+e.>�C.,.r...._..,.For.se'.+.J.v�....r.+�.•.ra.r..+.__v...__-i+.
cl. .lam ,sr.rr. .x._
�i4.._ ......cMu �c.0 .. _. _
• ..-......
..
.. _ -
..
M3f
tool►tlht IMI.lM1 III trwatl•I
Mao &
�y
MII lsar~$wa stes •re4sm
s
Im lost IM1
Im
1111 I11/
Im lMl 1 1/1
Im
lM1
Its MY
If11f1
►•••1
a
------- -------- ------
0•rr1Na«t ra.
'
.' ..
--------------------------�
/r•nslq f4laser - ul ►NI
3.40 1,us I,SM
4,•I3 3,131
1,613 11.163
3.3 3 3.614
• • •
3.941 6.215 6.331
•
•,Ih
•
1,221
• / /
1.391 1.914 9.31/
i
/,111
Ir
r,ZIN
[asmuss lath Collected•,111
1/1 311
146 1.156
• • •
•
•
• • •
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t
hI3 fib FINANCIAL PROJECTIONS
` laps resented herein for Phase A and are predicate
The financing p p
on several assumptions of a technical nature which may help illuminate
the more salient aspects, as follows:
ns
j. Our Convention [Development m aCitColend o MSEAu sourroces are
based on data obtained from Y
derived from the April 1985 CUT collections and a six year
cis of the month of April vis-a-vis the area's
historical an aly_ that the City of hfiami's share of
annual Hotel occupancy ,
1985's projected CDT collection should be between minimum
illion, witt
of $4.7 million and a maximum of $5.7 mh a meato
n
approximation of S5.2 million. ��o eclect (54,�660v000)el with
use the minimum figure in our pr ) Use of the mean of
interest Farr e� d on the CDT fund at 9£..
$5,2 million has a dramatic positive effect on the financing.
(See Exhibit. 2, Section
2, The $1.6 million predevelopmens ads' integral part ofnce from theltouro No
Deeoma Venture, structured a
vember 9, 1984 proposal to
985the Aand included C1986, althoughnot
cash flow analysis for y
explicitly detailed. Givena;libonadCtwhetrnhmidi• would
be refunded to the City
flour impact is minimal.
} cneral and administrative expenses of the
3. Included in the g opera -
arena and exhibitio and ncharges whicher are DmwillVbet an integral
tion/management fe
rnen
part of the service mthe MSEAt and contract
tCt y of Miami Dn he
Venture affiliate and In each facility the management
I. case of exhibition center) .
fee is structured as follows:
7
� a, $200,000 per year base fee with an annual CPI
increase (5% per year assumed) .
,. rocs revenues over $1.5 million per
b. Plus t Oc of 9
year.
The abo
ve management compensation structureis for within
he
norms of such service management agreements
facilities across the country.
pro forma , included in the "other" expenses item
4. In the arena p er year to a capital improvement
are allocations of $50,000 p Y fifth year. Such re -
reserve fund with $1for t 0 in every
he adequate capital replacement and
serves are necessary =?
major repairs for the arena. The exhibition center pro forma
i
Ji
55-616
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t t'7+x _
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tt's:,
e .�r. }S..
_ �•`1` : S, '�` il5< „y.�„ {„� tom`§ .F "'k L �`'f ?gyp. 4, Cy{yi k:: t# ° ��� 'r �' �h"1 '�F � ..'.2
Y
3 Y
�s: r•S ,,.F'n��r a ..;rt `�� ti �z;�q x3'T L l.?„4 � �`"' , t� t -,ka � 'S"r r� ^r d$ " ?. 'F
g7zX 4 a a 1 �k k t + Y l �'_
c 'sk, t^"- s' ,t �;`��e,(5, •+3nY T''v R� )`i .ztdz '.,r f i a 1*., F,:,, .,. Y �, Wiz' t.
� :Z: � , �,,��,�, �;� 'Jr
�,.r '.
h
addresses this same issue by
virtue of the $150,too/year
Contingency.
+ regards to fineing sources ahown for both the exhibl-
With ntditional obser-
we have the following ad
lion center and arena, ,
vations:
Arena
a, potential for City of Miami
Although we indicate the sales
arena le'ckfnancing taxes ansources� weCeha assion assumedsuch
possib Certainly, We
sources are in at this point ossible allocation
wish to pursue with the City of Miami p
Of any such taxes to augment d both
tht thehe Gityna and exhibi-
tion center tinancinq provide
lan, Decoma Ven-
b, As an integral part of this businshe ) what is known
lure will institute (with the City'!;_ Por
in many public arenas as 8,
ticket surcharge, seat tax to
other such ancillary
reserved on each ticke
e'fundf'to recoup equity tin-
ereate an operatingthe Private sector in such ventures. For
vestments by per ticket (or seat) charge may be
example, a i0.50 p ears (or indefinitely)
Instituted for a given number of years.
source for the
create a return of equity cap'
to help private investment in the
a Decoma Venture's $9 million repaymentP i source for any
arena, and secondarily, a the
UDAG funds. Cer' Dint where the Decoma Venturre's
bursement reach a p excess funds
equity recoupment had been achieved, any Miami and the
could be allocated pro rata to the City net
Decoma Venture in ati c ordmase attached with their
1assumee no fsuch
cash flow. The p
charge, for clarity.
h Biscayne Centrum Arena
The revenue projections for t e point -- an NBA fran-
c' is a critical p 1986
- and this
assume - agreement with the arena during the
lease exhiei-
ehise
se future,and
one likely
season. Although a bel efor both
tion center are imp pursue the exhibition center
to p for
outgrowth of an election
loss of NBA franchise revenues
j
first would be the
several years.
Exhibition Center
outlined for the exhibition
i
a. The private capital sources
be secureCftogeDtherrmto al earrtange and
center are to
and the Y orking
>' =
Decoma
orchestrate any such fundings.
85-616
k�azi`8
&,� as N`.as "'`u'-rx''•`,�
i2' �
�rh't ,ucfj,
1+fi d� � f{,�� s�'1 f j.•'kpI.SA�, ''�`�'# �:�'64,,15"irtj��L.�i'h
dF
f
ty revenue sources to support the Adjustable 1kate Demand
t;tte on the Exhibition Center right intlude any of the fbllbvwo
Ing i sortie of which are already in existence:
CDT available after debt service on CDT Bonds A
and B.
Franchise Tax
- Utility Tax
Half -Cent Sales Tax
- Intrastate Telephone Call Surcharge
• Vehicle Registration Tax
Food and Beverage Tax
The use of these oe 't teecosources would
subject to negotiationcity
revenue
Venture the
City of Miami.
Convention Development. Tax. ending balance in 1486 and be
the
used as directed by tt��SEf�, the City Manager,
City Ccmmis" of land Lfinance
for the texhibutionacenQerion contract on
select parcels
$. Inflation is assumed to be 5� per year. Revenues from both
facilities increase at 61, per year through the fifth year of
operation, then at 5% per year thereafter, du�f1egcting
management's ability to increase rental fees, etc.,
first few years as demand for the facilities increases.
hh /m26
85-616
.L MiN6R1TY INVESTMENT PROCRAM
As %tipulated in Section 7 of the Decoma Venture's November 9, 1984
proposal to the Miami Sports and Exhibition
Authority, the Venture
the Biscayne
proposes to arrange for an investment opporty
Centrum Arena for a group of Miami minority investors contingent upon
the final financing strategy selected by the City of Miami. Current
negotiations with the N',SEA and the City have further refined our
November 9, 1984 proposal to incorporate Decoma Venture's private
capital/equity investment in the arena in the form of$9million
industrial development bond (tax exempt financing supported
and
underwritten by the Decoma Venture principals). The structuring of
both Decoma's equity and the minority equity investment .6,ill be further
refined (according to IDB regulations, bond counsel, investment banker
and other legal input) , but will be generally in accordance with the
following:
1. The principals of Decoma Venture -- Barker Interests Limited,
Linbeck Construction Corporation, Houston Sports Association and
Affiliates -- will form a limited partnership with the minority
investor group, to be called Biscayne Centrum Limited. This
partnership shall be structured as follows: % Ownership
General and Managing 85%
Partner: Decoma Venture
Limited Partners: Miami minority equity 15%
investment group
2. Biscayne Centrum Limited will then arrange, and the general
partners secure, the $9 million industrial development bond with
the City of Miami and capital market professionals. To induce the
general partners of the Biscayne Centrum Limited to underwrite
the risk associatecJ with the $9 million IGB, the minority investment
group must infuse risk capital into Biscayne Centrum Limited.
3. The anticipated 15% ownership allocation of the Limited Partner
group shall be as follows:
Black Investment Group (50$) Hispanic Investment Group (50%)
Bob Simms 2.0% Alberto C. Cardenas 2.75%
bede named by tw
(toto b6/13) 3.5% (to be named by 6/13) 2.00%
Total Ownership 7.5% Total Ownership 7.5%
85--616
E
mi a
ip
n
contribution
Eq 1ty nvest�ent required: Each 1% of limited partner ownershof
require a
in Blstayne Centrum limited al �I cn butions slhall by the
All such capit iDmByab
3,3�3.00.
partnership to assist in the arrancemeapital contributions nt of the Decoma
7
any letters of credit required
structured as follows:
initial cash payment, due on the dateconstruction
-
a. cosisa
begins to help defray predevelopm
b. second cash payment at project AIA Substantial Com-
shall
pletion. Dec.oma Venture, if Capitalstoythe partnershi, p,
rove_ to
this portion of the note by the
prom
seCL-red by an interest bearing p any
investor to the Venture. promissory
shallcl�t�at
accrued interest thereon
al priority distribution of 75% of net cash flow
an annu
accruing to the in
t b s DecomaownerslifVentures isu 100$s reh
time as the advanceY
souped. The remain�gst % OfAfter111010ow $ recou pmentbe dof
rectly paid to - the would
interestnetby DecOmah
flow prohratanvestor
principal ana
begin receiving 100�
Due to the uncertainty with regardsnancto infuture taxla ons
financing for the Arena, the
and the final approval of public
capital contribution will be subject to
mechanics for the proposed
definitive documentation.
5. The investment return profile for the minority equity investment
sub et
groupshall be structured as follows,
final financial program at Proved, by the Cty
bond counsel arid the
of Miami.
15$ pro rata distribution (net of financing charges;
equity financings, if any; and Deco-
`
ecou ment of additional :Net
r P
Venture affiliate rnanagement f enefits f f , net
ma applicablei,
distributable cash flow, tax b
sale/refinancing p roceeds if applicable.
}
general partner of Biscayne Centrum
The objective of the managing 9 opportunity with the Inherent
investment opP y
Limited is to create an equity ortunities cur -
associat lar
is unlikely, the
i
talwmarketsith
risks and rewards Althoughvestmentit
rently offered in the cap roup
'
npartners
right todecls�
Decoma Venture reserves the general
objectives or the n oflthe
should final financing
dictate such action.
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Barton-Aschman AssociatOsr Inc.
-jgt1 West Busch Boulevard, Suite 1010 Tampa. FIbrift M61
transportation Iq3acts cn Miami Central Business Cistgtft
Bid Oentrum marts Dkhibiticn Oenter
61
�• submitted for the Biscayne
As evidenced in the develoFrent proposal Centrum Sports and Dxhibition Center, these facilities are not peak hour
traffic generators. The Sports center il�lbe lgrequentedtravel
by hotel guests
weekends and the exhibition Cent
already in the CBD area. Thus, these facilities will not overburden roads
during weekday rush hours.
2.
The Sports Center will drfroit attendance havelthe greatestth limpact on
on a relatively frequent basis.
regional transportation facilities, while Miami he exhibisiotheetwonte facilities
will draw
from hotels already in the Central
will attract visitors in a different manner compared to each other.
3. its Center of 150 typical
A conservative attendanestimate for
are not sold out!)•
annual events at 10,000 spectators
would produce the following travel results:
1,500 Non-CBD transit riders
500 CSD transit riders 2,860 Autos (2.8 riders per car)
fares
The non-CBD transit rider would roduce nearl at �e Ost �nonadditional�Metro-
for Metrotransit depending on parking policy
transit will operate evening and weekend hours this gain will not cost
additional out lay to the county.
er
CAD transit users tem to
and some auto travllers willikewlse notuse ~ catuseoanvincrease in
the Sports Center. This group wi during
add about $150,000 in Metromover ravl 0
operations cost, but will .25 fare, 00 autos
non -peak use periods given the proposed and assuming
park at points around the CBD and use Metromover to get to the Sports
Center.
Revenues to Metro Transit from the Exhibitionve n er will
ablybe
i cr an at
but since the number of attendees is � ear, its impact will not be as
the Sports Center over the course of they primarily
beas
great in terms of revenues. Perhaps $ the 0>�hibition Qenter0 in fare enue,
on the Metromover will be generated by
0
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46
Jkt this year's Miami Grand Prix e t iof t2 8 20 3.0 f persons Per attendees used
Metro transit, and had an auto occupancy ra
thus, showing the validity of these assumptions, based both national
local exper fence.
S. ical evening► parking for the Sports Center
As can be seen, on a typical 50,0I
would require about 2,860 spaces, c�err�nd �$� be easily accommodated. the
parking spaces, this auto Parking unattended at night, especially ir►
fact many Private lots are free a�
vicinity of the Sports Center state.
Several observations emerge from this situation. parking during
A. Parkers will use.free facilities and not pay for p enhanced by the
most Sports Center events- alm st all paris will king in the CBD very
Metrotransit system making ical Sports Center
convenient to use while attending a typ
function.
B. Parking lots with charges will be by-passed in favor of free lots,
due to low
since so many private lots aze now free in the evening parking
demand. It is unlikely that a Sports Center oriented
facility will pay for itself until a large enough volume of
evening packers is generated.
parking facility must have a Tong
C. in ordeigh
r to be successful, a new Pa peak period day
level of parking turn -over Oznear the Sporng Center can only be
packers. h parking facility resent.
justified if this constant level of demand is P and
vicinity of the Sports
D. Several additional developments into help justify a new parking
Exhibition Center are necessary ments
facility in the area at this immediate time. These develop
would be:
.. Expansion of the State 9pVernment off ice complex ee parking or the elimination ation
and t"w
elimination of discounted employee
of the surface parking lots.
omplex
Expansion of the Miami -Dade Nlots oand dincreasing College ce ening
eliminating some private pa n9
enrollment.
The completion of imuse's Bays
ide complex increasing evening
85-616
.m
and weekend parking demand Iluffielent to pay► for a parking
facilityb
61 Until the conditions outlined in 5-D above are met, a new parking
Structure is not economically viable just to serve Biscayne Centrum. Ibis
Situation will also augment use of the Metromover system - as well as
Metrorail - until free evening parking is eliminated or restricted; or,
enough new developments in the area come into being to use a new parking
facility.
A recent New Mork Times article described the vastness of Niami`s empty
downtown parking lots at night. While the Biscayne Centrum will draw many
people to the CBD at night, by itself, it will not overburden the parking
supply to justify a special parking facility until even more downtown
attractions are developed. Thus, it would be premature to develo2 a new
parking facility in the area at this tivre and would be detrimental to Metro -
transit off-peak use until subsequent develonrnents justifying parking are
mmnlpted in the Miami CBD.
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