HomeMy WebLinkAboutR-85-06394-as-'lo
6114,18S
RESOLUT 101t NO..__
A RESOLAITION ACCEPTING THE RECOMMENDATION OF
THE CITY MANAGER FOR THE SELECTION OF DECOMA
VENTURE AS DEVELOPER FOR THE DEVELOPMENT OF
PARCEL 44 WITHIN THE SOUTHEAST OVERTOWN/PARK
WEST REDEVELOPMENT PROJECT PHASE I; AUTHOR-
IZING AND DIRECTING THE CITY MANAGER AND CITY
ATTORNEY TO NEGOTIATE A CONTRACT WITH THE
PROPOSER ACCORDING TO THE APPROVED BUSINESS
PLAN; AND FURTHER DIRECTING THE CITY MANAGER
TO PRESENT THE NEGOTIATED CONTRACT TO THE
CITY COMMISSION AS SOON AS PRACTICABLE FOR
CONSIDERATION AND APPROVAL BY THE CITY
COMMISSION PRIOR TO THE EXECUTION THEREOF.
WHEREAS, the City Commission by Resolution No. 82-755
approved in principle the Southeast Overtown/Park West Redevel-
opment Plan; and
WHEREAS, by Resolution No. 84-893 the City Commission
authorized the City Manager to issue a Request for Unified
Development Project Proposals for the Southeast Overtown/Park
West Redevelopment Project Phase I; and
WHEREAS, the City Commission selected Touche Ross & Co. as
the certified public accounting firm and appointed members of a
review committee; and
WHEREAS, the request for proposals for the unified develop-
ment project contained specific evaluation criteria to be used by
the certified public accounting firm and the review committee;
and
WHEREAS, proposals for the development of Parcel 44 were
submitted by Decoma Venture and Circa/ Barnes s/sawyer in response
to the request for proposals on December 14, 1984, the published
date for receipt of proposals; and
WHEREAS, the certified public accounting firm developed a
model, to evaluate the viability of the development teams and
CITY COMMISSION
MEETING OF
JUN 13 1985
10N a'). 8-
s
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their ability to maintain prices at proposed leviels, the viabil-
ity of the proposed financing strategies, the viability of the
Pv
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proposed projects# and this short and long range economic and
fiscal return to the City and rendered its written report to the
City Manager; and
WHEREAS, the review committee received the presentations of
the proposers and, after extensive analysis and discussion of the
proposals, rendered a written report to the City Manager cones
+Y.
taining an evaluation of each proposal based on the specific
evaluation criteria included in the request for proposals; and
WHEREAS, the review committee adjudged Circa/ 8arness/ Sawyer
and Decoma Venture development teams as qualified developers for
Parcel 44; and
WHEREAS, the Miami City Commission by Ordinance No. 9662
t!
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established a Miami Sports and Exhibition Authority; and
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WHEREAS, the Miami Sports and Exhibition Authority has set-
*`
ected the Decoma Venture as the developer of a Convention/
Coliseum/Exhibition Center or the maximum components thereof; and
WHEREAS, the Decoma Venture proposal entails the utilization
of Parcel 44 for the development of a component of the before -
mentioned facility; and
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WHEREAS, the development of a Convention/Coliseum/Exhibition
'4
Hall or maximum components thereof will have a major beneficial
impact on the Southeast Overtown/Park West Project and the over
all revitalization program for downtown Miami; and
WHEREAS, the City Manager, taking into consideration the
findings of the certified public accounting firm and the evalua-
tions of the Selection Review Committee, recommends the accep-
tance of the proposal from Decoma Venture for the development of
Parcel 44; and
WHEREAS, on April 11, 1985, the City Commission accepted the
_
recommendation of the City Manager for the selection of Bevel..
opers for parcels 24, 25, 36, 45, 46, 55, and 56 (Resolution
-
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No. 85-303), and an May 9, loss# selected the developer for
s
s
Parcel 37 (Resolution No. 85-478)1
NOW, THEREPOM SE IT SOLV= 13Y THE COMMISSION OF THE CITY
OF MIAMIr FLORIDAs
Section 1. The recommendation of the City Manager is
Alaccepted
and Decom Venture is selected to develop parcel 44 in
r
the Southeast Overtown/Park West Redevelopment Project Area
l4
Phase I.
Section 2. The City Manager and the City Attorney are
hereby authorized and directed to negotiate a contract with the
aforementioned development team for the development of a Conven-
tion/Coliseum/Exhibition Center or the maximum components thereof
according to the approved business plan attached.
Section 3. The City Manager is further directed to pre-
sent the negotiated contract to the City Commission as soon as
practicable for consideration and approval by the City Commission
prior to execution thereof.
PASSED AND ADOPTED this 3th day of June , 1985.
ATTEST:
l 000
RALPH G. ONGIE
CITY CLERK
PREPARED AND APPROVED BY:
Lv
ROBERT N. 9ECHEN
ASSISTANT CITY ATTORNEY
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T A S L F. OF Co 14 T 9 N` S
SECTION
TOPIC
1.
Business Plan Summary
l ackground and Overview
111,
Exhibits
IV,
Financing Plan
bFinancing Plan
OOomputer Projections
°Notes to Financing Plan
V.
Minority Investment Program
VI.
Public Transit/Parking Issues
hhh/m26
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tilIStNtitS ELAN SUMMA%y
The Deeema Venture is pleased to present its business plah to the
MSP.A and City of Miami for the implementation of the Eiseayne Centrulffl
Sports Arena and Exhibition Center.
The following business plan for the creation of the Biscayne Centrum
n has been developed by the becoma 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
The development schedule would be
Center portion second.
as follows:
y='
Start Begin
Construction Operation
Arena 1986 1988*
Exhibition Center 1988** 1990
*Arena suitable for beneficial occupancy at end of 1987.
~
**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
the reality of
demonstrating to the exhibition industry
the exhibition center.
The primary rationale for building the project in phases is to
to the City of Miami and facili-
reduce the financial exposure
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
the MSEA and the City that
concluded with the assistance of
the development plan shown above is the most feasible.
The benefits of this development plan are:
85.639
a
a
1=jt�ae�clal �@�e'l�it� 3
Elie City enjoys early infusion of private capital from the
lever -
becama Venture into the arena to create positive
Age.
b The City enjoys Its share of net cash flow from the
these proceeds to assist iii the
arena earlier and can use
financing of the exhibition center (which has no project=
ed positive net cash flow) .
c. Because the arena may not deplete the Convention bevel
the tax
i
opment Tax as the exhibition center would,
accumulates and earns interest, creating more money to
be used toward the exhibition center than would be
available if it were built immediately.
d. The City does not have to issue a bond of any kind for
do if the exhibition
the first phase, as it would have to
center were built first.
e, The City's total financial contributions and exposure are
than the exhi-
minimized by building the arena rather
bition center first. For example, the City reduces the
projected use of its revenue sources.
See Exhibit I in Section III for a graphic depiction of the
financial benefit of starting the arena first.
Non -Financial Benefits:
w
f. Land assembly is facilitated. The land under the arena
land under the exhibition
has far fewer owners than the
center and is generally much less developed.
9 . The City keeps alive the potential for a professional
basketball team. The current potential NBA expansion
be
franchise will be granted if any only if the arena can
ready by the 1988 NBA season. This also has a
NBA
financial impact, because the early signing of an
franchise would significantly enhance the arena's success
the
—
and thereby produces incremental cash flow to
exhibition center which otherwise would not occur.
for NBA franchise
Miami may not have another chance an
for several years.
h. The schedule fits the requirements of the booking agents
,3
for such facilities. It would be difficult to book events
if the
at the exhibition center prior to 1990, even
facility were ready earlier, because major convention
book their events four to five years
_
center users often
in advance. Arena events, on the other hand, can be
85-6349
Kok Y 4 '�� :.. "s >. -r r ♦ 'r T: e . i k 5�;3}+
tM' 11,etJ On fdUktiVely short notice" 'By opening in
the dx1ilbitio-11 tenter can be marketed more §UttetsfullY
to the City Will hot suffer the financial burden Of am
e,Mpty facility, Note that the tnatketing of the exhibition
teliter Can begin before start of construction by virtue
of the initial purchase /optioning of select parcels of
exhibition center land prior to that time for the purpose
of demonstrating the reality of the project,
J. Metro Transit usage will be maximized. The arena, built
first, will create considerably greater incremental use of
the Metrorail and Downtown People Mover than would the
exhibition center.
Both of the facilities can be operational by 1990, within
two years of each other.
3. harking 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,
Decoma, in conjunction with the City of Miami and Dade
County, will encourage Metrorail use, People Mover/Downtown
garage use, and private surface parking where appropriate.
to See Section VI of the Business Plan for a detailed discussion
of this part of the business plan.
4. Hotel
Opening of the exhibition center headquarters hotel, to be
developed entirely With private funds by the Decoma Venture,
will also be delayed until the exhibition center and arena are
operating to attract sufficient hotel business to make the hotel
1Z financially feasible.
5. Costs
($ millions)
Arena: Construction cost $ 36.5
Projected total cost 65.0
Exhibition Center: Construction cost 41.0
Projected total cost 100.0
See Section IV of the Business Plan for more details about the
cost.
85t-639
A
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K
Mina AL �tourtfj§
q tfollians)
Arena 41
Conventloin DWelOPMefit Tax
(96nd & Ree-e-100
beta Venture private
capital
Is
Me
Exhibition Center-.
Convention Development Tax
211.
(Uond & Receipts)
Adjustable Rate Demand Note
(backed by CDT and various
city revenue sources to be
determined through negotiations
between Decoma, MSEA, and the
6710
City)
Sewer/Street Bond
5.0
Corp, and Foundation Grants
3.0
Social Impact Subordinated
Loans (from major insurance
company)
3.0
$10010
See Section IV of
the Business Plan for more details
about the
financing plan.
7. minority Participation
Our plan includes
Implementation of all aspects of the minority
November 9, 1984 proposal
participation plan Included in our
to achieve the goals and desires of the City.
See Section V of
the Business Plan for details of the minority
investment program.
jj/m26
85=635
8ACXtROUND KNO MLIRVIN
submitted by the Decoma Venture on Navembvr 9,
Although the proposal several refinements
'1964 it will viable, this business plan incorporates sevL
ons with the Miami Sports and Exhibition
at, a result Of ongoing negotiatio
ns 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 Decomals careful review of all elements of the
original financing plan.
The most important concerns of the City are:
i. 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.
2. 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.
. The City would like some si
gnificant step taken toward the
S
development of both the arena and, exhibition center, some-
thing convention and
thing to substantiate to t
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 providinthe City it
essen-
tially the same project, in the same location , g 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 from $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 $1oo million, while
maintaining a first class, marketable facility.
Phased development. Rather than building the arena and
2. the
exhibition center simultaneously, we plan to phase
85=-635
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A
tin,,h&,jU and tb,nttrUetion, at, We proposed at an I altefliatO in
iour November Do 1084 proposal to that expenditure!; by the
City are spread out over a few years rather than incurred lh
,Jump sum at the outset, t3isc,ayme Centrum would still be one
project, but would be financed and Constructed in phases to
maximize the City's financial leverage and the probability that
both heeded facilities can be developed, given the desire by
the City to limit public funding exposure.
3. initiate land acquisition for both components. Our plan
optioning of select parcels
C ''I iEl 11
IjIE168ej in-aking an ini"E''i''aFl l PU`�'si of land for the second phase well before the start of
Construction of the exhibition center to provide substantial
evidence that both phases will be built.
4. postpone construction of the parking arage. We propose
SeMyMg construction gar -age unti t e demand for
additional parking space is sufficient to achieve a financially
feasible garage. During the interim, Decoma in conjunction
with the City of Miami and Dade County, will encourage
Metrorail use, People Mover/Downtown garage use, and pri-
vate surface parking where appropriate.
S. Significantly increased Decoma private investment (via IDB) in
the arena: $9 million.
These strategic refinements are developed in further detail in the
sections that follow.
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k_ FINANCIAL ar-NEP1T TO CITY OP RUILDIN6 THE ARENA FIRST
P, tour Business �1�t1�i � Arena Phase 1,
Exhibition tenter Phase I
k
Phase i
yens
Phase 11
Mst" on center
_
tart 1988
tart 1$5
Open 1 ���
— Open 1988
Advantageous Leverage to City
6.0 Other non--becoma
Private Funds
b $ NCF to City
6.8 CDT Bond B
0 Excess CDT Accumulation
5.0 Sewer/Street
0 Excess CDT Earnings
Bond
14.4 CDT Receipts
9.0 Decoma I DB
13.0 CDT Receipts
67.8 ARDN Backed
Partly by City
43.0 CDT Bond A
Revenue SourcesXe
k
$65 million $100 million
Arena Exhibition Center
* Pledge of City Revenue Sources: $67.8 million
* Actual Use of City Revenue Sources
through 1999: $42.5 million
* Present Value (@ 10%) of Use: $17.7 million
Page 1 of 3
85--638
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.�� 7l; �"' '}� ,� !«i ukh. ..�' L r`.• E �tt 1'`:.., �., x.a �� {���,,..yr _.j4t ayl.,, „9�7 �,.m.� dP��„1 H�� �,4 `CY 2eJ t.r �4. _ a tit y 4 L si, r.-.
-i��p^�'� >�i s, ?�r '-a -y., •.J 1d a -S �t"ti•�, �+j." iY".?z '+Ya+�c'tyat'�" {Sf A'Kn�"�y "�1� y k�?� _A t t - 5 �� t� t cS �a � F4
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t .mac r
901bitlm C"te'i` Phmte It Arena Phme 41
phata 1 P" age
it 1 # an Center t'i�f1a
taf t 1986
Open Ma Opet) 1990
6.0 other Non Decoma
Private Punds
5.0 Street/Sewer Bond
1
14.5 CDT Receipts
43.0 CDT Bond A
31.5 ARDN Backed Partl
by City Revenue
Sources
$ Cr to City
Minimal Leverage to City
9.0 Decoma IDB
0.3 CDT Receipts
6.8 CDT Bond B
8.9 ARDN Backed
j
t ntin'ued)
Al
Illoul. autjnet§ Mail" V. �+1�ypothetleal Revetrsrg�P_bgsi�i���; A Co�t�►ariiso�w
"Hypothetical
MOUr alltiheSS Plan" Reverse phasing'
Arena/Exhibition Center exhibition Center/Arena
ycars apart) (2 years apart)
$8o Pledge of City
Revenue Sources
$67 pledge of City
Revenue
Sou rces
57 Use of City
Revenue Sources
42 Use of City
Revenue
Sources
$17 Present
Value
of Usage
°Pledge in Phase 1: $0
$23 Present Value
I of Usage
°Pledge in Phase 1: $32 million
This presents 0111y a hypothetical case, presented strictly for an
objective comparison of the financial FT of doing the exhibition
center first. It assumes that only the phasing changes, that all else
remains the same. This probably s unrealistic in that (1) it is unlikely
that construction of the exhibition center could start by 1986, given the
unique complexities associated with acquis tii on of its land; (2) it is
unlikely that the arena revenues would be as high, since the NBA team
would not likely be available if the arena did not start operating until
1990; (3) the construction costs might change; (4) the first two years
of exhibition center revenue in a facility opening in 1988 would likely
be less (in current dollars) than one opening in 1990, because of less
time for marketing.
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iti' t t fie s t �ms-M M Developmotit Ttx �,��t�mmPtlbl% --
ff l n - ased CDT
lout Business Plaii'ft
AutTipti011"
Assume $5. 20 tiili#t1i1
Assume $4.66 million
CDT, 1985
CDT, 1985
C
$68 Pledge of City
Revenue
of i�it
64 Pledge Y
Sources
Revenue
Sources
$42 Usage Thru
1999
31 Usage Thru
$17 PV of Usage
'`' 1999
Through
1999:: $13 PV of Usage
Through 1999
1
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Page 1 of 1
85-639
g
i t # 1n tra sed tbol,,vL&hgom Development Tax Attumptimis
"Introsated CbT
"Our Business Plan'" Assuiiptionn
Assume $4.6 million Assume $9v.26 rhiiiioti
bT i 985 CDT, 19i;
A
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$68
Pledge of City
Revenue
Sou rces
*42
Usage Thru
1999
$17 PV of Usage '
Through 1999
Page 1 of 1
64 Pledge of City
Revenue
Sources
L
Usage Thru
1999
$13 PV of Usage
Through 1999
1 85-639
IV
FINANCING PLAN
,.
19l A ` 1 l l�iTRUM ARENA 15l-IASE 'I
Arena; A state-of-the-art sports an'd ether®
talmment arena equivalent ire quality
to the Reunion Arena in Dallas*
Texas.
Private/Public
1�at tics atibt The City of Miami will be the owner
of the arena with the becOma
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 hliami $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/A45EA:
1
1988-1990: 50%
1991-1996: 35%
t 1997-on 15%
A Decoma Venture affiliate, via long
term service agreement, will operate,
market, and otherwise manage the
Biscayne Centrum Arena.
Estimated Development $(000)
1" Land Acquisition $ 5 ,950
Costs: q,500
site Costs (depr)
__. 3,100—
Arch 5 Engr
85-639
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Furnishings, Fixt. MUIP
Insurance & Legal
Financing Costs,
RJR Marketing
Cen i; Admin60
Total Project Cost $�
P nartcing trtategy
Utilize the Convention Development
to date, plus a bond
Tax (collections
backed by annual revenues) and
becoma Venture private capital In
the form of an I DB. Allocate to City
a share of arena Net 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
the near future.
Capital Contribution
Sources:
Public
onv. Dev. Tax Bond A $43,000
Conv. Dev. Tax Receipts 13,000
Private
ecoma IDB 91000
Total Capital Sources MAN
•
Terms•
A. Convention Development Tax
Bond A
-$43,000,000, 30-year bonds
(ARDN )
-
-Issued June, 1986, by the City
_
or MSEA
-Backed by the CDT revenue
stream, with 1.35 coverage
-Assume net effective "lower
floater" rate of 7-
-Liquidity support by AAA rated
bank or insurance contract,
arranged by City based on
pledges of CDT revenues
..M
85r639
12
14
IN
sit�terest �r�i� #or first #ire
ZVI
service reserve for four
months '0 11 % rate
-MBIA insurance -
-1titerest rate insurance
tj. Convention Development TAX
Receipts
=$13,000,000, cash from CDT
balance
-Funded 4th quarter, 19$6
C, Decoma Venture private Indus-
trial Development Bonds (IDI3's)
-$9,000,000, 30-year bonds
(ARDN's)
-Tax exempt bonds issued by
the City or MSIA 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 $9
million Decoma investment:
85--636
A
A
lulterett Only fbr fiifst NO
elf s
-D6bt service 'reserve f6f fOur
months @ 11$ rate
-MBIA insurance
-interest rate Insurance
g. Convention DeVeIOPment T"
Receipts
$13,000,000, cash from COT
balance
-Funded 4th quarter, 1986
C. Decoma Venture Private Indus-
trial Development Bonds
-$9,000,000, 30-year bonds
(ARDN's)
-'fax 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:
85-638
Al
priWatitation TfthMJ gAAfa
Corp. Orar►ta
Additional potential
F: Capital Funding _
our e�: Detoma Venture will aggreteively
sa: purejue the following altitrinate
` tourees to reduce the reliance on
CDT reVenue5
UOAG
'flax increment Financing
State of Florida Grants
Foundation Grants or
Subordinated moans
E� �^+ 4 r�r�� 4 t i �,>t•' � �, + t .� a a hsy:.-i3
MR,
r ��.ry � q {i.,_ � a�1'4S
rfy y t } -
a •�`! ,tea"} 3 a t � E a a � .rx ,i x�,4 '(mow � ; k v %`Y :. �, t '4 i i+.
-4 tiY -k` i y }. ,y, d. d � � r ell Jy A' 3e•, ' t f� ,f*d+ § r
-47
r
M
1
or
ttt4Ttp EXHIBITION
'k PHASE 11
CENTt
A first class exhibition cefitert With
foot rectangular
square
-exhibition floor at ground level.
Owne
City of Miami/MSEA, The City will
Contract with a becoma Venture
affiliate (via long term service
agreement) to manage, operate and
assist in the marketing of the
131scayne Cehtrum Exhibition Center.
$000)
Land Acquisition $ 24,000
Site Costs (depr) 7,500
Arch & Engr 3,400
Construction Costs 41*000
Furnish., Fixt., Equip. 3,500
Insurance & Legal 1,800
Financing Costs 14,300
P/R Marketing Soo
Gen b Admin 4,000
Total Project Cost I100A09
Financing Strategy. Utilize all CDT revenues not
required for the arena (collections to
date, plus a bond backed by incre-
mental annual revenues above amount
pledged to arena), a sewer and
t bond,
an Adjustable Rate
street Demand Note (backed by additional
CDT collections and various city
revenue sources to be determined by
negotiations among the City, MSEA,
and Decoma), supplemented by
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
Sources: Public $ 14,361
=—Receipts 6,780
CDT Bond B
Adjustable Rate Demand Note 67,859
Sewer & Street Bonds 5'000--
85-639
)
s '
private (hoh-Decoma)
rp, h, rants �,�DO
16cial impact Subord. Loam LLD
Total Capital Sources 1Db,coo
S
A, City of kiiami /MStA convention
Tern
Development Tax Bond B
2.
t$6,780,000 30-year bonds
(ARDN's)
Issued early 1088, by the City
or MSBA
-Backed by senior lien on CDT
annual revenues in excess of
amount required for arena debt
service
-Additional terms identified
above in CDT Bond A
8, Convention Development Tax
Receipts
-$14 , 361 , 000 cash from CDT balms
ante
-Funded late 1989
C. Adjustable Rate Demand Notes
(ARDN's)
-$67,559,000 30-year adjustable
rate demand bonds
-Issued early 1988, by the City
-Smaller than original (November
9, 1984) financing plan by
virtue of building the arena
first which allows net cash flow
from the arena and more CDT
t
fund earnings to be allocated to
the exhibition center
-Backed by (1) CDT revenues
remaining after debt service for
CDT Bond A, CDT Bond B,
and
(2) limited, declining u,e of
various city revenue sources to
OR
be determined by negotiation
among the City, which will be
-
more than offset by a signifi-
cant increase in municipal tax
revenues resulting from ._..
85.. 635►
W
eXpehditures by the co-riveritiob
delegates (the multiplier)`_
Additional terms identifier
above in CDT 13ond A
D, Street, Water and Sewer Band
-$5,000,000, 30=year ARDN
bond, issued early 1988, by
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
F, Corporate and Foundation
Grants
-$3,000,000 (non-Decoma) private
grant, based upon community
redevelopment concerns; ar-
ranged jointly by the City and
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
-arranged jointly by the City
and Decoma
eee/m26
.. 85-'63.
ti
9
COMPUTER PROJECTIONS
%w
a � 0�°iJad!-USI
Discolor Cootrn Eibibition Center
prelisiaarl.operating
Pre -Fovea
(a
1000's1
1906 19DT 190D
19B9 1990
t49t
IMP1993
1994
1995 N194N
-
199T
699D1
1799
19DS
DEOENUES
2.221
2.111
3,307
3.747
4,300
4,399
1,029'
2.019
3,324r
3,594'
postal
Cast IT Services Not
13891
17411
10T91
t9861
It,148/
It,20Sr
Ft,266P
t,623
11,3291
t,704
11,39SP
t,190
11,4651
P.979s
OEVELDDNENT`OUpDEfi
tailed Got
tooces us twetl
TBt
96t
40
f,123
46
1,2T7
54
1,472'
t,546
69
6&
11
_ 1B
LaseA04riettire
f24t0001
Colorist INetl
3f
-
13,171
13',399
14,093
��61
f4,766
w__ _M
13.204
�_- �_
12,254
«NMiS
15,31T
12,193
16,082
Rrcir 0 tool 1
r, Soo+
31400t
Total
10 10 f1 f0
{0 12,445
Crnstructtde tostot
ID,0S00
EXPENSES
1,476
1,550
1,620
1,704
t,T94
1,914
f,934
Z,BIT
2,942
r I04
fFE
Finiusefa9ICostIa
General 6 Adsitistrative
235
40i
363
2.014
778
3,t02'
175
3.360
Bt4
3.746
934
3',934
132
4,130
4,33T
54;
4,2%
296�
Gilt, aNair gl
Geo+ ar
SOoI
4 0Old
.
Repair 0 Mauteaaaee
Utpair I NaOotesan
2,041
3t8
2,412
333
28l
295
232
241'
256
34
269
359
282
31r
39S
presetiealAdvertifisg
253
268
201
215
3t0
323
--------
-------
---_---
.__
rotor, Prriect Gott
9t00y0606
Otter Ilossrascol
f0 i0
____---' _____--'
t0 Ids 3431
____-- -------
114 US,11501
-'------
tf6t1501
--------
If611301
11 11501
11 11301
NT1 SO1
11811301
11e1t301
Tatal
t0 t0
t30t
Costialescl
10 1t2,0501
112,0451
If2,1lBI
It2,1961
112,0631
192,1901
112,2591 If2,3641
's"""
tf2,4731
ti2,59 It
""""
OPERATING PROM I1f111
d0 f0 10 f0
aeons: vaults"
rnasasr
rnnsss samrn
asmss
nssasss
rnsssss
m""■
GAOITI� NM0111W SOURCE
offers, iioUeiag Charlie
msnn "cuts"anss»s "Sams
FINANCING CHARGES
Sosrcesx
1,150
4,150
1,130
4,15O
4,750
5,823
S02'
3,823
Sor
3,823
S82
5,823
S8F
5,02Lr
582
Pr6Tta
6&,Tsr
to
Adj. Rate Desaal Note
I7S
47Y
47S
471,
390
47S
39O'
424
424
424
UT
42T
Cjtv
Band`gloadd!NOtte
COT. Dose D 7t
Sever/Street Bolds
350
330
3S0
CDT
Semeristreet Goad#
3,000
Private
300
300'
300
30t
300
301
3001
CDT: caRttaCapitalFuadinFunding+
t4 6
-------
300
340'
309
Social Ispact
Private
10
f0 113.9751
ISS,0731
413,0791
115,07Sp
ItS,9731
19T„1341
10T,t34h
tt7.1341'
Ht;,k341
tffi,t341
"--'--
Total Fisaaciq Charges
f0 f0 f0
ItT,9251
t17,9191
tfT.9931
I/8,0711
(fT.9381
tf4,292p
114,3931
[iP.,490P
tt9",604V
H9;7291
carpi P�Fdam Grants 3;000
Social fopsca. Suds team 1.000
OE►ICIT FINANCING RE0UIRED
f0 !0 t0 of
total
-
tO0k,000
FINANCING SOURCES
Coavestioa Devolepseas Us o
Citl Revenue Surges
road Earsiogf
Total Soorces 0
NET FUNDING SURPLUSIDEFICITI s0
Events
+' .'
D 3,ITT
3,331
3,820
3,537
4,259
3,917
3',746
4,313
4,102
1,224
4.894
0.619
4,606
3,OTT
*,air
2.538
3,9k3
Uter:
Jan* AcOaisilnee ('
OZ*+0001
.nk
j g 0 0 4,172
4.114
3.898
271
273
27S
275
275:
213
sitr peW
4001
277
275
215
211
-------
Arch, w tosw
o,
construction boom
40.0go
C 0 7.925
7.919
7,993
8.07i
T,938
__
~9,292
4.393
9;498
4,609
4.T2S
fo oraace OlRegslFloaltioll
Asew
8,000t
%A
D 0
f0
f0
f0
10
i0
10
f0
t3
q4
Cost
/RtNarleetialxs
via ftrwetialls'
ft389
fl f0 10 i0 s0
Gar i Adata
total Project Casa
111001110
136
1S3
169
1B0
759,009
193
022.
193
827,200
193'
82T,200
193
82T,200
193
02T,200
193
82T,209
560,000
648,000
711,008
23 500
23 000
2T,200
1
Atteadasce- 12.300 21.400
Est Incrolstal Tax Raeoses I.0001
11983'dollars)
TT+<Jr7��}t�StWrTf••�.%•.7��if'•^:r,t��..��i{t _ �2, tt - _ 41
r
i
(.r
tv
v
4
v
4r
V
she
V
100
Oat+
•N
V
BitC&gle Ceatree
id
Prelnal0
Arena
Pre -fans
O�slatisg
t993
1990
t99R
t99tP
1999t
1986 1987 ties
1989
1990
-„
1991
""_`.-
1942
1985
-„
13,018
13,250
$3,ISO
17,328'
13,70,
t•632
13',09P
1,740
f�f,084
0,82T
pEtE1N1E5
11,653
$2,416
12,SB3
1,I55
12, 732
1'467
02,903
1495
1�520
43t
1�546
1,503'
3T3
I.379,
602'
664 956
qr
993s
IM-Atotal
Mail
741
220
1,077
293
373
$99
63S
666
140
733
689
TTt
723'
810
739
791
9 -
gEVE10PMrENt'BUOW
Concessions
Private Suite'
108
426
533
499
S6S
524
361
----
595 623
__„--------
6S6
---" '-
--�`„-
~- _- -„„_„
st,203
OT,563
„„.79t ---
%T,941
18.3311
w„__
CandrAcquisisiov
advertising
Other
„.-.----------' "-'-- _ -----
„14.819
-„-„----------
sS,20B
$5.396
13,926
16,222
s6,S33
16,860
9tW CoststdepFK
_„
f0
Total
11 f0 $3,451
12,221
12,336
f2,4S5
f2,538Sig
12,10T
12,89E
Arco 0 Engk
Conttruclioff'Costy
E1tPEMSES
11.520
11.116
1!'330
f1�401
12,021
021
12,121
442
464
43T
I'162
512
l
576
t,176
01
1,655
739
19T
1.14H'
FFE
Insuraocr V,I"*A
„_-
General t Administrative
173
303
sot
423
1,069
1.235
1,297
4
1.362
1S5
01
129
179'
134'
tee
Ut
Financing Gosts
P111 Martdiagt
ReOatr 1 Ilatateoance
Utilities
693
115
lot
9I
127
95
134
too
140
105
14T
1
116
6
122
0
0'
0
151
0
0
149
Gen, 0 Adele
ProsrtiontAdvertisiag
Insurance
87
1
0
V
0
116
0
219
123
12-
130
134
--„---_
„_r ___
_. „ ---
„------
tfS,666p
Total prejecte GoaP
Aral Estate Tales
101
t10
-„_
.„--_-.
--
Is1,Z4ti
„„
114,1501
„-„-„
If2,iB4
112,301,
ItZ,269
tIS,399F
other _
-------- "'--"_
f0 f0 1{2,6951
Is3,t411
1s3,4241
113,T101
114,IIt1
$2,083
92 542
Rf.Sifit
f2'.67Z
n'3=""
s1
Total
$1.61.
f1,783
It,8S0
794
{I.TB4
t1,9H1
ttt11,98t
.=ist=fit
/1
t0 s1 $755
tfi
tfisl,763
.fl11,954
.T=$1
OPERATING PAOFIT'Loss1 .as.sii■s so■rssis
Cherges
sass.sis ps.mis sif
CAPI:TAIcFUMOING 50dkCER
Before Financing
FINANCING CHARGES
„ „---
3,490:
3,69o-
3,64Q
3,690�
3,b90t
Sraree�;
Pr11te
;,010
3,Ot0
3,010
3,OtB
3.0f0
3,690
3,690
M
20T,
20T
20a
200
Pubtitr
COT load A at 1.5%
tS0
tS1
ISO
150
IN
ISO
got 8aod! 0
Blscl 44 create tests
t 30
359
350'
35t
cor- Uoita Foo#tag
Private
ISO
350
350
310
630
IN
772
Ise
nF
350.
n2
TVISO,
TV
n2'
TM
-------
Rate Insurance
630
630
630
630
„„----
630
--------
-------
'„V962
„�1,012
9,01E
3,01E
S,OtB
Musson
peter& 10B
____-_„
-4,140
____„„
4,140
4.140
4.140
4.I40
1',962
4,962
Otcoes IO8!'
Total Financing Charges
729
166
341
340E
391
145
400
140
Thing
FINANCING SOINtCES
370
B39
692
N8
62S
I48
693
t48
149
t4H
140
0
14V
0!
O
a
Cit9's Share of Net Oper Income
148
118
0
149
0
148
q
0
0
0
0
0
0
O
0
O
0
0
O
0t
Fan# Earnings
Arena lidet Sales Tales
0
0
1
0
0
0
1
0
0
0
0
3,34E
1
3,313'
1
3',US
0
3,746
3 172
3,T10
77Z
3r,69t
T72
8oex
Arena Co+cessiai Tales
Rail Estate Tales
0
2.994
2'630
2 630
2, 7l4
630
2.131
630
n2
tt2
g.
172
P
n2
0
0
0
0
0
0
----
haad Ac4eisdepli
Arena
Portion of COT
630
0
4
0
0
1
0
q
0
0
0
____�_-
-------
S[ter Costetdeptlt
OeCss& Venture Debt Service
iictst Surcharge IQeenel
0
0
0
0
-„-----
0
-�„_
0
„
-----_
„--"--
4,962
--------
4,96E
----"-'_
5,01E
--
w5,012
3,0:2
sitiffssi
5,012'
ot=s==
AretF It flog
CanstrretioA Gootss
Citg Resesae Seorces� „„�_
..----- „ 4,U0
�,---
140
4,114
I,t10
�*
4,140
"" `_"
4,9b2
"' ::11f=
,i,11=s=.
=
==f=f==f:.=bn
sss
ISO
FFE
Insurance lagegaP
Joint Fiaanciaq Semrces stlssssst ......as
.,,ss11f..ss*=<=*:
___
""=f•== •____'
IS6
1ST
!S6
156
136
ti,S9H OOO
156
t,59B',001
IS6
L,S9H',000
IS6
1.598,000
f,S9E,
Finn CiftV Gal"'
r1w Mar►eting
112
tS3
1,583,000
156
1,398,000
1,S9B 000
1,S9B 000
1,39B,466
1,598,000
GeV 01 Adoitr
Events
oattesdance
1,091,000
tow Ptsjves 4`oap
V l
V e
W
O%Iso
4! SOOt
took
3� sot
j000
P,2701
7.151t
?so
3;200t
#&s,0001
1%9i0<
4t;S00t
7,1004
?6r, S00F
P;010f
P.230t
1;1701
ISO
3t,Z001
fi;P,00it
I -A
to %J
s
+L4 fy-� ♦Ri , 4q6 YLl �y's'
+fir j •.t j�• :' �;
V
%F
CogIright 1963,1904 PBN CorPt!
Plat A
Biscagae control Arena
Prelititarg OPeratial Pro -Forma
1goo
'%I
1903 1986
1987 list
1969
1"0
1991
1992
1993
1994
1995S
1996i
19911
194t11
199911
REOE7AIES
$1,653
12,416
02,583
12,139
12,903
03.049
13,200
S3,350'
1,503
13,3211
t,578
$7,703
1,63T
93,090
1,T40
64p,OB4
6.&1
Cencessiu% IBttl
744
220
1,077
293
1.135
375
1,225
467
1.298
495
1,363
520
1,43t
346
573
602
632
Olt
604
69T
991
Private Suite%
Private%iuq
408
533
565
599
635
545
666
625
740
656
735
771
-
754
79T
83T
Other
�10
426 -- 499 ____
M----- N-- ---
Iq 13,151 11,818 $5.209 15,590
13,926
M-- -M-
16,222
--�689
16,533
16,660
-_ --
S7,203
-
97,363;
M�830
$7,941
98',331t
Total 10
EOPENSES
General i Administrative
Genera
$1.521
11.716
11,815
$1.919
12.020
12,121
442
12,227
464
12.338
437
12.455
512
12,318'
33T
12,70T
S64
11942'
592
Repairi NAdministra
173
693
303
Goo
350
923
401
1,069
421
1,235
1,297
1.362
1.430
1,501
ill
1,5T6
179
1.655
188
t,730
19T
Utilities
11S
121
91
127
95
134
too
140
105
147
itt
135
116
162
122
128
t34
L41
t0a
Insurance
Real Estate Test
87
O
0
Ito
0
113
0
0
219
0
123
0
127
0
130
0
134
0
0
t48
Other
f0
l07
f/ 112,6951
113,1411
M-_ -MNIt6
163.4241 (13,7401
--
(14.1411
-N-
114,2411
----
I14,4501
-.--
114.671;
M--
Is4,9021'
NM2891
115,2941
-M-----
115,3991
�-
115,660P
Total 00
so 1755
st,677
51.783
f1,850
$1.784
01,981
$2.083'
12,189
12,30t
12,269
.....suss
t2,542
:ar_ssee
f2,672
OPERATING PROFIT Ilossl fe s0
.....ms
a...ms.
ssazss::s
..sz.aaea
r-szszs:s
s:zsmzz
sm=ssss
smazsss
Before Finnciag Charges s.sms.. sameh...sam..
ms..........sass
FINANCING CHARGES
------
------
Public
3.010
3.010
3.010
3,018
3.010
3',690
3,690
3',698
3,690
69I'm,
3,
3',690
COT land A at 7.01
ISO
ISO
130
ISO
ISO
130
ISO'
150'
200
200
0
00 2
200
Block 44 Graved lease
Private
350
350
350
350
351
350
350
350
772
3503501
772
772
330
772'
350
71 2 '
Rate hwraaee
630
634
630
630
630
7T2
772
Deter 101
�4.140
�4.140
4,140
4.140
4,140
4,962
4,962
~4,962
1,012
3,012'
I,Ot2
T,012'
Total Fiasociaq Charges
FINANCING SOURCES401
378
839
892
648
625
693
729
766
345
148:
340
148,
381
14�
14%
1
Citg's Share 01 Net OPer Ineeae
148
149
149
140
148
148
148
148'
0'
0
0.
rand Earnings
Arena Ticket Sales Tate%
0
0
0
0
0
0
0
0
o
0
a
0
1
0
o
a
0,
0
In
Arens Coatessian Tate%
Aroma Real Esau Taste
0
0
2,984
0
2,523
0
2,4T0
0
2,T14
0
2.137
0
3.348
0
3,313
0
3,273
0
3.746
0
3,75t
712
D
?,710
172
3',69t
T72r
Portion of COT
130
630
630
630
639
712
772
772
0
772
B
0
0
0
Desna Venture Debt Service
0
0
0
0
0
0
0
Ticket Surcharge Mcesal
0
0
0
0
0
0
0
0
CitgRevemse Sources
-------
4,140
--------
4,140
--------
4,140
-------
4.140
-------
4,140
------
4,962
-_----
4,962
---_----
4,962
���_-----
5,012'
3,012
3,022'
msamr
I"Ola
msazzu
Total Fiaaociag Sources
..s..m..mms.
m.....
....................................s...........Z..-.............amam
.s....os
Events
112
1.191.000
153
1,503.000
136
1.596,000
156
1.599.000
156
1.598,000
156
1.590.000
US
1.599.000
136
1.398,000
136
1.599.100
150
1.590,000
130
1,398,000
156
1,598,000
'RWAtteadance
VI
VI
W
cD
Vy,. �• 1 r ,t..,t
g'�i, �'% a gte l'.�.• a �Sf A•r r v-3srs�L 'X�'iy1 ,i �. - '.�'�%. •. •�
•t"'Lea .►,Yv Y ,a...-
01
OEVELME01` BUDGETI
Land' Acguisilicar
6%7301
Sttr CostsldeprU
*,So*
Arch, 0 Engi
A too.
Constructitnttaste.
3k,Sor
FFE
2,OCIR
Insurance Is Legal
!, 230E
F►nancie% Costs
T,750
Pla Mareetitg,
750t
Gen M Mote
A2001
Total Pro-joeV Cosa 665!,0o0H
CAPITAIL FUNDING. SIN. MS
Snnrcesc
public
CDT. D%td! 4 430,,000!
car: clottar Funding 1.31,000
Private
Decals lost 7.000
totall d5,000
Uses:
Lane Acgnisiftoro
05,950'
site Costsldeorr
4;500
Arc* M Eel
3; top
Constrectiae costs
3M,SOOt
FFE
2;00a
Insurance Il 111
11
Financings Costs
T.710
Pie Narketingo
7301
Gen° a Alois
A260
Total PrejeeM Cosa q&%000H
J
_Ar
V
Copiright 1983.1924 PBH C$fPGf
pigs A
-41
1j:cajR# CII
Orelial
1983
1916
1907
im
1989
1990
1991
1992
Im
1994
1995
1996
1997
WML
19"
Clovessims Devoloplest Too Cr
,or gissiml Balsoce — COT Pool
Collected
3,441
4,661
626
4 193
309
1:
3 139
7 013
5 gs
:3
16'163
5.664
0
3.941
6
6.2403
0
6,557
4.883
7.229
7.39t
V
T,? 72,
0
5.347
N,18r
VI
C eveatioll takes
Interest Earned 1 91
519
"A
367
740
0
1.05 6
1
0
3.477
3.33 1
0
3 820
0
3 537
0
3.917
0
4.31S
4,224t
Ar,aw
2.011
3.336
COT used for Eibib Clattr CIS
CDT used for. Arent CIS
1
8
2.964
2.523
2.470
2.714
2:737
3:348
3.313
3,273
3,74&
1.751
1.7top
Y,4911
TOM
dito
COT Pool acid for Cap foodial
13.000
0
14.361
0
1
0
8
0
0
p
p
m
Otto govenue Salretts
t2posaffs
Eedial Ralance, is COT Pool
1.120
1.309
7.113
11.163
4
1
mr, 930
I
I
4
14.1721
14,1141
13,1901
14.2591
13.T461
14.7021
141,890
14.606?,
1#1
1AMP
isq'sor,
Additional Ishib Foods
1
Provided III Citj
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Page 0
W�f�
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! NiOT€S TO FINANCIAL PROJECTIONS
r
The finaricirig plans presented herein for Phase A and 11 are predieated
j t 1 Ob several assumptions of a technical mature which May help illuminate
the more salient aspects, as follows:
1. Our Convention Development Tax Collection assumptions are
based on data obtained from City and MSEA sources as
derived from the April 1985 CDT collections and a six year
historical analysis of the month of April vis-a-vis the area's
3 annual Hotel occupancy, that the City of Miami's share of
1985's projected CDT collection should be between a minimum
of $4.7 million and a maximum of $5.7 million, with a mean
approximation of $5.2 million. We elected conservatively to
use the minimum figure in our projections ($4,660,000), with
l interest earned n the CDT fund at 9%. Use of the mean of
$5.2 million has a dramatic positive effect on the financing.
(See Exhibit 2, Section 111.)
2. The $1.6 million predevelopment advance from the City to the
Decoma Venture, structured as an integral part of our No-
vember 9, 1984 proposal to the MSEA, is included in the CDT
cash flow analysis for years 1985 and 1986, although not
explicitly detailed. Given tiie fact that the $1.6 million would
be refunded to the City at bond sale in mid 1986, the cash
flow impact is minimal.
3. Included in the general and administrative expenses of the
arena and exhibition center are Decoma Venture opera-
tion/management fees and charges which will be an integral
part of the service management contract between the Decoma
Venture affiliate and the MSEA and the City of Miami (in the
case of exhibition center). In each facility the management
fee is structured as follows:
4.
a. $200,000 per year base fee with an annual
increase (5% per year assumed).
CPI
b. Plus lob of gross revenues over $1.5 million per
year.
The above management compensation structure is within. the
norms of such service management agreements for similar _
facilities across the country.
In the arena pro forma, included in the "other" expenses item
are allocations of $50,000 per year to a capital improvement ;-
reserve fund with $150,000 in every fifth year. Such re-
serves are necessary for the adequate capital replacement and
major repairs for the arena. The exhibition center pro forma
85-63S
OAS
adt=ireases tlils same issue by virtue 'Of the WDA"Iyear
�or►tinge'iicy.
With regards to financing sources shown for both the exhibl"
tion center and arena, we have the following additional obser-
vations..
Arena
a; Although we indicate the potential for City of Miami
arena ticket sales taxes and concession sales taxes as
possible financing sources, we have assumed such
sources are non-existent at this point. Certainly, we
wish to pursue with the City of Miami possible allocation
of any such taxes to augment both the arena and exhibi-
tion center financing provided by the City.
b, As an Integral part of this business plan, Decoma Ven=
ture will institute (with the City's help) what is known
in many public arenas as a ticket surcharge, seat tax or
other such ancillary charge identified on each ticket to
create an operating reserve fund to recoup equity in-
vestments by the private sector in such ventures. For
example, a $0.50 per ticket (or seat) charge may be
instituted for a given number of years (or indefinitely)
to help create a return of equity capital source for the
Decoma Venture's $9 million private investment in the
arena, and secondarily, a repayment source for any
UDAG funds. Certainly, should the funding and dis-
bursement reach a point where the Decoma Venture's
equity recoupment had been achieved, any excess funds
could be allocated pro rata to the City of Miami and the
Decoma Venture in accordance with their shares of net
cash flow. The pro formas attached assume no such
charge, for clarity.
C. The revenue projections for the Biscayne Centrum Arena
assume -- and this is a critical point -- an NBA fran-
chise lease agreement with the arena during the 1988
season. Although we believe both the arena and exhibi-
tion center are important for -Viami's future, one likely
outgrowth of an election to pursue the exhibition center
first would be the loss of NBA franchise revenues for
several years.
Exhibition Center
a. The private capital be ces from utl norn—Decoma the
entit entities,exhibition
with'
center are to be
Decoma and the City working together to arrange and
orchestrate any such fundings.
85r-638
y
A
City revenue seurcea to gupport the {adjustable Rate bethtind
Not on the Exhibition Center tight include any 'Of the f011b —
ing4 t ie of which are already ire eft stehte.'
CDT available after debt service on CDT Bonds A
and 13.
Franchise Tax
Utility Tax
Half -Cent Sales flax
intrastate Telephone Call Surcharge
Vehicle Registration Tax
Food and Beverage Tax
The use of these or other city revenue sources would be
subject to negotiation between the becoma Venture and the
City of Miami.
7. Convention Development Tax ending balance in 1986 would be
used as directed by the MSEA, the City Manager, and the
City Commission to finance the purchase/option contract on
select parcels of land for the exhibition center.
8. Inflation is assumed to be 5% per year. Revenues from both
facilities increase at 6% per year through the fifth year of
operation, then at 5% per year thereafter, reflecting
management's ability to increase rental fees, etc., during the
first few years as demand for the facilities increases.
hh/m26
85-639
MINORITY ji,jv�STWENT MOCRAM
i��4
As stipulated in Sectioh of the becoma Vehture's November
0, 19re
Proposal to the Miami Sports and i=xhibiopportunity
p ort n ty ini the gittayhe
proposes to arrange for an investment opp Y
Cehtrurn Arena for a group of Miami minority investors contingent Upon
the final financing strategy selected by the City of Miami. Current
negotiations with the MSEA 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 a orted illion
Industrial development bond (tax exempt financing supp
and
underwritten by the Decoma Venture principals). The structuring of
both Decoma's equity and the minority equity investment will 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,
Unbeck 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 Decoma Venture 85%
Partner:
Limited Partners: Miami minority equity 15%
investment group
2. Biscayne Centrum Limited will then arrange, and the general
partners secure, the $9 million industrial developmentTo nducewith
the City of Miami and capital market professionals.
the
general partners of the Biscayne Centrum Limited to underwrite
the risk associated with the $9 million IDB, ti-le minority investment
group must infuse risk capital into Biscayne Centrum Limited.
3. The anticipated 150 ownership allocation of the Limited Partner
group shall be as follows:
Black Investment Group (50%) Hispanic Investment Group (50%)
Bob Simms 2.0%
Dr. Clyde Pettaway 2.0%
(to be named by 6/13) 3.5%
"total Ownership 7.5%
Alberto C. Cardenas 2.75%
(to be named by 6/13) 2.75%
(to be named by 6/13) 2. 00%
Total Ownership 7.5% --
13 bazy
T10N V
MINOp1TY INVESTMENT PROCRAM
r
As stipulated in Section of the Decoma Venture's Noveber O, 084
proposal to the Miami Sports and Exhibition Authority, the Venture
proposes to arrange for an investment opportunity in the Biscayne
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 MSEA 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 a $9 million
industrial development bond (tax exempt financing supported
underwritten by the Decoma Venture principals). The structuring of
both Decoma's equity and the minority equity investment will be further
refined (according to IDS regulations, bond counsel, investment banker
and other legal input) , but will be generally in accordance with the
following:
1, The principals of Decoma Venture -- Harker 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 Partner: Decoma Venture 85
Limited Partners: Miami minority equity 15`0
investment group
2. Biscayne Centrum Limited will then arrange, and the general
z . 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 associated with the $9 million IDB, the minority investment
_ group must infuse risk capital into Biscayne Centrum Limited.
3. The anticipated 15 0 ownership allocation of the Limited Partner
group shall be as follows:
Black Investment Group (50$) Hispanic Investment Group (50$)
Bob Simms 2.0$ Alberto C. Cardenas 2.75$
Dr. Clyde Pettaway 2.0`v (to be named k
o be named by 6/13) 2.00%
(to be named by 6/13) 3.5%
'fetal Ownership 7. 5% Total ownership 7. 5$ - -- -
r
g
85--639
F
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t a km:."?i ixi"�' � x`: e`+� :� Y'ji '� ' h f_y:.". w�'%rvi. � �* $�",•¢ 4 f p.. � ?� t 3 q. ����'` ��
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q7'.. "•`�i' :,,, �§ �� , x r �,' ''� u�kt .vf3 �„i.3�"5v,a "� . � 4 ' "�. �} t " r `'�c�. c ,y�'C'3't'�. }�.
-"• r% �. S.'' ��... ,p �* � 3 ` ,� � 5� ,- j.�}3 ,a, �2��^YMA.`'"E � �i �?� � � 4 .'I.=��N,'L K'+M1_Z-,{
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.. ti•,'°r..� +�'"'i}fr�°"a. '''�s'c .�'• xu 1 �"�r` d+ �`�: x ...+z si y, ,. :.rr,+" k + `L a�,.r'»°.i-,Zzv+t��xA4.kr� ' �", 'y`.••,
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1
'equity i-hvestraent required; tatty i% of limited: partner nerti� p
4.iri Biscayne Centrum Limited Will require a capital co,trlbutiori o1`
$331333, ob, All such capital contributions shall used by the
partnership to assist ir► the arrangement of the Decoma ID8 and
any letters of credit required. Ta capital contributions may be
structured as follows:
a, initial cash payment, due on the date arena construction
begins to help defray predevelopment costs,
'b, second cash payment at project AIA Substantial Com-
pletion. Decoma Venture, if necessary, shall advance
this portion of the investor's capital to the partnership,
secured by an interest bearing promissory note by the
Investor to the Venture. Such promissory note and any
accrued interest thereon shall be ratably extinguished by
an annual priority distribution of 75% of net cash flow
accruing to the investor's ownership interest until such
time as the advance by Decoma Venture is 100% re-
couped. The remaining 25% of cash flow would be di-
rectly paid to the investor. After 100% recoupment of
principal and interest by Decoma, the investor would
begin receiving 1o0$ net cash flow pro rata.
Due to the uncertainty with regards to future tax law revisions
and the final approval of public financing for the Arena, the
mechanics for the proposed capital contribution will be subject to
definitive documentation.
5. The investment return profile for the minority equity investment
group shall be structured as follows, subject to further review by
bond counsel and the final financial program approved by the City
of Miami:
15% pro rata distribution (net of financing charges;
recoupment of additional equity financings, if any; and Deco -
ma Venture affiliate management fees) of the following: Net
distributable cash flow, tax benefits if applicable, net
sale/refinancing proceeds if applicable.
The objective of the managing general
an equity investment
partner of
opportunity
Biscayne Centrum
with the inherent
Limited
risks and
is to create
rewards associated with similar
investment
opportunities cur-
rently
offered in the capital markets.
Although it
is unlikely, the
Decoma
Venture reserves the right to
expand the
investment group
should
final financing objectives or the decision of the general partners
dictate
such action.
ddd/m26
85--639
a
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1
11�
1
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.i
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M tF
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Darton-Aschman Associates, Inc.
2901 West Busch Boulevard, Suite 1010 Tampa, Florida 38618
Tkansportation Ig3wts on Miami Central Business VisttiCt
Biscayne Qentrum Sports and FKhibition Center
1. As evidP .ced in the development proposal submitted for the Biscayne
Ceflttum Sports and Exhibition Center, these facilities are not peak hour
traffic generators. The Sports Center stimulates travel on evenings and
Weekends and the exhibition Center will be frequented by hotel guests
already in the CBD area. Thus, these facilities will not overburden roads
during weekday rush hours.
Z.
The Sports Center will draw from attendance all over South Florida --and
on a relatively frequent basis. It will have the greatest impact on
regional transportation facilities, while the exhibition center will draw
from hotels already in the Central Miami area. Thus, the two facilities
will attract visitors in a different manner compared to each other.
3.
A conservative attendance estimate for the Sports Center of 150 typical
annual events at 10,000 spectators per event (all events are not sold outOp
would produce the following travel results:
1,500 Non-CBD transit riders
500 CBD transit riders
2,860 Autos (2.8 riders per car)
The non-CBD transit rider would produce nearly $500,000 in additional fares
for Metrotransit depending on parking policy at the stations. Since Metro -
transit will operate evening and weekend hours this gain will not cost any
additional out lay to the County.
CBD transit users and some auto travelers will use the Metromover system to
the Sports Center. This group will likewise not cause an increase in
operations cost, but will add about $150,000 in Metromover revenue during
non -peak use periods given the proposed .25 fare, and assuming a 1,000 autos
park at points around the CBD and use Metromover to get to the Sports
Center.
Revenues to Metro Transit from the Exhibition Center will also be increased,
but since the number of attendees is collectively considerably less than at
the Sports Center over the course of the year, its impact will not be as
great in terms of revenues. Perhaps $1-200,000 in fare revenue, primarily
on the Metromover will be generated by the Exhibition Center.
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441
At this years Miami brand prig an estimated ��� Of attendees Used
letft transit# and hart an auto panty rate of 2.0 _ 2.0 persons per #
Wig# showing the validity of !these assumptions# based on both national aM
mal experience.
S. As can be seen# on a typical evening# parking for the sports Center
would require about 2#860 spaces. Given that the CSD has nearly 50#000
parking spaces# this auto parking demand can be easily accoffimblated. In
fact many private lots are free and unattended at night# especially in the
vicinity of the Sports Center State.
Several observations emerge from this situation.
A. Parkers will use free facilities and not pay for parking during
most Sports Center events. This will be enhanced by the
Metrotransit system making almost all parking in the CBD very
convenient to use while attending a typical Sports Center
function.
B. Parking lots with charges will be by-passed in favor of free lots,
since so many private lots are now free in the evening due to low
demand. It is unlikely that a Sports Center oriented parking
facility will pay for itself until a large enough volume of
evening parkers is generated.
C. In order to be successful, a new parking facility must have a high
level of parking turn -over or high paying peak period day long
packers. A parking facility near the Sports Center can only be
justified if this constant level of demand is present.
D. Several additional developments in the vicinity of the Sports and
Exhibition Center are necessary to help justify a new parking
facility in the area at this immediate time. These developments
T would be:
1
- Expansion of the State government office complex and the
elimination of discounted employee parking or the elimination
of the surface parking lots.
- Expansion of the Miami -Dade New World College complex
eliminating some private parking lots and increasing evening
enrollment.
The completion of Rouse's Bayside complex increasing evening
85r-639,
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and veekcnd parking demand aufftotent to gray for a parking
facility,
6.
Until the conditions outlined in 5-D above are met, a new parking
structure is not economically viable just to serve Biscayne Centrum. This
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 York Times article described the vastness of Miami'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 develop a new
parking facility in the area at this time and would be detrimental to Dietro-
transit off-peak use until subsequent developments justifying parking are
completed in the Miami CBD.
RSA _'24
a `F
C1i"1` Oft MIAMI, FLORIDA
INTtR4PPICE MICMCPANDUM 66
rb. Honorable Mayor and Members WE June 5, 1'�55 Mt:
of the City Commission
suBAct 3-$5=563
Miami Sports and
exhibition Authority
Selection proceea
AWA. Sergio Pereir pEFEAENCES:
City Manager
ENCLOSURES.
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It is recommended that the City Commission
approve the attached Resolution ratifying the
Authority's selection of the Decoma Venture
as the Developer of the convention/coliseum/
exhibition center, expediting the land
acquisition process for the
convention exhibition Center, the plan for
implementation of the coliseum/arena and the
application for an NBA franchise and
authorizing the City Manager to finalize a
detailed p tan expediting the
convention exhibition center development
flan.
The Ordinance 9662 adopted by the Commission on July 28, 1983
authorizes the Miami Sports and Exhibition Authority to:
Acquire, construct, improve, extend, enlarge,
remodel, repair, equip, maintain and operate
one or more exhibition halls, arenas,
convention centers, coliseums, auditoriums
and/or athletic stadiums for the exhibition
of events...
which promote sports, convention and exhibitions to the greatest
extent feasible. The Authority is also required to endeavor to
attract professional sports franchises to utilize facilities in
the City.
In furtherance of these objectives, on March 29, 1985, after
extensive presentations from three national developers and
thorough questioning from the Authority's Technical Ad Hoc
Advisory Committee, the Authority selected The Decoma Venture as
the successful proposer, receiving the initial right to negotiate
the development contract. The Authority also designated the
Chairman, Executive Director and staff attorney and/or their
designee(s) to negotiate with The Decoma Venture with assistance
of the City staff, consultants,and other professionals and to
introduce the first ranked development team to the City
Commission for review of the development of the proposal and
discussion of items which will require City approval and
implementation.
0
It is recommended that the City Commission
approve the attached Resolution ratifying the
Authority's selection of the Decoma Venture
as the Developer of the convention/coliseum/
exhibition center, expediting the land
acquisition process for the
convention exhibition Center, the plan for
implementation of the coliseum/arena and the
application for an NBA franchise and
authorizing the City Manager to finalize a
detailed p tan expediting the
convention exhibition center development
flan.
The Ordinance 9662 adopted by the Commission on July 28, 1983
authorizes the Miami Sports and Exhibition Authority to:
Acquire, construct, improve, extend, enlarge,
remodel, repair, equip, maintain and operate
one or more exhibition halls, arenas,
convention centers, coliseums, auditoriums
and/or athletic stadiums for the exhibition
of events...
which promote sports, convention and exhibitions to the greatest
extent feasible. The Authority is also required to endeavor to
attract professional sports franchises to utilize facilities in
the City.
In furtherance of these objectives, on March 29, 1985, after
extensive presentations from three national developers and
thorough questioning from the Authority's Technical Ad Hoc
Advisory Committee, the Authority selected The Decoma Venture as
the successful proposer, receiving the initial right to negotiate
the development contract. The Authority also designated the
Chairman, Executive Director and staff attorney and/or their
designee(s) to negotiate with The Decoma Venture with assistance
of the City staff, consultants,and other professionals and to
introduce the first ranked development team to the City
Commission for review of the development of the proposal and
discussion of items which will require City approval and
implementation.
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onorable Mayor and
Members Of the City Ct MMa".88i0 i
,June 5 ► 1985
Page 2
The Decoma Venture proposal provides the most realistic financing
plan because it maximizes private investment and minimizes the
public sector risk. They are the most experienced development
team in terms of financing, construction, planning and sports and
exhibition facility management. Their project will directly
reinforce other City related development such as Qvertown/Park
West and the Bayside Project. They offer the most detailed
proposal for meaningful minority participation. Finally, the
project strengthens the application for a Nation9'1 Basketball
Association franchise filed on behalf of the City of Miami and
offers the most realistic proposal for expediting the completion
of the convention/exhibition center.
It is therefore recommended that the City Commission approve the
attached Resolution ratifying the Authority'selection of the
Decoma Venture as the Developer of the convention/coliseum/exhi-
bition center, expediting the land acquisition process for the
convention/exhibition center and the plan for implementation of
the coliseum/arena. Also, endorsing the application for an NBA
franchise and authorizing the City Manager to finalize a detailed
plan for expediting the convention/exhibition center development
plan.
SP/KL/la
t.1" OP MIAMI. FLORIDA ors
04ftrf PPICE MEMORANDUM
Ilia Honorable Mayor and
melfi ars of the City Connia§ oh
t�wl: Sergio Pereira
City Manager
bAtt:
bustiftf: S.E. overtown/Park West
Developer selection
Parcel 44--becoma Venture
Public Hearing 300 p.m.
tAtNett: tune 13 ► 13g5
tN t61;UAt6; ( 1 )
It is recommended that the City Commission
approve the attached resolution selecting
a developer for Parcel 44 of the Southeast
Oyertown/Park West Project pursuant to pro-
cedures established for Unified Development
Projects (UDPs) and to authorize the City
Manager to initiate the preparation of dis-
position agreements with said developers.
The recommended development firm for Parcel
44 is The Decoma Venture.
On July 31, 1984, the Miami City Commission approved Resolution
No. 84-893 authorizing the issuance of a request for proposals
for a Unified Development Project (UDP) for the Southeast Over-
town/Park West Phase I Redevelopment Area, establishing a Selec-
tion Review Committee, and appointing Touche Ross and Company to
analyze the financial feasibility of the proposals.
On December 14, 1984, the City of Miami received 20 proposals
from nine developers for Phase I development. The Selection
Review Committee met on January 2, 8, 22, 31, and February 13,
1985, to review the proposals. on February 13th the committee
report was submitted to the Manager for review. Touche Ross &
Co. completed their financial evaluation of competing redevel-
opment proposals and submitted their report on January 30, 1985.
On April 11, 1985, the City Commission approved the selection of
developers for seven of the nine parcels in the Phase I redevel-
opment area (Resolution No. 85-393), and on May 9, 1985, selected
J
85-639
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62
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Mayor wid C-isai
the devel open for Parcel 37f esolut on No. 85-478), Parcel 44
was held in abeyance until June when additional documentation
would be available concerning the sports arena.
The selection of developers for Phase 1 redevelopment is the cul-
Mination of over two years of work by the City with the assis-
tance of Dade County. The Sports and Exhibition Authority has
selected Decoma Venture as the recommended developer for a
Convention/Coliseum/Exhibition Hall Complex. The Decoma Venture
proposal calls for the development of this facility between N.E.
2nd Avenue, N.W. 1st Avenue, North 6th Street and North 8th
Streets. The proposal calls for the utilization of Parcel 44 for
a component of the complex.
The location of such a facility within this area would greatly
enhance the overall project and, with proper design controls,
would be compatible with the proposed residential community to
be developed. This public facility, along with Bayside and the
Metrorail stations, will assist in creating a market for resi-
dential development, remove blighted conditions within the area,
and create a link between the commercial core area of downtown
and the proposed Southeast Overtown/Park West residential
community.
The emergence of the Southeast Overtown/Park West Community Rede-
velopment Program creates an opportunity for the development of a
variety of land uses within the 200-acre redevelopment area.
The development proposals already selected by the City Commission
for eight parcels call for the development of 1,976 residential
units and 239,670 sq.ft. of commercial space over the next five
years. An additional 426 residential units as proposed by the
circa/ Barnes s/Sawyer development team provides a viable alter-
native development of Parcel 44 and should be considered if the
Commission determines not to go forth with the Decoma proposal.
Tv SS-639
g'1. � tine H c
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mayor and Chi s s ion m 3;
1. Puget $ackgrdund
Phase 1 of this project is focused on publio investMOht adjacent
to the Overtown Metrorail Station and along the gth Street Mall.
A nine -block Transit Station Impact Area has been designated
as the location where public investment will be concentrated.
This has been approved by the Miami City commission (Resolution
No. 83-972) and the Dade County Commission (Resolution No.
R-1006-84). This area was selected due to its strategic location
adjacent to the Overtown Metrorail Station and the Downtown Gov-
ernment Center. Redevelopment within this area will maximize
benefits to both the Park West and Overtown portions of the pro-
ject area and leverage previous capital improvement expenditures
plus committed public funds (Urban Initiatives Project).
There are feasible development opportunities along the nine
blocks surrounding the proposed 9th Street Mall and the Overtown
Metrorail Station. Market forecasts indicate that this nine -
block area is capable of supporting the development of approxi-
mately 2,000 residential units and 250,000 sq.ft. of commercial
space, to be phased in over a five-year period. The development
program will be geared for moderate -income housing for families
with an income range of $15,000 to $50,000. The development mix
is predicated upon the identified market potential for the area
(Hammer, Siler, George Associates analysis).
II. Solicitation of Developers
A concerted effort has been made to promote and market the South-
east Overtown/Park West project area since the establishment of a
project office in September 1982. A significant effort was made
to attract developers locally, nationally, and internationally.
85--639
41,
Mayor anti 'Ciaa itch
a4m
Major r►arketing activities have included:
sr Distribution of 900 marketing folders nat:iOnwic a to
potential developers, investors, etc,
Distribution of 300 copies of the Phase 1 Rgquest For
Proposals nationwide.
_= Publication of two editions of Progress, the Southeast
Overtown/Park West newsletter, distribution1,500 and
of
3,000 respectively.
Preparation of numerous articles and press releases con-
cerning the project. Information concerning the project
has been printed in local and national publications.
Hiring of a marketing consultant to assist in preparing a
market strategy for the project.
--- Sponsoring a developers conference on April 30, 1984, at
the James L. Knight International Conference Center,
attended by more than 200 people; and a presubmission
conference held on August 30, 1984, with 60 persons in
attendance.
-- Appearances on local television, radio broadcasts, and
before civic and business groups to promote the project.
-- Distribution of over 1,000 flyers nationally promoting the
project and development opportunities. Placed advertise-
ments in the Wall Street Journal, the National Real Estate
Investor Magazine and the local newspapers.
-- Hosting a conference/workshop for minority contractors on
August 9, 1984, at the City Administration Building.
SS-639
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I11. Res-onse to the A0 9t for proposalb
Written proposals were submitted by the E0110wiftg nine
development teams:
Affordable Housing Corporation
666 llth Street N.W., Suite 1103
Washington, D.C. 20005-4542
Can American Realty Corporation
1117 Marquette Avenue, Suite 200
Minneapolis, MN 55403-2457
Circa/Barness/Sawyer
628 W. Rittenhouse Street
Philadelphia, PA 19144
Cruz Development Company
10 Fairway Street
Mattapan, MA 02126
The Decoma Venture
Suite 700
1110 Brickell Avenue
Miami, FL 33131
Indian River Investments II, Ltd,
1023 N.W. Third Avenue
Miami, FL 33136
New Washington Heights Community
Development Conference, Inc.
Culmer/Overtown Neighborhood
Service Center
1600 N.W. 3rd Avenue
Miami, FL 33136
Stocks Construction Florida
299 Alhambra Circle, Suite 512
Coral Gables, FL 33134
Walter Sweeting & Associates, Inc.
5825 Sunset Drive, Suite 210
Miami, FL 33143
85-639
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Mayer &nd c6ltiltlisai*h
S�NiiAR1 OF POOPOSALS FOR POW
t 09VELOPNENT
Residential
Commercial
parcel
Number
Name
Units
Sq.Ft.
24
(a) Cruz Development
386 R
386
R
35350
30.000
15.000
15.000
(b) Stocks Construction
R
(c) Can -American Realty Corp.
25
(a) Cruz Development
199 R
15.87
36
(a) Cruz Development
1 C
2212C
25.000
20.000
(b) Affordable Housing Corp.
31
(a) Cruz Development
386 R
R
30.000350
30.000
(b) Can -American Realty Corp.
44
(a) Affordable Housing Corp.
304 C
C
20.000248
(b) Walter Sweeting 6 Assoc. Inc./
Angles, Esteban (joint venture)
426 C
(c) Circa/Barness/Sawyer
-- Centrum
Arena --
(d) Decoma Venture
45
(a) Affordable liousing Corp.
46 C
225 C
33.800
(b) Circa/Barness/Sawyer
46
(a) Indian River Investments I1 Ltd.
152 C
484•C
-"
20.000•
(b) Affordable Housing Corp.
Affordable Housing Corp.
150 R
20.000'
T(b)(a)484'C
Circa/Barness/Sawyer
142 C
292
41.800
56
(a) Circa/Barness/Sawyer
91 R
60 C
151
63.200
(b) New Washington Heights
._
200 Room
Hotel
Community Development Conference
1/30/85
*Combination of parcels 55 and 46
R Rental C
Condominium
SS-639
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mayor and C-owisslaft
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IV$ selection .�R"10—w q4q ►1t'Li-e
On PebruatY 13, 1985 r the phase 1 Selection Review Coi"[mitteecsub on
mitted their report to the [city mote attachment) . The
Review Coriimittee held interviews with each of the development
teams for each of their submissions (20 interviews) and exten=
a vely reviewed each of the proposals.
Parcel No. 24
Developer:
Crux Development Company
uses Proposed:
386 Rental Units
30.000 Sq.Ft. Commercial
Space
425 Parking Spaces
Parcel No.
Developer:
Cruz Development Company
-A
Uses Proposed:
199 Rental Units
15.875 Sq.Ft. Commercial
Space
220 Parking Spaces
Parcel No. 36
Developer:
Cruz Development Coapany
Uses Proposed:
221 Condominium Units
25.000 Sq.Ft. Commercial
Space
248 Parking Spaces
Parcel No. 37:
A tie. with two
developers equally ranked.
Developers
Can -American Realty Corporation
Cruz Development Company
Uses Proposed:
Can -Am:
350 Rental Units
30,000 Sq.Ft. Coarnercial
space
395 Parking Spaces
Cruz:
386 Rental Units
30.000 Sq.Ft. Commercial
Space
425 Parking spaces
Parcei No. 44:
Housing Use
Developer:
Circa/ 8arness/Sawyer
Uses Proposed:
426 Condominium Units
430 Parking Spaces
Sports Arena Use
Developer:
Uses Proposed:
Become Venture
Sports Arena (See Decoma Proposal)
SS-639
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41
Mayor and WMigI;lOt
r►j§a
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Pbtrtbt NeiAi�reiepi<r:
circa/8arness/Sawyer
list Pr6p6tah 228 tondominium Units
33,800 Sq.Ft. Commercial
215 Parking Spaces
N6. 1i5 OeYll6pert Indian River Investments it, Ltd.
per
Utet PI`Oposed: 152 Condominium Units
152 Parking Spaces
Pereel N6. 88 Developer:
Circa/Berne- Sawyer
Uses Proposed: 150 Rental Units
142 Condominium Units
41,800 Sq.Ft. Commercial
425 Parking Spaces
Parcel No.b Housing Use
Developer: Circa/Berness/Sawyer
Uses Proposed: 91 Rental Units
60 Condominium Units
63,200 Sq.Ft. Commercial Space
215 Parking Spaces
Parcel No. 56 Hotel Use
Developer: No recommended developer.
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The committee evaluated developers in terms of their abilities to
develop individual parcels for which they submitted proposals,
based only upon the evaluation criteria established by the City
Commission and included in the RFP. However, since the results
of the evaluations and rankings include recommendations for two
developers for multiple parcels, it was recommended that the City
Manager further evaluate the developers' capabilities for doing
these multiple parcels before making final recommendations to the
City Commission. Touche Moss & Co. has prepared this analysis
and has concluded that these firms have the financial capability
to undertake multi -parcel development (note attachment).
The committee has attached to its recommendations some important
considerations that they believe are crucial to a successful pro-
ject implementation:
1.. The financing data submitted with the recommended Phase I
development proposals show that most of the projects are not
feasible without additional public subsidies and special
financing programs. It is, therefore, important that the
City move quickly to conclude the selection process and help
the developers secure this assistance. Federal budget deci-
sions and 1985 tax legislation may reduce or eliminate some
of these subsidies in the very near future.
Even though federal funding for Urban Development Action
Grant (UDAG) projects is in place until the end of the cur-
rent federal budget year (and appears to stand a reasonable
chance of being continued in the next year), UDAG assistance
is not assured. Miami does not rank high under the current
UDAG eligibility criteria relating to distress and impaction,
which favors older northeastern industrial cities. Congress
: is now considering changes in the eligibility formulas that
might help Miami's standing, and those changes could be in
effect by the time our project application is reviewed.
2. The committee sees a need for the City to act as a master
coordinator for the timing, phasing, and marketing of devel-
opment on individual parcels. This is important for the
creation of an initial critical mass to give the area market
appeal to the first prospective renters and homebuyers. Mas-
ter coordination can also insure that initial construction
will not be concentrated in a single location in the Phase I
area but will occur on a more balanced basis on several par -
eels. Adjustments in the stated construction timetables for
the individual parcels may need to be made.
3. The City must also assume an active role in insuring design
compatibility, particularly among those adjacent parcels
undertaken by different developers.
r �
85-639
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vo pinancial Anal A a
6uche Ross Co* prepared an independent financial analysis Of
each of the 20 development proposals, pursuant to procedures
established for Unified Development Projects, which was utililted
by the Selection Review committee in their review. The Touche
Moss & Co. analysis consisted of an evaluation of the developers'
financial strength as well as the project proposals. The ele-
ments reviewed include:
�= the viability of the development teams and their ability to
secure financing and maintain prices at proposed levels;
the viability of the proposed financing strategies;
the viability of the proposed projects; and
the short- and long-range economic return to the City*
Based on this analysis# the following parcel ranting was
established:
TOUCHE
ROSS 6 CO. RANKING
BY PARCEL
PARCEL
FIRST
SECOND
THIRD
024
Cruz
Can -Am
Stocks
(96)
(88)
(82)
025
Cruz
(97)
t36
Cruz
Affordable
(97)
(57)
#37
Cruz
Can -AN
(94)
(94)
*i44
C/B/S
Decoma
Affordable
(95)
(55)
(55)
#45
C/B/S
Affordable
(90)
(55)
#46
I.River
Affordable
(73)
(58)
#55
C/B/S
Affordable
(94)
(55)
t56
C/B/S
New Wash.
(97)
(45)
FOURTH
W.Sweetinq
(46)
* A more defined financial plan has been provided by The Decoma
Venture to the Sports and Exhibition Authority.
85-638
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Mayor and 401110
VI, oeyeloper Recommendations
Tatting into consideration the tecOffnendatid" of Touahe Rosa
c0.r a certified public accounting firm' and the Phase � Seidedded
Lion Review committee, the following developer is reconnOn
for redevelopment of Parcel 44, pursuant to the procedures for
Unified Development Projects, as set forth in the city of Miami
Charter Section 53(c).
Pagcel_No._44: (1) Decoma 'Venture
(2) circa%RarnessJSawyer
85-639