HomeMy WebLinkAboutR-84-1319i
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J-84-1124
FLORIDA:
RESOLUTION NO. 84 -1319
A RESOLUTION APPROVING, IN PRINCIPLE,
THE APPLICATION OF LITTLE HAVANA PRO-
FESSIONAL OFFICE BUILDING PARTNERSHIP
FOR SUBMISSION BY THE CITY OF MIAMI
TO THE U.S. DEPARTMENT OF HOUSING &
URBAN DEVELOPMENT FOR AN URBAN DEVELOP-
MENT ACTION GRANT, FOR CONSTRUCTION OF
A SIX -STORY OFFICE AND COMMERCIAL
BUILDING; FURTHER PROVIDING THAT THE
RESOLUTION BECOME EFFECTIVE UPON ITS
SIGNING BY ALL CITY COMMISSIONERS.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
Section 1. The application of Little Havana Professional
Office Building Partnership for submission by the City of Miami
of the U.S. Department of Housing & Urban Development for an
Urban Development Action Grant for construction of a six -story
office and commercial building is hereby approved, in principle.
Section 2. The provisions of this resolution shall
become effective upon the signature hereto of each City
Commissioner.
PASSED AND ADOPTED this
Maurice A. Ferre, Mayor
Jo 1 Co �ssioner
.L Plummer. Jr., Co ssioner
15th day of November , 1984.
ATTEST:
�G-_
PREPARED AND APPROVED BY: APP
G. Miriam Maer Lucia A. Doug
Assistant City Attorney City Attorney
er
AND CORRECTNESS:
y j `,All LUMMISSION
MEETING OF
NOV 15 1984
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1S2
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
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To. Howard V. Gary DATE: November 8, 119844 '''FILE:
City Manager
- SUBJECT: Little Havana Professional
�� Office Building - Urban
Development Action Grant (UDAG)
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FROM: Frank Castaneda REFERENCES: City Commission Agenda -
Director November 15, 1984
Community Development ENCLOSURES:
It is recommended that the City
Commission approve in principle
the attached Resolution authori-
zing preparation and submission
of an application by the City of
Miami to the U.S. Department of
Housing & Urban Development for
an Urban Development Action Grant
for the Little Havana Professional
Office Building Partnership, for
development of a six -story office
and commercial building containing
14,000 square feet of leasable
space.
City staff has worked with the Little Havana Professional Office
Building Partnership in putting together an Urban Development
Action Grant for submission to the United States Department of
Housing & Urban Development for development of a building con-
taining 14,000 square feet of commercial and office space to be
located in the Latin Quarter.
s
The project, which will be located at 1437 S.W. 1st Street, will
contribute toward the City's goal of replacing decaying and inef-
ficient structures with modern construction designed to beautify
the emerging business community, increase the area's tax revenues
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and create new permanent jobs. It will not only serve as an anchor
for future commercial and office projects of this nature in the
area, but will also provide an income stream from its loan repay-
ment to the City for other projects that will benefit low and
moderate income residents of the City. (See attached project summary).
Approximately $250,000 in Urban Development Action Grant funds is
being requested.
Commission approval of this item is recommended.
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84-1319
City of Miami
Department of Community Development
Urban Development Action Grant (UDAG)
Project Summary
1. Name: Little Havana Professional Office Building
2. Developer Little Havana Professional Office Building
Partnership
Leonardo P. Mendez
Rafael E. Padierne
3. Type of Project: Construction of a six (6) story building,
containing 14,000 square feet of leasable
commercial and office space.
4. Location
1437 S.W. lst Street, Miami, Florida
5. Zoning: The site is zoned CR-3/7 (Commercial/
Residential - General) and is in con-
formance with requirements of the City.
6. Total Development $1,284,950
Cost:
7. Project Financing: UDAG: $250,000
Conventional (Lender(s) 834,950
Equity 200,000
Total $1,284,950
8. Number of Jobs Construction 55
Created:
Permanent 70
9. Term of Assistance/Return to City:
a) 30 years loan at 3% interest with call
at the 15th year. Yearly payment of
$12,648. Payment of years 1, 2, and 3
deferred to balloon. $ 151,777
b) 20% distribution on the available
cash flow
c) End of loan term balloon payment
d) 25% of net sale proceeds at end
of 15th year
Sub total
e) Real Estate taxes generated*
Total Benefit to City
153,720 -
190,570
$ 334,523
830,5
362,748
$1,193,339
*First year estimated tax increase, $18,936. Assumed appreciation
of 3% yearly compound during 15 years.
84-1319
I
The undersigned does not object to an application by the Little
Havana Professional Office Building Partnership for submission by
the City of Miami to the U.S. Department of Housing & Urban
Development for an Urban Development Action Grant, for
construction of an office and commercial buildinx,
sione
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The undersigned does not object to an application by the
Little Havana Professional Office Building Partnership
for submission by the City of Miami to the U.S. Department
of Housing & Urban Development for an Urban Development
Action Grant. for cofistruction_4 n o ice and commercial
3
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3 The undersigned does not object to an application by the Little
tnerstHavna hea City by
Professional
Miami office
theB Ui S �nDepartmentPar
h ip off or Housingsubmission
& iUrban
Development for an Urban Development Action Grant, for
j construction of an office and commercial building.
1
Miller J. Dawkins
commissioner
Yz1-131q
The undersigned does not object to an application by the Little
Havana Professional office Building Partnership for submission by
the City of Miami to the U.S. Dep ptment of Housing � Urban
or
Development for an Urbaan
n Development Action Grant,
construction of an office +and commercial building.
aurice A Ferre�_—�
Mayor
Yz1--131q
A101/. -20r /9-'�/
The undersigned does not object to an application by the Little
Havana Professional office Building Partnership for submission by
the City of Miami to the U.S. Department of Housing & Urban
Development for an Urban Development Action Grant, for
construction of an office and commercial building
4JC'atr o110issioner