HomeMy WebLinkAboutR-84-0919J-84-742 0
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FLORIDA:
RESOLUTION 84-919,
A RESOLUTION APPROVING, IN PRINCIPLE,
THE APPI.JCATION OF SUP CITY PbAZA
LIMITED 13jjj-kt'.
-IT Sl; ION
BY THI-l" (IT - y (--)T;l 171117a U.S.
DEPARTS ENIP T\rjl) UPDAN
DEVELOTIM]"NT i ill 1I i URBAN
DEVELOr- MEIN ACT 10,'4 ("PANT, FOR
CONSTRUCTION OF A !�(JOPPING
CENTER FOR COMMERCIAL AND OFFICE
SPACE IN THE LIBERTY Cl,TY AREA.
BE IT RESOLVED BY THL COMHISSION OF THE CITY OF MIAMI,
Section 1. The aj-)pJ_j_c;iti_ori of Sun City Plaza Limited
Partnership for by tjie� Cj.Ay of 7--Aollii to the
U.S. Departwont of Hou,,,inq i�i)d Ili.-biin Dt.,,vcI(_)p;-rwnt for an
Urban Development Action Gr(ant-- to?- "Jw coast-l-l-l(Ition of
a mid -size shoppitig ioi. conofflwi-cial alld office
space on a site located iii the Liberty City area is
approved.in principle.
PASSED AND ADOPTED this 31 day July 1984.
Maurice A. Ferre
i;NURICE A. FERRE, Mayor
ATTEST:
RA L G ONGlE, City C
PREPARED AND i"IPPROVED BY:
ROBERT F.
DEPUTY C'IT" N" f? Y
APPROVED i;"), Tu kuki'll CORRECTNESS;
E R. GARCIA-PLISROSA
ity A�
ttorney
CITY COMMISSION
MEETING OF
JUL
CITY OF MIAMI, FLORIDA
Sal INTER -OFFICE MEMORANDUM
TO Howard V. Gary VAM July 24, 1984 FILE
City Manager
SUBJECT Sun City Plaza Limited
Partnership, TJDAG
J/y-( /,Atr,--
FROM Dena S1 - AT-1-man REFERENCES. City Com-niission Agenda,
Director
Ji;ly 30, 1-984
Department of Community Development ,,,,0S0PF5
It is recommended that the City
Commission approve in principle
the attached resolution nuthor-
izing the preparation and sub-
mission by the City of Miami of
an application to the U.S. Depart-
ment of Housing and Url,an Develop-
ment for an Urban Development
Action Grant for Sun City Plaza
Limited Partnership, for develop-
ment of a mid -size shopping center
containing 26,000 sqiiarc feet of
commercial. and office ,7pace.
City staff has worked with the Sun
ted Partnership
in putting together an Urban DeNcal 01-11-irni J o -i Grant for submission
to U.S. HUD for the dc%7cl_oI-)),ncn1V1 o-J.- 1,,14
A .1 ,-,hoppinq center
containing 26,000 ,qu,7irc _f(�ct
.r,.fice pc:�cc to be
located in the J4a6,_-'3. City
This 1,,cl 1(c
03) thc, 1,'Cst "de (.A* 7QJ,. 7th
Avenue. 67th 68th Strcc-t N,;ill e, tJie first shopping
cente-17 for-profiteritity in the area for
Th i s pr o -'c ct 7
J L� 'All not scr,,,e as an anchor for future commercial
project,-..,-: of Cl)is in the area, but will provide an income
stream, from JLIL, loan repayment to the City for other projects that
will bcn(.-,fiL- to-vw-and-moderate income residents of the City (See
attached project surrcyry).
Approximately $2501000 in UDAG Grant funds are being requested.
Commission approval of this item is recommended.
DS/mC
A
City of Miami
Department of Community Development
Urban Development Action grant Program (UDAG)
Project Summary
].. Name :
Sun City Plaza Shopping Center
2. Developer: Sun City Plaza Limited Partnership,
a Florida corporation composted of the
following pri nci-pat.s :
Joann C. Andersen, ph.D
Claud AndC__sorz,
James E. CDnn
Lonnie Nllr31
3. Type of Project: The p.r_oject consists of the development
of a mid.-c i-z e. :shopping center containing
26,000 square feet for commercial and
office space.
4. Location: The sith rjvenue betweentN.W e67thland 68th
N.W. 7
• Streets.
5. Zoning: The site is zoned GC-2/7 (General commer-
cial) and, is in conformance with City
requirements.
6. Total develop- $884,000
ment cost:
7. Project
Financing:
UDAG
Private debt financing
Economic pevelopment
Corporation of Dade County,
Inc. (EDCO) Loan
Equity
Total
$250,000
399,000
100,000
135,000 --
$884,000
AM
fk'
8. Number of Jobs Created:
Construction 61
Permanent 102
9. Term of UDAG Ass i.,stance/Peturn to City:
a) Principal in(l inf--erest at 30% amortized
over S Wi 1-1) call on year 15 $ 215,355
b) 20% oil 1,443
U
c) At the end of t-lic loaii term balloon
payment 122,468
15% of net sale proceeds 143,152
Sub total $482,418
Real estate taxes generated over
the 15-year life of the loan* 12,775
Total bonefit to City $495,193
10. Leverage Factor Private investment/UDAG: 2.5:1
*First year estimated tax increase to the City, $8i200,
assumed appreciation of 3% compounded yearly.
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