HomeMy WebLinkAboutR-84-0920J-84-746
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RESOLUTION NO. 84-920,
A RESOLUTTO'll TrPPOVTN(7,, TN PRTNCTPLE, THE
APPI,ICTTT('\T\l OF DAYSTI)r 1,TNTTED PAPTNER-
siiip Fni' RN THE CTTY OF MIAMI
TO THE 11,S. DElj_)7\T,'T'Tl17,7 OF lT0TTrl*l_tll(' )\ND
URBAN TM T7T)Tl7\T\7 T)T'VTJ,OP-
MENT A(7TON, (,P7Jj9l FOR COLT STP11)(7-f'j ON OF A
10 000 C71J)!'\CT'PY OUTDOOR J7\MT.:TlTTllF7\TF.1) AND
PEDEVELOPMUNT OF THE ADJTCENT 20 ACRES
OF BPYFRONT PAPK.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The application of Bayside Limited Partnership
for submission I)y the C_it-v of Miami. to the U.S. Department
of Housing and Urban Dove. 10JID111C)l t f03_- an. 1117ban Development
Action Grant fl`nr the of a 1.0,000 capacity out-
door aii(l recleNclopm-nt of the zadjacent. 20 acres
of Bayfront Palk is approved, in principle.
PASSED AND ADOPTED this 31 day of July 1984.
Maurice A. Ferre
MAURICE A. FERRE, Mayor
ATTEST:
zl�
RA H G. ONGIE, City C]Celrfk
PREP74`ED AND APPROVED BY: I
ZAI
R01i'LAT' I. 'CLAI�K
I)EPUTY -CITY ATTOld'NY
PPPROVED PS TO FORM AND CORRFCTNESS:
O /R.
I CI GPIZIA-PEDROSA
Y
Attorney t!
CITY COMMISSION
MEETING OF
JUL al 19M
4 `0
RIS
TO Howard V. Gary
City Manager
CITY Or MIAMI. FUORIDA
19M JUL 25 !.i' 11: n8
onTF July 24, 1984 FILE:
SUBJECT: Bayside;p-ci_al_ty Center
Bayfront P, , F.oc evel_ppment
UD14G
FROM Dena Spillman REFEREMCEC Cit-". COMI T-Wi ss 7..on 1-vjrnd :
Director Jt�1_'30, 1`�E3P
Department of Community Development E�1c�osuRFs A.
t
It is recommended that th.e City Commission
approve in pri.nciple the attached resolcztion
author zing the submi_ssi.o i by the City of
Miami_ of an application to the U, S. Department
of Housing ,end Url ,31'1 Development fer an
Urban Drve7_opment Action Grant for the
Bayside Spcci_al_t,y Center/Bayfront. Park
Redevelopment project for construction of
a 1-0,000 capacit-y outdoor amphitheater and
redevelopment of t--he adjacent 20 acres of
Ba}-fz(:)nt:. T"-Irk
Over the past sevor,71 L,t,:<a.f h,:,s wor lced with the Bayside Limited
Partnership in an Urban Development .Action Grant
application cap. i , 7 (-.,) io CT. S. HUD f017 the construction of a
- 10,000 hcit-cr and rc?e.cvr_lopmcnt of the adjacent
20
The Bayf r("')at i'z:. -h 7)i 11) c,• c rlic ntf" al e- a
-, p.rc c cdc r1i. f-oi'. the
devel.c)pc i U 1:cC. l\'C r t:C7 thC :3 1':ia.Cl('. :i7 C'C 7_at.'w C (.7'lt':t'r project.
This C ent:cx. �,,,he rl <<SiI1 gene_ at( 7.c.��<: c- �� to the City,
new permanent jol:):=., ll"d Lcir�i.t.:iol t.31 tC1XC:3 0SCO <::tt'1,1UhCd l:)3-70jeCt:
summary).
Twelve million dollrar in UDT:G Grant fundS are being requested This
UDAG request is in coni'ormance with the lease with the Bayside Limited
Partnership already al --)proved by the Commission.
City Commission approval of this itern is recommended.
DS/mc
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6.
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CITY OF MIAMI
DEPARTMENT OF COMMUNITY DEVELOPMENT
URBAN DEVELOPMENT ACTION GRANT PROGRAM (UDAG)
Project Summary
,'
1) Name: Bayside Specialty Center/Bayfront Park
Redevelopment Project
2) Developer: Bayside Limited Partnership, a newly
formed li_mi -e(- partnership, composed of
a General Partner, Rouse -Miami Inc. and
the follo,.jinq linmi.tod p<n)-t.ner.,:
Armando Coed-i1a; Ronald 1 = Fra;.i.er, AIA;
Raul P. Masvi.c:aJ. end Garth C. Reeves.
3) Type of Project: This project consists of the con. t-aauction
of a speci alt-V Ce IC-037 cont,-O.ni_nq 200,000
square fc..et- of nc_-t•r rctail 35,000
square fcct: of cl�abi_1_i.t t c ca. :-,pace, a
1,200 cap r,arl--rig c3 .�'i7c(e, r' 111(1:7ina
service c:r.i ;.r , ;1 7.0, 0001 cap«_c �-y
outdoor illj' 17 :i1 e �'=.: --3) 1
of the, c at c`C fit- 01 �-sc ,._cs of Payf:ront
Pare:.
4) Location: 40 acre s.i.tc located at the midpoint in
Miami's 1.3.0 acre Bayfront Park System.
5) Zoning: The site is zoned P.R., and has obtained
a major use permit.
6) Total Development
Cost: $107,600,000
7) Project financing:
Private financing $72,000,000
Equity 3,000,000
City of Miami 4,000,000
DOSP Revenue Bonds 16,600,600
UDAC12,000,000
8) Term of UDAG as is tance to City:
The UDAG funds `;re being requested as a grant to the City for
construction of the outdoor amphitheater and for redevelopment
of 20 acres of 1ayfront Park adjacent to the Bayside Specialty
Center.
•
9) Bayside Specialty Center rental payments
1) An annual basic rent of:
Full rental years Minimum Base Rental
1-2 325,000
3-6 650,000
7-35 1,000,000
36-45 *as de r_er-mi ned below
t"
* Minimum base rental may, at the City's optin)-i; be increased at
the beginning of the thirty sixth (36th) rental_ year in EAT) amount
equal to the average of the annual basic rental_ paid during the
preceeding three (3) rental years.
Ox thirty-five percent (35"•) of net income available for distribution
of the pro-ject., J_s higher.
10) Foundation contri.biat .o-i.
Developer agrees to pay pc3-cent (10%) of net cash available
for distribution or $7.00 , 000 whichever is nigher to a foundation
established to address the needs of the minority communities of
the City of t,iiami .,
11) Developc?- contribution to Bayfront Park:
$1,000,000
12) Real Estate taxes generated per year to City:
$545,066
13) Leverage Factor Private Investment/UDAG
8:1