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Home My WebLink AboutR-84-0829J-84-738 fi. 2 RESOLUTION NO. A RESOLUTION APPRO` T.T\1G, TN PR.TNCTPLE, THE APPLICATION OF TTTT:T?'T' F-,14 TTTINDRT D BISCAYNE PARTNEPSHTP FOP iTT?i1T STO"d BY THE CITY OF 1'9.1/'\T1T TO TUT TT-'S. DE- PARTT•1ENT OF 1IO[TSTNG, 0,J) TIT%BAT:1 DT VELOP- MENT FOR AN [IRT AT�T TAT i T;F,Oi`T1T;i1T ACTION GRANT FOP COT,1STF-1JCTTOi\1 OF A MULTI --USE COMPLEX CON'T'ATNTNG A 23 STORY OFFICE BUILDTNG, A 205 UNIT APARTMENT BUILD- ING FOR T`1ODERATF TNC.OMT7, TENANTS, A 130,000 SO. FT. DEPARTMENT STORE, RE- STORATION OF AN 130,000 SQ. FT. HIS- TORIC BUILDING, AND A 2,000 CAR PARK- ING GARAGE IN THE NORTH DOWNTOWN AREA. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The application of Thirteen Hundred Biscayne Partnership for submission by the City of Miami to the U.S. Department of Housing and Urban Development for an Urban Development Action Grant for the contruction of a multi- use complex containing a 23 story office building, a 205 unit apartment building for moderate income tenants, a 130,000 sq. ft. department store, restoration of an 130,000 sq. ft. historic building, and a 2,000 car parking garage in the north downtown area is approved�in principle. PASSED AND ADOPTED this 30 day of July , 1984. ATTEST: zG. ONGIE, City Cle PREPARED AND APPROVLD BY: ROBER`1' F. C1,1:1<h, DEI'U`I'Y CITY ATTORNEY APPROVED h c TO F°ORI,7 CORRECTNESS: 14� e SEG __1___A_-PEDROSA, CITE' ATTORNEY Maurice A. Ferre MAURICE A. FERRE, MAYOR CITY COMMISSION MEETING OF JUL 30 158�i I i kf-La Rr,� i 9 TO Howard V. Gary City Manager G1'1:OT WFAM%-FLORIDA INTER-C FFIC� MEMORANDUM I DATE: FROM Dena Spill -man, Director Department of Community Development July 24, 1984 SUBJECT: Thirteen Hundred Biscayne Partnership, UDAG REFERENCES City Commission Agenda ENCLOSURES. July 30, 1.-9G4 to It is recommended that the City Commission approve .in principle the attached resolution author- izing the submission by the City of Miami of an application to the U.S. Department of Housing and Urban Development for an Urban Development Action Grant for the Thirteen Hundred Biscayne Partnership to assist in the financing of a multi -use complex containing a 23 story office building, a 205 unit apartment building for moderate income tenants, a 130,000 sq. ft. depart- ment store, restoration of an 130,000 sq. ft. historic building, and a 2,000 car parking garage in the north downtown area. Over the past several weeks, staff has worked with the Thirteen Hundred Biscayne Partnership in putting together an Urban Development Action Grant for submission to U.S. HUD for the development of a multi -use complex containing a 23 story office building, a 205 unit apartment building for moderate income tenants, a 130,000 sq. ft. department store, restoration of an 130,000 sq. ft. historic building, and a 2,000 car parking garage in the north downtown area. This multi -use complex which will be located at 1300 Biscayne Boulevard, the site of the old Sears store, if constructed will generate approximately one million dollars in new taxes a year for the City, create 1,916 new permanent jobs, and provide to the City a UDAG repayment stream of funds to finance projects that will benefit low -and -moderate income residents (See attached project summary). - 1 - 84'""82fj In addition, the projec-It. will dpmonstrr-1t i -e tc, (le,,rel.opers that projects in the Ov-el-i�OWn Area a,re this- project is located just 3 Tiort-.11 of the '41—). This project will. be the first PT- C) j C' in Mi'-1-ni- nrf-,i in the last-- ter) ye -,I S R, f 0 1 - M, C, I l i n T) (7 OTTJ T ljj»(; GY fut)(3s at requeste(I te� I— 11sr-O i-o br�'Ir'b 41-11cn f in'lnci-Al- (1,1 P in thicz pro-jec C, 4 -Tn 'z� 1 wi th the City S ta f f ba (I;try;_(I j- Iss 0 _1 , 'i. t pi -Y -- Commission b-cause finallci-nq comr e -i(l not- 1)�en obtained for the project This application mu-;t- be submitted to HUD by July 31, 1984, City commission approval of this item is recommended., DS:mb V 1k alt- 84-829 s CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT URBAN DEVELOPMENT ACTION GRANT PROGRAM (UDAG) i PROJECT SUMMARY 1. Name: Thirteen Iiu.ndred Piscavne Boulevard 2. Developer: Thirteen hundred Biscayne Partnership, a newly formed Florida partnership composed of the following principals: Dean Willman and Constance J. Willman, Richard Leben and Lawrence Meyer, and Douglas S. Lyons. 3. Type of Pro The project consists of the construction of a jest: multi -use complex containing a 23 story office building, a 205 unit apartment building for mo- derate income tenants, a 130,000 sq. ft. depart- ment store, restoration of a 130,000 so. ft. historic building, and a 2,000 car parking garage. 4. Location: The site is located at 1300 Biscayne Boulevard. 5. Zoning: The site is zoned SPI-6 High density mixed use 6. Total Develop- $115,453,553 ment: 7. Proj ect Financing: UDAG $13,165,230 Private Debt $59,189,656 Financing Public Debt $15,062,667 Financing Equity $28,036,000 8. Number of Jobs Created: Construction 667 Permanent 1,916 84-828 9. Term of UDAG assistance/return to City: a) 1% of UDP(7, loan amounl- at closing $ 131,652 b) Principal );-)cl at 391 amortized over 11,340,767 25 yearz ) (-ill on ;7ear 1.5 c) 20% of nc11-_ nirnil.il)i.r, cash flow 7,273,21.2 d) At the end of the loan term: Balloon payment 6,449,269 15% of net sales proceeds 17,700,000 Sub -Total $42,894,900 Real Estate taxes generated Over the 15 year life of the loan* 18,555,540 Total Benefit to City $61,450,440 10. Leverage Factor Private Investment/UDAG 6.6 to 1 *First year estimated tax increase to the City $967,207. Pssumed appreciation of 3% compounded yearly. Ll CITY OF MTAMT DEPARTMENT OF COMMUN T TY DEVELOPMENT URBAN DEVELOPMENT AC'7071N GPIANT PPOGRAM (UDAG) 1. Name: Thirteen Hundred Biscayne Boulevard 2. Developer: Thirteen Hundred Biscayne Partnership, a newly formed. Florida partnership composOd of the following principals: Dean 14_jIlman and Constance J. Willman, Richard. Lpben and Lawrence Meyer, Dr: Harold Dubner, , Mone laces Vi.g l as , Douglas S. Lyons, and Caa��eh�ef t e. 3. Type of Pro- The project consists of the construction of a multi ject: use complex containing a 23 story office building, a 205 unit apartment building for moderate income tenants, a 1.30,000 sq. ft. department sotre, restor- ation of a)i' 1.30 ,000 sq. ft. historic building, and a 2,000 car parking garage. 4. Location: The site is located at 1300 Biscayne Boulevard. S. zoning: The site is zoned SPI-6 High densite mixed use 6. Total Develop- $115,453,553 ment Cost: 7. Project Financing: UDAG $13,165,230 Private Debt $59,189,656 Financing Public Debt $15,062,667 Financing Equity $28,036,000 8. Number of Jobs Created: Construction 667 Permanent 1,916 84-828 9. Term of UDPG assistance/return to City: a) 1% of UDAG loan amount at closing $ 131,652 b) Principal_ and interest at 3% amortized over 11,340,767 25 Years a cri1.1. on year 15 c) 201,; of T)eL 7,273,212 d) At the end of the loan term: P)alloon payment 6,449,269 15% of net sales proceeds 17,700,000 Sub -Total $42,894,900 Real Estate taxes generated* Over the 15 year life of the loan 18,555,540 Total Benefit to City $61,450,440 10. Leverage Factor Private Investment/UDAG 6.6 to 1 First year estimated tax increase to the City $967,207. Assumed appreciation of 3% compounded yearly. [a 84-8z>q