HomeMy WebLinkAboutR-84-0116J-84-59
RESOLUTION NO. S,1-1.1.6
A RESOLUTION APPROVING IN PRINCIPLE THE
APPLICATION OF AIRPORT 5040, LIMITED
PARTNERSHIP, FOR CONSTRUCTION OF A NINE -
STORY COMMERCIAL AND OFFICE BUILDING AND
AUTHORIZING THE CITY MANAGEP. TO SUBMIT AN
URBAN DEVELOPMENT ACTION GRANT APPLICA-
TION TO THE U.S. DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT FOR THE PROJECT.
WHEREAS, Airport 5040, Limited Partnership, intends to
finance a project for building a nine -story commercial and office
building that will contain 90,680 square feet of commercial and
office space on a site located on the south side of N.W. Seventh
Street, approximately 370 feet east of N.W. 51st Avenue; and
WHEREAS, the developer will build the aforesaid commercial
and office complex for the purpose of offering it on a rental basis
to area businesses; and
WHEREAS, the project is expected to generate approximately
150 construction jobs and 401 new permanent; and
WHEREAS, the total cost of the project is $9,200,000, of
which $1,825,000 is proposed to be funded from an Urban Development
Action Grant from the U.S. Department of Housing and Urban Develop-
ment; and
WHEREAS, Airport 5040, Limited Partnership, unequivocably
states that unless the proposed Urban Development Action Grant or
comparable funding is received, construction of the office building
cannot be completed;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The application of Airport 5040, Limited
Partnership, for construction of a nine -story commercial and
office building is hereby approved in principle and the City
Manager is hereby authorized to proceed with the City's application
for an Urban Development Action Grant from the U.S. Department of
Housing and Urban Development.
CITY COMMISSION
MEETING OF
J AN 26 1984
REMARKS - .._------- -_
PASSED AND ADOPTED this 26 day of January ► 1984.
Maurice A. Ferre
MAURICE A. FERRE, Mayor
ATTEST:
RA G. ONGIE, City C k
PREPARED AND APPROVED BY: APPROVED AS TO FORM AND CORRECTNESS:
G. MIRIAM MAER E R. GARCIA-PEDROSA
Assistant City Attorney Pity Attorney
84-116
0
CITY OF MIAMI
DEPARTMENT OF COMMUNITY DEVELOPMENT
URBAN DEVELOPMENT ACTION GRANT PROGRAM (UDAG)
1. Name: Airport Seven Office Building
2. Developer: Airport 5040, Inc., a Florida corporation composed
of the following principals: Cipicorp Construction,
Inc., De Karon Corporation, David Perez, Fidel
Saldivar, Leslie A. Shere and John McCloskey.
3. Type of
project: The project consists of a nine (9)-story building
that will contain a total cross area of 90,660 sq.
ft. of commercial and office space.
Control of land: Land is owned by the developer.
4. Location: The site is located on the south side of N.W. 7th
Street, approximately 370 feet east of N.W. 51st
Avenue, Miami.
5. Zoning: The site is zoned RG-3/6 and RG-1/3 (General
Residential). There is a petition to change
zoning for the entire parcel to CR-2/7 (Commer-
cial -Residential). Zoning change for the entire
parcel was recommended by the Zoning Board and
was approved unanimously by the City Commission
at the First Reading on December 15, 1983. A
Second Reading is scheduled for January 26, 1984.
6. Total Devel-
opment cost: $9,200,000
7. Project Financing:
UDAG $1,825,000
Private Debt Financing 5,475,000
Equity 1,900,000
8. Number of Jobs Created:
Construction 75-100
Permanent 400
9. Term of UDAG Assistance/Return to City:
a) 1% of UDAG loan amount at closing
b) 15-year UDAG loan amount at closing
c) 25% of net available cash flow
d) At the end of loan term
- Principal repayment
- 25% of net sale proceeds
Sub Total
Real Estate taxes generated*
Total benefit to City
*First year estimated tax increase, $60,247.
Assumed appreciation 3% compounded yearly.
$ 18,250
1,665,000
431,000
1,825,000
2,200,000
$6,139,250
1,120,000
$7,259,250
84l--116
Howard V. Gary January 25, 1984
City Manager
Urban Development Action
Grant Hearing
Dena Spillman
Director
Department of Community Development
As per your instructions,the Public Hearing for the proposed v
Urban Development Action Grant applications was scheduled
for the City Commission meeting of January 26th at 2:30 pm.
All developers have been notified and the public hearing
advertisement has been published.
It is my understanding that this item has been removed from
the agenda of that meeting. If this is the case, be advised
that in order for the City to submit applications during this
round, approved applications must be received by HUD no later
than January 31, 1984. If that deadline is missed, the next
month applications may be submitted is April. This delay would
cause serious problems for each of our applications.
I strongly recommend that the UDAG item be placed on the agenda
and the Public Hearing held as scheduled. Attached are copies
of three resolutions which authorize the City Manager to
submit the applications; these must be approved by the City
Commission.
DS/mc
Enclosures
84"-116