HomeMy WebLinkAboutR-84-0117J-84-60
RESOLUTION NO. N 114—I1-'�
A RESOLUTION APPROVING IN PRINCIPLE THE
APPLICATION OF MID PARTNERSHIP FOR
CONSTRUCTION OF A THREE-STORY BUILDING
OF SHOWROOM SPACE AND PARKING GARAGE AND
AUTHORIZING THE CITY MANAGER TO SUBMIT
AN URBAN DEVELOPMENT ACTION GRANT APPLICA-
TION TO THE U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT FOR THE PROJECT.
WHEREAS, MID Partnership intends to finance a project
for the purpose of building a three-story showroom building
that will contain 182,000 square feet of showroom space and a
parking garage that will contain 160,000 square feet or parking
area on a site located at 4141 N.E. Second Avenue, Miami; and
WHEREAS, the developer will build the aforesaid show-
room complex and parking garage for the purpose of offering it
on a rental basis to area businesses; and
WHEREAS, the project is expected to generate approxi-
mately 80 construction jobs and 250 new permanent jobs; and
WHEREAS, the total cost of the project is $23,500,000,
of which $5,000,000 is proposed to be funded from an Urban De-
velopment Action Grant from the U.S. Department of Housing and
Urban Development; and
WHEREAS, MID partnership unequivocably states that un-
less the proposed Urban Development Action Grant or comparable
funding is received, the construction of the showroom building
and parking garage cannot be completed;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The application of MID Partnership for
construction of a three-story showroom building and parking
garage 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
JAN 26 1984
RE OLW-L
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PASSED AND ADOPTED this 26 day of January , 1984.
ATTEST:
<1 J
RAL
G. ONGIE, City Clel�rk
PREPARED AND APPROVED BY:
G. MYRIAM MAER
Assistant City Attorney
Maurice A. Ferre
MAURICE A. FERRE, Mayor
APPROVED AS TO FORM AND CORRECTNESS:
J E R. GARCIA-PEDROSA
'ty Attorney
84-117
4
CITY OF MIAMI
DEPARTMENT OF COMMUNITY DEVELOPMENT
URBAN DEVELOPMENT ACTION GRANT PROGRAM (UDAG)
1. Name: Miami Interior Design Center
2. Developer: MID Partnership, a Florida partnership composed of
the following principals: Max Fine, Charles Lallouz
and Irving Moskowitz.
3. Type of The project consists of a three (3)-story building
Project: and parking garage that will contain a total gross
area of 182,000 sq. ft. of showroom space and
160,000 sq. ft. of a parking garage area.
Control of land: Option to purchase land.
4. Location: The site is located at 4141 N.E. Second Avenue.
5. Zoning: The site is zoned CG-2/7 (General Commercial) and
SPI-8 (Special Public Interest District).
6. 7otal Development Cost: $ 23,500,000
7. Project Financing:
UDAG $ 5,000,000
Private Debt Financing 14,500,000
Equity 4,000,000
8. Number of Jobs Created
Construction 350
Permanent 150
9. Terms of UDAG Assistance/Return to City:
a) 1% of UDAG amount at closing $
b) 15-year loan @ 7% interest
c) 25% of net available cash flow
d) At the end of loan term:
- Principal Repayment
- 25% of Net Sale Proceeds
Subtotal
Real Estate Taxes Generated*
Total Benefit to City
*First year estimated tax increase,
$157,838. Assumed appreciation,
3% compounded yearly.
50,000
5,250,000
11893,000
5,000,000
41081,000
$16,274,
2,935,000
$19,209,000
84--IL17
Center (cont'd)
Private Investment/UDAG = 3.7:1
S4-117