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HomeMy WebLinkAboutItem #01 - Presentationro wD Joseph R. Grassie City Manager Jim Raid, Director Planning Department SM,91ARY : May 1, 1980 "= Agenda Item City Commission Meeting Committee of The Whole In September of 1978, the Miami City Commission authorized a "New Town In Town Study" to examine the feasibility of a large- scale residential community in downtown and to prepare a devel- opment pro;�ram. A workshop is requested with the City Commission to: receive an interim report on the project from the consultant firm of Wallace, Roberts and Todd; and review the Park West Preliminary Redevelopment Schedule. - — — BACKGROUND: By resolution of the City Commission on September 14, 1978, the City of Miami and the Downtown Development Authority were author- ized to carry out a "New Town In Town Study." A short chronology of the New Town In Town Project follows: Date Action 1. November 1979 City enters into contract with the DDA. 2. January 1979 Technical committee formed composed of City Community Development, City Planning Department., DDA, Dade County HUD, Dade County Community Development and Dade County Planning. 3. February 1979 DDA issuer requests for proposals to study Park West/New Town In Town. Joseph R. Grassie City Manager Page 2 Date _ Action 4. May 1979 Consultants proposals screened and five finalists chosen. 6. June 1979 Five finalists interviewed and the firm of Wallace, Roberts and Todd were rec- ommended to carry out the study in cooperation with the American Cities Corporation and Parsons, Brinkerhoff, (wade and Douglas. 6. February 1980 Policy Committee on Park West formed including City and County elected officials, interested citizens and business persons. ?. February 1980 Policy Committee reviewed interim report and suggests further research on reloca- tion options, financing, and the, feas- ibility of assisted housing. 8. April 1980 Police Committee reviewed recommended development concept and supports: 1) the declaration of Park West as an area of "slum and blight ", 2) the prepara- tion of a modified development agreement between the City and the County to delin- eate responsibilities for carrying out Park West, 3) the "principle" of tax increment financing• as a vehicle for carrying out Park West, and 4) requested - further study on the desirability of declaring the entire DDA area (as well as parts of Overtown) as a tax increment district for the purpose of financing redevelopment projects. It is requested that the City Commission conduct a workshop on the proposed Park West Plan during; the Committee of the Whole session on May Sth for the purpose of receiving a presentation by the firm of Wallace, Roberts and Todd reviewing the interim report entitled part: West Alternative Development Plans and re- viewing the proposed mark West Preliminary Development Schedule. Joseph R. Grassie City Manager Page 3 Enclosed for the Commission's review is: 1. An Executive Summary of the Park West Redevelopment Plan. 2. A copy of the interim report entitled, Park West Alterna- tive Development: Plans. 3. A cope of the Park West Preliminary Development Schedule. The Park West consultants, City of Miami Planning staff and DDA staff will be available to answer questions subsequent to the presentation. P. EXECUTIVE SUMMARY OF PROPOSED PARK WEST/NEW TOWN IN TOWN In September of 1978, the Miami City Commission authorized a New Town In Town Study" to examine the feasibility of a large- scale residential community in downtown. The study was also to include a recommended development program. The boundaries of the New Town In Town area are Biscayne Boulevard on the east, old municipal railroad right-of-way on the south, the Metrorail right-of-way on the west (old FEC right-of-way) and the 836 Ex- pressway on the north. See attached map. The City contracted with the Downtown Development Authority (DDA) to carry out the study and DDA in turn contracted with the con- sultant firm of Wallace, Roberts and Todd. In February, the consultants issued an interim report entitled, "Park West Alternative Development Plans." A summary of the findings and recommendations of that report follows: " The overriding objective of the Park West Study is to determine the feasibility of, and condition for, Park West as a major redevelopment project under the Florida Community Redevelopment Act of 1969 as amended. Findings and recommendations are as follows: 1. The Study Area qualifies as a blighted area within the definitions of the Act. 2. Few existin- uses in Park Vest are functionally tied to surrounding area, e.g., the Port of Miami or Downtown. 3. The Park West Area is not only blighted but is extensively underdeveloped in relation to its prime location in Miami. 4. The market potential. for an in -town major resi- dential community is very strong - over 6000 residential units could be marketed in the next 10 years if appropriate land were made available. 0 P' Executive Summary Page 2 5. Of alternative level of site acquisition, clearance and assembly considered, only total clearance can realize the full poten- tial of this unique area. 6. Without major land assembly and redevelopment through public action, the Park West Study Area has little possibility of real change from its present character. 7. Net public investment (net project cost) in site assembly and public infrastructure improvements are in the order of magnitude of $12,700,000 for total redevelopment if all land is sold for its highest market potential (condominium, hotel, commercial). 8. If the potential market of upper -middle income owners and upper income renters is realized in an eight year guild -out period, taxes at comple- tion will exceed the present real property tax of $398,890 by 20 times. 9. If a more balanced community is desire(! (with up to 50'; of the utl i is :riven some form of hourin.- subsi(ly) the public costs could reach $27,000,000 for total redevelopment. 10. Florid,,C s new tax increment financin- based on tax increa:-c is a basic eloment in financial reasibi l i ty of, the Park West Project. 11. Assumin,g the present: t,iti rate with 30.474 mils (8 mils reserv< d for schools) per $1,000 value, a total of tax increment of $5,494,940 annually would be realized from the new development. 12. ii'RT an(1 ACC recorrimend proceeding to Phase III of the stud.v on the abovo basis." These findi.n s were reviewed several times with a Park Nest Policy Committee which includes City and County elected officials, inter- ested citizens and business person~. In late April, the Policy Committee met and endorsed: 1) the declaration of Park West as an area of "slum and blight", 2) the preparation of a modified Executive Summary Page 3 development agreement between the City and the County to delineate responsibilities for carrying out Park Vest, 3) the "principle" of tax increment financing as a vehicle for carrying out Park West, and 4) requested further study -_ on the desirability of declaring the entire DDA area (as wool as parts of Overtnwn) as a tax increment district for - the purpose of financin-- redevelopment. projects. The interim findings of the Study and the recommendations of the Policy Committee are now being reviewed with the City and County Commissions, downtown business groups, property owners and other interested persons. Subsequent to this review process, the City and County Com- missions will be asked to formally designate Park West as a redevelopment area and at a later phase of the Study, adopt a redevelopment plan. Ouestions on the status of this propoal can be directed to the City of Miami Planning Department, Marien Aran-Spinrad, Special Projects Coordinator, 579-6848. cn 1,1 :3 flcT�l LJ i ]aao' 7 0 FOi N. W. 121h 57RiCTLl u l ,-ass i 81COMI..AC PARK ' NV4 ltta STRF_ET_ _ N E I th_ Ll L� ILLI-i L ' NY'. iCth STFEET N E gin', 6TA E7 - ? Ln W� n z z_ Nv.• au: S;FIECT N.E �r.4 STRUT _ T 1 I El �Ij Lill] Dtj � Lj NLY Btr• CIA'ET N E Hr, suCrT 7n --=T OIL a_ ❑o❑❑�El F1 ❑ JII1PORT 1110MEIPM EJ L�1JU� { T17 PARK WEST • prepeteO lot DOWNTOWN DEVELOPMENT*CITYof MIAMI AUTHORITY pwpeted un VIOLLACE McHARG ROBERTS & TODD UROAM AND ECOLOGICAL PLANNERS a new town -in town development plan AMERICAN CITY CORPORATION PARSONS ERINCKERHOFF QUADE & DOUGLAS EN.ANLERS PLANNERS 'the prrpar�bnn of Ihar. ;,%, nas t­ I ed n pare ttvouyh [mimundy oPwtlupmenl gt.tnt fl-1—s 0 100 200 300 400 LEGEND CITY STATE PUBLIC OWNERSHIP b W P PARK WEST PRELIMINARY REDEVELOPMENT SCHEDULE April 29 Policy Decision to Redevelop Park West Consultant using Tax Increment Bonds O WORKSHOP with Property Owners O WORKSHOP with City/County Cornmission May 15 • P.A.B. Presentations Technical Committee May 29 Joint City -County Commissions Presentation to Declare a Redevelopment Area and STEP 1. Buffet a Staff Technical Committee June 3 • Presentations: D.D.A. and New World Action O Final Documents by Consultant including Consultant Redevelopment Strategy, Model, Plan and Developer Guidelines O WORKSHOP with New Redevelopment Staff Technical Committee O WORKSHOPS with City-County-P.A.B. Technical Committee July 15 Final Plan Presentation with slide presentation Consultant and model to Joint City -County Commissions STEP 2. Approving Plan August 15 O Distribution of Plan and "Intent to Develop" New Redevelopment flyers to interested developers Staff O Begin detailed work for Bond Package New Redevelopment — Acquisition/Relocation/Site Improvements Staff — Re -use Appraisals — Market Forecast October 15 O WORKSHOP ON DEVELOPER SELECTION New Redevelopment Staff November 15 • Presentation of Development Package to Technical Committee Finalists December 15 O Recommendation of Developers to Corn- Technical Committee mission or Redevelopment Board (whoever is given authority to sell land) December 15 O Final Bond Package including all documents Redevelopment Staff except Developer Commitments January 15 S Approval of Selected Developer and Author- Redevelopment Staff ization to prepare Bond Validation by City Commission or appropriate Authority STEP 3. Jan. -May O Workshops with Developer Team to refine Redevelopment Staff Public/Private role May 15 - Final Presentations and Issuance of T.I. Legal Staff STEP 4. Bonds Redevelo )ment Staff July 1981 Start Up of Park West Redevelopment Program July 1983 First Private Development Construction July 1991 Completion of Project July 2001 Retirement of T.I. Bonds Public Policy Meeting 0 Major Presentation 0 Workshop