HomeMy WebLinkAboutExhibit 3EXHIBIT C
(MUSEUM PARK PROJECT)
This Exhibit is approved simultaneously with and is incorporated into, and made
a part of, the 2009 Amended Plan. Section 6 of the Plan, entitled "Capital
Improvement Costs and Priorities' is amended to include the Port Tunnel Project.
The following information is provided, as required by Section 163.362, Florida
Statutes:
1. Description of Project:
The Museum Park Project consists of a Museum Component, which will
house, and be developed, by the Miami Art Museum (MAM) and the
Museum of Science (MSM) on approximately 8 acres in Bicentennial Park
(a/k/a Museum Park) and a Park Component, to be developed by the City
of Miami on the rest of -the site, consisting of approximately 21, acres. The
Museum Park Project must be developed in accordance with the Cooper
Robertson Museum Master Plan. The City has leased to each MAM and
MSM 4 acres for the development of the Museum Component and has
executed all documents necessary to implement the Project, including the
leases, development agreement and environmental remediation
agreement.
Pursuant to the Leases and the Development Agreement, the Museum
Component must be completed by 2016. The Park Component must be
completed by the opening date of -the First of the museums to be open to
the ,public. The scope of the Park Component is contingent upon funding
from CRA tax increment revenues.
2. Detailed Statement of Proiected Costs:
The projected cost of the Project is $550 million, as follows:
(a) MAM: $202 million, $120 to be funded by MAM and
$100 by County GOB.
(b) MSM $275 million, $100 to be funded by MSM and
$175 by County GOB.
(c) Park Component: $73 million, including design, environmental
remediation and construction, and $2 million annually for a
capital improvements fund, to be funded by CRA tax increment
revenues.
ors:Document 193734.doc
O9 CXA;6it 3
Attachment 1 demonstrates the detailed financing plan for this project and .
the Port Tunnel project.
A MORE DETAILED DESCRIPTION OF "rHE PROJECT IS
FOUND IN THE MUSEUM PARK DOCUMENTS AND MUSEUM
PARK RESOLUTIONS.
ors:Docunent 193734.doc