HomeMy WebLinkAboutArticle III - Tab E - Economic Impact AnalysisM1AR-20--2004 TUE 02:22 PM
FAX Na P. 01
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Miami Economic
Associates, Inc.
Judith A. Burke, Esq.
Shutts & Bowen
Miami, Florida
February 24, 2004
Re: MUSP Impact Analysis — Flagstone Island Gardens
Dear Ms Burke:
Miami Economic Associates, Inc. (MEAI) has performed analysis to estimate the fiscal
and economic benefits that the City of Miami will derive from the development of
Flagstone Island Gardens on Watson island_ The project will consist of a 50-slip mega -
yacht marina and its associated facilities, two necessary luxury hotels with a total of up
to 525 keys, 105 fractional share units and 221,000 net square feet of retail and
restaurant space. Other elements of the project will include a spa, a maritime gallery,
gardens and 1,640 spaces of structured parking.
Information about MEAI and my personal resume are appended to this letter. The
analysis presented in this letter was prepared utilizing data prepared by Robert Cruz,
Ph.D., a specialist in quantitative economics, modeling and simulation analysis. Dr. Cruz
is an Associate Professor in Economics at Barry University_ He received his Ph.D. in
economics from the University of Pennsylvania.
This letter is organized as follows:
Section
Page
Project Description
1
Summary of Findings
2
Fiscal impact
2
Economic Impact
3
Bases of Estimates
4
Conclusion
3
Project Description
Flagstone Property Group, n/k/a Flagstone Islands Gardens, LLC (°Flagstone" ), was
awarded the right to develop Island Gardens on Watson Island by the City of Miami
through a formal RFP process, the results of which were approved by the electorate of
1 SAW. 8916 Terrace Miami, Florida 33150
Tel: (305) 650-0220 Floc (305) 669-5Alt: meelnk beIIsouth.net
MAR-23-2004 TUE 02:22 PM
FAX NO, P. 02
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Judith A. Burke, Esq.
Shutts & Bowen
February 24, 2004
Page 2
the City via referendum. From the City's prospective, the focal element of the project will
be a 50-slip mega -yacht manna and its associated facilities_ The average length of
vessel the marina will be able to accommodate will exceed 100 feet.
In retum for Flagstone's agreement to construct and operate the marina, the City will
permit Flagstone to develop the following facirities on the adjacent uplands:
• 4-star and 5-star hotels with a combination of 480 to 525 keys;
• A 105 fractional share units;
• 221,000 net square feet of retail and restaurant space;
• A spa with associated amenities;
▪ A maritime gallery;
• Gardens; and
• 1,640 structured parking spaces.
Development of Island Gardens will require Flagstone to invest over $395 million
exclusive of financing charges. It is estimated that when the project's operations
stabilize, it will generate in excess of $185 million in annual revenues at the marina,
within its hotels and retail and restaurant establishments and from parking. It is also
estimated that employment at the project will total approximately 950 people on a full-
time equivalent (FIE) basis.
Summary of Findings
Development of Island Gardens will be highly beneficial both fiscally and economically to
the City of Miami, as summarized below.
Fiscal Impact
• Fiscal impact refers to the impact that Island Gardens will have on the finances of the
City of Miami. The benefits that it will provide to the City will be both one-time and
recurring in nature, as shown below:
o One-time Benefits
■ $2,588,278 in City impact fees
• $ 399,434 in Downtown DRI supplemental impact fees
• $ 462,854 in City building permit fees
• $ 10,000 in City solid waste surcharge fees
▪ Trade -related fees for roofing, electrical, plumbing, mechanical, pool and
elevator work performed during construction
• Approximately $1,000,000 in lease payments per year during the
construction period
• Participation in the proceeds from the sale of fractional share licenses
• Increased State sales tax revenues
MiamI Economic Associates, Inc. 8861 S.W. 890 Terrace Miami, Florida 33156
Tel: (305) 660-0229 Fay () 609 83 i4 Email: maaailnkl heilsonth.net
MAR-23-2004 TUE 02:23 PM
FAX NO. P. 03
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Judith A. Burke, Esq.
Shutts & Bowen
February 24, 2004
Page 3
o Recurring Benefits
• $3,655,005 annually in City General Fund ad valorem taxes
• $ 450,360 annually in City Debt Service ad valorem taxes
• $ 208,500 annually in DOA ad valorem taxes
• $2,000,000 annually in guaranteed lease payments plus percentage rents
based on the sales revenues generated by hotels, spa and parking
facilities and at the marina and the rental revenues collected on the retail
space
• Increased occupational license lees
• increased utility tax and franchise fees
• Increased State sales tax revenues
• increased parking surtax revenues
o Other
• While the focus of MEAI's fiscal analysis was on the City of Miami, Island
Gardens will also provide significant fiscal benefits to other governmental
jurisdictions that impact the lives of City residents:
• $2,489,073 in County General Fund ad valorem taxes (recurring)
• $ 118,845 in County Debt Service ad valorem taxes(recurring)
• $ 208,500 in Children's Trust ad valorem taxes (recurring)
♦ $ 202,662 in County Library ad valorem taxes (recurring)
♦ $3,510,306 in School Operating ad valorem taxes (recurring)
• $ 284,394 in School Debt Service ad valorem taxes (recurring)
• Increased State sales tax revenues (one-time and recurring)
�► Increased County health trust and transit tax revenues (one-time and
recurring)
♦ increased County tourist tax revenues (recurring)
• Increased County occupational license fees (recurring)
Economic Impact
Economic impact relates to the impact that Island Gardens will have on the economy
of the City rather than its finances. The economic benefits it will provide will also be
one -tire and recurring in nature, as discussed below:
o One-time
• Approximately 85 percent of the approximately $395 million that will be
invested to develop Island Gardens, exclusive of finance charges, will
initially be spent within the City of Miami, producing an overall economic
impact of $521.7 million when the multiplier effect is considered.
Miami Economic Associates, Inc. 686+1 S.W. licio Terrace Mhi ml, Floridan 33156
Tel: (305) 669-0229 Fax (308) 669-8534 Email: mealekabellseuth.not
MAR-23-2004 TUE 02:24 PM
FAX NO, P, 04
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Judith A, Burke, Esq.
Shutts & Bowen
February 24, 2004
Page 4
Project costs will include an estimated $134.9 million for construction
labor, an amount equivalent to the average annual wage of approximately
3,040 construction workers.
o Recurring
The estimated 950 people who will work on a full-time equivalent basis
will eam in approximately $23.8 million annually.
The annual overall economic impact of revenues generated at island
Gardens' marina and in its hotels, spa, retail space and parking facilities
will exceed $205 million when the multiplier effect is considered.
• Hotel guests at Island Gardens will also spend money off -site while
visiting with a portion of those expenditures occurring within shops and
restaurants and at attractions within the City of Miami.
• The Marina Industry Association of South Florida estimates that the
overall economic impact associated with the visit of a mega -yacht to the
area exceeds $500,000 with marine -related businesses within the City,
including along the Miami River, likely being greater beneficiaries after
Island Gardens is developed.
Bases of Estimates
The materials that follow provide the assumptions used to estimate the fiscal and
economic benefits that development of Island Gardens will provide to the City of Miami.
Project Characteristics
• Island Gardens will be located on Watson Island within the City of Miami, which
places it within the boundaries of City's Downtown Miami DRI area and the
jurisdiction of its Downtown Development Authority, The project is also within the
jurisdictions of Miami -Dade County and the Miami -Dade County Public School
District.
• Island Gardens will consist of structures, inclusive of the marina slips and portions of
the public space, containing 1,851,418 gross square feet.
• Of the approximately $395 million that Flagstone will invest in the project before
financing charges, $315.4 million will be expended for site work, building
construction, FF&E and first -generation tenant improvements. The remainder will be
expended for "soft" costs including those relating to professional fees, sales and
marketing, commissions, developer overhead, project administration, etc.
• Operations of island Gardens income producing components, inclusive of the
marina, hotels, spa, retail facilities and parking, are expected to achieve stabilized
Miami Economic Associates, Inc. 0061 3° W1 89 ' Terrace Miami, Florida 33150
Teb (305) 669'.0U9 Fars (305) 069 1534 Email: nnealn+k@bellsouth.net
MAR-23-2004 TUE 02:24 PM
FAX Na, P, 05
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Judith A. Burke, Esq.
Shutts & Bowen
February 24, 2004
Page 5
levels of performance during the third full year after construction is completed. At that
time, the project is expected to generate annual cash flow approximating $28.5
million. Assuming a capitalization rate of 9 percent, the market value of the project
components enumerated once stabilized would be $316.7 million.
The Constitution tion of the State of Florida mandates that real property be assessed for
ad valorem tax purposes at 100 percent of market value, However, as practical
matter, assessed values approximate 80 percent of market value. Accordingly, the
assessed value of the project components discussed in the preceding paragraph
would be $253.3 million. The taxable value would be the same amount.
The factional share units are projected to generate $204.6 million in sates proceeds.
At 80 percent of this market value, the assessed and taxable value of these units will
be $163.7 million.
+ The assessed and taxable values of the total project will be $417.0 million at the time
of stabilization.
• It is anticipated Island Gardens will employ approximately 950 people on full-time
equivalent (FIE) basis.
+ Island Gardens is expected to generate in excess of $185 million dollars in annual
revenues in its hotels, spa, retail space and parking facilities and at its marina.
One-time Fiscal Impacts
• The City of Miami charges impact fees on new projects based on square footage.
The fees are used to address the impacts of the project on police, fire, parks, streets,
storm sewers, solid waste and general services administration. The rate paid is
$1.398 per square foot of non-residential use. Based on the project's 1,851,415
square feat of space, the City of Miami will receive $2,588,278 in impact fees.
• In addition to the impact fees discussed in the preceding paragraph that are charged
to projects anywhere within the City of Miami, supplemental impact fees are charged
on all projects located in the area covered by the Downtown DRI. According to the
current table of fee coefficients, the rate for hotel units is $328 per unit while the rate
for retail space Is $0.76 per square foot. For the purpose of this analysis, the
fractional share units are considered hotel units while the manna gallery and spa are
charged at the retail rate, No fees have been charged on the marina since there is no
published rate. Based on these assumptions, it is estimated that a total of $399,434
in Downtown DRI supplemental impact fees will be paid.
• The City of Miami charges building permit fees at a rate of $0.25 per gross square
foot of non-residential construction inclusive of the square footage associated with
parking garage space_ For the purpose of this analysis, the factional share units are
considered as non-residential use. Assuming 1,851,418 square feet of total
Miami Economic Aeseciates, Inc. 6861 &W. 89t Terrace Miami, Florida 33156
Tel: () 669•0229 Fay (305) 869.0534 Emit: mealnkftellsnuth,,n et
MAR-23-2004 TUE 02:25 Phi
FAX NO. P. 06
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Judith A. Burke, Esq.
Shutts & Bowen
February 24, 2004
Page 6
construction, building permit fees totaling $462,854 will be paid. A solid waste
surcharge fee in the amount of $1 O 000, the maximum amount assuming the project
is constructed in one phase, will be applied.
• The various trades involved in completing a new project including the roofing,
electrical, plumbing, mechanical, elevator and swimming pool contractors are
required to pay fees on their work. Calculation of the fees that are paid requires that
the project's final engineering drawings be completed, which has not yet occurred.
Accordingly, the fees that will be paid can not be quantified at this time. A solid waste
surcharge is applied to these fees.
• Under the terms of Flagstone's agreement with the City, it will pay approximately $2
million in lease payments during the development period.
Flagstone's agreement with the City also provides for participation by the City in the
proceeds of sales of fractional share licenses,
• Materials used in construction projects are subject to State sales tax. The State will
rebate a portion of its sales tax revenues to Miami -Dade County, which then shares
the rebated amount with its municipalities in accordance with an established formula
• Materials used in construction projects are subject to the sales tax levied by Miami -
Dade County for its health trust and transit.
Recurring Fiscal Impacts
• The millage rates currently being levied for ad valorem tax purposes by the
governmental entities referenced in the Summary of Findings are shown in the table
immediately following. The ad valorem tax revenues projected in the Summary of
Findings were calculated by applying the millage rates shown to Flagstone island
Gardens' estimated taxable value of $417.0 million.
Entity
Rate1$1000
Taxable Value
Taxes
City of Miami
General Fund
8.7650
$ 855 005
Debt Service Fund
1.0800
$ 4501360
Downtown Development Authority -
0.5000
$ 208,500
Mimi -Dade County
General Fund
5.9690
$ 2,489,073
Debt Service Fund
0.2850
$ 118,845
Children's Trust
0.5000
$ 208,500
Library
0.4860
$ 202,862
Miami -Dade County Public Schools
Operating
8.4180
$ 3,510,306
Debt Service
0.6820
$ 284,394
Source: Miami -Dade County Property Appraiser; Miami Economic Associates, Inc.
Miami Economic Associates, lac. 6061 S .W. B9* Terrace PAlami, Florida 33156
Tel; (305) 669.0229 ram (305) 660-8534 Entail/ mealnidtbellsauth.net
MAP-23-2004 TUE 02:25 PM
FAX NO, P, 07
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Judith A. Burke, Esq.
Shutts & Bowen
February 24, 2004
Page 7
Flagstone's agreement with the City guarantees to the City annual lease payments of
$2,000,000 per year. It also provides for additional payments based in the gross
revenues generated in the project's hotels, spa and parking facilities and at the
marina as well as on the rental revenue generated on the retail space.
• All businesses operating in the City are required to annually pay occupational license
fees to both the City and the County_ The amounts of the fees paid are based on the
size and nature of the businesses involved, which is not known at this time.
The City collects utility taxes and/or franchise fees on the services provided by
various utilities and from telecommunications providers doing business within the
City. The amounts collected are based on revenues these entities generate from
usage of their services, which can not be estimated at this time.
• Retail and restaurant sales as well as rental payments are subject to State sales tax.
The State rebates a portion of its sales tax revenues to the counties in which they
are collected and the funds rebated to Miami -Dade County are then shared with its
municipalities in accordance with an established formula.
• Retail and restaurant sales as well as rental payments subject to the sales tax levied
by Miami -Dade County for its health trust and transit.
• Miami -Dade County levies a tourist tax on lodging charges recorded at its hotels.
• The City of Miami surtaxes parking revenues at a rate of 20 percent.
One -Time Economic Benefits
• It is estimated that approximately 95 percent of the nearly $395 million that will be
expended to develop Island Gardens, exclusive of financing charges, will initially be
spent the City of Miami. This estimate is based on an anticipation of the specific firms
will be involved in implementation of the project. According to the input-output model
of Minnesota IMPLAN Group (MIG), which is one of the nation's foremost
econometric firms, the overall economic impact of these expenditures will be $521.7
million based on application of a 1.554 multiplier.
• MIG's input-output model further estimates that approximately half the $269.7 million
that will expended on site work, building construction and first -generation tenant
improvements at Island Gardens will be spent for labor. The average construction
worker in Miami -Dade County eams approximately $44,350 per year, according to
the Florida Agency for Workforce Innovation. Therefore, the project's expenditure on
construction labor would support approximately 3,040 workers on a full-time
equivalent (FTE) annual basis at their average wage rate.
Recurring Economic Benefits
Miami Economic Associates, Inc. 6667 S.W. 89e Terrace Miami, Florida 3315E
tel: (305) 669-0229 Faso (3Q5) 6694534 Email: mealnI ba4Isouth.net
MAR-23-2004 TUE 02:26 PM
FAX NO. P, 08
Judith A. Burke, Esq.
Shutts & Bowen
February 24, 2004
Page 8
• As discussed previously, it is estimated that 950 people will be employed at Island
Gardens on a full-time equivalent basis. Based on wage and salary data compiled by
the Florida Agency for Workforce innovation for the types of workers anticipated, it is
estimated that the earnings of these individuals will exceed $23.8 million annually.
• As discussed previously, island Gardens will generate in excess of $185 million
annually in revenues at the marina and in its hotels, spa, retail space and parking
facilities_ It is conservatively estimated that 75 percent of this amount would not
otherwise be spent within the City of Miami. The overall economic impact of these
expenditures will exceed $205 million when a 1.5 multiplier is applied.
Conclusion
The analysis performed by MEAL demonstrates that development of Flagstone Island
Gardens will be highly beneficial to the City of Miami both fiscally and economically. It
will also provide the City with a world -class attraction that will further enhance its image
internationally.
Sincerely,
Miami Economic Associates, Inc.
Andrew Dolkart
President
Miami Economic Associates, Inc. 6861 &W. 8910 Terrace Miami, Florida 33156
Tek (305) 669-0229 Fst>x (303) 669-8534 Email: moarnial llsou h.net
MAR-23-2004 TUE 02:26 PSI
FAX NO. P. 09
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Miami Economic Associates, Inc,
Miami Economic Associates, Inc. (MEAI) was formed in 1995 to provide real estate
consulting services to both private and public sector clients. MEAI's business plan is
based on the following principles:
• Geographic focus on Florida, the Caribbean and Latin America;
• Provision of quality client service through the personalized involvement of
senior professionals; and
• Establishment of strategic alliances with col -professionals in planning,
architecture and engineering, appraisal and macro -economics to assure a
multi -disciplinary approach to problem solving, where appropriate; and
MEAI is capable of providing a wide range of services to its clients with respect to all
uses of real estate including for -sale and rental housing, planned unit development,
hotels and destination resorts as well as office, retail and industrial uses. Services
provided by the firm include:
• Market research;
• Financial feasibility analysis;
• Development programming;
• Economictfiscal impact analysis;
• Economic development strategy formulation;
• Acquisition due diligence;
• Economic valuation analysis;
• Preparation of financing packages;
• Financial structuring analysis;
• Zoning advocacy;
• Litigation support, including expert witness testimony,
Adherence to MEAI's business plan as well as its operational management is the
responsibility of Mr. Andrew Dolkart, the Firm's President. Mr. Dolkart has been
providing real estate and economic development consulting services to clients in
Florida, the Caribbean and Latin America for a period of nearly 30 years. Prior to
establishing MEAT, he served as the Director of Real Estate Consulting Services for the
Miami offices of three national firms including GA/Partners (merged with Arthur
Andersen LLP), Laventhol & Horwath and Kenneth Leventhal & Company (merged with
Ernst & Young LLP).
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MAR-23-2004 TUE 02:27 PIS
FAX NO, P, 10
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Miami Economic Associates, Inc.
Page 2
With respect to private sector clients, Mr. Dolkart has:
• Performed market research and financial feasibility analyses for projects
throughout the State of Florida involving all uses of real estate including
residential, resort, office, retail, industrial, hotel and residential development.
• Assisted clients, based on market and financial analyses performed, in
formulating development programs for planned unit and mixed use
developments that optimize performance/value.
• Valued the portfolios of a number of the nation's largest community -scale
developers including Gulfstream Land & Development Corp., Markborough
Communities, Cenvill and Westinghouse Communities.
Advised clients regarding issues of marketability, financial feasibility and
operations for resort projects in Puerto Rico, Mexico, Barbados, Brazil,
Tobago and the U.S. Virgin islands, among other international destinations.
• Proposed financial restructuring plans that enabled clients to reduce
leverage and/or improve responsiveness to emerging opportunities.
Evaluated the feasibility of financial reorganization plans submitted to the
Court in bankruptcy proceedings.
• Created an Argentinean version of the Multiple Listing Systems used by U.S.
realtors.
• Been accepted by federal and state courts for the purpose of offering expert
witness testimony.
• Assisted clients in the presentation of comprehensive plan amendments and
zoning applications in terms of the underlying market and demographic
factors to which they are responding.
• Prepared fiscal and economic portions of the Application for Development
Approval for several South Florida Developments of Regional Impact.
Mr. Dolkart's public sector assignments have entailed the following:
• Due diligence services with respect to three Resolution Trust Corporation
(RTC) asset and loan bulk sale/securitization portfolios totaling over $2
billion in value.
MAR-23-2004 TUE 02:27 PM FAX NO, P, 11
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Miami Economic Associates, Inc_
Page 3
• Market and financial feasibility analyses with respect to redevelopment plans
in the cities of Miami, Miami Beach, Plantation, Pompano Beach and Dania,
among others.
• Formulation of the policies and procedures utilized by Metropolitan Dade
County for the establishment of tax increment redevelopment districts under
the provisions of Honda Statute 163.
• Economic and fiscal impact analysis demonstrating the impact of Miami
Beach's historic Art Deco district on the City's economy.
• Market, finandal feasibility and deal structuring analyses with respect to
public/private joint development initiatives relating to airport terminal and
cargo facilities in Trinidad and Jamaica and an airport hotel at Simon Bolivar
Airport in Caracas, Venezuela.
• Service as Financial Advisor to the City of Miami Parking System regarding a
developer selection process.
• Preparation of economic development strategies relating to the tourism,
international trade and marine industries of Puerto Rico and Dade and
Volusia Counties, Florida, respectively.
MEAL is dedicated to providing its clients with the highest level of professionalism both
technically and in terms of commitment to client service.
MAR-23-2004 TUE 02:28 PM
FAX Na P, 12
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Miami Economic Associates, Inc.
Selected Client List
The following are clients served by the professional staff of Miami Economic
Associates, Inc._
Developers/investors
Gulfstream Land & Development Corp_
Al Townsel, Inc.
Puerto del Rey
The Comras Group
Arvida
Cenvill
Toll Brothers
Carlisle amp
Acadia Partners
The Goodman Ecclestone Company
Viera Development Company
Baptist Health South Florida
Codina Group
Swerdlow Real Estate Group
The Green Companies
The Urban League of Greater Miami, Inc.
Taylor Woodrow
The Lyle Anderson Company
Huizenga Holdings, Inc.
Mutual of New York
Prudential Realty
The Rouse Company
The John Alden Companies
The J. C. Nichols Company
Banorte (Mexico)
Republic National Bank
Watermark Communities, Inc.
Xentury Development, Inc
Flager Development
Bechtel
Archstone Communities
Seaway, Inc_
The Mahaffey Group
Betz Enterprises
Salomon Brothers
Coral Ridge Communities, Inc_
Constructa, Inc.
Bahia Desarolio (Panama)
MasCap Development
Florida East Coast Realty, Inc.
Bank of Worms
Integral Group
THC Universal (Venezuela)
The Amelia Park Company
Buzios Company (Brazil)
Kendall Development
The Graham Companies
Airis
AIG
St. Joe
Easton -Babcock &Associates Inc.
Southeast Centers, Inc,
Margolis Enterprises
Markborough Communities
Dade Residential Developers
Continental Homes (D.R. Horton)
Adrian Homes
American Heritage Homes
The Continental Companies
Tres Villas Development (Mexico)
Kidder Peabody & Company
Equity One
Republic National Bank
Cook Inlet Region, Inc.
Metropolitan Life
Quail West
Xerox Realty
The Related Company of Florida
Federated Realty
Trump Group
Goldman Sachs
White Rock Industries
MAR-23-2004 TUE 02:28 PM
FAX NO. P. 13
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MEAI Selected Client List
Page 2
Institutional Clients
Baptist Health Systems South Florida
Attorneys
Bilzen Sumberg Baena Axelrod & Price
Greenberg Traurig
Shubin & Bass
Gunster Yoakley & Stewart
Tew Cardenas Rebak Kellogg Demaria &
Tague
McConnell Valdes
Architects, Planners and Engineers
Bermello Ajamil & Partners
Keith & Schnars
WRT, Inc.
Sasaki Associates
Rodriquez and Quiroga
Post Buckley Schuh & Jernigan
Iler Planning Group
Craven & Thompson
Civic Design Associates
Bradshaw Gill
Public Sector
Metropolitan Dade County (Florida)
City of South Miami
City of Miami Parking System
City of North Miami
City of Clearwater
City of St. Petersburg
Ponce de Leon Port Authority
City of Daytona BeachNolusia County
Resolution Trust Corporation
U.S. Railway Association
Aviation Department of Trinidad & Tobago
U.S. Trade Development Corporation
Broward County (Florida)
City of Plantation
Florida Department of Transportation
City of Aventura
City of Coral Springs
Downtown Development Authority (Miami)
Downtown Development Authority (West
(Palm Beach)
University of Miami
8ercow & Radell
Stroock & Stroock & Lavan
Schantz Schatzman & Aaronson
Arnold & Porter
Baker & Hostettler
Thomson Muraro Razook & Hart
Akerman Senterfitt
Carr Smith Corrodino
Spillis Candela & Partners
Curtis & Kimball
Curtis + Rogers
David Plummer & Associates
EDSA
Keith & Associates
Houston Cuozzo
Wilbur Smith & Associates
City of Coral Gables
City of Miami
City of Miami Beach
City of Delray Beach
City of Jacksonville
City of Houston
Broward Economic Development
Corporation
Federal Deposit Insurance
Corporation
Puerto Rico Tourism Company
Institute Autonomo Aeropuerto
Intemacional de Maiquitia
City of Destin
City of Miramar
City of Dania
City of Pompano Beath
Village of Pinecrest
City of Sebastian
MAR-23-2004 TUE 02:29 PM
FAX NO P. 14
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Position: President
Summary of Experience:
ANDREW DOLKART
Miami Economic Associates, Inc.
Mr. Dolkart has provided real estate consulting services to developers, investors and
governmental entities for nearly 30 years. His many consulting assignments have
involved all major uses of real estate including residential, hotel and resort development
as well as office, retail and industrial projects. His professional activities have been
primarily focused on real estate projects in Florida, the Caribbean, Mexico, Central and
South America.
Throughout his consulting career, Mr. Dolkart has performed a large number of
assignments involving market and financial feasibility analysis for residential projects,
including large-scale planned communities and destination resorts_ Additionally, he
served as the Director of Commercial Development for Gulfstream Land &
Development Corp., historically one of Florida's most prominent community developers,
Mr. Dolkart is considered one of the leading experts in the State of Florida with respect
to the economics of community redevelopment and tax increment financing. He has
performed market and financial feasibility analyses for community redevelopment
authorities in Miami, Miami Beach, Pompano Beach, Plantation and Dania. In 1987, Mr.
Dolkart was retained by the Metropolitan Dade County Office of Community and
Economic Development to formulate policies and procedures for the establishment of
community redevelopment districts within Dade County.
Mr. Dolkart has been the primary spokesman for the Greater Miami Chamber of
Commerce on the need for affordable housing within Dade County. He is also currently
chairing a task force established by the Miami -Dade County Manager addressing
issues relating to the provision of affordable housing within the County.
Education:
1983 -- 1967 Harvard College - Bachelor of Arts, Cum Dude
1967 - 1969 Harvard Business School - Masters of Business Administration
MAR-23-2004 `[ JE 02:30 PM FAX NO P. 15
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Andrew Dolkart
Page 2
previous Positions:
1991-1995
1988 —1990
1986 —1988
1983 -- 1986
1980 —1983
1976 - 1980
1972 — 1976
1969 —1972
Affiliations:
Kenneth Leventhal & Company - Director, Real Estate Advisory Services
Florida/Caribbean
Laventhol & Horwath
Florida/Caribbean
GA/Partners - Vice President in Charge Florida Office
Gulfstream Land & Development Corp. - Director, Commercial
Development
Laventhol & Horwath - Director, Real Estate Advisory Services
Florida/Caribbean
Jandy, Inc. - Owner/President
Gladstone Associates - Senior Associate
U. S. Navy - Commissioned Officer, Office of Legislative Affairs
- Director, Real Estate Advisory Services
Greater Miami Chamber of Commerce
Urban Land Institute
Greater Miami and the Beaches Hotel Association
Miami -Dade County Enhanced Affordable Housing Work Group, Co-chair
Metro - Dade School Overcrowding Task Force
Metro - Dade Revenue Sharing Task Force
Phillips Exeter Academy, Former Member of the Alumni/ae Board
Ransom Everglades School, Former Trustee
Habitat for Miami of Greater Miami, Board Member