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HomeMy WebLinkAboutArticle III - Tab E - Economic Impact AnalysisM1AR-20--2004 TUE 02:22 PM FAX Na P. 01 • • • 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 • • 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 • • 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 • • • 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 • • 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 • • • 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 • 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 • 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). • MAR-23-2004 TUE 02:27 PIS FAX NO, P, 10 • • • 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 • • • 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 • • • 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 • • • 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 • • 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 • • • 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