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HomeMy WebLinkAboutEconomic Impact StudyJuly 19, 2004 Mr. Carlos Melo 25 Plaza Corp. Miami, Florida Re: MUSP Impact Analysis — Biscayne Park Dear Mr. Melo: Miami Economic Associates, Inc. (MEAT} has performed analysis to estimate the impacts that development of the proposed Biscayne Park project will have on the hoesing market in the City of Miami as well as on the City's fiscal and economic condition. Biscayne Park, which will be located on the west side of Biscayne Boulevard between N.E. 24th and N.E. 25th Street, will contain 214 high-rise rental apartment units and their associated amenities as well as 8,700 square feet of retail space and 13,000 square feet of office space. Parking for the units and the commercial space will be provided in excess of the amount required by code. 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 Impact on the Housing Market 2 Fiscal Impact 3 Economic Impact 4 Bases of Estimates 5 Conclusion 8 6861 S.W. 89th Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fax: (305) 669-8534 Email: meaink©belisouth.net e. • • • Mr. Carlos Melo 25 Plaza Corp. July 19, 2004 Page 2 Project Description The proposed Biscayne Park project will be constructed on a 62,627 (net) square foot site located on the west side of Biscayne Boulevard between N.E. 24th and N.E. 25th Street within the City of Miami. The project will contain a total of 214 high-rise rental apartment units inclusive of 1-, 2-, 3- and 4-bedroom units, ranging in size from 655 to 1,700 square feet in terms of air conditioned space. Project amenities provided for the residents will include a fitness center, swimming pool and spa as well as function space, a business center, meditation garden and "pets" garden. Unit rents at Biscayne Park will range from $950 to $2,600 per month, depending on the size and location of the unit within the budding. The "average" unit will approximate 950 square feet in size and rent for just under $1,340 per month. At the rental rate structure proposed, the average resident household can be expected to have an annual income approximating $54,000. Biscayne Park will also contain 8,700 square feet of retail space and 13,000 square feet of office space. A total of 340 parking spaces, more than are required by code, will be provided. Net rents for the retail and office space are expected to approximate $15 and $27.50, respectively. Development of Biscayne Park in the manner described will require taking advantage of several potential FAR bonuses including those relating to Planned Unit Development and Affordable Housing. To access the latter bonus, which will increase the base FAR by 35,920 square feet, a fee in the amount of $12.40 per square foot, or $445,408, will be paid to the City. Development of Biscayne Park will require the expenditure of approximately $21.43 million (2004 Dollars) for "hard" construction. "Soft" costs including those relating to professional fees, permits, marketing, developer overhead, administration, etc. will total $3.0 million (2004 Dollars). Therefore, $24.43 million will be spent to complete the project exclusive of land acquisition and financing costs. Summary of Findings Development of Biscayne Park will be highly beneficial to the City of Miami in several important ways as summarized below. Impact on the Housing Market • City officials have long sought to attract new residential development to the various neighborhoods of Miami to provide better market support for the retailers and food and beverage establishments operating within them and to enhance the City's tax base. They have also sought to foster more economic diversity within the City, which is currently one of the poorest major metropolitan areas in the nation. Toward this end, the City Commission has recently approved a number of new residential projects in the Brickell Avenue, DuPont Plaza, Southeast Overtown Park West, and Miami Economic Associates, Inc. 6861 S.W. 89th Terrace Miami, Florida 33156 Tel: (305) 669-0229 Faac (305) 669-8534 Email: meaink@bellsouth.net • • Mr. Carlos Melo 25 Plaza Corp. July 19, 2004 Page 3 the Omni -Edgewater areas of the City. The overwhelming preponderance of these recently approved projects will compete in the for -sale as opposed to rental market and require higher incomes than will Biscayne Park to qualify for residency. Accordingly, development of Biscayne Park will extend the range of new residential offerings within the City in terms of tenure and income requirements. It will also augment the retail market available to Biscayne Boulevard establishments as well as for the major retail complex that will be constructed within the nearby Midtown project. Fiscal Impact • Fiscal impact refers to the impact that Biscayne Park will have on the finances of the City of Miami. The benefits that it will provide to the City will be both non -recurring and recurring in nature. Non -recurring benefits will result from the payment of building permit and other fees during the construction period. The primary recurring fiscal benefit will be ad valorem tax receipts. The benefits that will accrue to the City as the result of Biscayne Park's development are estimated below in 2004 Constant Dollars: o Non -recurring Benefits • $ 78,685 in City building permit fees • $ 10,000 in City solid waste surcharge fees • $ 166,889 in City impact fees • $ 445,408 in Affordable Housing Bonus FAR fees o Recurring Benefits • $ 189,745 annually in City General Fund ad valorem taxes • $ 23,380 annually in City Debt Service ad valorem taxes o Non -Quantifiable • Trade -related fees for roofing, electrical, plumbing, mechanical, pool and elevator work performed during construction (non -recurring) • Increased City utility taxes and franchise fees (recurring) • Increased occupational license fees (recurring) • Increased parking surtax revenues (recurring) O Other • While the focus of MEAI's fiscal analysis was on the City of Miami, Biscayne Park will, as shown below, provide significant fiscal benefits to other non -municipal governmental jurisdictions that impact the lives of City residents: Miami Economic Associates, Inc. 6861 S.W. 89th Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fax (305) 669-8534 Email: mealnk@bellsoutb.net • • • Mr. Carlos Melo 25 Plaza Corp. July 19, 2004 Page 4 o $ 239,928 in County road impact fees (non -recurring) o $ 158,735 in County park impact fees (non -recurring) o $ 317,322 in School impact fees (non -recurring) o $ 129,217 in County General Fund ad valorem taxes (recumng) o $ 6,197 in County Debt Service ad valorem taxes(recurring) o $ 10,824 in Children's Trust ad valorem taxes (recurring) o $ 10,521 in County Library ad valorem taxes (recumng) o $ 182,233 in School Operating ad valorem taxes (recurring) o $ 14,764 in School Debt Service ad valorem taxes (recurring) o Increased County occupational license fees Economic impact • Economic impact relates to the impact that Biscayne Park will have on the economy of the City rather than its finances. The economic benefits it will provide will also be non -recurring and recurring in nature. Salaries paid to construction workers will constitute an important non -recurring benefit. The annual retail and restaurant expenditures of the project's residents will comprise a recumng benefit. The economic benefits summarized below are stated in 2004 Constant Dollars. o Non-recumng • Approximately 90 percent of the nearly $24.43 million spent on hard and soft costs to develop Biscayne Park will be spent within the City of Miami, producing an overall economic impact of $34.2 million when the multiplier effect is considered. • Project expenditures within the City of Miami will include an estimated $10.7 million for construction labor, an amount sufficient to pay approximately 243 construction workers their average annual wage of $44,350. o Recurring • A total of $2.0 million will be spent annually by Biscayne Park residents in retail and restaurant establishments within the City of Miami while the on - site workforce will spend approximately $115,000 annually for lunch and other items during their workdays. An additional $566,881 million in ad valorem taxes will be paid to the City of Miami, Miami -Dade County and the School Board, all of which maintain their principal offices within the City. These expenditures will have an overall economic impact on the City of $4.0 million annually when the multiplier effect is considered. • An estimated 80 people will be employed at Biscayne Park in its retail and office space and in managerial and custodial functions. It is anticipated that a portion of these workers will be City of Miami residents; however, Miami Economic Associates, Inc. 6861 S.W. 89111 Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fax (305) 669-8534 Email: meaink@bellsouth.net • • • Mr. Carlos Melo 25 Plaza Corp. July 19, 2004 Page 5 since the number of City residents and their industry and occupational classifications are unknown, their economic impact can not be quantified. Bases of Estimates The materials that follow provide the assumptions used to estimate the fiscal and economic benefits that development of Biscayne Park will provide to the City of Miami. All monetary amounts are stated in 2004 Constant Dollars. Project Characteristics • Biscayne Park will be located on the west side of Biscayne Boulevard between N.E. 24th Street and N.E. 25th Street in the City of Miami. It will also be within the jurisdictions of Miami -Dade County and the Miami -Dade County Public School District. • Biscayne Park will entail the construction of 376,000 gross square feet of building area, exclusive of amenity open space. Of this amount, 228,800 square feet will be attributable to the residential portion of the project inclusive of the livable space contained in the 214 rental units as well as amenity, core, service and circulation areas. The commercial portion of the project will total 21,700 square feet. The remaining 126,000 square feet, will contain the parking spaces and their associated driveways. • Development of Biscayne Park will cost approximately $21.43 million in terms of hard construction. Soft costs including those relating to professional fees, sales, marketing, developer overhead, administration, etc. will approximate $3.0 million. Therefore, $24.43 million will be spent to complete the project exclusive of land acquisition and financing costs. • At the anticipated rental rate structure for both the residential units and the commercial space, Biscayne Park's gross annual rent roll will total $3,871,050. After assuming a 5 percent vacancy and collection allowance on both the units and commercial space and accounting for operating expenses associated with the rental units, it is estimated that Biscayne Park will produce an annual net cash flow (2004 Dollars) approximating $2.3 million. At an 8.5 percent capitalization rate, the market value of the project would be $27,060,000. • The Constitution 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, or in this case, $21,648,000. Since rental residential units do not qualify for the Homestead Exemption, the taxable value of Biscayne Park will be the same as its assessed value. Miami Economic Associates, Inc. 6861 S.W. 89th Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fax: (305) 669-8534 Email: meaink©bellsouth.net • • • Mr. Carlos Melo 25 Plaza Corp. July 19, 2004 Page 6 • Residents of the proposed rental units will on average be required to eam an annual household income approximating $54,000 to qualify for tenancy. Based on this estimate of average household income, it is projected that the people living at Biscayne Park will spend $2.8 million annually in retail and restaurant establishments. This projection assumes that they spend 24 percent of their household income for that purpose. • Based on the amount of retail and office space that will be provided at Biscayne Park and taking into consideration the project's managerial and maintenance personnel, it is estimated that 80 people will be employed at Biscayne Park, a portion of whom are likely to be City of Miami residents. These workers are expected to spend approximately $115,000 within the City for lunch and for other purposes. Non -recurring Fiscal Impacts • The City of Miami charges building permit fees at a rate of $0.20 per gross square foot of multi -family residential construction and $0.25 per gross square foot of commercial construction. In calculating fees, the square footage associated with the parking garage space is charged at the commercial rate. Based on the distribution of space by use discussed previously, building permit fees totaling $78,685 will be paid. A solid waste surcharge fee in the amount of $10,000, the maximum amount, 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. • The City of Miami charges impact fees on new construction projects based on square footage. The fees are used to address the impacts of the projects on police, fire, parks, streets, storm sewers, solid waste and general services administration. The rate paid for projects constructed in Downtown Miami is $0.676 per square foot of new residential use and $1.398 per square foot of commercial use. Biscayne Park will contain 203,000 square feet of living area and 21,700 of commercial space, resulting in the payment of impact fees totaling $166,889. • The City of Miami allows projects to purchase up to a 25 percent F.A.R. bonus by paying moneys into an Affordable Housing fund. Biscayne Park will pay $445,408, which equates to $12.40 per square foot, to the fund to purchase development rights for 35,920 square feet of FAR. • New construction projects located in the City of Miami also need to pay impact fees to Miami -Dade County for roads, parks and schools. Residential projects located in the eastern portion of the county pay $877 per unit for roads and $741.75 for parks. Miami Economic Associates, Inc. 6861 S.W. 89" Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fax (305) 669-8534 Email: meainkebeilsouth.net • • • Mr. Carlos Melo 25 Plaza Corp. July 19, 2004 Page 7 The road impact fee rates for retail and office space in the eastern portion of Miami - Dade County for the quantities proposed at Biscayne Park are $2.294 per square foot and $2.484 per square foot, respectively. No park impact fees are paid on commercial space. The base fee per residential unit for school impact fees is $612. An additional amount of $0.918 per square foot is then applied. Biscayne Park will contain a total of 203,000 square feet of livable area in its 214 residential units. Accordingly, impact fees totaling $715,985 will need to be paid at the time the project's building permit is issued. Of this amount, $239,928 will be applied to roads, $158,735 to parks and $317,322 to schools. Some credit may be allowed for existing uses on the site. 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 below. The ad valorem tax revenues projected in the Summary of Findings were calculated by applying the millage rates shown to Biscayne Park's estimated taxable value of $21,648,000. Entity Rate/$1000 Taxable Value Taxes City of Miami General Fund 8.7650 $ 189,745 Debt Service Fund 1.0800 $ 23,380 Miami -Dade County General Fund 5.9690 $ 129,217 Debt Service Fund 0.2850 $ 6,197 Children's Trust 0.5000 $ 10,824 Library 0.4860 $ 10,521 Miami -Dade County Public Schools Operating 8.4180 $ 182.233 Debt Service 0.6820 $ 14,764 Source: Miami -Dade County Property Appraiser; nnramt Ec, • The City of Miami collects utility taxes and franchise fees from the providers of telephone, electric and other such services within the City based on their revenues. The amount collected as a result the development of Biscayne Park will be dependent on the amount of these services used by the project's residents; hence, it can not be quantified at this time. • Both the City of Miami and Miami -Dade County will collect occupational license fees from the occupant(s) of the proposed commercial space. The amount collected can not be estimated at this time since it will be dependent on the nature and sizes of the businesses housed in the space. • Biscayne Park will generate parking surtax revenues for the City. The amount that will be produced on an annual basis will be dependent on the actual paid utilization of the parking garage. Miami Economic Associates, Inc. 6861 S.W. 89th Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fax (305) 669-8534 Email: meaink©bellsouth.net • • • Mr. Carlos Melo 25 Plaza Corp. July 19, 2004 Page 8 Non -recurring Economic Benefits • It is estimated that approximately 90 percent of the nearly $24.43 million that will be spent on the hard and soft costs associated with development of Biscayne Park will initially be spent in the City of Miami. This estimate is based on an anticipation of the specific firms that 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 $34.2 million based on application of a 1.554 multiplier. • MIG's input-output model further estimates that approximately $10.7 million of the moneys spent on hard costs within the City of Miami to construct Biscayne Park will be spent for labor. The average construction worker in Miami -Dade County earns approximately $44,350 per year, according to the Florida Agency for Workforce Innovation. Therefore, the project's expenditure on construction labor would support approximately 243 workers on a full-time equivalent (FTE) annual basis at their average wage rate. Recurring Economic Benefits • The residents of Biscayne Park will spend $2.8 annually in retail establishments and restaurants. It is estimated that approximately 70 percent of this amount, $2.0 million, will be spent within the City of Miami. Additionally, the on -site workforce is expected to spend $115,000 for lunch and other items during their workday. Finally, the project will generate $566,881 annually (2004 Dollars) in ad valorem taxes for the City of Miami, Miami -Dade County and the School Board, all of which maintain their principal offices within the City. According to the MIG input-output model, the total economic impact of these expenditures will be $4.0 million based on the application of a 1.5 multiplier. • A portion of the approximately 80 workers on site will likely be City of Miami residents; however, since the specific number and industry and occupational classifications of these potential workers are not know, an estimate of the economic impact resulting from their employment can not be estimated at this time. Conclusion The analysis performed by MEAI demonstrates that development of Biscayne Park will be highly beneficial to the City of Miami both fiscally and economically. It will also re - enforce the City's efforts to re-establish its core areas as residential communities. Sincerely, Miami Economic Associates, Inc. Andrew Dolkart Miami Economic Associates, Inc. 6861 S.W. 89th Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fain (305) 669-8534 Email: meaink©ellsouth.net a • 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. MEAl'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 co -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; • Economic/fiscal 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). • • • 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. • • • 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 Florida Statute 163. • Economic and fiscal impact analysis demonstrating the impact of Miami Beach's historic Art Deco district on the City's economy. • Market, financial 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. MEAI is dedicated to providing its clients with the highest level of professionalism both technically and in terms of commitment to client service. • • • 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 Cenviil Toll Brothers Carlisle Group 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 Belz Enterprises Salomon Brothers Coral Ridge Communities, Inc. Constructa, Inc. Bahia Desarollo (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 Vidas 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 • MEAT 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 Bercow & 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 Instituto Autonomo Aeropuerto Internacional de Maiquitia City of Destin City of Miramar City of Dania City of Pompano Beach Village of Pinecrest City of Sebastian • • • ANDREW DOLKART Miami Economic Associates, Inc. Position: President Summary of Experience: 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. Do!kart has performed a Iarge number of assignments involving market and financial feasibility analysis for residential projects, including Iarge-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. Do'kart 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. Do!kart 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. Do!kart 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: 1963 —1967 Harvard College - Bachelor of Arts, Cum Laude 1967 - 1969 Harvard Business School - Masters of Business Administration • • • Andrew Do!kart Page 2 Previous Positions: 1991 — 1995 Kenneth Leventhal & Company - Director, Real Estate Advisory Services Florida/Caribbean 1988 — 1990 Laventhol & Horwath - Director, Real Estate Advisory Services Florida/Caribbean 1986 — 1988 GA/Partners - Vice President in Charge Florida Office 1983 — 1986 Gulfstream Land & Development Corp. - Director, Commercial Development 1980 — 1983 Laventhol & Horwath - Director, Real Estate Advisory Services Florida/Caribbean 1976 - 1980 Jandy, Inc. - Owner/President 1972 — 1976 Gladstone Associates - Senior Associate 1969 — 1972 U. S. Navy - Commissioned Officer, Office of Legislative Affairs Affiliations: 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 Philips Exeter Academy, Former Member of the Alumni/ae Board Ransom Everglades School, Former Trustee Habitat for Miami of Greater Miami, Board Member