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HomeMy WebLinkAboutCRA-R-06-0053 Back-upTHE CITADEL ARENA CORPORATION 2000 SOUTH BAYSHORE DRIVE #62, MIAMI, FLORIDA 33131 TEL: 305.285.0197 FAX: 305.860.0147 EMAIL: DMVARIAS@BELLSOUTH.NET September 15, 2006 Southeast Overtownl Park West Community Redevelopment Agency 49 NW 5th Street, Suite 100 Miami, Florida 33128 RE: REQUEST FOR PROPOSAL 345 NW l0 '' STREET, MIAMI, FLORIDA FOLIO 01-0101-040-1160 Dear Sirs: VIA HAND DELIVERY CITY CLERK OF THE CITY OF MIAMI Please accept this letter as our offer to purchase the property located at 345 NW 10th Street, Miami, Florida (hereinafter referred to as the "Property") for $1,250,000.00, with no financing contingencies. Our intention is to purchase the Property, build a new high technology building, and relocate existing tenants that are being displaced due to the construction. It has recently become public information that Major League Baseball and the Florida Marlins are intending to build a stadium in downtown Miami. We are the owners of 49 NW 5th Street and 60 NW 6th Street, two of the properties that would be used to construct the proposed stadium. One of the tenants in our building is Level 3 Telecommunications, which operates as one of the world's newest and most advanced telecommunications platforms. Comcast, French Telecom, Telefonica, Verizon, and many others are housed in our building. The property adjacent to ours, which will also be demolished in the proposed stadium construction, is Bellsouth. All of these telecommunications companies will need to relocate in the downtown vicinity simply because most of the cables, wires, and ports are in downtown Miami • • Page Two Our intention is to provide a first class technology building for these telecommunications companies to move to once their existing buildings have been demolished. Failure to provide such accommodations would be catastrophic for the City of Miami. It is likely that most if not all of these companies would move their operations out of South Florida to Tampa or Orland. In the event that these companies move, Miami would lose valuable, high technologyjobs that are essential for the City to continue growing. Moreover, Miami would lose the tax revenue generated by these companies. We have a long standing commitment to seeing the downtown area develop and reach its true potential. A review of the public records will demonstrate that we have been in the area since the early 1980s, when no other investors were even looking in the area. Now, in 2006, our offer to purchase the Property will benefit the City of Miami by substantially increasing the taxes generated by the Property, by creating and maintaining technology jobs, and maintaining and expanding upon Miami's place as a telecommunication's hub. Without having undertaken a complete parking analysis, we feel that with a minimal investment, especially in lighting, it would be possible to create at least 150 parking spaces under the 1-95 expressway. This solution is inexpensive, practical, and is going to create additional income for the City of Miami. We understand that the City is under great pressure to build affordable housing in the area. However, doing so in the vicinity of 1-95 will likely force the federal government to intervene and build walls to protect the residents from all of the traffic noise. Once the walls are built, views to the downtown area would be severely hampered. We look forward to having the opportunity to continue being involved in the downtown of the City of Miami. If you have any questions, or • if you require any additional information, please do not hesitate to contact us directly. Very truly yours, Jazz MI/age LITTLE BRDAOWAY 1 JazzLr @RGAOWAY g O • TABLE OF CONTENTS 1. EXECUTIVE SUMMARY 2. COMMUNITY OBJECTIVES 3. PROJECT DESCRIPTION A. Site Plan B. Product C. Site Description D. Neighborhood Description E. Construction Features and Design Characteristics F. Building Amenities G. Unit Amenities 4. MORTGAGE FINANCING 6. THE URBAN DEVELOPMENT GROUP, LLC A. The Company B. The Principal C. Professional Development Team 6. LIMITING CONDITIONS jaz rrTLaao®,owvllaie • EXECUTIVE SUMMARY The mission of the Urban Development Group (UDG) is revitalizing communities by creating affordable living. UDG is partnering with Mt. Zion Development, Inc., a not -for -profit Community Development Corporation to develop the Jazz Village condominium development in the historic area of Overtown. in addition, we have added Alex Fraser, President & CEO of Fraser Financial and former Regional President of OneUnited Bank, the largest African American owned bank in the country to our development team. Our collaboration with Mr. Fraser expands our reach and rela- tionship with the urban community. Jazz Village will serve as an economic catalyst for the Southeast Overtown / Park West CRA. It will address numer- ous community needs, specifically, economic development, educational development, affordable homeownership, community empowerment and affordable rental housing. The first phase of Jazz Village will be a ten story mixed -use building. The building will consist of 12,000 square feet of ground floor retail, 26,000 square feet of office space and 63 residential condominium units. The development will include a nine story self -park garage with capacity for apprordmaiely 260 cars. The second phase will be developed by Carrfour Corporation and will consist of 60 units of affordable rental housing. We are proposing to build Jazz Village on the existing parking lot located at 345 MN 10 Street, which is owned by the Southeast Overtown / Park West CRA. We have obtained site control from the South Florida Smart. Growth Land Trust, which is managed by the Collins Center for Public Policy for the adjacent parcels in order to build the development. The development will be within walking distance of the newly renovated historic Lyric Theatre and Mt. Zion Church and will offer magnificent views of the Downtown Miami Skyline and Biscayne Bay. The development is conveniently served by two Metrorail Stations within a few blocks. Jazz Village will have a direct impact on breaking the cycle of poverty that currently exists in Overtown. We believe that Jazz Village will create a new found interest from the urban professional that previously left the area to return to the Overtown community, The retail space will include a branch office for a local bank, an eating establishment with entertainment and other local neighborhood businesses. These businesses will provide an economic development engine by offering permanent jobs to individuals in the area. The office space will include a national medical training school which will give local residents the opportunity to achieve careers in the medical field; therefore, elevating them into higher paying jobs. The affordable homeownership and rental units MI provide safe and convenient housing op- portunities for local residents, Most importantly, Jazz Village will transcend Overtown back to its heyday by fostering a renewed sense of community. jamEthge • COMMUNITY OBJECTIVES 1. Economic Development- The Jazz Village development will fulfill the local and national objective of providing jobs to low and moderate income people in the Overtown area. This is a high priority in the City's Consolidated Plan. The retail and office components of the development will bring approximately 60 permanent jobs to the neighborhood. 2. Educational Development- The Jazz Village development is going to provide educational opportunities to low and moderate income adults of the Overtown area. This will serve as an economic catalyst for the area by allowing these people to attain careers that will translate into higher paying jobs. The office component will be used by a national medical training school which will graduate approximately 250 students annually in the medical field. 3. Affordable Homeownership- The Jazz Village development is going to provide homeownership opportunities to low and moderate income people of the Overtown area. It Mil also attract the urban professional back to the area. This is another high priority in the City's Consolidated Plan. The homeownership component will have approximately 63 condominium units and will have income targeting between 60% and 150% of area Median Income. Mr4. Affordable Rentals- The Jazz Village development is going to provide rental housing opportunities to low income people of the Overtown area. Carrfour is going to develop the rental portion of the development. This is yet another high priority in the City's Consolidated Plan. The rental housing component will have approximately 60 rental apartments and will have income targeting between 30% and 80% of area Median income. • 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 S ITFPLAN a ilaZZ 1/111007 JAZZ VILLAGE A MIXED USE DEVELOPMENT BY URBAN DEVELOPMENT GROUP. 4y ■ 19_Y! -�-J11 SCYL1, 7-J' 355k! N.W 11 TH STREET LEGEND A 450 CAR GARAGE WITH SIGNAGE MIXED - USE BUILDING • 63 RESIDENTIAL HOMEOWNER SHIP UNITS • ME3 , ASST. TRAINING SCHOOL 2Sp00 SF • RETAIL AT GROUND ROOK 10,000 SF C RESIDENTIAL 65 RENTAL UNITS, D. PROPOSED SURFACE PARKING E PROPOSED PARR F. �i. H. J. K EXISTING RETAIL EXISTING CHURCH EXISTING RESIDENTIAL & RETAIL EXSTTING RESTAURANT UMXSONS SOUL FOOD) EXISTING HISTORIC NEGRO POLICE SUB -STATION WONG GUNK EREEVES GUNK] EXISTING APARTMENTS 1 Jzzz 141/a e LITTLE 8F7 JAOWAv g 4110 PROJECT DESCRIPTION PRODUCT Jazz Village is the first new residential development in Miami's Overtown area in over ten years. The first phase will be a ten story mixed -use building consisting of 63 condominium units with 12,000 square feet of ground door retail and 26,000 square feet of office space. Also included will be a detached nine story self -park garage, with capacity for ap- proximately 260 cars. The second phase will be a 60 unit residential rental building. The unit mix for the condominium units include 14 one -bedroom one -bathroom units, 35 two -bedroom one -bathroom units and 14 three -bedroom two -bathroom units. Jazz Village Condominium is designed around the UDG concept of urban revitalization, which incorporates mass trans- portation into its design. The building will serve the urban workforce of the •Overtown and Downtown Miami area. SITE DESCRIPTION The site is fully improved and has off -site improvements including storm drainage, water, gas, sanitary sewer, cable, electrical and telephone service. 40UTILITIES: Water and Sewer service is provided by the Miami Dade Water and Sewer Authority, electrical service by Iorida Power and Light, gas service by TECO People's Gas, cable service by Comcast, and telephone service by Bell- South. The fire and police protection services are provided by the City of Miami. ZONING: The City of Miami has designated the zoning as C-1, which allows an R-4 use ( Multi -Family High Density Residential ). ACCESS: There is available transportation facilitating the site VEHICULAR: The site Is on the comer of NW 10th Street and 3rd Avenue, both of which are paved public rights away. bilk MASS TRANSIT: The site is located just two blocks away from two Metrorail stations, Culmer also has direct access to Metromover and Metrobus. and Overtown; therefore, NEIGHBORHOOD DESCRIPTION The property is located in the Historic Overtown neighborhood of Miami. This area is characterized by its long history as the center of the African American community in Miami. The property is located across the street from Mt_ Zion Church one of the oldest black churches in Miami and just two blocks from the Lyric Theatre the original black theatre. It offers astonishing views of Biscayne Bay and Downtown Miami. jazz LITTLE QP7/lage o CONSTRUCTION FEATURES AND DESIGN CHARACTERISTICS: Foundation: Concrete pilings or shallow foundation Structural Frame: Concrete frame with post tension flat slabs Exterior Wails: Concrete masonry with painted stucco finish Roof Framing: Concrete frame with post tension flat slabs Interior Walls: Painted gypsum drywall over metal stud framing Interior Ceilings: Painted gypsum drywall over metal stud framing interior Floors: Carpets in living and bedroom area and ceramic tile in bathrooms Windows: Rolling aluminum with ESP finish fixed glass on aluminum frame with ESP finish oors: Sliding glass doors with ESP finish solid core fire rated entry doors. Hollow core pre -hung interior doors HVAC: Individual unit air handler and compressor with strip heating Electrical: Service 120 / 208. Three Phase Four wire system Plumbing: Copper piping in the interior of the units and PVC piping for the exterior of the units Fire Protection: Fire sprinklers with fire detection alarm system Elevators: Two traction elevators Parking: Assigned parking in Municipal Garage Technology: Wireless Smart Building Jaz Willa e BRc]aDwav 1111 BUILDING AMENITIES COMMON AREA AMENITIES: Lush Landscaping with a Courtyard Dining and Entertainment Spaces Local Neighborhood Businesses Bank Branch Office Space Meeting Roan State of the Art Security System Parking Garage with Assigned Parking Wireless Smart Building UNIT AMENITIES illSpectacular Views of Biscayne Bay and Downtown Miami Large Private Balconies European Cabinetry in the Kitchen and Bathrooms Energy Efficient Appliances including Refrigerator, Range, Dishwasher, and Washer & Dryer Pre -Wired split jacks for Telephone and Cable TV Wireless Smart Building State -of -the -Art Fire Safety System Energy efficient AC / Heating System and Water Heater az P7/lage AT LITTLE BAOwAY • MORTGAGE FINANCING There will' be a variety of mortgage financing products available to the home buyers of Jazz Village. Based on the fact that the development is in a Target Area there are additional benefits and fiexibilities to facilitate the home buying process. The mortgages will be administered through Banking Mortgage Corporation, which will obtain a Fannie Mae 1028 Condominium Project Approval. The company originates loans through both Fannie Mae's Desktop Originator and Freddie Mac's Loan Prospector Internet platforms. The mortgage products are as follows; MIAMI-DADE COUNTY: • Miami -Dade Housing Agency- The agency offers second mortgage subsidy programs using their Surtax and SHIP funds. The programs are available to buyers that are at or below 140% of County Medium income and purchasing a property of $225,000 or less. • Miami -Dade County Housing Finance Authority- The HFA offers a variety of first time homebuyer programs. They 0 have the Assisted Rate Program, which offers buyers who eam $67,000 or less an interest rate of 5.75% fixed for 30 years. Their Welcome Home Program offers two different interest rates 4.99% and 5.75% fixed for 30 years. The 4.99% rate is combined with a second mortgage of 20% with 0% interest rate and no payments for five years and it also offers closing cost assistance. Since we are in a Target Area Census Tract we can offer this program to buyers that eam up to $78,000 and are purchasing units priced up to $300,000; moreover, the first time buyer provision is waived. Their HOME Program can not be used within the City of Miami. CITY OF MIAMI: • Office of Community Development- This department of the City offers second mortgage subsidy programs using their HOME Funds. The subsidy is available to first time homebuyers that eam up to 80% of County Median Income. The maximum subsidy amount varies depending on unit size and the sales price limit is $236,000. • Affordable Housing Trust Fund- This is a new funding source that is taring handled by the Community Development Department. It has a specific pool of money for City of Miami employees to get $25,000 as a soft second mortgage. The fund can also be used to help buyers that are at or below 150% of area median income purchase a property. The maximum sales price is $300,000. J LkTTLE 6i�0ADWAY g e MORTGAGE FINANCING (CONTINUED) STATE OF FLORIDA: • Florida Housing Finance Corporation- The State offers an annual bond issue for first time homebuyers. The Urban Infill Program offers buyers purchasing in a target area an interest rate of 4.99%. fixed for 30 years; moreover, if their income is at 80% of County Median income or under, they can also obtain a second mortgage up to 25% of the purchase price, not to exceed $15,000 for HOME funds or $10,000 for HAP Perm funds. The Regular Bond Program, for buyers between 80% and 120% of County Median Income offers an interest rate of 6.45% fixed for 30 years. The State also has a new Community Program for essential wortcers such as teachers, police officers, fire fighters and medical professionals. Under this program these workers would qualify for a 5.50% interest rate. The maximum sales price is $300,000. FANNIE MAE: • Community Solutions- This products falls under Fannie Mae's My Community Mortgage Initiative. It is designed to give Educators, Law Enforcement Personnel, Fire Fighters, and Rescue Workers the ability to purchase a home with $500 or 1 % down payment, whichever is less. The program has two versions Community Solutions 97 and Com- •munity Solutions 100, with respective loan to values of 97% and 100%. The qualifying ratios are extended upward to 45% and non-traditional credit is acceptable. • Interest First- This product is designed for the true young professional. It offers the flexibility of having lower initial monthly payments while the borrower enhances their career opportunities and eams more money. FREDDIE MAC: • Freddie Mac 100 and Emerging Markets- These products offer loan to value ratios of up to 100%. The qualifying ratios are extended to 45% and the buyer's credit score can be under 620. The maximum loan amount is $300,000 and 6% seller contributions are accepted. LOCAL BANKS: • GRA Loans- Under the Community Reinvestment Act, banks are encouraged to offer mortgage products in under - served census tracts. There are several local banks that will offer their individualized portfolio mortgage products. • jazz[4ll e LITTLE EItzDAOwAY • • • THE URBAN DEVELOPMENT GROUP, LLC THE COMPANY: The Urban Development Group, LLC was founded in January of 2002 by Alberto Milo, Jr. The company's mission is to revitalize communities by creating affordable living. UDG has identified several underserved markets, one of which lies within the urban core of Miami -Dade County. The underserved market consists of individuals that eam between 60% and 150% of the Miami -Dade median income. These individuals currently do not have an economically feasible homeownership opportunity within Miami's urban core. UDG focuses on acquiring parcels of land that fall within HUD designated Target Areas, Locally Designated Target Areas, or Underserved Census Tracts. By purchasing land in these census tracts, UDG can leverage private and public resources to create affordable homeownership with end financing subsidies. This is where UDG has a competitive edge on its competition because of the experience of its affiliated company Banking Mortgage Corporation inc, a Correspondent Mortgage Lender licensed by the State of Florida. ALBERTO MILO JR., PRESIDENT: Albert has over sixteen years of experience in the real estate sales and mortgage banking industry. He began his real estate career as a licensed Realtor Associate in 1988 with Century 21 Statewell Realty in Coral Gables, Florida where he worked with a variety of clients on their residential purchase and disposition needs. In 1990, upon obtaining his Mortgage Broker license, he became a Loan Officer, and later a Senior Loan Officer with Preferential Mortgage Corporation in Miami. While there, Albert was responsible for arranging residential loan applications for local builders, and HUD/FHA purchasers, specializing in low to moderate income homebuyers. In 1992, he went on to co-found and become Vice -President, and currently President of Banking Mortgage Corporation Inc, a licensed Florida Correspondent Mortgage Lender. Under his direction Banking Mortgage Corporation has become an approved Lender with the Miami -Dade County Housing Finance Authority, Miami -Dade County Housing Agency, and the Florida Housing Finance Corporation all of which specialize in affordable mortgage programs for first time homebuyers. Concurrently, in 1991 he founded Elite Service Realty inc., a real estate brokerage firm specializing in real estate sales to low and moderate income home buyers. The company has since been renamed Urban Development Group Realty, Inc. In the year 2000 Albert cofounded Urban Renaissance Partners Inc. He was pivotal in the acquisition of the parcel of land developed as the Neo Condominium, by identifying the property and negotiating the sales price. Moreover, he was the person responsible for initiating the negotiations with Fannie Mae through their ACF Equity Investment Division. After successfully structuring the pre -development of the parcel he sold his ownership interests in urban Renaissance Partners to pursue other ventures and start The Urban Development Group, LLC. SUNSET PALM VILLAS CONDOMINIUM: In April of 2000, Albert put together a group of investors and formed Little River Development LTD, a Florida Limited Partnership and New Conversions Inc. it's General Partner a Florida Corporation, he served as the President of both entities. little River Development was formed to purchase the Larchmont Gardens Public Housing Project from Miami -Dade County. After acquiring the property, it was converted into Sunset Palm Villas, a town -house style condominium development for affordable homeownership. The development consisted of ten phases totaling 266 units ranging in type from 1 bedroom 11 bathroom to 4 bedrooms / 3 bathrooms. The development was completed in November of 2003 and has regenerated the entire neighborhood with 266 proud new homeowners. Jazz P?I/age LIT-TLE BROAOWAY • THE URBAN DEVELOPMENT GROUP, LLC (CONTINUED) SEYBOLD POINTE CONDOMINI UM: In March of 2002, Albert contracted to buy an acre of land in the Spring Garden area of Miami. This property has been developed into Seybold Pointe, a 96 unit residential condominium. The building is the Est mass -transit oriented homeownership development in Miami's urban core; moreover, it is located within the Federal Empowerment Zone. The building is 13 stories high, with a unit mix of lbedroom / 1bathroom and 2bedroom / 2bathroom units. The building was completed in December of 2004 and all units are currently 100% closed. The majority of the purchasers are workers in the Civic Center area and the Central Business District. WAGNER .SQUARE • PROJECT: In October of 2002, Albert formed a partnership with other leading developers In the area, named Wagner Square, LLC. The partnership contracted with the City of Miami to re -develop a four acre Brownfields site in the Civic Center area of Miami. The partnership was awarded a one million dollar BEDI grant by US HUD accompanied by a $4,000,000 Section 108 Loan; the first ever awarded to the City of Miami. The project is going to be a mixed use development consisting of 198 condominiums and approximately 60,000 to 100,000 square feet of commercial development. The condominiums are geared for first time buyers, 52% of the units are reserved for buyers at or below 170% of median income. THE ATRIUM AT SPRING GARDEN CONDOMINIUM: In December of 2004, Albert formed UDG II, LLC to develop a property located at 820 NW 7th Avenue. The property is going to be developed into The Atrium at Spring Garden Ai Condominium an 80 unit building. The property is located in the Federal Empowerment Zone and will have a mix of Mir one and two bedroom units. The project is a mixed income development with affordable housing units set aside for the City of Miami and Miami -Dade County. LAKE VUE VILLAS CONDOMINIUM: In October 2005, UDG III, LLC purchased 14 acres in the City of Opa-Locka to be developed as Lake Vue Villas Condominium. The property will have 96 townhouse -style condominium units. The unit mix consists of sixty-eight 3 bedroom 2 bathroom units, and twenty-eight 2 bedroom 2 bathroom units. The development is the first mixed -income development in the City of Opa-Locka with 26 units set aside as affordable housing units for Miami -Dade County. The successfulredevelopment of the Larchmont Gardens Public Housing Project, the development of Seyboid Pointe, the Wagner Square Project, The Atrium at Spring Garden, and Lake Vue Villas Condominium illustrate the fundamental philosophy of The Urban Development Group, that communities can be revitalized, by creating affordable homeownership. It is the anly means by which to give families a vested interest in their neighborhoods and a vehicle to create wealth. Jazz Villa e LITTLE, SROAOWAY • • LIMITING CONDITIONS This Confidential Offering Proposal has been prepared by The Urban Development Group, LLC. (UDG) for informational purposes only and does not purport to contain all the information necessary to reach an investment decision. This offering is subject to prior placements, errors, omissions, changes, withdrawal or cancellation without notice, and does ' not constitute a recommendation, endorsement or advice as to the value of the proposed real estate development. Each perspective investor is to rely upon its own investigation, evaluation and judgment as to the advisability of investing in the purposed real estate development described herein. The projections set forth in this Proposal do not constitute a representation, warranty, or guaranty by UDG of any of the numbers set forth herein or of any economic value attributable to the proposed real estate development of the income that may be derived there from. Prospective investors should develop their own independent estimates of the projected income and expenses before making any decision on whether to invest in the proposed real estate development. This Proposal is the property of UDG and may be used only by the parties to whom UDG delivers this Proposal. By accepting a copy of this Proposal, the party who has possession agrees to return it to UDG immediately upon request. No copies of the Proposal may be made without the express written consent of UDG and no excerpts or summaries thereof may be distributed, reproduced, or included in any document without such consent; Brokers or Finders shall not be entitled to any fee, commission, or other compensation from UDG in connection with procuring an investment in the proposed real estate development. ro«p 1801 SW 3rd Ave. She 500 Miami. FL 33129 Phone: 305.285.9050 Fay 305.860.4882 Economise Impact Analysis Jazz Village The Urban Development Group ( UDG )is in the process of securing Medvance Institute as the anchor tenant for Jazz Village. They are a national, licensed, accredited allied health and nursing school. The recruitment of Medvance will create a tremendous economic impact in Overtown, which is one of the poorest neighborhoods in the City of Miami. Some of the economic benefits that Medvance will create are: 1. They will offer seventeen career choices at this campus location. Financial aid will be available on campus for all qualified students. 2. The entry level annual salaries for graduating students will range from $20,800 to $41,600. The average household income in Overtown today is approximately $14,000 a year. Which means the lowest paying career choice would represent an increase of 48 57% in household income. 3. The school projects they will have 352 graduates in their first year of operation, with projections increasing to 800 graduates annually by the fifth year. 4. The school projects they will generate 33 permanent jobs in their first year of operation, with projections of an additional 31 permanent jobs by the fifth year. The average annual salary for employees of the school is $45,600. UDG firmly believes that the educational component of the development will create a true resurgence in Overtown. It will provide the current residents with the opportunity to enhance their earning potential and therefore better their quality of life. Revitalizing Communities by Creating Workforce Housing • The ground floor retail space will consist of approximately 12,000 square feet. UDG will be targeting minority owned businesses or franchisees for the retail space. We have already received a letter of interest from one minority owned franchisee for an eating establishment. They are interested in 1,500 to 2,000 square feet of retail space. They anticipate creating seven permanent full-time and part-time employment positions. We are targeting a branch office for a local bank, an eating establishment with entertainment, a sporting goods clothing store and other local neighborhood businesses. When all of the retail space is leased, these businesses will create over 25 permanent lobs for local residents. The development of Jazz Village will be the true definition of a public -private partnership, where government and the non-profit and for -profit sector combine their resources towards the mission of community empowerment. • September 12, 2006 ÷MedVance* I N S T I T U T E Attention: Alberto Milo MedVance students traditionally require fmancial assistance to help cover the cost of their education. . Many students use a combination of loans and grants from the U.S. Department of Education and state agencies as well as community and business scholarships to provide them with the necessary funding to cover their education. MedVance is interested in locating in downtown Miami. The surrounding communities will be well served to have a licensed, accredited allied health and nursing school to provide graduates who will be trained professionals to work in the Miami medical market. Financial Aid is available to all students at MedVance who qualify for assistance. With the demographics of the greater Miami community that MedVance will serve, it is reasonable to assume that approximately 85% of the students funds will come from the U.S. Department of Education, approximately 7% will come from student cash payments and about 8% will come from state and business loans and scholarships. The goal of the Financial Aid Department at each MedVance location is to help all students identify their financial needs. The Financial Aid Department provides students with information to access financial resources to help them achieve the appropriate level of financial packaging so that they can attend school. The Financial Aid staff at MedVance is available to all students to help them understand their financial responsibilities associated with their loans and grants and all the possible sources of funding. • • Our graduates, as allied health and nurse professionals are readily employed in a variety of healthcare positions. Many medical businesses including hospitals, surgery centers, diagnostic centers and insurance/billing companies want to work closely with MedVance so that the graduates consider their opportunity for employment as a "first choice", We look forward to building great alliances with the medical businesses in the Miami community. • • • • PROGRAM Radiologic Technology 4MedVance INS T IT UT E GRADUATE AWARD PROFESSIONAL TITLE Medical Laboratory Technology Paramedic Health Information Technology Surgical Technology Practical Nursing Medical Assistant Medical Coding Specialist Sterile Processing Technician Occupational Associate Degree Occupational Associate Degree Occupational. Associate Degree Occupational Associate Degree Diploma Diploma Radiologic Technologist Medical Laborat ay Technologist Paramedic Health Information Technologist Surgical Technologist Licensed Practical Nurse ENTRY LEVEL SALARY 20.O0/hr 16.00Vhr 15.75/hr 14.75/hr 15.00/hr 17.O0/hr Diploma Diploma Diploma Medical Assistant Meclical Coding Specialist Sterile Processing Technician 13.00/hr 16.5i/hr 11.O0Ihr Pharmacy Technician Massage Therapy Patient Care TrAn'c'ien Emergency Medical Technician Jazz Village Project Dijoloma Diploma Diploma Certificate Pharmacy Technician Massage Therapist Patient Care Technician Emergency Medical Technician Miami, Florida 10.75/hr 16.0Whr 10.00/hr 11.00.hr 8/14/06 1 • Medical Se taffy/ Medical Transcription Nursing Assistant Phlebotomy Diploma Medical secretary/Medical TranscriptHien 13.0 Certificate Certified Nursing Assistant 10.00/hr Electrocardiograph Technician Certificate Phlebotomist 11.75/hr Certificate ECG Technician 12.00/hr • Medvance Annual Salary Analysis Program I Hourly Pay Rate 1 Entry Level Annual Salary i Radiologic Taftology Medical Laboratory Technology Parametric Health lnfonration Technology Surgical Technology Practical Nursing Medical Assistant Medical Coding Specialist Sterile Processing Technician Pharmacy Technician Massage Therapy Patient Care Technician Emergency Medical Technician Medical Secretary I Medical Transcription Nursing Assistant Phlebotomy Electrocardiograph Technician $20.00 $16.00 $15.75 $14.75 $15.00 $17.00 $13.00 $16.50 $11.00 $10.75 $16.00 $10.00 $11.00 $13.00 $10.00 $11.75 $12.00 $41,600.00 $33,280.00 $32,760.00 $30,680.00 $31,200.00 $35,360.00 $27,040.00 $34,320.00 $22,880.00 $22,360.00 $33,280.00 $20,800.00 $22,880.00 $27,040.00 $20,800.00 $24,440.00 $24,960.00 41ViedVance' INS S T i T UTE • • Typical MedVance Campus in a Major Metropolitan Area End Yr 1 End Yr 2 End Yr 3 End Yr 4 End Yr 5 Enrolled Students 352 478 586 694 800 Teacteng Staff Non Teaching Staff it a ZQ 22 AZ Total Staff 33 42 50 57 84 Avg Salary per Employee $ 45,800 $ 45,800 $ 47,325 $ 49,325 $ 51,300 Augur 1, 2006 ALE< FRASER FRASER FINANCIAL GROUP, LLC 2222 PONCE DE LEON BLVD. SUITE 301 CORAL GABLES, FL 33134 RE: DOWNTOWN OVERTOWN MR. FRASER, ALBERT MILO THE URBAN DEVELOPMENT GROUP 1801 SW 3RD AVENUE SurrE 500 Mw'I FL 33129 PURSUANT WITH OUR CONVERSATION, PHOENIX INTERNATIONAL, LLC WOULD BE VERY INTERESTED IN OPENING A COFFEE BEANERY LOCATION WITHIN YOUR DEVELOPMENT AND/OR THE SURROUNDING AREA. ENCLOSED YOU WILL FIND AN OVERVIEW OF WHO WE ARE. PHOENIX, A FOOD MANAGEMENT COMPANY HAS BEEN APPROVED AND AUTHORIZED AS FRANCHISEE OF THE COFFEE BEANERY, LTD. PHOENIX IS A MINORITY OWNED AND PROFESSIONALLY OPERATED FIRM THAT SPECIALIZING IN THE QUICK SERVE INDUSTRY. WITH OUR STRATEGIC ALLIANCE WITH COFFEE BEANERY, LTD AND THE DIVERSIFICATION OF PRODUCTS, WE ME EXCITED ABOUT THE POSSIBILrfES OF THE REVITALIZATION AND RENEWAL OF THE OVERTOWN COMMUNITY. BASED ON THE STANDARD NEEDS OF THE COFFEE BEANERY, WE ARE LOOKING TO SECURE 1500 TO 2000 SQUARE FEET. WITH THIS SQUARE FOOTAGE, WE WOULD BE POISED TO HAVE A CAFE LOCATION. WITH 71415 REQUEST, WE WOULD ALSO LIKE TO HAVE THE OPPORTUNITY TO HAVE A DRIVE THRU. PHOENIX IPPIERNATIONAL, LLC 16155 SW 117THAveNuE,12 MAIM, FL 33177-1600 786.4112104 • AS A PART OF THE ECONOMIC COMPONENT OF THE VENTURE, WE WOULD HIRE FROM WITHIN THE COMMUNITY AND TRAIN THESE INDIVIDUALS ABOUT aISTCMER SERVICE AND CARE; AND FOOD SERVICE MANAGEMENT. WE ARE LOOKING AT THE OWING 30B CREATION OF SEVI N (7) PosmoNS — FTE AND FTE. ALSO E NQ.OISED IS AN OVERVJEW OF THE COFFEE BEANERY: THE Comm BE*NERY, LTD THE COFFEE BEANERY OPENED Ii5 FIRST STORES IN THE UNITED STATES IN 1976, BEFORE THE AMERICAN PUBLIC KNEW THE TERM "SPECIALTY COFFEE." IN THE 24 YEARS THAT HAVE FOLLOWED, THE COFFEE BEANERY CONTINUES TO BUILD ITS BRAND AND FRANCHISE ORGANIZATION ON THE PRINCIPLES OF TIME -TESTED AND HONORED TRADITIONS AND VALUES. EXCEPTIONAL. COFFEE, A WARM RELAXING ENVIRONMENT, AND A CORPORATE CULTURE THAT EMBRACES IT5 FRANCHISEES WITH EVERY OPPORTUNITY TO SUCCEED EXEMPLIFY THESE VALUES. TODAY, THE COFFEE BEANERY HAS OVER 200 LOCATIONS THROUGHOUT THE UNITED STATES AND IS RECOGNIZED AS AN INDUSTRY LEADER FOR ITS UNIQUE FAMILY BUSINESS APPROACH, CORPORATE CULTURE AND COMMITMENT TO QUALITY. AGAIN, THANK YOU FOR THE OPPORTUNITY TO EXPRESS OUR INTEREST IN BECOMING APART OF YOUR TEAM. SINCERELY, 3ctrATHAN L DOTSON MANAGING PARTNER • war the tides twee di. PHoEroxinmatrunoriAL, LLC 16155 SW 117'" AvErIUE,12 MIAMI, FL33177--1600 786.4122104