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HomeMy WebLinkAboutSteering Committee Meetings & DiscussionsFriends of Miami Marine Stadium Summary of Steering Committee meetings and discussions As mandated by the City Commission, a Memorandum of Understanding was entered into among the City of Miami, MSEA and Friends of Miami Marine Stadium Inc., concerning the Miami Marine Stadium and its environs. This document ("MOU") is dated May 15, 2012. The MOU provides, in pertinent part: "The Steering Committee shall provide a report of its ... findings to the City Manager and the City Commission. The City Commission shall confirm and approve the area around the Stadium that is needed to generate sufficient revenue for the viable operation of the Stadium for the purposes of this MOU, not more than six (6) months following the Effective Date of the MOU ...". The format for all meetings was as follows: Friends of Miami Marine Stadium, Inc. ("FMMS") made presentations to the Steering Committee. At every meeting, there followed extensive questions, discussion between the Steering Committee and FMMS and among Steering Committee members themselves, and requests by the Steering Committee for additional information from FMMS. The Steering Committee met on the following dates: June 5, 2012 August 28, 2012 September 25, 2012 October 30, 2012 December 18, 20012 At the December 18 meeting, the Steering Committee unanimously approved the site plan of the area around Miami Marine Stadium which was needed to fulfill the "viable operation of the Stadium". Marine Stadium "Viable Operation Area" Site Plan The Steering Committee began its review of what properties and uses were needed, to complement and make economically viable, the Stadium by studying the Virginia Key Master Plan, as approved by the Miami City Commission in July 2010 after months of meetings with citizens and stakeholders. The Virginia Key Master Plan delineates three Parcels. FMMS Parcel 1 This parcel includes the Miami Marine Stadium and Basin. The Stadium is the heart of the restoration, revitalization and renewal program. The Basin and the Stadium, in tandem as mutually integral to each other, were designated "Historic", by the City's 1 Historic and Environmental Preservation Board in October, 2008. The Basin, which can be provided to FMMS on a non-exclusive use basis, is necessary in order to secure the Federal Historic Tax Credit, which will generate $4-5 million in historic tax credit financing for the operation of the Stadium. FMMS Parcel 2A This includes the "Flex Park" to the east of the Marine Stadium and small slice of land to the west of the Stadium. The Flex Park provides a wide range of uses for public events: space for triathlons, access to the water or temporary stands for marine events, festivals, access to the floating stage and other requirements for larger shows, parking during concerts, and an open (sports) field. FMMS Parcel 2B "Maritime Exhibition Center -Commercial Space". This area is planned to provide: 1) a source of cash to help subsidize the operations of the Stadium; 2) services and amenities necessary for the Stadium, such as covered parking and event space; and 3) cultural, recreational, and educational amenities to enhance the attractiveness of Marine Stadium Park as a destination for citizens, users and tourists. Steering Committee Meeting Summaries June 5. 2012 The Steering Committee met with representatives of FMMS for the first time on June 5. Introductions were made and objectives of the Committee were established. FMMS agreed to come back to the Committee with a comprehensive site plan which justified the need for the lands requested. August 28, 2012 FMMS made a full presentation to the Steering Committee which included a history of the project and timeline, the Marine Stadium Deed from the County, and the boundaries of the Marine Stadium historic designation as determined by the Historic Environmental and Preservation Board. FMMS also presented construction costs, and a table of maintenance costs. There was also a brief presentation of operating costs and issues for the Stadium. The Committee looked at the 3 parcels, which FMMS titled "Marine Stadium Park". Parcel 1: Includes the Stadium and Basin. Parcel 2A: This includes the "Flex Park" to the east!of the Stadium. FMMS stressed that this was necessary for various events, such as triathlons, festivals and other water - based events. It would serve as surface parking during concerts and would be a passive park (open to all) during non-event days. The Steering Committee requested that FMMS analyze the possibility of elevating the Flex Park and placing parking underneath. 2 Parcel 2B: This includes the "Commercial Space -Maritime Center" as proposed in the approved Virginia Key Master Plan. FMMS stated that this commercial space was needed, both to provide cash flow supportive of Stadium operations, and cultural amenities, such as marine exhibitions and bicycling and recreational amenities, to draw people to Marine Stadium Park on a recurring basis including when there was no event at the Stadium. The Steering Committee requested additional financial information including financial analysis of costs and potential benefits to the City. September 25, 2012 FMMS presented its plans for elevating the "Flex Park" and adding a level of parking underneath. Elevating the Park would add approximately 280 parking spaces and would visibly enhance the Park experience. The cost of elevating the Park is approximately $7 million, as determined by Skanska, FMMS' construction consultant. FMMS also presented more detailed plans for the commercial space, including estimated costs, elevations, market data, potential land lease rates and City benefits. The Steering Committee was satisfied with this information and asked for additional pro forma information on the operation of the Marine Stadium and how it would tie in to the commercial space. October 30, 2012 FMMS presented summary financials for Parcels 1, 2A & 2B. The financials included revenue and expenses from operation of the Stadium, net revenue from a land lease for the commercial space, and an endowment as proposed by FMMS to support Stadium operations. FMMS presented Projections which show, that the Maritime Center would produce $330,000 annually towards operations of the Stadium, with a benefit to the City of $290,000 annually in real estate taxes and possibly $121,000 in parking excise taxes. The projections show that Marine Stadium Park can be fully sustainable and profitable by year 5. The Steering Committee asked for additional information on the revenue and expense assumptions on the operation of the Stadium. December 18, 2012 FMMS presented more fully defined projections for the operation of the Stadium. This included revenue assumptions (breakdown of revenue by day/events) and expense assumptions (full breakdowns on operating costs, staffing and contract costs). The Steering Committee determined that the financials were appropriate for the relatively early state of planning the Stadium site and Marine Stadium Park, while stating to FMMS that, over the next 12-18 months, FMMS must elaborate and "market test" the financials. The Steering Committee approved the Site Plan unanimously. 3