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Home My WebLink AboutSteering Committee. . , MIAMI MARINE STAIIDIUM STEE rNG COMMITTEE REPOR I TO THE CITY OF MIAMI CITY MANAGE TUESDAY. DECEMBER 11, 2012 FOREWORD The City of Miami Commission, on May 15, 2012, entered into a Memorandum of Understanding by and between the City of Miami, the Miami Sports and Exhibition Authority and Friends of Miami Marine Stadium, Inc. 501 (c) (3), for the evaluation of renovation and operation options for the Historic Miami Marine Stadium. The Miami Marine Stadium Steering Committee, advisory to the City. Manager, was established and called for in the Memorandum. The Steering Committee membership includes Commissioner Marc David Sarnoff, Camila Alvarez, Stu Blumberg, Richard Bunnell, Luther Campbell, Francisco Garcia, Bertram "Chico" Goldsmith, Thorn Grafton, Robert Holland, Lynn Lewis, Jack Lowell, James Quinlan, Anel Rodriguez, and Parker Thomson. The Committee has met on four different occasions: June 5th, August 28th, September 25th and October 30th, 2012, to assist Friends to identify, in a holistic manner, the uses in and around the Stadium that, over time, can maximize the public utilization of the Stadium and, at the same time, appropriately maximize the econornic benefit of the redevelopment of this public area for the City and its residents. This report, composed of two parts, includes an edited version of the summary presented by Friends at the October 30th meeting as an attachment. Tables of financial projections of the interdependent parts of the development proposal and a template of the sublease of lands are included before the supporting material of the summary. Friends of Miami Marine Stadium, Inc. is a not -for -profit corporation, whose purpose is the preservation of the Stadium and its restoration to useful public operation without requiring City financial subsidy. Friends is the only entity which has, since the Stadium closed in 1992, organized and raised funds to preserve the Stadium. Through Friends' efforts, in consultation with the City, local citizens, planning and advocacy groups over the past several years, the cohesive Master Plan was developed for Virginia Key and funding sources have been identified and vetted. Due to its substantial contributions and efforts to date, the Memorandum of Understanding identifies Friends as the entity that is entitled and responsible to work, with the assistance of the Steering Committee. The City has entered into a Public -Private Partnership with MSEA and Friends for a two year evaluation period in order to identify the viable renovation and operational options for the Stadium Premises. As part of a viable operational plan, for -profit operators and businesses need to be involved with the development of the Stadium Premises. The proposal as outlined by Friends in this report is in compliance with the Memorandum of Understanding, the intent of the Miami Marine Park portion of the Virginia Key Master Plan adopted by the City of)uly-2010 and the 1963 Deed. The Deed (see page 11) includes a reverter to the lands conveyed by the County to the City for the creation of the Marine Stadium site. That deed states, "land herby conveyed shall be perpetually used and maintained for the operation of a Marine Stadium and allied purposes only..." Friends proposes to restore and return the stadium to perpetual public use and to develop the surrounding lands as per this report for "Marine Stadium allied purposes." Friends is committed to accomplishing this project without subsidies form the City of Miami. This material summarizes the development plan that resulted from the collaboration between the Friends of Miami Marine Stadium and the Marine Stadium Steering Committee. We recommend the approval of the parcels which include the Water Basin as well as Parcels 1, 2A, and 2B to be subleased to Friends to realize this project. 2 MIAMI MARINA S7ADILM & MIAMI MARINE ?AR FINANCIALS FOR PARCELS I, 2A , 2B Year 1 Year.2 Year 3 Year 4 Year 5 REVENUE Stadium Events . 51.500.000 . 51,500,000 $1,900.000; 52,200,000 52,500,000 Commercial Sub Lease : S330.000 5330,000 S330,000 5330,000 S330.000 Misc. Revenue N/A NJA N/A N/A N/A Total Revenue .4 .1 .7: u,�„ arr ?wy + ? �§ } �..r " ( . ?i S1k830 0 . 51 830 000c� � d.$2 230'000 i "L't$2 S30 OOOax ::$2 830'OQO EXPENSES . Building Operating Expenses ;.; , S367.500 $378,000 5390,000 $402,000 $414,000 Contract Services $175,000 5180,000 5186.000 $191.000 5197,000 Payroll Costs 5660.000 5689.000 $690,000 5710,000 $732.000 Management. Fee • The Heat Group (S120K min. or 7.,of gross) 5120.000 5120,000 5133,000 $154,000 S175.000 Marine Park - Friends of Marine Stadium Administration. S300,000 5309,000 5318,000 5328,000 5338.000 Insurance 5300,000 5309,000 5318,000 5328.000 5338,000 Real Estate Taxes - . ' -' S0 50 SO 50 50 Interest 50 SO S0 50 50 Eitp n"ses'° ,,„ ,,llliJi'ragz <Y ,iG?a5549201500z`'`r ''r5W65',000�,„ Sit.Y.6ATedal9 L;l5W13;000l52"194,OOQ RESERVE EXPENSES Capital Reserves $128,000 $128,000 5128,000 $128,000 $128.000 Technology Reserves ;.,: ; S20.000 520,000 520,000 $20,000 $20,000 TotalaExpensosv' grtr-r, .,,; _ „1 ;i iatir' ' .,.: ' _r,,, Eir 5,Y0,70 5;0 I +S2z'-913'!000al .1 52A183, oiltio,1`' f S,2 26 rcifid �qt t' �,,, $2 342rdo0lt„ Not Operaifing lncomeu I ...n xt) •. 5,, , ru. -.7.:s ,? r ttS 10; OM raffforaismu550,00 >?, a in" 5,279+00,0.0 .1 rri $478,000 , E_tidowmentT(57N1 sfartin E x� x� ;t $ +5sw dl ^:ii-. � 1 tx< (._ S�r,r��.s.,�,d..� �� _ ,•.... ., �$6�7591500 �'� _ � - � 6 ' �,56 476 500m dx$6 5apOa, ?"156'�792 50.cyin �;$t280 SQQm;,, **Not including compounded interest 3 MIAMI MARINE STADIUM & MIAMI MARINE ?AID FINANCIALS FOR PARCELS 1, 2A , & 2B MIAMI MARINE STADIUM & MIAMI MARIN ESTIMATED REVENUES - YEAR ONE ?AR I TYPE OF EVENT _ =w, # of Events per Year # of Event Pays per Year Revenue Concerts 8 8:;,. _ $600,000 Marine Water Events (A) a - 5 '; 10 . $490,000 Marine Water events (BY 3 ,: 6' ,., .. S170 000 Festivals 2 ;: 8 . ; _ $ioo 000' .: . Special Events • 3 9 ' $72 000: Special Holidays _ 3 3`. - $10,000 Graduations 2 :.2' $4,000 .. Weddings and Filming 3 :: 3 $9,000 Architectural Tours N/A .. N/A $45,000 .ac.. i f TOTAL 'S f :> s ...�... _.,.... a_ ' 3. f x � �� r' '� _ s..: 29 �.r _ " �" � 12 � , it rea—,.. _ - � y t�49= J�.:� T � ` t�.. � = y ��'' �•, ��$500000 _ 1 5 M IAM I MAR EVENT UST NES ADIUM & M AMI MAIN ?ARK Name - Organization . Titlo Event .. _ Alan Strauss Miern Spoits Intern ati6nal Director Eiiisting successful board -Up Miami Event at the.MMS ' Anthony Albello Oceans Promotions , President . Experienced promoter of festivals Arie Kaduri ' : NYK Concerts. President - One of most respected independent promoters in U.S,, Arthur Edelstein : Soul; Station•LLC President piomoter Arturo Aballi MiamiRowingClub President. - High School and Masters RowingCompetitons at the MMS . Asa Sealy Carribean American Heritage Florida Director -: Caribbean Festival Brandon Berry Live Nation Management Concerts Bruce,Orosz ACT Productions President Highly respected family and special events producer Carver Donaldson. CSM Group VP; Sales Major Events and Festivals Christina LaBuzetta Location Resources President Location scout who works for CSI Miami and other television shows Debbie Gomberg HD Triathlon Director _ Ran Triathlon at the Marine Stadium Basinwhich is.set to return next year Gary Jobson US Sailing. President Sailboat Races -. Gene', Chaviano Genco Company President , Promoter of concerts at Fillmore; works with Kiwanis Club of Little Havana James Quinlan Rhythm. Foundation Chairman ofBoard Concerts -Latin and World Music Jay islmeida International business Council of Florlda President Latin American Jazz Festival John Valentino AEG Vice; President -Florida. Concert Series , Jonathan Strauss Swim Miami Director Long Distance Swimming Event at Stadium; one of top 20 swims in the world Kevin•Mynatt Florida Grand Opera Business Manager. Summer Series Kim Benomo Save Our Sisters Dragon Boat Club President National Wornen's Breast Cancer Survivor Dragon Boat Races Lance O'Brien Kulchashok Musik President ' Nationally recognized promoter of Reggae Music Manny Wong Miarni Dragon Boat Club President • Dragon Boat Races Maricarmen Tredunio Miami Symphony Orchestra Director Concert Series - Mark Weber . American Power Boat Association President (Former) Promotor as well as sanctioning body for power boat races Mary Hart U.S. Vintage RaceboatAssociation President _ Viritage Raceboat Regatta Michael Przystawik Waltzing Waters; Inc. President - "Liquid Fireworks" waterfeature; could -be accompaniment to events Nicole Wyman Live In the Projects Marketing - _ _ Promotional Events and special events for Art Basel . Peter Huston Promoter Promoter Promoted concert tours for Bonnie Raitt and Crosby ,Stills Nash, and Young Raul Esquijarosa Seafest Seafood Festival to' be done in conjunction with Boat Show Richard Serotta Reeffest Executive,Director. Promoted concerts at the MMS Rob Childers Multirace - President; Triathlons Rob Noyes Sea Ray Boats Director Of Marketing ,. Interested in hosting "Aquapalooia",event at Stadium Basin, . ,. Scott Brock BoatButler USA 'ckefE,Xecutive Officer High profile boat auctions Steve David American Power Boat Association Representatwe Unlimited Hydroplane Races Teresa Callava Kiwanis Club of Little Havana Marketing -Director. Does•Calle Ocho Festival; wants expands to events at the-MMS Wilber Andersen Tri-Events President Currently runs several triathlons a year at the Marine Stadium Easin . 6 MIAMI MAI NE STADIUM & MIAMI MARINE ?AR BUILDING OPERATING EXPENSE STATEMENT - YEAR ONE { Description • Operating Budget Building Maintenance: $30,000 Electrical Parts &Supplies $10,000 Equipment, Repairs;'& Maintenance $5,000 F & B Equipment Repaiir " $5,000 Flags 52,000 Floor - Pavers & Tiles S2,000 Furniture Repairs &.Maintenance 51,000 Fuel & Propane $1,000 Generator 53,000 Door Hardware 53,000 Hardware Supplies ; _ 55,000 Housekeeping Supplies 515,000 Hurricane Supplies $1,000 HVAC Filters 52,000 HVAC Parts $5,000 Light Bulbs " 55,000 Lumber, Metal, & Paint • $3,000 Material Handling Equip, 51,000 Office Equipment . S500 Overhead Door & Grills $2,000 Plumbing $5,000 Roof Inspections 53,000 Tools $5,000 Utilities - Electric - 5170,000 Utilities - Water 550,000 Utilities - Gas 530,000 Spotlights 53,000 TOTAL - Olaf If ,i, , u ; l'itA1 MI ° 5367, IO"' ` jl 7 MIAMI MARINI' STADIUM & MIAMI MARINE PARK CONTRACT SERVICES - YEAR ONE Description Budget _ Building Automation System $5,000 Emergency Generator $3,000 F & B Equipment Repair $3,000 Fire Alarm System $10 000 Fire Protection System $6,000 Forklifts $5,000'' . Grease Hoods $5,000 Grease Traps $5,000 Housekeeping -Non Events $10,000' Landscaping $30 000 Pest Control $3,000 Seat Cleaning $10,000 . Waste Removal and Containers $80,000 _ 7-- v `,. ..:��.t, xfi3 a _' ri . " TtOTFL1l � ; ;�175,i.'-f U—" w�..3. �xr,..a�_� saw „,.:., 8 MIAMI MARINE STADIUM & MIAMI MARIN PAYROLL COSTS - YEAR ONE PAR Staff :. ; .:. Salary - General Manager $125,000 Assistant General Manager , $90,000 Operations Manager $75,000 Engineer (2) $60,000 Box Office Manager $45,000 Security Manager $45,000 Event Manager (2) . S45,000 Administration Support (2) $35,000 !; :a s*b?- T _� TALA ! a A �O �',vc.-. �.. :.� c{.. lK.. .. 'q`u,�r �e^wn; ,:. ±,�k, �� . E i�'...V. � ..PJii , . •ax, ",i7«r(�. $660i000 .. ...�..$a-� . ash.# r at 9 MIAMI MAIN- STADIUM OPERATIONS & REVENUES PROJECTIONS MIAMI; MARINE STADIUM PARCELS 1 & 2A MARITIME COMM. PROP. PARCEL 26 COSTS FUNDING COSTS FUNDING ESTIMATED CONSTRUCTION COSTS SKANSKA SEPTEMBER 25TH, 2012 528,925,310 $30,000,000 FMMS $50;000 000 RT/COMM. Private Capital Development $11,250 000 ;BOATS DISPLAY $61,2.50,000 Total, CITY NEEDED RESOURCES $0 $0 S0 $0 OPERATIONS COSTS YR 1 ($2,070,500) From Operations 544 30 000 . - . Private REVENUESYR 1 $1 500,000 . From Operations $5 460 000 Private Capital Development SHORT FALL NET REVENUE ($240,500)* From Endowment & Parcel 2B $330 000 ` 10 MIAMI MARINE STADIUM OPERATIONS & REVENUES PROJECTIONS _ IA NIIIMAR I N ESTAD U PA RtE cENTE Ft tONINII:Iiii:9::R.PARCEL 2B ADMINISTRATIVE COSTS YR 2 From 'FMMS, Capital Reserves Account FUNDINP MAINTENANCE & REPAIR EXPENSES cc" Si2S;871S From FMMS Capital Reserves Account_ By'Development Entity By Development Entity INDUSAtil-NNOVATION RESERVE%ACCOUNT •• S2O000 „ . From FMMS Capital Reserves Account- By:Development Entity By Development Entity INSiA0c(fcgsTs :.0p•c);op,(y, 2 . From FMMS Operations ,•::.....:,q3Y-Developinent Entity By Development Entity . • , • ESTIMATED1pARkl NG REVENUE 0y,..00CUPANCY) d -V S300T00,,O.'j- From F.MIVIS, Initial Funding ",,...t•S4S0000, Gross Revenue By "Development Entity_ ' ••• FMIV1S.END,OWMENT CAPIT'ARE:SERVE • s7,660,000 Part of Fundraising - Campaign of $37,opo,opq...`::, .Part of Fundraising -Campaign of S37,000,000 Part of Fundraising Canipaign of S31,000,000 11