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HomeMy WebLinkAbout03-24-16 CC FR Exhibit D (Part II)Miami Design District Retail Street Special Area Plan NE 42nd Stree Mass8ectstace oruu.svaeiae eras oven modeled try daces:siars weal tle nesaMmeel Patheanaay. urge specween Free plentoge may cops a, me deeoe* L tlEL-Z,1L I & COMrh1.1 AMIE/4011*NT 0 r.i 6.13 A3 A Miami Design District Retail Street Special Area Plan NE 38th and NE 42nd Street Elevation NE 38111 Street Devotion Study NE 42nd Street Elevation Study Diks' i 1Ci-21Ir11.116 & Cn11.,,+ rs'ee! — and s CAyrs .tit? 1 a cat4 ' 2414,41 _. AMEN 10.04.13 .A3.5 • Miami Design District Retail Street Special Area Plan Recladding Studies for Buen ta Building Dr a, Pi ars. • & at ARAN DA \ LASCH • 4mocareprr 05.16.13 A36 Miami Design District Retail Street Special Area Plan Cross Block Connection Conceptual Studies sae ,I VEMSWITY Accesswai, siHaaehp nrsre OM- ^,csed aatparVn*1 Spare ah asA of R tt Stazk ad Iv!saerr• Ace s- ay rgr, tic Smeea It* vat-oue,.sn,wr£ r.crosed v iZ(LPau, 7i 4� rye Salty [! eastern Acoroh oy hnxr FIE 38th Strode* the south plaza AMIEh ENT 1 O.04,13 MRCHTTECrS A3.7 Miami Design District Retail Street Speciai Area Plan Hypothetical Retail Streetscape at 30°/b G 'iperK'ttl.Sirermi.ao xpw'y%j SOD,'1'39, imzr4 Ths maw J4=a mit rOka a 14,C. Ie :arias 7 flf7G0aa T4.e.,y:ynn. AINIE 4DNENT 05.16.13 A3.8 Miami Design District Retail Street Special Area Plan Recladding Studies for Buen ta Building Dr a, Pi ars. • & at ARAN DA \ LASCH • 4mocareprr 05.16.13 A36 Miami Design District Retail Street Special Area Plan Cross Block Connection Conceptual Studies sae ,I VEMSWITY Accesswai, siHaaehp nrsre OM- ^,csed aatparVn*1 Spare ah asA of R tt Stazk ad Iv!saerr• Ace s- ay rgr, tic Smeea It* vat-oue,.sn,wr£ r.crosed v iZ(LPau, 7i 4� rye Salty [! eastern Acoroh oy hnxr FIE 38th Strode* the south plaza AMIEh ENT 1 O.04,13 MRCHTTECrS A3.7 Miami Design District Retail Street Speciai Area Plan Hypothetical Retail Streetscape at 30°/b G 'iperK'ttl.Sirermi.ao xpw'y%j SOD,'1'39, imzr4 Ths maw J4=a mit rOka a 14,C. Ie :arias 7 flf7G0aa T4.e.,y:ynn. AINIE 4DNENT 05.16.13 A3.8 Miami Design District Retail Street Special Area Plan Pedestrian Passage Conceptual Studies De.ati 'L4TZ .iaaecx & CDMf1•5 •a= urea- wx and walarwati :seaee on ma Wag oarLay reeved to;rectum Peeest`mn Passage Two wars. A_,vf ;a - T nJ—AMENDMENT 05.16.13 A3.3 Miami Design District Retail Street Special Area Plan NE 42nd Stree Mass8ectstace oruu.svaeiae eras oven modeled try daces:siars weal tle nesaMmeel Patheanaay. urge specween Free plentoge may cops a, me deeoe* L tlEL-Z,1L I & COMrh1.1 AMIE/4011*NT 0 r.i 6.13 A3 A Miami Design District Retail Street Speciai Area Plan Hypothetical Retail Streetscape at 30°/b G 'iperK'ttl.Sirermi.ao xpw'y%j SOD,'1'39, imzr4 Ths maw J4=a mit rOka a 14,C. Ie :arias 7 flf7G0aa T4.e.,y:ynn. AINIE 4DNENT 05.16.13 A3.8 Miami Design District Retail Street Special Area Plan Pedestrian Passage Conceptual Studies De.ati 'L4TZ .iaaecx & CDMf1•5 •a= urea- wx and walarwati :seaee on ma Wag oarLay reeved to;rectum Peeest`mn Passage Two wars. A_,vf ;a - T nJ—AMENDMENT 05.16.13 A3.3 Miami Design District Retail Street Special Area Plan NE 42nd Stree Mass8ectstace oruu.svaeiae eras oven modeled try daces:siars weal tle nesaMmeel Patheanaay. urge specween Free plentoge may cops a, me deeoe* L tlEL-Z,1L I & COMrh1.1 AMIE/4011*NT 0 r.i 6.13 A3 A Miami Design District Retail Street Special Area Plan NE 38th and NE 42nd Street Elevation NE 38111 Street Devotion Study NE 42nd Street Elevation Study Diks' i 1Ci-21Ir11.116 & Cn11.,,+ rs'ee! — and s CAyrs .tit? 1 a cat4 ' 2414,41 _. AMEN 10.04.13 .A3.5 • Miami Design District Retail Street Special Area Plan Pedestrian Passage Conceptual Studies De.ati 'L4TZ .iaaecx & CDMf1•5 •a= urea- wx and walarwati :seaee on ma Wag oarLay reeved to;rectum Peeest`mn Passage Two wars. A_,vf ;a - T nJ—AMENDMENT 05.16.13 A3.3 Miami Design District Retail Street Special Area Plan NE 42nd Stree Mass8ectstace oruu.svaeiae eras oven modeled try daces:siars weal tle nesaMmeel Patheanaay. urge specween Free plentoge may cops a, me deeoe* L tlEL-Z,1L I & COMrh1.1 AMIE/4011*NT 0 r.i 6.13 A3 A Miami Design District Retail Street Special Area Plan NE 38th and NE 42nd Street Elevation NE 38111 Street Devotion Study NE 42nd Street Elevation Study Diks' i 1Ci-21Ir11.116 & Cn11.,,+ rs'ee! — and s CAyrs .tit? 1 a cat4 ' 2414,41 _. AMEN 10.04.13 .A3.5 • Miami Design District Retail Street Special Area Plan NE 38th and NE 42nd Street Elevation NE 38111 Street Devotion Study NE 42nd Street Elevation Study Diks' i 1Ci-21Ir11.116 & Cn11.,,+ rs'ee! — and s CAyrs .tit? 1 a cat4 ' 2414,41 _. AMEN 10.04.13 .A3.5 • Miami Design District Retail Street Special Area Plan Recladding Studies for Buen ta Building Dr a, Pi ars. • & at ARAN DA \ LASCH • 4mocareprr 05.16.13 A36 Miami Design District Retail Street Special Area Plan Cross Block Connection Conceptual Studies sae ,I VEMSWITY Accesswai, siHaaehp nrsre OM- ^,csed aatparVn*1 Spare ah asA of R tt Stazk ad Iv!saerr• Ace s- ay rgr, tic Smeea It* vat-oue,.sn,wr£ r.crosed v iZ(LPau, 7i 4� rye Salty [! eastern Acoroh oy hnxr FIE 38th Strode* the south plaza AMIEh ENT 1 O.04,13 MRCHTTECrS A3.7 Miami Design District Retail Street Speciai Area Plan Hypothetical Retail Streetscape at 30°/b G 'iperK'ttl.Sirermi.ao xpw'y%j SOD,'1'39, imzr4 Ths maw J4=a mit rOka a 14,C. Ie :arias 7 flf7G0aa T4.e.,y:ynn. AINIE 4DNENT 05.16.13 A3.8 Miami Design District Retail Street Special Area Plan , fiyamwisr6 Hi _ 416— B fil Miff II PIL.Trl-Z%UL.b & COMP5,a High End Urban Retail Ex AMENDMENT 05.16-1 3 A3.9 Miami Design District Retail Street Special Area Plan NE 2nd Avenue and NE 41st Street Ue - Pi .aiw—�5rr.ae S�r.e ,r. �1 GiaQtCbT.i- riarAA ✓. S �f r� AMEN€1MEHT 05.16.13 P.3.10 Miami Design District Retail Street Special Area Plan PROMENADE PLAN LEGEND W MAHOGANY • GUMBO LIMBO O STRANGLER FIG • SOUTHERN LIVE OAK • VERAWOOD • FLORIDA THATCH PALM t CYCAD/LOW BUSHES NEW CONSTRUCTION ▪ RENOVATIONS ▪ EXISTING ▪ OCCUPIABLE ROOF GARDEN UNOCCUPIABLE ROOF GARDEN -�—� GREEN WALL • WATER FEATURE EXISTING TREES - EXISTING PALM ❑ ART/FURNfTURE GUIDELINES • Comers of promenade and e-w corridors to get specimen trees and/or clusters. • Blank walls facing promenade to be treated as monochromatic °green walls". • Entrance to garage level to get clad was green surfaces. • Southem plaza to be planted with field of Florida thatch palms in clusters of 3 to 4. • Water Features shall have no water sprouts. All water features to use salt -chlorine generators. Water feature water surfaces shall be french gray or similar. NE 42ND STREET • L • • NE 41ST STREET 38TH STREET PROMENADE PLAN The above conceptual drawings are for illustrative purposes only and subject to change based on actual conditions and other requirements. DUANY PLATER-ZYBERK & COMPANY ARCHITECTS AND TOWN PLANNERS Utia,}c i 1'10,, -2(1(4 AL. Conceptual Landscape Master Plan GREEN WALL AT GARAGE ACCESS DESTINATION WATER FEATURE GREEN WALL GREEN WALL CYCADS AND LOW PLANTS AT "POCKETS" GREEN WALL AT BLANK FACADES WATER FEATURE SPECIMEN TREE AT CORNERS WATER FEATURE CYCADS AND LOW PLANTS AT 'POCKETS' SPECIMEN TREE AT CORNERS WATER FEATURE PALM PLAZA CITY OF MIAMI HEATT'T r.'ARDS PLA/,''riL:::W wsW eoem Z/(� RAP ear, �^^UQ zy Id -- s••vna_... ,.,,."u mom.,, w PLANNING CORPORATION 1 248 WASHINGTON AVE MIAMI BEACH. FLORIDA 39199 I PC AMENDMENT 10.04.13 A3.1 Miami Design District Retail Street Special Area Par Conceptual Landscape Master •LreetwEs • Vora ;elm:, Bra. ociok ',wad a-Ro: grow *..a.mn. Plan lc kat +re col Mat 1,•••• ell. Pmele %RUN. 4 wt.:Eason. Rao, 10141.a.s SW. O.. mar. 9__ ID • • AD— • NOW SpeCenall ard ime may Del DEIIVS:Aed DCONI.13=14. 7:x0DCF. Ps & CL1.11.l,11 muuttr..4,roz..-24•14.444e_ • • VICO. 14.L.LAT WOW Core,ME..- • matiocomor 05_16.13 A4_1 111. Miami Design District Retail Street Special Area Plan ot, CASTRLSISrati TREE n. slTIT5TI DvEri7CA.L.,,7.1Re..2_41.10,4 reL LANCS.:APE g & C0,11^1.n' MIA:VA& F1ce44 -244;7"...4r— Sample of T ocations rr, A MENEM-ENT D5.16.13 'PC A4.2 Miami Design District Retail Street Special Area Plan Conceptual Streetscape -141:h.V.neel Ematip Svre 141 PLATFC-2.%11LE16 & COMFA%1 SE df-ls-t St-ec -1313 tiutiArk riekt4A 05.16.13 1PC A4.3 Miami Design District Retail Street Special Area Plan I 1 1 j Case Study: NE 40th Street - Facing North CD '6 CI) ©I [0 El I lf11-11 STREET - EXISTING RAH 40114 S,REET PROPOSED PL. The above conceptual drawings are for illustrative purposes only and subject to change based on actual conditions and other requirements. DUANY PLATER—ZYBERK & COMPANY ARCHITECTS AND TOWN PLANNERS ' Uha,Zt Plc4A-7,?/fri AL. CRY OF MIAMI HEAFPLI CTARDS PLC;i3 REVI--TW zon,o IIH-�4-t4 w 5v: D.S. ISLAND RFO 249 WASHINGTON AVE q 0 MIAMIIDRAOH. FLOR COI:DA T331039 IPC AMENDMENT 10.04.13 A3.2 Miami Design District Retail Street Special Area Plan 40,11 &TREE, PROPOSED PLAN / \ 0 Case Study: NE 40th Street - Facing South I 1 177 The above conceptual drawings are for illustrative purposes only and subject to change based on actual conditions and other requirements. DUANY PLATER-ZYBERK & COMPANY ARCHITECTS AND TOWN PLANNERS U iaW Platr,� -Zr.1 CITY OF MIAMI HEARPM CARDS FLAN' VIRY P rn• ing D.S. oi 248 WASHINGTON AVEAND MIAMIsEAC M. FLORIDA 331139 IPC AMENDMENT 10.04.13 A3.3 Miami Design District Retail Street Special Area Plan Case Study: NE 4Cith Street .; g North 1 4 r { i ��yy /�55 AA l)i e r �L+i .--fi1X1 A� $c C.“11,,• f},���n 1. i_ f�f.Tr. .�iw, i. aucv�uarr .Mre 4R 1_a 11 _+! ■ 1 1PC Miami Design District Retail Street Special Area Pan Case Study: NE 40th Street - F..,.. South AWENDMENT 05.16.13 IPC A4.5r Miami Design District Retail Street Special Area Plan NE 41ST STREET NE 40TH STREET NE 39TH STREET The above conceptual drawings are for illustrative purposes only and subject to change based on actual conditions and other requirements. DUANY PLATER-ZYBERK & COMPANY ARCHITECTS AND TOWN PLANNERS ' t iaaa 1 P-iazc,, Conceptual Studies for Central Streets 3AV ONZ 3N CITY OF MI.AMI HER'.'." ; r- ARDS PLf rtE IDW N. 3 2.9,/<41 IISLAND ION 248 WASHINGTON AVE N D MIAMII BEACH. F LORIDA T331139 ' ■ C AMENDMENT 10.04.13 A3.4 11 Miami Design District Retail Street Special Area Plan Concept' tud les for Cenral Streets Piciz64-24,64ear_. AMENDMIEla 05_16.13 IPC A4.6 . Miami Design District Retail Street Special Area Plan NE 38th Street Elevation Study NE 42nd Street Elevation Study Note: The above drawings are for illustrative purposes only and subject to change. DUANY PLATER—ZYBERK & COMPANY ARCHITECTS AND TOWN PLANNERS �Gi.{zaA�h ilk -2r14_ NE 38th and NE 42nd Street Elevation Studies AMENDMENT 10.04.13 CITY OF MIAMI HEAP."'' DDAHDS RDVIEW lima Boa. A3.5 Miami Design DFstrict Retail Street Special Area Plan Conceptual Birdeye View.. indicating Greer and Treed . •fsc ape of MIMIRMIMIRIMmiamMin Elf iAMr as 44tWes'. NADA -%f IPC AMEwp*JV(T 05.16.13 A4.7 Miami Design District Retail Street Special Area Plan Green Wall and Roof i=xampies AMENDMENT G5.16.13 A4.8 Miami Design District Retail Street Special Area Plan Ambient and Direct Lighting Examp Iti-azd 'EAU- M1 - 4i,ri_ AMENOMENT 05.16.13 A4.9 Miami Design District Retail Street Special Area Plan LEED ND Dr . T P e.............,...... haJect SCE M "-ra: .wrr.. e.•....ruwre C.rrr..rr11. 14ew N wlrra4wr.is + V.+arsI_ +rlr• r•.".w" .Y.Ypy. s+Y+Y.r. C..• ror+w rarmrr .-g Wuru...�Y. pYAsiY+e Lx. r..r.r wrL4v; . wY.t iYY.. a�JIrY1 r...imar — hWr. ...,r. ..p .JV — 114n +®a.r+r..,.wn 1wlrw.. _..trr;.�...a—..a.Y.f . r.rwwa...r wr• irr�GfaoY6 �rtL'IeFr- mod Qom. oWnocc 514 ®G Y ®r p m+a � iwY11Y. vvpr� l.rr. Y.Y rr1l.r.n .raca.r.. ...ri lce.W wArn T1-l-GT.1_Ilr, 45 ;aaw Saloom aaa. os • • • MIN 1 • Si END Bin ANS 9r CFaEll r.. Carem- m- Mr,nuoc _... ..........1..rlrr. rre -stjraw.— rms., .w+rr....+ ... .+ :•.IC 4..w-an �f 4rT.�r ih.rr..rd it: :Iwa •-.+ker.+Trm. d lr+Yes r'e....p 1. r.r -sr•. ':..1 •a r>r�r wl.r.a.. +r..w�.an L<..e•wo-.: :Ir.: War ,raleneno 7tnPdllr3 i}edti r.1r.. Pm ..tl.n. r,-:.1>>,.}7 t . nror'di SAF prtpc+tCr:.:._ F3F AMENOMEF1T 05./6.13 A4.11 Section A 4 - Block Diagrams CRY OF MIAMI HEAPP! i D^ANDS PLANS `1'W �' 1/ /� Prut =e o.m v/ Miami Design District Retail Street Special Area Plan Block Key Plan I `-71 i'i•i'i 1 BOCK 2 WEST ` rTT T wEs- i L_ LJ LJJ L p_.: I' !' !' ! ' !' BACK • WEST lyl I I-li WrIMITIMMM rrh Block Key Plan r r 1 1 1 l rr rrT i r-= r j i ii i— -1 BLOCK., 0 llb BLOM WEST HIE I ' I'll BLUCKJ�II�® l 1 l l l i-Ii•ii �i� BLBCi i K2 WEST ' I l i iI rto fj. BLBCK2 EAST BLOC KI EAST A� J Note: This Block Key Plan is included in the SAP only to aid where any references in the Code or the Development Agreement refer to a specifically named block. Please refer to page Al .4-Al .5 of the Concept Book to identify parcels within the Miami Design District Retail Street SAP. DUANY PLATER-ZYBERK & COMPANY ARCHITECTS AND TOWN PLANNERS AMENDMENT ',' TOUZET STUDIO SECOND AMENDMENT 07.21.14 CITY OF ML".MI HEA7IN1 CARDS FLAAS Fi": _W A4.1 Miami Design District Retail Street Special Area Plan T4-L FROM CURB T3-L 150'-0" , 1 25-0 r T 1 35'-0" ZONE D1 • -L b 386.99' r q I o � TAI-L � 2s' I I 2 I / Q ir:�ryf r,_ 7r90� 2 / r T5-O I .' ZOO^ 259.06' I o - D U A N Y PLATER - Z Y B E R K & COMPANY ARCHITECTS AND TOWN PLANNERS NE 42ND STREET T5-O OUZE TUDI Block 5 East Proposed Zoning C4101M S IN[F-L 4+4 (146r1 &ca.-. Mu1v 6u (1F.fl-MTAO to L.3,.:v4 -TO R'-.E.,e0 tvv.JS DISMte,7 AOMDAtI 4Nu TOUZET STUDIO AMENDMENT 10.04.13 SECOND AMENDMENT 07.21.14 T6-8 0 '.RDS '=W Br 41A-- L A4.2 Miami Design District Retail Street Special Area Plan NE 2ND AVENUE 10'-0" 25'-0" NE 43RD STREET '0 386.99' ZONE Al i o 150%0" , o ZONE A I - ZONE B r -1T {} 1 35-0 FROM' CURB ZONE C F ZONE DI O r / r y 1 ZONE E 259.06' NE 42ND STREET DUANY PLATER-ZYBERK & COMPANY ARCHITECTS AND TOWN PLANNERS ZONE D2 Block 5 East Zone Specifications ZONE A - 5% MINIMUM CIVIC SPACE - 6.5%MINIMUM GREEN OPEN SPACE - NO CURB CUTS ON 43i°STREET ZONE Al - LANDSCAPE AND STREETSCAPE EXPANDS TO INCORPORATE SIDEWALK AREA ZONE B - 1 STORY MAXIMUM HEIGHT ZONE C -ARCADE / CANTILEVER - HABITABLE SPACE ABOVE THE SIDEWALK / WITHIN THE RIGHT-OF- WAY TO WITHIN 2' OF THE CURB ON 2"o AVE . -2 STORIES MAXIMUM HEIGHT ZONE D1 - 4 STORIES MAXIMUM HEIGHT ZONE D2 - 5 STORIES MAXIMUM HEIGHT ZONE E - ARCADE / CANTILEVER - HABITABLE SPACE ABOVE THE SIDEWALK / WITHIN THE RIGHT-OF- WAY TO WITHIN 2' OF THE CURB. - 5 STORIES. / / F MLAMI HEA:11' 1 F1ARDS PLAN., EC.I_W Hoes. Boards W y v ry " '7 �ti BPlanning r- i1 2N tH By N).6,. This diagram was created speficically for Block 5 East for the MDD SAP Second Amendment and does not apply to any other block. TOUZET STUDIO AMENDMENT 10.04.13 SECOND AMENDMENT 07.21.14 A4.3 This page has been intentionally left blank. CITY OF MIAMI HEA;:i''; r DARDS FULL;re C.V::W/ µ Boa. 14Z4/1 l RSN• HEAr.!!•!'l E3ARDS PLAFILVIEW • 6-11- 24 '36 • •' STEARNS WEAVER MILLER WEISSLER ALHADEFF SITTERSON, IAA, July 21, 2014 Mr. Aye' Horovits, Manager 4201 NE 2" D AVE LLC r/o Helm Equities 150 Broadway, Ste. 800 New York, NY 10038 Javier E. Fembndez 150 West Flagler Street, Suite 220,0 Miami, FL 33130 Direct: (305) 789-3501 Fcx: (305) 789-2620 Email: Iefernu ndeegs reornsweave r.co rn RE: Preliminary Fiscal & Economic kneed Analysis for Block 5 East of the Miami Design District Retail Street Specie! Area — Second Amendment Dear Mr. hlorovits Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. {('SWM") hos performed this preliminary analysis to estimate the fiscal and economic benefits provided to the City of Miami rCifu") and other jurisdidicns as a result of the development of the mixed -use development concept proposed for Block 5 East as pars of the second amendment ("Second Amendment'] to the Miami Design District (detail Street Special Area Plan (" "). The other jurisdictions considered as part of this analysis include Miami -Dade County, the Miami -Dade County Public School District, and the Children's Trust. This letter provides the findings of our preliminary analysis. The analysis summarized herein is based on the tux end fee rates currently in effect (Fiscal Yec,r 2014) in the various jurisdictions considered, which are likely to be adjusted prior to the development of the proposed improvements on Block 5 East of the SAP. Chnnges in the economic environment could also result in construction costs, sales prices, rent levels and hotel morn rates that differ from those assumed below. These differences could result in fiscal and economic benefits actually being generated that vary significantly from the estimates set forth in this report. This analysis assumes that the proposed development will be constructed in ❑ single phase, although such improvements may be developed in phases over a period of years. SAP AMENDMENT UESCRiPriON The proposed Second Amendment encompasses a land mass of approximately 1.9 acres +/- located within the Miami Design District, bounded by NE 43rd Street on the north, NE 42' Street on the south, NE 4°1 Avenue on the east, and NE 2" Avenue on the west, with ci street address of 220 NE 43''' Street, Miami, FL 33137 ('"f Icck 5 East" or "Prcaperl ). The development program for Block 5 East, at present, contemplates the development of approximately 100,000 leasable square feet of commerdel (retail) space end 82 multi -family, residential units, with approximately 305 off-street parking spaces (210 below -grade and 95 above -grade] to support the aforementioned uses (the "Proereerl"j. The Program is further augmented by the creation of approximately 12,600 square feet +/- of combined Civic and Open Space along the northern boundary of the Property on NE 43'd Street, which will provide a passive pork amenity for the abutting residential neighborhoods. For purposes of this analysis, it is assumed that the residentiol units will be developed as ccanderniniurn units. The residential units are anticipated to average approximately 1,100 square feet in size and are expected MIAMI • FORT LAUDERDALE • 'l°AMFA TALLAI-IASSEf July 21, 2014 Page 2 to sell for an average price of $450 per square foot, producing gross soles proceeds of approximately $40.5 million. It is further anticipated that the additional commercial space will achieve sales productivity per square foot of approximately $ 700 per square foot and will rent at an average rate of $ 7 5 per square foot. Development of the aforementioned programmatic elements comprising the Second Amendment is estimated to exceed $37 million in hard costs. An additional $9.25 million will be expended for soft costs inclusive of architectural and engineering fees, marketing, leasing and sales commissions, and project overhead. Accordingly, the project will cost a total of $46.25 million to develop exclusive of kind costs and developer fee/profit, SUMMARY OF FINDINGS The materials that follow summarize the fiscal and economic benefits that the proposed 5ecand Amendment and development of Block 5 East will generate. As noted above, we have assumed for purposes of this analysis that the prcOct will be developed in its entirety, as opposed to in multiple phases. All monetary figures are expressed in 2014 Dollars. Fiscal Benefits The term "fiscal benefits' refers to the positive impact that the proposed project will have on the finances an the City of Miorni and other jurisdictions in which it will be located, The benefits that it will provide will be both non -recurring and recurring in nature, with the former occurring during the construction period and the latter when construction is completed. The estimates shown are based on the FY 2014 millage and fee rotes. City of Kiiarni Recurring Benefits: $472,556 • $426,644 annually in City General Fund ad valorem taxes • $45,912 annually in City Debt Service ad valorem taxes Non -Recurring Benefits; $878,788 + $378,750 in City building permit fees • $68,790 in City police impact fees ▪ $56,533 in City fire impact fees + $20,598 in City generwl services impact fees + $324,638 in City park impact fees • $25,479 in City impact fee administration surcharges Non -Quantifiable Benefits • Trade -related fees for roofing, electrical, plumbing, mechanical and other work performed during construction (non -recurring • Increased City utility taxes and franchise fees (recurring) • increased occupational license fees (recurring) • Increased revenue sharing funds (recurring) Other Jurisdictions Miami -Dade County: $2,163,884 STEARNS WEAVER MILLER WEIMERALHADEFF& SITTERSON. July 21, 2014 Page 3 • $263,713 annually in General Fund cd valorem taxes )recurring) • $23,628 annually in Debt Service Fund ad valorem taxes (recurring) • $9,658 annually in Library ad valorem taxes (recurring) • $700,000 annually in local option sales taxes (recurring) • $1,166,865 in road impact fees (non -recurring) • Increased water & sewer connection fees (non -recurring) • Increased Biscayne Basin sewer surcharge fees (non -recurring) • Increased revenue sharing funds (recurring) • Increased water & sewer service fees (recurring) Miami -Dade Public Schools: $513,169 ▪ $50,184 in impact fees (non -recurring) • $443,658 annually in Operating Fund ad valorem taxes (recurring) • $19,327 annually in Debt Service Fund ad valorem taxes (recurring) Children's Trust: $27,995 • $27,995 annually in ad valorem taxes (recurring) Economic Benefits The term "economic benefits" relates to the positive impact that the proposed expansion of the SAP incorporating Block 5 East 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. Non -Recurring • At least 80 percent of the $46.25 million that will be spent on hard and soft costs to develop the proposed improvements on Black 5 East will be spent within the City of Miami, producing an overall economic impact approximating $55.5 million when the multiplier effect is considered. • Expansion project expenditures will include an estimated $.16.65 million for construction labor, an amount sufficient to pay for 299 man-years of construdian work at the average annual pay of ca Micrni-Dade County construction worker, which approximates $55,600 per year. It is further anticipated that each direct construction jobs will result in the creation of .,t least 0.75 indirect ar induced jobs. Indirect jobs will be in business related to construction such building supplies or equipment rental while induced jobs will be in businesses where those occupying the direct and indirect jobs will spend their earning such as the local supermarket or personal service establishment. A substantial portion of the jabs created by the development of the proposed proied ore likely to be filled by the City of Miami residents, Recurring • When the Program improvements are completed, approximately $1.18 million will be spent annually by condominium residents and workers at the project in retail and food and beverage establishments. It is anticipated that at least 85% of those expenditures will be within the City of +Miami resulting in overoil economic impact annually approximating $1.5 million when the multiplier effect is considered, STEARNS WEAVER. MILLER WEiSSLERALHADEFF & SITTERSON..r.n. July 21, 2014 Page 4 A total of upproximateiy 216 people will be employed on PIock 5 East inclusive of people involved in project operations, maintenance, and parking. Based on the information compiled by the Florida Agency for Workforce Innovation, it is expected that these workers will nom approximately $6 million annually. The direct jabs created by the proposed ed SAP expansion to include Block 5 East will stimulate the creation of approximately 140 indirect and direct gabs, Residents of the City of Miami ore likely to occupy o significant number of the direct, indirect and induced jobs that result from the development of the project. CONCLUSION This preliminary analysis demonstrates that the proposed project will be highly beneficial to the City of Miami both fiscally and economically, Sincerely, 1$307783 v STEARNS WEAVER laliILLER WEISSLER ALHAI)EFF & SITTERSON, ItA.