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HomeMy WebLinkAboutSubmittal-Commissioner Pardo-Miami Marine Stadium-historic tax creditsMayor Eileen Higgins Commissioner Damian Pardo Commissioner Miguel Gabela Commissioner Christine King Commissioner Ralph Rosado Commissioner Rolando Escalona Miami City Hall 3500 Pan American Drive Miami, Florida 33133 Re: Miami Marine Stadium — historic tax credits Dear Mayor and Commissioners: Brian Wishneff & Associates January 28, 2026 Submitted into the*lie record for it s) , 5 on City Clerk 30 W. Franklin Road, Suite 503 Roanoke, Virginia 24011 540-982-1317 540-982-1568 FAX Washington, DC Metro Office 3179 Wilson Blvd. Arlington, VA 22201 703-567-6923 540-982-1568 FAX I am writing you regarding the planned renovation and restoration of the Miami Marine Stadium (the "Project") and the potential to use Federal historic tax credits ("HTCs") as a funding source to help cover the expected cost. Our firm, Brian Wishneff & Associates, provides tax credit consulting and syndication services for projects seeking to utilize HTCs and other financial incentives throughout the U.S. To date, we have helped to facilitate over $4 billion of projects, generating over $900 million in tax credit equity. Our work includes helping numerous HTC projects throughout the U.S. with facts similar to the proposed Project including those with governmental ownership and non-profit sponsorship, including regional projects such as the Miami Military Museum owned by Miami Dade County and the Curtiss Mansion owned by the City of Miami Springs. From our review, the Project appears to be a strong candidate to utilize HTCs. The Federal HTC provides a 20 percent income tax credit against qualified costs incurred in the "certified rehabilitation" of a "certified historic structure". Given the Project is already listed on the National Register of Historic Places, it qualifies as a certified historic structure. In addition to the building being deemed eligible, the renovation must also comply with the Secretary of Interior Standards for Historic Rehabilitation. As long as the renovation complies with these standards, the Project will qualify for HTCs. Based on our understanding of the intended renovation plans, it should indeed comply with the Secretary's standards and therefore, the Project should qualify for HTCs. Assuming the Project qualifies for HTCs, a legal structure can be created that allows the HTCs to be monetized with 3rd-party investors. These tax credit investors provide equity into a project in exchange for the ability to utilize the HTCs. This equity can then be used to cover Project related renovation costs. Assuming that approximately $60,000,000 of the total project cost were to qualify for HTCs (though with a $63M budget, it is likely much more than $60M qualified expense, given a substantial amount of soft costs also qualify for HTCs, including those already incurred), this would result in Federal HTCs of approximately $12,000,000. The net benefit to the Project after all transaction costs, investor discounts, etc. would be approximately $10,000,000 in cash. Again, this likely a conservative estimate, given the actual expense qualified for HTCs will likely be more than $60M. The HTC is not capped and is not competitive so there is no concern that this incentive may not be available or that the total benefit is limited if the project costs were to change. As a result, qualification for HTCs could bring significant benefit to the Project. Further, should the renovation costs increase due to any cost overruns, the HTC benefit also increases, given HTCs are tied to qualified costs. We would be happy to share additional analysis and discuss the feasibility of this opportunity in more detail with you at your earliest convenience. Sincerely, e-74, Erik Wishneff t%65 QmA0 -Wtml 5\11*-ti\s\06 \-04 Ciff kAS ACTRODUCTIONS Mayor Eileen Higgins Commissioner Damian Parch Commissioner Miguel Gabela Commissioner Christine Ring Commissioner Ralph Rosado Commissioner Rolando Escalona Miami City Hall 3500 Pan American Drive Miami, Florida :3:31:3:3 Dear Mayor and Commissioners: January 29th, 2026 St .m;ttai into the pti it 11 City Clerk f recor r it .:n s) on L, I write to express my strong support for the restoration of the Miami Marine Stadium and to urge you to move forward with this long-standing and important initiative. I offer my support from two distinct but deeply connected perspectives. First, as the CEO of ACT Productions, which has produced hundreds of events throughout Miami over our :35-year history, I can say without hesitation that the Marine Stadium is truly extraordinary. It is a one -of -a - kind venue with no equal. We have produced several events at the Stadium, most notably an Audemars Piguet art installation during Art Basel in 201:3. For that event. Audemars Piguet moored a full-size inflatable Swiss chalet opposite the Stadium and dramatically illuminated both the chalet and the structure itself. We hosted a seated dinner for 600 guests on a barge one evening, followed by a disco attended by more than 2.000 people the next night. The event drew worldwide attention and became one of the standout highlights of Art Basel that year. Even today-, we regularly receive requests to use the Marine Stadium, and once restored, the demand will be tremendous. Second, I recognize the vital role tourism plays as an economic engine for our region. In an increasingly competitive global marketplace, destinations must continue to evolve and remain fresh. The restored Miami Marine Stadium would be a bold and compelling new attraction —one with no true competition anywhere in the world. Its uniqueness would give Miami a powerful advantage and an exceptional selling point over other destinations. Special events are a critical driver of tourism, and the Marine Stadium is a venue unlike any other. The Stadium is. in every way. a symbol of Miami: a modernist architectural landmark. set on the water. designed by a local Miami -Cuban architect, Hilario Candela. There is simply nothing else like it anywhere in the world. The time has come to restore this iconic structure and allow it to once again serve the City of Miami and the global community. Yours truly. Bruce Orosz CEO ACT Productions c k National Trust for 7N &14 Historic Preservation Save the past. Enrich the future. Sar;,ttdl into the pialie record cr ii,2m(s) , January 28, 2026 oil 2 117,17,E City Clerk Mayor Eileen Higgins Commissioner Ralph Rosado Commissioner Christine King Commissioner Rolando Escalona Commissioner Damian Pardo Commissioner Miguel Gabela Miami City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Mayor and Commissioners: The National Trust for Historic Preservation is pleased to express its strong support for the restoration of historic Miami Marine Stadium, an iconic civic landmark of national architectural and cultural significance. The National Trust is one of the nation's leading preservation organizations and, for more than 75 years, has worked to protect and activate historic places that tell America's story. We are a privately funded nonprofit organization whose work includes advocacy, stewardship, and education, and we own and operate 27 historic sites open to the public across the country. Miami Marine Stadium has been a long-standing priority for the National Trust. In 2009, the Stadium was included on our annual 11 Most Endangered Historic Places list, and in 2011 it was designated as one of the first sites in our National Treasures program. Over the years, we have supported a range of initiatives to promote awareness of the Stadium's architectural importance and cultural legacy, including exhibitions, public programs, and national media coverage. The historic Stadium has consistently generated strong public interest and enthusiasm from people across the nation, which we view as a positive indicator of its long-term viability. Its unique design, local authorship, and deep cultural associations align closely with the National Trust's preservation mission. We are proud to have supported this effort for many years and are encouraged by the City of Miami's continued leadership in advancing the restoration of this nationally significant site. Sincerely, Robert Nieweg Senior Vice President for Preservation Initiatives National Trust for Historic Preservation 80C '4th Street N'A, S. to SJC Aashington CC 220O5 E nfe ngolaces :;rg P 2D2 588 8001. F 2 C 53 ,0 i8 .v Forurn.SavingPlaces.org vik 60 YEARS WORLD MT MONUMENTS FUND Mayor Eileen Higgins Commissioner Rolando Escalona Commissioner Damian Pardo Commissioner Miguel Gabela Commissioner Ralph Rosado Commissioner Christine King Miami City Hall 350o Pan American Drive Miami, Florida 33133 Dear Mayor and Commissioners: January 29, 2026 i..►to the ptyli 5 record s : �;.d t�s) o.1 2/ 1 L f 1.6 . City Clerk World Monuments Fund (WMF) urges support for the restoration of Miami Marine Stadium. We believe that the Stadium, which was placed on the World Monuments Fund 2010 Watch, is an extremely important cultural asset that deserves to be protected and restored. By way of background, WMF was founded in 1965, and is the leading independent organization devoted to safeguarding the world's most treasured places to enrich people's lives and build mutual understanding across cultures and communities. We are headquartered in New York City with offices and affiliates in Cambodia, China, France, India, Peru, Portugal, Spain, and the United Kingdom. Some of our work includes projects at Angkor Archaeological Park in Cambodia, Venice in Italy or the Taj Mahal in India. We have had significant involvement with the Miami Marine Stadium. In 2009, we were the catalyst and lead funder of an engineering study that showed that the Marine Stadium can be restored. Ironically, the firm we selected to do the study, Simpson, Gumpertz and Heger, had done a study of the Stadium in 1992 right after the Hurricane. The lead engineer on the study in 2009 was the Junior engineer on the study in 1992. As a result, we had a significant amount of longitudinal data -very unusual for a study of this nature. The study itself was extremely important, generating new momentum and credibility into the effort. In 2021, we participated in a lecture entitled: "From Havana to Miami: The Architectural and Cultural Significance of the Miami Marine Stadium." The Stadium, designed by Cuban born architect, embodies a significant amount of the Cuban architectural and engineering heritage that was developed in Cuba during the 193os-1950s. The Miami Marine Stadium is a very unique, remarkable building with a cultural history that deeply reflects the evolution of Miami. This effort aligns perfectly with the focus and purpose of WMF. Yours truly, Javier Ors Ausin Senior Program Manager, Special Programs World Monuments Fund f, I.11 I; \I. III. \U1)l..\H t I Its \k.\' l uith BRITAIN I CAMBODIA I INDIA I PERU I PORTUGAL I SPAIN Rockefeller Center 60o Fifth Avenue, 25' Floor New York, NY bozo +1 646 424-9594 \ nif.or