550-2007 RDA ResoRESOLUTION NO. 550-2007
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY (RDA) AUTHORIZING A
REALLOCATION OF THE REMAINING BALANCE OF $91,593 FROM
FUNDING PREVIOUSLY APPROPRIATED FOR MIAMI BEACH
COMMUNITY DEVELOPMENT CORPORATION'S (MBCDC)
PURCHASE OF THE FOLLOWING THREE PROPERTIES LOCATED
WITHIN THE CITY CENTER RDA: 1940 PARK AVENUE (THE
BARCLAY); 1965-1975 WASHINGTON AVENUE (THE LONDON
HOUSE); AND 2001 WASHINGTON AVENUE (THE ALLEN HOUSE),
(HEREINAFTER REFERRED TO AS "THE PROPERTIES"), FOR THE
PURPOSE OF PROVIDING MBCDC WITH ADDITIONAL REQUIRED
FUNDING TO CARRYANDBEGIN RENOVATING THE PROPERTIES,
IN ACCORDANCE WITH THE PROVISIONS SET FORTH IN THE
LOAN AGREEMENTS EXECUTED ON APRIL 30, 2007, BETWEEN
THE RDA AND MBCDC.
WHEREAS, on March 14, 2007, following the recommendation of the Finance and
Citywide Projects Committee, the RDA approved RDA Resolution No. 545-2007,
authorizing an appropriation of $13,650,000 from City Center/Historic Convention Village
(City Center) Redevelopment Agency non-TIF funding sources, to MBCDC, for the
purpose of providing funds to MBCDC for: a) the balance due in connection with MBCDC's
purchase of the following three properties located within the City Center RDA: 1940 Park
Avenue (The Barclay); 1965-1975 Washington Avenue (The London House); and 2001
Washington Avenue (The Allen House), (hereinafter referred to as the Properties), in the
amount of $13,200,000; b) estimated closing costs in connection with the aforestated
purchase, in the amount of $200,000; and c) estimated funding in the amount of $250,000,
required to offset the carrying costs of the Properties for a period of one year, or until such
time that MBCDC was able to secure additional funding to carry and begin renovating the
Properties; and
WHEREAS, Resolution No. 545-2007 further approved the terms and conditions of
an Agreement between the RDA and MBCDC, governing the use of all funding
appropriated in connection with the purchase of the Properties (the Loan Agreements); and
WHEREAS, MBCDC closed on the purchase of the Properties on April 30, 2007, at
which time it also executed the Loan Agreements; and
WHEREAS, based on the closing statements, dated April 30, 2007, the actual
purchase price for the Properties was $13,567,423, ith closing and related costs of
$238,279, leaving an unencumbered balance of $91,593, which MBCDC has now
requested be re-allocated toward carrying costs to help defray certain unanticipated
expenses, including increases in taxes and insurance, and to replace the roofs on The
Barclay and The Allen; and
WHEREAS, by replacing the roof on The Allen, as well as addressing certain Code-
related repairs totaling approximately $187,000, The Allen, which previously was
anticipated to remain vacant, will be able to be rented and start producing income, as well
as qualify for eventual tax exemption; and
WHEREAS, In order to address the immediate issue of replacing the roofs on The
Barclay and The Allen, as well as to address the projected increase in property taxes and
insurance, the Administration recommends reallocating the remaining balance of $91,593,
from funding previously appropriated towards purchase and closing costs, towards the
anticipated increase in carrying costs for the Properties.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE REDEVELOPMENT AGENCY OF THE CITY OF MIAMI BEACH,
FLORIDA, that the Chairman and Members of the RDA hereby approve and authorize a
reallocation of the remaining balance of $91,593 from funding previously appropriated for
Miami Beach Community Development Corporation's (MBCDC) purchase of the following
three properties located within the City Center RDA: 1940 Park Avenue (The Barclay);
1965-1975 Washington Avenue (The London House); and 2001 Washington Avenue (The
Allen House), (hereinafter referred to as the Properties), for the purpose of providing
MBCDC with additional required funding to carry and begin renovating the Properties, in
accordance with the provisions set forth in the Loan Agreements executed on April 30,
2007, between the RDA and MBCDC.
PASSED and ADOPTED this 11th d;
ATTEST:
S CR TARY Robert Parcher
T:IAGENDA1200761u~v 11\RDAIRDA WASHINGTON AvE HOUSING
APPROVED AS TO
FORM 8~ LANGUAGE
MIAMI BEACH REDEVELOPMENT AGENCY ITEM SUMMARY
Condensed Title:
A Resolution authorizing a reallocation of the remaining balance of $91,593 from funding previously appropriated
for MBCDC's purchase of the following three properties located within the City Center RDA: 1940 Park Avenue;
1965-1975 Washington Avenue; and 2001 Washington Avenue ("the Properties"), for the purpose of providing
MBCDC with additional required funding to carry and begin renovating the Properties, in accordance with the
provisions set forth in the Loan Agreements between the City and MBCDC, dated April 30, 2007.
Key Intended outcome Supported:
Ensure Well Maintained Facilities
Supporting Data (Surveys, Environmental Scan, etc.):
Fifty-one percent of residents in the Community Satisfaction Survey (2007) ranked housing for households earning
less than $80,000 as something the City should most ensure. Housing for elderly/seniors ranked as the second
highest type of housing the City should most ensure (26% of respondents). In addition, retention of rental units was
cited by 7% of the respondents as something the City should ensure.
Issue:
Shall the RDA authorize a reallocation of the remaining balance of $91,593 from funding previously appropriated for
purchase and closing costs, towards carrying costs for the Properties?
item summaryircecommenaation:
On March 14, 2007, following the recommendation of the Finance and Citywide Projects Committee, The RDA
authorized an appropriation of $13,650,000 from City Center/Historic Convention Village (City Center)
Redevelopment Agency non-TIF funds, to MBCDC, for the purpose of providing funds to MBCDC for A) the
balance due in connection with MBCDC's purchase of the above-reference Properties, in the amount of
$13,200,000; B) estimated closing costs in connection with the purchase, in the amount of $200,000; and C)
estimated funding in the amount of $250,000, required to offset the carrying cost of the Properties for a period of
one year, or until such time that MBCDC is able to secure additional funding to carry and begin renovating the
Properties. Following the purchase of the Properties on May 1, 2007, MBCDC has had to revise its estimate of
carrying costs for the next twelve months to address projected increases in property taxes totaling $97,000 (from
its original estimate), as well as an estimated $105,000 increase in windstorm, flood and liability insurance.
Additionally, MBCDC has advised that the roofs on the Barclay and the Allen are in immediate need of replacement,
for an estimated combined cost of $133,000. In order to address the immediate issue of replacing the roofs on the
Barclay and the Allen as well as to address the projected increase in property taxes and insurance, the
Administration recommends reallocating the remaining balance of $91,593 from funding previously appropriated
towards purchase and closing costs, towards the anticipated increase in car in costs for the Properties.
Advisory Board Recommendation:
Financial Information:
Source of Amount Account
Funds: 1 $91,593 City Center RDA -Non-TIF funds
OBPI Total $91,593 Previously appropriated on 2/14/07 & 3/14/07
Financial Impact Summary: No additional funding is being requested at this time. Funding for both the
purchase of the Properties as well as the carrying costs has already been appropriated by the RDA. The request is
to reallocate the remainin balance of the urchase allocation towards the car in costs of the ro erties.
Ci Clerk's Office Le islative Trackin
Kent O Bonde, Redevelopment Coordinator Ext 6363
Sign-Offs:
RDA Coordinator Assistant City Man g r City Manager
KOB HF JMG
~~ ,/~ ~ ~~~ ,/t ~ W AGEAIDA tTEM
~- y ~l '1/ ~ ~ ~~ 1 1 DATE 7'~
m MIAMIBEACH
City of Miami Beath, 1700 Convention Center Drive, Miami Beach, Florida 33139, vrww.miamibeachfl.ggv
REDEVELOPMENT AGENCY MEMORANDUM
To: Chairman and Members of the Miami Beach Redevelopment Agency
FROM: Jorge M. Gonzalez, Executive Director ~,
DATE: July 11, 2007
SUBJECT: A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY (RDA) AUTHORIZING A REALLOCATION OF
THE REMAINING BALANCE OF $91,593 FROM FUNDING PREVIOUSLY
APPROPRIATED FOR MIAMI BEACH COMMUNITY DEVELOPMENT
CORPORATION'S (MBCDC) PURCHASE OF THE FOLLOWING THREE
PROPERTIES LOCATED WITHIN THE CITY CENTER RDA: 1940 PARK
AVENUE (THE BARCLAY);1965-1975 WASHINGTON AVENUE (THE LONDON
HOUSE); AND 2001 WASHINGTON AVENUE (THE ALLEN HOUSE),
(HEREINAFTER REFERRED TO AS "THE PROPERTIES"), FOR THE
PURPOSE OF PROVIDING MBCDC WITH ADDITIONAL REQUIRED FUNDING
TO CARRY AND BEGIN RENOVATING THE PROPERTIES, IN ACCORDANCE
WITH THE PROVISIONS SET FORTH IN THE LOAN AGREEMENTS
EXECUTED ON APRIL 30, 2007, BETWEEN THE RDA AND MBCDC.
ADMINISTRATION RECOMMENDATION
Adopt the resolution.
ANALYSIS
On March 14, 2007, following the recommendation of the Finance and Citywide Projects
Committee, The RDA adopted a Resolution authorizing an appropriation of $13,650,000
from City Center/Historic Convention Village (City Center) Redevelopment Agency non-TIF
funding sources, to MBCDC, for the purpose of providing funds to MBCDC for A) the
balance due in connection with MBCDC's purchase of the following three properties located
within the City Center RDA: 1940 Park Avenue (The Barclay); 1965-1975 Washington
Avenue (The London House); and 2001 Washington Avenue (The Allen House),
(hereinafter referred to as "the Properties"), in the amount of $13,200,000; B) estimated
closing costs in connection with the aforestated purchase, in the amount of $200,000; and
C) estimated funding in the amount of $250,000, required to offset the carrying costs of the
Properties for a period of one year, or until such time that MBCDC was able to secure
additional funding to carry and begin renovating the Properties. The Resolution further
approved the terms and conditions for a Loan Agreement between the RDA and MBCDC,
governing the use of all funding appropriated in connection with the purchase of the
properties, which are to be restored, renovated, operated and maintained by MBCDC for the
express purpose of i) preserving these historic structures within the City Center RDA, and ii)
maintaining a designated number of rehabilitated/renovated units within the properties as
affordable housing for low to moderate income individuals, as provided for in, and
conformance with, the provisions of the City Center/Historic Convention Village
Redevelopment and Revitalization Area Plan.
Miami Beach Redevelopment Agency Memorandum
July 11, 2007
City Center Property Acquisition
Page 2 of 3
Based on the closing statements, dated April 30, 2007, the actual purchase price for the
Properties was $13,567,423 with closing and related costs of $238,279, leaving an
unencumbered balance of $91,593. MBCDC has asked that these remaining funds be re-
allocated towards carrying costs to help defray certain unanticipated expenses, including
increases in taxes and insurance and to replace the roofs on The Barclay and The Allen.
Purchase Price
Closing & Related Costs
Sub-Total:
Carrying Costs
Total Appropriation
Actual Cost Remaining
Allocation To Date Balance
$13,700,000 $13,567,423 $132,577
$ 200,000 $ 240,984 40 984
$13,900,000 $13,805,702 91,593
250,000 $0 250 000
$14,150,000 $13,805,702 $344,298
Following its takeover of the Properties on May 1, 2007, MBCDC has had to revise its initial
estimate of the carrying costs for the next twelve months to address projected increases in
property taxes totaling $97,000 (from its original estimate), as well as an estimated $105,000
increase in windstorm, flood and liability insurance. Additionally, MBCDC has advised staff
that the roofs on The Barclay and The Allen are in immediate need of replacement, for an
estimated combined cost of $133,000. It should be noted that by replacing the roof on The
Allen, as well as addressing certain code-related repairs totaling approximately $187,000,
The Allen, which previously was anticipated to remain vacant until funding for full renovation
of the building is secured, will be able to be rented and start producing income.
Furthermore, MBCDC has advised staff that they can relocate 17 remaining tenants from
their Villa Maria project, (one of its HOME Program rehabilitation projects that will begin
renovations in the Fall) to occupy The Allen, once the necessary repairs are made to
reinstate the building's Certificate of Occupancy. Not only will the additional rental income
help to offset carrying costs, but putting the building into use will assist in qualifying the
building for eventual tax exemption.
Based on the attached, side-by-side comparison of carrying costs submitted by MBCDC
(comparing previous and current /revised estimates), even with the additional rental
income from the Allen, coupled with MBCDC's requested reallocation of the unencumbered
balance from the purchase/closing costs, the numbers still reflect a shortfall of
approximately $286,131. MBCDC anticipates covering this gap through apre-development
funding loan from the State, or via a line of credit from one or more lending institutions that
MBCDC has worked with on other projects.
=- London House The Barclay The Allen
54 Units 95% 65 Units 75% 42 Units 50% Totals
Income
Rental income $380,400 $280,000 $ 78,000 $ 738,400
RDA allocation (*)
for carrying costs $ 83,333 $ 83,333 $ 83,333 $ 250,000
Total Income: $463,733 $363,333 $161,333 $ 988,400
Estimated revised
car in costs: $385,923 $564,935 $415,266 $1,366,124
Requested re-allocation
of purchase/closing cost
balance: $ 30,531 $ 30,531 $ 30,531 $ 91,593
Net O eratin Income: $108,341 $171,071 $223,402 $ 286,131
Note: (*) Actual distribution of RDA allocation subject to finalization of proformas for each building.
Miami Beach Redevelopment Agency Memorandum
July 11, 2007
City Center Property Acquisition
Page 3 of 3
MBCDC has also advised that its projections are conservative on the revenue side and does
not factor in the potential for an exemption of all or a portion of the property taxes on the
Properties, which would also reduce any funding gaps.
Recommendation
In order to address the immediate issue of replacing the roofs on the Barclay and the Allen,
as well as to address the projected increase in property taxes and insurance, the
Administration recommends reallocating the remaining balance of $91,593 from funding
previously appropriated towards purchase and closing costs of the Allen, Barclay and
London House buildings, towards the anticipated increase in carrying costs for the
Properties.
JMG/HF/KOB
Attachments:
- Summary of Acquisition and Closing Costs
- Revised Sources and Uses of Funds Estimate, dated June 18, 2007
- Pro-forma of expenses, May -November, 2007.
- Estimated move-in rehabilitation cost estimate for The Allen House
- Operating Pro-forma, the Allen House
- Project timeline
T:\Agenda\2007Uu1y 11\RDA\RDA Washington Ave Housing Memo1.doc
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RDA Insurance
May 8, 2007 letter from Jill Sommer
London
Package Policy
Wind
Flood
Barclay
Package Policy
Wind
Flood
Allen
Package Policy (a)
Wind (b)
Flood
October January Annual
Prorated Renewal Renewal Coverage
$5,443 $16,493 $21,936 $16,493
$20,499 $30,146 $50,645 $30,146
$3,910 $3,910 $76,491 $3,910
$7,215 $21,865 $29,080 $29,080
$24,859 $36,558 $61,417 $36,558
$1,955 $1,955 $92,452 $1,955
$7,280 $16,000 $23,280 $14,560
$6,159 $10,000 $30,000 $46,159 $30,000
$1,955 $1,955 $71,394 $1,955
$79,275 $64,358 $96,704 $240,337 $240,337 $164,657
(a) 6 month policy, will begin leasing in Oct so new rates
(b) October wind will increase to $30K/year prorated until Jan
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MBCDC -HOUSING DEPARTMENT
ESTIMATING
DATE: JUNE 19, 2007
PROJECT: ALLEN BUILDING -MOVE IN REPAIRS
LOCATION: 2001 WASHINGTON AVE. MIAMI BEACH
SCHEDULE: 15 WEEKS
# DIVISION UNITS UNIT PRICE QTY SCH. VALUE
1 GENERAL CONDITIONS
1.1 PROJECT MANAGER WEEKS 650.00 15.00 9750.00
1.2 LABOR (3 SKILLED LABORERS) WEEKS 1200.00 15.00 18000.00
1.3 DUMPSTERS EACH 419.00 6.00 2514.00
1.4 PERMIT FEES (ALLOWANCE) GLOBAL 5000.00 1.00 5000.00
2 SITE WORK
2.1 SELECTIVE DEMOLITION GLOBAL INC N/A 0.00
2.3 WATER FIRE LINE EACH 900.00 1.00 900.00
2.4 FIRE STAND PIPE EACH 450.00 1.00 450.00
2.5 BACKFLOW REPAIRS EACH 400.00 1.00 400.00
2.6 LANDSCAPING (MINIMUM) GLOBAL 600.00 1.00 600.00
3 METALS
3.1 MISCELANEOUS RAILINGS GLOBAL 1000.00 1.00 1000.00
4 WOODS AND PLASTICS
4.1 ROUGH CARPENTRY GLOBAL 800.00 1.00 800.00
4.2 TRIM CARPENTRY GLOBAL 500.00 1.00 500.00
4.3 CABINETRY EACH 250.00 42.00 10500.00
5 THERMAL 8 MOISTURE PROTECTION
5.1 WATERPROOFING AND CAULKING EACH 20.00 42.00 840.00
5.2 ROOFING SQUARES 157.00 350.00 54950.00
6 DOORS AND WINDOWS
6.1 ENTRY DOORS AND FRAMES EACH 150.00 42.00 6300.00
6.2 WINDOW REPAIRS (ALLOWANCE) GLOBAL 6000.00 1.00 6000.00
6.3 HARDWARE EACH 30.00 42.00 1260.00
7 FINISHES
7.1 GYPSUM WALBOARD SYSTEMS REP. GLOBAL 1600.00 1.00 1600.00
7.2 CARPET COMMON AREAS GLOBAL 4500.00 1.00 4500.00
7.3 CARPET UNITS EACH 250.00 42.00 10500.00
7.4 PAINT EACH 90.00 42.00 3780.00
8 SPECIALTIES
8.1 TOILET ACCESOIRES EACH 10.00 42.00 420.00
82 CLOSET WIRE SHELVING EACH 32.00 15.00 480.00
8.3 MAILBOXES GLOBAL 350.00 1.00 350.00
9 EQUIPMENT
9.1 RENTAL EQUIPMENT (ALLOWANCE) GLOBAL 300.00 1.00 300.00
9.2 APPLIANCES EACH 700.00 42.00 29400.00
10 CONVEYING SYSTEMS
10.1 ELEVATOR REPAIRS EACH 2000.00 1.00 2000.00
11 MECHANICAL
11.1 PLUMBING SYSTEMS REPAIRS GLOBAL 1900.00 1.00 1900.00
11.2 FIRE EXTINGUISHERS EACH 27.00 6.00 162.00
11.3 WINDOW A/C EACH 250.00 42.00 10500.00
12 ELECTRICAL
12.1 GFCI'S AT BATHROOMS 8 KITCHEN EACH 15.00 126.00 1890.00
TOTAL PROJECT 187546.00
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