LTC 255-2023 Collins Park Artist Workforce Housing Project Update #4MIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC#
TO:
FROM:
DATE:
SUBJECT:
255-2023 LETTER TO COMMISSION
Honorable Mayor Dan Gelber and Members of the City Commission
Alina T. Hudak. City Mana�
June 1, 2023
Collins Park Artist Workforce Housing Project Update #4
This Letter to Commission ("L TC") provides a status update regarding the Collins Park Artist Workforce
Housing Project (the "Project").
On May 17, 2023, the Mayor and City Commission adopted Resolution No. 2023-32619, authorizing
the Administration to finalize proposed revisions to the Ground Lease Agreement between the City of
Miami Beach and CFC-MB I, LLC, an Arizona limited liability company ("Lessee"). The Resolution
reflects the City's additional financial support of $3 million toward the Lessor Direct Capital Cost
Contribution for the Project for a total reimbursable Lessor Direct Capital Cost Contribution of $5.85
million.
On June 1, 2023, Project developer Servitas informed that the issuer and bond purchasers reached
agreement as to the pricing of the revenue bonds to be issued by the Miami-Dade County Industrial
Development Authority. Financial closing for the Project is targeted for June 15, 2023, with
groundbreaking to occur thereafter.
The Administration will continue to update the City Commission regarding the Project. Questions
regarding the foregoing may be directed to Rickelle Williams, Assistant City Manager at
rickellewilliams@miamibeachfl.go v. ,� RW/HS/JK