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05-25-06 SPECIAL
1003 making our Neighbod;ood a Ow Place to Cnr- work and Play' Chair Horace Feliu CRA General Counsel Eve Boutsis Vice Chair Velma Palmer CRA Acting Executive Director Yvonne Soler- McKinley Member Randy G. Wiscombe CRA Secretary Maria Menendez Member Marie Birts Member Jay Beckman Member Adrian Ellis Member Rodney Williams SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY Special CRA Meeting Meeting Date: Thursday May 25, 2006 Time: 6:30 PM Next Meeting Date: Monday June 12, 2006 Time: 6:30 PM 6130 Sunset Drive, South Miami, FL Phone:(305) 668 -7236 City of South Miami Ordinance No. 10 -00 -1712 requires all lobbyists before engaging in any lobbying activities to register with the City Clerk and pay an annual fee of $125.00. This applies to all persons who are retained (whether paid or not) to represent a business entity or organization to influence "City" action. "City" action is broadly described to include the ranking and selection of professional consultants, and virtually all - legislative, quasi - judicial and administrative action. It does not apply to not-for-profit organizations, local chamber and merchant groups, homeowner associations, or trade associations and unions. CALL TO ORDER: A. ROLL CALL: B. INVOCATION: C. PLEDGE OF ALLEGIANCE: COMMUNITY REDEVELOPMENT AGENCY AGENDA —May 25, 2006 SPECIAL MEETING 1. A RESOLUTION OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) AUTHORIZING A SMCRA BUDGET TRANSFER IN THE AMOUNT OF $382,559 FROM ACCOUNT NUMBERS 610 - 1110 - 551 -99 -31 (MOBLEY BUILDING RENOVATION), 610 - 1110 - 551 -99 -33 (BUSINESS START -UP) , 610 - 1110 - 552 -31 -20 (COMMERCIAL REHAB) , 610 -1110- 553-99-30 (RESIDENTIAL REHAB) AND 610- 1110 - 559 -34 -50 (PART - TIME INTERN) TO ACCOUNT NUMBER 610 - 1110 - 583 -61 -10 (LAND ACQUISITION) FOR THE PURPOSE OF PURCHASING PROPERTIES LOCATED AT 6442 SW 59t' PLACE, SOUTH MIAMI, FLORIDA BEARING FOLIO NO.: 09- 4025 - 010 -0180 AND 6443 SW 60th AVENUE, SOUTH MIAMI, FLORIDA BEARING FOLIO NO.: 09- 4025 - 010 -0050; AND PROVIDING AN EFFECTIVE DATE. 2. A RESOLUTION OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) AUTHORIZING THE EXECUTIVE DIRECTOR TO SEEK COUNTY APPROVAL FOR AN EXTENSION OF THE LIFE OF THE AGENCY FOR A TOTAL OF FIFTEEN YEARS (THROUGH 2022) IN ADDITION TO ASKING THE COUNTY TO PLEDGE A MATCHING PORTION OF THEIR SHARE OF TAX INCREMENT FINANCING REVENUES TO PARTIALLY RETIRE A $2,000,000 FINANCE BOND REQUIRED TO PURCHASE ALL REMAINING PROPERTIES TO IMPLEMENT THE MADISON SQUARE PROJECT AND AUTHORIZING THE SMCRA TO PLEDGE A MATCHING PORTION OF THE CITY'S SHARE OF TAX INCREMENT FINANCING REVENUES TO RETIRE THE REMAINING BALANCE OF THE $2,000,000 FINANCE BOND; AND PROVIDING AN EFFECTIVE DATE. ADJOURNMENT PLEASE TAKE NOTICE THAT SECTION 2 -2. 1 (k) (2) OF THE CODE OF ORDINANCES PROVIDES THAT "ANY PERSON MAKING PERSONAL IMPERTINENT, OR SLANDEROUS REMARKS OR WHO SHALL BECOME BOISTEROUS WHILE ADDRESSING THE COMMISSION SHALL BE FORTHWITH BARRED FROM FURTHER AUDIENCE BEFORE THE COUNCIL BY THE PRESIDING OFFICER, UNLESS PERMISSION TO CONTINUE BE GRANTED BY A MAJORITY VOTE OF THE COMMISSION." PURSUANT TO FLA. STATUTES 286.0105, "THE CITY HEREBY ADVISES THE PUBLIC THAT IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THIS BOARD, AGENCY OR COMMISSION WITH RESPECT TO ANY MATTER CONSIDERED AT ITS MEETING OR HEARING, HE OR SHE WILL NEED A RECORD OF THE PROCEEDINGS, AND THAT FOR SUCH PURPOSE, AFFECTED PERSON MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. THIS NOTICE DOES NOT CONSTITUTES CONSENT BY THE CITY FOR THE INTRODUCTION OR ADMISSION OR OTHERWISE INADMISSIBLE OR IRRELEVANT EVIDENCE, NOR DOES IT AUTHORIZE CHALLENGES OR APPEALS NOT OTHERWISE ALLOWED BY LAW. COMMUNITY REDEVELOPMENT AGENCY 2 AGENDA— May 25, 2006 1001 "Making our Neighborhood a Great Place to Live, Work and Play" To: Honorable Chair and SMCRA Board Members From: Yvonne Soler - McKinley SMCRA Acting Executiv RESOLUTION Date: May 25, 2006 ITEM No. FY OS 106 BUDGET TRANSFER A RESOLUTION OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) AUTHORIZING A SMCRA BUDGET TRANSFER IN THE AMOUNT OF $382,559 FROM ACCOUNT NUMBERS 610 - 1110 - 551 -99 -31 (MOBLEY BUILDING RENOVATION), 610 - 1110 - 551 -99 -33 (BUSINESS START -UP), 610 -1110- 552-31-20 (COMMERCIAL -REHAB), 610- 1110 - 553 -99 -30 (RESIDENTIAL REHAB) AND 610 - 1110 - 559 -34 -50 (PART -TIME INTERN) TO ACCOUNT NUMBER 610 -1110- 583-61-10 (LAND. ACQUISITION) FOR THE PURPOSE OF PURCHASING PROPERTIES LOCATED AT 6442 SW 59`h PLACE, SOUTH MIAMI, FLORIDA BEARING FOLIO NO.: 09- 4025 - 010 -0180 AND 6443 SW 60th AVENUE, SOUTH MIAMI, FLORIDA BEARING FOLIO NO.: 09 -4025- 010 -0050; AND PROVIDING AN EFFECTIVE DATE. BACKGROUND During the April 10, 2006 SMCRA Meeting, the Board approved a purchase and sale agreement between the South Miami CRA and Graham Hanover, Inc. to purchase 6442 SW 59"' Place and 6443 SW 60"' Avenue for the purpose of assembling properties to develop Madison Square (See Exhibit 1 Attached). The total purchase price for the two properties is $730,000. Both 6442 SW 59th Place and 6443 SW 60th Avenue are in current danger of being sold at a foreclosure sale scheduled for May 31, 2006. Staff has requested an extension of the foreclosure sale and will seek to enter into a long -term bond financing agreement in July 2006 to purchase additionally required properties. However, it would be in the best interest of the SMCRA to finalize purchase of properties currently facing foreclosure actions. Property taxes will also continue to accrue on the two properties until purchase can be finalized by the SMCRA. The current available funding in the CRA's Land Acquisition Account is $ 234,061.37. In order to facilitate purchase of the two properties, a budget line item transfer in the amount of $382,559 will be required from the following budget line item accounts: 610 - 1110- 551 -99 -31 Mobley Building Renovation $210,000 610 -1110- 551 -99 -33 Business Start-Up $30,000 610 -1110- 552 -31 -20 Commercial Rehab $25,000 610- 1110 - 553 -99 -30 Residential Rehab $100,000 610- 1110 - 559 -34 -50 Part-Time Intern $17,559 Upon completion of the budget transfer, the available funding in Account No. 610- 1110- 583- 61 -10, Land Acquisition will be $616,620.37. The remaining balances in the line item accounts where funding is being transferred from will be as follows: 610 - 1110 - 551 -99 -31 Mobley Building Renovation $60,000 610 - 1110 - 551 -99 -33 Business Start -Up $10,000 610 - 1110 - 552 -31 -20 Commercial Rehab $25,000 610 - 1110 - 553 -99 -30 Residential Rehab $27,500 610- 1110 - 559 -34 -50 Part -Time Intern $0 Staff has recently submitted a request to Miami -Dade County for disbursement of Community Action Agency (CAA) funding which was allocated by the CAA in the amounts of $100,000 in 2004, $94,000 in 2005 and $100,000 in 2006 for a total balance of $294,000 to support the Madison Square Project (See Exhibit 2 Attached). CAA funding will be utilized in addition to SMCRA budgeted funding (See Exhibit 3 Attached) to support purchase of 6442 SW 59th Place and 6443 SW 60th Avenue. It should be noted that staff has recently submitted a purchase offer to purchase an additional property located within the proposed development site. If the purchase offer is accepted, remaining funding in the SMCRA Land Acquisition Account may be utilized to purchase the additional property. RECOMMENDATION Staff recommends approval of the attached resolution authorizing a SMCRA budget transfer in the amount of $382,559 from the above referenced line item accounts to Account No. 610- 1110 -583- 61 -10, Land Acquisition. A request for a SMCRA budget amendment has also been submitted to the Miami -Dade TIF Committee for County approval (See Exhibit 4 Attached). Attachments: Draft Resolution April 10, 2006 SMCRA Purchase Approval SMCRA Request Letter for Funding Disbursement FY 05/06 SMCRA Budget SMCRA Request Letter for Budget Amendment Approval %\MCGR FF\P � O%Q 1WICGRUFF\PL NN1NG\C R budget Transfer,doc 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 34 35 36 37 38 39 40 41 42 43 RESOLUTION NO. A RESOLUTION OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) AUTHORIZING A SMCRA BUDGET TRANSFER IN THE AMOUNT OF $382,559 FROM ACCOUNT NUMBERS 610 - 1110 - 551 -99 -31 (MOBLEY BUILDING RENOVATION), 610- 1110 - 551 -99 -33 (BUSINESS START -UP), 610 -1110- 552-31-20 (COMMERCIAL REHAB), 610 -1110- 553 -99 -30 (RESIDENTIAL REHAB) AND 610 - 1110 - 559 -34 -50 (PART -TIME INTERN) TO ACCOUNT NUMBER 610 - 1110 - 583 -61 -10 (LAND ACQUISITION) FOR THE PURPOSE OF PURCHASING PROPERTIES LOCATED AT 6442 SW 591h PLACE, SOUTH MIAMI, FLORIDA BEARING FOLIO NO.: 09- 4025- 010 -0180 AND 6443 SW 601h AVENUE, SOUTH MIAMI, FLORIDA BEARING FOLIO NO.: 09 -4025- 010 -0050; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, during the April 10, 2006 SMCRA Meeting, the Board approved a purchase and sale agreement between the South Miami CRA and Graham Hanover, Inc. to purchase 6442 SW 591h Place, South Miami, Florida, and 6443 SW 60th Avenue, South Miami, Florida for a total purchase price of $730,000; and WHEREAS, the current available funding in Account No. 610- 1110 -583- 61 -10, Land Acquisition is $ 234,061.37; and WHEREAS, property taxes will continue to accrue on 6442 SW 59th Place and 6443 SW 60th Avenue until the purchase of the two properties is finalized by the SMCRA; and WHEREAS, in order to fund the purchase of the two properties, a budget line item transfer in the amount of $382,559 will be required from the following budget line item accounts into Account No. 610 - 1110 - 583- 61 -10, Land Acquisition: 610- 1110- 551 -99 -31 Mobley Building Renovation $210,000 610- 1110 - 551 -99 -33 Business Start-Up $30,000 610 - 1110 - 552 -31 -20 Commercial Rehab $25,000 610 - 1110 - 553 -99 -30 Residential Rehab $100,000 610 - 1110 - 559 -34 -50 Part-Time Intern $17,559; and WHEREAS, after budget transfer, the available funding in Account No. 610 -1110- 583- 61 -10, Land Acquisition will be $616,620.37; and 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 WHEREAS, after budget transfer, the available balances in the above referenced accounts will be: 610 - 1110- 551 -99 -31 Mobley Building Renovation $60,000 610 - 1110 - 551 -99 -33 Business Start-Up $10,000 610 - 1110- 552 -31 -20 Commercial Rehab $25,000 610 - 1110 - 553 -99 -30 Residential Rehab $27,500 610 -1110- 559 -34 -50 Part-Time Intern $0; and NOW THEREFORE BE IT RESOLVED BY THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY; Section 1. The South Miami Community Redevelopment Agency (SMCRA) approves a budget line item transfer in the total amount of $382,559 from the following budget line item accounts into Account No. 610 - 1110 - 583- 61 -10, Land Acquisition: 610 - 1110 - 551 -99 -31 Mobley Building Renovation $210,000 610-1110-551-99-33 Business Start-Up $30,000 610 - 1110 - 552 -31 -20 Commercial Rehab $25,000 610- 1110 - 553 -99 -30 Residential Rehab $100,000 610 - 1110 - 559 -34 -50 Part-Time Intern $17,559 Section 2. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this ATTEST: SECRETARY READ AND APPROVED AS TO FORM: GENERAL COUNSEL day of May, 2006. APPROVED: CHAIRPERSON Board Vote: Chair Feliu: Vice Chair Wiscombe: Member Palmer: Member Birts: Member Beckman: Member Ellis: Member Williams: JAMy Documents \CRA RESOLUTIONS 2006 \CRA Reso budgct transfer (05 -25 -06 mecting).doc EXHIBIT 1 RESOLUTION NO. CRA 10 -06 -203 A RESOLUTION OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO REAL PROPERTY; AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A CONTRACT FOR SALE AND PURCHASE BETWEEN THE SMCRA AND GRAHAM HANOVER, INC. TO PURCHASE 6442 SW 59th PLACE, SOUTH MIAMI, FLORIDA BEARING FOLIO NO.: 09- 4025- 010 -0180 AND 6443 SW 601h AVENUE, SOUTH MIAMI, FLORIDA BEARING FOLIO NO.: 09- 4025 -010 -0050 FOR A TOTAL CONTRACT AMOUNT OF $730,000.00; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, during the April 11, 2005 SMCRA Meeting, the Board authorized the Executive Director to obtain appraisals and to negotiate the purchase of properties required for the development of Madison Square; and WHEREAS, the combined appraised value received by the SMCRA for 6442 SW 59th Place and 6443 SW 60th Avenue is $595,000; and WHEREAS, the South Miami Community Redevelopment Agency ( SMCRA) desires to purchase from Graham Hanover Inc. the following parcels: 6442 SW 591h Place, South Miami, Florida, bearing Folio No.: 09 -4025 -010 -0180 and 6443 SW 601h Avenue, South Miami, Florida bearing Folio No.: 09- 4025 -010- 0050; and WHEREAS, the negotiated purchase price for 6442 SW 591h Place and 6443 SW 60th Avenue is $730,000.00; and, WHEREAS, the SMCRA agrees as part of the purchase and sale agreement to provide for an addendum to the agreement to allow for an advance of funds on behalf of Graham Hanover in order pay certain utilities and make certain emergency repairs to the buildings located on the parcels; and WHEREAS, the sale of 6442 SW 59th Place and 6443 SW 60th Avenue will be contingent upon the release of all previously recorded liens against the two properties; and NOW THEREFORE BE IT RESOLVED BY THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY; Section 1. The South Miami Community Redevelopment Agency ( SMCRA) approves the attached purchase and sale agreement for the purchase of 6442 SW 591h Place, South Miami, Florida, bearing Folio No.: 09- 4025- 010 -0180 and 6443 SW 60th Avenue, South Miami, Florida, bearing Folio No.: 09 -4025- Pagel of 2 010 -0050 from Graham Hanover, Inc.; which contract shall be for $730,000.00, via financing approval within 60 days of execution of agreement; and authorizing the attached addendum to the purchase and sale agreement providing for an advance to Graham Hanover, which advance shall act as a mortgage on the property; provided however, the city commission co -signs the loan documents. Section 2. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this 10th day of Auril, 2006. ATTEST: RY 3 CR TA " READ AND APPROVED AS TO FORM: GE L COUNSEL APPROVED: Board Vote: 5 -0 Chair Feliu: absent Vice Chair Wiscombe: Yea Member Palmer: absent Member Birts: Yea Member Beckman: Yea Member Ellis: Yea Member Williams: Yea JAMy Documents \CRA RESOLUTIONS 2006 \CRA Reso graham hanover purchase (04 -10 -06 meeting).doc Page 2 of 2 III 2001 Making Our Neighborhood a Great Place to Live, Work and Ploy' May 10, 2006 Mr. Zafar Ahmed, Division Director Miami -Dade Community Development Division 140 Flagler Street, Suite 1002 Miami, Florida 33130 RE: REQUEST FOR DISBURSEMENT OF DISTRICT 7 COMMUNITY ADVISORY COMMITTEE (CAC) FUNDING PREVIOUSLY ALLOCATED TO THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) IN THE AMOUNT OF $294,000 Dear Mr. Ahmed: As discussed, the South Miami Community Redevelopment Agency requests an emergency disbursement of Community Advisory Committee funding previously allocated for the South Miami Community Redevelopment Agency's Madison Square Project. Madison Square is the cornerstone project identified in the SMCRA's Redevelopment Plan and includes a mixed -use economic development anchor and stimulus for further revitalization efforts in the SMCRA Community. Based on the SMCRA's partnership with the Community Advisory Committee of the Miami -Dade Community Action Agency, funding was allocated for the SMCRA to purchase land to implement the Project (See Exhibit I Attached). The Community Advisory Committee has allocated funding to the SMCRA in the amounts of $100,000 in 2004, $94,000 in 2005 and $100,000 in 2006 for a total balance of $294,000. On May 3, 2005, the Miami -Dade County Commission approved Resolution No. 466 -05 amending the SMCRA Redevelopment Plan and extending the life of the Agency for fifteen years beyond a June 1, 2005 sunset provision. The approval required a new sunset review within two years, if no long term financing agreement based upon a SMCRA redevelopment project and tax increment financing was completed by June 1, 2007 (See Exhibit 2 Attached). Should the SMCRA fail to obtain a long term financing commitment by June 1, 2007, the Agency would cease to exist, lose all county tax increment financing for the area and be unable to accomplish the economic redevelopment tasks identified in the SMCRA Plan. The SMCRA currently intends to obtain County approval to enter into a long -term bond financing agreement with the Florida League of Cities in July 2006. An application for approval of the bonding program is currently under review by the Miami -Dade County T1F Committee. South Miami Community Redevelopment Agency EXHIBIT 2 130 SUNSET DRIVE SOUTH MIAMI, FLORIDA 33143 PHONE: 305 - 668 -7236 FAX: 305- 663 -6345 www.cityofsouthmiami.net However, in order to implement the Madison Square Project, five required properties must. be purchased by the SMCRA prior to the initiation of property foreclosure actions. The deadline to purchase the properties prior to a foreclosure sale is May 30, 2006. On May 8, 2006, the South Miami City Commission heard a resolution on second reading to approve a bond financing agreement with SunTrust Bank to acquire the five properties (See Exhibit 3 Attached). Approval of the SunTrust financing resolution required a four fifths vote. Unfortunately, during the May 8`h City Commission Meeting one City Commissioner was unable to attend the meeting. In order for the City Commission to rehear the item, advanced agenda scheduling is required thus jeopardizing our opportunity to purchase the required properties for development of Madison Square. Immediate purchase of the properties is therefore required on an emergency basis. We understand that if an emergency funding disbursement is initiated by your Department, subsequent approval must eventually be obtained from the County Commission. If for some reason the emergency funding disbursement is not approved by the County Commission, the SMCRA shall reimburse the County with available revenues in the FY 06/07 SMCRA Annual Budget. In conclusion, if is of critical importance to the life of the Agency and goals and objectives of the SMCRA Community that an emergency funding disbursement be initiated as soon as possible. If you should have any questions or concerns regarding our request, please feel free to call me directly at (305) 668 -2510. Thank you in advance for your assistance with this important and time sensitive matter. Sincerely, Cc: Silvia Unzueta, OCED Acting Director Rick Glascow, OCED Division Director Enclosures: 1. Miami -Dade Legislative Item #052419 2. SMCRA/CAA Partnership Agreement 3. May 8, 2006 City Commission Item for SunTrust Bank Bond Agreement X CD U) CD CL j 0 N O cn V £ 1191HX3 I_, O In O D I 1V O /C) V ■ O M N O m ❑ Ou C mJ 7 O O CT1 CA W T 01 O O a O a W O M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 J a N J (D 0. Cn CT In CT Ul CJi CJt 677 (.fl Cn CT CJ1 u, U1 T1 A O (b O W W W Cl) W W W O V A •..• �O O CJ7 A W (D V �. Ca) CIS N W V Cal .�. C O O O O O O P O O pvp -a in n v n mn� o� m S O � f�i 4 n C� -�° �' d y � 7' O -D D CD f^TD M• < (D r ° E. N N 5 n CD n H C C) W ID N 3 cr c 2 - fQ 3 Z 0 y -: zm z (D Q0 ° o o v H 3 - —{ ` m w 2 °' n 3 O o c o 0 m d n� C CL ° 2 < (D m .. m 0 ° g �° c m m m cn fn O cr > > �' cp col, m O to :�. (n Cn 2 to O S' �, " m c 3 Q n a� d C .= co Q. 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O W O O (p O to . O p N O tC o O W N r- d p ry W co cz� O 00 R j' co co c0 co T •p O O M A C N a A O O 0 CD 0 O O O a -< W W -n ca 14 CO N O (Ll p f0 O Ll O N N Q O N r► C W O co W ^' W N N •► m C O O p p W O p 0 O O O O n O 0 a a N O 0 cr O T� V O m D W T C ^v YJJi l 2001 Making Our Neighborhood a Great Place to Live, Work and Play' May 16, 2006 Tony Crapp Sr, TIF Committee Chairperson Miami -Dade Community Redevelopment Office 11 I NW 1St Street, 22nd Floor Miami, Florida 33128 EXHIBIT 4 RE: SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY REQUEST FOR A BUDGET AMENDMENT OF THE FY 05106 SMCRA BUDGET FOR THE PURPOSE OF FUNDING THE PURCHASE OF PROPERTIES REQUIRED FOR THE DEVELOPMENT OF MADISON SQUARE Dear Mr.Crapp: As you are aware, the Miami -Dade County Commission approved Resolution # R- 466 -05 authorizing a fifteen year term extension of the South Miami Community Redevelopment Agency ( SMCRA); contingent upon the SMCRA obtaining a long -term financing program supported by TIF revenues prior to June 1, 2007. The SMCRA recently entered into contract to purchase five properties required for development of the Madison Square project. Madison Square is the cornerstone redevelopment project identified in the South Miami Community Redevelopment Agency Plan Update and in subsequent project workshops (See Attachment 1). Of the five properties under contract, two are in danger of being sold at an upcoming foreclosure auction. It is therefore critical to the implementation of the Madison Square Project and the life of the Agency that the SMCRA purchase the above referenced properties prior to final foreclosure. On April 10, 2006 the SMCRA Board approved purchase of the two properties at a negotiated sale price of $730,000 (See Attachment 2 Attached). In order to purchase the properties prior to foreclosure, the SMCRA must utilize existing funding in their FY 05106 Budget (See Attachment 3). Staff has identified the following budget line items totaling $582,559 which will partially fund purchase of the two properties: Account Line Item Available Funding Proposed Allocation 610 - 1110- 551 -99 -31 Mobley Building Renovation $270,000 $210,000 610 - 1110 - 551 -99 -33 Business Start-Up $40,000 $30,000 610- 1110 - 583 -61 -10 Land Acquisition $234,061 $200,000 610 -1110- 552 -31 -20 Commercial Rehab $50,000 $25,000 610- 1110 - 553 -99 -30 Residential Rehab $127,500 $100,000 610- 1110= 559 -34 -50 Part-Time Intern $17,559 $17,559 South Miami Community Redevelopment Agency 6130 SUNSET DRIVE SOUTH MIAMI, FLORIDA 33143 PHONE: 305- 668 -7236 FAX: 305 - 663 -6345 www.cityof.5outhmiami.net The SMCRA has also recently submitted a request to the Miami -Dade County Community Development Division to disburse funding specifically designated by the District 7 Community Advisory Committee for the SMCRA Madison Square Project. The Community Advisory Committee has allocated funding for Madison Square in the amounts of $100,000 in 2004, $94,000 in 2005 and $100,000 in 2006 for a total balance of $294,000 (See Attachment 4 Attached). Funding received from the Community Advisory Committee of the Miami -Dade Community Action Agency will be utilized to complete the purchase of the two properties. It is the intent of the SMCRA to subsequently enter into a long -term bond financing agreement in July 2006 to purchase the remaining properties required for development. At this time, we respectfully request a reallocation of approved FY 05/06 SMCRA budgeted line items for the purpose of purchasing properties required for development of the Madison Square Project. Sincerely, 9 rme Soler- Kinle Y NYc ng SMCRA Executive Director Attachments: 1. Madison Square Background Analysis 2. SMCRA Resolution Approving Purchase 3. SMCRA Adopted FY 05106 Budget 4. SMCRA Resolution Regarding CAA Partnership T Tr MHoMfeaCAY 2001 Making our Neighborhood a Great Place to Live, Work and R'ny- To: Honorable Chair and SMCRA Board Member From: Yvonne Soler- McKinle SMCRA Acting Executry irector RESOLUTION Date: May 25, 2006 ITEM No APPROVAL OFA PLEDGE OF TIF REVENUES AND EXTENSION OF THE LIFE OFAGENCY UNTIL 2022 A RESOLUTION OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) AUTHORIZING THE EXECUTIVE DIRECTOR TO SEEK COUNTY APPROVAL FOR AN EXTENSION OF THE LIFE OF THE AGENCY FOR A TOTAL OF FIFTEEN YEARS (THROUGH 2022) IN ADDITION TO ASKING THE COUNTY TO PLEDGE A MATCHING PORTION OF THEIR SHARE OF TAX INCREMENT FINANCING REVENUES TO PARTIALLY RETIRE A $2,000,000 FINANCE BOND REQUIRED TO PURCHASE ALL REMAINING PROPERTIES TO IMPLEMENT THE MADISON SQUARE PROJECT AND AUTHORIZING THE SMCRA TO PLEDGE A MATCHING PORTION OF THE CITY'S SHARE OF TAX INCREMENT FINANCING REVENUES TO RETIRE THE REMAINING BALANCE OF THE $2,000,000 FINANCE BOND; AND PROVIDING AN EFFECTIVE DATE. BACKGROUND On May 3, 2005, the Miami -Dade County Commission approved a fifteen year term extension contingent upon the SMCRA obtaining a long term financing commitment for one of the economic redevelopment initiatives identified in the SMCRA Plan Update. The conditions of approval stipulated that the long -term financing agreement would be secured through a pledge of tax increment financing revenues by June 1, 2007 (See Exhibit 1 Attached). Should the SMCRA fail to obtain a long term financing commitment, the Agency would cease to exist, lose all county tax increment financing for the area and be unable to accomplish the economic redevelopment tasks identified in the SMCRA Plan Update. The key project identified in the Plan Update is the development of Madison Square. The Madison Square Project is proposed mixed -use commercial and housing project intended to create a development anchor at the north end of Church Street. The SMCRA currently owns several of the required parcels for development and is negotiating to purchase the remaining properties. The total projected cost to purchase the entire development site is $2,640,048 (See Exhibit 2 Attached). The SMCRA intends to initially purchase two of the required properties currently pending foreclosure for a purchase price of $730,000 leaving a balance of $1,910,048 required to purchase the remaining properties. Given an anticipated increase in land value over time, staff estimates a total of $2,000,000 will be required to purchase the remaining properties. The SMCRA will then seek to gain Miami -Dade County approval for an extension of the life of the Agency for a total of fifteen years until 2022 in addition to asking the County to pledge a portion of their share of tax increment financing revenues to partially retire the required bond amount of $2,000,000 to purchase the remaining properties. The SMCRA shall also authorize a pledge of the City's tax increment financing revenues to retire the remaining balance of the $2,000,000 bond. Upon completion of draft terms, staff will return to the SMCRA Board and the City Commission for approval of a long -term bond financing agreement based on a pledge of TIF revenues in the amount of $2,000,000. Staff has determined that the annual required bond payment from the SMCRA will be approximately $188,000 per year (See Exhibit 3 Attached). RECOMMENDATION Staff recommends approval of the attached draft resolution authorizing the Executive Director to seek County approval for an extension of the life of the Agency in addition to asking the County to pledge a portion of their share of tax increment financing revenues to partially retire the required bond amount of $2,000,000 to purchase the remaining properties required to implement the Madison Square Project. The SMCRA shall authorize a pledge of the City's tax increment financing revenues to retire the remaining balance of the $2,000,000 bond. Attachments: Draft Resolution Miami -Dade Conditions of Approval for R- 466 -05 SMCRA Projected Land Costs for Madison Square Sample 15 -Year Amortization Table YSM/DOD /SD 2 J \\MCGRUFF\PLANNIN C R- lff1W Revenue Pledge and Term Extension of Agency.doc I RESOLUTION NO. 2 3 A RESOLUTION OF THE SOUTH MIAMI COMMUNITY 4 REDEVELOPMENT AGENCY ( SMCRA) AUTHORIZING THE 5 EXECUTIVE DIRECTOR TO SEEK COUNTY APPROVAL FOR AN 6 EXTENSION OF THE LIFE OF THE AGENCY FOR A TOTAL OF 7 FIFTEEN YEARS (THROUGH 2022) IN ADDITION TO ASKING THE 8 COUNTY TO PLEDGE A MATCHING PORTION OF THEIR SHARE OF 9 TAX INCREMENT FINANCING REVENUES TO PARTIALLY RETIRE A 10 $2,000,000 FINANCE BOND REQUIRED TO PURCHASE ALL 11 REMAINING PROPERTIES TO IMPLEMENT THE MADISON SQUARE 12 PROJECT AND AUTHORIZING THE SMCRA TO PLEDGE A 13 MATCHING PORTION OF THE CITY'S SHARE OF TAX INCREMENT 14 FINANCING REVENUES TO RETIRE THE REMAINING BALANCE OF 15 THE $2,000,000 FINANCE BOND; AND PROVIDING AN EFFECTIVE 16 DATE. 17 18 WHEREAS, on May 3, 2005, the Miami -Dade County Commission approved 19 Resolution No. 466 -05 amending the plan and extending the life of the SMCRA for 15 20 years beyond the June 1, 2005 sunset provision and providing for a sunset review within 21 two years of the extension, if no long term financing agreement supported by tax 22 increment financing revenues is completed by June 1, 2007; and, 23 24 WHEREAS, the SMCRA's amended plan was adopted on by the County 25 Commission on May 5, 2005 via Resolution No. R- 466 -05, and contemplates the 26 construction of a mixed -use development project known as Madison Square; 27 28 WHEREAS, the SMCRA currently owns several of the required parcels for 29 development of the project and is negotiating to purchase the remaining properties; and, 30 31 WHEREAS, the total projected cost to purchase the entire development site is 32 $2,640,048; and, 33 34 WHEREAS, the SMCRA intends to initially purchase two of the required 35 properties for development which are currently pending foreclosure action for a total 36 purchase price of $730,000 leaving a balance of $1,910,048 required to purchase the 37 remaining properties; and, 38 39 WHEREAS, given an anticipated increase in land value over time, staff estimates 40 a total of $2,000,000 will be required to purchase the remaining properties 41 42 WHEREAS, The SMCRA will seek to gain Miami -Dade County approval for an 43 extension of the life of the Agency for a total of fifteen years until 2022 in addition to 44 asking the County to pledge a matching portion of their share of tax increment financing 45 revenues to partially retire the bond amount of $2,000,000 required to purchase the 46 remaining properties; and 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 WHEREAS, The SMCRA shall authorize a pledge of their matching portion of tax increment financing revenues required to retire the total remaining balance of the $2,000,000 bond required to purchase the remaining properties; and WHEREAS, given the existence of the tax increment financing mechanism, it is not required that the City of South Miami become a principle participant in any future bond financing agreements. NOW THEREFORE BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SOUTH MIAMI, FLORIDA THAT: Section 1. The above whereas clauses are incorporated by reference. Section 2. The South Miami Community Redevelopment Agency ( SMCRA) authorizes the Executive Director to seek County approval for an extension of the life of the Agency for a total of fifteen years until 2022 in addition to asking the County to pledge a portion of their share of matching tax increment financing revenues to partially retire the bond amount of $2,000,000 required to purchase the remaining properties to develop Madison Square. Section 3. The South Miami Community Redevelopment Agency ( SMCRA) authorizes a pledge of the City's portion of matching tax increment financing revenues to retire the remaining balance of a $2,000,000 bond required to purchase the remaining properties to develop Madison Square. Section 4. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this day of May, 2006. ATTEST: SECRETARY READ AND APPROVED AS TO FORM: GENERAL COUNSEL APPROVED: CHAIRPERSON Board Vote: Chair Feliu: Vice Chair Wiscombe: Member Palmer: Member Birts: Member Beckman: Member Ellis: Member Williams: JA1My Documents\CRA RESOLUTIONS 20061CRA Reso - TIF Pledge and Extension (05 -25 -06 meeting).doc Legislative Matter Miami -Dade Legislative Item File Number: 052419 Page 1 of 5 EXHIBIT 1 File Number: 052419 File Type: Resolution Status: Adopted as amended Version: 0 Reference: R- 466 -05 Control: County Commission File Name: CITY OF SOUTH MIAMI CRA REDEVELOPMENT PLAN Introduced: 8/2312005 Requester: Office of Community and Cost: Final Action: 5/3/2005 Economic Development Agenda Date: 5/3/2005 Agenda Item Number: 5L Notes: THIS IS FINAL Title: RESOLUTION APPROVING AMENDMENT TO VERSION AS REDEVELOPMENT PLAN OF SOUTH MIAMI COMMUNITY ADOPTED. REDEVELOPMENT AGENCY TO EXTEND THE LIFE OF THE ALSO SEE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY LEG. #051035. ( SMCRA) FOR 15 YEARS BEYOND THE JUNE 1, 2005 SUNSET PROVISION OF THE INTERLOCAL COOPERATION AGREEMENT, SUBJECT TO A NEW SUNSET PROVISION OF TWO YEARS, IF THE SMCRA FAILS TO OBTAIN A LONG -TERM FINANCING COMMITMENT SECURED THROUGH THE AGENCY'S TAX INCREMENT FINANCING (TIF) REVENUES; PROVIDING SEVERABILITY [SEE ORIGINAL ITEM UNDER FILE NO. 051035] Indexes: COMMUNITY REDEVELOPMENT PLAN Sponsors: NONE Sunset Provision: No Effective Date: Expiration Date: Registered Lobbyist: None Listed Legislative History Acting Body Date Agenda Item Action Sent To Due Returned Pass /Fail Date County Attorney 8/23/2005 Assigned Shannon D. Summerset Board of County 5/3/2005 5L Adopted as P Commissioners AMENDED amended REPORT: The Board adopted the foregoing proposed resolution as amended to require that the City of file: / /C:\ Documents %20and %20Settings \Dstephen\ Desktop \CRA \Legislative %20Matter.htm 5/24/2006 Legislative Matter Page 2 of 5 South Miami come back before the Board in two years to present a long -term financing commitment plan secured through the Community Redevelopment Agency's tax increment financing revenues for approval. Legislative Text TITLE RESOLUTION APPROVING AMENDMENT TO REDEVELOPMENT PLAN OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY TO EXTEND THE LIFE OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) FOR 15 YEARS BEYOND THE JUNE 1, 2005 SUNSET PROVISION OF THE INTERLOCAL COOPERATION AGREEMENT, SUBJECT TO A NEW SUNSET PROVISION OF TWO YEARS, IF THE SMCRA FAILS TO OBTAIN A LONG -TERM FINANCING COMMITMENT SECURED THROUGH THE AGENCY'S TAX INCREMENT FINANCING (TIF) REVENUES; PROVIDING SEVERABILITY BODY WHEREAS, the Legislature of the State of Florida enacted the Community Redevelopment Act of 1969 during its 1969 Legislative Session, which enactment is presently codified in the Florida Statutes as Part III of Chapter 163 as amended; and WHEREAS, the Act confers all redevelopment powers upon counties with home rule charters and authorizes such counties to delegate the exercise of such powers within the boundaries of a municipality to the governing body of such municipality; and WHEREAS, the City of South Miami (the "City) Commission, pursuant to County Ordinance No. 12- 97 -1633 enacted on April 15, 1997, accepted a delegation of powers from the Board, found a need for and created the South Miami Community Redevelopment Agency (the "Agency "), declared the members of the City Commission to be the members of the Agency, granted the Agency the power to exercise all powers permitted by the Act which were delegated by the Board to the Agency and directed the initiation, preparation and adoption of a community redevelopment plan by the Agency;' and WHEREAS, pursuant to Ordinance 98 -79 enacted by the Board on May 19, 1998, the County has among other things, approved and adopted the South Miami Community Redevelopment Plan (the "Plan "); and WHEREAS, on September 9, 1999, the Board adopted Ordinance No. 99 -100, which approved the Interlocal Cooperation Agreement (the "Interlocal "), between the City of South Miami and Miami - Dade County; and WHEREAS, on January 10, 2005 the adopted Resolution CRA -02 -05 -149 which approved the modification of the Redevelopment Plan; and WHEREAS, the Mayor and City Commission of the City of South Miami on February 1, 2005 approved an Ordinance No. 01 -05 -1823 adopting a Phase II Plan supplement as updating and modifying the South Miami Community Redevelopment Plan; and WHEREAS, the City and Agency desire, and have requested the County to approve an extension of the life of the SMCRA by 15 years beyond the June 1, 2005 sunset provision of the Agency's Interlocal Cooperation Agreement; and WHEREAS, the County must grant authority to the Agency to continue its activities beyond the June 1, 2005 sunset period; and WHEREAS, this Board desires to approve this plan amendment and to accomplish the purposes outlined in the memorandum from the County Manager, a copy of which is incorporated in this resolution by reference; and WHEREAS, the Board desires to ensure that the Agency will secure within five years, the necessary file://C:\ Documents %20and %20Settings \Dstephen\ Desktop \CRA \Legislative %20Matter.htm 5/24/2006 Legislative Matter Page 3 of 5 financial resources to fund the projects identified in the updated Redevelopment Plan; and WHEREAS, the Board desires to sunset the SMCRA if long term funding commitments pledging Tax Increment Financing revenues are not made within a 2 year period from June 1, 2005, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI -DADE COUNTY, FLORIDA. that: Section 1. The matters contained in the foregoing recitals are incorporated in this resolution by reference. Section 2. The Board approves the plan amendment adopted by Agency and the City and extends the life of the Agency for a period of fifteen (15) years to June 1, 2020, subject to the Agency securing long term funding commitments pledging Tax Increment Financing revenues by June 1, 2007 in order to implement said plan amendment. HEADER Date: To: Honorable Chairperson Joe A. Martinez, and Members, Board of County Commissioners From: George M. Burgess County Manager Subject: Amendment to City of South Miami Community Redevelopment Agency Redevelopment Plan MANAGER'S BACKGROUND RECOMMENDATION as amended on May 3, 2005 It is recommended that the Board of County Commissioners (the "Board ") approve an amendment to Community Redevelopment Plan of the City of South Miami Community Redevelopment Agency ( SMCRA), extending the life of the SMCRA for 15 years beyond the June 1, 2005 sunset provision of the agency's Interlocal Agreement and providing for a sunset review within two (2) years of this extension, if no long -term financing agreement supported by Tax Increment Financing revenues is completed within the 2 -year period. STAFF RECOMMENDATION BACKGROUND The Board approved the Tax Increment Financing Project for the City of South Miami by ordinance No. 12 -97 -1633. An Interlocal Agreement was approved by the Board on September 9, 1999 (Resolution No. 99 -100), and was executed on June 1, 2000. An amendment to the Interlocal Agreement, raising the administrative cap to 20 %, was approved by the Board on March 16, 2004 (Resolution R- 327 -04). The agreement provided for an expiration date of 5 years from the date of execution unless the Board approves an extension after reviewing an update to the Community Redevelopment Plan. Board approval of this extension is requested prior to the expiration date of June 1, 2005. file: / /C:1 Documents %20and %20Settings\Dstephen\ Desktop \CRA\Legislative %20Matter.htm 5/24/2006 Legislative Matter Page 4 of 5 In a letter dated December 22, 2004, (attached) the Mayor of the City of South Miami requested that the County extend the due date of December 1, 2004 for submission of the SMCRA redevelopment plan update, initially due six (6) months prior to the agreed upon termination date of June 1, 2005 - as established by the interlocal agreement between the County and City. It is within the power of the Board to accept the plan after the December 1, 2004 due date for receipt by County staff. A draft plan was received by County staff in December 2004. On January 10, 2005, the SMCRA Board adopted resolution 02 -05 -149 that among other things approved the modification of the Plan and authorized submission of the modified plan to the County for approval. On February 1, 2005 the Mayor and City Commission of the City of South Miami passed, upon second reading, an ordinance modifying the South Miami Community Redevelopment Plan and providing for its transmission to the County for approval. Honorable Chairperson Joe A. Martinez and Members, Board of County Commissioners Page 2 The SMCRA redevelopment plan as updated, provides a progress report on community redevelopment goals established in the initial 5 -year plan. Additionally, the updated redevelopment plan identified several major projects that were either initiated or planned that would require significant investment by the SMCRA. The Mobley Building - a potential business incubator; SW 59th Place /Church Street Streetscape project and Madison Square — a mixed use redevelopment project are examples of the signature activities that would require the SMCRA to identify financing resources for completion of these projects, and which were used as examples of future projects that justify extending the life of the SMCRA. Economic Impact Analysis The Agency's fiscal year 2004 -05 Tax Increment Revenues were $780,000. The Agency has been approved to receive only 50% of the Tax Increment Revenues available. This funding level applies equally to both the County and the City. After the effect of two major projects, the Valencia building an the Hometown Station, which would add approximately $200,000 annually to the Agency's revenues, an annual revenue growth rate of between 3% and 4.5% is anticipated over the next 15 years. The estimated contributions over 5 years are $3.0 million from the County and $3.7 million from the City. The estimated contributions over 15 years are $12.9 million from the County and $16.1 million from the City. The Tax Increment Financing Coordinating Committee at its March 10, 2005, met with the City of South Miami, and members of the SMCRA Board, to review the plan update and request for a 15 -year extension of the Community Redevelopment Agency. The TIFC Committee voted to recommend approval of the SMCRA Redevelopment Plan update that extends the life of the CRA for 15 years, with a five (5) year sunset provision if the SMCRA does not complete a significant financing transaction involving TIF revenue pledge within the five (5) year period. file://C:\ Documents %20and %20Settings \Dstephen\ Desktop \CRA \Legislative %20Matter.htm 5/24/2006 Legislative Matter Tony E. Crapp, Sr. Assistant County Manager Amended Agenda Item No. 5(L) Page No. 3 Page 5 of 5 Amended Approved Mayor Agenda Item No. 5(L) Veto 5 -3 -05 Override Home I Agendas I Minutes I Legislative Search I Lobbyist Registration I Legislative Reports 2006 BCC Meeting _Calendar Miami -Dade County Code of Ordinances''.) Home I Using Our Site I About I Phone Directory I Privacy I Disclaimer E -mail your comments, questions and suggestions to Webmaster Web Site © 2006 Miami -Dade County. All rights reserved. file://C:1 Documents %20and %20Settings\Dstephen\ Desktop \CRA\Legislative %20Matter.htm 5/24/2006 EXHIBIT 2 TARGETED PROPERTIES - MADISON SQUARE Size Zoning Property Value Property Type 1 6411 SW 59th Place - 09 -4025- 010 -0290 (Franklin Sub PB 5 -34 North 112 of Lot 28, Blk 5) 2750 NR $8,000 Vacant Land 2 6415 SW 59th Place 09 -4025- 010 -0300 (Franklin Sub PB 5- 34South 1/2 of Lot 28, Blk 5) 2750 NR $38,500 Vacant Land 3 *6433 SW 59th Place (Miller Appraisal) 09- 4025- 010 -0320 (Franklin Sub PB 5 -34 Lot 30, Blk 5) 5500 NR $450,000 Vacant Land (4) *6429 SW 59th Place 09- 4025 -010 -0310 (Franklin Sub PB 5 -34 Lot 29 BLK 5) 09- 4025 -010 -0320 (Franklin Sub PB 5 -34 Lot 30 BLK 5) 5500 NR See Combined Purchase Price Listed Above For Properties 3 and 4 Improved - Property 5 *6415 SW 60th Avenue 09 -4025- 010 -0030 (Franklin Sub PB 5 -34 Lot 2 Less W2.5 Ft BLK 1) 5875 NR $285,000 Improved Property 6 *6443 SW 60th Avenue (Appraisal Group) 09- 4025- 010 -0050 (Franklin Sub PB 5 -34 Lot 4 Less W2.5 Ft For R/W BLK 1 ) 5875 RM -24 $730,000 Improved Property 7 *6442 SW 59th Place 09 -4025 -010 -0180 Franklin 09-4025-010-0180 ( Franklin Sub PB 5 -34 Lot 17 Less E27.5 Ft. BLK 3 4625 NR See Combined Purchase Price Listed For Properties 6 and 7 Improved Property 8 6420 SW 59th Place (Miller Appraisal) 09- 4025-010 -0160 (Franklin Sub PB 5 -34 South 112 Lot 15 Less RNV BLK 3) 2203 NR $30,800 Vacant Land 9 SW 59th Place Between 64th Street and 66th Street 09 -4025- 010 -0181 (Franklin Sub PB 5 -34 Parc 20 -19 AKA E 27.5 Ft. of Lot 17 BLK 3) 1375 NR $19,000 Vacant Land SW 59th Place Between 64th Street and 66th Street 09 -4025- 010 -0191 (Franklin Sub PB 5 -34 Parc 20 -19 AKA E 27.5 Ft. of Lot 18 BLK 3) 1375 NR $19,000 Vacant Land F21. 11 West Side of 59th Place 09 -4025- 010 -0170 (Franklin Sub PB 5 -34 Lo 16 Less RIW BLK 3) (100' South of SW 64th Street) 4628 NR $64,800 Vacant Land 12 6457 SW 60th Avenue 09 -4025- 010 -0060 (Franklin Sub PB 5 -34 Lot 5 Less W 2.5 Ft. BLK 1) 5875 RS-4 $200,000 Improved Property 13 6429 SW 60th Avenue 09 -4025- 010 -0040 (Franklin Sub PB 5 -34 Lot 3 Less 2.5 Ft. for R/W BLK 1) 5875 NR $320,000 Improved Property 14 6412 SW 59th Place (Franklin Sub PB 5 -34 N 1/2 of Lot & Port of Lot 14 Desc Beg 35 FTE & 20 FTs of NW Cor of Lot 14 TH E 15.6 FT. Sely AD 42.44 FT. W 42.93 Ft N30 FT. To POB BLK 3) 3143 NR $135,000 Improved Property 15 6450 SW 59th Place 09 -4025- 010 -0190 (Franklin Sub PB 5 -34 Lot 18 Less E27.50 Ft BLK 3) 4625 NR $96,000 Improved Property TOTAL 61974 * Properties under contract to be purchased by the SMCRA. APPRAISED VALUE (ALL NON SMCRA OWNED PARCELS) $931,100 NEGOTIATED VALUE (PARCELS UNDER CONTRACT BY SMCRA) $1,465,000 TOTAL APPRAISED VALUE (ALL PARCELS) $2,396,100 `TOTAL PROJECTED VALUE $2,640,048 PROJECTED LAND VALUE - Appraised Value Multipliad by the Percentage Increase Above Appraised Value Paid by the SMCRA for Properties 3,4,5,6 and 7 SouthMiami CRALoan $2MM Amortization Table 05 25 2006 (2) Sample Amortization Table (City of South Miami CRA) - -15 Years EXHIBIT 3 Initial Data LOAN DATA TABLE DATA Loan amount: $2,000,000.00 Table starts at date: Annual interest rate: 4.83% or at payment number: 1 1 Term in years: 15 Payments per year: 4 Total Cash Outlay: First payment due: 10/1/2006 PERIODIC PAYMENT Entered payment: The table uses the calculated periodic payment amount Calculated payment: $47,046.13 unless you enter value for "Entered payment ". CALCULATIONS Use payment of: $47,046.13 Beginning balance at payment 1: 2,000,000.00 1 st payment in table: 1 Cumulative interest prior to payment 1: 0.00 Table Page 1 Payment Beginning Ending Cumulative No. Date Balance Interest Principal Balance Interest 1 10/112006 2,000,000.00 24,150.00 22,896.13 1,977,103.87 24,150.00 2 1/1/2007 1,977,103.87 23,873.53 23,172.60 1,953,931.27 48,023.53 3 4/112007 1,953,931.27 23,593.72 23,452.41 1,930,478.86 71,617.25 4 7/1/2007 1,930,478.86 23,310.53 23,735.60 1,906,743.26 94,927.78 5 10/1/2007 1,906,743.26 23,023.92 24,022.20 1,882,721.06 117,951.71 6 1/1/2008 1,882,721.06 22,733.86 24,312.27 1,858,408.79 140,685.56 7 4/1/2008 1,858,408.79 22,440.29 24,605.84 1,833,802.95 163,125.85 8 7/1/2008 1,833,802.95 22,143.17 24,902.96 1,808,899.99 185,269.02 9 10/1/2008 1,808,899.99 21,842.47 25,203.66 1,783,696.32 207,111.49 10 1/1/2009 1,783,696.32 21,538.13 25,508.00 1,758,188.33 228,649.62 11 4/1/2009 1,758,188.33 21,230.12 25,816.01 1,732,372.32 249,879.74 12 7/1/2009 1,732,372.32 20,918.40 26,127.73 1,706,244.59 270,798.14 13 10/1/2009 1,706,244.59 20,602.90 26,443.23 1,679,801.36 291,401.04 14 1/1/2010 1,679,801.36 20,283.60 26,762.53 1,653,038.84 311,684.65 15 4/1/2010 1,653,038.84 19,960.44 27,085.69 1,625,953.15 331,645.09 16 7/1/2010 1,625,953.15 19,633.38 27,412.74 1,598,540.41 351,278.47 17 10/1/2010 1,598,540.41 19,302.38 27,743.75 1,570,796.65 370,580.85 18 1/1/2011 1,570,796.65 18,967.37 28,078.76 1,542,717.89 389,548.22 19 4/1/2011 1,542,717.89 18,628.32 28,417.81 1,514,300.08 408,176.54 20 7/1/2011 1,514,300.08 18,285.17 28,760.96 1,485,539.13 426,461.71 21 10/1/2011 1,485,539.13 17,937.88 29,108.24 1,456,430.88 444,399.60 22 1/1/2012 1,456,430.88 17,586.40 29,459.73 1,426,971.16 461,986.00 23 4/1/2012 1,426,971.16 17,230.68 29,815.45 1,397,155.70 479,216.68 24 7/1/2012 1,397,155.70 16,870.66 30,175.47 1,366,980.23 496,087.33 25 10/1/2012 1,366,980.23 16,506.29 30,539.84 1,336,440.39 512,593.62 26 1/1/2013 1,336,440.39 16,137.52 30,908.61 1,305,531.78 528,731.13 27 411/2013 1,305,531.78 15,764.30 31,281.83 1,274,249.94 544,495.43 Page 1 SouthMiami CRALoan $2MM Amortization Table 05 25 2006 (2) 28 7/1/2013 1,274,249.94 15,386.57 31,659.56 1,242,590.38 559,882.00 29 10/1/2013 1,242,590.38 15,004.28 32,041.85 1,210,548.53 574,886.28 30 11/1/2014 1,210, 548.53 14,617.37 32,428.76 1,178,119.78 589, 503.65 31 4/1/2014 1,178,119.78 14,225.80 32,820.33 1,145,299.44 603,729.45 32 7/1/2014 1,145,299.44 13,829.49 33,216.64 1,112,082.80 617,558.94 33 10/1/2014 1,112,082.80 13,428.40 33,617.73 1,078,465.07 630,987.34 34 1/1/2015 1,078,465.07 13,022.47 34,023.66 1,044,441.41 644,009.80 35 4/1/2015 1,044,441.41 12,611.63 34,434.50 1,010,006.91 656,621.43 36 7/1/2015 1,010,006.91 12,195.83 34,850.30 975,156.62 668,817.27 37 10/1/2015 975,156.62 11,775.02 35,271.11 939,885.50 680,592.28 38 1/1/2016 939,885.50 11,349.12 35,697.01 904,188.49 691,941.40 39 4/1/2016 904,188.49 10,918.08 36,128.05 868,060.44 702,859.48 40 7/1/2016 868,060.44 10,481.83 36,564.30 831,496.14 713,341.31 723,381.62 41 10/1/2016 831,496.14 10,040.32 37,005.81 794,490.33 42 1/1/2017 794,490.33 9,593.47 37,452.66 757,037.67 732,975.09 43 4/1/2017 757, 037.67 9,141.23 37, 904.90 719,132.77 742,116.32 44 7/1/2017 719,132.77 8,683.53 38,362.60 680,770.17 750,799.85 45 10/1/2017 680,770.17 8,220.30 38,825.83 641,944.34 759,020.15 46 1/1/2018 641,944.34 7,751.48 39,294.65 602,649.69 766,771.63 47 411/2018 602,649.69 7,276.99 39,769.13 562,880.55 774,048.62 48 7/1/2018 562,880.55 6,796.78 40,249.35 522,631.21 780,845.41 49 10/1/2018 522,631.21 6,310.77 40,735.36 481,895.85 787,156.18 50 1/1/2019 481,895.85 5,818.89 41,227.24 440,668.61 792,975.07 51 4/1/2019 440,668.61 5,321.07 41,725.06 398,943.56 798,296.14 52 7/1/2019 398,943.56 4,817.24 42,228.89 356,714.67 803,113.39 53 10/1/2019 356,714.67 4,307.33 42,738.80 313,975.87 807,420.72 54 1/1/2020 313,975.87 3,791.26 43,254.87 270,721.00 811,211.98 55 4/1/2020 270,721.00 3,268.96 43,777.17 226,943.83 814,480.93 56 7/1/2020 226,943.83 2,740.35 44,305.78 182,638.04 817,221.28 57 10/1/2020 182,638.04 2,205.35 44,840.77 137,797.27 819,426.63 58 1/1/2021 137,797.27 1,663.90 45,382.23 92,415.04 821,090.53 59 4/1/2021 92,415.04 1,115.91 45,930.22 46,484.82 822,206.45 60 7/1/2021 46,484.82 561.30 46,484.82 0.00 822,767.75 Estimated Annual Payment on Loan: $188,184.52 Quarterly Payment Requirement on Loan: $47,046.13 Page 2