WEEK OF THURSDAY, JULY 12, 2018
A Singular Voice in an Evolving City
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APPRAISERS’ VALUATIONS OF CITY GOLF COURSE DOUBLE BECKHAM GROUP’S RENT FIGURE, pg. 11 AIRPORT TAKES OFF: Domestic and international passengers passing through Miami International Airport have each increased 1.95% in the first five months of the year, according to figures from the county’s aviation department. In May alone, domestic traffic was up 1.15% with international traffic off .21%. In the five months the airport handled 19,054,175 passengers, which would annualize to a total of 45.73 million – a calculation that doesn’t take into account historically heavy or light travel months. Last year’s total was 44.07 million passengers.
The Achiever
By Jesse Scheckner
LOTTERY SELLS RECORD $6.7 BILLION: Strong Powerball and Mega Million jackpots helped Florida Lottery sales grow 8 percent to a record $6.7 billion over the past year, according to the state agency. Scratch-off tickets accounted for 69% of the sales in the fiscal year that ended June 30, up about $400 million from the prior fiscal year. The Lottery anticipates that up to $1.75 billion of the money generated by sales will be transferred to the state’s Educational Enhancement Trust Fund. PETITION CHARTER CHANGE: Miami-Dade residents will vote on whether to change the county Home Rule Charter to prohibit people circulating petitions from paying on a per-signature basis, commissioners decided Tuesday. The proposed charter change is one of several recommended by the county’s Charter Review Task Force, which formed in March 2017 to review the charter and recommend to commissioners amendments or revisions. The proposed change will now join others on the November ballot which, if passed, will make elections for the clerk of courts nonpartisan; allow county employees to hold any elective office except county elective offices without losing their jobs; and eliminate runoff elections when mayoral or county commission candidates are unopposed, and not counting votes cast for withdrawn, disqualified or deceased opponents. PUTTING OUT FIRES: Frank Rollason, who was interim village manager of North Bay Village until January, has been named assistant director of the Office of Emergency Management with the Miami-Dade Fire Rescue Department by Mayor Carlos Giménez after Curtis Sommerhoff resigned from the pivotal emergency post just before the start of hurricane season. Mr. Sommerhoff left to become emergency management director of Florida State University. Mr. Rollason has been in the public sector for more than 40 years, Mr. Giménez noted in a memo to commissioners announcing his appointment, starting as a City of Miami firefighter in the same department as the mayor. As Miami fire chief, Mr. Giménez in 1998 named Mr. Rollason deputy fire chief for administration.
Nick Miceli
Photo by Cristina Sullivan
Plans six more South Florida TD Bank locations in year The profile is on Page 4
County cuts a bit off $2.6 billion stadium bonds By Jesse Scheckner
Up to $80 million in sports-related revenue refund bonds have been approved for issuance, a move that will save Miami-Dade County about $7.6 million through October 2039, according to Deputy Mayor Ed Marquez. County commissioners Tuesday voted in favor of refunding, redeeming or rendering null a portion of bonds issued in 2009 to help pay for Marlins Stadium and related public infrastructure valued at about $123.4 million. The county will refund about $74.1 million through 2039. If issued by their Sept. 6 delivery date, the bonds will save the county about 7.2% of the amount of the refunded bonds – higher than the 5% minimum savings threshold required by the county, a memo from Mr. Marquez stated. The tax revenue refunding bonds, referred to in the memo as Series 2018, will cover part of the $113.9 million outstanding from the original amount. Payment of the sports franchise bonds is secured by pro sports and tourism taxes, Mr. Marquez wrote. Arlesa Wood, director of the county finance
$10 billion investment giant lured
department’s division of bond administration, will oversee the Series 2018 refunding bond sales. Bonds totaling $319,342,986 to help fund construction of the ballpark are projected to cost taxpayers more than $2.6 billion to repay. The five bond series issued by the county, Ms. Wood told Miami Today, include: ■Subordinate special obligation bonds, Series 2009, which the county sold for $91.2 million and will pay out $1.9 billion to investors by the time they reach maturity in 2048. ■Professional sports franchise facilities tax revenue bonds, Series 2009C, sold for $123.4 million and set to pay out $450.3 million to investors by 2049. ■Professional sports franchise facilities tax revenue bonds, Series 2009D, sold for $5 million, worth $9.43 million to investors by 2030. ■Professional sports franchise facilities tax revenue bonds, 2009E, sold for $100 million, to pay investors $202.3 million by 2049. ■General obligation bonds, Series 2010, sold for $51 million and valued at $69 million for investors by 2039. Other costs for the stadium included a smaller bond issue, city land, exterior infrastructure, four city-built stadium garages, plus the architecture costs paid by the Marlins.
“Outside of Fidel becoming part owner of the team, nothing would have stopped the deal,” Mayor Carlos Giménez, one of three commissioners who opposed the 2009 deal, said at the time. “I’m not anti-baseball, but I’m anti-bad deal. Anyone with any sense can see this is cockeyed.” Attendance at the enclosed stadium in Little Havana, which opened March 2012, was expected to surpass turnout numbers at Hard Rock Stadium (then Sun Life Stadium), the Marlins’ prior home, due to eliminated weather delays, its central location and a promise by team owners to improve player salaries. The owners instead slashed the player payroll by 77% a year later. Pay then increased through 2017 to a franchise-high $111.6 million before another 24% reduction this year, according to web aggregator baseball-reference.com. This year, attendance at the ballpark has fallen to an all-time low for the franchise, as well as the lowest attendance rate in the league, with an average home game crowd of 9,753 people – 26% of the stadium’s full capacity, ESPN.com determined. The Marlins, according to ESPN, is the only team with a four-digit home attendance rate and is the least-watched team in the league overall.
Downtown Miami may soon house a $10 billion asset global infrastructure investment firm after county commissioners Tuesday OK’d tax incentives to help lure the unnamed firm from New York City. Commissioners designated the firm, code-named “Shine” in a memo from Deputy Mayor Jack Osterholt, a qualified target industry (QTI). The designation entitles “Shine” to $385,000 in tax refunds – 80% from the state, 20% from the county over eight years – to bring here 55 jobs averaging $100,174 pay by 2022. Ten jobs are due this year, with about 10 more annually, according to the memo. The Beacon Council applied for the tax incentives on behalf of the firm, which is alternatively considering Houston, London and Greenwich, CT. The company has identified an undisclosed 20,000-square-foot site downtown to start construction this fiscal year if it chooses Miami. The firm, described by Mr. Osterholt as “one of the 15 largest infrastructure investors in the world,” resembles private equity firm I Squared Capital, whose principals, Sadek Wahba and Adil Rahmathulla, are moving to Miami, according to a June 4 Bloomberg report. Members of the Miami Downtown Development Authority traveled to Manhattan and Stamford, CT, in April to convince the firm and others to move to Miami, according to the report. Two meetings took place, code-named “Project Apple” and “Project Sunshine.” By Florida law, companies that create high-wage jobs in highvalue industries qualify for QTI tax refunds of up to $3,000 per job created. Companies must create at least 10 full-time jobs at salaries at least 115% of $41,516, Florida’s annual average wage. Businesses paying 150% of the state average add another $1,000 per job. Those paying 200% of the average, like “Shine,” may add $2,000.
GABLES ON SPOT OVER AN HISTORIC CLEANERS BUILDING ...
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LOWER SPEED LIMITS SLOWING TRAFFIC IN THE GABLES...
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LOGISTICS GIANT HELLMANN SELLS HEADQUARTERS SITE ...
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TEACHING GAP NARROWS AS MORE TEACHERS CERTIFIED...
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VIEWPOINT: RAIL STUDY VOTE MAY TAKE WRONG TRACK ...
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FIRST BUSINESS ENTREPRENEURSHIP ASSOCIATES COMING ...
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COUNTY VOTE MAY BRING NEW MSC CRUISES TERMINAL ...
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PLANS FOR CITY’S RIVER OFFICES SITE GIVEN THUMB’S UP ...
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