Written by Miami Today on October 6, 2011
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DDA TAX: The Miami Downtown Development Authority’s fiscal 2012 property-tax rate is to be .478 mils as approved by Miami commissioners last week. The rate marks the first time the authority has lowered its tax rate since its formation in 1965. In all other years, the authority collected a .5 mil tax.
GROW, BOND AND PARK: Florida International University is expected to issue about $33.5 million in bonds next year to build more parking for a growing student body, but the strength of the university’s universal student parking fee that rises 5% a year will enable the school to repay the bonds, Fitch Ratings reported last week in affirming its A+ rating on the $52.8 million in parking bonds the university has already issued. Fitch cites university plans to grow to an enrollment of 52,000 in 2015 from 40,000 in 2010 as revving up the demand for parking. The added students each paying a rising parking fee, Fitch says, will ensure repayment of the bonds.
SPRINGS TIME: Miami Springs is seeking input from residents and business owners as part of a strategic-planning initiative aiming to "outline a blueprint for how the city will deliver its services for the next five years," according to a news release. Survey forms are to be mailed to all area households and businesses and an online comment form will be available after Oct. 24. In addition, four public forums are to be held this month. Details: www.miamisprings-fl.gov.
GUSMAN IN TRUST: Management of the Olympia Theater at the Gusman Center for the Performing Arts has been turned over to nonprofit trust Olympia Center Inc., spearheaded by local businessman Herman Echevarria. The move is touted as saving the theater from closure after the city ended its subsidy of theater operations. Plans to fill the fiscal 2011 deficit created after budgeted funds dried up — the Miami Parking Authority footed the bill — are still being worked out.
ACCOMMODATING GROWTH: Pas Cargo, a provider of transportation management solutions to the Caribbean and other areas, signed a long-term lease for 85,000 square feet at the Doral Logistics Center, doubling its space requirements and bringing the center to 100% occupancy. The Doral Logistics Center is a 174,024-square-foot Class A industrial building at 2900 NW 112th Ave. in Doral. The center’s two tenants, Pas Cargo and the Wholesale Group, have grown and relocated within Doral to meet their space needs.
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