FYI Miami: December 25, 2014
PARTNERSHIP POSSIBILITY: As developers of Miami Worldcenter move toward an early 2015 start of phase one, talks behind the scenes of a public-private partnership to build a parking garage as part of the large mixed-use project continue, according to Miami Parking Authority CEO Art Noriega. Although no substantive progress has been made on a final deal, he said, the possibility is still alive. In August, he revealed that talks under way between the developers and officials with the city and county might lead to a new garage managed by the authority. Those three parties are “currently engaged in the process” to craft a financial package, he said, and there are “many scenarios.” He told the Off-Street Parking Board he would not bring the matter back to the board unless it’s a good, solid deal. A representative for Worldcenter said the proposed parking facility could include about 3,000 public spaces as part of the development, which is poised to revive a 10-block area of Park West.
ADS ADD UP: Miami-Dade County is set to get a minimum of $17.25 million over five years from advertising sales on buses, trains, Metromover cars, Metrorail stations and the South Miami-Dade Busway. The advertising sales contract with Outfront Media Group LLC that the county’s Transportation and Aviation Committee approved 3-0 would guarantee that figure as a minimum and estimates $19 million plus as a more realistic total. In the contract, which still requires county commission approval, the county would get 60% of all advertising sales on its transportation sites and Outfront would get 40% as sales commission and for advertising placement and maintenance. If the county were to approve the deal and then exercise two five-year renewal options, the estimated return to the county would exceed $57.1 million.
NORTH MIAMI BOND GAIN: North Miami Beach’s $58 million in utility system revenue bonds have been revised upward to a positive ranking from stable by Fitch Ratings, which affirmed the bonds’ A+ rating. The system serves the city of 42,000 people plus Sunny Isles, Golden Beach and the areas of Norland, Bunche Park and Ojus, a total of 185,000 population served. The areas outside of city limits pay a 25% surcharge that goes directly to the city’s general; fund. The city this year increased water rates 9.5% to a cost of $26 per 7,000 gallons for the average residential user.