FYI Miami: June 22, 2017
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
ELECTRIC ADVANTAGE: Miami area households paid 11.9 cents per kilowatt hour of electricity in May, 13.1% less than the nationwide average of 13.7 cents, the US Bureau of Labor Statistics reported last week. The price paid locally was up from 10.8 cents per kilowatt hour a year earlier, at a time when Miami area electricity cost 18.8% less than the national average. The bureau reported that the average May cost for electricity in the Miami area was at least 10% less than the national average for each of the past five years.
INTEREST IN INDIA: India has displaced the United Kingdom among the top five nations searching for real estate on the Miami Association of Realtors site, ranking fifth among nations whose residents searched on the site in March, the most recent figures available. The top five nations, in order, were Colombia, Venezuela, Brazil, Argentina and India. Among US states, the top five searches came, in order, from Georgia, California, New York, Texas and Illinois, the association reported.
MAY JOBS RECORD: Miami-Dade County’s May total of nonfarm workers employed what the highest total for a May on record – and second only to last December, historically the highest employment month, in nonfarm employment here ever. The May total was 1,182,300, which is 2.3% above the May 2016 total of 1,155,800, according to figures released last week by the US Bureau of Labor Statistics.
PREPARING FOR LEGAL BATTLE: The developer of Island Gardens has brought a $122 million lawsuit against the City of Miami, after commissioners unanimously found the company in default of a ground lease of city-owned property on Watson Island. The move came after 15 years of little to no construction of the upland planned mega resort. At their meeting today (6/22), commissioners are to consider a request by the City Attorney’s Office to hire outside lawyers to defend the city in all matters related to the default notice. There are actually two proposed resolutions, one to hire outside conflict counsel to represent the city, and another to hire outside conflict counsel to represent the city administration “on all matters in connection with the notice of default of Flagstone Island Gardens LLC, pursuant to city resolution … adopted on May 30, 2017.” Approval of the resolutions would authorize attorney fees and costs associated with hiring the outside attorneys. The city has demanded the developer turn over the island site and a deep water marina it developed.