FYI Miami: April 12, 2018
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.
AIR TRAVEL GOES ALOFT: A 7.75% increase in international airline passengers helped Miami International Airport achieve a 6.25% total passenger gain in February from the February 2017 total. Total air passenger traffic for the month was 3,325,899 and brought the total for the calendar year’s first two months to 7,490,9878, a gain of 3.22% so far for the year from the same two months of 2017, according to figures posted by the Miami-Dade Aviation Department. For the year so far, international passengers are up 3% and domestic passengers up 3.43%.
PLAYHOUSE PARKING: The Miami Parking Authority is close to a final agreement with Miami-Dade County on its partnership for a new parking garage adjacent to a restored Coconut Grove Playhouse. That’s the word from Authority CEO Art Noriega, who on April 4 told the Off-Street Parking Board, “We are in the very, very, very final stages of finalizing our MOU (memo of understanding) with the county … we’re ready to move forward with the current plan.” The county’s approved plan calls for restoration of the historic site to include a new 300-seat theater and ancillary uses on the footprint of the large and dilapidated auditorium, and a public garage next door with residential units and retail shops.
IRMA CLAIMS PILE UP: A total of 120,921 claims in Miami-Dade for insurance losses from Hurricane Irma had been filed as of Friday, with insurance companies having closed 90.1% of residential claims but just 58.2% of commercial-property claims statewide, according to information posted by the state Office of Insurance Regulation. Irma barreled up the peninsula after making landfall Sept. 10 in Cudjoe Key, less than 30 miles northeast of Key West, and making a second landfall in Collier County. More than 56% of claims statewide have been closed with some payment. Another 32% were closed without money changing hands, often because damage totals fell below hurricane deductibles. The state doesn’t release figures for individual companies.
TREASURY ADDS TO LOAN FUND: The US Treasury Department’s Community Development Financial Institutions Fund has awarded $630,000 to the Miami Bayside Foundation to spur economic growth through its loans to minority-owned businesses in the City of Miami. Using its award programs, the federal fund says, it supports financial institutions recognized for their expertise in providing service and support to low-income communities, as organizations leverage the fund’s grants to draw in new or increased sources of private funding. The Miami Bayside Foundation says it has lent more than $2.8 million to minority-owned businesses in the city, creating more than 350 jobs and providing technical assistance to more than 250 business owners.