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Front Page » FYI Miami » FYI Miami: February 9, 2023

FYI Miami: February 9, 2023

Written by on February 7, 2023
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Bellow 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.

MAGIC CITY SALE: After delaying a decision in December, the Florida Gaming Control Commission was scheduled this week to consider the sale of Magic City Casino at 450 NW 37th Ave., according to a commission agenda. Regulators on Dec. 1 postponed consideration of the sale to an affiliate of the Alabama-based Poarch Creek Indians after objections were raised that the public needed to know more about the transaction. Magic City, which is owned by West Flagler Associates Ltd. and in the past was named Flagler Dog Track, is one of the state’s oldest pari-mutuel facilities. The casino includes a cardroom and slot machines.

FUNDING BEACH ARTS: Miami Beach is allocating $1.5 million from its general obligation bond (G.O. Bond) for arts and culture’s “miscellaneous projects category” to the Collins Park Performing Arts Venue, known as the Rotunda, which is under development but underfunded. The building is currently uninhabitable, said Maria Hernandez, program director of the G.O Bond, “so, to bring it back to life as a complete renovation costs about $2.6 million, there is $1.2 million available, and there is going to be a possible state grant of $445,000.” The $1.5 million would close that gap, and the project would be ready to break ground as soon as the bonds are issued.

TOP HOME PRICE INCREASES: Miami and Tampa continued to top other metro areas in home-price increases in November compared to a year earlier. The Miami area increased 18.4% year over year, while the Tampa area increased 16.9%, according to the S&P CoreLogic Case-Shiller US National Home Price NSA Index. The Atlanta area was the third-highest at 12.7%. Miami and Tampa also had the largest year-over-year increases in October.

FLOODING DISCLOSURES: Florida lawmakers could consider proposals that would require people selling real estate to provide information to buyers about whether the property has sustained damage from flooding. Sen. Jennifer Bradley filed a bill last week that would set a series of disclosure requirements. Rep. Susan Valdes filed a similar measure last month. Under Sen. Bradley’s bill, sellers would be required to disclose information such as whether the property has sustained flood damage; whether the property is in a designated flood-hazard zone; whether sellers have received federal assistance for flood damage; and whether flood-damage insurance claims have been filed.

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