FYI Miami: June 20, 2024

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.

TRANSIT USE SOARS: Miami-Dade transit had its 23rd consecutive month of ridership gains year over year in April as passengers swelled nearly 20% above the total in April 2023, latest county figures show. The system totaled 7.66 million rides in April, up from 6.39 million the prior April. Gains were strong for all transit modes, with bus rides increasing 20.1%, Metrorail gaining 22.9% and Metromover up 13.1%. Total weekday rider gains were 15.6%, Saturday increases 17.4% and Sunday gains 12.6%.

AFFORDABLE HOUSING FUNDED: Real estate development and construction company Pinnacle has secured $49.9 million in financing to start construction of a 120-unit affordable housing development, Old Cutler Village Phase 2. The new community is to have a five-story midrise building offering 1-bedroom to 3-bedroom apartments serving families and individuals earning 30%, 60%, and 70% of the area median income at 10455 Old Cutler Road. Construction is expected to be completed in October 2025. Financing for the $49.9 million development includes a $32.2 million tax credit equity from Bank of America; a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac; a subordinate $6 million surtax loan from Miami-Dade County; and the balance with developer equity.

ANOTHER ORACLE DEAL: Miami-Dade County aims to extend a five-year-old $48.4 million contract with California-based Oracle America Inc. for an additional five years for an added $65 million rather than seek a new contact with Oracle – the county says the company is the only authorized provider of professional services and software licenses for the Oracle products that the county uses. The county lists multiple operations that Oracle products handle and says its software runs the database for numerous operational applications. The contract would allow the five new constitutional officers including the sheriff to get user licenses, but only if the county provides the IT services. Otherwise, the offices coming on line Jan. 1 will have to cut their own deals with Oracle. The County Infrastructure, Operations and Innovations Committee recommended the measure for approval by a 3-0 vote last week. Full commission approval will require a two-thirds vote.

COLORFUL PINECREST: Pinecrest is seeking to create “aesthetic stamped colored crosswalks” within exiting crosswalks at Kendall Drive and Red Road. The village would pay to install the crosswalks and maintain them at no cost to the county. A resolution to approve the crosswalk agreement was recommended without discussion last week by the county’s Transportation, Mobility and Planning Committee.