2003 Section 108 Project Summary - Florida

Economic Development

Wagner Square Redevelopment Project
BORROWER: MIAMI
STATE: FL
COMMITMENT AMOUNT: $4,000,000

The City of Miami was awarded a $4,000,000 Section 108 loan guarantee to finance the Wagner Square mixed-use redevelopment project in the Allapattah Neighborhood area. A toxic dump site will be remediated as part of the project and, upon remediation, the project developer will build 198 affordable housing units, a 108,000 square foot office/retail building complex and parking spaces for 490 vehicles. The Section 108 loan will finance construction of the office/retail building complex which will ultimately generate 194 jobs. Miami also received a Brownfields Economic Development Initiative (BEDI) award of $1,000,000 to be used in conjunction with the Section 108 financing for site remediation.

Housing

Poinciana Plaza Housing Project
BORROWER: KEY WEST
STATE: FL
COMMITMENT AMOUNT: $16,000,000

The City of Key West, Florida, has received a $16,000,000 loan guarantee under Section 108 to finance the Poinciana Plaza housing project The Section 108 loan will be used by the City of Key West for the purpose of acquiring the 144 townhouse units in the Poinciana Plaza housing development. The City and the Housing Authority of the City of Key West will fully rehabilitate the 144 units and make them available to address the City's need for affordable housing.