M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: March 19, 2014
Re: Cutler Bay Town Center
Occupancy Alternatives ReportTitle
Body
During our first and second budget hearings which took place in September of 2013, for Fiscal Year 2013-14 Operating Budget, I advised the Town Council that Town Staff would be working closely with our leasing team - Colliers International to study different occupancy alternatives for our Town Center Building. As part of this review process, we contracted with a financial advisor who worked closely with our leasing team and our finance department. This process has taken over three and a half months in order to finalize the following documents, which are attached for the Town Council's review:
Ø PowerPoint Presentation: Occupancy Alternatives Analysis Summary
Ø Detailed Occupancy Alternatives Report: (Which include three (3) occupancy alternatives)
· Hold, Continue to Own, Occupy and Collect Rent
· Sell, Vacate the Building and Lease Elsewhere
· Sell, Stay and Sign Lease with New Owner
Our team of professionals will provide a brief presentation to the Town Council in order to discuss different alternatives, and more importantly review their professional recommendations as it relates to our Town Center Building.