FY2002 BEDI Funding Announcements - Florida

Miami will receive $1 million of BEDI funds and $4 million in Section 108 loan funds to assist in the redevelopment of a brownfield site located in the City's Allapattah community. The Wagner Square Mixed-Use Redevelopment Project will provide 198 units of affordable and market rate for-sale housing, along with new commercial and retail space. The Wagner Square Project is expected to create 195 new jobs for the community. The City will use the BEDI grant for site remediation. The Section 108 loan will be used for acquisition, remediation and construction. Total project costs are estimated to total $34 million.

Pompano Beach will receive $500,000 of BEDI funds and $2.8 million of Section 108 loan funds to assist in the remediation and redevelopment of a brownfield site along Martin Luther King Jr. (MLK) Avenue in the City's Northwest Community Redevelopment Area. The plans for the site include the development of 24 acres of retail and office space, housing for the elderly and mixed-income housing. The redevelopment along MLK Avenue is expected to create 238 new jobs for the community. The City will use the BEDI grant to pay the interest on the MLK), Section 108 loan for the first two years. The108 loan will be used for property acquisition, remediation, relocation and construction costs. The City expects this project to generate an additional $500,000 in other public funds. Total project costs are estimated to be $55 million.