In the first phase, the Port would lease 3.62 acres to build a$40 million facility to accommodate up to four ships. Base rentwould be nearly $800,000 a year. That figure is arrived at byapplying an 8% rate to an attributed $65 psf target value of theland.

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That same target value would be used to project roughly $750,000in annual rent for 3.33 acres of land farther west on which asecond terminal would eventually rise at a cost of $45 million.

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In addition to the base rent, Miami would receive 15% of grossrevenues whenever use surpassed an annual average of three shipsper terminal. The city would also receive payments of $300,000 to$350,000 a year in lieu of taxes, but be responsible for building a900-space parking garage and a roof-top helicopter pad.

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Other proposed development for the island includes a $7 million,45,000-sf visitor center to be built on a one-acre footprint withina 4.3-acre parcel. This would house headquarters of the GreaterMiami Convention and Visitors Bureau on the second floor. The firstfloor would provide space for a Chalk's International Airlinescounter and the U.S. Customs Service. Another proposed project is a55,000-sf building on one acre for a new Miami Children'sMuseum.

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All of these new developments may not get under way for sometime. However, what is being started this fall is a new facilityfor Parrot Jungle. It is being relocated to the northern andeastern half of the island where an aquatic theme park or similarattraction might be added at a later date.

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Five years ago Miami city planners issued a request forproposals for 15 acres on the island that were then thoughtsuitable for hotel, retail, restaurant and marina ventures. Therewere no responses. But that was before several million dollars werespent on improving the island's infrastructure, including newroads.

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"The market is very different today," says Arleen Weintraub,acting director of Miami's department of real estate and economicdevelopment. "People come to us weekly with lots of ideas."

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