North Bay Village Survey Results

For the benefit of our North Bay Village Residents that were unable to attend the Barry University Survey presentation or have not viewed it on the North Bay Village Web Site. Here is in bullet form the weaknesses and Strengths outlined on the hand out distributed at the end of the meeting by the Barry University Presenters.

Identified Strengths from the Survey Responses and Research:

1)      Enjoyment of NBV Amenities as well as being pleased with the work of the commissioners was basically neutral!

2)      209 of 324 respondents or 65% reported they are satisfied with North Bay Village!

3)      54% Reported they lived in North Bay Village because its location!

4)      Of 151 respondents who submitted a reply to how satisfied they were with their interaction with North Bay Village Administration, 79% were either satisfied or neutral and 21% expressed dissatisfaction.   (Note: this data   was pointed out on one of the comments posted in North Bay Village Residents Speak. This data may not be reflective of reality because neutral should not mix with either satisfied or not satisfy. For example, lets say33% across the liker scale you cannot say that 33% was satisfied and 66% were not satisfied).

5)      Geographical location

6)      Fast police response

7)      Low crime rates

8)      An interesting history

9)      Quiet neighborhood

10)  Variety of housing alternatives (houses to condos)

11)  Affordable home values

12)   79^th Street Causeway traffic

13)   No pending major Village legal burdens

Identified Weaknesses from the Survey Responses and Research:

1)      Lack of long-term community economic planning

2)      79^th Street Causeway traffic speed

3)      Old infrastructure

4)      Older image outdated buildings

5)      Lack of  public access to the water; people and watercraft

6)      Insufficient public amenities for walking and jogging

7)      Small number of North Bay Village residents to support local business

8)      Lower rated single hotel in the Village

9)      Poor street lighting

10)  Traffic noise (here I would add speeding in our local streets a big safety issue for our residents in particular children and elderly)

11)  2 draw bridges on causeway

12)  Capital (lack of money for needed improvement) Note: the presenter simply stated that the village is broke or near bankruptcy

13)  High percent of total budget for police department

14)  Low level of overall community communication and lack of trust (community cohesiveness)

15)  Feral cat population

16)  Trash collection (large items)

17)  Parking

Mario Garcia

May 19, 2014

NORTH BAY VILLAGE DESERVES BETTER!!

T0 PACE OR NOT TO PACE IN NORTH BAY VILLAGE

(PROPERTY ASSESSED CEAN ENERGY PROGRAM)

I am not convinced that this program is good for North Bay Village.  There are controversial issues that favor the lender and place the borrower at a disadvantage.

Let us start by the interest charged with a typical loan. The current rate for a 10 year loan is 6.55 % and a 20 year loan is 7.55%.  A $ 20,000.00 loan for 20 years pays roughly $ 160.00 per month, which equates to $ 1920.00 per year.  In a typical home valued at $ 250, 000.00 the yearly real estate taxes are roughly $ 4,800.00 increasing the home owner’s yearly responsibility to $ 6,700.00.  Additionally the first year charges could amount to $ 9,100.00 which includes administrative charges and the current year of the loan and the yearly tax assessment.

Secondly Fannie Mae and Freddie Mac which amount to 80% of all mortgages do not allow this type of loans because of the lien priority clause thus reducing the target population to 20 %.  If you add other qualifications such as not having more than one 30 day late mortgage payments within 3 years; the borrower must have minimum of 15 % equity and the loan amount cannot exceeds 10% equity. No bankruptcy 3 years; No tax delinquency 3 years. These pre-qualifications can potentially reduce the target population even further. ..How many single families home owners in North Bay Village do not have the credit rating to obtain a more favorable loan would take advantage of this program? Exactly, not too many!  Furthermore out of those that fit the criteria how many would be willing to make energy savings improvement to their homes and take advantage of the program; thus reducing the target population further.

The Village would need to endorse this program and the commission would need to approve participation thus associating itself with the lender.  There is a real possibility that with a bad loan, a foreclosure or any other negative result implicating the PACE program the village’s reputation could be further compromised.

Thirdly if the borrower decides to sell their house the buyer’s Mortgage Company may not be willing to sign off on the loan and potentially force the seller to satisfy the loan in order to consummate the deal. This would make the sale of the home more difficult and end up hurting the target population.  

Fourthly, in a tax default that typically has four years of real estate taxes plus penalties the addition of four years of loan arrears would make the amount larger and more difficult to collect. 

Commissioner Gonzalez and Vice Mayor Lim are extremely eager to approve PACE citing that we need to sign up now and take advantage of the offer to join the District that includes Biscayne Park, Surfside and Bay Harbor Islands. I say proceed with caution and wait to see how it works out with those municipalities.

If this program works like the lender promises, I am sure that there would be other districts or expansion of existing district that North Bay Village could join.  Once you endorse and approve the program is too late to undo.  There are too many other questions yet to be answered. Frankly, I am afraid that the target population could potentially borrow beyond their means and end up losing their homes once they realize that going green just went red for them! What is the rush?

Honestly opinionating!

NORTH BAY VILLAGE DESERVES BETTER!

Mario Garcia

May 1, 2014