Fantastic news! Thanks to deft financial moves made by city administrators, the city is in position to pay off the purchase of the Galvin Community Center in April 2024. That’s a full six months ahead of schedule and millions of dollars under budget. Here’s the scoop.
When Johnson & Wales University closed in late 2021, the then-Wildcat Center became available. I advocated strongly for the city to grab it. I knew it would be a much-needed community asset. But the asking price was $11 million and the city didn’t have that amount of money sitting around to use. Luckily, a North Miami resident and developer, Jimmy Tate, stepped forward. Tate bought the facility for $11 million and then leased it back to us. The original term of the lease was 15 years at $1 million per year. That means we would have paid $15 million for the site when the lease ends in 2036.