TAXES, WHAT TAXES
Nobody likes to pay taxes, and Mehmet Bayraktar, the developer of Island Gardens seems to be one of those folks.
Ad Valorem taxes become delinquent on April 1st, and when they do, the property owners start getting notices to that effect from the Miami-Dade Tax Collector.
On April 18th, the city's Asset Management Department, after getting a delinquent notice on the 3 pieces of Watson Island properties that are now leased to the Flagstone group "Hand delivered" the following letter, with copies of the unpaid tax bills.
MAY 20, 2017
IF THE DEVELOPER OF ISLAND GARDENS DIDN'T HAVE ENOUGH PROBLEMS, HE NOW OWES $767,448.48 IN DELIQUENT PROPERTY TAXES
The release of this letter and these delinquent tax bills showing that they were sent to the City of Miami on April 18th, raises a troubling question about the veracity of the claim made by Aldo Bustamante, the Assistant Director of the Asset Management Department who claimed in a Miami Herald article dated May 6th, that, "The City does not believe they are in default of any of the lease requirements at this time."
While Flagstone has until May 31st before they face serious money issues with the city over these tax payments, in the next few days I, and I suspect the Miami Herald will both be revealing even more allegations about the failure of the Flagstone Group to meet the May 1st deadline tied to the lease requirements for the beginning of construction.
It's Miami, Bitches!