Approved for $2M federal loan, Fisher Island now asking residents whether to accept it
The homeowners’ association for Fisher Island, an exclusive enclave near Miami that recently bought enough COVID-19 antibody tests for all of its residents and workers, has been approved for a $2 million loan through a federal program intended to help small businesses survive the COVID-19 pandemic.
Now, according to an email the association sent Wednesday, the association is taking a straw poll of residents on whether to accept the payout.
“It is very important to the board of Directors to take into consideration the views of our members,” the email said. “It is also important to the board that the right decision is made for the island.”
It wasn’t immediately clear how the Fisher Island Community Association — the master homeowners’ group for the wealthiest ZIP code in the United States — would plan to use the money.
On Tuesday, the Miami Herald reported that the association was considering applying for the funding, based on a board agenda that said the board planned to vote Wednesday on “approving the application and execution of loan documents with Regions Bank.”
But in its email to residents Wednesday, the association said it had already applied for the government’s Paycheck Protection Program on April 4 — and was approved Monday to receive $2 million.
The board rescheduled its Wednesday meeting to Friday at 5 p.m. and asked all Fisher Island residents to provide feedback by Friday at 10 a.m. The association’s president did not immediately respond to a request for comment Thursday morning.
Under the terms of the program, the loan would be fully forgiven if certain requirements are met, including the retention of 75% of staff, “effectively turning the loan into a grant,” the email said. The association has until next Thursday to accept the funds or else forfeit the chance to receive them.
The federal stimulus program, which doled out $350 billion in its first round of funding, allows businesses to receive the lesser of $10 million or 2.5 times its average monthly payroll. The government hasn’t been factoring in the financial condition of a given business in distributing the funds, prompting criticism that the neediest businesses are being snubbed at the expense of large, publicly traded companies.
The community association’s chief responsibility is to “manage, maintain and improve the common areas,” according to its website. That’s a labor intensive task for employees on a 216-acre island full of pristine landscaping, swimming pools and tennis courts.
Ana Tinsly, a spokeswoman for SEIU Florida, said Tuesday that the union represents about 130 groundskeepers and security workers who are employed directly by the association. So far, she said, it seems the group has been treated well during the pandemic. There haven’t been any layoffs, Tinsly said, and the association has given workers extra paid days off and has been mindful about social distancing practices.
Average annual income among the island’s residents was $2.5 million in 2015 — the highest of any ZIP code in America, according to Bloomberg. The homeowners’ association, which oversees more than 20 smaller condo associations, is a separate entity from the ritzy Fisher Island Club, where memberships cost about $250,000.
Fisher Island made international headlines last week after the Herald reported it had worked out a deal with the University of Miami Health System to make rapid blood tests for COVID-19 antibodies available to the 800 or so families that live there, and to all the workers who maintain the property and patrol its streets. The news sparked frustration from some as the availability of testing for the novel coronavirus, including antibody tests, remains limited nationwide.
The island purchased 1,800 tests at $17 each — for a total of $30,600 — which were administered by doctors from a UHealth clinic stationed on the island. The cost came out of the island’s annual operating budget, a spokeswoman said.
The antibody tests are valuable in plotting the spread of COVID-19 and helping health experts determine who has already fought it off.
This story was originally published April 23, 2020 at 10:23 AM.
