Res. No. 190-07-12575RESOLUTION NUMBER: 19 0– 0 7 –12 5 7 5
WHEREAS, on October l lth, 2007 the Mayor and City Commission approved Resolution no.
169 -07 -12554 authorizing the City Manager to pay $300,000 from its Undesignated Fund
Contingency Cash Reserve; and
WHEREAS, and parking garage project is near completion and the City desires not to
delay it any further; and
WHEREAS, the Mayor an City Commission authorized the City Manger to seek a loan form the
Florida League of Cities in an amount of $1,000,000 and reimburse the undesignated contingency
$300,000 and the remainder to be used for completion of the parking; and
WHEREAS, it is in the best interest of the City to secure a bridge loan as soon as possible.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMtVIISSION OF
THE CITY OF SOUTH MIAMI, FLORIDA:
1. Section 1. The City Manager and the City Attorney are authorized to make application to
the Florida Municipal Loan Council and to negotiate the interest rate and the terms and conditions for
a bridge loan and a permanent loan for the purposes and the amounts stated in the "Whereas" clauses.
The loan documents shall be presented to the Mayor and the City Commission and shall not take
effect until approved ed by the City Commission a required by the city charter
2. Section 3. This resolution shall take effect immediately upon approval.
PASSED AND ADOPTED thisday of 2007.
ATTEST:
`--' CITY CLERK
tak-
MAYOR
Commission Vote: U 5-0
Mayor Feliu:
Yea
Vice -Mayor Wiscombe:
Yea
Commissioner Birts:
Yea
Commissioner Palmer:
Yea
Commissioner Beckman:
Yea
T-11 17, lml:il�dl "
To: The Honorable Mayor Feliu and Members of the City Commission
No
Jytm-
Yvonne S. McKinley, City Manager
Eliza Rassi
Finance Director
November 13, 2007
Agenda Item No.:
Subject: Resolution to authorize the City Manager to negotiate an interest rate and
enter into a short term loan agreement (bridge loan) with the Florida
League of Cities Municipal Loan Council to allow construction of the
municipal parking garage project to continue during the period of time the
City secures a loan from the FMLC next bond issue.
Resolution: A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF SOUTH MIAMI, FLORIDA, RELATING TO
FINANCE; AUTHORIZING THE CITY MANAGER TO
NEGOTIATE A BRIDGE LOAN FOR AN AMOUNT NOT TO
EXCEED $1,000,000 NET AND A PERMANENT LOAN FOR
AN AMOUNT NOT TO EXCEED $1,000,000 NET, FOR THE
COMPLETION OF CONSTRUCTION OF A PUBLIC
PARKING GARAGE LOCATED AT S.W. 73RD STREET, FOR
REFINANCING THE PROPERTY, WHICH CONSTITUTES
MARK RICHMAN PROPERTIES CONTRIBUTION TO THE
PROJECT; AND PROVIDING FOR AN EFFECTIVE DATE.
Backup Documentation:
El Resolution
Q Florida Municipal
Application
Loan Council Revenue Bond Program
APPLICATION
FLORIDA MUNICIPAL LOAN COUNCIL REVENUE BOND PROGRAM
Administered by the Florida League of Cities, Inc.
DATE: November 06,2007
BORROWER: City of South Miami, FL
CONTACT NAME: Eliza Rassi
qnntb Miami , FL 33143
Nagin, Gallop & Figuer6do
CITYATTORNEY: Luis Figueredo
ADDRESS: 18001 Old Cutler Rd., Ste. 55(
Miami, FL 33157-6416
PHONE: InS 668-3861 PHONE: -in5-854-5353
FAX: .305 663-6346_ FAX: 305-854-5351
E-MAIL: erass.iiicityofsouthmiami.net?F--MAIL:
DESCRIPTION OF PROJECT: Parking Garage Completion
IS THE PROJECT TO BE
GOVERNMENTAL PURPOSE?
a F7311
1:1161 111119MIA I il [Cluva ZIGIVA III] rio Z I
Current Amount Outstanding $_ Date of Issuance
Purpose of the loan
Amount of Remaining Proceeds, if any
Prepayment Penalty, if any
Maturity Date
AN EFFECTNE DATE.
. WHEREAS, the Mayor and City Commission of the City of South Miami
previously approved the completion of the design of the municipal parking garage
located at SW 73r" Street and SW 58h Court; and
WHEREAS, pursuant to the Settlement Agreement between the City of
South Miami and Mark Richman Properties, and pursuant to the loan agreement
for the construction of the municipal parking garage, the City was to secure the
project funding for the completion of the project; and,
WHEREAS, due to a delay in the construction of the garage project that
resulted from litigation the prior administration and prior finance director used the
project funds earmarked for the construction of the project to make principal and
interest payments due on the loan, and,
WHEREAS, the portion of the project funds used to pay principal and
interest needs to be replaced in order to complete the construction of the garage
project-, and,
Additions shown by underlining and deletions shown by eveFs#Mag.
Pg. 2,Res. No. 169-07-12554
WHEREAS, to maximize the use of the parking garage for the. residents
and businesses along Sunset during the holiday season, the City desires to
complete the final phase of construction prior to November 2007; and,
WHEREAS, the final requirements under the construction process, requires
finishing touches on the municipal parking garage, and completion of the re-
construction of the roadway, to include the additional street curbs, sidewalks,
streetlights and landscaping improvements that are not part of the original scope of
work of the garage project, as agreed; and
WHEREAS, City Commission on October 2ad, 2007, by acclamation,
authorized the continued construction of the roadway in order to complete
construction as proposed in the timetable; and
WHEREAS, in order to pay the vendors for this final portion of the
construction, the City Commission pursuant to Article II (D)(1), authorizes the
expenditure of non-budgeted funds; and,
WHEREAS, it is in the best interest of the City to timely complete the
construction of the parking garage and to seek a loan from the Florida League of
Cities, which loan will be used to pay back the undesignated contingency cash
reserve, and which loan shall be repaid by using the City's revenues from the
operating parking garage over the term of the loan.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA;
Section 1: The City Manager is authorized to pay the final $300,000 in
construction costs for the Municipal Parking Garage located at SW 731" Street and
SW 58P Court from the undesignated contingency cash reserve that has a current
balance of $1,915,608. Thereafter, upon completion of the garage, the City shall
seek a loan from the Florida League of Cities, which loan, if authorized, will be
used to pay back the undesignated contingency cash reserve. The loan shall be
repaid by using the City's revenues from the operating parking garage.
Section 2: That as part of the settlement agreement, Mark Richman
Properties will be responsible for repaying the loan proceeds, except the $300,000.
Section 3: That this resolution shall take effect immediately upon
approval.
Page 2 of 3
Pg. 3 Res. No. 169-07-12554
PASSED AND ADOPTED this _Z `Nay of October, 2007.
Wzw�.
�Ilal
D AS TO F RM:
Luis RJAE—I•u •
OFFICE 0 F CITY ATTORNEY,
NAGIN, GALLOP & FIGUEREDO, P.A.
APPROVED:
�WYOR
Page 3 of 3
COMMISSION VOTE:
5-0
Mayor Feliu:
Yea
Vice Mayor Wiscombe:
Yea
Commissioner Birts:
Yea
Commissioner Palmer: -
Yea
Commissioner Beckman:
Yea