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Res. No. 035-05-12014RESOLUTION NO.35"05-12014 A RESOLUTION OFTHE MAYOR AND CITY COMMISSION OFTHECITYOFSOUTHMIAMI,FLORIDARELATINGTO LOAN REPAYMENT;AUTHORIZING THE CITY MANAGER TOUSEANAMOUNTNOTTOEXCEED$275,000FROMTHE LOAN PROCEED AS NEXT PAYMENT FOR THE $6.5 MILLION PARKING GARAGE LOAN SCHEDULED FOR MAY l,2005;PROVIDING AN EFFECTIVE DATE. WHEREAS,the City Commission approved ordinance number 4-02-1772 on 16th of April2002fortheCitytoobtaina$6.5milliondollar-loantoconstructamixeduse parking garage and shopping center inthe downtown business district;and WHEREAS,the City useda portion of theloan proceed to provide a loan to Mark Richman properties with the agreement thatMr.Richman repays the City ona semi annual basis,as per agreed schedule,fora period of thirty years;and WHEREAS,in addition tothe paymentsreceived fromMr.Richman,theCityhas usedatotal of $623,891.52fromtheloanproceedtomakerepayment of theloanto Florida Municipal Loan Council through November 2004;and WHEREAS,thenext payment scheduled tobe received fromMr.Richman on April1,2005is $103,080.00 whichwillreducetheamount of theloanproceedneededto make the next scheduled payment dueinMay 2005. NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA THAT: Section1.TheCityManagerisauthorizedtopayanamountnotexceeding $275,000fromthe$6.5millionloanproceedtoFloridaMunicipalLoanCouncilasthe next scheduled payment forthe parking garage loan. Section 2.This resolution shalltake effect immediately upon approval. PASSED AND ADOPTED this Asfoday of March,2005. ATTEST:.APPROVED: CITY CLERIC "'"Y "iVL^Q COMMISSION VOTE:5"° Mayor Russell:Yea READ AND APPROVED ASTO FORM:Vice Mayor Palmer:Yea Commissioner Wiscombe:Yea {J///2 Commissioner Birts-Cooper:Yea Commissioner Sherar:Yea CITY OF SOUTH MIAMI INTER-OFFICE MEMORANDUM ************************************************************* To:MayorandCity Commission Date:March15,2005 From:Maria V.Davis .'/.Ad /^AGENDA ITEM #e City Manager J^/*l/QA//^Re:Commission meeting March 15,2005 Repayment of $6.5 million Parking garage loan. ******************************************************************** RESOLUTION A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITYOF SOUTH MIAMI,FLORIDA RELATING TO LOAN REPAYMENT;AUTHORIZING THECITYMANAGERTOUSEAN AMOUNT NOT TO EXCEED $275,000 FROM THE LOAN PROCEED AS NEXT PAYMENT FOR THE$6.5 MILLION PARKING GARAGE LOAN SCHEDULED FOR MAY1,2005;PROVIDING AN EFFECTIVE DATE. BACKGROUND The attached resolution is requesting your authorization to pay the Florida Municipal Loan Council through Wachovia Bank an amount not exceeding $275,000 as the next payment scheduled for May 1,2005 on the $6.5 million parking garage loan.Two years ago,the City Commission approved ordinance number 4-02-1772 for the City to obtain a loan to construct a mixed-use parking garage retail facility in the downtown area.Upon receipt of the loan,the City gave a $2.4 million loan to Mark Richman Properties,to be repaid over a thirty year period. According to the terms of the loan agreement,Mr.Richman makes payment to the City twice a year asperthe attached payment schedule. Mr.Richman's next scheduled payment to the City is due to be received by April 1,2005 in the amount of $103,080.00.When this payment is received,it will be used to defray the next loan repayment thereby reducing the amount needed from the loan proceeds. RECOMMENDATION Approval is recommended. $6,500,000 Florida Municipal Loan Council,Series2002A South Miami DEBT SERVICE SCHEDULE Final Numbers Date Principal Coupon Interest Total P+I 11/01,2002 -.162,112.50 162,112.50 5/01/2003 105,000.00 3.250%162,11150 267.112.50 11/01/2003 --160,406.25 160,406.25 5/01/2004 105,000.00 3.750%160,40625 265,406.25 11/01/2004 -•158.437.50 158,437.50 5/01/2005 110,000.00 5.000%158.437.50 268.437.50 11/01/2005 --155.68730 155,687.50 5/01/2006 115,000.00 5.000%155,687.50 270,687.50 11/01/2006 --152,812.50 152,812.50 5/01/2007 120,000.00 4.000%152,812.50 272.812.50 11/01/2007 --150,412.50 150,412.50 5/01/2008 125,000.00 4.000%150,412.50 275,412.50 11/01/2008 -•147,91230 147,912.50 5/01/2009 130,000.00 4.000%147,912.50 277,912.50 11/01/2009 --145,312.50 145,312.50 5/01/2010 135,000.00 4.000%145,312.50 280312.50 11/01/2010 -.''-142.612.50 142,612.50 5/01/2011 140,000.00 4.125%142,612.50 282,612.50 11/01/2011 --139,725.00 139.725.00 5/01/2012 150,000.00 5.000%*139,725.00 289.725.00 11/01/2012 --135,975.00 135,975.00 5/01/2013 155,000.00 5.500%135,975.00 290,975.00 11/01/2013 --131.712.50 131,712.50 5/01/2014 165.000.00 5.500%131.7.12.50 296.712.50 11/01/2014 --127,175.00 127,175.00 5/01/2015 175,000.00 5.500%127,175.00 302,175.00 11/01/2015 --122362 50 122362.50 5/01/2016 180,000.00 5.500%122,362.50 302,362.50 11/01/2016 --117,412.50 117,412.50 5/01/2017 11/01/2017 190,000.00 5.500%117,412.50 307,412.50 \-112,187.50 112.187JO 5/01/2018 11/01/2018 200,000.00 5.500%112,187.50 312,187.50 •-106,687.50 106,687.50 5/01/2019 215.000.00 5.500%106,687.50 321.687.50 11/01/2019 --100,775.00 100,775.00 5/01/2020 11/01/2020 225,000.00 5.000%100,775.00 95,150.00 325.775.00 95,150.00 5/01/2021 11/01/2021 235,000.00 5.000%95,150.00 89.275.00 330,150.00 89,275,00 5/01/2022 11/01/2022 250,000.00 5.000%89.275.00 83.025.00 339,275.00 83,025.00 5/01/2023 11/01/2023^ 260,000.00 5.000%83.025.00 76,525.00 343,025.00 76325.00 5/01/2024 11/01/2024 275.000.00 5.000%76.525.00 69.650.00 351.525.00 69,650.00 — PublicFinanceDepartment Page3 File =MASTER-l.SF-Series 2002A 4/25/2002 12:28 PM Lh i—»oh-•o•—*O»—'O*—*©»-*O•"-*o>~*©•—'©•—»©i—*©»—•©i—»©•—»©»—*©•—»©•—•»©!—'©•—' ^>O^O^P^P^P^P^P^P^P^p4ip ooooooooooooooooooooooooooooooooooooo poooooooooooooooooooooooooooooooooooo ^(OMMMMMh-»|_»t—l(—lI—»(—a•—II—»•—»I—»»—1|_t»—»•—»!—»000OOOOOOO0OOO0 OOVOVOOOOONl>40\0\Uim4^4^WWlO(OMMO.OVOVO0000N)NlO\O\tnU>^4s>WWtO C^j%i/3trsUr3vr3iyjktj^tJ^t3VjC/JOOfc^£r3i/3tr5x^yx^vinur3%jrjtrSt^*C/3\/3i/3xfjfcr?vT7ferj^JWW^rJ\^J\^J\i/J OJN>U)to4VH-»4^1—»4^ onLrt00U>oVOOJ00V» VV C*OOnLhvo00ooo OJvovoroONoo004^00 -J-J-J00OOooONOn ONONooooo4*.4^. 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