Res. No. 150-05-12129RESOLUTION NO.1 50-05-1 21 29
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA,RELATING TO ORDINANCE 16-
05-1838 AUTHORIZING THE CITY MANAGER TO OBTAIN
FINANCING TO PURCHASE THE YMCA PROPERTY LOCATED AT
4300 SW 58™AVENUE IDENTIFYING THE LENDER AND PROVIDING
FURTHER CLARIFICATION OF SEC.OF ORDINANCE 16-05-1838
RELATING TO THE SPECIFIC TERMS AND CONDITIONS OF THE
LOAN AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS,the Mayor and City Commission of the City of South Miami adopted
Ordinance no.16-05-1838,which authorized thecity manager to negotiate and secure aloanfor
the purpose of purchasing of the YMCA property located at 4300 SW 58th Avenue in the City of
South Miami;and
WHEREAS,section 1 of the ordinance provides that:
TheCity of SouthMiamiauthorizestheCityManagertoborrowthesum of
$2,750,000.00 tobe specifically utilized forthe purchase of the Property.
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR ANDCITY
COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA;
Section1.TheMayorandCity Commission,have considered and find thespecific
terms and conditions contained in Sun Trust Bank's commitment letter dated October 3,2005
which is attached to this resolution tobe acceptable.
Section 2.This resolution shalltakeeffect immediately upon approval.
PASSED AND ADOPTED this JS _day of ^}],^Lt^Ju^,2005.
EST:APPROVED^
TY CLERK 7
COMMISSION VOTE:5-0
Mayor Russell:yea
Vice Mayor Palmer:Yea
Commissioner Wiscombe Yea
Commissioner Birts-Cooper:Yea
Commissioner Sherar:Yea
SURfTRUST
City of South Miami
Commitment Letter
November 7,2005
SunTrust Bank (hereinafter referredtoasthe "Bank")is pleased to inform youthatithasapproved
andherebyextendstotheCity of SouthMiamiitscommitmenttoprovidethreecreditfacilities
totaling$2,750,000(hereinafterreferredtoasthe "Loan")underthefollowingtermsandconditions,
andsuchadditionaltermsandconditionsasmaybereasonablyrequiredheretofore.
The Bank will extend the Loan under thefollowing terms and conditions:
1.BORROWER:
City of SouthMiami (hereinafter referred toasthe "Borrower")
2.FACILITIES:
$1,925,000inTax-Exempt Bank-Qualified loans-(Loan1 &Loan2).
Loan 1:Line ofCredit intheamount of$1,425,000 fora period of2years.
Loan 2:Term Loan in the amount of$500,000 for a period of 5years.
$850,000ina Bank taxableloan-(Loan3)
Loan 3:Line of Creditintheamount of$850,000 foraperiod of 2years.
3.PURPOSE:
To purchase the YMCA property located within the City's boundaries.The City plans to
lease the building back to seller and usethe fields mainly for City programs and leasing to
different sports leagues for their tournaments.The Loan will be repaid with funds from park
grantsand other revenuesources.
4.COLLATERAL:
TheLoan shall be secured bya pledge ofthe lease revenues onthe property being purchased.
Should the collected lease payments notbe sufficient to cover thedebt service onthe Loan,
the City pledges to Budget and Appropriate (Back-up CB A)from non-ad valorem revenues
sufficientfundstocovertherequireddebt service.
5.INTEREST RATE (Good thin December 7,2005 only):
Loan1 -ABank Qualified fixedrate of4.07%duringtheentireterm oftheLoan.
Loan 2—ABank Qualified fixedrate of4.26%duringtheentireterm oftheLoan.
Loan 3—ATaxablefixedrate of 6.24%duringtheentireterm oftheLoan.
lof3
/0&\,
/g^S
r
COMMITMENT LETTER FOR CITY OF SOUTH MIAMI
November 7,2005
Page2
6.REPAYMENT:
Loan 1 &Loan 3 -These twolines of creditwillbe "interest-only"payableeveryquarter
withoptionalprincipalpaymentonthepart ofBorroweratanytimewithnoprepayment
penalty.Allunpaidprincipalwillbedueatmaturity.
Loan 2 -Quarterlyprincipalpayment of25,000plusinterest.Thereshallbenoprepayment
penaltyassociatedwithfacilityduringthe5-yearterm.
7.MATURITY:
Loan 1andLoan3willmature2yearsfromclosing.
Loan2willmature 5 yearsfromclosing.
8.FEE(S)AND EXPENSES:
The Borrower shall be required topayall reasonable and necessary expenses associated with
the contemplated transaction,including butnot limited tothoselisted below:
I.Loan Counsel Feefor reviewing and preparing all legal documents forthis transaction,
whichshallbecappedata maximum of $12,000.
9.DOCUMENTATION:
At or prior to closing,the Bank shall have received all documents that are typical for
transactions ofthis nature
10.FINANCIAL REPORTING REQUIREMENTS:
TheBorrowershallsubmitaudited financial statementstotheBanknotlessthan annually.
The Borrower shall also submit an operating budget for all funds,as ratified bythe Mayor and
City Commission,tothe Bank not less than annually.
11.COVENANTS &CONDITIONS:
•The Bank will require that the two years average non-ad valorem revenues for Borrower,with
the exception ofenterprise fund revenues,must equal or exceed two times combined
maximum annual debt service onall outstanding and proposed debt secured by specific or
generalnon-advaloremrevenues.
•Funding ofthe Loan is contingent upon a satisfactorily legal opinion as to the Borrower's tax-
exempt status and authority under its Charter to borrow money,as well to the fact that Loan 1
and Loan 2 constitute bank-qualified status.The authority to borrow money must be
acceptable in form,manner,tenure and purpose.
The Bank reserves the right,upon reasonable notice tothe Borrower,to change the pricing of
theLoanifan adverse changeinthetaxlaws governing theLoan occurs.
2 of 3
r COMMITMENT LETTER FOR CITY OF SOUTH MIAMI
November 7,2005
Page3
z^\
/SS*N
•The Borrower willcomplywithandagreetosuchothercovenants,termsandconditionsthat
maybereasonablyrequiredbytheBankanditscounselandarecustomaryintax-exempt
financing ofthisnature.Thesecovenantswouldinclude,butnotbelimitedto,covenants
regardingcompliancewithlawsand regulations,thesubmission of auditedfinancial
statementstotheBankonatimelybasis,events of defaultincludingfailuretomake
payments,failure to perform any covenant,and the filing of bankruptcy bythe Borrower;and
remedies in event of default.
We sincerely appreciate the opportunity to serve the City of South Miami and look forward to hearing
from you.Please sign below upon acceptance and return the original to my attention.If you have any
questions pleasecallmeat(305)579-7014.
Sincerely,
Delle Joseph
Vice President
Institutional &Governmental Banking
SunTrust Bank,South Florida
Tel:305.579.7014
ACCEPTANCE:
Thetermsand conditions of this Commitment Letterare hereby accepted.
Dated:,2005
BORROWER:
City of South Miami,FL
By:
Asks:
3 of 3
Amortization Table
SunTrust Amortization Schedule
City of South Miami -$1,425,000 YMCA -2-Yr Line of Credit
LOAN DATA TABLE DATA
Loan amount:
Annual interest rate:
Interest Only Payments
Payments per year:
First payment due:
Table
$1,425,000.00
4.07%
2
4
2/18/2006
Table starts at date:
or at payment number:
Total Cash Outlay:
CALCULATIONS
Beginning balance at payment 1:
Cumulative interest prior to payment 1:
1,425,000.00
No.
Payment
Date
Beginning
Balance Interest Principal
Ending
Balance
Cumulative
Interest
1
2
3
2/18/2006
5/18/2006
8/18/2006
1,425,000.00
1,425,000.00
1,425,000.00
14,499.38
14,499.38
14,499.38
1,425,000.00
1,425,000.00
1,425,000.00
14,499.38
28,998.75
43,498.13
4
5
6
11/18/2006
2/18/2007
5/18/2007
1,425,000.00
1,425,000.00
1,425,000.00
14,499.38
14,499.38
14,499.38
1,425,000.00
1,425,000.00
1,425,000.00
57,997.50
72,496.88
86,996.25
7
8
8/18/2007
11/18/2007
1,425,000.00
1,425,000.00
14,499.38
14,499.38
1,425,000.00
1,425,000.00
101,495.63
115,995.00
GRAND TOTALS 115,995.00 0.00
Pagel
Amortization Table
SunTrust Amortization Schedule
City of South Miami -$850,000 YMCA -2-Yr Line of Credit Taxable
LOAN DATA TABLE DATA
Loan amount:$850,000.00
Annual interest rate:6.24%
Interest Only Payments 2
Payments per year:4
First payment due:2/18/2005
Table starts at date:
or at payment number:
Total Cash Outlay:
CALCULATIONS
Table
Beginning balance at payment 1:
Cumulative interest prior to payment 1:
850,000.00
No.
Payment
Date
Beginning
Balance Interest Principal
Ending
Balance
Cumulative
Interest
1
2
3
2/18/2005
5/18/2005
8/18/2005
850,000.00
850,000.00
850,000.00
13,260.00
13,260.00
13,260.00
850,000.00
850,000.00
850,000.00
13,260.00
26,520.00
39,780.00
4
5
6
11/18/2005
2/18/2006
5/18/2006
850,000.00
850,000.00
850,000.00
13,260.00
13,260.00
13,260.00
850,000.00
850,000.00
850,000.00
53,040.00
66,300.00
79,560.00
7
8
8/18/2006
11/18/2006
850,000.00
850,000.00
13,260.00
13,260.00
850,000.00
850,000.00
92,820.00
106,080.00
GRAND TOTALS 106,080.00 0.00
Pagel
Amortization Table
SunTrust Amortization Schedule
City of South Miami -$500,000 YMCA 5 Years Term Loan
LOAN DATA
Loan amount:$500,000.00
Annual interest rate:4.26%
P+l Amortization in years 5
Payments per year:4
First payment due:2/18/2005
TABLE DATA
Table starts at date:
or at payment number:
Total Cash Outlay:
CALCULATIONS
Table
Beginning balance at payment 1:
Cumulative interest prior to payment 1:
500,000.00
No.
Payment
Date
Beginning
Balance Interest Principal
Ending
Balance
Cumulative
Interest
1
2
3
2/18/2005
5/18/2005
8/18/2005
500,000.00
475,000.00
450,000.00
5,325.00
5,058.75
4,792.50
25,000.00
25,000.00
25,000.00
475,000.00
450,000.00
425,000.00
5,325.00
10,383.75
15,176.25
4
5
6
11/18/2005
2/18/2006
5/18/2006
425,000.00
400,000.00
375,000.00
4,526.25
4,260.00
3,993.75
25,000.00
25,000.00
25,000.00
400,000.00
375,000.00
350,000.00
19,702.50
23,962.50
27,956.25
7
8
9
8/18/2006
11/18/2006
2/18/2007
350,000.00
325,000.00
300,000.00
3,727.50
3,461.25
3,195.00
25,000.00
25,000.00
25,000.00
325,000.00
300,000.00
275,000.00
31,683.75
35,145.00
38,340.00
10
11
12
5/18/2007
8/18/2007
11/18/2007
275,000.00
250,000.00
225,000.00
2,928.75
2,662.50
2,396.25
25,000.00
25,000.00
25,000.00
250,000.00
225,000.00
200,000.00
41,268.75
43,931.25
46,327.50
13
14
15
2/18/2008
5/18/2008
8/18/2008
200,000.00
175,000.00
150,000.00
2,130.00
1,863.75
1,597.50
25,000.00
25,000.00
25,000.00
175,000.00
150,000.00
125,000.00
48,457.50
50,321.25
51,918.75
16
17
18
11/18/2008
2/18/2009
5/18/2009
125,000.00
100,000.00
75,000.00
1,331.25
1,065.00
798.75
25,000.00
25,000.00
25,000.00
100,000.00
75,000.00
50,000.00
53,250.00
54,315.00
55,113.75
19
20
8/18/2009
11/18/2009
50,000.00
25,000.00
532.50
266.25
25,000.00
25,000.00
25,000.00
0.00
55,646.25
55,912.50
GRAND TOTALS 55,912.50 500,000.00
Pagel
South Miami
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER-OFFICE MEMORANDUM 2001
To:Honorable Mayor,ViceMayor&Date:November 15,2005
City Commission
bFrom:MariaV.Davis J /^S JfJ )J <AgendaItem #
City Manager r-^'J/l^l/L °Re:Authorizing the City Manager to obtain
financingforthepurchase of theYMCA
property
RESOLUTION:
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
SOUTH MIAMI,FLORIDA,RELATING TO ORDINANCE 16-05-1838 AUTHORIZING
THE CITY MANAGER TO OBTAIN FINANCING TO PURCHASE THE YMCA
PROPERTY LOCATED AT 4300 SW58th AVENUE IDENTIFYING THE LENDER AND
PROVIDING FURTHER CLARIFICATION OF SEC.1 OF ORDINANCE 16-05-1838
RELATING TO THE SPECIFIC TERMS AND CONDITIONS OF THE LOAN AND
PROVIDING FOR AN EFFECTIVE DATE.
BACKGROUND AND ANALYSIS:
On June 14,2005,the City Commission approved,on second reading,ordinance #16-
05-1838 authorizing the purchase of the YMCA property located at 4300 SW 58
Avenue.Section 1 of the ordinance authorized the City Manager to secure a loan in the
amount of $2,750,000 to be utilizedfor the purchase of the property (see attached).
The Administration has completed negotiations of loan terms with SunTrust Bank as
outlined in the attached commitment letter from SunTrust SunTrust has locked in these
rates through December 7,2005 (see attached commitmentletter and amortization
schedules).
The $2,750,000 loan isa combination of three different types of loans with the same
lendinginstitution -two separate linesof credit ($1,425,000 and $850,000)and one 5-
year termloan ($500,000).The total payment forallof the loans for the first year (made
in three quarterly payments)will be $173,454.00.Funding in the amount of
$139,090.00 ($78,325 carried forwardfromFY 2004-05 and $60,765 budgeted inFY
2005-06)has been provided in the Non-Departmental Debt Service-YMCA Building
account number 001.2100.519.9927.However,Miami-Dade County has assured us
that the Building Better Communities Bond Program funding in the amount of
$1,343,000 will be paid to the Citywithinthirty days of the City closing on the property
(see Section 2.f.of the attached page 2of7of the Agreement between the City and
Miami-Dade County).At that time,the largest of the three loan amounts will be paid
down and those interest payments ($43,498.00 for the year)will no longer be payable.
In the unlikely event that the County's funding isnotreceivedpriorto the firstpayment
becoming dueinFebruary 2006,we will advisethe Commission as suchand will be
prepared with a solution tofundthe difference betweentheloancostsandthe available
balance in the Debt Service account.
The attached resolution is intended toprovide specific approval of the terms of the loan
authorized by ordinance #16-05-1838.
RECOMMENDATION:
We recommend that the attached resolution be adopted,approving the terms of the
loanfor the purchase of the YMCA property.
ORDINANCE NO.16-05-1838
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA,RELATING TO REAL PROPERTY;
AUTHORIZING THE PURCHASE OF THE PROPERTY LOCATED AT
4300 SW 58th AVENUE CONSISTING OFA RECREATION CENTER AND
ADMINISTRATIVE OFFICE BUILDING,BASKETBALL COURTS,A
RACQUETBALL COURT,SWIMMING POOL,AND APPROXIMATELY 7
ACRES OF OPEN FIELD SPACE,WITH DEBT SERVICE CHARGED TO
THE NON-DEPARTMENTAL DEBT SERVICE-YMCA ACCOUNT CODE
001.2100.519.9927,AUTHORIZING THE CITY TO ACCEPT THE DEED TO
THE PROPERTY UPON CLOSING AND REQUESTING TAX EXEMPTION
OF THE PROPERTY;PROVIDING AN EFFECTIVE DATE.
WHEREAS,theCity of South Miami has negotiated an agreement to purchase ofthe
property owned bythe YMCA located at 4300 SW 58 Avenue consisting ofa recreation center
and administrative office building,basketball courts,racquetball court,swimmingpool,and
approximately 7 acres of open-field space (the "Property"),the legal description of which is more
fully described asfollows:
24 54 40 10 AC SH OF SWH OF NE1^OF NEH LESS E25FT
FOR R/W &SYi OF SEtt OF NW%OF NEK LOT SIZE
IRREGULAR
WHEREAS,theCity Commission oftheCityofSouthMiamidesirestopurchasethe
property,accept thedeedupon purchase andto dedicate thepropertytopublicuse.
NOW THEREFORE BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION
OF THE CITY OF SOUTH MIAMI,FLORIDA;
Section 1.TheCityof South Miami authorizes theCity Manager to borrow thesumof
$2,750,000.00 tobe specifically utilizedforthepurchase of theProperty.
Section 2.That funding fordebt service ontheloanbe provided from account code
001.2100.519.9927 that has an available balance of $84,000 in FY 2004-05.
Section 3.TheCityofSouth Miami authorizes paymenttotheseller,the YMCA of
Greater Miami,asto the purchase price fortheProperty.
Section4.Upontransfer of the property,theCity of SouthMiamishallacceptdelivery
andshallimmediatelyrecordthedeedforthe Property.Thepropertyshallbededicatedtopublic
use.TheCityshall immediately applyfortaxexemptionfortheproperty.
Section 5.This ordinance shall take effect immediately upon enactment.
Signature Page to Follow
Pg.2 of Ord.No.16-05-1838
7*PASSED AND ADOPTED this l4 day of June,2005
ATTEST:
READ A^APFROVEP AS TO
CEnTATTORNEY
C:\My Documents\Word Documents\OrdinanceYMCAPurchase.doc
APPROVED:
1st Reading-5/1 7/05
2nd Reading-6/1 4/05
COMMISSION VOTE:4-0
Mayor Russell:Yea
Vice Mayor Palmer:abs ent
Commissioner Birts-Cooper:Yea
Commissioner Sherar:Yea
Commissioner Wiscombe:Yea
SunTrust
City of South Miami
Commitment Letter
November 7,2005
SunTrust Bank (hereinafter referredtoasthe "Bank")ispleased to inform you that ithasapproved
andherebyextendstotheCity of SouthMiamiitscommitmenttoprovidethreecreditfacilities
totaling $2,750,000 (hereinafter referred toasthe "Loan")underthe following termsand conditions,
andsuch additional terms and conditions asmaybe reasonably requiredheretofore.
TheBankwill extend theLoanunderthefollowing terms andconditions:
1.BORROWER:
City of SouthMiami(hereinafterreferredtoasthe"Borrower")
2.FACILITIES:
$1,925,000inTax-ExemptBank-Qualifiedloans -(Loan1&Loan2).
Loan 1:Line ofCredit in the amount of $1,425,000 fora period of2years.
Loan 2:Term Loan intheamount of$500,000fora period of 5years.
$850,000ina Bank taxableloan -(Loan3)
Loan 3:Line ofCredit intheamount of$850,000 fora period of2years.
3.PURPOSE:
To purchase the YMCA property located within theCity's boundaries.The City plans to
lease the building backto seller and usethe fields mainly forCity programs and leasing to
different sports leagues for their tournaments.The Loan will be repaid with funds from park
grantsand other revenuesources.
4.COLLATERAL:
TheLoan shall be secured bya pledge ofthe lease revenues onthe property being purchased.
Should the collected lease payments notbe sufficient tocoverthedebtserviceontheLoan,
theCity pledges to Budget and Appropriate (Back-up CBA)from non-ad valorem revenues
sufficientfunds to covertherequireddebtservice.
5.INTEREST RATE (Good thro December 7,2005 only):
Loan J -ABankQualifiedfixedrate of4.07%duringtheentireterm oftheLoan.
Loan 2—ABankQualifiedfixedrate of4.26%duringtheentireterm ofthe Loan.
Loan 3—A Taxable fixedrate of 6.24%duringtheentire term oftheLoan.
lof3
COMMITMENT LETTER FOR CITY OF SOUTH MIAMI
November 7,2005
Page2
6.REPAYMENT:
Loan 1&Loan 3 -These two lines of credit willbe "interest-only"payable every quarter
with optional principal payment onthepart ofBorrowerat anytime withno prepayment
penalty.Allunpaidprincipalwillbedueat maturity.
Loan2 -Quarterly principalpayment of 25,000plusinterest.Thereshallbeno prepayment
penaltyassociatedwithfacilityduringthe5-yearterm.
7.MATURITY:
Loan 1and Loan 3will mature 2yearsfromclosing.
Loan2willmature5yearsfromclosing.
8.FEE(S)AND EXPENSES:
TheBorrowershallberequiredtopayallreasonableandnecessaryexpensesassociatedwith
the contemplated transaction,including butnot limited tothoselisted below:
I.Loan Counsel Feefor reviewing andpreparingalllegal documents forthis transaction,
whichshallbecappedatamaximum of $12,000.
9.DOCUMENTATION:
Atorpriorto closing,the Bank shall have received all documents thatare typical for
transactions of this nature
10.FINANCIAL REPORTING REQUIREMENTS:
The Borrower shallsubmit audited financial statements to the Banknot less than annually.
The Borrower shall also submit an operating budget forall funds,as ratified bythe Mayor and
City Commission,totheBanknotlessthan annually.
11.COVENANTS &CONDITIONS:
•The Bank will require thatthetwo years average non-ad valorem revenuesfor Borrower,with
the exception of enterprise fund revenues,must equal or exceed two times combined
maximum annualdebtserviceonall outstanding andproposeddebt secured byspecificor
generalnon-advaloremrevenues.
•Funding ofthe Loan is contingent upon a satisfactorily legal opinion astothe Borrower's tax-
exempt status and authority under its Charter to borrow money,as well tothefactthat Loan 1
andLoan2constitute bank-qualified status.The authority toborrowmoneymustbe
acceptable in form,manner,tenureand purpose.
•TheBank reserves the right,upon reasonable noticetothe Borrower,to change the pricing of
theLoan if anadversechangeinthetaxlawsgoverningtheLoanoccurs.
2 of 3
COMMITMENT LETTER FOR CITY OF SOUTH MIAMI
November 7,2005
Page3
TheBorrowerwill comply withandagreetosuchother covenants,termsand conditions that
may be reasonably required bytheBankandits counsel andare customary in tax-exempt
financing ofthis nature.These covenants would include,butnotbe limited to,covenants
regarding compliance withlawsand regulations,the submission of audited financial
statementstotheBankonatimelybasis,events of defaultincludingfailuretomake
payments,failure to perform any covenant,and the filing of bankruptcy bythe Borrower;and
remedies in event of default.
We sincerely appreciate the opportunity to serve theCityofSouthMiami andlook forward to hearing
from you.Pleasesignbelowupon acceptance andreturnthe original tomy attention.If youhaveany
questionspleasecallmeat(305)579-7014.
Sincerely,
Delle Joseph
Vice President
Institutional &Governmental Banking
SunTrust Bank,South Florida
Tel:305.579.7014
ACCEPTANCE:
Thetermsandconditions of thisCommitmentLetterareherebyaccepted.
Dated:,2005
BORROWER:
City of South Miami,FL
By:
As its:
3 of 3
Amortization Table
SunTrust Amortization Schedule
City of South Miami ~$1,425,000 YMCA -2-Yr Line of Credit
TABLE DATALOANDATA
Loan amount:$1,425,000.00
Annual interest rate:4.07%
interest Only Payments 2
Payments per year:4
First payment due:2/18/2006
Table starts at date:
or at payment number:
Total Cash Outlay:
tbie
CALCULATIONS
TS
Beginning balance at payment 1:
Cumulative interest prior to payment 1:
1,425,000.00
No.
Payment
Date
Beginning
Balance Interest Principal
Ending
Balance
Cumulative
Interest
1
2
3
2/18/2006
5/18/2006
8/18/2006
1,425,000.00
1,425,000.00
1,425,000.00
14,499.38
14,499.38
14,499.38
1,425,000.00
1,425,000.00
1,425,000.00
14,499.38
28,998.75
43,498.13
4
5
6
11/18/2006
2/18/2007
5/18/2007
1,425,000.00
1,425,000.00
1,425,000.00
14,499.38
14,499.38
14,499.38
1,425,000.00
1,425,000.00
1,425,000.00
57,997.50
72,496.88
86,996.25
7
8
8/18/2007
11/18/2007
1,425,000.00
1,425,000.00
14,499.38
14,499.38
1,425,000.00
1,425,000.00
101,495.63
115,995.00
GRAND TOTALS 115,995.00 0.00
Pagel
Amortization Table
SunTrust Amortization Schedule
City of South Miami -$850,000 YMCA -2-Yr Line of Credit Taxable
LOAN DATA TABLE DATA
Loan amount:$850,000.00
Annual interest rate:6.24%
Interest Only Payments 2
Payments per year:4
First payment due:2/18/2005
Table starts at date:
or at payment number:
Total Cash Outlay:
CALCULATIONS
Tame
Beginning balance at payment 1:
Cumulative interest prior to payment 1:
850,000.00
No.
Payment
Date
Beginning
Balance Interest Principal
Ending
Balance
Cumulative
Interest
1
2
3
2/18/2005
5/18/2005
8/18/2005
850,000.00
850,000.00
850,000.00
13,260.00
13,260.00
13,260.00
850,000.00
850,000.00
850,000.00
13,260.00
26,520.00
39,780.00
4
5
6
11/18/2005
2/18/2006
5/18/2006
850,000.00
850,000.00
850,000.00
13,260.00
13,260.00
13,260.00
850,000.00
850,000.00
850,000.00
53,040.00
66,300.00
79,560.00
7
8
8/18/2006
11/18/2006
850,000.00
850,000.00
13,260.00
13,260.00
850,000.00
850,000.00
92,820.00
106,080.00
GRAND TOTALS 106,080.00 0.00
Pagel
Amortization Table
SunTrust Amortization Schedule
City of South Miami -$500,000 YMCA 5 Years Term Loan
TABLE DATALOANDATA
Loan amount:$500,000.00
Annual interest rate:4.26%
P+l Amortization in years 5
Payments per year:4
First payment due:2/18/2005
Table
Table starts at date:
or at payment number:
Total Cash Outlay:
CALCULATIONS
Beginning balance at payment 1:
Cumulative interest priorto payment 1:
500,000.00
No.
Payment
Date
Beginning
Balance Interest Principal
Ending
Balance
Cumulative
Interest
1
2
3
2/18/2005
5/18/2005
8/18/2005
500,000.00
475,000.00
450,000.00
5,325.00
5,058.75
4,792.50
25,000.00
25,000.00
25,000.00
475,000.00
450,000.00
425,000.00
5,325.00
10,383.75
15,176.25
4
5
6
11/18/2005
2/18/2006
5/18/2006
425,000.00
400,000.00
375,000.00
4,526.25
4,260.00
3,993.75
25,000.00
25,000.00
25,000.00
400,000.00
375,000.00
350,000.00
19,702.50
23,962.50
27,956.25
7
8
9
8/18/2006
11/18/2006
2/18/2007
350,000.00
325,000.00
300,000.00
3,727.50
3,461.25
3,195.00
25,000.00
25,000.00
25,000.00
325,000.00
300,000.00
275,000.00
31,683.75
35,145.00
38,340.00
10
11
12
5/18/2007
8/18/2007
11/18/2007
275,000.00
250,000.00
225,000.00
2,928.75
2,662.50
2,396.25
25,000.00
25,000.00
25,000.00
250,000.00
225,000.00
200,000.00
41,268.75
43,931.25
46,327.50
13
14
15
2/18/2008
5/18/2008
8/18/2008
200,000.00
175,000.00
150,000.00
2,130.00
1,863.75
1,597.50
25,000.00
25,000.00
25,000.00
175,000.00
150,000.00
125,000.00
48,457.50
50,321.25
51,918.75
16
17
18
11/18/2008
2/18/2009
5/18/2009
125,000.00
100,000.00
75,000.00
1,331.25
1,065.00
798.75
25,000.00
25,000.00
25,000.00
100,000.00
75,000.00
50,000.00
53,250.00
54,315.00
55,113.75
19
20
8/18/2009
11/18/2009
50,000.00
25,000.00
532.50
266.25
25,000.00
25,000.00
25,000.00
0.00
55,646.25
55,912.50
GRAND TOTALS 55,912.50 500,000.00 I
Pagel
consideration of the mutual promises and covenants contained herein and the mutual benefits to be
derived from this Agreement,the parties hereto agree as follows:
herein and the mutual benefits to be derived from this Agreement,the p'arties hereto agree as
follows:'>
Section 1.Purpose:The purpose of this Agreement is to clarify the parties'roles and
obligations regarding the funding being provided with respect to the Project.
Section2.Funding Responsibilities:
a-Project Funding Plan:The Project funding plan identifies the costs covered
by the County and the costs to be funded by the Municipality through a local
funding plan or written project funding commitments from third parties.
b-Local Sponsor:The Municipality has agreed to act as the local sponsor for
this Project and as such shall delineate local funding responsibilities in
accordance witha local funding plan.
c-Local Funding Plan:The local funding plan delineates the following:Miami-
Dade County to contribute $1,343,000 and the Municipality of South Miami
to contribute all project costs in excess ofthe County contribution.These
costs include,but are not limited to,costs associated with land rights-of-way,
relocations,easements,and similar project requirements.
..__d Responsibilities-of--the •MunicipaUtyrThe,"Municipaliry;"as'"sponsor ToTfhe"
Project,agrees to provide,and warrants and represents that it has,in -
combination with the County contributions,the amount of funding necessary
forthe completion of the Project.
e-Responsibilities of the County:The County agrees to provide $1,343,000 of
the funds necessary to complete the project.This sum shall be provided in
accordance with the reimbursement procedures contained herein and upon full
disbursement of all other funds dedicated tothe project In the event that
Project Milestones are not meton schedule,the dollars tobe funded for said
milestones will be delayed for one calendar year,
f.Reimbursement Procedures:Project costs shall be reported to the County
and summarized on the reimbursement request along with supporting
documentation.The Municipality shall identify ,and demonstrate the
disbursement offunds through receipts,canceled checks or other documentary
evidence.Upon receipt of a reimbursement request from the Municipality,the
County shall review the reimbursement request and note any errors,omissions
or inconsistencies within twenty (20)days of receipt and report these to the
Municipality,in writing.The County agrees to reimburse the Municipality,up
to the limits ofthe County contribution,for the funds disbursed within thirty
(30)days of the receipt of the reimbursement request,less any disputed
charges.
g.^Non-Compliance:The County shall have Hie right to reimbursement,either
1 in whole or in part as ii may determine,of funds provided by the County
._s*hereunder for noncompliance by the Municipality with any ofthe terms ofthis
Agreement between South Miami &Miami-Dade County
Page2 of 7
Draft 7/11/2005