Res. No. 060-04-11839RESOLUTION NO.60-04-11839
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH
MIAMI,FLORIDA RELATING TO LOAN REPAYMENT;AUTHORIZING THE CITY
MANAGER TO USE AN AMOUNT NOT EXCEEDING $265,500 FROM THE LOAN
PROCEEDS AS THE NEXT INSTALLMENT PAYMENT FOR THE $6.5 MILLION
PARKING GARAGE LOAN SCHEDULED FOR MAY 1,2004;PROVIDING AN EFFECTIVE
DATE.
WHEREAS,theCity Commission approvedOrdinancenumber 4-02-1772 onApril 16,2002for
theCitytoobtaina$6.5milliondollar-loantoconstructamixeduseparkinggarageandshopping
center in the downtown business district;and
WHEREAS,theCityusedaportionoftheloanproceedsto provide aloantoMarkRichman
propertieswiththe agreement thatMr.RichmanrepaystheCityona semi-annual basis,asperagreed
schedule,fora period of thirty years;and
WHEREAS,inadditiontothepaymentsreceivedfromMr.Richman,theCityhasusedatotal of
$356,346.75 from theloanproceedstomake repayment oftheloantoFlorida Municipal LoanCouncil
through November 2003;and
WHEREAS,thenext payment scheduled tobe received fromMr.Richman in October is
$101,916 whichwillreducetheamountoftheloan proceeds neededtomakethenextscheduledpayment
due in May 2004.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF
THE CITY OF SOUTH MIAMI,FLORIDA THAT:
Section1.TheCityManagerisauthorizedtopayanamountnotexceeding$265,500fromthe
$6.5millionloanproceedsto Florida Municipal LoanCouncilasthenextscheduledpaymentforthe
parking garage loan.
Section 2.Thisresolutionshalltakeeffectimmediatelyuponapproval.
PASSED AND ADOPTED this 6th dayof April,2004.
ATTEST:APPROVED:
READ AND APPROVED AS TO FORM:
CITY ATTORNEY
COMMISSION VOTE:
Mayor Russell:
Vice Mayor Palmer:
Commissioner Wiscombe:
Commissioner Birts-Cooper:
Commissioner Sherar
5-0
Yea
Yea
Yea
Yea
Yea
CITY OF SOUTH MIAMI
INTER-OFFICE MEMORANDUM
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To:MayorandCityCommission
From:Maria V.Davis
City Manager
Date:April6,2004
BAGENDAITEM#
Re:Commission meeting Apr.6,2004
Repayment of $6.5 million
Parking garage loan.
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RESOLUTION
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA RELATING TO LOAN
REPAYMENT;AUTHORIZING THE CITY MANAGER TOUSEAN
AMOUNT NOT EXCEEDING $265,500 FROM THE LOAN PROCEEDS
AS THE NEXT INSTALLMENT PAYMENT FOR THE $6.5 MILLION
PARKING GARAGE LOAN SCHEDULED FOR MAY 1,2004;
PROVIDING AN EFFECTIVE DATE.
BACKGROUND
TheattachedresolutionrequestsyourauthorizationfortheCityManagertopaytheFlorida
Municipal Loan Council,through Wachovia Bank,an amount not exceeding $265,500 asthe
next payment scheduled forMay 1,2004 onthe $6.5 million parking garage loan.Two years ago,
theCityCommissionapproved ordinance number 4-02-1772 fortheCitytoobtainaloanto
constructamixed-useparkinggarageretailfacilityinthedowntownarea.Uponreceipt of the
loan,theCitygavea$2.4millionloantoMarkRichmanProperties,toberepaidoverathirty
year period.According tothetermsoftheloan agreement,Mr.Richman makespaymenttothe
Citytwiceayearaspertheattachedpayment schedule.
Mr.Richman's nextscheduledpaymenttotheCityisduetobereceivedbyApril1,2004inthe
amount of $101,916.00.If thispaymentisreceived,itwillbeusedtodefraythenextloan
repayment thereby reducing the amount needed from theloan proceeds.
RECOMMENDATION
Approvalisrecommended.