Res. No. 042-03-11591RESOLUTION NO.42-03-11591
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 6.5 MILLION DOLLAR PARKING GARAGE LOAN
PROCEEDS UP TO AN AMOUNT NOT EXCEEDING
$267,112.50 AS NEXT PAYMENT FOR THE $6.5 MILLION
PARKING GARAGE LOAN SCHEDULED FOR MAY 1,2003;
PROVIDING AN EFFECTIVE DATE.
WHEREAS,theCityCommissionapprovedordinance number 4-02-1772
on 16th of April 2002 for the City to obtain a $6.5 million dollar -loan to construct
amixeduseparkinggarageandshoppingcenterinthedowntownbusinessdistrict;
and
WHEREAS,theCityusedaportion of theloanproceedtoprovidealoanto
MarkRichmondpropertieswiththeagreementthatMr.RichmondrepaystheCity
ona semi-annual basis,asperagreed schedule,foraperiod of thirtyyears;and
WHEREAS,inadditiontothefirstpaymentreceivedfromMr.Richmond,
theCityusedaportion of theloanproceedtomakethefirstpayment of
$150,809.11 toFloridaMunicipalLoanCouncillastyearNovember;and
WHEREAS,Mr.RichmondhasadvisedtheCitythathewillnotbemaking
thepayment of $102,571.20totheCityatthenextscheduledduedate of April1,
2003;and
WHEREAS,thenextpayment of theloantoFloridaMunicipalLoan
Council inthe amount $267,112.50 isdueonthefirst of May,2003.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA THAT:
Additions shownbyunderlininganddeletionsshownbyovorstriking.
Page 2 of Res.No.42-03-11591
Section1.TheCityManagerisdirectedtopayan amount not exceeding
6.5 million dollar parking
$267,112.50fromthe garage loan proceeds toFloridaMunicipalLoan
Councilasthenext scheduled payment forthe$6.5million parking garageloan.
Section2.Thisresolutionshalltakeeffectimmediatelyuponapproval.
PASSED AND ADOPTED this18th day of March,2003.
ATTEST:APPROVED:
CITY CLERK (J
READ AND APPROVED AS TO FORM;
CITY ATTORNEY
Page 2 of2
/(^o ^L L^
MAYOR
COMMISSION VOTE:
Mayor Feliu:
Vice Mayor Russell:
Commissioner Wiscombe:
Commissioner Bethel:
Commissioner McCrea:
5-0
Yea
Yea
Yea
Yea
Yea
CITY OF SOUTH MIAMI
INTER-OFFICE MEMORANDUM
********************************************************************
To:Mayor andCity Commission Date:March 13,2003
From:Sandy Youkilis Afa/AGENDA ITEM #_zf
Acting City Manag^[/}Re:Commission meeting Mar.18,2003
Repayment of $6.5million
Parking garageloan
*******************************************************************
REQUEST
A RESOLUTION OFTHE MAYOR ANDCITY COMMISSION OFTHE
CITYOFSOUTHMIAMI,FLORIDA RELATING TO LOAN
REPAYMENT;AUTHORIZING THECITYMANAGERTOUSE
UP TO AN AMOUNT NOT EXCEEDING $267,112.50
AS NEXT PAYMENT FORTHE$6.5MILLION PARKING GARAGE
LOAN SCHEDULED FOR MAY 1,2003;PROVIDING AN EFFECTIVE
DATE.
BACKGROUND
The attached resolution is requesting your authorization for the City Manager to pay the Florida
Municipal Loan Council through Wachovia Bank an amount not exceeding $267,112.50 as the
next payment scheduled for May 1,2003 on the $6.5 million parking garage loan.Last year,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 ofthe loan agreement,Mr.Richman was supposed to pay the
City twice a year as per the attached payment schedule.
Mr.Richman next scheduled payment to the City was supposed tobe $102,571.20 in April 1,
2003 to defray our next loan payment.However,Mr.Richman has advised us that he is going to
default his next payment,leaving the City to find alternatives to pay the total bill.At this time,
we have two sources thatwecantapintoforthe next repayment.They areas follows:
a)Use of Cityreserve
b)Use of theloanproceed.
Ifwe decide tousetheCity reserve,we will be reducing its current balance of $1,200,000 by any
amount that we pay on the loan.We will also need to amend the attached resolution to give the
City Administration authorization to appropriate the amount needed.On the other hand,if the
loan proceed is used,the unused balance of the loan will reduce by the amount withdrawn,
thereby leavinglesseramountoftheloanfor future use.
RECOMMENDATION
Approvalis recommended.
Attachments
SAY/FIN
FLORIDA MUNICIPAL LOAN COUNCIL
LOAN AMOUNT:6.5MILLION
PURPOSE:73rd ST PARKING GARAGE PROJECT
SOURCES:None
PAYMENT DATE
AMOUNT
PAID WITHDRAWALS AMOUNT
MRP
PAYMENTS
TOTALS
1 Oct-02 150,809.11 1 2,464,354.52 62,251.10
2 128,734.90
3 46,227.26
4 17,418.18
5 100,934.54
6 5,618.00
7 43,130.80
1 150,809.11 7 2,806,418.20 62,251.10
USE OF PROCEEDS
73rd ST PARKING GARAGE PROJECT:
VENDOR AMOUNT DESCRIPTION
Mc Ardle,Perez &Escoto,PA 2,464,354.52 Loan to Mark Richmond Properties
Nagin,Gallop,Figueredo 73,389.62 Legal Fees
Arquitectonica International 172,893.67 Design,Construction &Consulting Services
Miami Dade Water &Sewer 200.00 Utility Fee Agreement
Delta Surveyors 3,200.00 Parking Lot Survey
Wingerter Laboratories 3,148.88 Soil Tests
Florida Real Estate Decisions 331.00 Mailing Labels &List
First Union National Bank 88,558.01 Bond Proceeds-(Part of 1st Payment)
Miami Dade Fire Dept.342.50 Flow Test Permit &Plans Review
73rd ST PARKING GARAGE PRJ.TOTAL 2,806,418.20
EXHIBIT D
$6,500,000
FloridaMunicipalLoan Council,Series2002A
South Miami
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I
11/01/2002 -.162,112.50 162,112JO
5/01/2003 105,000.00 3250%162,112.50 267,112J0
11/01/2003 --160,40625 160,40625
5/01/2004 105,000.00 3.750%160,40625 265,40625
11/01/2004 --158,437JO 158.437J0
5/01/2005 110,000.00 5.000%158,437.50 268,437JO
11/01/2005 --155,687JO 155,687JO
5/01/2006 115,000.00 5.000%155,687JO 270,687JO
11/01/2006 --152,812.50 152,812JO
5/01/2007 120,000.00 4.000%152,812.50 272.812J0
11/01/2007 --150,412.50 150,412.50
5/01/2008 125,000.00 4.000%150,412JO 275,412.50
11/01/2008 --147.912J0 147,912JO
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%145,312.50 280,312JO
11/01/2010 --142,612JO 142.612J0
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 --131,712JO •131.712J0
5/01/2014 165,000.00 5.500%131J12J0 296.712J0
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 --122^62.50 122,3 62JO
5/01/2016 180,000.00 5.500%122,362.50 302.362J0
11/01/2016 --117,412JO 117.412J0
5/01/2017 190,000.00 5.500%117,412JO 307,412.50
11/01/2017 --112,187JO 112,187JO
5/01/2018 200,000.00 5.500%112,187JO 312,187JO
11/01/2018 --106,687JO 106,687JO
5/01/2019 215,000.00 5.500%.106,687 JO 321,687JO
11/01/2019 -•100,775.00 100,775.00
5/01/2020 225,000.00 5.000%100,775.00 325,775.00
11/01/2020 --95,150.00 95,150.00
5/01/2021 235,000.00 5.000%95,150.00 330,150.00
11/01/2021 --89275.00 89275.00
5/01/2022 250,000.00 5.000%89,275.00 339275.00
11/01/2022 -•-83,025.00 83,025.00
5/01/2023 260,000.00 5.000%83,025.00 343,025.00
11/01/2023 --76,525.00 76,525.00
5/01/2024 275,000.00 5.000%76J25.00 351,525.00
11/01/2024 --'69,650.00 69,650.00
5/01/2025 285,000.00 5.000%69,650.00 354,650.00
11/01/2025 --62J25.00 62,525.00
5/01/2026 300,000.00 5.000%62,525.00 362,525.00
11/01/2026 --55,025.00 55,025.00
5/01/2027 315,000.00 5.000%55,025.00 370,025.00
11/01/2027 --47,150.00 47,150.00
5/01/2028 335,000.00 5.125%47,150.00 382,150.00
11/01/2028
-38,565.63 38J65.63
5/01/2029 350,000.00 5.125%38J65.63 388,565.63
11/01/2029 --29,596.88 29,596.88
5/01/2030 365,000.00 5.125%29,596.88 394,596.88
11/01/2030 --20243.75 20243.75
5/01/2031 385,000.00 5.125%20243.75 405243.75
11/01/2031 --10,378.13 10378.13
5/01/2032 405,000.00 5.125%10,378.13 415,378.13
*Payment dates of April20andOctober20 are thedue dates fortheBorrowerBasic Payments.
Date
10/01/2002
04/01/2003
10/01/2003
04/01/2004
10/01/2004
04/01/2005
10/01/2005
04/01/2006
10/01/2006
04/01/2007
10/01/2007
04/01/2008
10/01/2008
04/01/2009
10/01/2009
04/01/2010
10/01/2010
04/01/2011
10/01/2011
04/01/2012
10/01/2012
04/01/2013
10/01/2013
04/01/2014
10/01/2014
04/01/2015
10/01/2015
04/01/2016
10/01/2016
04/01/2017
10/01/2017
04/01/2018
10/01/2018
04/01/2019
10/01/2019
04/01/2020
10/01/2020
EXHIBITA
MRP PROPERTIES PAYMENT SCHEDULE
Payment
$62,251.10 ~-
$102,571.20-
$61,596.00
$101,916.00
$60,840.00
'$103,080.00
$59,784.00
$103,944.00 .
$58,680.00
$104,760.00
$57,758.40
$105,758.40
$56,798.40
$106,718.40
$55,800.00
$107,640.00
$54,763.20
$108,523.20
$53,654.40
$111,254.40
$52,214.40
$111,734.40
$50,577.60
$113,937.60
$48,835.20
$116,035.20
$46,987.20
$116,107.20
$45,086.40
$118,046.40
$43,080.00
$119,880.00
$40,968.00
$123,528.00
$38,697.00
$125,097.60
$36,537.60
S*
15
04/01/2021 $126,777.60
10/01/2021 $34,454.40
04/01/2022 $130,281.60
10/01/2022 $31,881.60
04/01/2023 $131,721.60
10/01/2023 $29,385.60
04/01/2024 $134,985.60
10/01/2024 $26,745.60
04/01/2025 $136,185.60
10/01/2025 $24,009.60
04/01/2026 $139,209.60
10/01/2026 $21,129.60
04/01/2027 $142,089.60
10/01/2027 $18,105.60
04/01/2028 $146,745.60
10/01/2028 $14,809.20
04/01/2029 $149,209.20
10/01/2029 $11,365.20
04/01/2030 $151,525.20
10/01/2030 $7,773.60
04/01/2031 $155,613.60
10/01/2031 $3,985.20
04/01/2032 $159,505.20
16