Res. No. 176-97-10146RESOLUTION NO.176-97-10146
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA,RELATING TO INSTRUCTIONS
TO THE CITY ADMINISTRATION TO NEGOTIATE AMORTIZATION OF
TWO OF THE FINANCIAL OBLIGATIONS REQUIRED BY THE CITY
FROM THE DEVELOPER OF SHOPS AT SUNSET PLACE,WHEREBY
MONIES COLLECTED SHALL BE PLACED IN AN INTEREST-BEARING
TRUST FUND FOR IMPROVEMENTS TO THE HOMETOWN DISTRICT;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS,perResolution No.70-95-9619,Section 3,§12#the
developer of the Bakery Centre (a.k.a.Shops at Sunset Place)is
required to directly payto the City $350,000 exclusively for the
design and improvement of the streets in the Hometown District,
excluding Sunset Drive,and according tothe following schedule:
Due Date of Payment Amount Due
SEPTEMBER 1997 $50,000
SEPTEMBER 1998 $50,000
SEPTEMBER 1999 $83,333
SEPTEMBER 2000 $83,333
SEPTEMBER 2001 $83,333;and,
WHEREAS,perResolution No.145-96-9899,thedeveloperof
the Bakery Centre(a.k.a.Shops at Sunset Place)is required to
directlypaytotheCity $400,000,whichmaybeusedforcosts
related to Sunset Drive,and according to the following schedule:
Due Date of Payment Amount Due
SEPTEMBER 1997
SEPTEMBER 1998 $100,000
SEPTEMBER 1999 $100,000
SEPTEMBER 2000 $100,000
SEPTEMBER 2001 $100,000;and,
WHEREAS,the developer ofthe Bakery Centre desires to pay
thefull amount based on an single payment which will reflect the
present value ofthe aforementioned $750,000;and,
WHEREAS,City Administration desiresto negotiate theamount
that maybe accepted bytheCityasa present value payment;and,
Amortization Instructions Resolution:August 19,1997 1
WHEREAS,the City is required via Resolution No.70-95-9619
to provide for matching funds according to schedule,and the City
hereby recognizes that acceptance of a present value payment does
not accelerate theCity's requirement for matching funds;and,
WHEREAS,theMayorandtheCity Commission findthatitis
in the public interest to accept such a payment andto establish
astreetimprovementstrustfundfortheHometownDistrictwhich
recognizes funds thatmaybeusedfor Sunset Driveand funds that
may only beused for other streets in the Hometown District.
NOW,THEREFORE,BEIT RESOLVED BYTHE MAYOR AND CITY COMMISSION OF
THE CITY OF SOUTH MIAMI,FLORIDA:
Section 1.The City Administration is hereby instructed to
initiate negotiations forapresentvalue (amortized)payment of
thefinancial obligations ofthedeveloperof Bakery Centre which
total $750,000 and which are required under Resolution 70-95-9619
and Resolution No.145-96-9899.Final approval of any negotiated
paymentamountisreservedtotheCityCommissionby resolution.
Section 2.This resolution regarding instructions shall take
effect immediately upon approval.
PASSED AND ADOPTED this 19th day of August,1997.
ATTEST:
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READ AND APPROVED AS TO FORM:
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Amortization Instructions Resolution:August 19,1997
CITY OF SOUTH MIAMI
INTER-OFFICE MEMORANDUM
ayor andCityCommission Date:August14,1997
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/^/^J/^^f^kJ Agenda Item #»wFfom:L.Dennifmitt ^*(0(r Re:Comm.Mtg.08/19/97
City Manager v Amortization Instructions
REQUEST:
A RESOLUTION OFTHE MAYOR AND CITY COMMISSION OFTHE CITY OFSOUTH MIAMI,FLORIDA,RELATING
TO INSTRUCTIONS TOTHE CITY ADMINISTRATION TO NEGOTIATE AMORTIZATION OF TWO OFTHE
FINANCIALOBLIGATIONS REQUIRED BY THECITYFROMTHE DEVELOPER OF SHOPS AT SUNSETPLACE,
WHEREBY MONIES COLLECTED SHALL BEPLACEDIN AN INTEREST-BEARING TRUST FUNDFOR
IMPROVEMENTSTOTHEHOMETOWNDISTRICT;PROVIDINGFOR AN EFFECTIVEDATE.
BACKGROUND &ANALYSIS:
The developer ofthe Shops at Sunset Placeis obligated topaytheCityatotalof $750,000 over
thenextfiveyearsfor improvements tothe Hometown District.The developer wpuld liketo
pay allofthe obligation inthe form ofa present value payment to satisfy these requirements.
The proposed resolution provides for instructions to City Administration to initiate negotiations
andto report backtotheCity Commission priortoany acceptance of funds.The resolution also
anticipates thecreationofan interest-bearing trustfundtoreceiveanyfuture payment.
Accelerated payments bythe developer allows theCitytouse funds nowfor projects to improve
theinfrastructureintheHometownDistrictpriortotheopening of theShopsatSunsetPlace.In
addition,aportionofthese funds canbeusedtocoverany potential shortfall thatmayoccurin
theSunsetDrive Improvements project.Completion ofwhichisimportanttotheCity'image.
RECOMMENDATION:Approval.
ProposedResolutionforAdoption
City Manager's Report:AmortizationInstructions