Res. No. 175-03-11725RESOLUTIONNO. 175-03-11725
WHEREAS, the City Commission approved ordinance number 4-02-1772 on 16 1h
of April 2002 for the City to obtain a $6.5 million dollar - loan to construct a mixed use
parking garage and shopping center in the downtown business district; and
WHEREAS, the City used a portion of the loan proceed to provide a loan to Mark
Richman properties with the agreement that Mr. Richman repays the City on a semi-
annual basis, as per agreed schedule, for a period of thirty years-, and
WHEREAS, in addition to the payments received from Mr. Richman, the City h
used a total of $254,220.01 from the loan proceed to make the repayment of the loan
Florida Municipal Loan Council through May 2003; and I
WHEREAS, the next payment scheduled to be received from Mr. Richman
October is $61,596 which will reduce the amount of the loan proceed the City will ne
to make the next scheduled payment due in Novernber 2003; and I
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITI
OF THE CITY OF SOUTH MIAMI, FLORIDA THAT:
Section 1. The City Manager is directed to pay an amount not exceeding
$165,000 from the $6,5 million loan proceed to Florida Municipal Loan Council as the
next scheduled payment for the parking garage loan.
ATTEST:
APPRIV
TY CLE
MAYOR
CCU "SIONVOTE:
4-0
Mayor Feliu:
Yea
REA P_ OVED AS TO FORM:
Vice Mayor Russell:
Yea
Commissioner Wiscombe:Yea
Commissioner Bethel:
Yea
�TTO_RNEY
Commissioner McCrea:
out of room
CITY OF SOUTH MIAMI
INTER-OFFICE MEMORANDUM
T7 -
Mr. Richman's next scheduled payment to the City is due to be received by October I in the
amount of $61,596,00. If this payment is received, it will be used to defray the next loan
repayment thereby reducing the amount needed from the loan proceeds.
At this time, the Finance Director is in the process of renegotiating the loan terms with the Florida
Municipal Loan Council with the sole purpose of reducing the semi-annual payment. If he is
successful, I will bring a resolution to you for ratification of the renegotiated terms with future
repayment plan.
Final Numbers
$6,500,000
Florida Municipal Loan Council, Series 2002A
South Miami
DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P +I
1629112.50 162,112.50 7 is `S� °'• I 1 l�)4f4Z
11/01/2002
1
00 00 3250% 162,112.50 267,112.50 -� .],tt�' , 333 .� ::.1Ci 4010
5/01/2003 105,0
- - 160,406.25 160,406.25
11/01/2003
160,406.25 265,406.25
5/01/2004 105,000.00 3.750%
11/01/2004 - - 158,437.50 158,437.50
5/01/2005 110,000.00 5.000% 158,437.50 268,437.50
- 155,687.50 155,687.50
11/01/2005
5/01/2006 115,000.00 5.000% 155,687.50 270,687.50
11/01/2006 - 1529812.50 152,812.50
5/01/2007 120,000.00 4.000% 152,812.50 2729812.50
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 147,912.50 147,912.50
5/01/2009 130,000.00 4.000% 147,912.50 2779912.50
11/01/2009 145,312.50 1457312.50
5/01/2010 135,000.00 4.000% 145,312.50 280,312.50
11 /01!2010 142,612.50 142,612.50
5/01/2011 140,000.00 4.125% 142,612.50 2827612.50
11/01/2011 139,725.00 139,725.00
5/01/2012 150,000.00 5.000% 139,725.00 2899725.00
11/01/2012 - - 135,975.00 135,975.00
5/01/2013 155,000.00 5.500% 1352975.00 290,975.00
11/01/2013 1319712.50 1317712.50
5/01/2014 165.000.00 5.500% 1319712.50 296,712.50
11/01/2014 - 1279175.00 127,175.00
5/01/2015 175,000.00 5.500% 127,175.00 302,175.00
11/01/2015 122,362.50 . 122,362.50
5/01/2016 180,000.00 5.500% 122,362.50 302,362.50
11/0112016 1173412.50 117,412.50
5/01/2017 190,000.00 5.500% 1179412.50 3079412.50
11/01/2017 112,187.50 1129187.50
5/01/2018 200,000.00 5.500% 112,187.50 312,187.50
11/01 /2018 - 1062687.50 106,687.50
5/01/2019 2159000.00 5.500% 1069687.50 3219687.50
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 959150.00
5/01/2021 235,000.00 5.000% 95,150.00 330,150.00
11/01/2021 89,275.00 89,275.00
5/01/2022 250,000.00 5.000% 89,275.00 339,275.00
11/01/2022 83,025.00 839025.00
5/01/2023 260,000.00 5.000% 839025.00 343,025.00
11/01/2023 76,525.00 76,525.00
5/01/2024 275,000.00 5.000% 76,525.00 351,525.00
11/01/2024 69,650.00 69,650.00
Banc of America Securities LLC ^� A� File = MASTER�LSF -Series 2002A
Public Finance Department 4/25/2002 12:28 PM
9M
0
Date
10/0 1 /2002
04/01/2003
10/01/2003
04/01/2004
10 /O1 /2004
o4/01/2005
10 /O1 /2005
04/01/2006
10 /O1 /2006
04/01/2007
10 /O1 /2007
04/01/2008
10 /O1 /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 /O1 /2013
04/01/2014
10/01/2014
04/01/2015
10 /O1 /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
EXHIBIT A
MRP PROPERTIES PAYMENT SCHEDULE
payment
oo��k i Ck—ry
$ 62,251.10' `la�u3
$1027571.20
$ 61,596.00
$101,916.00
$ 603840.00
$1035080.00
$ 59,784.00
$103,944.00
$ 585680.00
$1049760.00
$ 57,758.40
$1605,758.40
$ 56,798.40
$106,718.40
$ 55,800.00
$107,640.00
$ 545763.20
$1087523.20
$ 539654040
$111,254.40
$ 525214.40
$1 11,734.40
$ 50,577.60
$1137937460
$ 48,835.20
$1169035.20
$ 46,987.20
$116,107.20
$ 45,086.40
$118,046.40
$ 43,080.00
$1195880.00
$ 40,968.00
$123,528.00
$ 38,697.00
$125,097.60
$ 363537960
15
�2 ) q,�o I
IL, o#-
04/01/2021
10 /O1 /2021
04/01/2022
10 /01 /2022
04/01/2023
10/01/2023
04/01/2024
10 /01 /2024
04/01/2025
10/01/2025
04/01/2026
10/01/2026
04/01/2027
10/01/2027
04/01/2028
10/01/2028
04/01/2029
10/01/2029
04/01/2030
10/01/2030
04/01/2031
10 /O1 /2031
04/01/2032
I f
$126,777.60
$ 34,454.40
$130,281.60
$ 315881.60
$131,721.60
$ 297385.60
$134,985.60
$ 26,745060
$1365185.60
$ 245009.60
$1395209.60
$ 21,129.60
$142,0800
$ 18,105.60
$146,745.60
$ 14,809.20
$1495209.20
$ 11,365.20
$1515525.20
$ 7,773.60
$1555613.60
$ 3,985.20
$159,505.20
16