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City of South Miami
Special City Commission Minutes
April 3, 2009
CALL TO ORDER:
The City Commission of the City of South Miami, Florida met
in special session on Friday, April 3, 2009, beginning at 7:33
p.m., in the City Commission Chambers, 6130 Sunset Drive.
A. Roll Call:
The following members of the City Commission were present:
Mayor Horace G. Feliu, Vice Mayor Brian D. Beasley, and,
Commissioners Velma Palmer, Jay Beckman and Valerie Newman.
Also in attendance were: City Attorney Luis Figueredo,_City
Clerk Maria M. Menendez and City Manager Ajibola Balogun.
B. Invocation:• The invocation was delivered by Commissioner
Palmer.
C. Pledge of Allegiance:
The Pledge of Allegiance was recited in unison.
D. Presentations(s)
(NONE)
ORDINANCE(S) SECOND READING
PUBLIC HEARING
03 -09 -1995
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF SOUTH MIAMI, FLORIDA, RELATING TO FINANCE; AUTHORIZING
THE CITY MANAGER TO NEGOTIATE A PERMANENT LOAN IN AN
AMOUNT NOT TO EXCEED $1,000,000 TO REPAY THE BRIDGE LOAN
OF $1,000,000 WHICH WAS UTILIZED BY THE CITY FOR THE
COMPLETION OF CERTAIN ROAD IMPROVEMENTS AND CONSTRUCTION
OF A PUBLIC PARKING GARAGE LOCATED AT S.W. 73"D STREET;
AND PROVIDING FOR AN EFFECTIVE DATE. 4/5
(City Manager)
SPECIAL CITY COMMISSION
MINUTES - April 3, 2009
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Moved by Mayor Feliu, seconded by Commissioner Palmer to
approve this item.
Counselor Figueredo opened the discussion by saying that the
bridge loan which was authorized by the Commission was to cover
the cost of road improvements and to address the final cost
associated with the completion of,the construction of the garage.
The bridge loan was for a term of one year, so it was understood
that at the completion of the term, the City would have to find a
more permanent loan source of financing for the bridge loan.
Counselor further explained that the Bank of America loan was
facilitated by the League of Cities because they terminated the
bond program.
After some discussion regarding MRP payments, Commissioner
Newman said that Mr. Richman was behind in payments, and that she
would like to see copies of the payments front and back as soon
as payments are received. She formally asked the City Manager and
the Finance Director to advise the Commission on the status of
payments.
Mr. Richman's attorney, Mr. McArdle, addressed the Commission
clarifying some of the concerns that they brought up.
After further discussion among the Commission, the Mayor
opened the public hearing.
Sharon McCain urged the Commission not to vote on a loan
until they are provided with all the necessary documentation. She
also expressed concern about the system used in collecting the
parking fees at the garage, recommending that an automated system
be put in place.
With no further speakers, the public hearing was closed.
Commissioner Newman said that she wanted to make sure that
there were no improprieties in the reporting when we obtained
this loan.
Counselor Figueredo said that the League of Cities do a very
in -depth analysis, and because it wasn't ad valorem taxes, they
needed to identify specific source of revenue, and in this case
it was the parking revenue then the prior Finance Director had
to provide them with actual numbers that the City had received,
and based upon that they made the determination as to whether or
not we could participate in the bond program.
Counselor Figueredo also explained that this is entirely a
repayment "of the City's obligation.
SPECIAL CITY COMMISSION 2
MINUTES - April 3, 2009
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In response to Vice Mayor Beasley's question on whether the
Commission can be indicted as the result of any impropriety,
Counselor Figueredo responded that both, the Vice Mayor and
Commissioner Newman have specifically asked staff to verify that
we have been honest and forthcoming on our reports; she has asked
the correct questions; therefore, at this point she is relying on
staff and she is basing her decision on representations made by
staff that all the information was provided, so the answer is no.
For the record, Vice Mayor Beasley said that he is also
relying on staff.
Mayor Feliu then said that one of his concerns is making sure
that there will be no pre - penalty clause. Counselor Figueredo
said there is no pre - penalty.
Commissioner Palmer wanted to know whether the rate of 4.23
10 -year loan is fixed. The Finance Director said it is fixed.
Counselor Figueredo said that as far as the loan is concerned
for that one bank, our responsibility is only $300,000.
By acclamation, the Commission agreed to the 10 -year fixed
loan of 4.23.
With some further comments, the motion to approve this item
passed by a 5 -0 vote:
Commissioner Beckman: Yea
Commissioner Palmer: Yea
Vice Mayor Beasley: Yea
Commissioner Newman: Yea
Mayor Feliu: Yea
COMMISSION REMARKS
There being no further business to come before this Body,
the meeting adjourned at 8:25 p.m.
Attest Approved
Maria M. Menendez
City Clerk
SPECIAL CITY COMMISSION
MINUTES - April 3, 2009
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Horace G. Feliu
Mayor