03-15-05 Item 5CITY OF SOUTH MIAMI
INTER - OFFICE MEMORANDUM
To: Mayor and City Commission Date: March 15, 2005
�N
From: Maria V. Davis AGENDA ITEM #
City Manager �+ Re: Commission meeting March 15, 2005
Repayment of $6.5 million
Parking garage loan.
RESOLUTION
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 TO EXCEED $275,000 FROM THE LOAN PROCEED
AS NEXT PAYMENT FOR THE $6.5 MILLION PARKING GARAGE
LOAN SCHEDULED FOR MAY 1, 2005; PROVIDING AN EFFECTIVE
DATE.
BACKGROUND
The attached resolution is requesting your authorization to pay the Florida Municipal Loan
Council through Wachovia Bank an amount not exceeding $275,000 as the next payment
scheduled for May 1, 2005 on the $6.5 million parking garage loan. Two years ago, 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 of the loan agreement, Mr. Richman makes payment to the City twice a
year as per the attached payment schedule.
Mr. Richman's next scheduled payment to the City is due to be received by April 1, 2005 in the
amount of $103,080.00. When this payment is received, it will be used to defray the next loan
repayment thereby reducing the amount needed from the loan proceeds.
RECOMMENDATION
Approval is recommended.
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RESOLUTION NO.
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 TO EXCEED $275,000 FROM THE LOAN PROCEED
AS NEXT PAYMENT FOR THE $6.5 MILLION PARKING GARAGE
LOAN SCHEDULED FOR MAY 1, 2005; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Commission approved ordinance number 4 -02 -1772 on 16th
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 has
used a total of $623,891.52 from the loan proceed to make repayment. of the loan to
Florida Municipal Loan Council through November 2004; and
WHEREAS, the next payment scheduled to be received from Mr. Richman on
April 1, 2005 is $103,080.00 which will reduce the amount of the loan proceed needed to
make the next scheduled payment due in May 2005.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA THAT:
Section 1. The City Manager is authorized to pay an amount not exceeding
$275,000 from the $6.5 million loan proceed to Florida Municipal Loan Council as the
next scheduled payment for the parking garage loan.
Section 2. This resolution shall take effect immediately upon approval.
PASSED AND ADOPTED this day of March, 2005.
ATTEST:
CITY CLERK
READ AND APPROVED AS TO FORM
CITY ATTORNEY
APPROVED:
MAYOR
COMMISSION VOTE:
Mayor Russell:
Vice Mayor Palmer:
Commissioner Wiscombe:
Commissioner Birts- Cooper:
Commissioner Sherar:
Page 3
Final Numbers '
$6,500,000
Florida Municipal Loan Council, Series 20024
South Miwni
DEBT SERVICIE" SCHEDULE
Date
Principal
Coupon
interest
Total P+I
11101/2002
-
162,112.50
162,112.50
5/01/2003
105,000.00
3.2508/a
162,112:50
267,112.50
11/01/2003
-
.
160,406:25
160,406.25
5/01/2004
105,000.00
3.7500/a
160,406.25
265,406.25
11/01/2004
158,437.50
159,437.50
5/0112005
110,000.00
4.000%
158,437.50
268,437M
11/01!2005
-
155,687.50
155,687.50
5/01/2006
115,000.00
5.040%
155,687.50
270,687.50
11,01/2006
152,812.50
1 12,812.50
5/01/2007
120,000.00
4.000%
152,812.50
272,812.50
11/0112007
-
150,412.50
150,412,50
5/01/2008
125,000.00
4.000%
150,412:SO
275,412.50
11/01/2008
147,912:50.
147,912.50
5/01/2009
130,000.00
4.000%
147,912.50
277,912.50
1 1/01/2009
145,312.50
145,312.50
5101/2010
135,000.00
'4.000%
145,312.50
280,312.50
11/0 1/2010
e
142,612.50
142,612.50
5/01/2011
140,600.00
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
11101/2013
-
-
131,712.50 ,
131,712.50
5/01/2014
165,000.00
5.500%
131,712.50
296,712.50
11/01/2014 rD 201 4
-
-
127,175,46
127,175.04
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
11/01/2016
117,412.50
117,412.50 .
5/01/2017
190,000.00
5.5001/10
117,412.50
307,412.50
11/01/2017
112,187.50
112,187:50
5/01/2018
200,000.00
5.500%
112,187.50
312,187.50
11/01/2018
-
106,687.50
106,687.50
5/01/2019
215,000.00
5.500810
106,687.50
321,687.50
11!0112019
-
-
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
5101/2021
235,000.00
5.0 00%
95,150.00
330,150.00
11/01/2021
-
-
89,275,00
89,275,00
5!01/2022
250,000,00
5.000010
89275.00
339,275.00
11/01/2022
83,025.00
83,025.00
5/01/2021y
260,000.00
5.000010
83,025.60
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
_.., :...,.�,:.,
., .....
File = MASTER 1.SF -Series 200211
Public Finance Department
4!25/2002 12;28 PM
Page 3
EXHIBIT A
MRP PROPERTIES PAYMENT SCHEDULE
15
Date
Payment
10/01/2002
$ 62,251.10
--
04/01/2003.
$102,571.20°°
10/01/2003
$ 61,596.00
t2.-
04/01/2004
$101,916.06
oe,�.1�1�
10/01/2004
$ 60,840.00
Pzc-l����
04/01/2005
$103,080.00
10/01/2005
$ 59,784.00
04/01/2006
$103,944.00
10/01/2006
$ 58,680.00
04/01/2007
$104,760.00
10/01/2007
$ 57,758.40
04/01/2008
$105,758.40
10/01/2008
$ 56,798.40
04/01/2009
$106,718.40
10/01/2009
$ 55,800.00
04/01/2010
$107,640.00
10/01/2010
$ 54,763.20
04/01/2011
$108,523.20
10/01/2011
$ 53,654.40
04/01/2012
$111,254.40
10/01/2012
$ 52,214.40
l
04/01/2013
$111,734.40
10/01/2013
$ 50,577.60
04/01/2014
$113,937.60
10/01/2014
$ 48,835.20
04/01/2015
$116,035.20
10/01/2015
$ 46,987.20
04/01/2016
$116,107.20
10/01/2016
$ 45,086.40
04/01/2017
$118,046.40
10/01/2017
$ 43,080.00
04/01/2018
$119,880.00
10/01/2018
$ 40,968.00
04/01/2019
$123,528.00
10/01/2019
$ 38,697.00
04/01/2020
$125,097.60
10/01/2020
$ 36,537.60
15