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Home My WebLink AboutR-19-0256City of Miami City Hall 3500 Pan American Drive Legislation Miami, FL 33133 www.miamigov.com Resolution: R-19-0256 File Number: 6018 Final Action Date: 6/27/2019 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA ("CITY") TO ISSUE TAX-EXEMPT AND TAXABLE SPECIAL OBLIGATION BONDS OR ANY OTHER FINANCING MECHANISM ADVANTAGEOUS TO THE CITY ("FINANCING MECHANISM"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, IN THE EXPECTED TOTAL MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH SPECIAL OBLIGATION BONDS OR FINANCING MECHANISM FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO THE ACQUISITION OF REAL PROPERTY, THE DEVELOPMENT, CONSTRUCTION, AND INSTALLATIONS FOR A NEW CITY ADMINISTRATION BUILDING AND RELATED PARKING FACILITIES, AND FOR CERTAIN CAPITAL IMPROVEMENTS INFRASTRUCTURE PROJECTS RELATED THERE TO BE LOCATED AT 230 SOUTHWEST 3RD STREET, MIAMI, FLORIDA (COLLECTIVELY, "NEW CITY ADMINISTRATION COMPLEX PROJECTS"); ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH THE CITY ATTORNEY AND BOND COUNSEL, AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY, AS THE CITY MANAGER DEEMS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI- YEAR CAPITAL PLAN PREVIOUSLY ADOPTED SEPTEMBER 13, 2018, AS SUBSEQUENTLY AMENDED. WHEREAS, United States Treasury Regulations §1.150-2 ("Reimbursement Regulations") prescribe conditions under which proceeds of tax-exempt bonds, notes, or other obligations ("Bonds") used to reimburse advances made for capital and certain other expenditures ("Original Expenditures") paid before the issuance of such Bonds will be deemed to be expended (or properly allocated to expenditures) for purposes of Sections 103 and 141- 150 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, as amended (collectively, "IRS Code"), upon such reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions under those sections of the IRS Code; and WHEREAS, certain provisions of the Reimbursement Regulations require that there be a declaration of official intent no later than sixty (60) days following payment of the Original Expenditures expected to be reimbursed from proceeds of Bonds and that the reimbursement City of Miami Page 1 of 3 File ID: 6018 (Revision: A) Printed On: 2/10/2020 File ID: 6018 Enactment Number: R-19-0256 occur within certain prescribed time periods after the Original Expenditures are paid or after the property resulting from that Original Expenditure is placed in service; and WHEREAS, on February 2, 2016, the City of Miami ("City") issued a competitive solicitation via Request for Proposals No. 15-16-009 ("RFP") for the development of a 375,000 gross square foot new City administration facility with related parking facilities for both City employees and the public visiting the facility in the greater number of (1) 1,200 parking spaces, or (2) the parking requirements required by the Code of the City of Miami, as amended ("City Code"), and Ordinance No. 13114, as amended, the Zoning Ordinance of the City of Miami, Florida ("Miami 21"); and WHEREAS, on December 8, 2016, the City Commission, pursuant to Resolution No. 16- 0611, approved the City Manager's and the RFP Selection Committee's recommendations to select the top ranked bidder, Lancelot Miami River, LLC, an affiliate of Adler Group ("Lancelot'), to build the new City administration facility and related parking facilities (collectively, "Project"); and WHEREAS, on January 24, 2019, the City Commission passed Resolution No. 19-0050 (1) selecting the real property located at 230 Southwest 3rd Street, Miami, Florida ("New Site") owned by Lancelot to be the site of the Project and (2) authorizing the City Manager to undertake negotiations related thereto; and WHEREAS, the City Commission, pursuant to Resolution No. 19-0255, has awarded under the RFP the acquisition of the New Site from Adler and the design, development, construction, and installation of the new City administration facility and related parking facilities; and WHEREAS, the City Commission expects to provide for the issuance by the City of its tax-exempt and taxable special obligation bonds or any other financing mechanism advantageous to the City ("Financing Mechanism"), in a form acceptable to the City Attorney and Bond Counsel, in a total maximum aggregate principal amount not to exceed One Hundred Fifty Million Dollars ($150,000,000.00) ("Special Obligation Bonds") including costs of issuance for the purposes of financing the costs of the acquisition of real property at the New Site, the development, construction, and installations for the Project, and for certain capital improvements infrastructure projects related thereto to be located at the New Site (collectively, "New City Administration Complex Projects"); and WHEREAS, in connection with the New City Administration Complex Projects, the City expects to make Original Expenditures that will be reimbursed from proceeds of the Special Obligation Bonds or the Financing Mechanism as will be set forth in the City Manager's subsequent Memorandum for Reimbursable Funds Advanced ("City's Manager's Memorandum"); and WHEREAS, also in connection with the New City Administration Complex Projects, the City desires to expeditiously improve and provide capital projects updates on multiple areas for which the City has already determined funding considerations in its Fiscal Year 2018-2019 Multi -Year Capital Plan adopted September 13, 2018 pursuant to Resolution No. 18-0396, as subsequently amended ("Multi -Year Capital Plan"), by amending the Multi -Year Capital Plan, as set forth below to include the New City Administration Complex Projects and the associated financing as referenced by this Resolution; City of Miami Page 2 of 3 File ID: 6018 (Revision: A) Printed on: 2/10/2020 File ID: 6018 Enactment Number: R-19-0256 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. Recitals and Findings. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. Definitions. For the purposes of this Resolution, "Reimbursement" or "Reimburse" means the restoration to the City of money temporarily advanced from its own funds and spent for Original Expenditures before the issuance of the Special Obligation Bonds, evidenced in writing by an allocation on the books and records of the City that shows the use of the proceeds of the Special Obligation Bonds to restore the money advanced for the Original Expenditures. "Reimbursement" or "Reimburse" generally does not include the refunding or retiring of Bonds previously issued and sold to, or borrowings from, unrelated entities. Section 3. Declaration of Official Intent. The City Commission hereby declares the City's official intent to issue the Financing Mechanism, in a form acceptable to the City Attorney and Bond Counsel, in the total expected maximum principal amount of One Hundred Fifty Million Dollars ($150,000,000.00) including costs of issuance and, to the extent permissible under the IRS Code regarding the tax-exempt Special Obligation Bonds, use a portion of the tax-exempt Special Obligation Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred with respect to the New City Administration Complex Projects. This Resolution is intended as a declaration of official intent under United States Treasury Regulation § 1.150-2 as set forth in the City Manager's Memorandum. Section 4. Incidental Actions. The City Manager, in consultation with the City Attorney, Bond Counsel, and such other appropriate officers, employees, and agents of the City as the City Manager deems necessary, is hereby authorized' to take such actions as may be necessary to carry out the purposes of this Resolution and the IRS Code. Section 5. Related Amendment of the Citv's Multi -Year Capital Plan. The Multi -Year Capital Plan is amended (i) to include the New City Administration Complex Projects and the associated financing as referenced in this Resolution with new project numbers to be determined by the City Manager and (ii) to require that future allocations or reallocations of funding sources be presented to the City Commission from time to time in connection with said financing and said New City Administration Complex Projects. Section 6. Effective Date. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: OUTSIDE COUNSEL 1/21/2020 ' The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code provisions. 2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 3 of 3 File ID: 6018 (Revision: A) Printed on: 2/10/2020