HomeMy WebLinkAboutM-93-0258CITY OF MIAMl, FLORIDA 39
INTEA-OFFICE MEMOAANbUM
TO Honorable Mayor and Members DATE FILE
of the City Commission
SUBJECT
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tAtt,
counselFROM REFERtNCES
A. Q es, 11I
Cityney ENCLOSURES: -
The Rouse Company has requested the City Administration to _
initiate the process to refinance the $17,010,000 City of Miami
Florida Industrial Development Revenue Bonds, Series 19815
(Bayside Center Limited Partnership Project).
The underwriters for the Rouse Company, Alex Brown & Sons, are
estimating that this transaction will produce large savings that
will contribute to the cash flow of the parking garage, which
will be shared with the City in accordance with contractual -
terms.
At this time it is necessary to start the process of selecting
bond counsel. The most recent selection of bond counsel was done
on a competitive basis which proved to be very economical to the
City. We are requesting City Commission approval to follow a`
competitive process for the selection of bond counsel for the
proposed refinancing of the Bayside Parking Garage.
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