HomeMy WebLinkAboutR-92-0175n
11
J-92-188
3/2/92
1-5
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
APPLY TO THE FLORIDA LEAGUE OF CITIES FOR A
LOAN IN AN AMOUNT NOT TO EXCEED $5,000,000
FOR THE PURPOSE OF RECONSTRUCTING MIAMARINA
AT BAYSIDE; FURTHER AUTHORIZING THE CITY
MANAGER TO TAKE THE NECESSARY ACTION TO
SECURE SUCH LOAN FUNDS, SUBUECT TO THE REVIEW
AND APPROVAL OF ALL FINAL LOAN DOCUMENTS BY
THE CITY COMMISSION.
WHEREAS, the Miamarina facility at Bayside is in need of
extensive repairs, which may be accomplished by the
reconstruction of the facility; and
WHEREAS, the Directors of the Departments of Finance and
Parks and Recreation have explored various methods of financing
such a project; and
WHEREAS, the Florida League of Cities' First Municipal Loan
Program was identified as one of the preferred sources for
financing said proposed project;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
CITY COMI XISSION
MEETING OF
m1� R 1 2 1992
Resolution No.
92-- 175
Section 2. The City Manager is authorized to apply to
the Florida League of Cities, directly or through the City's
Department of Off Street Parking, for a loan in an amount not to
exceed $5,000,000 for the purpose of reconstructing Miamarina at
Bayside.
Section 3. The City Manager is hereby authorized to take
the necessary actions to secure such loan funds, subject to the
review and approval of all final loan documents by the City
Commission.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 12th day of
•e
G
AATT
Y HIRAI
CITY CLERK
FINANCIAL REVIEW:
CARLOS GARCIA, DIRECTOR
FINANCE DEPARTMENT
PREPARED AND APPROVED BY:
XAVIER L
cn 1992.
IIAREZ, MAYOR
APPROVED AS TO FORM AND
CORRECTNESS:
RAFAEL DIAZ A. QUfNN J S, III
DEPUTY CITY ATTORNEY CITY ATT EY
ROD:osk:M2841
CITY OF MIAM1. FLORIDA
22
INTER -OFFICE MEMORANDUM
To Honorable Mayor and Members
of the City Commission
FROM Cesar H. Od
City Manage
DATE F E B 2 '7 1992 FILE .
SUBJECT
Resolution Approving
Loan Application
REFERENCES:
ENCLOSURES:
It is respectfully recommended that the City Commission adopt the
attached resolution authorizing the City Manager to apply to the
Florida League of Cities for a loan in an amount not to exceed
$5,000,000 for the purpose of reconstructing Miamarina at
Bayside, and further authorizing
necessary actions to secure such
review and approval of all final
Commission.
the City Manager to take the
loan funds, subject to the
loan documents by the City
As a result of the improper reconstruction of Miamarina at
Bayside in 1987, the City has been involved in litigation with
the contractor, architect and engineer for this project.
Although such litigation has not been resolved yet, it is
recommended that a process to reconstruct the facility be
initiated. The marina's poor physical condition has kept usage
at very low levels in spite of the prime location of this
facility. A new marina constructed in accordance with
appropriate standards should prove to be a successful enterprise
fund operation for the City.
The Finance Department recommends obtaining a loan from the
Florida League of Cities' First Municipal Loan Program to finance
the cost of reconstruction. The Florida League of Cities Program
offers very attractive terms since the original bonds were sold
prior to the passage of the restrictive 1986 Tax Reform Act. The
funds are at a variable rate, which currently approximates 4.5%.
Although the bonds mature in 1995, the League has indicated that
they plan to refinance these bonds so that the City will be able
to amortize repayment of principal beyond 1995.
Commission approval of this loan application would preserve
Florida League of Cities funds already allocated to the City's
Department of Off Street Parking which may not be utilized by
that department.
Once all loan documents are finalized this transaction will be
brought back to the City Commission for final approval-.
92-- 175