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Home My WebLink AboutR-89-0793RESOLUTION NO. g ` A RESOLUTION DESIGNATING $300400 FROM THE GAS FRANCHISE FEES IN LIEU OF THE MIAMI ARENA ANNUAL RENT PAYMENTS AS A PERMANENT REVENUE SOURCE FOR THE SOUTHEAST OVERTOWN/PARK WEST TRUST FUND FOR THE PURPOSE OF ISSUING TAX INCREMENT REVENUE BONDS TO UNDERTAKE NEW PROJECTS IN THE SOUTHEAST OVERTOWN/PARK WEST REDEVELOPMENT AREA. WHEREAS, by Resolution No. 85-742, the City Commission authorized the execution of a Promissory Note for a Section 108 Loan in the amount of $5,958,400 for Phase I development land where the Miami Arena is located; and WHEREAS, the loan is guaranteed by tuture NUu uuUki entitlement funds and is required to be totally repaid with the issuance of tax increment revenue bond funds; and WHEREAS, in order to float tax increment revenue bonds, a stable revenue source must be pledged by the City Commission; and WHEREAS, the use of franchise fees has been identified as an alternative source of revenue other than the Miami Arena annual rent payments; and WHEREAS, by Resolution No. 88-968, the City Commission approved 1988-94 annual Miami Arena rent payments to fund projects in the Southeast Overtown/Park West Redevelopment Area; and WHEREAS, by Ordinance No. 10521, the City Commission _ appropriated 1989 annual rent payment from the Miami Arena to fund projects in the Southeast Overtown/Park West Redevelopment Area; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. $300,000 from the gas franchise fees are hereby designated, in lieu of the Miami Arena annual. rent CITY COMMISSION MEETING OF SEP 144 1989 q RESOLUTION No. 8973 EMARKS: a revenue source for the Southeast pants, as permanent ertown/lark west 'gust Fund for the purpose of issuing tax increment revenue bonds to undertake new projects in the Southeast overtown/park West Redevelopment Area. Section 2. This Resolution shall become immediately upon its adoption. PASSED AND ADOPTED this 14th day of ATTES : MAT IRAI CITY CLERK f AND APPROVAL: � BUDGETARY REVIEW MANOHAR V WAr DIRECTOR FINANCIAL REVIEW AND APPROVAL: C S E. GARCIA IIIIIIIIII�-.� :yyE: A' F CITY OF MIAMI, FLORIDA INTEROFFICE MEMORANDUM CA=30 To: Honorable Mayor and Members DATE: JUN 23 1989 FILE of the City Commission SUBJECT :Designation of Gas Franchise Fees in lieu of Miami Arena Rent Payments as a Permanent Revenue Source FROM : C sar H. Odio REFERENCdbr S.E. Overtown/Park. West Projec City Manager ENCLosuRjt:r City Commission Meeting of 7/13/89 RECOMMENDATION: It is respectfully recommended that the City Commission adopt the attached resolution designating $300,000 from the gas franchise fees in lieu of the Miami Arena annual rent payments as a permanent revenue source for the Southeast Overtown/Park West (SEOPW) Trust Fund for the purpose of issuing tax increment revenue bonds to undertake new projects in the SEOPW Community Redevelopment Area. BACKGROUND: The Department of Development recommends that $300,000 from the gas franchise fees be designated as a permanent revenue source for the SEOPW project. By Resolution No. 85-742 (July 5, 1985) the City Commission authorized the execution of a Promissory Note with the U.S. Department of Housing and Urban Development (HUD) for a $5,958,400 Section 108 Loan for the purpose of funding the purchase of Phase I development land where the Miami Arena is located. The loan is guaranteed by future HUD CDBG entitlement funds and is required to be totally repaid with the issuance of tax increment revenue bond funds. ' According to the City's bond counsellors, in order to float tax increment revenue bonds for the SEOPW project, a stable revenue source must be pledged as collateral by the City Commission. The use of gas franchise fees has been identified as an alternative source of 'revenue other than the Miami Arena annual rent payments. On October 279 1988, the City Commission adopted Resolution No., $8-968, approving 1988-1994 annual Miami Arena rent payments to fund projects in the SEOPW Community Redevelopment, Area: Furthermore, on November 17, 1988, the City Commission adopted Ordinance No. 105210 appropriating the 1989 annual Miami Arena rent payment for the project. 89 a, S �I�j§tr ad F h+g Fea 3� S A tk! r u #y a,a fea" { � YX j r y k +'Y •� i $a k '!" F, 't - 4'.1 is f �i. r - 'd., "em V e i 9. Hoti"h�ike may a , ..the+ ' itq Omi�ission O3 ion - Therefore, it is respectfully requested that Od f cm the�gas gdopt he attached resolution designating3 as franchise fees in lieu of the Miami Arena annual TrusttFund for the,: a permanent revenue source for the SEOPW W purpose of issuing tax increment revenue bonds to undertake new, projects in the SEOPW Project Area. } Attachments: Appendix A r .ejk �t X 5 t�q.tr.S'te. Appendix B �¢ z Proposed Resolution , k#n5h.� P _ r.. .'.} �z r„�_ i ,. GAS TRUST FUND FRANCHISE CUMULATIVE �O�&� NET BEVDNnDO �OMO�&��8 NET TOTAL auVB0�O IN [LD» OF D�-oyiI?UROB 0&LAmcu ' PROJECT. VALUATION &�P�I�&o�Dm �o�&�D ( g5uIO�&�) &O8�& 8C0� BALANCE ==rum"====��=�==�====== *nuu^ I0�O�M�� MILL&Go nuvuwu , ============================== =~__ O 0 TAX YEAR VALUATION ===================�====�== U W/& ~-____~ ================== N/A N/A __________________ N/& ------------- Q � ]O� SOo 8e�e Year -- _____________________ � 0 �gB�/B� �? , , -_-__________________________ N/A o �___�_~___�_______ ----------------~-- N/A Q/& ________-____~__ 0 ---------------- �6 (*4]6 �3d) ------------------ V � 1983/84 *??,859,2 '_____-___-`__________________________- O ______^____~_�~~__ ------------ N/� °'" ----------- -----------------------u8 ($8h� 954> 0/& __-__-__________________ 1gB4/85 $??,442^1 , __________-_--_________________ . -------------------------- 1� 13�0 $144.9O4 $1�? 659 ---------------B6 762,119 �8.4�6,61? ^ N/& 0/� *1]? G59 V , 1g85/88 (1) �um`q61"g1O Base Year N/& *144 gO4 *137,659 0 " -------~------------~---- 19D5/86 (2� �I/'76�,119 �U 4�6,h1? 17~1350 , __------------------------------- �otaI $V0, , " _____--_-_________________ ___--___-___-_-------------------------- 17.1290 $3J2"980 *�1� 458 0288.084 -9B6/D7 (1) $9?"?45"Oh7 ��9,�x»`�"z 17.1290 $161`631 *46g 881 O $607"540 ,____~___------ ' 86/87 (2) $46 89U^o10 *9,°3""'`~ 1712gO $404.611 , l9 $144,643,n8] *28,875,671 _____`______________-_--____________---------------------------------- Total ____--__--__----------------------------- 16.8945 *335,567 � $5�4 44g $223°758 1987/88 (1) $08.16?"9g5 o/»"»v�,°�� 16.8045 $150,299 *4?O l23 V *758`20, __-�_-_-------- 1g8?/88 (2) $46.890,953 �9^*�»"u°� 16 O045 *4y4,8bh ^ _______________-___--------- Tutal $145"058,948 *29^291'�j» _______'_____________---_-_________________ ----------------------- 1h B885 *340'029 *�O5 O8D ----------------8 439,287 $20,133"785 6^8885 $157 566 V0O �906 4T3 $490°793 " 1�88/Ug �l) w�6"701,682 $9,329v772 16~8885 $ug7`5g5 $472°716 *300' $996,473 $490,793 ��/ $**`,$29'40],557 1 ~ ___"___-___----------------------------��2 $4gV,793 ��,��"/�� Total 145,230,969------------ - �V4 852 $3un «o» �/,v'~" -------^--- ^ ------------- 1OJ V82 $1 , ____________ --------------- 1h 8885 $1 ° `'~``-^- �- -------------- �� ]�� O92 -------------�--- 69O g69 $6D"86],5�? - "'-~ '----�----------------------$3 844 885 �49�,7B3 , � 1g8y��V (3) ��u*" ` ------------------ 2 12� 14? $]0O UVn ° ` -----------~ ---------~----------------- 16 90UO $2 2�O,906 $ " , , --_-~-___________________ ----------------H l34 nO6 *�]2 3�6,654 ^ ° -__-__-_________________ 1y9��g1*m�4�_��o_,___"________,-___--__--__~____________________ mm -----------� U