HomeMy WebLinkAboutR-87-1141J-87-1000
12 / 10/87
RESOLUTION NO. S7--1141
A RESOLUTION OF THE CITY COMMISSION OF =
THE CITY OF MIAMI AUTHORIZING THE CITY
MANAGER TO SUBMIT AN APPLICATION TO
THE SUNSHINE STATE GOVERNMENTAI.
FINANCING COMMISSION FOR `PIIE PURPOSE _
OF NEGOTIATING A LOAN NOT TO EXCEED
$10,000,000; PROCEEDS TO BE USED FOR THE
PURPOSE OF REDEVELOPMENT OF THE
GUSMAN/OLYMPIA BUILDING.
WHEREAS, the Sunshine State Governmental Financing Commission
(the "Commission") is
a public
body corporate
and politic in the State of —
Florida that has been
created pursuant to that
certain Interlocal Agreement
dated as of November
11, 1985,
as amended and
supplemented (the "Interlocal
Agreement") among various local governmental units In the State of Florida,
Including the City of
Orlando,
the City of Tallahassee, the City of Vero
Beach, the City of Coral Gables
and the County
of Palm Beach; and
WHEREAS, the City Commission on June 23, 1987 duly passed and
adopted Resolution No. 87-726, authorizing the City to join the Interlocal
Government Agreement loan program for the purpose of providing funds to
finance the cost of qualifying projects within the City; and
WHEREAS, the Sunshine State Governmental Financing Commission
has issued its $300, 000, 000 Revenue Bonds, Series 1986, and is seeking to
make loans to various local governmental units in the State of Florida for
qualifying projects under the Interlocal Agreement; and
WHEREAS, the City Commission on July 23, 1987, duly passed and
adopted Resolution No. 87-732, accepting the proposal submitted by Flagler
Landmark Associates, Inc. for the planning and design, instruction, leasing
and management including the renovation and restoration of the Olympia
Building/Gusman Cultural Center as a Unified Development Project; and
authorizing the City Manager and the City Attorney in conjunction with the
Department of Off -Street Parking to negotiate a contract with Flagler
Landmark Associates, implementing said proposal; and further directing the
CITY COMMISSION
MEETING OF
DEC 10 1987
RESOLUTION No.137-414
City Manager and the Department of Orf-Street Parking to present the
negotiated contract to the City Commission as soon as practicable for
consideration and approval by the City Commission prior to the execution
thereof; and
WliEREAS, the City Commission (the "City Commission") of the City
of Miami, Florida (the "City") has found and determined that a need exists to
borrow funds prior to the next scheduled meeting of the City Commission to
finance or receive reimbursement for the cost of Redevelopment of
Gunman/Olympia Building ("Project") and/or equipping of the Project and the
financing expenses related thereto; and
WHEREAS, the City has determined that the cost of the Project and
the financing expenses related thereto will not exceed $10,000,000; and
WHEREAS, the City has determined that in order to take advantage
of market conditions as expeditiously as possible and receive the benefits of a
pooled financing by the City, it is In the best. interest of the City to finance
the Project and pay financing expenses related thereto by applying to the
Sunshine State Governmental Financing Commission, rather than by a public
sale of securities by compet.itivP bid, and to delegate to the City Manager or
his designee the determination of the act►►al dollar amo►►nt. of the Loan and
certain particulars of the Loan Agreement, subject to the limitations contained
In this Resolution; and
WHEREAS, the City owns the Gusman Cultural Center/Olympia
Building; and
WHEREAS, the City has determined the need to redevelop the
Gusman Cultural Center/Olympia Building; and
WHEREAS, the City has determined that it could utilize 35,000
square feet for office and/or storage space and it intends to enter into a long
term lease for the rental of approximately 35,000 square feet; and
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87-IJL41
WHEREAS, the Department of Off -Street Parking has determined
that it could utilize 25,000 square feet for office and/or storage space and it
Intends to enter into a long term lease for the rental of 25,000 square feet;
NOW, 'THEREFORE, BE IT RESOLVED BY '111F. COMMTSSiON OF THE
CITY OF MIAMI, FLORIDA:
1/
Section 1. The City Manager is herehy authorized and directed to
submit an application to the Sunshine State Governmental Financing
Commission for the purpose of negotiating a Ioari not to exceed $10,000,000i
proceeds to be used for the purpose of redevelopment of the Gusman Cultural
Center/Olympia Building,
PASSED AND ADOPTED this loth day of December, 1987.
XAVIER 1,. Sit �,7., MAYOR
'1
AT S
l {-2
MATTY HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
- Z
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROV AX 'I'O FORM AND
CORRF TN S BY:
C1K A. DOUG RTY
CITY ATTORNEY
1/
The herein authorization is subject to the condition that there be no
expenditure of proceeds unless said expenditure is approved by the
City Commission.
C
87--1141