HomeMy WebLinkAboutR-87-1037J-87-1029
10-26-87
RESOLUTION NO. 97--103 i
A RESOLUTION AUTHORIZING THE ADDITIONAL
TEMPORARY LOAN OF $128,125.00 FROM THE
DOWNTOWN PEOPLE MOVER EXTENSION PROJECT
DEPOSIT, REVENUE PROJECT NO. 371001, TO THE
ORANGE BOWL STADIUM - ADDITIONAL PRESS BOX
FACILITIES PROJECT, PROJECT NO. 404231, FOR
THE PURPOSE OF PAYING FOR ADDITIONAL WORK ON
THE PRESS BOX ADDITION AT THE ORANGE BOWL
STADIUM; SAID SUM TO BE REPAID WITH INTEREST
AT A RATE OF 8.0% FROM THE METRO-DADE RESORT
TAX IN FY'89.
WHEREAS, the City Manager has found that an emergency need
existed for additional construction work on the Orange Bowl
Additional Press Box Facilities project so construction could be
completed before the 1987 football season; and
WHEREAS, funds in the amount of $128,125.00 were needed
immediately for said project; and
WHEREAS, the Directors of the Departments of Finance,
Planning, and Management and Budget have reviewed the funding for
the project and recommend the temporary loan of said amount from
the Downtown People Mover Extension project deposit; and
WHEREAS, said loan is to be repaid in FY'89 with interest at
a rate of 8.0% from the Metro -Dade County Resort Tax;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The additional temporary loan of $128,125.00
from the Downtown People Mover project deposit, Revenue Project
No. 371001, to the Orange Bowl Stadium - Additional Press Box
Facilities Project, Project No. 404231, is hereby authorized for
the purpose of completing the construction of additional press
facilities at the Orange Bowl.
CITY COMMISSION
MEETING OF
NOV19 1987
IN No. 7-1
Section 2. Said loan is to be repaid with interest at a
rate of 8.0% in FY'89 from the Metro -Dade Resort Tax.
PASSED AND ADOPTED THIS 19th Day of November
MAYOR
ATTEST:
AT IRAI, CITY CLERK
PLANNING REVIEW:
OING
ODRIGUEZ, DIRECTOR
DEPARTMENT
FINANCE REVIEW: BUDGETARY REVIEW:
CAS
GARCIA, DIRECTOR MANOHAR RANA
FINA CE DEPARTMENT MANAGEME AND BUDGET
PREPARED AND APPROVED BY:
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
CITY A'
TO FORM AND CORRECTNESS:
-2-
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO. Honorable Mayor and Members of
the City Commission
FROM
Cesar H. Odio
City Manager
RECOMMENDATION:
DATE: NOV 4 1987 FILE_
susJECT: Resolution authorizing
loan for Orange Bowl
Press Box Addition
REFERENCES:
ENCLOSURES:
72-
It is respectfully recommended that the City Commission adopt the
attached resolution authorizing a temporary loan from the
Downtown People Mover Extension project deposit to the Orange
Bowl Additional Press Box Facilities project. The loan is to be
repaid with interest in FY189 from the Metro -Dade Resort Tax.
BACKGROUND:
The Department of Parks, Recreation and Public Facilities has
prepared the attached legislation. A contract in the amount of
$761,875.00 was awarded to C.O.B.A.D. Construction Corporation
for construction of the Orange Bowl Stadium Press Box Addition
project by Resolution 87-193 of February 12, 1987. The funding
source for this project was a loan from the Downtown People Mover
Extension project deposit to be repaid from the City's share of
the FY188 and FY189 Metro -Dade County Resort Tax collections. An
additional loan of $1,28,125.00 from the same source is needed to
cover the cost of additional work needed to complete the project.
In prior fiscal years, the City had to make requests to the
Tourist Development Council for Resort Tax funds to make Orange
Bowl improvements. Under the terms of County Ordinance 86-50,
effective October 1, 1986, twenty percent of the Metro -Dade
County Resort Tax is to be paid to the City by the County to be
used to "...modernize and improve the Orange Bowl Stadium
including chairback seats, additional food and beverage
concessions, additional and improved parking facilities and
restrooms and construction, for staff and marketing services to
promote tourism and the Knight Center; and to fund tourist
oriented events". The City is projected to receive approximately
$1,000,000.00 annually from its share of the Resort Tax.
87--1037
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
To. Sergio Rodriguez
Director of Planning
00
~ alter�E. Golby, Director
Parks, Recreation and
Public Facilities
DATE: October 26, 1987 FILE:
susirc,Capital Improvements
Appropriations Ordinance -
Increase in Orange Bowl
REFERENCE!: project #404231
ENCLOSURES:
Additional work had to be performed by the contractor on the
Orange Bowl Stadium - Additional Press Box Facilities, project
#404231, in the amount of $128,125.00. A resolution to approve
the increase in contract has been prepared for the November 12,
1987 Agenda.
Since the timing of
reading of the Capital
are requesting that th
included in the second
WEG/nl
e
this increase coincides with the second
Improvement Appropriations Ordinances, we
$128,125.00 increase in project 404231 be
reading.
cc: H.C. Eads, Jr.
Assistant City Manager
Approved:
H. C. Ead�,/' Jr.
Assistanty ity Manager
2