HomeMy WebLinkAboutR-87-0126J-87-158
2/5/87
RESOLUTION NO. 87--126,
A RESOLUTION AUTHORIZING THE TEMPORARY LOAN
OF $850,000 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
CONSTRUCTING ADDITIONAL PRESS FACILITIES AT
THE ORANGE BOWL; SAID SUM TO BE REPAID WITH
INTEREST AT A RATE OF 8.0% FROM THE METRO-
DADE RESORT TAX IN FY'88 AND FY'89.
WHEREAS, the City Manager has found that an emergency need
existed to award a construction contract for 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 $850,000 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 FY188 and 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 temporary loan of $850,000 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
constructing additional press facilities at the Orange Bowl.
Section 2. Said loan is to be repaid with interest at a rate
of 8.0% in FY'88 and FY'89 from the Metro -Dade Resort Tax.
CITY COMMISSION
MEETING OF
FEB 12 1987
--.'o
s
PASSED AND ADOPTED this 12th day of February , 1987.
ATTEST:
i
MA TY HIRAI, CITY CLERK
PLANNING REVIEW:
zz�-,
S RODRIGUEZF DIRECTOR
LA NG DEPARTMENT
'0000,
FINANCE REVIEW:
xm v
CAR GARCIAF DIRECTOR
FINANM DEPARTMENT
PREPARED AND APPROVED BY:
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROVES A)S TO FORM AND CORRECTNESS:
LUCIA A. DOUG
CITY ATTORNEY
RTY
XAVIER L. SLLkAEZ
MAYOR
BUDGETARY REVIEW:
r\k
MANOHAR RANA
MANAGEME ND BUDGET
2 -
S'7--126_
is
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANOUM
TO Honorable Mayor and Members of
the City Commission
i
FROM:
Cesar H. Odio
City Manager
RECOMMENDATION:
DATE F E" B 5 1907 FILE:
SUBJECT: Pesolution authorizing
loan for Orange Bowl -
Press Box Addition
REFERENCES:
ENCLOSURES:
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 FY188 and FY189 from the Metro -Dade
Resort Tax.
BACKGROUND:
The Department of Parks, Recreation and Public Facilities and the
Stadiums' Facility Use Committee have recommended the
construction of additional press box facilities at the Orange
Bowl to be completed before the start of. the 1987 football season
at a total cost of $850,000. As with other recent Orange Bowl
improvements, funds for this project will come from the Metro -
Dade County Resort Tax; however, to have the project completed
before the start of the 1987 football season, a temporary loan
from another source is needed. The Directors of the Departments
of Finance, Planning and Management and Budget have recommended a
temporary loan from the Downtown People Mover Extension project
deposit to be repaid with interest at 8.0% over FY188 and FY189
from the Metro -Dade County Resort Tax.
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 rest
rooms 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 annually from its share of the Resort.Tax.