HomeMy WebLinkAboutR-84-11111 F
t J 84-1000 Agendd item No.
t 1
ARSOLU'ITION_ NO. �w1ti1
RESOLUTION EXPRESSING INTENT OF
CITY OF MIAMI TO ISSUE INDUSTRIAL
DEVELOPMENT REVENUE BONDS IN AN
AMOUNT NOT TO EXCEED $20000000 TO
BE USED TO CONSTRUCT TgE BAYSIDE
SPECIALTY CENTER PARKING GARAGE.
WHEREAS, BAYSIDE LIMITED PARTNERSHIP or a related person
within the meaning of Section 103(b) of the internal Revenue Code
of 1954, as amended (the "Developer") desires to construct a
permanent multi -level parking garage containing not less than one
thousand two hundred (lr200) parking spaces (the "Garage"), to be
located on property owned by and within the City of Miami, Florida
(the "City") to be leased to the Developer; and
WHEREAS, the Developer proposes to develop a specialty center
adjacent to the Miamarina and part of Bayfront Park (the "Bayside
Specialty Center"); and
WHEREAS, the City is in need of additional parking facilities
for the Bayside Specialty Center; and
WHEREAS, the City will derive substantial benefit from the
Garage and the City desires to further encourage the Developer
with respect to the construction of the Garage; and
WHEREAS, without the issuance of industrial development reve-
nue bonds by the City, the Developer will be unable to construct
the Garage.
f
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Commission hereby determines that the
— construction of the Garage and the financing thereof by the City,
pursuant to Part II of Chapter 159, Florida Statutes, will promote
CITY CONWSSt,
MEETING OF
OCT 14 1
low uy.
11
Agenda item No.
Sage 2
and is authorized by and will be in furtherance of the policy of
the State as set forth in such Statutes.
Section 2. The City hereby authorizes the Developer to pro-
ceed with the Garage as herein authorized, which Garage the City
intends to finance through the issuance of industrial development
revenue bonds of the City, which bonds and interest thereon shall
not be deemed to constitute a debt, liability or obligation of the
City or of the State of Florida or of any political subdivision
thereof, but shall be payable solely from the revenues to be
referred to in the bond documents to be entered into with respect
to such bonds and the Garage and neither the faith and credit nor
any taxing power of the City or of the State of Florida or of any
political subdivision thereof shall be pledged to, the payment of
the principal or interest on such bonds. The City's ability to
finance the Garage with industrial development revenue bonds may
be limited to the City's industrial development bond allocation.
Section 3. The City will undertake, as soon as it is fur-
nished with sufficient information as to the particular amount,
interest rate, maturities, redemption provisions, the purchaser,
the security and other terms and conditions to permit the authori-
zation, issuance and sale of such bonds, to use its best efforts
to proceed, subject to agreement among the City,
the Developer and
the purchaser of such bonds as to terms in all
agreements to be
entered into with respect to the Garage, with the
issuance of such
bonds to finance the Garage in an amount not to exceed
$20,000,000.
Section 4. The Developer is authorised
to institute the
construction of the Garage (which is deemed to
include planning
and design, demolition of existing structures,
site preparation
and the incurring of professional fees incidental
thereto), and to
advance such funds as may be necessary to accomplish such pur-
posts, subject to reimbursements for all appropriate and eligibli
expenditures out of the proceeds of the bonds to
be issued by the
City for such purpose.
Agenda item No.
Page 3
Section 5. Any out-of-pocket expenses incurred by the City
with respect to the Garage and the financing thereof, shall be
reimbursed out of the proceeds of said bonds, or in the event such
proceeds are insufficient after payment of other costs of the
Garage or bonds are not issued by the City due to inability to
---- consummate the transactions herein contemplated (other than by
fault of the City
) shall be paid by the Developer.
Section 6. All documents in connection with the issuance of
said bonds and the construction of the Garage are subject to the
approval by the City and the Developer. Notwithstanding anything `
to the contrary, the Developer shall not commence any activities
on the site on which the Garage is to be located, other than site
testing and surveying, until the execution by the parties thereto
of the Lease Agreement between Bayside Limited Partnership and the
City, with respect to the Bayside Specialty Center, and all other
definitive documents in connection therewith.
Section 7. The commitment of the City expressed herein will
expire one year from the date of the adoption of this Resolution.
Section B. It is hereby ordered that a public hearing shall
be held in compliance with section 103(k) of the Internal Revenue
Code of 1954, as amended, and the regulations promulgated there-
under. The appropriate officials, employees and agents of the
City are hereby authorised to give public notice of such hearing
not less than fourteen (14) days prior to such hearing. If
"public approval", as such term is defined in said Section 103(k)
should not be granted after said public hearing, the City is under
no obligation whatever to the Developer with respect to the
issuance of said bonds. If "public approval" is granted after
said public hearing, the Developer shall look solely and exclu-
sively to the proceeds of the bonds contemplated herein for any
reimbursement of appropriate and eligible expenses; but in no F'
r,
event shall the City, its officials or employees be liable for the
reimbursement of any said expenses.
i
` Agenda item No.
Page 4
Section 9. The City Manager and other appropriate officials
of the City and its agents and employees are hereby authorised and
directed to take whatever steps may be necessary to construct the
Garage in cooperation with the Developer.
Section 10,. This resolution shall take effect immediately.
PASSED AND ADOPTED this _IL day of October r 1984.
PREPARED AND APPROVED BY:
" e/4444W, 'l/
G. MIRIAN MAER
Assistant City Attorney
APPROVED
SS:
Maurice A. Ferre
MAURICE A. FERRET Mayor
ATTEST:
Q
LP8 G. ONGIEr City