HomeMy WebLinkAboutR-81-0530Ak
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SUl.1ITION AUTHORTz1NG THE LOAN OF $175000
a �`H0t1 Ft 0R11)A POWER AND LTGH"C FRANC}EISE FUNDS;
THE CAPITAL I1iPROVf.�EENT FUND, TO THE ORANGE
$0WL ENTERPRISE FUND FOR THE PURPOSE OF PUR-
` CHASING AND INSTALLING SECURITY FENCT\G AND
GATES IN THE ORANGE BOWL PARKING LOTS AND AROUND
THE PERIMETER OF THE: ORANGE BOWL; THE SUM OF
$175,000 TO BF. REPAID TOGETHER WITEE INTEREST
THEREON AT THE RATE OF 13.047 OVER A PERTOD OF
18 MONTHS USING FUNDS DERIVED FROM THE 2� RESORT
TAN.
t!AR]EAS, in recent years the Orange Bowl has been experiencing
increasing levels of vandalism and theft during periods when it is
not in use; and
WHEREAS, after consideration it has been determined that the
best solution to this situation would be to erect an inner perimeter
security fence; and
_WHEREAS, $175,000 may be loaned from the Florida Power and
Light Franchise Revenues in the Capital Improvement Fund, to the,
Orange Bowl Enterprise Fund; and
WHEREAS, the Tourist Development Commission shall repay* said
sum to the Orange Bowl Enterprise Fund; and
WHEREAS, the Orange Bowl Enterprise Fund shall upon receipt o�
said money repay to the Capital Improvement Fund the amount of
t
$175,000; and
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WHEREAS, the Orange Bowl Enterprise Fund shall repay interest,y ,
at a rate of 13.04% to the Capital Improvement Fund;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The loan of the sum of $175,000 from the Florida
Power and Light Franchise Revenues, in the Capital Improvement Fund,
to the Orange Bowl. Enterprise Fund for the purpose of purchasing and
installing security fencing and gates in the Orange Bowl Parking Lots
and around the perimeter of the Orange howl is hereby authorized, with
repayment of said sum together with interest thereon at the rate
of l3_n4/ to be made to the Capital Improvement Fund over a period
Dade County Tourist
CITY COMMISSION
MEETING OF
JUN 2 5 �81
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el" & MIAMI. PLORIDA
INtE 601rPit M(EMORANDUM
DALE June 12, 1981 ONCE
TO o a }>
City Manager
tUSACT Resolution Authorizing Loan
From Florida Power & Light
Franchise Revenues to Orange
Bowl Enterprise Fund & Companion
FROM Cesar Odio
tt tRENCES
Ordinance Amending the Capital
Assistant City
Manager Improvement Appropriation Ordin-
ENcLosuREs ance .
The Department of Stadiums and Marinas
recommends the adoption of a resolution
authorizing the loan of $175,000 from
Florida Power and Light Franchise Reve-
nues, in the Capital Improvement Funfor
Fund,
. ,
to the Orange Bowl Enterprise
of installing security fencing
..
the purpose
and gates in the Orange Bowl parking lots
'
and around the perimeter of the Orange
Bowl; the said sum of $175,000 to be re-
paid from the 2% Resort Tax over a pperiod
13.04%
E�
of 18 months; with interest at to
be repaid from the Orange Bowl nterprise
Fund.
The enclosed Companion Ordinance amending the Capital Improvement
Appropriation Ordinance establishes a new project in the Orange
Bowl Enterprise Fund by increasing the appropriation of the Orange
Bowl 2% Resort tax in an amount of $175,000.
The Orange Bowl has been experiencing increasing levels of vandalism -
and theft in recent years, during periods when it is not in use.
After consideration of a variety of options, we have concluded that
the best solution to this situation would be to erect an inner perim-
eter security fence. This has been done at a number of other major
stadiums, and we are advised by the operators of those stadiums that
it has been highly successful as a solution to the problem.
The Tourist Development Council and the Dade County Commission have
committed an estimated $175,000 from future collections of the Orange
Bowl portion of Resort a unds fenceoandatowe may p uchaserandse and installnnewlposts
the aforementioned security
and security gates of all Orange Bowl parking lots.
cc:
Law Department
Finance Department
Planning Department
Management & Budget