HomeMy WebLinkAboutR-80-0414I
RESOLUTION NO. 8 0- 4 1 4
A RESOLUTION AUTHORIZING THE CITY MANAGER TO PROCEED
WITH $60 MILLION OF REVENUE BONDS FOR THE
PURPOSE OF CONSTRUCTING THE CITY'S PORTION OF THE
PARKING GARAGE AND CONFERENCE CONVENTION CENTER IN CONN-
ECTION WITH THE CITY OF MIAM VUNIVERSITY OF MIAMI JAMES
L. KNIGHT INTERNATIONAL CENTER SUBJECT TO THE TERMS OF
THE SALE BEING FINALLY APPROVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to proceed
with $60 million in revenue bond funds for the purpose of paying the
City's share for construction of the parking garage and Conference Convention
Center in connection with the City of Miami/ University of Miami James L. Knight
International Center, said sale being subject to final approval by the City
Commission.
1980.
PASSED AND ADOPTED this 6th day of JUNE ,
RALPH G. ONGIE
CITY CLERK
PREPARED%AND APPROVED BY:
.
Loco
TERRY %'. PERCY
ASS'T. CITY ATTY.
APPROVED AS TO FORM AND CORRECTNESS:
MAURICE A. FERRE
MAYOR
"DOC!.iM E� T I►JDEX
IT E
CITY COMMISSION
MEETING OF
J U N 3 1980
'i �i' ��•��%�'' �! ter. . ;:.1t�:�Ar'!��?.. 1 /,
Joseph R. Grassie
City Manager
Vincent E. G►`1mm /.1'Jr,,_� -_V ,
taut Cty. P3anager
A E. May 30, 1980
Li.
'J:l,ecr Conference/Convention Center
In order to be able to present to the City Commission a firm purchase contract
for the $60,000,000 of bonds for the Conference/Convention Center, it is
necessary that we be authorized to proceed with the sale on June 6. The pre-
ferred procedure would have been for the City Commission to give final approval
to the Trust Indenture and the Official Statement. These actions would have
been the catalyst for the sale of the bonds.
In order to finalize the Trust Indenture and the Official Statement, it is
necessary that all documents involved would have been approved in final form by
the Commission. Unfortunately, we have not been able to resolve the air rights
lease for the World Trade Center in time for those provisions to be incorporated
in the Official Statement and Trust Indenture on June 6. In disussions with
the City's Bond Counsel and Bond Underwriters, they have agreed that we could
proceed on this basis with every effort being made to finalize these documents
in advance of June 19.
Attached is a copy of the proposed air rights lease for the World Trade Center.
At the present time it is not signed by Dade Savings and Loan. It is hoped that
the Commission will adopt this agreement in principle and authorize you to
execute the agreement when all the final provisions have been satisfied. As it
stands now, the only major obstacle is the extent of approval by Dade Savings
and Loan of the plans for the parking structure. If Dade Savings and Loan come
to an agreement with the Miami Center Associates for the development of not only
the parking structure but the World Trade Center Tower, then the problem of con-
trol will be resolved.
Also attached is a companion agreement to the air rights lease. This companion
agreement satisfies further the relationship between the parties, i.e., City of
Miami, Dade Savings and Loan Association, Sefrius Corporation and Earl Worsham.
In essence the Commission needs to authorize on June 6th (1) authority to proceed
towards a firm purchase contract for the $60,000,000 Bond Issue on June 19;
(2) approval in principle of the air rights agreement with authority for the City
Manager to execute the agreement when the terms have been finalized; (3) authority
for the Manager to execute a companion agreement for the air rights lease which
establishes relationship between the parties.
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On June 19 we will ask the Commission to approve the following:
1. The Trust Indenture
2. The Official Statement
3. The purchase contract for $60,000,000 in Revenue Bonds
4. The final version of the supplement to the Lease and Agreement
dated September 13, 1979
5. To authorize an increase in the scope of the Rooney Contract
6. To authorize an increase in the scope of the Florida Steel Contract
cc: Earl Worsham
Jim Connolly
Joe Guandola
Ernesto Pena
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