The URL can be used to link to this page

Home My WebLink AboutR-79-0837RESOLUTION NO. 7 9" 8 3 7 A RESOLUTION DETERMINING IN NUMERICAL TERMS THE ESTIMATED COST OF A THEME AND AMUSEMENT PARK ON WATSON ISLAND (THE WATSON ISLAND PROJECT) AS OF 'THE 27TH DAY OF APRIL, 1978, THE DATE OF THE PASSAGE OF CITY OF MIAMI RESOLUTION NO. 78-302. WHEREAS, on the 27th day of April, 1978, the City Commission of the City of Miami adopted a resolution numbered 78-302 and entitled: and A RESOLUTION APPROVING THE PRELIMINARY DRAW- INGS AND FINANCIAL FEASIBILITY REPORTS AS PRE SENTED BY DIPLOMAT WORLD ENTERPRISES,LTD., IN ACCORDANCE WITH THE TERMS OF ARTICLE III OF THE AGREEMENT BETWEEN THE CITY :OF MIAMI, FLORIDA, AND DIPLOMAT WORLD ENTERPRISES, LTD., DATED NOVEMBER 11, 1977; "DOCUMENT INDEX ITEM NO frl WHEREAS, the Circuit Court of Dade County, Florida, by its judgment dated September 7, 1979, did validate $35,000,000 of Public Improvement Senior Revenue Bonds, Series 1979A Island Project), and $20-,-000,000 of, Public Improvement - Bonds, Series 1979E (Watson Island Project), but did (Watson Revenue provide in said judgment that the Bonds should no.t be issued "until Plaintiff determines, in numeric terms by its resolution duly and lawfully adopted,'the estimated cost of the Project on account of which said. Bonds are to be issued, which estimate of cost shall be as of the date of the passage of Plaintiff's Resolution No. 78-302;". and WHEREAS, the City Commission of the City of Miami had before it when. Resolution No. 78-302 was adopted specifically_ and in numeric terms estimates of the cost as of that time of said Project but did not include the actual figures in said Resolution No. 78-302, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA: CITY COMMISSION MEETING OF. DEC5 1979 aoumo++ Ho 7 9 - Q,,,. , REMARKS' ................... SECTION 1. The estimated cost, as of the 27th day of April,. 1978, of the theme and amusement park, known as the Watson Island Project, the financing of which provision has been made for the issuance of $35,000,000 Public Improvement Senior Revenue. Bonds, Series 1979A (Watson Island Project), and $20,000,000 Public Improvement Revenue Bonds, Series 1979B (Watson. Island Project) (the "Bonds") , expressed in numeric terms is as follows: Construction of Project ...........••$48,100,000 Funded Interest During Construction 2,100,000 Debt Service Reserve Bond Issuance Expenses Including Underwriting Discount 3, 000, 000 1,800,000 Total Estimated Cost of the Project ....$55,000,000 SECTION 2. The estimated current cost the Watson Island Project expressed in numeric terms is as follows: Construction of Project $58,777,000 3,830,000 Funded Interest During Construction Debt Service Reserve Bond Issuance Expenses Including Underwriting Discount Total Estimated Cost of the Project ....$68,000 SECTION 3 The anticipated sources of funds construct the Watson Island Project are as follows: to acquire Series 1979A Bonds $35,000 Series 1979B Bonds 20,000,000 Urban Development Action Grant 10 Economic Development Administration Grant. 3,000,000 Total Estimated Cost of the Project ..... $68,000,000 SECTION 4. The estimated annual operating gross_ revenues of the Watson Island Project in the first full year of operation, 79-837 1985<and thereafter, is not less than $44,872,000 annually. The estimated amount to be received by the City as its Guaranteed Entitlement portion of the revenues accruing under the. Florida Revenue Sharing act of 1972 is not less than $5,000,000 annually. The estimated annual cost of maintaining, repairing and operating. the Watson Island Project, including the annual payment of principal and interest on the Bonds when coming due, is $34,177,000. Accordingly, the revenues and earnings of the Watson Island Project and other special funds pledged therefor will be sufficient to pay the costs of maintaining, repairing and operating the Watson Island Project and to pay the principal of and interest on the Bonds issued to pay a portion of the costs of the Watson Island Project as such principal and interest comes due, and therefore, the Project is "self-liquidating." SECTION 5. The Bonds referred to in Section 1 herein shall not be issued until the Cabinet of the State of Florida sitting as the Trustees of the Internal Improvement Fund have executed, in substantial form, the Deed Modification attached hereto as Exhibit A or until a court of competent jurisdiction has entered its final judgment, and the time for appealing such judgment has expired, adjudicating the title to the Project site being vested in the City. SECTION 6. This Resolution shall be filed with the Circuit Court of Dade County, Florida, in case number 79-13700 entitled: CITY OF MIAMI, FLORIDA, a municipal corporation of the State of Florida, Plaintiff, vs. STATE OF FLORIDA, Taxpayers, Property Owners and Citizens of the City of Miami, Florida, including non-residents owning property or subject to taxation therein, et al., Defendants. VALIDATION OF $35,000,000 Public Improve- ment Senior Revenue Bonds, Series 1979A (Watson Island Project) $20,000,.000 Public. Improve- ment Revenue Bonds, Series 197.9E (Watson Island Project) 79-•837 and a certified copy thereof shall be served upon the State Attorney of the Eleventh Judicial Circuit of Florida. SECTION 7. The original of this Resolution shall be signed by the proper City officials in duplicate. One duplicate shall be filed with the Court in compliance with Section 2 of this Resolution and one remain in the proper City records. SECTION 8. All resolutions and ordinances in conflict hereto are hereby repealed or suspended insofar as they pertain to the development or operation of Watson Island. PASSED AND ADOPTED this 5th day of December , 1979. ATTEST: PREPARED AND APPROVED BY: Assistan City Attor APPR Maurice A.:Ferre MAURICE A. FERRE, Mayor S TO FORM AND CORRECTNESS: City Attorney 4 Zas ct YOt FROM Joseph R. Grassie City Manager John E. Gilchrist rJ Project Director ,/' November 30, 1979 1- A,H,L,,r, Resolution Complying with Bond Validation Judgement for Watson Island "FEi.6:PICfd L°: Resolution It is recommended that by resolution the City Commission determine in numerical terms the estimated cost of a Theme and Amusement Park on Watson Island in order to comply with the Circuit Court of Dade County bond validation judgement for the Watson Island bonds. The City Commission when approving plans and costs of the Watson Island Project by Resolution No. 78-302 dated April 27,119.78'did not include the actual figures in that Resolution. The Circuit Court did validate the $55,000,000 bond issue but did condition it that the City should by resolution include the estimate of cost as of the date of the original resolution prior to the issuance of the bonds. The enclosed resolution is to comply with this requirement,and as well establish the current estimated costs and as well to stipulate that the bonds will not be issued until the Trustees have granted the waiver of Deed Restriction. These last two requirements of this resolution were requested by the State Attorney's office of Dade County and are therefore included. EXHIBIT A LO ' Deed No. 19447-13 WAIVER OF DEED RESTRICTIONS WHEREAS, the Trustees of the Internal Improvement Fund Of tho State of. Florida conveyed to the City of Miami certain lands commonly referred to as V.atbon Island as more particularly described in Deed No. 19447, recorded in Deed Book 3130,'page 257, of the Public Records of Dade County, Florida, Clerk's File No. Y-20u10, and WHEREAS, the above described deed contained the following • restrictions PROVIDED, HOWEVER, anything herein to, the contrary notwithstanding, this deed is given and granted upon • the express condition subsequent that the Grantee herein or its successors and assigns shall never sell or con- voy or lease the above described land or any part thereof to 'any privateperson, firm or corporation for any private use or purpose, it being the intention of this restriction that the said lands shall be used solely for public purposes, including municipal purposes and not otherwise. PROVIDED, FURTHER, anything herein to the contrary notwithstanding, this deed is given and granted upon the further express condition subsequent that the Grantee herein or its successors or assigns shall not give or grant any license or permit to any private person, firm or corporation to constructor make by any means, any islands, fills, embankments, structures, buildings or other similar things within or upon the above described lands or any part thereof for any private use or purpose,. as distinguished from any public or municipal use or purpose. r� f. - 1 1 rtAk 1.•1 '1 t' ` WHEREAS, the City of Miami is desirous of developing a It is covenanted and agreed that the above 'condi- tions subsequent shall run with the land and any viola- tion thereof shall render this deed null and void and the above described lands shall, in such event, revert to the Grantors or their successors,and theme and amusement park on Watson Island and in order to ac- complish the same,it is necessary that the above -mentioned deed restriction be waived by the Board of Trustees of the Internal Improvement Trust Fund, NOW TIHEREFORE, IT IS IIEREBY COVENANTED AND AGREED: 7.'IIAT the deed restrictions heretofore set forth are hereby waived by the Board of Trustees of the Internal Improvement Trust Fund subject to the following conditions= I. The of.voi,, 1111'I11: or :1in1,::1`1!rilt: p:tl l; (all 1-1;11 :;:m I::l.:lllti ritn1 1 1)( t11)::t.;Int i ;11 i n:; -don i c1:('(1 in -the 1)1•;►r1 (1_ Al.: L'rtl;lt: i.V' 1.•• (; of the Y . :;oil I:: I .ltl(1 l:llv i t l)11wr of ;t t rI l:�:ll is nr.pal:C(l- Ly Po:;t, 1'•Hckl Cal, :;c1H111 Con::111 t•:i11t); to R. 111.1('1 1. ;Ind A.::mt'1?t es , (1;1Les SC'ntor )or , ;!:t 1 10Ltcr .)i.t_ii e:;t•1r.:11r'c':; rov `'7 837 1 :S portions thereof dated October 30, 1979; t)i.+.r.ci +(wt~v�rr1 that nothinPin this condition shall he construed to be in any manner determinative cot�(,ernmlj, the rdisuc c)!L't+llrtller or riot 'hit:;onisland is bll:thi.n the Biscayne ne-!Irv/ ' A(1+.iat).0 PCe:-ct'Vc and. r3ul iect to rePul1tion by the L1t i i.;S pursuant to t1ie imp Licagl.c` provisions of Chapter 257i, F1.orida—';1.,ituttc • This waiver shall become effective upon execution; provided 11oh:dvet,_ j11i:tt this waiver shall automatically and without ,any notice of nnY kind terminate, cease to "exist, ` and be, null and. void nb initio it a development order on the project described in condition one above favorable to the CITY is not is:;ucd)ursuant • tom§3t-0.i56, F S. , or ;such t ivoralile' or.tier does not result at:tcr the c-lmllstion of all anneals, or within three (3) years from tlic date hereof; whichever is sooner. . Annual rcnorts of pronr.ess made by the CITY toward completion of the park to the TRUSTEES, due by the anniversary date Of this action each year until the park is open to the public for use. • This waiver shall cease to exist upon abandonment or termination of the project should such take place 'prior 'to October 1, 2041. . The CITY dedicates in -a form and manner to he approved by the State of Florida Attorney General, one-third (1/3) of all net revenues received or receivable' by the CITY from the project to economic development projects` consistent with those Urban Development Action Grants as administered by the United 'States Department of Housing and Urban DevelopmentZ and further, that. this dedication shall take place no later than January 31, 1')30; "provided however, that if the CITY refuses or otherwise fails to make said dedication within said time limits, : or refuses or` otherwise fails to make said dedication in a ;form and manner acceptable to the State of Florida Attorney General within said time limits, this waiver shall automatically and without any notice of any kind, terminate, cease to exist, and be null and void -'ab initio. 6.' The CITY dedicates„ in 'a form and manner to be aonroved by the State of Florida Attorney General, one-third (1/3) of all net revenues received or receivable by the 'CITY,` from the Project to, the acquisition and maintenance of-Y)"-lrl.s and recreational projects and facilities within the CITY, and further that this dedication shall take mace no later than January 31, 1980; provided however, that if the CITY rctusc „ri;,otherwise fails to make said dedication within said time \li.m t s, or re` uses or< othc'r�)i se fails to m�1)•:e laic; dedication \q.n a.lform and manner acceptable to the State of Florida i':ttornev General within said time limits, this waiver sha1?. automatically and without any notice of an«' kind, terminate-, cease to exist, and be null and void ab initio. • '1'10 Ct:'I'Y `I; (': iit 1:r'i i'i.i)',, nl;1.01: 1'0 .fnl�i�:il.V ;1., 0.0110 Or 111^ I'l`Vl`1111�`;) �.ic(l i l:,lI +`tl I:li Cll llll 1. t'1.C)n l ;t :)hove shill. l :;Itot)l:+nt till j or •11.1. ()Inds l+;lll' 1)r2 ;1(,C111 Lt; l t I•OIt .II1(1 Ill 1 1a11'r�ll;illl l' U i ) 11'l;s 111d1()11 1l-,1,i:U 1•'( t::; • l•1.L t_11 i•)1 l 1lc' (� 1 rat n ov l drd 11O l \le I: t'lrl `�11011� ll t11C (. 11 i' 1 tel:, otlleL(:1 t;C` 1 e tl e t o 1)1 c)V I-(1(3, thC'tiOeul"1:.11t 're':evr d` to in '1:11).s condition i)Y t he date prescribed 11)(?(l tla l.f; WOLVer shall allt:t)i', lt_ i c;11.ly and c>>t:houut any notice of any kind, t'erni n:itr_, as to c., 1.:; L and ' be null and void nb initio. ▪ The oral :iltr(`l'IlCIIt entered into between the (:1•rY :In(1 the Developer, modifying the Amended Contract to reflect the requirement of 1)onld issue on or. before December 31, 19SO, and not as originally provided December 31, 1979, be reduced to writing; and the CITY issue said bonds on or before December ,31, 1930; hrovidcd;howevcr, that if the CITY refuses or otherwise fails to comply with this condition within said time limits, this waiver shall automatically and without any notice of any kind, terminate, ccasc to exist, and be null and void ab initio. IN WITNESS WIIEREOF, the Board of Trustees of the Internal Improvement Trust Fund have hereunto subscribed their names and affixed the seal of the Board of Trustees of the Internal Improvement Trust Fund at Tallahassee, Florida this day of , 1979. Governor (SEAL) Secretary of State Attorney General Comptroller (SEAL). (SEAL) (SEAL). Treasurer (SEAL) Commissioner of Agriculture (SEAL) Commissioner of Education