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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #14901 Date: 10/17/2023 Commission Meeting Date: 10/26/2023 Requesting Department: Department of Finance Sponsored By: District Impacted: All Type: Resolution Subject: Updated Intent to Reimburse Marine Stadium Welcome Center Boat Ramp Mooring Field Parking Purpose of Item: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA ("CITY") TO ISSUE TAX-EXEMPT AND TAXABLE SPECIAL OBLIGATION BONDS, in one or more series, IN THE EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF SIXTY-ONE MILLION, TWO HUNDRED THOUSAND DOLLARS ($61,200,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH SPECIAL OBLIGATION BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO CERTAIN CAPITAL IMPROVEMENTS PROJECTS AT THE MIAMI MARINE STADIUM, THE ASSOCIATED WELCOME CENTER AND MUSEUM COMPLEX, THE BOAT LAUNCH AND TRAILER PARKING, THE MOORING FIELD IN THE MIAMI MARINE STADIUM BASIN, AND ASSOCIATED PARKING FACILITIES; ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH THE CITY ATTORNEY AND BOND COUNSEL, AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY, AS THE CITY MANAGER DEEMS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN PREVIOUSLY ADOPTED SEPTEMBER 9, 2023, AS MAY BE SUBSEQUENTLY AMENDED. Background of Item: N/A Budget Impact Analysis Total Fiscal Impact: N/A Reviewed B Department of Finance Office of Management and Budget Office of Management and Budget City Manager's Office City Manager's Office Legislative Division Office of the City Attorney Office of the City Attorney City Commission Office of the Mayor Office of the City Clerk Legislative Division Office of the City Attorney Office of the City Attorney Office of the City Clerk Erica T Paschal Miriam Arcia Marie Gouin Larry M. Spring Arthur Noriega V Valentin J Alvarez Xavier Alban Victoria Mendez Nicole Ewan Mayor's Office City Clerk's Office Valentin J Alvarez Xavier Alban Victoria Mendez City Clerk's Office Department Head Review Budget Analyst Review Budget Review Assistant City Manager Review City Manager Review Legislative Division Review ACA Review Approved Form and Correctness Meeting Unsigned by the Mayor Completed Skipped Completed Completed Completed Completed Completed Completed Completed Completed Signed and Attested by the City Clerk Completed Legislative Division Review Completed ACA Review Completed Approved Form and Correctness with Modification(s) Rendered Completed 10/17/2023 6:33 PM 10/17/2023 7:53 PM 10/17/2023 9:29 PM 10/17/2023 9:34 PM 10/17/2023 9:58 PM 10/17/2023 10:02 PM 10/17/2023 10:17 PM 10/17/2023 10:20 PM 10/26/2023 9:00 AM 11/03/2023 4:58 PM 11/03/2023 5:20 PM 10/30/2023 12:39 PM 11/28/2023 11:25 AM Completed 11/29/2023 6:46 PM City of Miami Legislation Resolution Enactment Number: R-23-0488 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 14901 Final Action Date:10/26/2023 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA ("CITY") TO ISSUE TAX-EXEMPT AND TAXABLE SPECIAL OBLIGATION BONDS, IN ONE OR MORE SERIES, IN THE EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF SIX MILLION DOLLARS ($6,000,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH SPECIAL OBLIGATION BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO CERTAIN CAPITAL IMPROVEMENTS PROJECTS ON VIRGINIA KEY INCLUDING THE BOAT LAUNCH AND TRAILER PARKING, THE MOORING FIELD IN THE MIAMI MARINE STADIUM BASIN, AND PARKING FACILITIES; ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH THE CITY ATTORNEY AND BOND COUNSEL, AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY, AS THE CITY MANAGER DEEMS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN PREVIOUSLY ADOPTED SEPTEMBER 9, 2023, AS MAY BE SUBSEQUENTLY AMENDED. WHEREAS, United States Treasury Regulations §1.150-2 (the "Reimbursement Regulations") prescribe conditions under which proceeds of tax-exempt bonds, notes or other obligations ("Bonds") used to reimburse advances made for capital and certain other expenditures ("Original Expenditures") paid before the issuance of such Bonds will be deemed to be expended (or properly allocated to expenditures) for purposes of Sections 103 and 141- 150 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, as amended (collectively, the "IRS Code"), upon such reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions under those sections of the IRS Code; and WHEREAS, certain provisions of the Reimbursement Regulations require that there be a declaration of official intent not later than sixty (60) days following payment of the Original Expenditures expected to be reimbursed from proceeds of Bonds, and that the reimbursement occur within certain prescribed time periods after the Original Expenditures are paid or after the property resulting from that Original Expenditure is placed in service; and WHEREAS, the Miami City Commission ("City Commission") adopted Resolution No. R- 16-0563 on November 17, 2016 declaring the City of Miami's ("City") official intent to issue tax- exempt and taxable Special Obligation Bonds in the total expected maximum principal amount of Forty -Five Million Dollars ($45,000,000.00) and, to the extent permissible under the IRS Code regarding the tax-exempt Special Obligation Bonds, use a portion of the tax-exempt Special Obligation Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred for the purposes of financing the costs of certain capital improvements projects at the Miami Marine Stadium and associated welcome center and museum complex (collectively, the "Miami Marine Stadium Capital Renovations and Improvements Projects") in order to provide necessary capital upgrades for the Miami Marine Stadium itself and interrelated facilities, attached and incorporated herein as Exhibit "A;" and WHEREAS, the City Commission believes it is in the best interest of the City to update its official intent to issue the tax-exempt and taxable Special Obligation Bonds to ensure the successful completion of the boat launch and trailer parking project, the mooring field in the Miami Marine Stadium basin project, and any parking facilities to the total project ("Updated Virginia Key Capital Projects"); and WHEREAS, the City Commission expects to provide for the issuance by the City of its tax-exempt and taxable special obligation bonds, in one or more series, in a total principal amount not to exceed Six Million Dollars ($6,000,000.00) (collectively, "Special Obligation Bonds") for the purposes of financing the costs of the Updated Virginia Key Capital Projects; and WHEREAS, in connection with the Updated Virginia Key Capital Projects, the City expects to make Original Expenditures that will be reimbursed from proceeds of the Special Obligation Bonds; and WHEREAS, in connection with the Updated Virginia Key Capital Projects, the City desires to expeditiously improve and provide capital projects updates on multiple areas for which the City has already determined funding considerations in its Fiscal Year 2023-2024 Multi -Year Capital Plan adopted September 9, 2023 pursuant to City Commission Resolution No. 23-0376, as may be subsequently amended ("Multi -Year Capital Plan"), by amending the Multi -Year Capital Plan, as set forth below to include the Updated Virginia Key Capital Projects and the associated financing as referenced by this resolution; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. Recitals and Findings. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. Definitions. The following definitions apply to the terms used herein: "Reimbursement" or "Reimburse" means the restoration to the City of money temporarily advanced from its own funds and spent for Original Expenditures before the issuance of the Special Obligation Bonds, evidenced in writing by an allocation on the books and records of the City that shows the use of the proceeds of the Special Obligation Bonds to restore the money advanced for the Original Expenditures. "Reimbursement" or "Reimburse" generally does not include the refunding or retiring of Bonds previously issued and sold to, or borrowings from, unrelated entities. Section 3. Declaration of Official Intent. The Commission hereby declares the City's official intent to issue the tax-exempt and taxable Special Obligation Bonds, in on eor more series, in the total expected maximum principal amount of Six Million Dollars ($6,000,000.00) and, to the extent permissible under the IRS Code regarding the tax-exempt Special Obligation Bonds, use a portion of the tax-exempt Special Obligation Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred with respect to the Updated Virginia Key Capital Projects. This Resolution is intended as a declaration of official intent under United States Treasury Regulation § 1.150-2. The expenditures to be reimbursed pursuant to this Resolution will be paid from general fund revenues of the City, as may be allowed for the purpose of implementing the Updated Virginia Key Capital Projects. Section 4. Incidental Actions. The City Manager, in consultation with the City Attorney and Bond Counsel, and such other appropriate officers, employees, and agents of the City as the City Manager deems necessary, are hereby authorized to take such actions as may be necessary to carry out the purposes of this Resolution and the IRS Code. Section 5. Related Amendment of the City's Multi -Year Capital Plan. The Multi - Year Capital Plan is amended: (i) to include the Updated Virginia Key Capital Projects and the associated financing as referenced in this resolution, with new project numbers to be determined by the City Manager; and (ii) to require that future reallocations of funding sources be presented to City Commission from time to time in connection with said financing and said Updated Virginia Key Capital Projects. Section 6. Effective Date. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: ndeez City Attor ey 10/17/2023 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable City Charter and City Code provisions. 2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission.