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Home My WebLink AboutLegislation-SUBCity Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com LU M File Number: 09-00345 Final Action Date= O Ir— L.6_. A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), City of Miami e� s AUTHORIZING A LOAN IN THE AMOUNT OF $800,000 FROM THE CITY OF Legislation MIAMI ("CITY") TO PARROT JUNGLE AND GARDENS OF WATSON ISLAND JUNGLE TO RETAIN A O INC. ("PARROT JUNGLE"), TO (1) ALLOW PARROT Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com LU M File Number: 09-00345 Final Action Date= O Ir— L.6_. A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), O 0 AUTHORIZING A LOAN IN THE AMOUNT OF $800,000 FROM THE CITY OF 000 MIAMI ("CITY") TO PARROT JUNGLE AND GARDENS OF WATSON ISLAND JUNGLE TO RETAIN A O INC. ("PARROT JUNGLE"), TO (1) ALLOW PARROT MINIMUM OF 400 EXISTING FULL-TIME JOBS, (2) SECURE THE CITY'S Q (� INTEREST AND OBLIGATION UNDER THE DEPARTMENT OF HOUSING AND w URBAN DEVELOPMENT SECTION 108 LOAN MADE TO PARROT JUNGLE, AND (�! (3) PROTECT THE CITY'S COMMUNITY DEVELOPMENT BLOCK GRANT "A" U FUNDING; SUCH LOAN TO BE ON THE TERMS STATED ON EXHIBIT ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO ME ,o 1 EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE. ca m WHEREAS, the City of Miami ("City") entered into a Lease and Development Agreement with Parrot Jungle and Gardens of Watson Island, Inc. ("Parrot Jungle") on September 2, 1997 for an initial 45 year term with a 15 year option period ("Lease") for that certain real property located in the City, on as much as 18.6134 acres commonly known as Watson Island ("Lease Property"); and WHEREAS, on January 9, 2001, Miami -Dade County made a Department of Housing and Urban Development Section 108 loan to Parrot Jungle in an amount of $25 million for the construction and operation of the Parrot Jungle and Gardens of Watson Island Project ("HUD Loan"); and WHEREAS, on July 10, 2007, by Resolution Number R-07-0405, the City Commission approved an assumption by the City of an 80% interest and obligation in the HUD Loan; and WHEREAS, Parrot Jungle has created more than 400 full-time jobs in the City, in part due to the City's Community Development Block Grant ("CDBG") funding, which will be lost without an intervention by the City; and WHEREAS, the City is willing to loan Parrot Jungle $800,000 ("City Loan"), allocated from the City's General Fund Reserve Account, to (1) allow Parrot Jungle to retain a minimum of 400 existing full-time jobs, (2) secure the City's interest and obligation under the HUD Loan made to Parrot Jungle and (3) protect the City's CDBG funding; and WHEREAS, Parrot Jungle shall repay the City Loan in monthly installments of $16,667 per month for 48 consecutive months beginning 90 days after full execution of the loan documents between the City and Parrot Jungle; and WHEREAS, the City Loan will be subject to: (i) Parrot Jungle providing to the City Manager, a firm funding commitment, in a form acceptable to the City Manager, in an amount greater than $1,449,000 to be used solely for the payment of outstanding property taxes on the Lease Property, or proof that all outstanding property taxes owed on the Lease Property have been paid; (ii) a 48 -month City of Miami Page 1 of 2 Printed On: 4/1/2009 _ 003V.5-Le21sla o�n-SUI? S File Number: 09-00345 deferral by the City Commission of the Minimum Annual Rent and Percentage Rent Parrot Jungle pays to the City under the Lease; (iii) Parrot Jungle providing the City with access and such materials, as the City may request, to conduct an analysis of the business model for the purpose of improving the survivability of the Parrot Jungle and Gardens of Watson Island Project, thereby mitigating the City's exposure on the HUD Loan; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. A loan in the amount of $800,000 from the City of Miami ("City") to Parrot Jungle and Gardens of Watson Island, Inc. is approved. Section 3. Such loan shall be on the terms stated on Exhibit "A", attached and incorporated. Section 4. The City Manager is authorized {1) to execute the necessary documents for the purpose set forth herein. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} APPROVED AS TO FORM AND CORRECTNESS JULIE BRU CITY ATTORNEY Footnotes: THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP. ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. {1) The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions {2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten 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. City ofMianu Page 2 of 2 Printed On: 4/1/2009 SUBSTITUTED City of Miami Legislation Resolution File Number's, 09-00345 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: A RESOL ION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZI G THE TRANSFER OF GENERAL FUNDS IN THE AMOUNT OF $800,000 FRO THE CITY OF MIAMI GENERAL FUND RESERVE ACCOUNT, ALLOCATING S ID FUNDS TO PARROT JUNGLE AND GARDENS OF WATSON ISLAND, INC ("PA ROT JUNGLE"), A FLORIDA FOR PROFIT CORPORATION, TO ALLOW THE R ENTION OF A MINIMUM OF 400 FULL-TIME JOBS AND TO SECURE THE CITY'S TEREST AND OBLIGATION UNDER THE DEPARTMENT OF HOUSING AND UR N DEVELOPMENT ("HUD") SECTION 108 LOAN MADE TO PARROT JUNGLE A PROTECT ITS COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") FUNDIN• AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT, IN SUBS NTIALLY THE ATTACHED FORM(S), WITH PARROT JUNGLE, FOR SAID URPOSE. WHEREAS, the City of Miami ("City") ent ed into a Lease and Development Agreement with Parrot Jungle and Gardens of Watson Island, Inc.arrot Jungle") on September 2, 1997 for an initial 45 year term with a 15 year option period; and WHEREAS, on January 9, 2001 Miami -Dade Countyounty") made a Section 108 loan in an era amount of $25 million dollars for the construction and opn of Parrot Jungle and Gardens of Watson Island Project; and WHEREAS, on July 10, 2007, by resolution number R-07- 405, the Miami City Commission approved an assumption of an 80% interest and obligation in the ction 108 loan made by Miami -Dade County thereby putting at risk the City's annual CDBG al cations: and WHEREAS, Parrot Jungle has created more than 400 full-time job in the City due to this funding which will be lost without an intervention by the City: and WHEREAS, Parrot Jungle will be required to make to repay this loan in onthly installments of $16,667 per month for the next 48 months beginning 90 days from the executionthis agreement; and WHEREAS, the allocation of this funding will be subject to: (i) Parrot Jungle proO' ing to the satisfaction of the City Manager a firm commitment in an amount greater than $1,449,00 r proof that all outstanding property taxes owed by Parrot Jungle. has been paid; (ii) a 48 -month deferra f the minimum rent paid to the City of Miami on the Parrot Jungle property by the Miami City Com sion; (iii) providing access to the City of Miami to conduct analysis of the business model to improve t e survivability of the business thereby mitigating the City's exposure; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: City of Mk - d Page 1 of 2 Printed On: 3/25/2009 SUBSTITUTED Number. 09-00345 \ Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by ret\erpnce and incorporated as if fully set forth in this Section. Se 'on 2. The City Manager is authorized {1} to execute an Agreement, in substantially the attached fo for said purpose. Section 3. The City hereby allocates to Parrot Jungle the sum of $800,000 from General Funds to be repaid in 48 0nthly installments of $16,667 beginning 90 days from the execution of the loan agreement. Section 4. This Resotion shall become effective immediately upon its adoption and signature of the Mayor.{2} APPROVED AS TO FORM AND C RRECTNESS: JULIE BRU CITY ATTORNEY Footnotes: {1} The herein authorization is further subject to compliant with all requirements that may be imposed by the City Attorney, including but not limited to thos\efftive ed by applicable City Charter and Code provisions {2} If the Mayor does not sign this Resolution, it shall becomeat the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoeolution, it shall become effective immediately upon override of the veto by the City Co City ojMiaini Page 2 of 2 Printed On: 3/25/2009