HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: T, 0 b
Law Department
Matter ID No. 09-3270
Date: 10/09/2009 Requesting Department: City Manager &Finance
Commission Meeting Date: 10/22/2009 District Impacted: Ci 'de
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Issuance of not to exceed $135 Million in aggregate principal amount of the City's Special
Obligation Parking Revenue Bonds Series 2009 A, B & C (Marlins Stadium Project).
Purpose of Item:
It is respectfully recommended that the City Commission adopt the attached Resolution authorizing
the issuance of. Special Obligation Parking Revenue Bonds, Series 2009 A, B & C (Marlins Stadium
Project) in aggregate principal amount not to exceed $135 Million. The Series 2009 A, B, & C Bonds
are being issued in tax-exempt, taxable, and Recovery Zone tax-exempt categories for the purposes of
financing the costs of the construction of the parking appurtenant and ancillary facilities, including but not
limited to, retail space, surface lots and parking structures for not to exceed 6,000 parking spaces to be located
at the site commonly referred to as the Marlins Baseball Stadium (the "Project"). Said Project will be owned
by the City and a portion will be used by Marlins Stadium Operator; LLC (the "User") pursuant to the City
Parking Agreement of April 15, 2009 among the City, Miami -Dade County and the User. The Resolution
delegates to the. City Manager the determination of certain matters and details concerning the Series
A, B & C Bonds, including negotiating and obtaining a municipal bond insurance policy, if necessary,
providing for a debt service reserve surety for these bonds, and providing for related costs of issuance.
Background Information:
Resolution sets the parameters under which the City Manager may execute a Bond Purchase Contract
for the transaction. Those parameters relate to the size of the issuance for each of the Series 2009 A,
B & C Bonds. Attached to the Resolution are, among other things, the draft forms of the Bond
Purchase Contract, the Paying Agent and Registrar Agreement, Preliminary Official Statement, and a
Continuing Disclosure Agreement, and the Resolution authorizes the City Manager to enter into the
final forms of such documents. All of these documents have been drafted by or reviewed by our Bond
Counsel, Bryant Miller Olive P.A., and Disclosure Counsel, Squire, Sanders & Dempsey L.L. P. The
City's Finance Committee also approved the neszotiated sale of these bonds.
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No: CY Project No:
Special Revenue Account No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost: Maintenance Cost: Total Fiscal Impact:
Final Approvals (SIGN AND DATE)
CIP
If using or receiving capital funds
Grants
Purchas' n
Chief "1
[Type text]
Budget
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