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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 06-01332 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY
MANAGER TO NEGOTIATE AN AGREEMENT WITH MIAMI-DADE COUNTY
("COUNTY"), SUBJECT TO THE APPROVAL OF THE MIAMI CITY COMMISSION,
TO ESTABLISH A MECHANISM PURSUANT TO WHICH THE CITY MAY
RELEASE THE COUNTY FROM UP TO EIGHTY PERCENT (80%) OF THE
COUNTY'S OBLIGATION TO THE DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT ("U.S. HUD") UNDER THE SECTION 108 LOAN TO PARROT
JUNGLE AND GARDENS OF WATSON ISLAND, INC.; FURTHER AUTHORIZING
THE CITY'S PAYMENT TO THE COUNTY THE SUM OF $1,356,731,
REPRESENTING EIGHTY PERCENT (80%) OF THE SECTION 108 LOAN
PAYMENT DUE BY THE COUNTY TO U.S. HUD ON AUGUST 1, 2006;
ALLOCATING FUNDS FROM GENERAL FUNDS.
WHEREAS, pursuant to a Development Agreement dated April 20, 2000 ("Development
Agreement"), between Miami -Dade County ("County"), Parrot Jungle and Gardens of Watson Island
("Parrot Jungle") and the City of Miami ("City"), the County made a Section 108 loan to Parrot Jungle,
in the original principal amount of Twenty -Five Million Dollars ($25,000,000) to facilitate the financing
of the development of the Parrot Jungle and Gardens of Watson Island Project ("Loan"); and
WHEREAS, the Development Agreement and a Joint Participation Agreement ("JPA") between the
City and the County dated September 9th, 1998 require the City to replace the County as the
guarantor of 80% of the Loan, upon satisfaction of certain conditions set forth therein, including the
conditions that the Loan must be current and no event of default is in existence and that the loan
documents securing the Loan must be assigned to the City; and
WHEREAS, the Loan is not current, certain conditions contained in the Development Agreement
relating to Parrot Jungle's obligations have not been performed and the United Stated Department of
Housing and Urban Development ("U.S. HUD") has not yet approved a mechanism to allow the City to
replace the County as guarantor of 80% of the Loan; and
WHEREAS, on July 18, 2006, the County adopted Resolution No. 916-06 authorizing a new loan
to Parrot Jungle, in the amount of $4,701,782, to cover the amounts advanced by the County for Loan
repayments through February, 2006, deferring Parrot Jungle's payments on the Loan until 2012,
subject to the City's approval, and authorizing the County Manager to negotiate the City's assumption
of eighty percent (80%) of the Loan.; and
WHEREAS, on July 18, 2006, the County adopted Resolution No. 915-06, authorizing the County
Manager to enter into negotiations with the City and the Omni and SEOPW CRAs (collectively, the
CRAs"), concerning the terms set forth in the attachments to said resolution; and
WHEREAS, the City wishes the County to consider certain additional terms relating to the CRAs;
City of Miami Page 1 of 2 Printed On: 7/24/2006
File Number: 06-01332
and
WHEREAS, the County has requested the City to contribute eighty percent .(80%) of the loan
repayment amount due to U.S. HUD in August, 2006;
WHEREAS, the City wishes to reach an agreement with the County regarding the repayment of
the Loan and the CRAs; and
WHEREAS, in a showing of good faith to negotiate the aforementioned agreement, the City wishes
to contribute to the County the sum of $1,356,731, representing 80% of the Loan repayment amount
due to HUD in August, 2006;
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. The City Manager is authorized{1} to negotiate an agreement with the County to
establish a mechanism pursuant to which the City may release the County from up to eighty percent
(80%) of the County's obligation to HUD under the Section 108 loan to Parrot Jungle and Gardens of
Watson Island, Inc.
Section 3. The City is authorized{1} to pay to the County the sum of $1,356,731, representing
80% of the Loan repayment amount payable by the County to U.S. HUD in August, 2006, with funds
allocated from General Funds.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor and shall expire in the event an agreement is not reached and brought back to the City
Commission for approval by , 2006.{2}
APPROVED ' S T!, FJ; AND CORRECTNES --
„7/
JORGE L. F RNA
CITY ATTO ' NEY
Footnotes:
{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.
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