Loading...
HomeMy WebLinkAboutR-07-0405City of Miami Legislation Resolution: R-07-0405 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 07-00895 Final Action Date: 7/10/2007 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXECUTE A PARTICIPATION AGREEMENT AND AN ASSUMPTION OF LOAN GUARANTEE ASSISTANCE AND LIABILITY AND PLEDGE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM(S), PROVIDING FOR THE CITY OF MIAMI'S ("CITY") ASSUMPTION OF EIGHTY PERCENT (80%) OF MIAMI-DADE COUNTY'S ("COUNTY") LIABILITY UNDER THE SECTION 108 LOAN USED BY THE COUNTY, TO FUND A $25,000,000, LOAN TO PARROT JUNGLE AND GARDENS OF WATSON ISLAND, INC. ("PARROT JUNGLE"), AND ALL OTHER DOCUMENTS AS MAY BE REQUIRED IN CONNECTION TO SUCH ASSUMPTION, SUBJECT TO CITY ATTORNEY APPROVAL; WAIVING SATISFACTION OF THE CONDITIONS PRECEDENT TO SUCH ASSUMPTION SET FORTH IN THE JOINT PARTICIPATION AGREEMENT DATED SEPTEMBER 9, 1998, BETWEEN THE CITY AND THE COUNTY; FURTHER CONSENTING TO THE MODIFICATION OF THE TERMS OF THE LOAN FROM THE COUNTY TO PARROT JUNGLE, AS MORE SPECIFICALLY DESCRIBED HEREIN. WHEREAS, on January 9, 2001, Miami -Dade County ("County") made a loan to Parrot Jungle and Gardens of Watson Island ("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 (the "Parrot Jungle Loan"); and WHEREAS, the County funded the Parrot Jungle Loan by virtue of a $25,000,000, loan guaranteed by the United States Department of Housing and Urban Development ("HUD") which was advanced to the County pursuant to the Section 108 Loan Guarantee Program (the "Section 108 Loan"); and WHEREAS, the City of Miami ("City") and the County entered into a Joint Participation Agreement dated September 9, 1998 ("JPA"), in which the City agreed to replace the County as the guarantor of 80% of the Section 108 Loan, upon satisfaction of certain conditions set forth therein, including the conditions that the Parrot Jungle Loan must be current and no event of default is in existence and that the County assign to the City all of the documents securing the Loan (the "Loan Documents"); and WHEREAS, the County is not able to assign the Loan Documents to the City pursuant to the provisions of the documents evidencing or securing the Section 108 Loan; and WHEREAS, Parrot Jungle has cured, and/or the County has agreed to waive and not enforce, certain events of non-performance by Parrot Jungle under the Loan Documents; and WHEREAS, to assist Parrot Jungle to cure its failure to make payments under the Parrot Jungle Loan, the County has agreed, subject to the City's approval, to modify Parrot Jungle's obligations City of Miami Page 1 of 2 File Id: 07-00895 (Version: 21 Printed On: 4/5/2017 File Number: 07-00895 Enactment Number: R-07-0405 under the Loan Documents to (I) provide that Parrot Jungle shall not be obligated to make any payments under the Parrot Jungle Loan from August, 2006, through and including the payment due in August, 2011 (the "Deferral"), and (11) require that all amounts that Parrot Jungle would have been required to pay during the Deferral, totaling $17,277,000 (the "Deferred Amount"), plus interest at the rate of 5% shall be payable in 10 equal annual installments commencing in 2020, provided that the Parrot Jungle Loan has been fully paid; and WHEREAS, it is in the best interest of the City to consent to the modification of the Parrot Jungle Loan to defer payment of the Deferred Amount, as set forth herein, and to assume 80% of the County's obligations under the Section 108 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. The City Commission waives satisfaction of all the conditions precedent to the City's assumption of the County's obligations under the Section 108 Loan described in the JPA. Section 3. The City Manager is authorized{1} to execute the Participation Agreement and the Assumption of Loan Guarantee Assistance Liability and Pledge Agreement, substantially in the attached forms, and such other documents as may be required, subject to the City Attorney's approval, to assume eighty percent (80%) of the County's obligations under the Section 108 Loan. Section 4. The modification of the Parrot Jungle Loan to defer payment of the Deferral Amount until and including the payment of August, 2011, is approved and the City Manager is authorized{1} to execute such documents as may be required to evidence this approval, subject to City Attorney approval. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} Footnotes: {1} 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. {2} 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. City of Miami Page 2 of 2 File Id: 07-00895 (Version: 21 Printed On: 4/5/2017