HomeMy WebLinkAboutSummary FormDate: G/ /WO7
AENDA ITEM SUMMARY FORI
nil ID: 0 0 0
RE.26
Requesting Department: City Mana et
Commission Meeting Date; Z/Jfl,/2007 District impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance E Discussion item
❑ Other
Subject: ,Authorizir7 Jption City of Miami's portion of Parrot Jungle Section 1 OR Loan
Purpose of Item:
A resolution of the Miami City Commission authorizing the City Manager to execute agreements, in
the substantially attached forms, providing for thc City's assumption of 80% of the County's liability
to 1J tJ n under the Section 108 Loan with which the County funded a $25 million loan to Parrot
Jungle.
Background tufornlatiun:
wnir
In 1997 the owner of Parrot Jungle approached the City of Miami for section 108 loan assistance for
the purpose of relocating the park from its South Dade home to its present location on Watson island
in the City of Miami. Due to the City's then financial crisis. the City was unable to provide that
assistance, causing Paz -rot jungle to make the same loan request of Miami -Dade County. The County
Commission approved the application and rccaive4 a loan in the amount of $25 million. The City and
the County subsequently entered into a Joint. Participation Agreement in which the City agreed to
assume 85% of the outstanding prirncipacl balance ofthe Section 108 Loan upon satis.tuction of certain
conditions, all of which have been, or will be, satisfied or waived,
Budget Impact Analysis
Is this item related to revenue?
Flc this item an expenditure? if so, please identify funding source below.
General Account Nu:
�S'/�Ecitrl Revenue Account Ain:
CIP .project No: _
Is this item funded by Homeland Defense/Neighborhood improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DAI
CUP Budget
11' wing or receiving capitol !rode
Grants Risk Management
Parehasi>� Dept. Director
Chief City Manager
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