HomeMy WebLinkAboutSummary FormDate: 6/29/2007
AGENDA ITEM SUMMARY FORM
FILE ID: _07 - ®
Requesting Department: Finance
Commission Meeting Date: 7/26/2007 District Impacted:
Type: Resolution Ordinance
E Other
Emergency Ordinance 1 I Discussion Item
Subject: Volunteers of America Project s at 1474 West Flagler Street and 1460, 1462 and 1464 West
Flagler Street, Miami.
Purpose of Item:
A Resolution with three attachments, approving the issuance of a portion of the proceeds from the not
to exceed $13,000,000 City of Tampa, Florida Variable Rate Revenue and Revenue Refunding Bonds
(Volunteers of America Project), Series 2007, with respect to the portion anticipated not to exceed
$1.5 million of which is to be used in the City of Miami, Florida, pursuant to Section 147(f) of the
Internal Revenue Code of 1986 (IRS Code); authorizing the City Manager to execute an amendment
to the Interlocal Agreement, in substancially the attached form and directing the City Manager to
undertake the necessary documents and agreements for the Project to the Risk Management
Administrator and the City Attorney for prior review for said purposes, providing for certain other
matters in connection therewith; and providing an effective date. Additionally, a public hearing is
required by the IRS Code.
Background Information:
The Volunteers of America, Inc., a Florida not -for -profit corporation and qualified 501(C)(3)
organization, has requested that the City of Tampa, Florida issue tax-exempt revenue refunding bonds
on their behalf Such bond proceeds will be used to refinance the costs of constructing, relocating,
acquiring and equipping certain social service facilities, including facilities located in the City of
Miami. The City of Miami, Florida has been asked to enter into an amended Interlocal Agreement
with the City Tampa and hold a TEFRA hearing in order to accomplish that portion of the project
located within the City..
(SEE ATTACHED FOR MORE INFORMATION)
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
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 DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Managem ' nt
Purchasing Dept. Direct, :441-111114riaillib Chief City Manager �fi1i10101
1 1 Y ATI
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The Volunteers of America provide housing, health and social service programs to support military
veterans, the elderly, the mentally ill and developmentally disabled at its facilities. Services include
behavioral, mental health and substance abuse counseling , health services and employment support
services.
The attached Resolution would approve the issuance of the Bonds. There would be no obligation of
the City and the City would not be liable for the costs of the Bonds.
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