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HomeMy WebLinkAboutLegislationCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 11-01035 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXECUTE AN INTERLOCAL AGREEMENT BY AND BETWEEN THE CITY OF MIAMI, FLORIDAAND THE DEPARTMENT OF OFF-STREET PARKING OF THE CITY OF MIAMI, IN SUBSTANTIALLY THE ATTACHED FORM, SUBJECT TO AN APPROVING OPINION FROM BOND COUNSEL, FOR THE LEASE, OPERATION AND MANAGEMENT OF THE PARKING AND RETAIL FACILITIES AT THE MIAMI BALLPARK, LOCATED AT 501 MARLINS WAY, MIAMI, FLORIDA; ESTABLISHING A SPECIAL REVENUE FUND ENTITLED: "MIAMI BALLPARK PARKING FACILITIES." WHEREAS, pursuant to that certain City Parking Agreement dated April 15, 2009 by and between the City of Miami, Florida ("City"), Miami -Dade County ("County") and Marlins Stadium Operator, LLC ("Marlins"), the City agreed to construct four (4) parking garages and six (6) surface -parking lots ("Parking Facilities") to support the new Miami Ballpark, a public -purpose project of the County and the City ("Ballpark Project"), located at 501 Marlins Way, Miami, Florida; and WHEREAS, the Marlins, pursuant to the City Parking Agreement, guaranteed to the City a fixed amount for the use of the Parking Facilities during Major League Baseball and other stadium events ("Marlins Payment"), thereby allowing the City to finance the Parking Facilities; and WHEREAS, to further the Ballpark Project, the County, pursuant to that certain Interlocal Agreement dated July 1, 2009 by and between the City and County, agreed to make annual contributions of convention development tax toward the financing of the Parking Facilities ("County CDTAgreement"); and WHEREAS, to finance the construction of the Parking Facilities, the Miami City Commission, pursuant to Resolution No. 09-0509, adopted October 22, 2009, authorized the issuance of (a) City of Miami, Florida Tax -Exempt Special Obligation Parking Revenue Bonds, Series 2010A; and (b) City of Miami, Florida Taxable Special Obligation Parking Revenue Bonds, Series 2010E ("Revenue Bonds"), the aggregate principal amount of which not to exceed One Hundred Twenty Million and No/100 Dollars ($120,000,000.00); and WHEREAS, to service the debt on the Revenue Bonds, the City pledged the Marlins Payment, the County CDT, and other parking surcharge revenue; and WHEREAS, the use of Revenue Bonds proceeds are subject to the regulations of Sections 103(a) and 141 through 150 of the Internal Revenue Code of 1986, as amended, including all rules promulgated thereunder, and other covenants of the Revenue Bonds; and WHERE',S, included within the Parking Facilities are'approxmately 53,000 square feet of rentable space designed for commercial/retail USE, ('Retail Facilities"), the rental revenues from which Cite of Miami Page 1 of 3 File Id: 11-01035 (Version: 1) Printed On: 11/7/2011 File Number. 11-01035 shall serve as supplement income generated from the Parking Facilities; and WHEREAS, for the efficient operation and management of the Parking Facilities, the proposed Interlocal Agreement by and between the City and the Department of Off -Street Parking of the City of Miami ("MPA" and, together with the City, the "Parties"), in substantially the attached form ("Ballpark Interlocal Agreement"), leases the Parking Facilities to the MPA; and WHEREAS, under the Ballpark Interlocal Agreement, the MPA will be responsible for the daily operation of the Parking Facilities, including additional game -day operations as required by the City Parking Agreement; facilities management (maintenance, capital improvements, etc.); the rented use of the surface parking Tots; the placement of Marlins -affiliated advertising; and the leasing of the Retail Facilities under the continuous supervision of the City Manager; and WHEREAS, the Parties will collaborate to select tenants for the Retail Facilities to operate harmoniously with the Marlins and the Ballpark Project and to create a 365-day/year-round entertainment destination with 24-hour appeal, which shall include without limitation: specialty shopping, entertainment, and assorted dining options; and WHEREAS, the Miami City Commission, pursuant to Resolution No. 11-0320, adopted July 28, 2011, authorized the procurement of the services of Terranova Corporation, who will serve as the City Manager's advisor for the leasing of the Retail Facilities; and WHEREAS, the Parties will utilize the services of Terranova Corporation to ensure the selection of tenants with the requisite experience, financial and credit backgrounds to operate within the Retail Facilities, and to maximize the ability of the Retail Facilities to generate revenue for the City; and WHEREAS, a newly established special revenue fund will be used to efficiently manage the revenues and expenditures related to the Parking Facilities; and WHEREAS, subject to an approving opinion to be issued by Bond Counsel, the City Commission wishes to authorize the execution of the Ballpark Interlocal Agreement, in substantially the form of Exhibit "A;" 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 hereby authorized {1} to execute a Ballpark Interlocal Agreement, by and between the City and the MPA, in substantially the attached form, subject to an approving opinion from Bond Counsel, for the lease, operation and management of the Parking Facilities surrounding the Miami Ballpark, located at 501 Marlins Way, Miami, Florida. Section 3. A special revenue fund entitled: "Miami Ballpark Parking Facilities," is hereby established. Section 4. The City Manager is authorized {1} to execute, or join in the execution of, all other document(s) necessary to giving effect to the Ballpark Interlocal Agreement, in such form(s) City of Miami Page 2 of 3 File Id: 11-01035 (Version: 1) Printed On: 11/7/2011 File Number: 11-01035 acceptable to the City Attorney, and subject to such approving opinion(s) of Bond Counsel as may be required from time to time. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} APPROVED AS TO FORM AND CORRECTNESS: JULIE O. BRU CITY ATTORNEY' 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. City of Miami Page 3 of 3 File Id: 11-01035 (Version: 1) Printed Ori: 11/7/2011