HomeMy WebLinkAboutR-11-0479City of Miami
Legislation
Resolution: R-11-0479
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 11-01035 Final Action Date: 11/17/2011
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
CDT Agreement"); 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 2010B ("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
WHEREAS, included within the Parking Facilities are approximately 53,000 square feet of
rentable space designed for commercial/retail use ("Retail Facilities"), the rental revenues from which
shall serve as supplement income generated from the Parking Facilities; and
City of Miami
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File Number: 11-01035 Enactment Number: R-11-0479
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 lots; 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
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File Number: 11-01035 Enactment Number: R-11-0479
document(s) necessary to giving effect to the Ballpark Interlocal Agreement, in such form(s)
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}
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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