HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
Date: 10/09/2009
nq -01.150 cA._
Law Department
Matter ID No.
09-3270
Requesting Department: City Manager/Finance
Commis' sion Meeting Date: 10/2212009 District Impacted: Citywide
Type: Resolution D Ordinance Emergency Ordinance 124 Discussion Item /
1-eCiri ten
Subject: Public Bearing required by Section 147(0 ofthe Internal Revenue Code of 1986, as amended,
to consider the plan of financing for the Recovery Zone Bonds in Series 2009C in an aggregate principal
amount not to exceed $11 Million tin connection -with ihe issuance of not to exceed $135 Million in
aggregate principal amount of the City's Specie' I Obligation Parking Revenue Bonds Series 2009 A, B &
C evlarlins Stadium Project)).
Purpose of Item:
Pursuant to Section 147(f) ofthe Internal Relfelille Code of 1986, as amended (the "Code"), the City is required
to bold a public hearing to consider the plan of financing for the proposed issuance by the City of its tax-
exempt obligations to be known as the City of Kum* Florida Special Obligation Parking Revenue Bonds,
Series 2009 C (Marlines Stadimu Project) in an aggregate principal amount not to exceed $11 Milrum (the
"Series 2009C Bond?). The Series 2009C Bonds are one of three series of bonds being issued for the purposes.
of financing the costs of construction of the parking appurtenant and ancillary facilities, including but not'
liinited to, retail space, surface lots, and parking structures for not to exceed 6,000 parldng spaces to be located!
at the site commonly referred to as the Marlins Baseball Smarm (the "Project"). The Preject wiil be owned by
the City and a portion will be used by Marlins Stadium Operator, LLC (the "User''). The Series 2009C Bonds!
are proposed to be issued as Recovery Zone Bonds under Sections 1400U-1, 1400U-2 and 1400U-3 of the!
Code (as more fully defined and described in the companion Resolution for the City's Recovery Zone
Designation) and are part •of The proposed issuance of Special Obligation Parldng Revenue Bonds, Series 2009'
B & C (Marlins Stadium Project) in aggregate principal amount not to exceed $135 Million.
Background Information
See•Attached
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Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below -
General Account No:
Specie Revenzze iiccount Na:
CIF Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
iSIGN AND DATE)
'CIP Budget
If using or =dying capital funds
Grants RiskMauageni
Purchae Dept. Directo
Chief City Manager
i(Professional Lowercase Type I:Ism:Document 195209 1
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Background Information (continued):
The Series 2009 A, B, & C Bonds are being issued in tax-exempt, taxable, and Recovery Zone tax-
exempt categories, in connection with uses for the Project contemplated by the City Parking Agreement
of April 15, 2009 among the City, Miami -Dade County and the User. (See also the companion
Resolution for issuance of the Series 2009 A, B, & C Bonds.) The required public hearing notice for the
Series 2009C Bonds has been drafted by and reviewed by our Bond Counsel, Bryant Miller Olive P.A.
The City's Finance Committee also approved the negotiated sale of the Series 2009 A, B, & C bonds.
«Professional Initials: Lowercase Type User»:Document 196209_1
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