HomeMy WebLinkAboutExhibitCITY OF MIAMI
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members DATE: December 29, 2014
of the City Commission
FROM: Daniel J. Alfonso
City Manager
SUBJECT: Financing for Capital Improvements
of the Lands Surrounding the
Miami Marine Stadium
The discussion at the November 20, 2014 City Commission Meeting regarding the Miami Marine Stadium
resulted in direction to begin negotiations with the International Boat Show ("Show") to bring the event to
the Miami Marine Stadium. Discussions with the National Marine Manufacturer's Association have
identified a series of improvements that need to be made to host the Show. As such, City staff has
prepared a preliminary scope of work and cost estimate for capital improvements to include site work and
infrastructure development of an approximately 15-acre park located at the Virginia Key property
surrounding the Marine Stadium necessary to host the event, but not to repair the Marine Stadium itself.
The site work includes, but is not limited to: clearing, excavation, import of limerock fill and/or soil,
compaction, roadway reconstruction, paving, concrete work, landscape, hardscape and/or walkways and
the installation of sod (or turf). The infrastructure development includes, but is not limited to: drainage
and stormwater facilities, water mains with fire protection, sewer mains, lighting, irrigation and an
electrical power grid (including any necessary related capital public work to the upland, shoreline
improvements, and submerged lands). The flex park will provide a multi -purpose recreational facility for
park users as well as provide the infrastructure to support special events.
We are requesting approval to begin the process of issuing a Non -Ad Valorem Special Obligation Bond (or
similar financing mechanism) (taxable or tax exempt as appropriate) in the amount not to exceed $16
million only to fund improvements surrounding the Miami Marine Stadium. Preliminarily, staff would
expect the bond to have a repayment schedule of 15 to 20 years and pledge funds from the Local
Government Half -cent Sales Tax Program with a covenant to budget and appropriate to repay the debt
service from the General Fund (in accordance with Florida Statute Section 218.64(4)).
The attached resolution constitutes a Declaration of Intent to Finance this project for a reimbursable
amount not to exceed $16 million.
Should you have any questions, please contact Christopher Rose, Budget Director, at 305-416-1500.
OMB-15004