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HomeMy WebLinkAboutPre-LegislationCity of Miami Legislation Resolution: R-14-0383 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 14-00923a Final Action Date: 9/29/2014 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA ("CITY") TO ISSUE TAX-EXEMPT AND TAXABLE SPECIAL OBLIGATION BONDS IN THE EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF TEN MILLION, ONE HUNDRED THOUSAND DOLLARS ($10,100,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH SPECIAL OBLIGATION BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO CITYWIDE ENVIRONMENTAL REMEDIATION AND CERTAIN RELATED CAPITAL IMPROVEMENTS PROJECTS; ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH THE CITY ATTORNEY AND BOND COUNSEL, AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY, AS THE CITY MANAGER DEEMS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN PREVIOUSLY ADOPTED SEPTEMBER 9, 2014. WHEREAS, United States Treasury Regulations §1.150-2 (the "Reimbursement Regulations") prescribe conditions under which proceeds of tax-exempt bonds, notes or other obligations ("Bonds") used to reimburse advances made for capital and certain other expenditures ("Original Expenditures") paid before the issuance of such Bonds will be deemed to be expended (or properly allocated to expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (collectively, the "IRS Code"), upon such reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions under those sections of the IRS Code; and WHEREAS, certain provisions of the Reimbursement Regulations require that there be a declaration of official intent not later than sixty (60) days following payment of the Original Expenditures expected to be reimbursed from proceeds of Bonds, and that the reimbursement occur within certain prescribed time periods after the Original Expenditures are paid or after the property resulting from that Original Expenditure is placed in service; and WHEREAS, the City Commission ("Commission") of the City of Miami, Florida ("City") expects to provide for the issuance by the City of its tax-exempt and taxable special obligation bonds in a total principal amount not to exceed Ten Million, One Hundred Thousand Dollars ($10,100,000.00) (collectively, "Special Obligation Bonds") for the purposes of financing the costs of Citywide environmental remediation and certain related capital improvements projects (collectively, the "Citywide Environmental Remediation and Capital Improvements Projects"); and WHEREAS, in connection with the Citywide Environmental Remediation and Capital Improvements City of Mianti Page 1 of 3 File Id: 14-00923a (Version: 1) Printed On: 5/31/2017 File Number: 14-00923a Enactment Number: R-14-0383 Projects, the City expects to make Original Expenditures that will be reimbursed from proceeds of the Special Obligation Bonds as set forth in the City Manager's Memorandum dated September 24, 2014, attached and incorporated ("City's Manager's Memorandum"); and WHEREAS, in connection with the Citywide Environmental Remediation and Capital Improvements Projects, the City desires to expeditiously remediate multiple properties for which the City has already determined funding considerations in its Fiscal Year 2014-2015 Multi -Year Capital Plan adopted September 9, 2014 pursuant to City Commission Resolution No. 14-0322 ("Multi -Year Capital Plan"), by amending the Multi -Year Capital Plan, as set forth below, to reallocate, re -appropriate and modify certain Park Impact Fees funding; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. Recitals and Findings. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. Definitions. The following definitions apply to the terms used herein: "Reimbursement" or "Reimburse" means the restoration to the City of money temporarily advanced from its own funds and spent for Original Expenditures before the issuance of the Special Obligation Bonds, evidenced in writing by an allocation on the books and records of the City that shows the use of the proceeds of the Special Obligation Bonds to restore the money advanced for the Original Expenditures. "Reimbursement" or "Reimburse" generally does not include the refunding or retiring of Bonds previously issued and sold to, or borrowings from, unrelated entities. Section 3. Declaration of Official Intent. The Commission hereby declares the City's official intent to issue the tax-exempt and taxable Special Obligation Bonds in the total expected maximum principal amount of Ten Million, One Hundred Thousand Dollars ($10,100,000.00) and, to the extent permissible under the IRS Code regarding the tax-exempt Special Obligation Bonds, use a portion of the tax-exempt Special Obligation Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred with respect to the Citywide Environmental Remediation and Capital Improvements Projects. This Resolution is intended as a declaration of official intent under United States Treasury Regulation § 1.150-2, as set forth in the City Manager's Memorandum. Section 4. Incidental Actions. The City Manager, in consultation with the City Attorney and Bond Counsel, and such other appropriate officers, employees and agents of the City as the City Manager deems necessary, are hereby authorized to take such actions as may be necessary to carry out the purposes of this Resolution and the IRS Code. Section 5. Related Amendment of the City's Multi -Year Capital Plan. The Multi -Year Capital Plan is amended: (i) to reallocate, re -appropriate, and modify certain previous Park Impact Fees funding allocations in connection with the Citywide Environmental Remediation and Capital Improvements Projects as follows: (a) Eight Hundred and Fifty Thousand Dollars ($850,000.00) from 40-B40588 Douglas Park Turf Project to 40-B40581 Douglas Park Community Center Project; (b) Four Hundred and Fifty Thousand Dollars ($450,000.00) from 40-B40588 Douglas Park Turf Project to 40-B40507 Citywide Parks Land Acquisition Project; and (c) Two Hundred Thousand Dollars ($200,000.00) from 40-B40588 Douglas Park Turf Project to a new Green Link/Underline Project, with the new project number to be determined by the City Manager; and (ii) to require that future reallocations of Park Impact Fees be presented to City Commission at a later date. City of Miami Page 2 of 3 File Id: 14-00923a (Version: 1) Printed On: 5/31/2017 File Number: 14-00923a Enactment Number: R-14-0383 Section 6 . Effective Date. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.{1 } Footnotes: {1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) 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: 14-00923a (Version: 1) Printed On: 5/31/2017 EXHIBIT CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Honorable Mayor and Members DATE; September 24, 2014 of the City ComMission FROM: Daniel J. Alf° o City Manager SUBJECT: Parks Remediation Funding Discussion —September 29, 2014 It was clear from the discussion at the September 11, 2014 meeting that the pending environmental remediation projects are a Citywide issue and not "District" problems, It was also clear that we all want to re -open these parks as expeditiously as possible. To that end, I am recommending that the City begin the process of Issuing a Non -Ad Valorem Special Obligation Bond (SOB) in the amount $10.1 million only to fund environmental remediatlon projects. Preliminarily, staff would expect the bond to have a repayment schedule of 20 years, 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, and have an annual payment between $700,000 and $900„000. Florida Statute Section 218,64(4) states that a "municipality may pledge the proceeds for the payment of principal and interest on any capital project" as part of the Local Government Half -cent Sales Tax Program. Further, as applicable funds become available in the future associated with the Virginia Key Remediation Project or the sale of Brownsfields Credits, those funds will be used to defease or otherwise retire the financing early. The attached resolution constitutes a Declaration of Intent to Finance these projects for a reimbursable amount not to exceed $10.1 million. Projects to be included In this bond issuance and associated costs are currently estimated to be: • City of Miami Fire Rescue Training Center (3425 Jefferson Street) ($446,400). • Grapeland Park (1550 NW 37 Ave) ($51,300) • Melreese (1802 NW 37 Ave) ($200,000) • City of Miami Property at Watson island (980 MacArthur Causeway) ($ 05 700) 14---CM_30, 190- Honorable Mayor and Members of the City Commission Page2of3 Curtis Park (1901 NW 24th Ave) ($3,820,700) Billy Rolle (3400 Grand Avenue) ($233,500) Southside Park (100 SW 11 Street). ($1,001,900) Douglas Park (2795 SW 37 Ave) ($3,296,700) ® St. Gaudens Road (3500 St. Gaudens Rd) ($213,000) Former Shamrock Gas Station (6200 NW 17 Ave) ($79,100) Farmer Coleman Gas Station (5329 NW 17 Ave) ($635,000) Additionally, thereare several projects that are likely not eligible for bonding purposes. These projects are recommended to be funded on a pay-as-you-go basis and are included in item RE,14 on the September 29, 2014 Commission Agenda. These projects are expected to be: • Fern Isle Park ($10,000) • Jose Marti Park ($6,000) Right of Way ($68,400) Composting Facility ($10,000) Former Star Gas Station ($56,500) Further discussions Included adding additional park impact fees to the Community Center and remediation protects at Douglas Park. Currently, the two projects have the following funded and unfunded amounts associated with -them; • Douglas Park Community Center O $2.5 million total cost ra $1.65 million funded o $850,000 un-funded Douglas Park Turf a $3.5 million total cost a $1.5 million funded a $2 million un-funded As such, we are recommending that the turf project be discontinued and that $850,000 from that project be moved to the Community Center to fully fund that project, Additionally, Honorable Mayor and Members of the City Commission Page 3 of 3 $2OO,000 Is recommended to be moved to the GreenLink/Underline Project to help fund the City's portion of this 10-mile park. The remaining $450,000 is recommended to be added to the Citywide Parks land acquisition projected to allow for the purchase of land for future park uses. The attached resolution addresses these goals. Likewise, parks impact fees will be released from other projects that had impact fees budgeted to assist remediation (such as turf projects). I must stress that I recommend that this financing be done only to fund environmental Lemediation projects. We are all aware of the extensive capital needs throughout the City; and, we could each compile a list totaling many millions of dollars-. I will recommend other ways of funding such needs in future meetings, but strongly recommend that this financing be very limited in scope. OME11,4003 City of Miami Legislation Resolution: R-15-0008 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 14-01320 Final Action Date: 1/8/2015 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA ("CITY") TO ISSUE TAX-EXEMPT AND TAXABLE SPECIAL OBLIGATION BONDS IN THE EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF SIXTEEN MILLION DOLLARS ($16,000,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH SPECIAL OBLIGATION BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO CERTAIN CAPITAL IMPROVEMENTS PROJECTS FOR THE AREAS SURROUNDING THE MIAMI MARINE STADIUM; ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH THE CITY ATTORNEY AND BOND COUNSEL, AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY, AS THE CITY MANAGER DEEMS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN PREVIOUSLY ADOPTED SEPTEMBER 9, 2014, AS SUBSEQUENTLY AMENDED; DIRECTING THE CITY MANAGER TO REPORT TO THE CITY COMMISSION ALL AVAILABLE FUNDING SOURCES FOR THE PAYMENT OF SAID CAPITAL IMPROVEMENTS POJECTS WITHIN SIXTY (60) DAYS BUT NO LATER THAN THE MARCH 12, 2015 CITY COMMISSION MEETING. WHEREAS, United States Treasury Regulations §1.150-2 (the "Reimbursement Regulations") prescribe conditions under which proceeds of tax-exempt bonds, notes or other obligations ("Bonds") used to reimburse advances made for capital and certain other expenditures ("Original Expenditures") paid before the issuance of such Bonds will be deemed to be expended (or properly allocated to expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (collectively, the "IRS Code"), upon such reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions under those sections of the IRS Code; and WHEREAS, certain provisions of the Reimbursement Regulations require that there be a declaration of official intent not later than sixty (60) days following payment of the Original Expenditures expected to be reimbursed from proceeds of Bonds, and that the reimbursement occur within certain prescribed time periods after the Original Expenditures are paid or after the property resulting from that Original Expenditure is placed in service; and WHEREAS, the City Commission ("Commission") of the City of Miami, Florida ("City") expects to provide for the issuance by the City of its tax-exempt and taxable special obligation bonds in a total principal amount not to exceed Sixteen Million Dollars ($16,000,000.00) (collectively, "Special Obligation Bonds") for the purposes of financing the costs of certain capital improvements projects relating to the areas surrounding the Miami Marine Stadium (collectively, the "Miami Marine Stadium City of Miami Page 1 of 3 File Id: 14-01320 (Version: 2) Printed On: 5/31/2017 File Number: 14-01320 Enactment Number.• R-15-0008 Areas Capital Improvements Projects") in order to provide necessary capital upgrades for the City's public exhibition and parking areas for the Miami International Boat Show and the City's general safe public recreational, cultural, and marine environmental educational uses; and WHEREAS, in connection with the Miami Marine Stadium Areas Capital Improvements Projects, the City expects to make Original Expenditures that will be reimbursed from proceeds of the Special Obligation Bonds as will be set forth in the City Manager's subsequent Memorandum for Reimbursable Funds Advanced ("City's Manager's Memorandum"); and WHEREAS, in connection with the Miami Marine Stadium Areas Capital Improvements Projects, the City desires to expeditiously improve and provide capital projects updates on multiple areas for which the City has already determined funding considerations in its Fiscal Year 2014-2015 Multi -Year Capital Plan adopted September 9, 2014 pursuant to City Commission Resolution No. 14-0322, as subsequently amended ("Multi -Year Capital Plan"), by amending the Multi -Year Capital Plan, as set forth below to include the Miami Marine Stadium Areas Capital Improvements Projects and the associated financing as referenced by this resolution; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. Recitals and Findings. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. Definitions. The following definitions apply to the terms used herein: "Reimbursement" or "Reimburse" means the restoration to the City of money temporarily advanced from its own funds and spent for Original Expenditures before the issuance of the Special Obligation Bonds, evidenced in writing by an allocation on the books and records of the City that shows the use of the proceeds of the Special Obligation Bonds to restore the money advanced for the Original Expenditures. "Reimbursement" or "Reimburse" generally does not include the refunding or retiring of Bonds previously issued and sold to, or borrowings from, unrelated entities. Section 3. Declaration of Official Intent. The Commission hereby declares the City's official intent to issue the tax-exempt and taxable Special Obligation Bonds in the total expected maximum principal amount of Sixteen Million Dollars ($16,000,000.00) and, to the extent permissible under the IRS Code regarding the tax-exempt Special Obligation Bonds, use a portion of the tax-exempt Special Obligation Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred with respect to the Miami Marine Stadium Areas Capital Improvements Projects. This Resolution is intended as a declaration of official intent under United States Treasury Regulation § 1.150-2, as set forth in the City Manager's Memorandum. Section 4. Incidental Actions. The City Manager, in consultation with the City Attorney and Bond Counsel, and such other appropriate officers, employees and agents of the City as the City Manager deems necessary, are hereby authorized to take such actions as may be necessary to carry out the purposes of this Resolution and the IRS Code. The City Manager is directed to report the City Commission all available funding sources for the payment of said Capital Improvements Projects within sixty (60) days but no later than the March 12, 2015 City Commission meeting. Section 5. Related Amendment of the City's Multi -Year Capital Plan. The Multi -Year Capital Plan is amended: (i) to include the Miami Marine Stadium Areas Capital Improvements Projects and the associated financing as referenced in this resolution, with new project numbers to be determined by City of Miami Page 2 of 3 File Id: 14-01320 (Version: 2) Printed On: 5/31/2017 File Number: 14-01320 Enactment Number: R-15-0008 the City Manager; and (ii) to require that future reallocations of funding sources be presented to City Commission from time to time in connection with said financing and said Miami Marine Stadium Areas Capital Improvements Projects. Section 6 . Effective Date. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.{1} Footnotes: {1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) 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: 14-01320 (Version: 2) Printed On: 5/31/2017 AGENDA ITEM SUMMARY FORM FILE ID: 14-01320 Date: 12/29/2014 Commission Meeting Date: 1/8/2015 Type: ® Resolution E Ordinance E Emergency Ordinance ❑ Other Subject: Financing for Capital Improvements of the Lands Surrounding the Miami Marine Stadium Purpose of Item: Requesting Department: Management and Budget District Impacted: Citywide Discussion Item Law Department Matter ID No. A resolution declaring the official intent of the City of Miami to finance approximately $16 million for capital improvements in the lands surrounding the Miami Marine Stadium to prepare for the hosting of the Miami International Boat Show. Background Information: 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 to bring the event to the Miami Marine Stadium. As such, City staff has prepared a preliminary scope of work and cost estimate for capital improvements (design, site work, and infrastructure 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. Budget Impact Analysis NO Is this item related to revenue? YES Is this item an expenditure? If so, please identify funding source below. General Account No: N/A Special Revenue Account No: N/A ClP Project No: N/A NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds? Total Fiscal Impact: $16 Million Final Approvals (SIGN AND DATE) CIP Budget/ Ifiising br r66eivinR :capital fiuids Grants Risk Management Purchasing Dept. Direct Chief /` _ _---• City Mar 4•M/ty 29 'y Page 1 of 1 Submitted into t record for ilem(s a u�m x,. 4ra,u10, at, �P .W�ib' of i,, :ivg4'�v apy i��e wog 6AH N,. A'X�ermLlT tlo"w+M - - _ CITY OF MIAMI INTEROFFICE MEMORANDUM TO: Honorable Mayor and Members DATE: December 29, 2014 of the City Commission FROM: Daniel J. Alfonso City Manages 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