HomeMy WebLinkAboutR-74-0362RESOLUTION NO.
7‘7-3"-
A RESOLUTION DIRECTING THE DIRECTOR OF FINANCE TO
PLACE IN TRUST $ 10, 960, 000 PUBLIC PARK AND RECRE-
ATIONAL FACILITIES BOND FUNDS TOGETHER WITH
$ 11, 540, 000 IN UNSOLD PUBLIC PARK AND RECREATIONAL
FACILITIES BONDS FOR THE POSSIBLE FUTURE ACQUISITION
AND DEVELOPMENT OF THAT PROPERTY KNOWN AS THE
FEC P & 0 DOCK PROPERTIES; AND AUTHORIZING THE CITY
MANAGER TO PROGRAM FOR PARK AND RECREATIONAL
IMPROVEMENTS THE BALANCE OF THE PROCEEDS FROM
THE SALE OF $ 28, 350, 000 PUBLIC PARK AND RECREATIONAL
FACILITIES BONDS, SUBJECT TO SAID IMPROVEMENTS
BEING BROUGHT BACK BEFORE THE CITY COMMISSION
INDIVIDUALLY FOR REVIEW AND AUTHORIZATION OF FUNDS.
WHEREAS, the City Commission by Resolution No. 72-762 authorized
the sale of $ 28, 350, 000 Public Park and Recreational Facilities Bonds, leaving
a total of $ 11, 540, 000 of the bonds authorized to be sold at some future date;
and
WHEREAS, from the $ 28, 350, 000 sale of bonds, it was anticipated
that $15, 000, 000 would be expended for the acquisition and development of
the FEC owned P & 0 properties located between the old Port of Miami and
the new Port Causeway and that $7, 500, 000 would be expended for the acquisi-
tion and development of that tract of land commonly known as Ball Point,
located between Chopin Plaza and Miami River, and that the remaining
$ 5,850,000 would be programmed for Park and Recreational Improvements
as outlined in the June 1, 1972 memorandum, as amended, from the City
Manager to the City Commission under the subject of "Sale of Bonds for the
Parks Bond Issue"; and
WHEREAS, due to the high increase in the appraised value of the
Ball Point Property, the City Commission has resolved not to proceed with
the condemnation of said property; and,
WHEREAS, pending action by the State Legislature may ease
condemnation proceedings, thereby facilitating acquisition of the P & 0
Properties; and
WHEREAS, it is the desire of the City Commission to hold in
reserve, funds in an amount sufficient to acquire this property, but in the
-1-
�d
meanwhile, to proceed without further delay to implement the Park and
Recreational Improvements for which the balance of the bond issue is to
be expended;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION
OF THE CITY OF MIAMI, FLORIDA:
Section 1. The Director of Finance be, and he is hereby,
instructed, that, of the unexpended balance of the proceeds from the sale
of $28, 350, 000 Public Park and Recreational Facilities Bonds, the sum of
$ 10, 960, 000 shall be placed and held in trust together with the remaining
$ 11, 540,000 unsold but authorized Public Park and Recreational Facilities
Bonds, said trust amounting to a total of $ 22, 500, 00 in cash and unsold
bonds is to be for the express purpose of acquiring a.nd developing that
property known as the FEC P & 0 Properties and that these funds shall not,
unless otherwise ordered by the City Commission, be expended for any
other purpose.
Section 2. That the City Manager be, and he is hereby, authorized
to program the balance of the proceeds from the sale of the $ 28, 350, 000
Public Park and Recreational Facilities Bonds as originally planned or
as amended and recommended by the Parks for People Task Forces,
provided that all park improvements so programmed shall, individually, be
brought back before the City Commission for review and authorization of
funds.
PASSED AND ADOPTED this / day of
nay
, 1974.
"DOCUMENT INDEX
ITEM NO. j "
AND CORRECTN
n S. Lloyd, City Attorney
-2
CITY COMMISSION
MEETING OF
MAY 9w 7V
RESOLUTION NO.7 3 Gz
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