HomeMy WebLinkAboutExhibitCITY OF A .
TO: Honorable Mayor and Members
of the City Commission
FROM: Daniel J. Alfonso
Marra
1_C4 A
DATE: October 18, 2016
SUBJECT: Financing for Renovation and
Capital Improvements of the
Miami Marine Stadium
The City Commission Meeting has discussed renovating and improving the Commodore Ralph E. Munroe
Marine Stadium (the "Miami Marine Stadium") for several months. As such, City staff has prepared a
preliminary scope of work and cost estimate including, but is not limited to: renovating the form,
materials, features and character of the stadium as it appeared in its original likeness during the 1960s,
potential removal of inconsistent and/or unsafe structural features, structural repairs or replacement of
the upper -structure and substructure, incorporation of new systems (electrical, mechanical, lighting, sound,
and plumbing), Americans with Disabilities Act accessibility, restoration or replacement of the stadium
seating, removal of asbestos material as necessary, construction of a new Welcome Center and Museum.
We are requesting approval to begin the process of issuing a Non -Ad Valorem Special Obligation Bond (or
similar financing mechanism) including both taxable and tax exempt financing as appropriate, in the
amount not to exceed $45 million. Staff would expect the bond to have a repayment schedule of 15 to 20
years and pledge funds from any available Non -Ad Valorem sources (such as 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)) and other State Statutes.
Staff is currently working on an analysis of all revenues and expenses on Virginia Key that will be presented
along with the Declaration of Intent to finance and reimburse on the November 17, 2016 agenda.
Should you have any questions, please contact Christopher Rose, Budget Director, at 305-416-1500.
OMB -17001
CITY OF MIAMI
TO: Honorable Mayor and Members
of the City Commission
FROM: Daniel J. Alfonso
-.City Manag90Q
1-97,119
SUBJECT: Analysis of Al,l City -Collected
Revenues and Expenses on
Virginia Key
As discussed at the October 27, 2016 City Commission Meeting, please find attached an analysis of all
City -Collected revenues and expenses on Virginia Key in association with financing the renovation of the
Commodore Ralph E. Munroe Marine Stadium (the "Miami Marine Stadium") and a calculation of debt
service costs.
As you can see, there are revenues and expenses in both the Parks Department and the Real Estate and
Asset Management Department as well as debt service expenses for the $16 million already approved for
financing at the Flex Park at the Marine Stadium. Prior to the implementation of the Flex Park, overall
revenues collected by the City on Virginia Key were just over $4.3 million and expenditures by the City were
$2.264 million. The flex park added revenues of $1.03 million and expenses of $1.487 million, which
includes a conservative annual debt service payment of $1.065 million (4 percent level debt for 25 years,
with 2 percent issuance cost).
In addition, the expected financing of $45 million at 4 percent level debt for 25 years, with 2 percent
issuance cost would cause a conservative annual debt service payment of $2.996 million to be paid by non-
ad valorem revenues in the general fund.
Should you have any questions, please contact Christopher Rose, Budget Director, at 305-416-1500.
OMB -17002
Virginia Key Revenueand Expense Analysis
DifferenceM-1- Before Flex Parl
Re al Estate and Asset ManMemenit
9 111
$1,,030,000 �!1
w.
;.!!111
$2,264,000
-$,1,044 ,000
Difference
Re al Estate and Asset ManMemenit
9 111
$1,,030,000 �!1
w.
;.!!111
$2,264,000
$1,487,000
Difference
Difference
f
ul� SI i M _Expense
w"�
�1b
�����`wh'i��■�Illlllllli"iIIJ'
� � � �,� � �
IllllllllliiiWl
(Estimated)
$2,264,000
$1,487,000
$1,065,000
Difference
f
iia050
*Estimated Cost of Debt Service for the Marine Stadium
$45 rnllllon at 4% level debt for 25 years, with 2% issuance coast would be
,_, •. wr e
1'1 0
� � � �,� � �
$ r ul IIM0 11
$2,264,000
$1,487,000
rwrr 50
Difference
f
*Estimated Cost of Debt Service for the Marine Stadium
$45 rnllllon at 4% level debt for 25 years, with 2% issuance coast would be
,_, •. wr e
1
2006
w ,w ��■1�/1
ry
2007
1,065,000
Each Payment
$1,065,000
1,065,000
4
2009
1,065,000
1
2006
1,065,000
2
2007
1,065,000
3
2008
1,065,000
4
2009
1,065,000
5
2010
1,065,000
6
2011
1.,065,000
7
2012
1,065,000
8
2013
1.,065,000
9
2014
1,065,000
10
2015
1,065,000
11
2016
1,065,000
12
2017
1.,06.5,000
113
2018
1,065,000
14
2019
1,065,000
15
2020
1,065,000
16
2021
1,055,000
17
2022
1,065,000
18
2023
1,065,000
19
2024
1,065,000
20
2025
1,065,000
21
2026
1.,065,000
22
2027
1,065,000
23
2028
1,065,000
24
2029
1,065,000
25
2030
1,065,000
1
2066
2,996,000
2
2007
2,996,000
'Each Payment
i1
11 M . 1 1
" MONSOON
2009
2,996,000
1
2066
2,996,000
2
2007
2,996,000
3
2008
2,996,000
4
2009
2,996,000
5
2010
2,996,000
6
2011
2,996,000
7
2012
2,996,000
8
2013
2,996,0O0
9
2014
2,996,000
10
2015
2,996,000
11
2016
2,996,000
12
2017
2,996,000
13
2018
2,9961,000
14
2019
2,996,000
15
2020
2,9961,000
16
2021
2,996,000
17
2022
2,996,000
18
2023
2,996,000
19
2024
2,996,000
20
2025
2,996,000
21
2026.
2,996,000
22
2027.
2,996,000
23
2028
2,996,000
24
2029
2,996,000
25
2030
2,996,000
26,625,000 74,900,000