Resolution 79-15849 -
RESOLUTION NO. 79-15849
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, DECLARING THAT TO THE
EXTENT THAT THE MIAMI BEACH REDEVELOPMENT AGENCY
OBLIGATES ITSELF ON NOTES TO THE SOUTHEAST FIRST
NATIONAL BANK OF MIAMI FOR THE EXCLUSIVE PURPOSE
OF CONSTRUCTING THE MIAMI' BEACHMARINA, THAT THE
CITY WILL, IF AND IN THE EVENT THE AGENCY IS
DISCONTINUED, DISBANDED OR DISSOLVED, CONTINUE
TO HONOR THE PAYMENTS ON SAID NOTES TO THE EXTENT
THAT REVENUES FROM THE MARINA ARE SUFFICIENT TO
PAY SAID NOTES AFTER FIRST PAYING THE OPERATING
EXPENSES OF THE MARINA, SAID NOTES BEING SUBJECT
TO REVIEW AND APPROVAL BY THE CITY COMMISSION.
WHEREAS, the City Commission of the City of Miami Beach
passed and adopted Resolution #76-14961 on the 17th day of
February, 1976, approving the Miami Beach Redevelopment Agency
Plan; and
WHEREAS, said plan provides for a marina of approx-
imately 400 boat slips; and
WHEREAS, the Miami Beach Redevelopment Commission
Plan, approved by the Miami Beach City Council in May of 1966,
which now constitutes the official Master Plan of the City of
Miami Beach, included a recommendation for a marina at this
same site; and
WHEREAS, in March of 1977, the City of Miami Beach
received a grant from the Department of Commerce (EDA') in the
amount of $3, 018,000 to construct a portion of said marina; and
WHEREAS, said funds are insufficient to complete the
marina; and
WHEREAS, an additional amount, presently estimated to
be in the sum of $2,400, 000, is' necessary to complete the
construction of docks A, B, C and the dockmasters facility; and
WHEREAS, the Southeast First National Bank of Miami
is currently reviewing the Miami Beach Redevelopment Agency' s
request for a loan in the amount of $2,400,000; and
WHEREAS, the Southeast First National Bank seeks the •
assurance of the City of Miami Beach that if and in the event
the Miami Beach Redevelopment Agency is ever discontinued, dis-
banded or dissolved, that the City will continue to honor the
payment of said notes only to the limited extent that marina
revenuesaare sufficient to make payments on notes after first
paying operating expenses; and
WHEREAS, the City Commission deems it advisable and
in the best interest of the citizens and inhabitants of the City
of Miami Beach to give its assurance as hereinabove stated;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH,
Section 1. The City Commission of the City of Miami
Beach hereby assures the Southeast First National Bank of Miami
that to the extent that the Miami Beach Redevelopment Agency
obligates itself on notes to the Southeast First National Bank
of Miami, in the amount of $2,400,000, as required for the
exclusive purpose of constructing the Miami Beach Marina, that
the City will, if and in the event the Agency is discontinued,
disbanded or dissolved, continue to honor the payments on said
notes only to the extent that revenues from the marina are
sufficient to pay said notes after first paying the operating
expenses of the marina, and only after said notes have been
reviewed and approved by the City Commission.
PASSED AND ADOPTED this 7th day of March, 1979.
CITY COMMISSION OF THE CITY OF
MIAMI BEACH
•
DADE COUNTY, FLORIDA
/
, ,o
BY
MAYOR
ATTEST:
CITY CLERK
ORIGINAL
RESOLUTION NO. 79-l5S49
(Miami Beach Marina-re CMB obligation to
pay notes if M.B. Redevelopment Agency
is discontinued, disbanded or dissolved
_._
and extent of such obligation)