Resolution 79-15945 •
RESOLUTION NO. 79-15945
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA; APPROVING THE
COMMITMENT LETTER FROM SOUTHEAST FIRST NATIONAL
BANK OF MIAMI FOR CONSTRUCTION LOAN FOR THE
SOUTH BEACH MARINA; TRANSFERRING TO MIAMI BEACH
REDEVELOPMENT AGENCY THE CITY'S INTEREST IN THE
SOUTH BEACH MARINA; DECLARING THAT TO THE EXTENT
THAT THE MIAMI BEACH REDEVELOPMENT AGENCY OBLI-
GATES ITSELF ON NOTES TO THE SOUTHEAST FIRST
NATIONAL BANK OF MIAMI 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 , TO THE EXTENT
THAT THE REVENUES FROM THE MARINA ARE SUFFICIENT
TO PAY SAID NOTES AFTER FIRST PAYING THE OPER-
ATING EXPENSES OF THE MARINA; AND AMENDING
RESOLUTION NO. 79-15849 TO THE EXTENT THAT IT IS
INCONSISTENT WITH THIS RESOLUTION.
WHEREAS, the City Commission of the City of Miami Beach
Florida, did by its Resolution NO. 79-15849 make certain findings
with respect to the financing of the Miami Beach Marina which
findings are true and correct; and,
WHEREAS, the Miami Beach Redevelopment Agency has obtained
a commitment from Southeast First National Bank of Miami to lend
the Agency the sum of NINE MILLION FIVE HUNDRED THOUSAND DOLLARS
($9 ,500, 000. 00) which sum is to be used to finance the completion of
the Marina; and
WHEREAS, as a condition of said commitment it is necessary
that the City of Miami Beach approve the terms of same; and
WHEREAS, the City Commission has reviewed said commitment
and finds it to be in the best interest of both the City of Miami
Beach and the Miami Beach Redevelopment Agency; and
WHEREAS, by Resolution No. 78-15535 the City Commission
did approve in principle the request of the Miami Beach Redevelopment
Agency that the Agency would assume responsibility relating to the
operation and development of the Miami Beach Marina; and
- WHEREAS, in order to further construction of said Marina
through the methods contemplated, it is necessary that the transfer
of the development and operation of the Marina to. the Miami Beach
. Redevelopment Agency be accomplished;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
QF THE CITY OF MIAMI BEACH, FLORIDA, that
SECTION I: That the City Commission of the City of Miami Beach
Florida, hereby approves the commitment letter from
Southeast First National Bank of Miami to' the Miami. Beach Re-
Development Agency dated June 4, 1979 , providing for the loan of
the sum of NINE MILLION FIVE HUNDRED THOUSAND; DOLLARS ($9, 500, 000 . 00)
to the Redevelopment Agency for the purpose of constructing the Miami
Beach Marina, and further providing certain terms and conditions
with respect to said loan; the final loan documents being subject to
review and approval by the ,City Manager and the City Attorney for
conformance to. the terms of the commitment prior to execution.
X
AHM/cm
OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
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SECTION 2 : That the City of Miami Beach hereby transfers all its
right, title and interest in the Miami Beach Marina,
including but not limited to docks, wharfs, rents and profits to the
Miami Beach Redevelopment Agency; provided, however, while the
Agency may pledge hypothecate or otherwise grant a security interest
in the revenues of said Marina and may cause said Marina to be
managed by contract or through agents, said Marina shall remain always
in public ownership. .
SECTION 3: That in the event the Miami Beach' Redevelopment Agency
is dissolved, disbanded or discontinued pursuant to
Florida Statutes, Section 163. 357 , the City of Miami Beach will
honor the note executed by the Miami Beach Redevelopment Agency,
pursuant to the terms of the above described commitment, to the
extent that the income from the Marina, after payment of all
operating expenses, is sufficient to pay same; provided further
that nothing herein contained or in the commitment shall be con-
strued to obligate the City to use funds other than the revenues
generated from the Marina, after operating expenses, and that the
general revenues of the City shall not in any manner be pledged .
for the payment of said note.
SECTION 4 : That 'to: the extent that: Resolution N.o .79-15849 is in-
consistent with this resolution, said resolution be
and the same is hereby amended-.
PASSED and ADOPTED this 20th day of June, 1979 .
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Attest:
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City iRaalek4-v- :e7
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OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
6/22/79 - Spoke to Catherine Minkley this A.M.pertain-
ing to fact that title in this Resolution No. 79-15945,
as amended, refers to the Marina both as "South Beach.
Marina" (5th line) , and "M.B. Marina" (9th line) .
Andy Moriber was present and said that this resolution
should stand as is (as in pkg.)with the amendments
authorized. He said that if and when any question
is raised on the matter, that it can be explained at
the time that the South Beach Marina and the Miami . -
Beach Marina are one and the same.
E.L.
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UtiaULNAL
RESOLUTION N0. 79-15945
(Approving commitment letter from Southeast
First National Bank of Miami for construc-
tion loan for South Beach Marina;transfer-
ring to MB.Redevelopment Agency the City's
interest in the South Beach Marina,etc.)