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RESOLUTION 89-19566 RESOLUTION NO. 89-19566 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH DESIGNATING A NEW STADIUM TO BE LOCATED IN THE CITY OF HOMESTEAD PURSU- ANT TO DADE COUNTY ORDINANCE NO. 87-72 AND deo ESTABLISHING A PRINCIPAL AMOUNT OF NOT TO OM"' EXCEED $12 , 000, 000 FOR THE STADIUM WHICH IfFiA TOGETHER WITH ACCRUED INTEREST THEREON SHALL 'de.,61. BE PAID FROM EXCESS CONVENTION DEVELOPMENT I.\ TAXES AFTER CERTAIN OTHER PRIORITY PAYMENTS ARE MADE AND SHALL BE UTILIZED BY THE CITY OF HOMESTEAD TO FINANCE THE COSTS OF CONS- TRUCTING SUCH STADIUM. WHEREAS, Dade County Ordinance Nr! . 87-72 adopted by t hp Board of County Commissioners on October 20, 1987 (the "Bond Ordinance" ) , and the Second Amended and Restated Interlocal Agreement by and between Dade County, Florida and the City of Miami Beach (the "City" ) for financing the expansion , and improvements to the Miami Beach Convention Center (now the Stephen Muss Convention Center and referred to herein as the "Convention Center" ) , dated October 12, 1987 , each provided by their terms that: A. Upon substitution of the City' s Second- ary Pledge for the County' s Pledge (defined as the Crossover DaV, in the Bond v ��Saanc the City has a right to use the Excess City Share (as defined in the Bond Ordinance) of the Convention Development Tax revenues for any purpose under Florida Statutes , Section 212 . 0305 ( the "Convention Development Tax Law" ) ; and WHEREAS, the City replaced the County' s Secondary Pledge with its own Secondary Pledge when it adopted City Resolution No. 88-19429 on November 2 , 1988 (the "Crossover Date" ) ; and WHEREAS, Section 512 , entitled "General Fund" of the Bond Ordinance provides that, subsequent to the Crossover Date, the City may adopt a resolution ( i) designating a purpose which is permitted by the Convention Development Tax Law and ( ii ) establishing the maximum dollar amount for such purpose for which the Excess City Share on deposit in the Excess City Share Account (as defined in the Ordinance) may be utilized; and WHEREAS, Section 512 of the Bond Ordinance provides further that upon the receipt by the Trustee of a Resolution adopted by the City pursuant to Section 512 , the Excess City Share shall be released monthly by the Trustee in an amount which is equal to the amount designated by the City in the Resolution; and WHEREAS, the City of Homestead ( "Homestead" ) has requested that any Excess City Share on deposit in the Excess City Share Account be released to Homestead to be used to finance and pay the cost of constructing a major league baseball spring training facility consisting of a stadium and related playing fields and facilities (the "Stadium Complex" ) which is a project permitted by the Convention Development Tax Law and to be located within the municipal boundaries of Homestead; and WHEREAS, the City is willing to designate the Stadium Complex as a permissible purpose pursuant to the Ordinance and to establish a maximum amount of not to exceed $12, 000,000 plus accrued interest to be made available from the Excess City Share to be utilized by Homestead to finance the cost of. the Stadium Complex ( "Homestead Loan" ) provided that the Trustee makes payments of the Excess City Share in the following priority and manner: ( i) the payments required by the Bond Ordinance with regard to the Series 1987A and 1987B Bonds ( "Bonds" ) , (ii) the proposed $8 Million financing to complete the Project (as such term is defined in the Bond Ordinance) , ( iii) payments for the operating and maintenance deficit related to the Convention Center in the amount of $2 . 3 Million for the fiscal year 1988-1989 and $2 . 5 Million for each fiscal year thereafter for as long as the Homestead Loan remains outstanding, ( iv) payments on the first day of each month to Homestead in an amount equal to 1/12th of $2 . 0 Million and such additional amounts which may be necessary to avoid negative amortization on the Homestead Loan to be used by Homestead to pay principal and interest on its Loan until its Loan is no longer outstanding, (v) payments, if any, to -2- the City for any cost that may exceed the estimated $8 Million necessary to complete the Project and/or any costs for capital improvements related to the Project and/or payments for any operating and maintenance expense deficit in excess of the $2 . 3 Million for fiscal year 1988-89 and $2 . 5 Million for each fiscal year thereafter provided the City furnishes the Trustee with a Resolution designating the specific completion costs and/or the additional capital improvements and/or any increase in the operating and maintenance expense deficit pursuant to the Bond Ordinance; and (vi ) payments to Homestead to reduce the outstanding principal amount of its Loan for as long as any portion of the Homestead Loan for the financing of the Stadium Complex remains outstanding; and WHEREAS, the City desires that this Resolution continue in full force and effect for as long as any portion of the Homestead Loan for the financing of the Stadium Complex remains outstanding, but in the event that Homestead does not obtain its Loan or commence construction within 12 months from the date of this Resolution, then this Resolution shall be deemed null And void and shall have no further effect . NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: 1 . The City hereby designates Homestead ' s proposed Stadium Complex as a permissible purpose eligible for funding from the Excess City Share Account pursuant to the Bond Ordinance and establishes a maximum amount not to exceed $12 Million plus accrued interest . 2 . As a condition to the designation of the Stadium Complex and commitment for payment from Excess City Share Account, the City hereby directs the Trustee to make payments of the Excess City Share in the following priority and manner: ( 1) the payments required by the Bond Ordinance with regard to the Series 1987A and 1987B Bonds ( "Bonds " ) , ( ii) the proposed $8 Million financing to complete the Project (as such term is -3- defined in the Bond Ordinance) , ( iii) payments for the operating and maintenance expenses deficit related to the Convention Center in the amount of $2 . 3 Million for the fiscal year 1988-1989 and $2 . 5 Million for each fiscal year thereafter for as long as the Homestead Loan remains outstanding, ( iv) payments on the first day of each month to Homestead in an amount equal to 1/12th of $2 . 0 Million and such additional amounts which may be necessary to avoid negative amortization on the Homestead Loan to be used by Homestead to pay principal and interest on its Loan until its Loan is no longer outstanding, (v) payments, if any, to the City for any cost that may exceed the estimated $8 Million necessary to complete the Project and/or any costs for capital improvements related to the Project and/or payments for any operations and maintenance expense deficit in excess of $2 . 3 Million for fiscal year 1988-89 and $2 . 5 Million each fiscal year thereafter provided the City furnishes the Trustee with a Resolution designating the specific completion costs and/or the additional capital improvements and/or any increase in the operations and maintenance expense deficit pursuant to the Bond Ordinance, and (vi) payments to Homestead to reduce the outstanding principal amount of its Loan for as long as any portion of the Homestead Loan for the financing of the Stadium Complex remains outstanding. 3 . The City Manager is authorized to deliver to the Trustee a copy of this Resolution upon its adoption and the Trustee shall not be obligated to make any transfers hereunder until it receives notice in writing from Homestead as to the date on which its loan was closed. 4 . This Resolution shall continue in full force and effect for so long as any portion of the Homestead Loan for the financing of the Stadium Complex remains outstanding, but in the event that Homestead does not obtain its Loan or commence construction within 12 months from the date of this Resolution, -4- then this Resolution shall be deemed null and void and shall have no further effect . PASSED and ADOPTED this 15th da i•f i.rch , 1989 . or iv ��or ATTEST: City Clerk 046697000625D FORM APPROVED LEGAL DEPT. Date /e) -5- CRIGINAL rEEOLUTION NO. 89-19566 %:ti: ;SOLI TION DESIGNATING A NEW STADI-vM TO LOC!.TED IN HOMESTEAD PURSUANT TO PIE COUNTY ORD. 87-72 ESTABLISHING PRINCIPAL ACTT OF TWELV] MILLIOI . . . 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