99-23243 RESO
RESOLUTION NO. 99-23243
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROPRIATING FUNDS, IN THE
AMOUNT OF $960,961, GENERATED AS INTEREST EARNINGS FROM
THE $15 MILLION GENERAL OBLIGATION PARKS IMPROVEMENTS
BOND PROGRAM FOR THE PERIOD OF OCTOBER 1997 THRU
JANUARY 1999; SAID APPROPRIATION WILL FULLY FUND THE COST
OF THE BASE BID PROJECTS AND BUDGET ESTIMATES APPROVED
BY THE COMMISSION ON MAY 20, 1998, WHICH INCLUDED THE
PROJECTED INTEREST TO BE EARNED.
WHEREAS, on May 8, 1998, a status update and comprehensive evaluation of the proposed
projects and budget estimates included in the $15 million Parks Improvements Bond Program and
the Safe Neighborhoods Parks Bond Programs were presented to the members of the Finance and
Citywide Projects Committee and the Neighborhoods Committee at ajoint meeting; and
WHEREAS, information distributed at the May 8, 1998 meeting included a complete set
of schematic designs and preliminary cost estimates for each program included anticipated bond
interest of $600,000 in the revenue projections; and
WHEREAS, it was the recommendation of the Joint Committees members to proceed with
the base bids plans and budget estimates for all parks as proposed; and
WHEREAS, on May 20, 1998, the Mayor and City Commission endorsed the
recommendation of the Joint Committees by approving the base bids plans and budgets for each
parks project, and authorized the Administration to proceed with the designs and bid specifications;
and
WHEREAS, for the period of October, 1997 to January, 1999, the $15 million General Parks
Obligation Bond Program has earned interest in the amount of $960,961; and
WHEREAS, to accomplish the projects as previously approved by the City Commission,
this interest must be appropriated to the following projects:
PineTree Park $ 62,500 Flamingo Park 94,731
Fisher Park 6,926 Island View Park 14,981
Lummus Park 30,518 North Shore Park 96,985
Normandy Isle 63,587 Tatum Park 18,426
Muss Park 12,301 S. Rakow 431,787
Parks Maint. Yard 24,306 Architects fees 65.500
Fairway Park 38,413
TOTAL $960,961
NOW THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission authorize the appropriation of funds in the amount of$960,961, generated as interest
earnings from the $15,000,000 General Obligation Parks Improvements Bond Program for the period
of October 1997 thru January 1999; said appropriation will fully fund the cost of base bid projects
and budget estimates approved by the City Commission on May 20, 1998, which included the
projected interest to be earned.
PASSED and ADOPTED this 7th day of July, 1999.
Wd
MAYOR
ATTEST:
~rP~
CITY CLERK
T:\AGENDA \ 1999\JUL0799\REGULAR\GOBINT.RES
APPROVED PS TO
FORM & LANGUAGE
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CITY OF MIAMI BEACH
~ITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
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COMMISSION MEMORANDUM NO. ~
TO:
Mayor Neisen O. Kasdin and
Members of the City C mmission
DATE: July 7,1999
FROM: Sergio Rodriguez
City Manager
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROPRIATING FUNDS, IN THE
AMOUNT OF $960,961, GENERATED AS INTEREST EARNINGS FROM
THE $15 MILLION GENERAL OBLIGATION PARKS IMPROVEMENTS
BOND PROGRAM FOR THE PERIOD OF OCTOBER 1997 THRU
JANUARY 1999; SAID APPROPRIATION TO FULLY FUND THE COST OF
THE BASE BID PROJECTS AND BUDGET ESTIMATES APPROVED BY
THE COMMISSION ON MAY 20, 1998, WHICH INCLUDED THE
PROJECTED INTEREST TO BE EARNED.
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
BACKGROUND:
On May 8, 1998, the Finance and Citywide Projects Committee and the Neighborhoods Committee
held a joint meeting to review the status of the parks improvements in process under the $15 million
Parks Bond and Safe Neighborhood Parks Bond, and to comprehensively evaluate the proposed
projects and budget estimates presented by the Administration. The information distributed at the
May 8, 1998 meeting included a complete set of schematic designs and preliminary cost estimates
for each program. Also incorporated in the information discussed was a Base Bid Budget Summary
that indicated revenues for the entire program, including the anticipated bond interest of $600,000
in the revenue projections (As a point of information, the amount has now increased to $960,961 as
a result of another year's interest earnings).
It was the recommendation of the Joint Committee members to proceed with the complete base bid
program for all parks as proposed, with the exception of two issues that related to the basketball
court at North Shore Park and the swimming pool at Normandy Park. (Both items were subsequently
resolved at the May 20, 1998 City Commission meeting). This recommendation was forwarded to
the full City Commission for discussion and approval on May 20, 1998.
AGENDA ITEM
Rl1
DATE~
On May 20, 1998, the City Commission accepted the recommendation ofthe Finance and Citywide
Projects Committee and the Neighborhoods Committee and approved the base bids and budgets
for each project included in the General Obligation Parks Improvements Bond Program and
authorized the Administration to proceed with the designs and bid specifications for these projects.
Subsequently, the City Commission also approved a revised/expanded ice rink of approximately 65'
x 124' to be constructed at the Scott Rakow Youth Center and instructed the Administration to
identify the additional funds necessary to construct the approved rink.
ANALYSIS:
The total previously approved and appropriated within the Parks General Obligation Program is
$14,737,760. The additional $960,961 in earned interest must be appropriated to ensure the
progress of the Parks General Obligation Parks Improvements Bond Program as planned. To
accomplish the projects previously approved by the Commission this interest must be appropriated
to the following projects:
Pine Tree Park
Fisher Park
Lummus Park
Normandy Isle
Muss Park
Parks Maintenance Yard
Fairway Park
Flamingo Park
Island View Park
North Shore Park
Tatum Park
Scott Rakow Youth Ctr
Architectural fees
TOTAL
CONCLUSION:
Adopt the Resolution.
S;J;,KS/OM/eb ~
T:\AGENDA \ 1999\1UL0799\REGULAR\GOBlNT.MEM
$ 62,500
6,926
30,518
63,587
12,301
24,306
38,413
94,731
14,981
96,985
18,426
431,787
65.500
$960,961