99-23269 RESO
RESOLUTION NO. 99-23269
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROVING A REALLOCATION
OF $3,668,331 OF BOND PROCEEDS FROM THE GULF BREEZE
FINANCING POOL FOR THE PURPOSE OF FINANCING A LOAN TO
THE BASS MUSEUM AND FOR BUDGETED REPAIRS AND
IMPROVEMENTS TO CITY OWNED FACILITIES
WHEREAS, the Mayor and City Commission, pursuant to Resolution No. 93-20783 , have
previously approved a borrowing from the Gulf Breeze Financing Pool (Gulf Breeze) in the amount
of $21,665,000 for parking facilities, cultural facilities, infrastructure improvements, economic
development activities, tourism attractions and quality of life improvements to be acquired and
constructed by the City for the benefit of its citizens and residents; and
WHEREAS, the some of aforesaid projects have not moved forward to completion; and
WHEREAS, the Gulf Breeze is willing to allow the City to reallocate such amounts to other
projects and is requiring that the City draw the balance of the loan proceeds; and
WHEREAS, the City needs a funding source to provide monies for a loan to the Bass
Museum, which is necessary for the completion of the construction project currently underway,
pending the Bass Museum's collection of monies that are pledged to it; and further, the City needs
to borrow funds as set forth in the FY 98-99 Adopted Budget for repairs and improvements to City-
owned facilities; and
WHEREAS, the Mayor and City Commission find and determine that the available Gulf
Breeze proceeds would provide such a funding source.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA that the Finance Director is
hereby authorized to draw $ 3, 668,331 in bond proceeds from the Gulf Breeze Pool for the purpose
of funding a loan to the Bass museum and for budgeted repairs and improvements to city owned
facilities.
PASSED and ADOPTED this 21st day of
JUif0j~
,1999.
MAYOR
ATTEST:
_<<AtJA~Y e OA- dv---
CITY CLERK
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
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City Attorney [)drM
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\ci.miami-beach.fl.us
COMMISSION MEMORANDUM NO. S~2. -Cf1
Mayor Neisen O. Kasdin and
Members of the City Commission
FROM: Sergio Rodriguez GJlC
City Manager
DATE: July 21, 1999
TO:
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROVING A REALLOCATION OF
$3,668,331 OF BOND PROCEEDS FROM THE GULF BREEZE FINANCING
POOL FOR THE PURPOSE OF FINANCING A LOAN TO THE BASS
MUSEUM AND FOR BUDGETED REPAIRS AND IMPROVEMENTS TO
CITY -OWNED FACILITIES
ADMINISTRA TION RECOMMENDATION:
Adopt the Resolution.
BACKGROUND:
On May 5, 1993 the Mayor and City Commission approved Resolution No. 98-22988 authorizing
the borrowing of $21 ,665,000 from the Gulf Breeze, Florida, Local Government Loan Pool Program
to finance certain capital projects of the City.
The proceeds of this loan were used to fund the construction of the 7th Street Garage (Ballet Valet),
the acquisition of the site for the new Publix Store, the improvements to Sunset Harbour Drive, the
Bass Museum Expansion Project (City-Portion) and Allison Island underground utilities.
Additional proceeds of $3,668,331 were reserved for the undergrounding of utilities for Palm,
Hibiscus and Sunset Islands (3 and 4). However, the consensus of the affected homeowners was not
achieved and therefore these projects have not been implemented. The homeowners associations for
the islands have recently requested additional and updated information regarding project costs and
the scope of the work to be performed; however, until consensus is reached these projects can not
be initiated. When consensus is achieved on both the scope of the project and the terms of the
homeowners' assessments, the City can borrow the funds to advance for the projects.
and improvements to City-owned facilities.
AGENDA ITEM ---R J K.
DATE~
447
ANALYSIS:
It has been the intention of the City to construct a loan to cover the funding commitment shortfall
of the Friends of the Bass and also to borrow funds as approved in the Fiscal Year 98-99 Adopted
Budget for repairs and improvements to the City-owned facilities.
These repairs and improvements are for City Hall, Fire Stations Nos. 1, 2, and 3, South Shore
Community Center, the VCA Building, the Flamingo Park Stadium, Soccer Fields and Baseball
Fields. The repairs and improvements include air conditioning systems, roofing, electrical
switchgear, lighting, plumbing, painting and other miscellaneous repairs.
Regarding to the Bass Museum expansion project, the Friends of the Bass had committed to raise
approximately $2.3 million for the $8 million expansion project. To- date they have raised
approximately $2.4 million of pledges receivable and have $497,000 in investments. The pledges,
however, are payable over a period of one to ten years. The Finance and Citywide Projects
Committee has met with representatives of the Bass Museum on a number of occasions and has
advocated that the City borrow approximately $1.8 million representing the unfunded portion of
the required contribution from the Friends of the Bass. The pledges receivable would be assigned
to the City and the City would be reimbursed as the pledged funds became due and were collected.
The Friends of the Bass have also applied for an additional grant of $250,000.
The Gulf Breeze Pool has requested that the City immediately draw the remaining $3,668,331
representing the balance of the proceeds of the loan in accordance with the terms of the loan
agreement. Therefore, the Administration recommends that the available funds be reallocated to
the Bass Museum expansion project and to pay for repairs and improvements to City-owned
facilities.
The documents for the loan to the Friends of the Bass securing the pledges as the repayment source,
will be prepared and brought back to the Commission for approval after the summer recess.
CONCLUSION:
The City Commission should adopt the Resolution authorizing the Finance Director to draw the
balance of the loan proceeds from the Gulf Breeze Pool for the purpose of funding a loan to the
Friends of the Bass Museum and for making the necessary repairs and improvements to City-owned
facilities.
S~odP
2
448