98-22938 RESO
RESOLUTION NO. 98-22938
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROPRIATING THE AMOUNT OF
$1,635,000 FOR FUNDS REQUIRED TO OPERATE THE 7TH STREET AND
COLLINS AVENUE PARKING GARAGE FOR FISCAL YEAR 1998-1999,
AND ALSO TO REPAY THE PROPORTIONATE SHARE OF THE GULF
BREEZE LOAN POOL DEBT SERVICE.
WHEREAS, the public parking garage located at 7th Street and Collins
A venue (Garage) is currently in operation;
WHEREAS, a Fiscal year 1998-1999 budget is necessary to pay the operating
expenses of the Garage; and
WHEREAS, an appropriation of funds is also necessary to repay the
proportionate share of the Gulf Breeze Loan Pool debt service which was used, in
part, to fund the construction of the Garage; and
WHEREAS, surplus revenues will be deposited in a reserve fund to assure
proper preventative maintenance, and the structural integrity of the Garage.
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 appropriate the amount of $1,635,000 for funds
required to operate the 7th Street and Collins Avenue Garage, for Fiscal Year 1998-
1999 and also repay the proportionate share of the Gulf Breeze Loan Pool debt
serVIce.
PASSED AND ADOPTED this 7th day of October, 1998.
WfI1
MAYOR
ATTEST:
_~(UrluA
CITY CLERK
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
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CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
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COMMISSION MEMORANDUM NO. ~8S - g 8
TO:
Mayor Neisen O. Kasdin and
Members of the City C mmission
DATE: October 7,1998
FROM: Sergio Rodriguez
City Manager
SUBJECT: A RESOLUT ON OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROPRIATING THE AMOUNT
OF $1,635,000 FOR FUNDS REQUIRED TO OPERATE THE 7TH STREET
AND COLLINS AVENUE PARKING GARAGE FOR FISCAL YEAR 1998-
1999, AND ALSO REPAY THE PROPORTIONATE SHARE OF THE GULF
BREEZE LOAN POOL DEBT SERVICE.
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
BACKGROUND:
The funding for the construction of the 7th Street and Collins Avenue garage was accomplished by
utilizing the Gulf Breeze Municipal Loan Pool. The revenues collected will be used to pay operating
expenses and repay the debt service on the proportionate share of the loan. Surplus revenues will
be deposited in a reserve fund for the 7th Street Garage to ensure proper preventive maintenance and
structural integrity of the structure. The Parking Department is responsible for the collection ofthe
revenues which will be used to pay operating expenses and debt services.
ANALYSIS:
See the attached breakdown of projected expenses for Fiscal year 1998-1999 for the 7th Street and
Collins Avenue Garage.
CONCLUSION:
The operating budget in the amount of$1,635,000 is required to cover the operating expenses and
debt service for the 7th Street and Collins Avenue parking garage for the Fiscal Year 1998-1999.
In the event of any shortfall, the difference shall be made up by funds from excess parking revenues.
SRJC~~IJYG
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