Resolution 94-21089 ,
RESOLUTION NO. 94-21089
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA DECLARING
THE OFFICIAL INTENT OF THE CITY OF MIAMI BEACH
TO ISSUE DEBT IN ORDER TO REIMBURSE ITSELF
FROM THE PROCEEDS OF SUCH DEBT FOR FUNDS
ADVANCED BY THE CITY FOR CERTAIN EXPENSES
INCURRED WITH RESPECT TO A SPECIAL ASSESSMENT
PROJECT WITHIN THE CITY LIMITS; AND
AUTHORIZING CERTAIN INCIDENTAL ACTIONS.
WHEREAS, in connection with the acquisition and construction
of certain capital improvements to be financed in part with special
assessments, as described on Exhibit A to this Resolution (the
"Project") , by the City of Miami Beach (the "City" ) , the City has
incurred and expects to incur expenses for which the City has
advanced and will advance internal funds; and
WHEREAS, to the extent permissible under the Internal Revenue
Code of 1986, as amended, and the regulations promulgated there-
under (collectively, the "Code") the City intends to reimburse
itself for such advances from the proceeds of debt to be incurred
by the City through the issuance of tax-exempt bonds to be issued
by the City.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA:
Section 1 . Declaration of Official Intent . The City hereby
declares its official intent to issue its tax-exempt bonds (the
"Bonds" ) , a portion of the proceeds of which will, to the extent
permissible under the Code, be used to reimburse the City for funds
advanced by it for expenses incurred and to be incurred with
respect to the Project . This Resolution is intended as a decla-
ration of official intent under Treasury Regulation § 1 . 150-2 . The
Bonds are expected not to exceed an aggregate principal amount of
$17, 000, 000 .
Section 2 . Incidental Action. The appropriate officers of
the Agency are hereby authorized to take such actions as may be
necessary to carry out the purpose of this Resolution and the Code.
Section 3 . Effective Date. This Resolution shall take
effect immediately upon its adoption.
PASSED AND ADOPTED this 16th day o March , 1994 .
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(SEAL) (
ATTEST: • ,
,� ¢i)t
Clerk
FORM APPROVED
LE EPT.
By cee,
Date 37(i A
D09:(04548.DOCS.MIA1800261 RESOLUTION.
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EXHIBIT A
DESCRIPTION OF PROJECT
The Project consists of expenditures for road resurfacing,
curbing, street lighting, sidewalk improvements, pedestrian
signals, traffic signals, streetscape improvements, pedestrian
amenities, water, sewer and drainage improvements and other related
expenditures, all in connection with a capital improvement project
in Lincoln Road in the City of Miami Beach, Florida in that area
bounded on the west by West Avenue, on the east by Collins Avenue,
on the south by 16th Street and on the north by 17th Street .
A - 1
D09:(04548.DOCS.MIA180026]RESOLUTION.
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CITY OF MIAM'I BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
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OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673-7010
FAX: (305) 673-7782
COMMISSION MEMORANDUM NO. ;4..C1q21/
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TO: Mayor Seymour Gelber and DATE: March 16, 1994
Members of the City Commission
FROM: Roger M. Ca
City Manager
SUBJECT: PROGRESS REPORT ON LINCOLN ROAD AND APPROVAL OF
REIMBURSEMENT RESOLUTION, AND RESCISSION AND RESETTING OF
PUBLIC HEARING FOR ASSESSMENT DISTRICT.
' ADMINISTRATION RECOMMENDATION:
• It is recommended that the City Commission approve the attached
Reimbursement Resolution and rescind and reset a public hearing for
April 6, 1994, for the creation of the Assessment District.
BACKGROUND:
Since the January 17, 1994, Commission Meeting, at which the first
phase of a Lincoln Road project was concluded, substantial progress
has been made towards the formation of an Assessment District for
the Lincoln Road project. The City has retained Thompson Wood
Associates for the Phase 1 program of improvements. Kimley Horn
has been retained for cost estimating and other preliminary
services, Bermello and Ajamil has been retained to prepare the
• assessment roll and the necessary maps, and the firm of Squire,
Sanders and Dempsey has been retained as bond counsel .
As a .result of all this work, the Lincoln Road Task Force and the
City now have a complete assessment roll, the appropriate plat maps
and with the assistance of the architects and engineers at Kimley
Horn, have developed costs and the cost formulae for the
assessment . The Lincoln Road Task Force leadership has felt that
it requires an additional two weeks in order to expose the costs
and discuss them adequately with the merchants and property owners.
The Administration has concurred with that and has asked,
therefore, that the public hearing be reset for April 6, 1994 .
This will be the first of two public hearings to set the Assessment
District as required by State Law.
ANALYSIS: •
The project costs have been developed (see Attachment A) . There
are three categories of costs, those related to infrastructure,
those for roadways and those for beautification. The total cost of
the project is $16.2 million. Approximately $5. 7 million of this
is for infrastructure which is an appropriate cost for the City to
bear entirely through its water/sewer and other utility programs.
These utilities will have to be upgraded whether the road is
improved or not; however, substantial cost savings can be achieved
if =these are scheduled to occur prior to a major reconstruction of
the road. The roadway . improvements relate to signals, paving of 96
the side streets and signage. The City and the Lincoln Road
leadership have agreed to cap these costs at $1.5 million. Once
-1- AGENDA Q _r_ C
ITEM 1 1 I
• DATE ` J V
again, these are logical public costs: The City would endeavor to
Obtain County, State and Federal funding where appropriate to
upgrade these elements .
The Beautification component is the element which the City and the
Lincoln Road leadership have agreed to share in equally. This
component includes the Lincoln Road reconstruction, lighting, .
landscaping and other streetscape features. Agreement has been
reached, again, to cap this .component at $9 million including all
contingencies and all architectural and engineering fees. This
would mean that the Lincoln Road property owners would have
responsibility 'for $4 .5 million and the City would be responsible
for $4 .5 million. The Administration has assisted the Task Force
in analyzing various formulae for distributing the cost -of the $4 .5
• million along with the costs of the marketing and management
assessment district which will have an annual budget of close to $1
million. With respect to the marketing and management budget, the
city Administration and the Lincoln Road Task force have agreed to
a cost sharing formulae as' has been established with Ocean Drive in
that the property owners shall pay for one-third and the City shall
pay for two-thirds. The City's revenues from the sidewalk cafe
ordinance, which will be implemented no later than October 1, 1994,
potential lease revenues from theaters and any other related
sources to be utilized to help pay for this two-thirds share.
The Task Force is in the process of conducting public meetings to
build a full consensus on these costs and will be reporting their
results at the Commission meeting.
FISCAL IMPACTS:
The City of Miami Beach retains ' a substantial cost responsibility
• for making this project happen. Up to $12 million of public funds
will be necessary to supplement the Assessment District . Due to
. the variety of sources that will be taxed to make this happen
including existing utility funds for the infrastructure, tax
increments for the beautification and aggressively pursuing County,
State and Federal funds for the balance, this improvement project
is not expected to impact negatively on the City' s general fund.
In fact, enhancement of the physical environment should help
increase the City's receipts overall from increased property,
resort, utility and other taxes.
REIMBURSEMENT RESOLUTION:
Attached to the packet is a Reimbursement Resolution as required
• under the State Law in order for the City to reclaim its early
expenditures estimated at approximately $225, 000 to date. The City
Commission needs to pass the attached Reimbursement Resolution.
RESETTING OF PUBLIC' HEARING:
The Lincoln Road Task Force asked for more time to build the
comfort level of the property owners and have a consensus on the
cost and the formulae. The Administration is supportive of that
effort and, - therefore, recommends that the first public hearing be
set for April 6, 1994 .
CONCLUSION:
The process has worked exceedingly'well and the Task Force has been
. very cooperative with the Administration. • The Commission should
proceed with the recommended actions.
RMC:j ph
Attachments '
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