C6A-Report- Finance And Citywide Projects Committee August 28 2015 Meetingr.-.-,
City of Miomi Beoch, l 700 Convention Center Drive, Miomi Beoch, Florido 33,l 39, www.miomibeochfl.gev
COMMITTEE MEMORANDUM
TO: Members of the Finance and C Projects
FROM: Jimmy L. Morales, City Manager
DATE: September 30, 2015
SUBJECT: REPORT OF THE FINANCE
COMMITTEE MEETING ON AU
The agenda is as follows:
CITYWIDE PROJECTS
sT 28, 2015
NEW BUSINESS
1. Discussion Of The lssuance Of The Gonvention Center Bonds
ACTION
The item was presented in accordance with Ordinance 2007-3582 Article V entitled
"Finance." Section 2-278 entitled "Procedures governing the issuance of bonds"
requires that prior to the adoption by the Gity Commission of the final resolutlon
approving the issuance of any bonds by the City, the fiscal analysis of the proposed
bonds being issued be brought before the City's Finance and Citywide Proiects
Committee for review and consideration.
The total cost of the Convention Center project is estimated to be $596.4 million of
which $54.4 million are County GO Bonds, $204.5 million are proposed Resort Tax
Bonds, $64.8 million are proposed Parking Bonds and $308.6 million from proposed
RDA Bonds. The estimated annual revenues from the project, as well as the
estimated annual cost of maintaining, repairing and operating the project were also
reviewed and considered.
Agenda ltem
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