R7D and RDA-1A Revision (Handout)-C-1 MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
COMMISSION MEMORANDUM AND
REDEVELOPMENT AGENCY MEMORANDUM
TO: Mayor Philip Levine and Members of the City Commission and
Chairperson and Members of the Miami Beach Redevelopment Agency
FROM: Jimmy L. Morales, Executive Director of Redevelopment Agency and
City Manager
SECOND READING
DATE: October 14, 2015 PUBLIC HEARING
SUBJECT: ITEM R7D:
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA AUTHORIZING THE ISSUANCE BY THE MIAMI BEACH
REDEVELOPMENT AGENCY OF NOT TO EXCEED $430,000,000 IN AGGREGATE
PRINCIPAL OF TAX INCREMENT REVENUE BONDS (CITY CENTER/HISTORIC
CONVENTION VILLAGE), IN ACCORDANCE WITH THE REQUIREMENTS OF
CHAPTER 163, PART III, FLORIDA STATUTES, AS AMENDED; AUTHORIZING
OFFICERS AND EMPLOYEES OF THE CITY TO TAKE ALL NECESSARY
ACTIONS IN CONNECTION THEREWITH; AND PROVIDING FOR AN EFFECTIVE
DATE.
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$240,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF CITY OF MIAMI BEACH,
FLORIDA RESORT TAX REVENUE BONDS, SERIES 2015 FOR THE PURPOSE OF
FINANCING IMPROVEMENTS TO THE MIAMI BEACH CONVENTION CENTER;
PROVIDING FOR THE ISSUANCE OF ADDITIONAL BONDS ON A PARITY
THEREWITH; PROVIDING FOR THE SECURITY AND PAYMENT OF ALL BONDS
ISSUED PURSUANT TO THIS RESOLUTION; PROVIDING CERTAIN DETAILS OF
THE SERIES 2015 BONDS; DELEGATING CERTAIN MATTERS IN CONNECTION
WITH THE ISSUANCE OF THE SERIES 2015 BONDS TO THE CITY MANAGER,
INCLUDING WHETHER THE SERIES 2015 BONDS SHALL NOT BE SECURED BY
THE DEBT SERVICE RESERVE ACCOUNT AND WHETHER TO SECURE A
CREDIT FACILITY AND/OR A RESERVE ACCOUNT INSURANCE POLICY, WITHIN
THE LIMITATIONS AND RESTRICTIONS STATED HEREIN; APPOINTING
UNDERWRITERS, PAYING AGENT, REGISTRAR AND DISCLOSURE
DISSEMINATION AGENT; AUTHORIZING THE NEGOTIATED SALE OF THE
SERIES 2015 BONDS AND APPROVING THE FORM AND AUTHORIZING
EXECUTION OF THE BOND PURCHASE AGREEMENT FOR THE SERIES 2015
BONDS; APPROVING THE FORM OF PRELIMINARY OFFICIAL STATEMENT FOR
Commission Memorandum - Convention Center and RDA Bonds
October 14, 2015
Page 2 of 4
THE SERIES 2015 BONDS AND AUTHORIZING EXECUTION OF THE FINAL
OFFICIAL STATEMENT FOR THE SERIES 2015 BONDS; COVENANTING TO
PROVIDE CONTINUING DISCLOSURE IN CONNECTION WITH THE SERIES 2015
BONDS AND APPROVING THE FORM AND AUTHORIZING EXECUTION OF A
CONTINUING DISCLOSURE AGREEMENT; AUTHORIZING OFFICERS AND
EMPLOYEES OF THE CITY TO TAKE ALL NECESSARY ACTIONS IN
CONNECTION WITH THE ISSUANCE OF THE SERIES 2015 BONDS; AND
PROVIDING FOR AN EFFECTIVE DATE.
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$80,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF CITY OF MIAMI BEACH,
FLORIDA PARKING REVENUE BONDS, SERIES 2015, FOR THE PRINCIPAL
PURPOSE OF PAYING THE COST OF CERTAIN IMPROVEMENTS TO THE
PARKING SYSTEM, PURSUANT TO SECTION 209 OF RESOLUTION NO. 2010-
27491 ADOPTED BY THE CITY ON SEPTEMBER 20, 2010; PROVIDING THAT
SAID SERIES 2015 BONDS AND INTEREST THEREON SHALL BE PAYABLE
SOLELY AS PROVIDED IN SAID RESOLUTION NO. 2010-27491 AND THIS
RESOLUTION; PROVIDING CERTAIN DETAILS OF THE SERIES 2015 BONDS;
DELEGATING OTHER DETAILS AND MATTERS IN CONNECTION WITH THE
ISSUANCE OF THE SERIES 2015 BONDS, INCLUDING WHETHER THE SERIES
2015 BONDS SHALL NOT BE SECURED BY THE RESERVE ACCOUNT AND
WHETHER TO SECURE A CREDIT FACILITY AND/OR A RESERVE ACCOUNT
INSURANCE POLICY, TO THE CITY MANAGER, WITHIN THE LIMITATIONS AND
RESTRICTIONS STATED HEREIN; APPOINTING UNDERWRITERS, A BOND
REGISTRAR AND A DISCLOSURE DISSEMINATION AGENT; AUTHORIZING THE
NEGOTIATED SALE OF THE SERIES 2015 BONDS AND APPROVING THE FORM
OF AND AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT;
AUTHORIZING AND DIRECTING THE BOND REGISTRAR TO AUTHENTICATE
AND DELIVER THE SERIES 2015 BONDS; APPROVING THE FORM OF AND
DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND AN OFFICIAL
STATEMENT AND AUTHORIZING THE EXECUTION OF THE OFFICIAL
STATEMENT; PROVIDING FOR THE APPLICATION OF THE PROCEEDS OF THE
SERIES 2015 BONDS AND CREATING CERTAIN FUNDS, ACCOUNTS AND
SUBACCOUNTS; AUTHORIZING A BOOK-ENTRY REGISTRATION SYSTEM WITH
RESPECT TO THE SERIES 2015 BONDS; COVENANTING TO PROVIDE
CONTINUING DISCLOSURE IN CONNECTION WITH THE SERIES 2015 BONDS
AND APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND
DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT; AUTHORIZING
OFFICERS AND EMPLOYEES OF THE CITY TO TAKE ALL NECESSARY
RELATED ACTIONS; AND PROVIDING FOR AN EFFECTIVE DATE.
ITEM RDA-1A:
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF NOT MORE
THAN $430,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF MIAMI BEACH
REDEVELOPMENT AGENCY TAX INCREMENT REVENUE BONDS (CITY
CENTER/HISTORIC CONVENTION VILLAGE) (THE "SERIES 2015 BONDS"), FOR
THE PURPOSE OF REFUNDING THE AGENCY'S OUTSTANDING PRIOR BONDS
AND FINANCING CERTAIN PUBLIC IMPROVEMENTS; PROVIDING FOR THE
ISSUANCE OF ADDITIONAL BONDS ON A PARITY THEREWITH; PROVIDING
AGENDA ITEMS R7D & RDA 1A
DATE 10-14-15
Commission Memorandum - Convention Center and RDA Bonds
October 14, 2015
Page 3 of 4
FOR THE SECURITY AND PAYMENT OF ALL BONDS ISSUED PURSUANT TO
THIS RESOLUTION; PROVIDING CERTAIN DETAILS OF THE SERIES 2015
BONDS; DELEGATING CERTAIN MATTERS IN CONNECTION WITH THE
ISSUANCE OF THE SERIES 2015 BONDS TO THE EXECUTIVE DIRECTOR OF
THE AGENCY, INCLUDING WHETHER TO SECURE A CREDIT FACILITY AND/OR
A RESERVE ACCOUNT INSURANCE POLICY, WITHIN THE LIMITATIONS AND
RESTRICTIONS STATED HEREIN; APPOINTING UNDERWRITERS, PAYING
AGENT, REGISTRAR, ESCROW AGENT AND DISCLOSURE DISSEMINATION
AGENT; APPROVING THE FORM OF THE PRELIMINARY OFFICIAL STATEMENT
FOR THE SERIES 2015 BONDS AND AUTHORIZING EXECUTION OF THE FINAL
OFFICIAL STATEMENT FOR THE SERIES 2015 BONDS; AUTHORIZING THE
NEGOTIATED SALE OF THE SERIES 2015 BONDS AND APPROVING THE FORM
AND AUTHORIZING EXECUTION OF THE BOND PURCHASE AGREEMENT FOR
THE SERIES 2015 BONDS; APPROVING THE FORMS AND AUTHORIZING
EXECUTION OF ESCROW DEPOSIT AGREEMENTS FOR THE OUTSTANDING
PRIOR BONDS; COVENANTING TO PROVIDE CONTINUING DISCLOSURE IN
CONNECTION WITH THE SERIES 2015 BONDS AND APPROVING THE FORM
AND AUTHORIZING EXECUTION OF A CONTINUING DISCLOSUREAGREEMENT;
AUTHORIZING OFFICERS AND EMPLOYEES OF THE AGENCY TO TAKE ALL
NECESSARY ACTIONS IN CONNECTION WITH THE ISSUANCE OF THE SERIES
2015 BONDS; AND PROVIDING FOR AN EFFECTIVE DATE.
FINANCING PLAN REVISION
The Convention Center Funding Plan previously shown is superseded by the revised sources
and uses of the different types of funding sources for this project:
Convention Center Funding Plan
Sources of Funds
County GO $54,400,000
Resort. Tax Bonds 216,632,193
Parking Bonds 64,811,756
RDA Bonds 280,000,000
Total Convention Center Projects 615,843,949
Additional RDA Projects 36,000,000
Total RDA Bonds with Additional Projects 316,000,000
Total Funding Sources $651,843,949
Uses of Funds (No Change from Previous)
Convention Center $551,032,193
Convention Center Parking 64,811,756
Total Convention Center Cost 615,843,949
Additional RDA Projects 36,000,000
Total Funding Uses $651,843,949
Based on 10/6/15 project amount.
AGENDA ITEMS R7D & RDA 1A
DATE 10-14-15
Commission Memorandum - Convention Center and RDA Bonds
October 14, 2015
Page 4 of 4
As a result of the revision, the underlying exhibits will be revised accordingly.
J LM/JW/aw
AGENDA ITEMS R7D & RDA 1A
DATE 10-14-15