20151028 SCMMIAMIBEACH
Special Commission Meeting
City Hall, Commission Chambers, 3'd Floor, 1700 Convention Center Drive
October 28,2015
Mayor Philip Levine
Vice-Mayor Edward L. Tobin
Commissioner Michael Grieco
Comm issioner Joy Malakoff
Comm issioner Micky Steinberg
Commissioner Deede Weithorn
Comm issioner Jonah Wolfson
City Manager Jimmy L. Morales
City Attorney Raul J. Aguila
City Clerk Rafael E. Granado
Vlsff us at www.miamibeachfl.gov for agendas and video streaming of City Commission Meetings.
ATTENTION ALL LOBBYISTS
Chapter 2, Article Vll, Division 3 of the City Code of Miami Beach, entitled "Lobbyists," requires
the registration of all lobbyists with the City Clerk prior to engaging in any lobbying activity with
the City Commission, any City Board or Committee, or any personne! as defined in the subject
Gode sections. Copies of the City Code sections on lobbyists laws are available in the Office of
the City Clerk. Questions regarding the provisions of the Code should be directed to the Office
of the City Attorney.
To request this material in alternate format, sign language interpreter (five-day notice required), information
on access for persons with disabilities, and/or any accommodation to review any document or participate in
any city-sponsored proceedings, call 305.604.2489 and select 1 for English or 2 for Spanish, then option 6;
ffY users may call via 711 (Florida Relay Service).
ln order to ensure adequate public consideration, if necessary, the Mayor and City Commission may move
any agenda item to an alternate meeting date. ln addition, the Mayor and City Commission may, at their
discretion, adjourn the Commission Meeting without reaching all agenda items.
AGENDA
Call to Order - 5:00 p.m.
Pledge of Allegiance
Requests for Additions, Withdrawals, and Deferrals
1.
2.
3.
We are commifted to providing excellent public service and safety to all who live, work, and play in our vibrant, tropical, historic community.
1
Special Commission Meeting, October 28,2015
REGULAR AGENDA
R5 - Ordinances
RsA An Ordinance Amending The Code Of The City Of Miami Beach By Amending Chapter 102,
Entitled "Taxation," By Amending Article lV, Entitled "Resort Tax," By Amending Section 102-307,
Entitled "lmposition Of Tax; Rate," By Amending Subsection A Thereof Regarding The Rate Of
The Tax To Be Paid On The Rent Of Every Occupancy Of A Room Or Rooms ln Any Hotel,
Motel, Roominghouse, Or Apartment House ln The City, Pursuant To Section 5.03(8) Of The City
Charter; Providing For Repealer, Severability, Codification, And An Effective Date. 5:01 p.m.
Second Readinq Public Hearinq
(Sponsored by Commissioner Michael Grieco)
(Legislative Tracking : Finance)
(First Reading on October 21,2015 - RsB)
End of Aqenda
2
Condensed Title:
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING THE
CODE OF THE CITY OF MIAMI BEACH BY AMENDING CHAPTER 102, ENTITLED "TAXATION," BY AMENDING ARTICLE IV,
ENTITLED "RESORT TAX," BY AMENDING SECTION 102-307, ENTITLED "IMPOSITION OF TAX; RATE," BY AMENDING
SUBSECTION A THEREOF REGARDING THE RATE OF THE TAX TO BE PAID ON THE RENT OF EVERY OCCUPANCY OF A
ROOM OR ROOMS IN ANY HOTEL, MOTEL, ROOMINGHOUSE, OR APARTMENT HOUSE IN THE CIry, PURSUANT TO
SECTION 5.03(8) OF THE CITY CHARTER; PROVIDING FOR REPEALER, SEVERABILIW, GODIFICATION, AND AN
EFFEGTIVE DATE.
COMMISSION ITEM SUMMARY
Item Summary/Recommendationr SECOND READING PUBLIC HEARING
The City is entitled to impose and collect a tax on the rent of every occupancy of a room or rooms in any hotel,
motel, or apartment house, when the renting is for the period of occupancy for imposition of a translent rental tax
pursuant to Florida Statute 212.03, as amended, and Section 5.03 of the City Charter (the "Resort Tax"). The
current Resort Tax collected on transient rentals is three percent (3%).
On August 12,2012, the electorate of the City of Miami Beach voted - by over 67% of the voters voting -- in favor of
increasing the Resort Tax on room rentals by an additional one percent (1%), with such additional 1% Resort Tax to
be "used solely for the purposes of expanding, enlarging, renovating, and/or improving the Miami Beach Convention
Center, including payment of debt service related thereto." The election results were certified by Resolution No.
2012-28004, and subsequently codified in Section 5.03(b) of the City Charter.
The purpose of this Ordinance is to impose the additional 1oh tax approved by the voters on August 12,2012 and lo
therefore set the new Resort Tax rate at four percent (4%). ln accordance with Section 5.03(b) of the City Charter,
the additional 1% Resort Tax shall be used solely for the purpose of securing payment of the expansion,
enlargement, renovation and improvement of the Miami Beach Convention Center (the "MBCC Project") and debt
service related thereto.
Following public hearings held on September 30, 2015 and October 14,2015, the Mayor and City Commission
adopted a Resolution, authorizing, subject to the passage of this ordinance, the issuance of Resort Tax Revenue
Bonds, Series 2015, in the not-to-exceed amount of $240 million, for the purpose of financing a portion of the MBCC
Project. ln addition, the City Commission, at their October 21 ,2015 meeting, approved the proposed Ordinance
upon first reading.
The Resort Tax Bonds will be issued in a par amount of approximately $207.6 million. The additional 1% Resort Tax
is anticipated to generate in excess of $12,000,000 on annual basis. Please see ExhibitAforthe ResortTax Bond
Analysis.
The additional 1% Resort Tax must be implemented before the Series 2015 Resort Tax bonds can be issued.
Although the Administration anticipates that the additional 1% Resort Tax will be sufficient to pay for all debt service
related to the Series 2015 bonds, all Resort Taxes will be pledged in an effort to strengthen the credit and resulting
market reception to these bonds.
Key lntended Outcome Supported:
. lmprove alliance with key business sectors, namely hospitality, arts, and intemational business with a
focus on enhanced culture, entertainment, and tourism
o Maximize the Miami Beach brand as a world-class destination
Supporting Data (Surveys, Environmental Scan, etc.):o Environmental Scan - Convention Center Attendance: 54Yo increase since 2004
o Community Survev - Averaqe resident attends events at the Convention Center twice
Board Recommendation:
Financial lnformation :
The Finance and Citywide Projects Committee, on August 28,2015, recommended the issuance of the Resort Tax
Bonds for the renovation and/or i ment of the Convention Center.
(@arrr"" or Funds:\-/ oBPr
Amount Account Approved
Total
Clerk's Office lative Tracki
lnterim Chief Financial Officer
BCC Oct 28\1%
EM# MIAMIBfiAc,H lo-"J-:lf3
@ MIAMI BEACH
City of Miomi Beoch, ,l700 Convention Center Drive, Miomi Beoch. Florido 33139. www.miomibeochfl.gov
COMMISSION MEMORANDUM
Mayor Philip Levine and Members the City
FROM: Jimmy L. Morales, City Manager
DATE: October 28,2015
SUBJECT: AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF
THE GITY OF MIAMI BEAGH, FLORIDA, AMENDING THE
CODE OF THE CITY OF MIAMI BEACH BY AMENDING
CHAPTER 102, ENTITLED "TAXATION," BY AMENDING
ARTICLE IV, ENTITLED "RESORT TAX," BY AMENDING
SECTION 102-307, ENTITLED "IMPOSITION OF TAX; RATE,"
BY AMENDING SUBSECTION A THEREOF REGARDING THE
RATE OF THE TAX TO BE PAID ON THE RENT OF EVERY
OCCUPANCY OF A ROOM OR ROOMS IN ANY HOTEL,
MOTEL, ROOMINGHOUSE, OR APARTMENT HOUSE IN THE
clTy, PURSUANT TO SECTTON 5.03(8) OF THE G|TY
CHARTER; PROVIDING FOR REPEALER, SEVERABILITY,
CODIFICATION, AND AN EFFECTIVE DATE.
ADMINISTRATION RECOMM EN DATION
Approve the ordinance.
BACKGROUND
The City is entitled to impose and collect a tax on the rent of every occupancy of a room
or rooms in any hotel, motel, or apartment house, when the renting is for the period of
occupancy for imposition of a transient rental tax pursuant to Florida Statute 212.03, as
amended, and Section 5.03 of the City Charter (the "Resort Tax"). The current Resort
Tax collected on transient rentals is three percent (3%).
On August 14, 2012, the electorate of the City of Miami Beach voted - by over 67% of
the voters voting -- to increase the Resort Tax on room rentals by an additional one
percent (1%), with such additional 1% Resort Tax to be "used solely for the purposes of
expanding, enlarging, renovating, and/or improving the Miami Beach Convention Center,
including payment of debt service related thereto." ln Resolution No. 2012-28004, the
City Commission adopted the certification of the official results of the August 14, 2012
special election, and subsequently codified the foregoing in Section 5.03(b) of the City
Charter.
The purpose of this Ordinance is to impose the additional 1o/o tax approved by the voters
on August 14, 2012 and to therefore set the new Resort Tax rate at four percent (4%).
ln accordance with Section 5.03(b) of the City Charter, the additional 1% Resort Tax
SECOND READING
PUBLIC HEARING
4
Commission Memorandum - October 28,2015
Resort Tax 17o lncrease
Page 2 of 3
shall be used solely for the purpose of securing payment of the expansion, enlargement,
renovation and improvement of the Miami Beach Convention Center (the "MBCC
Project") and debt service related thereto.
ANALYSIS
Following public hearings held on September 30, 2015 and October 14,2015, the Mayor
and City Commission adopted a Resolution, authorizing, subject to the passage of this
ordinance, the issuance of Resort Tax Revenue Bonds, Series 2015, in the not-to-
exceed amount of $240 million, for the purpose of financing a portion of the MBCC
Project. ln addition, the City Commission, at their October 21,2015 meeting, approved
the proposed Ordinance upon first reading.
The Resort Tax Bonds will be issued in a par amount of approximately $207.6 million.
The additional 1o/o Resort Tax is anticipated to generate in excess of $12,000,000 on
annual basis. Please see Exhibit A for the Resort Tax Bond Analysis.
The additional 1o/o Resort Tax must be implemented before the Series 2015 Resort Tax
bonds can be issued. Although the Administration anticipates that the additional 1%
Resort Tax will be sufficient to pay for all debt service related to the Series 2015 bonds,
all Resort Taxes will be pledged in an effort to strengthen the credit and resulting market
reception to these bonds.
On May 21, 2015, the Mayor and City Commission adopted Resolution No. 201 5-29028,
approving the CM-atRisk Agreement between the City and Clark Construction Group,
LLC (the "Agreement"), authorizing pre-construction services for the MBCC Project and
specifying the terms and conditions for the development and negotiation of a
Guaranteed Maximum Price ("GMP") Amendment to secure the delivery of the
construction phase of the MBCC Project.
On October 21, 2015, the Mayor and City Commission approved the adoption of a
Resolution approving the GMP Amendment in the amount of $515,458,058.00 for the
MBCC Project, and which GMP Amendment, along with the Agreement, provides the
definitive terms and conditions of the City's agreement for the development and
expansion, enlargement, renovation and/or improvement of the MBCC Project. Once
the above-referenced agreement is approved, the requirement of Section 5.03(b) of the
City Charter that the additional 1% Resort Tax not be imposed until such time as the City
has entered into an agreement for the MBCC Project will thereby be satisfied.
City of Miami Beach businesses, engaged in transient rentals, will begin remitting the
additional 1o/o tax on January 20, 2016 for the collection period commencing on
December 1, 2015. These businesses will be sent notifications of the imposition of the
additional 1% Resort Tax via mail and email. The City will also publish an
announcement on our taxpayer's Resort Tax web filing and payment portal, as well as,
the City's website.
Conclusion
The Administration recommends that the Mayor and City Commission of the City of
Miami Beach, Florida, approve the ordinance upon second reading.
5
Commission Memorandum - October 28,2015
Resort Tax 17o lncrease
Page 3 of 3
Attachment (presented in draft form):
JLM/JW/ARWmm
T:\AGENDA\2O1S\OctobeAMBCC Oct 28\1o/o Resort Tax - 2nd Reading
6
ORDINANCE NO.
AN ORDINANCE OF THE MAYOR AND GITY COMMISSION OF
THE CITY OF MIAM! BEACH, FLORIDA, AMENDING THE CODE
OF THE CITY OF MIAMI BEACH BY AMENDING CHAPTER 102,
ENTITLED "TAXATION,'' BY AMENDING ARTIGLE IV, ENTITLED..RESORT TAX," BY AMENDING SEGTION 102.307, ENTITLED
"IMPOSIilON OF TAX; RATE," BY AMENDING SUBSECTION A
THEREOF REGARDING THE RATE OF THE TAX TO BE PAID
ON THE RENT OF EVERY OCCUPANCY OF A ROOM OR
ROOMS !N ANY HOTEL, MOTEL, ROOMINGHOUSE, OR
APARTMENT HOUSE IN THE CITY, PURSUANT TO SECTION
5.03(8) OF THE GITY CHARTER; PROVIDING FOR REPEALER,
SEVERABILITY, CODIFICATION, AND AN EFFECTIVE DATE.
WHEREAS, the City is entitled to impose and collect a tax on the rent of every
occupancy of a room or rooms in any hotel, motel, or apartment house when the renting
is for the period of occupancy for imposition of a transient rental tax pursuant to Florida
Statute 212.03, as amended, and Section 5.03 of the City Charter (the "Resort Tax"); and
WHEREAS, in Resolution No. 2012-28004, the City Commission adopted the
certification of the official results of the August 14, 2012, special election, whereby the
electorate of the City of Miami Beach voted to impose an additional one percent (1%) on
the Resort Tax, to be "used solely for the purposes of expanding, enlarging, renovating,
and/or improving the Miami Beach Convention Center, including payment of debt service
related thereto," which provisions were subsequently codified in Section 5.03(b) of the
City Charter; and
WHEREAS, on May 21, 2015, the Mayor and City Commission adopted
Resolution No. 2015-29028, approving the CM-at-Risk Agreement between the City and
Clark Construction Group, LLC (the "Agreement"), authorizing pre-construction services
for the expansion, enlargement, renovation and improvement of the Miami Beach
Convention Center (the "MBCC Project") and specifying the terms and conditions for the
development and negotiation of a Guaranteed Maximum Price ("GMP') Amendment to
secure the delivery of the construction phase of the MBCC Project; and
WHEREAS, on October 21, 2015, the Mayor and City Commission adopted a
Resolution approving the GMP Amendment in the amount of $515,458,058.00 for the
MBCC Project, and which GMP Amendment, along with the Agreement, provides the
definitive terms and conditions of the City's agreement for the development and
expansion, enlargement, renovation and/or improvement of the MBCC Project, thereby
satisfying the requirement of Section 5.03(b) of the City Charter that the additional 1o/o
Resort Tax not be imposed until such time as the City has entered into an agreement for
the MBCC Project; and
7
WHEREAS, on October 14, 2015, the Mayor and City Commission adopted a
Resolution, authorizing, subject to the passage of this ordinance, the issuance of Resort
Tax Revenue Bonds, Series 2015, in the not-to-exceed amount of $240 million, for the
purpose of financing a portion of the MBCC Project; and
WHEREAS, in accordance with Section 5.03(b) of the City Charter, the additional
1% Resort Tax shall be used solely for the purpose of securing payment of the MBCC
Project and debt service related thereto.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA as follows:
SECTION 1. That Article lV of Chapter 102 of the Miami Beach City Code is hereby
amended as set forth below.
CHAPTER 1 02
TAXATION
Article lV. Resort Tax.
Division lV. Tax.
Section 102-307. lmposition of tax; rate.
(a) There is hereby levied and there shall be paid a tax of thr€e four percent on
the rent of every occupancy of a room or rooms in any hotel, motel, roominghouse, or
apartment house in the city, and two percent upon the total sales price of all items of
food, beverages, alcoholic beverages orwine sold at retail of any restaurant.
(b) Such tax shall constitute a debt owed by the occupant or guest to the city,
extinguished only by payment to the operator or to the city. The occupant or guest shall
pay the tax to the operator of the hotel, motel, roominghouse, apartment house or
restaurant at the time the rent or sales price is paid. lf the rent is paid in installments, a
proportionate share of the tax shall be paid with each installment. The unpaid tax shall be
due upon the occupant's ceasing to occupy space in the hotel, motel, roominghouse or
apartment house.
8
(c) The tax due on a transaction calling for the payment of rent or sales price
ef from:
Cenfs
$0.50 to $0.99 ..... +2
1.00 to 1.49 ..... 2 4
1.50 to 1.99 ..... 3 0
2.00 to 2.49 ..... 49
2.50 to 2.99 ..... 510
or on rents or sales in amounts of more than $3.00, twe four percent shall be charged
upon each dollar of price or rent, plus the above bracket charges upon any fractional part
of a dollar in excess of even dollars.
SECTION 2. SEVERABILITY.
lf any section, sentence, clause, or word of this section is for any reason
declared to be unenforceable or unconstitutional by a court of competent jurisdiction, the
remaining portions shall not be affected.
SECTION 3. REPEALER.
Any ordinance, or part thereof, and/or any resolution, or part thereof, which is in
conflict with this Ordinance, is hereby repealed to the extent of such conflict.
SEGTION 4. CODIFICATION.
It is the intention of the Mayor and City Commission of the City of Miami Beach,
and it is hereby ordained that the provisions of this ordinance shall become and be made
part of the Code of the City of Miami Beach, Florida, as amended. The sections of this
ordinance may be renumbered or re-lettered to accomplish such intention, and the word
"ordinance" may be changed to "section" or other appropriate word.
SECTION 5. EFFECTIVE DATE.
This Ordinance shall take effect the day of 2015.
9
PASSED and ADOPTED this
ATTEST:
Rafael E. Granado, City Clerk
Underline denotes additions
S+i*e+nreush d en otes d e letio n s
(Sponsored by Commissioner Michael Grieco)
day of 2015.
Philip Levine, Mayor
TPFHOI'EDAStO
}ONU & LANGUAGEIFffi EXECUflOIII
trto-t
-
WAtbrnq a{\f Ds
4
10
Bankof Am erica'Z
lilIerrlll Lynch
TABTE OF CONTENTS
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
Sources and Uses of Funds L
2Bond Summary
Bond Pricing
Statistics
Debt Service Reserve Fund
Bond Debt Service
Annual Debt Service
Form 8038 Statistics
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch
11
Bankof Am erica?
Merrill lynch
EXHIBITA
SOURCES AND USES OF FUNDS
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
Dated Date t2/t7l20Ls
Delivery Date t2h7/21ts
Sources:
Bond Proceeds:
Par Amount
Premium
207,570,000.00
23,962,700.95
23t,532,700.95
Project Fund Deposits:
Project Fund 2L6,632,t93.00
Other Fund Deposits:
Debt Service Reserve Fund 13,665,500.00
Delivery Date Expenses:
Cost of lssuance 350,000.00
Underwriter's Discount 881,528.32
L,23L,528.32
3,479.63
231,532,700.95
Other Uses of Funds:
Additional Proceeds
Notes:
Structured based on a fixed project amount of $216,632,193, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
Oct 13, 20L5 4'.28 pm Prepared by Bank of America Merrill Lynch Page 1
12
Bankof Am erica'?
Merrill Lynch
EXHIBIT A
BOND SU MMARY STATISTICS
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Prelimina-[ Numbers
Bond Component
Dated oate
Delivery Date
First Coupon
Last Maturity
Arbitrage Yield
True lnterest Cost (TlC)
Net lnterest Cost (NlC)
All-ln TIC
Average Coupon
Average Life (years)
Duration of lssue (years)
Par Amount
Bond Proceeds
Total lnterest
Net lnterest
Total oebt Seruice
Maximum Annual Debt Service
Average Annual Debt Service
Underwriter's Fees (per $1000)
Averate Takedown
Oth€r Fee
Total Underwriter's Discount
Bid Price
t2lL7/207s
t2/L7/20L5
06/oL/2016
12loL/2O4s
3.57792t%
4.t7t332%
4.478970%
4.L23763%
4.998037%
19.201
t2.472
207,570,000.00
231,532,700.95
199,197,263.33
776,7L6,090.70
406,767,263.33
13,665,500.00
13,s79,025.85
4.246897
4.246897
111.119705
Average AveraSe
Coupon Life
Par
Value Price
PVoflbp
change
Bond Component
Term Bond 2040
Term Bond 2045
102,065,000.00 LL4.344
46,350,000.00 I09.174
59,155,000.00 108.571
4.994vo 1232L
5.000% 23.053
5.000% 28.053
81,648.90
39,861.00
50,281.7s
207,570,000.00 19.201 17,-,791.65
All-h
Ttc
ArbitraSe
Yield
Par Value
+ Accrued lnterest
i Premium (Discount)
- Underuriter's Discount
- Cost of lssuance Expense
- Other Amounts
Target Value
Target Date
Yield
Notes:
Structured based on a fixed project amount of 5216,632,193, assumes no earnings
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
207,570,000.00
23,962,700.95
-881,528.32
207,570,000.00 207,570,000.00
23,962,700.95 23,962,700.95
-881,528.32
-3s0.000.00
230,65L,L72.63
L2lLTl2,rs
4.171332%
230,301,172.63
L2/L7l20Ls
4.L23763%
231,532,700.95
fi/17/2O1s
3.517927%
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 2
13
Bankof Am erica'Z
Merrill Lynch
EXHIBIT A
Bond Component
Maturity
Date Amount Rate
BOND PRICING
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 20L5
ereli m ina-ryr t',1 u mbers
Yield
Yield to
Price Maturity
Call
Date
call
Price
Premium
(-Discount)
Bond Component:
Term Eond 2040:
Term Bond 2045:
LO?.447
106.196
111.403
114.053
115.980
117.623
118.604
119.045
119.592
119.959
118.330 C 3.022%
115.820 C 3.287%
11s.42s C 3.508%
LL4.!41 C 3.694%
113.325 C 3.822%
112.695 C 3.922%
112.1s8 C 4.OO5%
111.713 C 4.074%
111.270 C 4.L36%
110.830 C 4.L930/o
109.174 C 4.39t%
L09.L74 C 4.39t%
L09.L74 C 4.39L%
109.174 C 4.39t%
L09.L74 C 4.39L%
108.571 C 4.477%
108.571 C 4.477%
108.571 C 4.4770A
108.571 C 4.477%
108.571 C 4.477%
- L6,272.55- 207,566.00- 397,394.55
- 514,339.80- 614,431.00- 711,088.05- 7a7,a79.40- 847,502.50- 914,946.40- 978,988.95
100.000 943,995.00
100.000 909,121.00
100.000 875,368.7s
100.000 842,803.60
100.000 834,145.00
100.000 834,061.50
100.000 838,902.00
100.000 848,606.85
100.000 857,647.00
100.000 86s,317.00
14,640,376.90
100.000 769,698.50
100.000 807,770.70
100.000 848,s95.00
100.000 890,795.40
100.000 935,289.30
4,252,L49.OO
100.000 917,525.55
100.000 963,380.40
100.000 1,011,806.55
100.000 L,062,375.45
100.000 1,115,087.10
5,070,175.05
L2/0112O76 56s,000 3.000%
L2/0tl2ot7 3,350,000 4.000%
r2101120L8 3,485,000 5.000%
L2l,tlaoLg 3,660,000 s.ooo%
n/orlzo2o 3,84s,000 s.ooo%
t2loLl202t 4,03s,000 s.000%
t2lorl2o22 4,23s,000 s.000%
r2/oL/2023 4,4s0,000 s.000%
72/0L/2024 4,670,000 s.000%
72/0r/2,2s 4,905,000 5.000%
L2/0t12026 s,1s0,000 s.000%
L2/0t12027 5,405,000 5.0oo%
72/Ot/2028 5,675,000 5.000%
r2l0tl2o29 s,960,000 s.000%
r2l0t/2o30 6,260,000 5.000%
L2/0u203t 6,s70,000 s.000%
L210712O32 6,900,000 5.000%
1210712033 7,245,000 5.000%
t2lo7l2o34 7,610,000 5.ooo%
t2lo7/203s 7,990,000 s.000%
102,065,000
t2/o112036 8,390,000 s.000%
t2l0tl2o37 8,80s,000 s.000%
12/01/2038 9,250,000 5.ooo%
r2l0tl2o39 9,710,000 5.000%
L2101/2O4O 10,195,000 5.000%
46,350,000
12lOLl204L 10,705,000 5.000%
t2lotl2042 11,240,000 5.000%
12lirl2,43 11,80s,000 5.000%
72/0L/20/'4 12,39s,000 s.000%
r2/otl2o45 13,010,000 s.000%
59,155,000
0.430%
0.800%
L.070%
L.340%
t.630%
L.860%
2.lloo/o
2.360%
2.5400/0
2.7000/0
2.8700/o
3.O30%
3.780%
3.320%
3.470%
3.480vo
3.540%
3.590%
3.640%
3.690%
3.880%
3.880%
3.880%
3.880%
3.880%
3.950%
3.950%
3.950%
3.950%
3.950%
L2/07/202s
L2/0r/202s
t2loL/202s
12/0L/202s
12/0L/202s
t2l0rl202s
12lOLl202s
t2l0Ll202s
t2/oL/202s
t2/0r/2025
t2/07/202s
t2/o7/202s
L2lOL/202s
t2107/202s
L2l0t/202s
t2l0Ll202s
t2l0Ll2O2s
72/0tl2o2s
72/01/2O2s
72/01/2025
207,570,000 23,962,700.95
Oated Date
Delivery Date
First Coupon
Par Amount
Premium
Production
Underwriter's 0iscount
Purchase Price
Accrued lnterest
Net Proceeds
Notes:
Structured based on a fixed project amount of 5216,632,193, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings ofA/A.
7217712O7s
L2177/2O7s
0610L120t6
207,570,000.00
23,962,700.95
23L,s32,700j5 tt1544395%
-881,528.32 -0-424690%
230,6sL,172.63 711.1L9705%
230,65,-,172.63
Oct 13. 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 3
14
BankofAm erica'*
Merrill lynch
EXHIBITA
BOND DEBT SERVICE
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
Dated Date
Delivery Date
Principal Coupon I nterest Debt Service
t2/17 /20Ls
t2/L7/207s
Period
Ending
L2l0u2oL6
L2/0112OL7
L2l0Ll20L8
t2/o].l20L9
L2/oLl2020
12lOLl202t
t2loLl2022
LzlOtl2023
Lzl0L/2024
12/01/202s
r2l0L/2026
t2/0u2027
12/0t12028
t2/0L12029
L2/0t/2030
L2/0L/203L
t2/oL/2032
LzIOLl2033
L2lOtl2034
L2l0tl2o3s
L2/0L12036
L2/0L12037
72/0t12038
L2/0L12039
L2/OLl2040
t2loL/204L
t2/otl2042
L2/0]-12043
tzlot/2044
L2/0L1204s
665,000
3,350,000
3,485,000
3,660,000
3,845,000
4,035,000
4,235,000
4,450,000
4,670,000
4,90s,000
5,150,000
5,405,000
5,675,000
s,950,000
6,250,000
6,s70,000
6,900,000
7,245,000
7,610,000
7,990,000
8,390,000
8,805,000
9,250,000
9,710,000
10,195,000
L0,705,000
L1,,240,000
11,805,000
12,395,000
13,010,000
r.0,537,513.33
13,661,750.00
13,662,750.00
13,563,500.00
L3,665,500.00
13,663,250.00
13,661,500.00
13,664,750.00
13,662,250.00
13,663,750.00
13,563,500.00
13,661,000.00
13,660,750.00
13,662,000.00
13,654,000.00
13,661,000.00
13,662,500.00
13,662,500.00
13,565,250.00
13,564,750.00
13,56s,250.00
13,650,750.00
13,665,500.00
13,663,000.00
13,662,500.00
13,662,750.00
13,562,500.00
13,66s,500.00
13,665,250.00
13,650,500.00
3.000% 9,872,st3.33
4.000% 10,311,750.00
5.000% L0,777,750.00
5.000% 10,003,500.00
5.000% 9,820,500.00
5.000% 9,528,250.00
5.000% 9,426,500.00
5.000% 9,2L4,750.00
s.000% 8,992,2s0.00
5.000% 8,758,750.00
5.000% 8,5r.3,500.00
5.000% 8,256,000.00
5.000% 7,985,750.00
5.000% 7,702,000.00
5.000% 7,404,000.00
5.000% 7,091,000.00
5.000% 6,762,500.00
5.000% 6,417,500.00
5.000% 6,0ss,250.00
5.000% 5,674,750.00
5.000% s,275,250.00
5.000% 4,8s5,750.00
5.000% 4,41s,s00.00
s.000% 3,9s3,000.00
s.000% 3,467,s00.00
5.000% 2,957,750.00
s.000% 2,422,s00.00
5.000% 1,860,s00.00
s.000% L,270,250.00
s.000% 6s0,500.00
207,570,000
Notes:
Structured based on a fixed project amount of 52L6,632,193, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
t99,L97,263.33 406,767,263.33
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 4
15
BankofAm erica'*
Merrill Lynch
EXHIBITA
Date
DEBT SERVICE RESERVE FUND
CITY OF MIAMI 8EACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminaf Numbers
Deposit lnterest Principal Debt Service Balance
L2/t7l20Ls 13,66s,s00
L2/OLl204s - ,r,aar,roo -13,665,50;
13'665'500
13,665,500 0 13,665,500 -1"3,665,s00
Arbitrage Yield: 3.5L79206%
Value of Negative Arbitrage: 8,857,78L.95
Notes:
Structured based on a fixed project amount of 5216,632,\93, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
Oct 13, 2015 4:28pm Prepared byBankofAmerica Merrill Lynch Page 5
16
Bankof Am erica'*
Merrill Lynch
EXHIBIT A
Date
ANNUAL DEBT SERVICE COVERAGE
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminaf- Numbers
Debt Service Revenues Coverage
t2loLl20t6
L210]./20L7
L2l1tl20L8
tzlotl20t9
L2/0L/2020
L2/0L1202L
12loll2022
LzlOtl2023
L2/0u2024
L2/oL/202s
:-210L12026
L2lOtl2027
L210u2028
12lOLl2029
72lotl2o3o
L2l0L/203t
7210L12032
L2/oLl2033
L210L12034
12/0L12035
L2l0tl2036
t210u2037
t2loLl2038
L2l0Ll2039
L210]-/2040
t2l0L/2041
t2/0t12042
L210112043
12lOLl2044
t2/otl2o4s
10,537,513.33
L3,661,750.00
13,562,750.00
13,663,s00.00
13,665,500.00
13,663,250.00
13,661,500.00
L3,664,750.00
13,662,250.00
13,663,750.00
13,653,500.00
13,661,000.00
13,660,750.00
13,662,000.00
13,664,000.00
13,661,000.00
13,552,500.00
13,662,500.00
13,665,250.00
13,664,750.00
13,55s,250.00
13,660,750.00
13,665,500.00
13,663,000.00
13,662,s00.00
t3,662,750.00
13,662,500.00
13,665,500.00
13,665,250.00
13,660,500.00
11,066,590.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,715.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,715.00
83,308,716.00
83,308,715.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
705.021%
609.795%
609,75t%
609.7L7/o
609.628%
609.728%
609.807%
609.66L%
609.773%
609.t06%
609.717o/o
609.829%
609.840%
609.784/o
609.695%
609.829%
609.762%
609.762%
609.639Yo
609.66L/o
609.639%
609.840%
609.628%
609.740%
609.762%
609.75L%
609.762%
609.628%
609.6390/o
609.8s1%
406,767,263.33 2,427,0L9,354.00
Notes:
Structured based on a fixed project amount of 52t6,632,L93, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 6
17
Bankof America-?
Merrill Lynch
EXHIBITA
FORM 8038 STATISTICS
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
Dated oate 72/17/20Ls
Delivery Date L217712015
Eond Component Principal Coupon Price lssue Price
Redemption
at Maturity
Bond Component:
Term Bond 2040:
Term Bond 2045:
L2/0L/2076 665,000.00
t2loL/20L7 3,350,000.00
t2/oLl20L8 3,48s,000.00t2/oLl20L9 3,660,000.00
L2/OL|202O 3,84s,000.00
t2/ou2021 4,03s,000.00
t2/ou2022 4,235,000.00
t2/ot/2023 4,450,000.00
t2/otl2o24 4,670,000.00
t2/ot/2o2s 4,90s,000.00
12/07/2026 s,1s0,000.00
7210712027 s,40s,000.00
L210L12028 s,67s,000.00
L2l0L/2029 5,960,000.00
L2/0L/2030 6,260,000.00
L2|0L/203L 5,s70,000.00
L2l0L/2032 5,900,000.00
t2loLl2033 7,24s,000.00
12/0112034 7,610,000.00
t2/011203s 7,990,000.00
7210]-12036 8,390,000.00
t2l0ll2g37 8,80s,000.00
L210L12038 9,2s0,000.00
L210r12039 9,710,000.00
L2/0r/2040 10,195,000.00
t2/o112041 10,705,000.00
t2/0r/2042 11,240,000.00
t2/o112043 11,80s,000.00
t2lot/2044 12,39s,000.00
t2/01/2,4s 13,010,000.00
3.000% 102.447
4.000% 106.196
5.000% 111.403
5.000% 114.053
5.000% 115.980
5.000% 117.623
5.000% 118.604
5.000% 119.045
5.000% 119.592
5.000% 119.959
5.000% 118.330
5.000% 116.820
5.000% 115.425
5.000% 114.141
5.000% 113.325
5.000% 112.695
5.000% 112.158
5.000% tlt.7t3
5.000% ttt.270
5.000% 110.830
5.000% 109.174
5.000% Lo9.774
5.000% 109.174
5.000% L09.L74
5.000% Lo9.r74
5.000% 108.571
s.000% 108.571
5.000% 108.571
5.000% 108.571
5.000% 108.s71
6A\272.55
3,557,566.00
3,882,394.55
4,174,339.80
4,459,431.00
4,746,088.05
s,022,879.40
s,297,502.50
5,584,946.40
s,883,988.9s
6,093,995.00
6,3L4,L21.00
6,550,368.75
6,802,803.60
7,094,145.00
7,404,061.50
7,738,902.00
8,093,606.85
8,467 ,647.00
8,855,317.00
9,159,698.60
9,6L2,770.70
10,098,595.00
10,600,795.40
11,130,289.30
11,622,525.55
12,203,380.40
12,816,806.55
13,457,375.45
74,125,O87.L0
665,000.00
3,350,000.00
3,485,000.00
3,660,000.00
3,845,000.00
4,035,000.00
4,235,000.00
4,450,000.00
4,670,000.00
4,905,000.00
5,150,000.00
5,405,000.00
5,675,000.00
5,960,000.00
6,260,000.00
6,570,000.00
5,900,000.00
7,245,000.00
7,6r0,000.00
7,990,000.00
8,390,000.00
8,805,000.00
9,2s0,000.00
9,710,000.00
10,195,000.00
10,705,000.00
11,240,000.00
11,80s,000.00
12,395,000.00
13,010,000.00
207,s70,000.00 231,532,700.95 207,570,000.00
Maturity
Date
lnterest lssue
Rate Price
stated weithted
Redemption Avera8e
at Maturity Maturity Yield
Final Maturity
Entire lssue
12l07l2O4s 5.000% r4,n5,087.70- 231,532,700.95
13,010,000.00
207,570,000.00 19.0035 3.5779%
Proceeds used for accrued interest
Proceeds used for bond issuance costs (including underwriters' discount)
Proceeds used for credit enhancement
Proceeds allocated to reasonably required reserue or replacement fund
0.00
1,237,528.32
0.00
13,665,500.00
Notes:
Structured based on a fixed project amount of5216,632,193, assumes no earnings.
Cash funded DSRF, assumes no earninBs.
Assumes ratings ofA/A.
Oct 13, 2015 4:28pm Prepared byBankofAmerica Merrill Lynch PageT
18
Bankof Am erica*
lUlerrill Lynch
EXHIBIT A
DISCTAIMER
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
BofAML tS NOT YOUR MUN|C|PAL ADVISOR OR FIDUCIARY. Bank of America Merrill Lynch ('BofAML') is providing the information contained herein for
discussion purposes only either as an underwriter or in anticipation of being engaged to serve as an underwriter. By providing the information
contained herein pursuant to the underwriter exclusion provided under SEC Rule 158a1-1(d)(2Xi), BofAML is not acting as your'municipal advisor'
within the meaning of Section 158 of the Securities Exchange Act of 1934, as amended (the 'Act'), and does not owe a fiduciary duty to you pursuant to
the Act with respect to the information and material contained in this communication. BofAML is either serving as an underwriter or is seeking to serve
as an underwriter on a future transaction and not as a financial advisor or municipal advisor. The primary role of BofAML, as an underwriter, is to
purchase securities with a view to distribution in an arm's-length commercial transaction between you and BofAML and BofAML has financial and other
interests that differ from yours. BofAML is acting for its own interests. You should discuss any information and material contained in this
communication with any and all of your own internal or external municipal and/or financial, legal, accounting, tax and other advisors and experts, as
applicable, to the extent you deem appropriate before acting on this information or material.
This material has been prepared by the Public Finance Group and is not a research report and is not a product ofthe fixed income research department
of BofAML. This material is for information purposes only, is intended solely for your use, and may not be reproduced, disseminated, quoted or
referred to in whole or in part, without our written consent. This material does not constitute an offer or solicitation to sell or purchase any securities
and is not a commitment by BofAML or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in
connection therewith. The calculations contained herein are based upon assumptions and information that either you or your advisors provided to
BofAML or which BofAML deems in its sole discretion to be appropriate. BofAML makes no representation or warranty as to the accuracy or
completeness of this material or these calculations and any and all liability to you or any third parties relating to this material or the calculations is
expressly disclaimed. The material and calculations made available to you may not be similar to the information generated by BofAML's or its affiliates
proprietary models or valuations that are used for its own purposes or to the models or valuations available from other sources including from other
dealers. BofAML assumes no obligation to update or otherwise revise these materials. Values generated by the data or calculations may not reflect
actual prices or values that can be obtained in the market at that time and the calculations should not be relied upon for any tax, accounting, legal or
other purpose.
Notes:
Structured based on a fixed project amount of 5216,632,193, assumes no earnings
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 8
19
2oNE
I
NEIGTIBORS I mtjRson o(tortr 6 rc6
I rnr[Hrl.oror
r.-..Lq
-:
l9l5'ml5
MIAAIIBE-rcH
CITY OF MIAMI BEACH
NOTICE OF PUBLIC HEARING
NOTICE lS HEREBY given that a public hearing will be hetd by the Mayor and
City Cornmissioners of the City of Miami Beach, Florida, in the Commission
Chambers,3rd Floor. City Hall, 1700 Convention Center Drive. Miami Beach.
Florida, on Wednerday, October 28, 2014 at 5:Ol p.m., or as soon thereafter as
the matter can be heard, to consider:
An Ordinance Arnending The Code Of The City Ot Miami Beach By Amending
Chapter 102, Entitled "Taxation," By Amending Article lV, Entitled "ResortTax,"
By Amending Section 1O2-3O7, Entitled 'lmposition Of Tax; Rate," By Amending
Subsestion A Thereof Regarding The Rete OfThe Tax To Be Psid On fhe Rent Of
Every Occupancy Of A Hoorn Or Booms ln Any Hotel, Motel, Roomlnghouse, Or
Apanment House ln The Clty, Pursuanr To Secrlon 8.03(B) Of The Clty Chaner;
Providing For Repealer, Seversbility, Codlfication. And An Effective Date.
lnqutrles may be dlrected to the Office of Budget & pertormance lmprovement
at 305.673.7510 or the Office of the City Attorney at 305.673.7470-
INTERESTED PARTIES are lnvited to appear ar this meeting, or be
represented by an agent, or to sxpress their views in writing addressed to the
City Commission, c/o the City Clerk. 1700 Convention Center Drive. 1$ Floor.
City Hall, Miami Beach, Florida 38139. This itern is aveilable for public inspection
during normal business hours in the City Clerk's ffice, 17O0 Convention Center
Drive, 1d Floor, City Hall, Miomi Beach, Florida 33139. This meeting, or any
hem therein, may be continued, and under such circumstances, additional legal
notice need not be provided.
Pursuant to Seaion 286.0105, Fla. Stat., the City hereby advises the public that
if a person decidee to appeal any decision rnade by the City Commission with
respectto any matterconsidered at lts meeting orlts heerlng, such person must
ensure that a verbatim record of the proceedings is made, whlch record includes
the testlmony and evldence upon whlch the appeal ls to be based. Thls notlce
does not constitute consent by the City for the introduction or admission of
otherwise inadrnissible or irrelevant evidence, nor does it authorize challenges
or appeals not otherwise allowed by law.
To request this material in alternate format, sign language interpreter
(five-day notice reguiredl, information on access for persons with disabilities,
and/or any accomrnodation to review any document or participate in any
City-sponsored proceedings, call 305.604.249 and select 1 for English or
2 for Spanish, then option 6; TTY users may call vla 711 (Florida Relay Seruice).
Rafael E. Granado, City Clerk
City of Miami Beach
Ad 1087
20