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ViVlV'.l ~Nth OQo .... 'Q.... OQO 0_0 0-0 Y' 'rJ'J = ~ n "'tltD ~ l:"'" n 0 ~.... (JQ - tD SI _"0 .. ., _0 co~ '" tD = SI ., tD ~s. n '" t'll .. - o .... '" Ii { -. ~ t'll V'.l - o -l - o o o ?' .... Q\ .... =- rJ'J .... Ii" o t'll = ~ ~ rJ'J tD = ~ ., Q' ~ = n .... t'll o l:"'" ., 0 tD .... ~ tD = = tD n o = .... ., ::. ~ e: ~ V1 - -...! u. o o o ;4 t-rl tr n .... ., o :I ;:;. ~ tD fJJ fJJ ~ I1I:l t'll rJ'J aQ' = fJJ V1 N o o o o o ?O "'tl ., o ..... tD n .... fJJ Ii o :I .... S' I1I:l t'll ='n .~ ~ = = ~ V1 N co u. N ~ N ..., o ..., > t""- ~ > t""- t""- o Ii > ..., - o z V'.l N ....... \C Q\ N ~ N Sf) .::t: Qt -j ~ CITY OF MIAMI BEACH ;ITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139 lttp:\\ci.miami-beach. fl. us COMMISSION MEMORANDUM NO. ~ TO: Mayor Neisen O. Kasdin and Members of the City Co mission DATE: February 3,1999 FROM: Sergio Rodriguez City Manager SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING THE REALLOCATION AND APPROPRIATION OF THE REMAINING 1996-A PARKING REVENUE BONDS (BOND FUND 485) TO VARIOUS ONGOING AND/OR P~VIOUSL Y APPROVED PARKING SYSTEM PROJECTS. ADMINISTRATION RECOMMENDATION Adopt the Resolution. BACKGROUND On March 1, 1996, the City of Miami Beach issued the Series 1996-A Bonds for the purpose of providing funds to refund the outstanding portion of the City's Parking Revenue Bonds, Series 1988; fund a deposit to the Reserve Account for the Series 1996-A Bonds; and pay certain costs of issuance of the Series 1996A Bonds, including a premium for municipal bond insurance. On January 9, 1998, the Finance and Citywide Projects Committee approved a preliminary plan to reallocate the remainder of the 1996-A Parking Revenue Bond Funds for ongoing projects and surface parking lot improvements. On January 11, 1999 the Transportation and Parking Committee unanimously approved the Administration's proposal to reallocate and appropriate the remaining balance of $2,496,232 held in Bond Fund 485 (account for the 1996-A Parking Revenue Bonds), for various ongoing and/or previously approved, parking system projects. The Committee urged the City to move forward expeditiously with the projects approved and prioritized from the Series 1997 Parking Revenue Bonds, and the public-private proposals to build additional parking. At the January 14, 1999, meeting of the Finance and Citywide Projects Committee, the Committee unanimously approved the Administration's recommendation to reallocate and appropriate the remaining balance of the Series 1996-A Parking Revenue Bond as delineated below: AGENDAITEM~ DATE 2-3-SCl Proposed Projects to be funded through the Reallocation and Appropriation of the remaining proceeds of the Series 1996-A Parking Revenue Bonds 1. 12th Street Garage: A. A&E Final Documents B. Resurfacing of floor of public garage C. Revenue Control Equipment D. Garage Signage Package, $ 25,000 $ .50,000 $125,000 $ 20,000 TOT AL.............................................$220,000 2. 13th Street Garage: A. A&E Final Documents B. Adjacent Surface Lot Improvements C. Revenue Control Equipment D. Garage Signage Package $ 40,000 $ 20,000 $125,000 $ 20,000 TOT AL........................................... ..$2 05,000 3. 42nd Street Garage: A. Garage landscaping and adjacent on-street landscaping buffer for residential area B. Garage Signage Package $150,000 $ 20,000 TOT AL.............................................$170,000 4. 17th Street Garage: A. Garage landscaping and adjacent on-street landscaping B. Garage Signage Package $150,000 $ 20,000 TOT AL.............................................$170,000 5. Surface Lot Improvements: Package I: 18 surface lots Citywide $1,071,000 6. 46th Street Surface Lot Conversion to attended revenue control facility $ 175,000 7. Electronic Message Signs $ 200,000 8. Projects Contingency Fund $ 285,232 .............................................................................................................................. . TOTAL REALLOCATION AND APPROPRIATION $2,496,232 ANAL YSIS The reallocation ofthe Series 1996-A Bond funds (Bond Fund 485) wili be used to fund the ongoing Parking System Projects; Surface Lot Improvement Projects; Parking Lot Landscaping Projects; and Parking System Signage as described above. Additionally, a contingency fund of $285,232 will assure that any project overruns not anticipated, will be covered. CONCLUSION The Administration recommends the reallocation and appropriation of the remainder of Series 1996- A funds as contained herein. \~ SRJC~/ . T: \A GEND~ \1 ~FE 0399\REGULAR\485CC.MEM '-...-----/