Title
A Resolution of the City Commission of the City of Coral Gables, Florida, expressing support for the creation of the Palace at Coral Gables Community Development District by the Miami-Dade County Commission for the area described in Exhibit "A" and providing for an effective date.
Body
On July 11, 2006, per Resolution No. 2006-144, the Coral Gables City Commission authorized the City Manager to commence negotiations with the Palace Group for a senior housing facility at 45 and 50 Andalusia Avenue following a competitive selection process. A Memorandum of Understanding between the City of Coral Gables and the Palace Group was approved on January 23, 2007 per Resolution No. 2007-15 and an update of the lease negotiations was presented on July 17, 2007. This update included a detailed summary of a potential Community Development District Bond Financing Program which was later incorporated as an exhibit of the Final Lease Agreement approved on November 13, 2007. (See Attachment 1). As noted in the document, the purpose of establishing the Community Development District is to fund, through special assessment, the construction of the Public Parking component of the project. The Resolution currently before the City Commission is an important preliminary step as the Palace Group moves to petition Miami-Dade County to consider an Ordinance to establish the Palace at Coral Gables Community District, pursuant to Chapter 190, Florida Statutes, Article VIII, Section 6(1) of the Florida Constitution, and the Miami-Dade County Home Rule Charter, for the area described as Exhibit A, also referred to as the future site of the Palace at Coral Gables.