City of Coral Gables - File #: 14-3396

• File #: 14-3396
• Version: 1
• Name: Negotiation of $25,000,000 Loan for Capital Improvements
• Type: Resolution
• Status: Adopted
• File created: 9/25/2014
• In control: City Commission
• On agenda: 10/14/2014
• Final action: 10/14/2014
• Enactment date: 10/14/2014
• Enactment #: 2014-223
• Title: A Resolution of the City of Coral Gables, Florida authorizing the negotiation of a loan in an amount not to exceed $25,000,000 from the Sunshine State Governmental Financing Commission; to finance certain capital improvements within the City of Coral Gables; approving the execution and delivery of one or more loan agreements; establishing the Borrower’s intent to reimburse certain capital project costs incurred with proceeds of future tax-exempt financing or other obligations; providing certain other matters in connection with the making of such Loans.

Date	Ver.	Action By	Action	Result
10/14/2014	1	City Commission	adopted by Resolution Number	Pass

Title
A Resolution of the City of Coral Gables, Florida authorizing the negotiation of a loan in an amount not to exceed $25,000,000 from the Sunshine State Governmental Financing Commission; to finance certain capital improvements within the City of Coral Gables; approving the execution and delivery of one or more loan agreements; establishing the Borrower’s intent to reimburse certain capital project costs incurred with proceeds of future tax-exempt financing or other obligations; providing certain other matters in connection with the making of such Loans.
Body
The City is in the process of financing the costs of capital improvements to Miracle Mile and Giralda Avenue and surrounding areas, consisting, in part, of the following types of improvements:

(1) Miracle Mile- Widening of the pedestrian area, installing extensive gardens and landscaping, installing decorative street lighting, constructing drainage improvements and constructing new and cohesive surfaces.

(2) Giralda Avenue-Removing curbs, installing street pavers, installing landscaping, installing decorative street lighting, constructing drainage improvements and constructing new and cohesive surfaces.

Due to favorable market conditions, the City has the opportunity to finance the above-described projects through the Sunshine State Governmental Financing Commission (“SSGFC”). This Resolution provides for the negotiation of the loans with SSGFC. This resolution also allows the City to expend funds for capital expenditures related to this project from general fund reserves in advance of obtaining the financing, and then reimburse the general fund with the proceeds from the debt issuance.

Additionally, this Resolution provides for the validation of the City’s loans. Validation will allow the special assessments to be reviewed by a court. After the validation hearing is complete, a final judgment is rendered, and the appeal period has run, persons would be stopped from challenging the special...