M E M O R A N D U M
To: Honorable Mayor and Members of the Town Council
From: Rafael G. Casals, ICMA-CM, CFM, Town Manager
Date: August 26, 2020
Re: Authorizing the Issuance of Capital Improvements Revenue Bonds for the Purpose of Financing Specific Costs and Providing for a Supplemental Resolution Setting Forth the Details of Said Bonds (Second Reading)
REQUEST
title
AN ORDINANCE OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF CUTLER BAY, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $15,250,000.00 OF CAPITAL IMPROVEMENTS REVENUE BONDS OF THE TOWN OF CUTLER BAY, FLORIDA FOR THE PURPOSE OF FINANCING THE COSTS OF IMPROVEMENTS TO FRANJO PARK, ACQUIRING VACANT LAND FOR PRESERVATION, CONSERVATION AND RESILIENCY PURPOSES, AND REIMBURSING THE TOWN FOR THE ACQUISITION OF VACANT LAND FOR THE SITE OF A NEW CIVIC CENTER AND PUBLIC PARK; PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS; PROVIDING FOR AUTHORIZATION FOR NEGOTIATIONS; PROVIDING FOR SEVERABILITY; PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE.
body
BACKGROUND AND ANALYSIS
During the 2019-20 Fiscal Year ("FY"), the Town Council (the "Council") of the Town of Cutler Bay (the "Town") had a unique opportunity to secure, complete, and fund three (3) major Capital Projects (the "Capital Projects"): 1) improvements to Franjo Park; 2) acquisition of vacant land for preservation, conservation and resiliency purposes (8.45 acres property); and 3) the acquisition of vacant land on Old Cutler Road (16 acres property)
The Franjo Park Improvements Project was a result of damages from Hurricane Irma and the complete upgrades of the existing building, which was built in 1968. The costs for Park Restoration/Improvements resulted in $2.6 Million (approved via Resolution 20-17) in addition to completing upgrades of the sports lighting into LED in the amount approximately $485,000.00 (approved via Resolution No. 19-15). The total cost allocated to completing the Fra...
Click here for full text