TITLE
RESOLUTION APPROVING ISSUANCE OF MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $7,400,000 TO FINANCE CAPITAL PROJECT FOR BENEFIT OF CIGARETTE RACING TEAM, LLC FOR PURPOSES OF AND PURSUANT TO SECTION 147(F) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED.

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WHEREAS, Cigarette Racing Team, LLC, an Illinois limited liability company (the �Company�), has requested the Miami-Dade County Industrial Development Authority (the �Authority�) to issue not exceeding $7,400,000 aggregate principal amount of its Industrial Development Revenue Bonds (Cigarette Racing Team Project) (the �Bonds�), the proceeds of which will be used to finance the acquisition of approximately 10.23 acres of land and the acquisition, rehabilitation and equipping of four existing buildings totaling approximately 201,870 sq. ft. located at 4355 NW 128th Street, in the City of Opa Locka, Florida, to be used as a boat manufacturing facility, and to pay for certain bond issuance costs (the �Project�); and
WHEREAS, the Authority intends to issue the Bonds subject to approval by the Board of County Commissioners of Miami-Dade County, Florida (the �Board�) and final approval by the Authority of the financing documents for the Project, which is more particularly described in the report prepared by the Executive Director of the Authority, (a copy of which is attached hereto as Exhibit A); and
WHEREAS, on Thursday, August 7, 2003, the Authority held a public hearing, notice of which was published on Thursday, July 24, 2003 in The Miami Herald (a copy of which notice is attached hereto as Exhibit B), for the purpose of giving all interested persons an opportunity to express their views in connection with the issuance of the Bonds, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the �Code�); and
WHEREAS, after reviewing a copy of the transcript of the Authority�s public hearing held on Thursday, August 7, 2003, in respect of the Bonds, (a copy of which transcript is attached hereto as Exhibit C), and finding that the Project will inure to the benefit of the citizens of Miami-Dade County, this Board desires to approve the issuance of the Bonds for the purpose of complying with Section 147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA:
>>Section 1<<. The issuance of Revenue Bonds of the Miami-Dade County Industrial Development Authority in an aggregate principal amount not to exceed $7,400,000 for the purpose of financing all or a portion of the costs of the Project, as previously described, is approved.
>>Section 2<<. The Bonds and the interest on the Bonds shall not constitute a debt, liability or general obligation of the Authority, the County or of the State of Florida or of any political subdivision thereof, but shall be payable solely from the revenues or other moneys specifically provided by the Company for the payment of the Bonds and neither the faith and credit nor any taxing power of the Authority, the County or of the State of Florida or of any political subdivision thereof is pledged to the payment of the principal or interest on the Bonds.

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To: Hon. Chairperson Barbara Carey-Shuler, Ed.D. Date:
Members, Board of County Commissioners
SUBJECT: Application for Industrial
From: Albert Morrison, Jr. Chairman Development Revenue
Miami-Dade County Bond financing for
Industrial Development Authority

STAFF RECOMMENDATION
It is recommended that the Board approve the issuance of the Authority�s Empowerment Zone Revenue Bonds for Cigarette Racing Team, LLC, as detailed in the attached reports.

MANAGER'S BACKGROUND
Review and analysis of the project has been completed by the Authority, County Attorney�s Office, and Bond Counsel. The Authority has conducted the federally required public hearing, as detailed in the attached reports.
>> Cigarette Racing Team, LLC, >> has applied for Industrial Development Revenue Bond financing assistance in a maximum principal amount not to exceed $7,400,000. The bond issue proceeds, which will be guaranteed by a letter of credit, will provide financing for the acquisition, rehabilitation and equipping of four existing buildings totaling approximately 201,870 sq. ft. located on an approximate 10.23 acres at 4355 NW 128th Street, in the City of Opa Locka, to be used as a boat manufacturing facility, and to pay for certain bond issuance costs. The Project will be owned and operated by Cigarette Racing Team, LLC, an Illinois limited liability company, authorized to do business in the State of Florida. Cigarette Racing Team, LLC reports they currently employ approximately 100 persons and project completion of the proposed project will result in the creation of an additional 10 new job opportunities.

This Company was previously approved for Industrial Development Revenue Bond financing by the Board on March 11, 2003 (Resolution No. R-239-03). However, due to development issues with the City of Hialeah Gardens, the company elected to acquire an alternate site.

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To: Honorable Chairperson and Members Date:
Budget and Finance Committee

From: George M. Burgess Subject: Budget and Finance Committee
County Manager Agenda Item for September 18, 2003 Meeting

The attached item (Cigarette Racing Team, LLC) has been placed on the September 18, 2003 Budget and Finance Committee Agenda at the request of the Chairman of the Miami-Dade County Industrial Development Authority.