Miami-Dade Legislative Item
File Number: 100903
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File Number: 100903 File Type: Resolution Status: Adopted
Version: 0 Reference: R-752-10 Control: Board of County Commissioners
File Name: WEXFORD/UNIVERSITY OF MIAMI LIFE SCIENCE AND TECHNOLOGY PARK Introduced: 4/6/2010
Requester: Industrial Development Authority Cost: Final Action: 7/8/2010
Agenda Date: 7/8/2010 Agenda Item Number: 10A2
Notes: Title: RESOLUTION APPROVING ISSUANCE OF MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE BONDS (WEXFORD/UNIVERSITY OF MIAMI LIFE SCIENCE AND TECHNOLOGY PARK PROJECT), IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $60,000,000, TO FINANCE PART OF THE COSTS OF THE INITIAL RESEARCH AND DEVELOPMENT BUILDING (THE ''PROJECT'') IN THE ''UNIVERSITY OF MIAMI LIFE SCIENCE AND TECHNOLOGY PARK'', FOR THE BENEFIT OF WEXFORD MIAMI, LLC (THE ''BORROWER''); AUTHORIZING AN ALLOCATION OF NOT EXCEEDING $60,000,000 FROM THE COUNTY’S SUBALLOCATION OF THE NATIONAL VOLUME CAP FOR ''RECOVERY ZONE FACILITY BONDS'' TO THE BORROWER FOR THE PROJECT, PURSUANT TO THE AMERICAN RECOVERY AND REINVESTMENT ACT (SEE AGENDA ITEM NO. 12B1)
Indexes: INDUSTRIAL DEVELOPMENT AUTHORITY
Sponsors: NONE
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 7/8/2010 10A2 Adopted P

Budget, Planning and Sustainability Committee 6/8/2010 3B Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Jess McCarty read the foregoing proposed resolution into the record. Chairwomen Sorenson opened the public hearing for persons wishing to speak in connection with this ordinance, and the following person appeared before the Committee: Mr. Jordan Thomas, Student, University of Miami (UM), expressed concern that Wexford Equities, LLC and the University of Miami did not follow the Committee’s request to meet with the community. He noted the Overtown Alliance e-mailed Chairwoman Sorenson and Commissioner Edmonson their terms of engagement, outlining a process for Wexford Equities, the UM and the community to have formal discourse on this issue. He requested the Committee amend this proposed resolution to require Wexford Equities, LLC and the UM to follow the Overtown Alliance’s terms of engagement. Chairwoman Sorenson closed the public hearing after no other persons appeared wishing to speak. Commissioner Edmonson noted she was satisfied that the UM officials made an appearance in Overtown to discuss this proposed resolution with the community; however, the community acted inappropriately and the UM representatives were unable to address the community. Chairwoman Sorenson explained that she noticed enough common ground existed between the University of Miami and the Overtown Alliance’s terms of engagement for the two entities to resolve their differences. She pointed out that the intent of this proposed resolution was for the Board to approve the issuance of Industrial Development Revenue Bonds for Wexford Equities, LLC. Hearing no other questions or comments, the Committee proceeded to vote.

Budget, Planning and Sustainability Committee 5/11/2010 3G Deferred P

Budget, Planning and Sustainability Committee 4/13/2010 3H Deferred P
REPORT: Assistant County Attorney Martin Sybllis read the foregoing proposed resolution into the record. Commissioner Gimenez noted competing letters had been received by County Commissioners on this proposed resolution. He requested information pertaining to restrictions and timelines associated with the issuance of revenue bonds. Assistant County Attorney Gerald Heffernan responded to Commissioner Gimenez that the program currently expires on December 31, 2010. He noted a temporary deferral would not impact the ability to sell bonds and pending legislation was before the Congress that could extend the deadline. Mr. Heffernan said that the developer was responsible for the marketing, financial advisement and underwriting of bonds and would be subject to market conditions. Commissioner Gimenez noted his support for the resolution. He asked the County Manager to provide him with a report explaining the rationale behind this award recommendation and the alternative proposal; and to obtain from Dr. Eneida Roldan, Jackson Health System President and CEO, a report pertaining to the recommended award. Chairwoman Sorenson said this was a good project and suggested that Wexford Miami, LLC meet with community groups to address community participation concerns. She noted that Civica Towers had also applied for the same funding and only one project could be selected. Chairwoman Sorenson concurred with the deferral; however, she noted that additional information was needed pursuant to the impact of the Civica Tower project on Jackson Health System. She asked the County Manager to provide her with a report prior to next month’s Committee meeting including the following information: 1) a written response from Civica Tower addressing the GSA analysis; 2) the impact of Civica Tower’s proposal on Jackson’s recovery plan; 3) the financing implications of Civica Tower’s proposal including the total funding amounts to be borrowed and guaranteed by Civica Tower; the estimated project cash flow analysis; market study; and capacity to sell bonds; and any potential savings in alternative office space and other efficiencies from Civica Tower’s proposal. Chairwoman Sorenson said that public comment would not be entertained today; but would be entertained at next month’s Committee meeting. There being no further questions or comments, the Committee proceeded to vote.

County Attorney 4/6/2010 Assigned Gerald T. Heffernan 4/6/2010

County Manager 4/6/2010 Referred Budget, Planning and Sustainability Committee 4/13/2010

County Manager 4/6/2010 Assigned County Attorney 5/4/2010
REPORT: IDA-- (BPS-4/13/2010)

County Manager 4/6/2010 Assigned Howard Piper

Legislative Text


TITLE
RESOLUTION APPROVING ISSUANCE OF MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE BONDS (WEXFORD/UNIVERSITY OF MIAMI LIFE SCIENCE AND TECHNOLOGY PARK PROJECT), IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $60,000,000, TO FINANCE PART OF THE COSTS OF THE INITIAL RESEARCH AND DEVELOPMENT BUILDING (THE “PROJECT”) IN THE “UNIVERSITY OF MIAMI LIFE SCIENCE AND TECHNOLOGY PARK”, FOR THE BENEFIT OF WEXFORD MIAMI, LLC (THE “BORROWER”); AUTHORIZING AN ALLOCATION OF NOT EXCEEDING $60,000,000 FROM THE COUNTY’S SUBALLOCATION OF THE NATIONAL VOLUME CAP FOR “RECOVERY ZONE FACILITY BONDS” TO THE BORROWER FOR THE PROJECT, PURSUANT TO THE AMERICAN RECOVERY AND REINVESTMENT ACT;

BODY
WHEREAS, Wexford Miami, LLC, a Delaware limited liability company (the “Borrower”), has requested the Miami-Dade County Industrial Development Authority (the “Authority”) to issue not exceeding $60,000,000 aggregate principal amount of its Industrial Development Revenue Bonds (Wexford/University of Miami Life Science and Technology Park Project) (the “Bonds”), in one or more series, for the purpose of financing part of the cost of the construction, installation and equipping of the initial research and development building in the University of Miami Life Science and Technology Park (the “Park”), consisting of an approximately 252,000 square-foot, six-story facility, approximately 246,000 square feet of which will be used for laboratory and research and related offices and approximately 6,000 square feet of which will be used for retail, to be located at 1951 NW 7th Avenue, Miami, Florida (the “Project”); the Park includes approximately eight acres of land within the Miami Health District adjacent to the University of Miami’s Miller School of Medicine and is expected to contain between 1.4 and 2 million square feet of laboratory, office and retail space in approximately five research and development buildings; the Project will be the first building to be constructed in the Park and will be owned and operated by the Borrower; and

WHEREAS, Miami-Dade County has been designated to receive a suballocation of the national volume cap for Recovery Zone Facility Bonds (“RZ Facility Bond Suballocation”) pursuant to the American Recovery and Reinvestment Act; and

WHEREAS, the Borrower has requested that Miami-Dade County allocate $60,000,000 principal amount of the Bonds (or such lesser amount of Bonds as shall actually be issued by the Authority) from the City’s RZ Facility Bond Suballocation to the Borrower for the Project;

WHEREAS, the Authority intends to issue the Bonds as Recovery Zone Facility Bonds subject to (i) designation by the Board of County Commissioners of Miami-Dade County, Florida (the “Board”) of the Bonds as Recovery Zone Facility Bonds, (ii) the allocation by the Board from its RZ Facility Bond Suballocation to the Borrower for the Project and (iii) 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 Tuesday, March 23, 2010, the Authority held a public hearing, notice of which was published on Monday, March 8, 2010 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 and the nature and location of the Project, 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 Tuesday, March 23, 2010, 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 purposes of complying with Section 147(f) of the Code, designating the Bonds as Recovery Zone Facility Bonds and allocating up to $60,000,000 from the RZ Facility Bond Suballocation to the Borrower for the Project,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA:

Section 1. The issuance of the Bonds of the Miami-Dade County Industrial Development Authority in an aggregate principal amount not to exceed $60,000,000 for the purpose of financing part of the costs of the Project, as previously described, is approved. The Board hereby designates the Bonds as Recovery Zone Facility Bonds and hereby allocates $60,000,000 (or such lesser amount of Bonds as shall be issued by the Authority) from the RZ Facility Bond Suballocation to the Borrower for the Project.

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 Borrower 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.

Date:

To: Honorable Chairman Dennis C. Moss
and Members, Board of County Commissioners

From: George M. Burgess
County Manager

Subject:Resolution Approving Issuance of Industrial Development Revenue Bonds for Wexford Equities, LLC
..Recommendation
The attached Resolution is being placed on the agenda for the Board of County Commissioners (BCC) consideration on behalf of the Miami-Dade County Industrial Development Authority (IDA). The item approves the issuance of industrial development revenue bonds by the IDA for Wexford Equities, LLC after a public hearing was held by the Industrial Development Authority on March 23, 2010. Details of the project are included in the accompanying memorandum and exhibits by the Chairman of the IDA to the BCC. These bonds would use the $60 million issuance allocation allotted to Miami-Dade County for Recovery Zone Facility Bond financed projects under the American Recovery and Reinvestment Act of 2009. The $60 million allocation is available for private sector companies only, and is separate from a $40 million allocation allotted to Miami-Dade County for public facilities.

Scope
The project will be located at 1951 NW 7th Avenue, in the City of Miami, which is within Commission District 3. However, the impact of the project is countywide.

Fiscal Impact/Funding Source
Neither the IDA nor Miami-Dade County has any liability with respect to the repayment of the bonds.

Track Record/Monitor
Issuance of the bonds will be conducted and monitored by the Executive Director of the IDA.

BODY
Section 147(f) of the Internal Revenue Code of 1986 (“TEFRA”) requires that the Board of County Commissioners approve the issuance of industrial development revenue bonds after a public hearing has been held either by the Miami-Dade County Industrial Development Authority or the Board itself. For efficiency, the Board has allowed the Miami-Dade County Industrial Development Authority to conduct the public hearing subject to review and ratification by the Board.

Through Resolution 1416-09, the Board authorized the IDA to issue private facility bonds. The IDA was to accept, review, and present approved projects, along with a list of rejected projects to the County. County staff is to present the Board with a recommendation on how to allocate the $60 million in private facility bonds.




This is the only project recommended by the IDA, although one other project applied for private facility bonds. County staff concurs with the recommendation to allocate the $60 million in private facility bonds to Wexford Equities, Inc.



Attachments


_______________________________
Assistant County Manager



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