Miami-Dade
Legislative Item File Number: 161486 |
Printable PDF Format Clerk's Official Copy |
File Number: 161486 | File Type: Resolution | Status: Adopted | ||||||
Version: 0 | Reference: R-649-16 | Control: Board of County Commissioners | ||||||
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Requester: Industrial Development Authority | Cost: | Final Action: 7/6/2016 | ||||||
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Sunset Provision: No | Effective Date: | Expiration Date: |
Registered Lobbyist: | None Listed |
Legislative History |
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Acting Body | Date | Agenda Item | Action | Sent To | Due Date | Returned | Pass/Fail |
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Board of County Commissioners | 7/6/2016 | 10A3 | Adopted | P | |||
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Ed Marquez | 6/20/2016 | Assigned | Office of Agenda Coordination | ||||
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Office of Agenda Coordination | 6/20/2016 | Assigned | County Attorney | 7/6/2016 | |||
REPORT: | IDA - no cmte or sponsorship required - Attachments: Exhibits A thru C | ||||||
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County Attorney | 6/20/2016 | Assigned | Juliette Antoine | 6/23/2016 | |||
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Legislative Text |
TITLE RESOLUTION APPROVING THE ISSUANCE OF MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $25,500,000.00 TO REFINANCE EXISTING DEBT AND TO FINANCE CAPITAL PROJECTS FOR THE BENEFIT OF CHARTER SCHOOLS OPERATED BY ASPIRA OF FLORIDA, INC. FOR PURPOSES OF AND PURSUANT TO SECTION 147(F) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED BODY WHEREAS, ASPIRA of Florida, Inc., a 501(c)(3) Florida not-for-profit corporation (the "Corporation"), has requested the Miami-Dade County Industrial Development Authority (the "Authority") issue not exceeding $25,500,000.00 of its Industrial Development Revenue Bonds (ASPIRA of Florida, Inc. Project), in one or more series (the "Bonds"); and WHEREAS, the proceeds of the Bonds will be used, together with funds provided by the Corporation, or any subsidiaries or related organizations, including but not limited to ASPIRA Support Organization, Inc. and/or ASPIRA Properties, Inc. (collectively, the "Borrower"), to refinance existing indebtedness, the proceeds of which was used by the Borrower to: (i) expand and improve the school facilities for ASPIRA Raul Arnaldo Martinez Charter School ("ASPIRA RAM"), located at 13300 Memorial Highway in North Miami, Florida; (ii) build and expand the school facilities for ASPIRA Leadership and College Preparatory Academy ("ASPIRA LCPA"), located at 13330 SW 288th Street in Leisure City, Florida; and (iii) purchase and improve the school facilities for ASPIRA Arts Design Communication Charter School ("ASPIRA Arts Deco"), the campus of which is currently being relocated to 50 NE 19th Terrace and 61 NE 19th Street, Miami, Florida (known as Lots 19, 20 and 21, in Block 2, San Jose, as recorded in Plat Book 3, at Page 158 of the Public Records of Miami-Dade County, Florida and 1911 NE Miami Court) ((i) - (iii) collectively, the "Refinanced Projects"); and WHEREAS, proceeds of the Bonds will also be used, together with funds provided by the Borrower, to: (i) finance or refinance technology upgrades and new equipment at the ASPIRA RAM, ASPIRA LCPA and ASPIRA Arts Deco locations; (ii) finance or refinance completion of third floor improvements at the ASPIRA Arts Deco location; (iii) finance or refinance the acquisition of four parcels at 76 NE 19th Terrace, 66 NE 19th Terrace, 60 NE 19th Terrace and 61 NE 19th Street, Miami, Florida 33132, which parcels are adjacent to the campus of the ASPIRA Arts Deco school (the "Additional Parking Location") and the demolition of existing structures and construction of parking facilities on the Additional Parking Location ((i) � (iii), collectively, the "New Projects"); (iv) fund a debt service reserve fund; and (v) pay certain bond issuance costs; and WHEREAS, proceeds of the Bonds will also be used to purchase the leveraged loan put in place as part of a new markets tax credit transaction, the proceeds of which financed the ASPIRA Arts Deco charter school facilities (the "New Markets Loan Project" and collectively with the Refinanced Projects and the New Projects, 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 Tuesday, May 31, 2016, the hearing officer for the Authority held a public hearing, notice of which was published on Tuesday, May 17, 2016, 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 such public hearing disclosed no reason why the Bonds should not be issued; and WHEREAS, since the Bonds 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, that: Section 1. The issuance of Industrial Development Revenue Bonds of the Miami-Dade County Industrial Development Authority in an aggregate principal amount not to exceed $25,500,000.00 in one or more series for the purpose of financing and refinancing 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 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. HEADER Date: To: Honorable Chairman Jean Monestime and Members, Board of County Commissioners From: Carlos A. Gimenez Mayor Subject: Resolution Approving Issuance of Industrial Development Revenue Bonds for ASPIRA of Florida, Inc. Project by Miami-Dade County Industrial Development Authority STAFF RECOMMENDATION Recommendation The accompanying resolution is being placed before the Board of County Commissioners (Board) at the request of the Miami-Dade County Industrial Development Authority (IDA). This item approves the issuance of Industrial Development Revenue Bonds (Bonds) by the IDA for ASPIRA of Florida, Inc. in a principal amount not to exceed $25,500,000. Details of the project are included in the accompanying memorandum and exhibits from Roberto Pelaez, Chairman of the IDA. Scope The projects are located at: * 13300 Memorial Highway, in North Miami, Florida, in Commission District 2 represented by Chairman Jean Monestime; * 13330 SW 288 Street, in Homestead, Florida, in Commission District 9 represented by Commissioner Dennis C. Moss; and * 1 NE 19 Street, in Miami, Florida, in Commission District 3 represented by Commissioner Audrey M. Edmonson. Fiscal Impact/Funding Source Neither the IDA nor Miami-Dade County has any liability with respect to the repayment of the Bonds. Track Record Issuance of the Bonds will be conducted and monitored by James D. Wagner Jr., Executive Director of the IDA. Background The Tax Equity and Fiscal Responsibility Act (TEFRA) requires that the Board approve the issuance of Bonds by the IDA after a public hearing has been held either by the IDA or the Board. For efficiency, the Board has allowed the IDA to conduct the public hearing subject to review and ratification by the Board. _______________ Edward Marquez Deputy Mayor |
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