HomeMy Public PortalAboutResolution No. 24-072 - Resolution authorizing issuance of a request for proposals for bond financing or refianacing.Sponsored by: City Manager
RESOLUTION NO. 24-072
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF OPA-LOCKA, FLORIDA,
AUTHORIZING ISSUANCE OF A REQUEST FOR
PROPOSALS ("RFP") FOR BOND FINANCING OR
RE -FINANCING PROVIDING FOR
INCORPORATION OF RECITALS; PROVIDING
FOR AN EFFECTIVE DATE
WHEREAS, City Manager recommends that the City Commission the City of
Opa-Locka ("City") authorize the issuance of a Request For Proposal (RFP) for Bond
Financing or Re -Financing; and
WHEREAS, according to the City Manager, among other debt, the City of Opa-
Locka ("City") has the Capital Improvement & Refunding Revenue Bond, Series 2015
B Note, currently with a remaining balance of Three Million Six Hundred Twenty -
Three Thousand Seven Hundred Sixty -One Dollars ($3,623,761.00), which will have a
one-time final (balloon) payment of Three Million Two Hundred Seventeen Thousand
Two Hundred Ninety -Six Dollars ($3,217,296.00) due on June 1, 2025. It is
recommended that the balloon payment be refinanced; and
WHEREAS, in addition to the recommendation to finance or refinance the
balloon payment due in June, 2025, the City has other additional needs, including the
complete replacement of the Municipal Complex air conditioning system and
substantial improvements to Ingram Park; and
WHEREAS, the recommended RFP from the City Manager will include a
requirement to provide refinancing or financing of up to Six Million Dollars
($6,000,000.00); and
WHEREAS, review of any recommended RFP related to bond work shall be
approved by the bond counsel hired by the City prior to the time that the RFP is
advertised in any manner; and
WHEREAS, the City has determined that authorizing the issuance of an RFP
for said services is in the best interest of the City and its residents and further
Resolution No. 24-072
authorizes the spending of up to Three Thousand Dollars ($3,000.00) for advertising
purposes, if deemed appropriate; and
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY
COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA:
Section 1.Adoption of Representations. The above recitals are true and
correct and are incorporated into this Resolution by reference.
Section 2. Approval of Issuance of RFP for Bond Financing. The City
Commission of the City of Opa-Locka hereby approves the issuance of a
Request For Proposal (RFP) for Bond Financing consistent with this
Resolution; and further authorizes the spending of up to Three Thousand
Dollars ($3,000.00) for advertising purposes, if necessary.
Section 3. Scrivener's Errors.
Sections of this Resolution may be renumbered or re -lettered and
corrections of typographical errors, which do not affect the intent of this
Resolution may be authorized by the City Manager, following review by
the City Attorney, without need of public hearing, by filing a corrected copy
of same with the City Clerk.
Section 4. Effective Date. This Resolution shall take effect immediately upon
adoption by the City Commission of the City of Opa-Locka.
PASSED and ADOPTED this 24th day of Apri 24.
TEST:
a Flores, City Clerk
John H. Ta L or Jr., Mayor
2
Resolution No. 24-072
APPROVED AS TO FORM AND LEGAL
SUFFICIENCY:
Moved by: Vice Mayor Ervin
Seconded by: Commissioner Bass
VOTE: 4-0
Commissioner Bass Yes
Commissioner Kelley Yes
Commissioner Williams Absent
Vice Mayor Ervin Yes
Mayor Taylor Yes
3
DocuSign Envelope ID 591 D68B5-807C-4DB5-B403-66BF7349D020
City of Opa-locka
Agenda Cover Memo
City
Manager:
Darvin Williams
CM Signature:
Ordinance
s'05',_W,,.,L:..
C4OCO?C1C0DC492...
Other
Commission
Date:Meeting
April 24, 2024
Item
(Enter X in
the box)
Resolution
X
Fiscal
Impact:
(Enter X in the
box)
Yes
No
Ordinance Reading:
(Enter X in box)
1st
Reading
2'"'
Reading
X
Public Hearing:
(Enter X in the box)
Yes
No
Yes
No
X
X
Funding
Source:
Account#:
(Enter Fund &
Dept)
Ex:
See Financial
Impact Section
Advertising Requirement:
(Enter X in the box)
Yes
No
X
Contract/P.O.
Required:
(Enter X in the
box)
Yes
No
RFP/RFQ/Bid#:
N/A
X
Strategic
Plan Related
(Enter X in the
box)
Yes
No
Strategic Plan Priority Area:
Strategic Plan
Obj./Strategy: (list the
specific objective/strategy
t
Sponsor
Name
City Manager
Department:
City Manager
Short Title:
A resolution of the City Commission of the City of Opa-locka authorizing the City Manager to
issue a Request for Proposal for Bond Financing.
Staff Summary:
Among other debt, the city has a Capital Improvement & Refunding Revenue Bond, Series 2015 B
Note, currently with a remaining balance of $3,623,761. A one-time final (balloon) payment of
$3,217,296 is due in June 2025. A recommendation was made to the City to refinance the balloon
payment. The City has additional needs, including the complete replacement of the Municipal
Complex air conditioning system and substantial improvements to Ingram Park. Consequently, the
recommended RFP will include a requirement to provide refinancing of up to $6 million. The City
intends to use the proceeds from the refinancing of the bond to address the needs of City such as to
replace the malfunctioning air conditioning system for City Hall.
DocuSign Envelope ID: 591 D68B5-807C-4DB5-B4C3-66BF7349D020
Financial Impact:
The issuance of an RFP has no immediate financial impact other than possibly incurring advertising
expense of up to $3,000 to ensure broad distribution of this RFP to a wide range of potential bidders.
This advertising expense, if incurred, will be charged to Non -Department -Other Advertising, which
has an available balance of $23,059.
Proposed Action:
Staff recommends the City Commission authorizes the issuance of an RFP for Bond Refinancing.
Attachments:
Request For Proposals for Bond Financing.
City of Opa-locka Government Center
Air Conditioning System Replacement
Workshop 4/10/2024
Presenter:
Darvin Williams, City Manager
Current HVAC
System
• The City of O pa-locka Government
Center has a total of 50 Rooftop
Units which have been in place
since 2008 when the building was
built.
• Over the years several units have
experienced partial or major failure.
Increasing cost of Repairs and
Maintenance. A situation that has
amplified due to the records of
temperatures in Florida.
Current HVAC
System
Maintenance
HVAC systems require regular check-
ups to ensure they run efficiently.
Service intervals vary by system type
and external factors like weather.
• Industry Standard In tervals:
Experts recommend servicing HVAC
units twice a year.
The City is Performing Maintenance
Every Week
The consequences of a poorly efficient or absent HVAC system in a
building can be significant. Here are some of the health hazards and
effects associated with inadequate HVAC systems:
1. Mo ld Growth:
1. Poorly maintained AC units can lead to mold growth.
2. Mold can cause respiratory issues and weaken the building's
structure.
3. Regular inspections are crucial to prevent mold.
2. Poor Indoor Air Quality:
1. Accumulated dust, dirt, and debris in the HVAC system can
pollute indoor air.
2. This can result in respiratory diseases and allergies.
3. Regular filter changes are essential to maintain air quality.
3. Rodent and Insect Infestations:
1. Dirt buildup in air ducts creates a breeding ground for pests.
2. Regular maintenance helps prevent infestations.
4. Increased Energy Bills:
1. Poor ventilatio n affects energy efficiency, leading to higher
bills.
2. Proper HVAC maintenance can mitigate this issue.
5. Structural Deterioration:
1. Lack of ventilation accelerates decay and corrosion of
building materials.
2. Rot compromises the building's integrity, necessitating c ostly
repairs
Fiscal Year 2024
(October 1St, 2023- March 2024)
$22,751.28
Additional Projected Cost FY 2024 $22,751. 28
TOTAL MAINTENANCE COST FY 2024*
$45,502.56
Options Explored
The City has explored various options for the
replacement of the HVAC System such as:
• Installation of a Chiller System (RTU)(Building
Infrastructure is not adequate for this type of
equipment)
• Replacement of individual units (Not Cost
Efficient)
• RFP Design and Build of HVAC System with
Bigger Units with more Capacity (This option
will replace the existing 50 units with 5 Units
of bigger capacity and similar weight to the
currently installed including the replacement
of all ducts, coils and accessories)
!L1Q[1J pTIO
pTION 3 OPTI(