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HomeMy Public PortalAbout11-8278 Reimbursement to the General Fund Operating Account for Sherbondy Park Village Sponsored by: City Manager Resolution No. 11-8278 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA, TO RATIFY THE REIMBURSEMENT TO THE GENERAL FUND OPERATING ACCOUNT FOR EXPENDITURES MADE FOR SHERBONDY PARK VILLAGE FROM THE PROCEEDS OF THE SERIES 2011B BONDS; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE WHEREAS,the City has expended a total of$2,300,000 for the Sherbondy Village Project from the General Fund; and WHEREAS, the payments made to the Sherbondy Village Project's contractor and construction management companies were unreimbursed expenditures; and WHEREAS,the City Commission of the City of Opa-locka desires to ratify the funds being reimbursed to the General Fund from the proceeds of the Series 2011B Bonds. NOW,THEREFORE,BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA: Section 1. The recitals to the preamble herein are incorporated by reference. Section 2. The City Commission of the City of Opa-locka hereby ratifies the reimbursement to the General Fund operating account for expenditures made for Sherbondy Park Village from the proceeds of the Series 2011B Bonds. Resolution No. 11-8278 Section 3. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 14`h day of September, 2011. 66411-Y-I( AYLOR MAYOR ( De.orah S. Irby City Clerk Approved as to form and legal sufficiency: ,1j /, —i ' • - - —'- Jos. e er C Atto ey Moved by: JOHNSON Seconded by: HOLMES Commission Vote: 4-0 Commissioner Holmes: YES Commissioner Miller: YES Commissioner Tydus: NOT PRESENT Vice-Mayor Johnson: YES Mayor Taylor: YES iT (g 4 QA°giLIER f 1© rw p,� t_ �AORA1£„%� Memorandum To: Mayor Myra L. Taylor Vice-Mayor Dorothy Johnson Commissioner Timothy Holm Commissioner Rose Tydu Commissioner Ga' .. From: Bryan Finnie,Int. 1.40 y Manager Date: August 16,20 '/ - Re: Request f I Approval of Transfer of Funds Request: STAFF IS REQUESTING APPROVAL FROM THE CITY COMMISSION TO REIMBURSE THE GENERAL FUND OPERATING ACCOUNT FOR EXPENDITURES MADE FOR SHERBONDY PARK VILLAGE FROM THE PROCEEDS OF THE SERIES 2011B BONDS PENDING GRANT REIMBURSEMENTS FROM MIAMI-DADE COUNTY. Description: The General Fund expended a total of$2,300,000 for the Sherbondy Village Project representing payments made to the Project's contractor, and construction management companies. The unreimbursed expenditures, coupled with the current year's budget deficit, negatively impacted the General Fund's cash flow. Financial Impact: $2,300,000 Implementation Timeline: Immediately Legislative History: None Recommendation(s): Staff recommends approval. Analysis: The $2,300,000 will be reimbursed by Miami-Dade County Attachments: Copies of check payments to CBHC, LLC and Lawrence Wright & Partners, LLC. PREPARED BY: Ezekiel Orji, CPA,PhD. " THE GREAT CITY " %0QD'Lock0..., APAct&Ag 9 ` s ~',QrORnt Eu/ Bryan K. Finnie 305-953-2821 Interim City Manager 305-953-2823 Fax 305-953-2870 MEMORANDUM To: Mayor Myra L. Taylor Vice Mayor Dorothy"Dottie" Johnson Commissioner Timothy Holmes Commissioner Rose Tydus Commissioner G.,'I - From: Bryan K. F' - ` City Manager Date: July 27, ► 1 RE: S erbondy Park Reimbursement($2,300,000) As you know, the City of Opa-locka (the City) has been working diligently to complete the Sherbondy Park Project which, upon its completion, will be an impressive community asset. In the process of moving this project forward, the City inadvertently violated a federal covenant which resulted in the project losing its eligibility. Anticipating the reimbursement, the City utilized general fund dollars to fund continued construction. Unfortunately, the planned reimbursements from Miami-Dade County never materialized. Nevertheless, the City has a $1,762,924.27 receivable from this project. This receivable represents a significant portion of City's General Fund Reserves. With the above in mind, I am requesting that the $1,762,924.27 invested in Sherbondy Park be reimbursed out of the Bond Fund. Based on my review of eligible Bond expenditures, bond proceeds can be used for park improvements. Thus, I am recommending that $2,300,000 be utilized for Sherbondy Park. This allocation is broken down into two trenches, $1;762,924.27 in reimbursements and $537,075.73 for invoiced work. This recommendation is the end product of a series of meetings held over the last four (4) weeks with Miami-Dade County in an effort to resolve the Sherbondy Park issue. In my opinion, the resolution agreed to by the County is a win-win scenario for the City. Miami-Dade County has agreed to provide $2,850,000 to build an additional community center in Segal Park. These funds are scheduled to be presented to the Board of County Commissioners in the month of September 2011. It is imperative that within the coming weeks, the City is reimbursed its investment into Sherbondy Park. As things now stand, the City's liquidity position has been adversely impacted. The City's General Fund must be reimbursed as we proceed during the end of our fiscal year. CITY HALL 0 780 FISHERMAN STREET,4TH FLOOR,OPA-LOCKA, FLO'•'IDA 33054 m (305)688-4611 AN EQUAL OPPORTUNITY EMPLOYER AND DOES NOT DISCRIMINATE ON THE BASIS OF HANDICAP • In closing, I am providing this memorandum to you with my recommendation. I would like all members of the City Commission to sign-off or approve my recommendation so that may proceed during the recess period. If approved, I will take the appropriate action and return to the Commission in September for ratification. Thank you. APPROVED: i Mayor M' a L. Tay ,r 4 L ice ayor -ro y "Dottie" Johnson � r . rely •- r '- C Com-missiortaimothy Holmes Commissioner Rose Tydus Commissioner Gail E. Miller END OF MEMORANDUM