HomeMy Public PortalAbout14-8890 The Capital Trust AgencySponsored by: Vice Mayor Holmes
RESOLUTION NO. 14 -8890
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF OPA- LOCKA, FLORIDA APPROVING THE ISSUANCE
BY THE CAPITAL TRUST AGENCY OF ITS REVENUE
BONDS FOR THE PURPOSE OF FINANCING CERTAIN
MULTIFAMILY RENTAL HOUSING FACILITIES LOCATED
IN THE CITY OF OPA- LOCKA, FLORIDA, AND FOR
PURPOSES OS SECTION 147(F) OF THE INTERNAL
REVENUE CODE; PROVIDING FOR OTHER RELATED
MATTERS; PROVIDING FOR INCORPORATION OF
RECITALS; PROVIDING FOR AN EFFECTIVE
WHEREAS, the Capital Trust Agency (the "Issue ?) proposes: (i) to issue
approximately $22,500,000 of its revenue bonds (the "Bonds "), the proceeds of which will
be loaned to Glorieta Partners, Ltd., a Florida limited partnership, or one or more of its
affiliates (as applicable, the "Borrower ") for the purpose of financing the cost of acquiring,
upgrading, reconditioning, improving and beautification by the Borrower of existing low
income multifamily rental housing facilities known as The Gardens Apartments and located
at 13002, 13004, 13006, 13008, 13010, 13112, 13114, 13116, 13118, 13120, 13180 and
13235 Port Said Road, Opa- Locka, Florida 33054, and 13412, 13424, 13436, 13448 and
13450 Aswan Road, Opa- Locka, Florida 33054; and Tract 303 of the Revised Plat of Nile
Gardens, Section One (PB38,PG56, M -DCR) Opa- Locka, Florida 33054, Miami -Dade
County, Florida 33054 (collectively, the "Facilities ") within the jurisdiction of the City of
Opa- Locka, Florida (the "City ") and (ii) request the required approval of the Bonds by the
City Commission of the City of Opa- Locka, Florida, as applicable elected representative of
the host jurisdiction in which the Facilities are located, after notice and a public hearing for
purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code ");
and
WHEREAS, the Bonds and the Facilities have been submitted for public hearing in a
manner satisfactory to the City; and
Resolution No. 14 -8890
WHEREAS, the Issuer has represented to the City that private activity bond volume
allocation from the State of Florida (the "State ") Division of Bond Finance is required in
order to issue the proposed 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: Having considered any and all comments and concerns expressed at the
public hearing, the City Commission hereby approves the issuance of the Bonds by the Issuer
to finance costs of the Facilities for purposes of Section 147(f) of the Code. The Facilities are
appropriate to the needs and circumstances of, and shall make a significant contribution to the
economic growth of the City, including the provision of gainful employment, and advances
the public health and general welfare of the City. The City is able to cope satisfactorily with
the impact of the Facilities, including utilities and public services and on account of any
increases in population.
Section 3: The Issuer is hereby authorized to take all action necessary to apply
for and obtain the allocation of private activity bond volume from the State, and to do all
other things necessary to issue the Bonds for the Facilities located in the City.
Section 4: The City shall have no obligation with respect to the Bonds and the
approval given herein shall not be deemed to create any obligation or liability, pecuniary or
otherwise, of the City in any respect whatsoever. The general credit or taxing power of the
City and the State or any political subdivision or public agency thereof shall not be pledged to
the payment of the Bonds. No statement, representation or recital made herein shall be
deemed to constitute a legal conclusion or a determination by the City that any particular
action or proposed action is required, authorized or permitted under the laws of the State or
the United States.
Section 5: The approval given herein shall not be construed as (i) an endorsement of
the creditworthiness of the Borrower or the financial viability of the Facilities, (ii) a
recommendation to any prospective purchaser of the Bonds, (iii) an evaluation of the
Resolution No. 14 -8890
likelihood of the repayment of the debt service on the Bonds, or (iv) an approval of any
necessary zoning applications or for any other regulatory permits relating to the Facilities and
the City shall not be construed by reason of its adoption of this resolution to have made any
such endorsement, finding or recommendation or to have waived any of the City's rights or
estopping the City from asserting any rights or responsibilities it may have in that regard.
Section 6: All resolutions or orders and parts thereof in conflict herewith, to the
extent of such conflict, are hereby superseded and repealed.
Section 7: This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 15th day of December, 2014.
st to: Approved as to form and legal sufficiency:
Jo na Flores Joseph S. Geller / ohn Dellagloria
Ci Clerk GREENSPOON MARDER, PA
City Attorney
Moved by:
Seconded by:
Commission Vote:
Commissioner Kelley:
Commissioner Pinder:
Commissioner Santiago:
Vice -Mayor Holmes:
Mayor Taylor:
VICE MAYOR HOLMES
COMMISSIONER KELLEY
4 -0
YES
RECUSED
YES
YES
YES