HomeMy Public PortalAbout15-9022 Approving the Issuance by the Capital Trust Agency Sponsored by:
Vice Mayor Holmes
RESOLUTION NO. 1 5-9 0 2 2
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 OF SECTION 147(F) OF
THE INTERNAL REVENUE CODE; PROVIDING FOR
OTHER RELATED MATTERS
WHEREAS, the Capital Trust Agency (the "Issuer") proposes: (i) to issue approximately
$25,000,000 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
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 RESOLVED BY THE CITY COMMISSION OF THE
CITY OF OPA-LOCKA, FLORIDA (THE "CITY COMMISSION"), that:
Section 1. 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 2. 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.
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Section 3. 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 4. 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 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 5. All resolutions or orders and parts thereof in conflict herewith, to the extent
of such conflict, are hereby superseded and repealed.
Section 6. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 24 day of JUNE , 2015.
MY AYLOR
MAYOR
est to:
Joanna Flores
City Clerk
Approved as to form and legal sufficiency:
Vincent T. Brown, Esq.
BROWN LAW GROUP, LLC
City Attorney
Moved by: Vice Mayor Holmes
Seconded by: Commissioner Kelley
Commissioner Vote: 4-0
Commissioner Kelley: YES
Commissioner Pinder: NOT PRESENT
Commissioner Santiago: YES
Vice Mayor Holmes: YES
Mayor Taylor: YES