Commission Digest: Final Vote On Miracle Mile Zoning Changes

Tuesday, March 23rd is the final scheduled meeting of the current Coral Gables Commission. At least two new members of the City Commission will be elected in the April 13th municipal election. Mayor Raul Valdes-Fauli is retiring and not seeking re-election. Vice Mayor Vince Lago and Commissioner Pat Keon are not seeking re-election, but are both running for the vacant Mayor’s seat.

Zoning Code Changes

In this final meeting, the Commission will be taking up the second reading of the proposed zoning changes to Miracle Mile and the Crafts Section. Although numerous residents had asked the Commission to table the issue until after the April election, the Commission will be moving forward with a vote on the controversial changes. These items are enumerated F-2 through F-5 on the Commission’s agenda.

Teachers & Rookie Teachers of the Year

The Commission will be recognizing the nominees for Teacher of the Year and Rookie Teacher of the Year from Miami-Dade County Public Schools in Coral Gables. The move had been proposed by the City’s School Community Relations Committee and is being presented by Vice Mayor Vince Lago.

Gables Station

What is the second largest development project currently under construction in the City has several items on Tuesday’s agenda. The items are related to delays to compliance with the project’s requirements due to issues related to contamination of the area surrounding the Underline. These are items F-7 and F-10 through F-12.

Bond Refinancing

Item I-5: “The City has determined that it is in its best interest to refinance the loans from the Sunshine State Governmental Financing Commission dated June 30, 2011 and February 28, 2013 (the “Refunded Obligations”) to provide debt service savings. The City’s Financial Advisor, PFM Financial Advisors LLC, on behalf of and at the request of the City, requested interest rate quotes from multiple financial institutions for a loan that would provide the City with the necessary funds to refinance the Refunded Obligations. TD Bank, N.A. submitted a bank proposal to provide the City with a loan in the principal amount of not to exceed $5,600,000 at the most favorable terms and conditions. Staff, upon recommendation of the Financial Advisor, recommends the award of the Series 2021A Bond to TD Bank, N.A. See attached Recommendation Memorandum from the Financial Advisor providing that an interest rate of 1.90% offered by the bank would provide the City with $180,000 in net present value savings. The loan would mature on October 1, 2032 and be secured the City’s Non-Ad Valorem Revenues.”

$32,000,000 Capital Improvement Revenue and Refunding Bonds

Item I-6: “The City collects sanitary sewer fees to fund the annual maintenance and operating expenses of the sanitary sewer system, as well as the periodic capital improvement projects that involve the major repair/replacement of system components. The cost of certain capital project improvements cannot be covered by the normal sanitary sewer fee structure and must be generated by the issuance of debt. Staff has identified the need for the immediate replacement of sanitary sewer force mains and peripheral lines in order to avoid imminent breaks and the resultant health risks. Of the new debt to be issued, $15,250,000 of proceeds will go toward this project. Additionally, the City’s Financial Advisor has advised the City that refinancing the City’s loans from the Sunshine State Governmental Financing Commission dated February 28, 2013, dated August 12, 2014 and December 19, 2014 (“Refunded Obligations”) in a combined amount of approximately $15,745,000 will provide net present value savings in the estimated amount of $600,000. Issuance of the City’s not to exceed $32,000,000 in aggregate principal amount of Capital Improvement Revenue and Refunding Bonds, Series 2021B (the “Series 2021B Bonds”) will provide the necessary proceeds to the fund the capital projects and refund the Refunded Obligations. The Series 2021B Bonds will be sold to interested bidders by competitive sale expected on May 4, 2021. The Resolution delegates to the Mayor to award the sale of the Series 2021B Bonds to the lowest bidder based on the parameters set forth in the Resolution.The Series 2021B Bonds will be secured by the City’s Non-Ad Valorem Revenues and are expected to mature on April 1, 2051.”

Items I-5 and I-6 are scheduled time-certain at 11:30AM.

CLICK HERE FOR TO SEE THE FULL AGENDA

If you wish to be part of the scheduled Zoom meeting, please join the meeting by clicking on the following URL link: https://zoom.us/j/3054466800

Register to speak before the City Commission: https://www.coralgables.com/commissionmeetingregistration

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