HomeMy WebLinkAboutR-2025-051 Letter of Intent to Reimburse Capital Expenditures1
RESOLUTION NO. 2025-051
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN
CAPITAL EXPENDITURES INCURRED IN CONNECTION WITH THE
ACQUISITION, CONSTRUCTION, RENOVATION, AND EQUIPPING OF
CERTAIN CAPITAL PROJECTS BY THE CITY, AS MORE FULLY DESCRIBED
HEREIN, WITH PROCEEDS OF A FUTURE TAX-EXEMPT FINANCING
PROVIDING FOR CONFLICTS; FURTHER, PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City of Dania Beach, Florida (the "City") has determined that it is
necessary and desirable and in the best interest of the inhabitants of the City to borrow money to
finance the acquisition, construction, renovation, and equipping of certain capital improvements,
including, but not limited to, the acquisition of certain real property and the improvements
thereon and the development and redevelopment of such property for City purposes (the
"Project"); and
WHEREAS, it is expected that the costs of the Project will be reimbursed by and
financed with the proceeds of a future tax-exempt financing, in a principal amount not to exceed
$3,000,000.00;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That the above “Whereas” clauses are ratified and confirmed, and they are
made a part of and incorporated into this Resolution by this reference.
Section 2. That this resolution is adopted pursuant to the Constitution of the State of
Florida, Chapter 166, Florida Statutes, the Charter of the City of Dania Beach, Florida, and other
applicable provisions of law.
Section 3. That the City hereby expresses its intention to be reimbursed from
proceeds of a future tax-exempt financing for capital expenditures to be paid by the City for the
purpose of financing the costs of the Project. The City expects to use legally available funds on
deposit in the general fund or other appropriate fund or account to pay for costs of the Project,
including, but not limited to, capital expenditures, costs of design and engineering, and other
costs associated with the incurrence of debt. It is reasonably expected that the total amount of
debt to be incurred by the City with respect to the Project will not exceed $3,000,000. This
resolution is intended to constitute a "declaration of official intent" within the meaning of
2 RESOLUTION #2025-051
Section 1.150-2 of the Income Tax Regulations, which were promulgated pursuant to the Internal
Revenue Code of 1986, as amended, with respect to the debt incurred, in one or more financings,
to finance the costs of the Project.
Section 4. That if any provision of this resolution shall be held or deemed to be or
shall, in fact, be illegal, inoperative, or unenforceable in any context, the same shall not affect
any other provision herein or render any other provision (or such provision in any other context)
invalid, inoperative, or unenforceable to any extent whatever.
Section 5. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 6. That this resolution shall take effect immediately upon its adoption by
City Commission of the City.
PASSED AND ADOPTED on April 22, 2025.
Motion by Vice Mayor Salvino, second by Commissioner Lewellen.
FINAL VOTE ON ADOPTION: Unanimous _X
Yes No
Commissioner Lori Lewellen ____ ____
Commissioner Luis Rimoli ____ ____
Commissioner Archibald J. Ryan IV ____ ____
Vice Mayor Marco Salvino ____ ____
Mayor Joyce L. Davis ____ ____
ATTEST:
ELORA RIERA, MMC JOYCE L. DAVIS
CITY CLERK MAYOR
APPROVED AS TO FORM AND CORRECTNESS:
EVE A. BOUTSIS
CITY ATTORNEY