Item Coversheet

CITY OF RIVIERA BEACH CITY COUNCIL
AGENDA ITEM SUMMARY

Meeting Date: 10/7/2020 
Agenda Category:CONSENT RESOLUTION
Subject: THIRD MODIFICATION TO LOAN AGREEMENT BETWEEN THE CITY AND THE CRA RELATING TO OCEAN MALL DEBT
Recommendation/Motion: Approve Third Modification of the Loan Agreement between the CRA and the City
Originating Dept CITY MANAGER  Costs Beginning in FY2021, the City will begin to receive $679,641 annually. Entering into this Agreement will amend the full repayment of the Loan to 2035. 
User Dept.All Funding Source
AdvertisedNo Budget Account Number
Date   
Paper   
Affected PartiesNot Required   
Background/Summary: 

The Agency and the City entered into a Loan Agreement dated October 9, 2009 (the Original Loan Agreement”), which amended and restated certain existing loans and compiled the provisions into the form of a loan agreement.  

 

The City and the Agency, entered into a First Modification to the Original Loan Agreement on April 27, 2011, which amended the terms of the Original Loan Agreement (the Original Loan Agreement and the First Modification to the Loan Agreement will be collectively referred to as the “Loan Agreement”).  

 

The City and the Agency, entered into a Second Modification to the Original Loan Agreement on February 24, 2016, which amended the terms of the Agreement (the Original Loan Agreement, the First Modification to the Loan Agreement and the Second Modification to the Loan Agreement will be collectively referred to as the “Loan Agreement”).   The City and the Agency have agreed to modify the Loan Agreement and are desirous of entering into a third amendment to the Loan Agreement to change the date of the previously agreed to repayment schedule to begin payments in the 2020/2021 Agency Budget year.  

 
Fiscal Years
Capital Expenditures
Operating Costs
External Revenues
Program Income (city)
In-kind Match (city) 
Net Fiscal Impact
NO. Additional FTE Positions
(cumulative)

III. Review Comments

A. Finance Department Comments:
 
B. Purchasing/Intergovernmental Relations/Grants Comments:
 
C. Department Director Review:
Contract Start Date 
Contract End Date
Renewal Start Date
Renewal End Date
Number of 12 month terms this renewal
Dollar Amount
Contractor Company Name
Contractor Contact
Contractor Address
Contractor Phone Number
Contractor Email
Type of Contract
Describe
ATTACHMENTS:
File NameDescriptionUpload DateType
MEMO_CRA_OCEAN_MALL_3RD_MODIFICATION.pdfMEMO CRA AGREEMENT 3RD MODIFICATION9/1/2020Cover Memo
FN-Resolution_Number_67-20_Amendment_to_Interlocal_Agreement_for_OceanMall_Debt.pdfResolution Amendment to Interlocal Agreement for OceanMall Deb7/24/2020Resolution
Third_Modification_to_Loan_Agreement_CA_edit.docxTHIRD MODIFICATION TO LOAN AGREEMENT9/30/2020Agreement
RESOLUTION_2009-30_Interlocal_Agreement_10.4_Million_Loan.pdfRESOLUTION 2009-30 Interlocal Agreement 10.4 Million Loan7/22/2020Backup Material
RESOLUTION_NO_2011-12_Interlocal_Agreement_Ocean_Mall_Loan_Modification_April_27_2011.pdfRESOLUTION NO 2011-12 Interlocal Agreement Ocean Mall Loan Modification April 27 20117/22/2020Backup Material
3_9_16_RESOLUTION_Interlocal_Agreement_between_The_City_and_The_Agency_-_Ocean_Mall.docxRESOLUTION - OCEAN MALL3/10/2016Resolution
Amendment_to_Loan_Agreement_(Final_approved_by_CRA_Board_on_2_24_16.docSECOND MODIFICATION TO LOAN AGREEMENT3/10/2016Agreement
REVIEWERS:
DepartmentReviewerActionDate
Financesherman, randyApproved9/4/2020 - 12:16 PM
PurchasingPemsel, AltheaApproved9/4/2020 - 2:19 PM
Financesherman, randyApproved9/4/2020 - 3:02 PM
AttorneyBusby, Lina Approved9/30/2020 - 10:46 AM
City ClerkRobinson, ClaudeneApproved9/30/2020 - 10:52 AM
City ManagerJacobs, DeirdreApproved9/30/2020 - 9:59 PM