C4L - Resort Tax Bond Refunding

Committee Referrals - C4 L

C4 L REFERRAL TO THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE TO DISCUSS REFUNDING SERIES 2015 RESORT TAX REVENUE BONDS. Applicable Area:

COMMISSION MEMORANDUM

RECOMMENDATION

The Administration recommends approving a referral to the Finance & Economic Resiliency Committee to review and discuss a possible refunding opportunity for Series 2015 Resort Tax Revenue Bonds.

BACKGROUND/HISTORY

In 2015, the City issued Series 2015 Resort Tax Revenue Bonds in the amount of $194,920,000 primarily for renovation and expansion of the Miami Beach Convention Center.

As of the end of FY 2025, the amount of outstanding Series 2015 Resort Tax Revenue Bonds is $156,545,000. A debt refunding opportunity is a chance to replace existing debt obligations with new ones that offer cost savings and improved financial conditions for the City.

ANALYSIS

FISCAL IMPACT STATEMENT

.

Does this Ordinance require a Business Impact Estimate? (FOR ORDINANCES ONLY)

If applicable, the Business Impact Estimate (BIE) was published on: See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meeting-notices/

FINANCIAL INFORMATION

TBD

CONCLUSION

Applicable Area

Citywide

Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481, includes a principal engaged in lobbying? No

If so, specify the name of lobbyist(s) and principal(s):

Department

Finance

Sponsor(s)

Co-sponsor(s)

Condensed Title

Ref: FERC - Refunding Series 2015 Resort Tax Revenue Bonds. FN