HomeMy WebLinkAboutVI (C) Public Hearing - Approval of Unsecured Promissory Note in Amount of $200,000 to Finance the Acquisitions of Base Operations Mgmt. Services, Inc. Properties East of Bluford Avenue between McKey Street and Oakland Avenue Agenda 6-16-98
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MEMORANDUM
TO: The Honorable Mayor and City Commissioners of
the City of Ocoee 1)7y1_,
FROM: Paul E. Rosenthal, Esq. , City AttorneyDATE: June 11, 1998
RE: Promissory Note in Favor of Base Operations Management
Services, Inc .
At its June 2nd meeting, the City Commission approved a
Purchase Agreement with Base Operations Management Services, Inc.
for the purchase of 12 platted lots located east of Bluford Avenue
between McKey Street and Oakland Street . The Purchase Agreement
calls for a portion of the purchase price to be paid by delivery of
an unsecured promissory note in the amount of $200, 000 which would
bear interest at the rate of 8% per annum and be payable over a
term of three years . Principal payments would be payable in equal
annual installments and interest would be payable annually on the
anniversary date of the Note.
The provisions of Section C-8 (G) of the City Charter provides
as follows :
"When a proposal for the borrowing of money in
any manner. . . shall receive a majority vote of
the members of the City Commission and the
amount to be borrowed exceeds $100, 000, such
action shall not be effective unless it has
been acted upon by the City Commission after a
public hearing preceded by at least 7 days'
notice of the hearing and the proposed action
by publication in a newspaper of general
circulation in the City of Ocoee . "
The Note from the City in favor of Base Operations Management
Services is subject to this provision of the City Charter even
though it is being delivered as part of the purchase price.
ESTABLISHED 1 8 4 2 00/
A MEMBER OF GLOBALEX WITH MEMBER OFFICES IN BERLIN, BRUSSELS,DRESDEN,FRANKFURT, LONDON,SINGAPORE,STOCKHOLM AND STUTTGART t
Accordingly, a public hearing has been advertised which complies
with the Charter requirements. A copy of the notice is attached.
In order to proceed with the closing pursuant to the Purchase
Agreement, it is necessary that the City Commission approve the
borrowing of $200, 000 as described above and that such action be
taken following the public hearing. In the event the financing is
not approved, then the Purchase Agreement would be terminated.
RECOMMENDATION:
It respectfully is recommended that the City Commission,
pursuant to the provisions of Section C-8 (G) of the City Charter,
approve the borrowing on an unsecured basis of up to $200, 000 in
connection with the financing of a portion of the purchase price
for the acquisition of 12 platted lots as more fully set forth in
a Purchase Agreement dated June 2 , 1998 between Base Operations
Management Services, Inc. , as Seller, and the City of Ocoee, as
Buyer.
PER/ww
Enclosure
cc: Ellis Shapiro, City Manager
Wanda Horton, Director of Finance
C:\WP51\DOCS\OCOE\PROMISOR.MEM 16/11/981 ROSENTHAL I PER:ww
-2-
The Orlando Sentinel, Sunday, June 7, 1998 D-3
NOTICE OF PUBLIC HEARING
Notice Is hereby given pursuant
torter
theCity of Ocoee. Florida.
l Section C-8G cA the r da.
that the Board of City Commis-
sioners at a regular session to
be held June 18.1998,at 7:15
p.m..will hold a Public Hearing
at the Ocoee City Hall. 150
North Lakeshore Drive,Ocoee.
Florida.in order to consider the
approval of an unsecured prom-
issory
issory note in an amount not to
exceed$200,000 to finance the
acquisitions of certain real as-
tate located east of Milford Ave-
nue between McKey Street and
Oakland Street.
Interested parties may appear at
the meeting and be heard with
respect to the proposed action.
A copy of the proposed promis-
sory note may be examined at
City Hall.150 North Lakeshore
Drive.Ocoee.Florida between
the hours of 8:00 a.m.and 5:00
p.m..Monday through Friday.
You are advised that if a person
decides to appeal any decision
made with respect to any matter
considered at such hearing,he
or she will need a record of pro-
ceedings and for such purpose
may need to ensure that a ver-
batim record of the proceeding
is made which mdudes testimo-
ny and evidence upon which
the appeal is to oe based.Per-
sons with disabilities needing
assistance to participate in any
of the proceedings should con-
tact the City Clerk's office 48
hours in advance of the meeting
at(407)656-2322.
Jean Grafton.City Clerk.City of
Ocoee
June 7,1998
COR2155511 JUNE-7,1998