The URL can be used to link to this page

Home My WebLink AboutAgenda Council Agenda 091913 CITY OF PALM BEACH GARDENS COUNCIL AGENDA September 19, 2013 7:00 P.M. I. PLEDGE OF ALLEGIANCE II. ROLL CALL III. ADDITIONS, DELETIONS, MODIFICATIONS: IV ANNOUNCEMENTS / PRESENTATIONS: V. ITEMS OF RESIDENT INTEREST AND BOARD/COMMITTEE REPORTS: VI. CITY MANAGER REPORT: VII. COMMENTS FROM THE PUBLIC: (For Items Not on the Agenda, please submit request form to the City Clerk prior to this Item) VIII. CONSENT AGENDA: a. (Page 4) APPROVE MINUTES FROM AUGUST 15, 2013 CITY COUNCIL MEETING. b. (Staff Report on Page 12, Resolution on Page 14) RESOLUTION 60, 2013 – EASEMENT AGREEMENT – A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA AUTHORIZING THE MAYOR TO EXECUTE A RELEASE AND ABANDONMENT OF PORTIONS OF EASEMENTS NEAR THE INTERSECTION OF RCA BOULEVARD AND ALTERNATE STATE ROAD A-1-A; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. IX. PUBLIC HEARINGS: (* Designates Quasi-Judicial Hearing) a. PRESENTATION OF THE FISCAL YEAR 2013/2014 BUDGET. b. (Staff Report on Page 25, Resolution on Page 27) RESOLUTION 57, 2013 - ADOPTING A TAX LEVY AND MILLAGE RATE. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA ADOPTING A TAX LEVY AND MILLAGE RATE FOR THE CITY OF PALM BEACH GARDENS FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2013, AND ENDING SEPTEMBER 30, 2014; DIRECTING THE CITY CLERK TO FORWARD A CERTIFIED COPY OF THIS RESOLUTION TO THE PROPERTY APPRAISER AND TAX COLLECTOR WITHIN THREE (3) DAYS AFTER ITS ADOPTION; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. Mayor Premuroso Vice Mayor Jablin Council Member Russo Council Member Tinsley Council Member Levy c. (Staff Report on Page 25, Ordinance on Page 29) ORDINANCE 15, 2013 - (2ND READING AND ADOPTION) - ADOPTING FISCAL YEAR 2013/2014 BUDGET. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA ADOPTING THE BUDGET FOR THE CITY OF PALM BEACH GARDENS FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2013, AND ENDING SEPTEMBER 30, 2014; PROVIDING A CONFLICTS CLAUSE AND A SEVERABILITY CLAUSE; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. d. (Staff Report on Page 31, Ordinance on Page 33) ORDINANCE 13, 2013 – (2nd READING AND ADOPTION) - AMENDING FISCAL YEAR 2012/2013 BUDGET. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA AMENDING THE CITY OF PALM BEACH GARDENS’ BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2012, AND ENDING SEPTEMBER 30, 2013, INCLUSIVE; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE, AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. e. (Staff Report on Page 36, Ordinance on Page 39, Resolution on Page 43)ORDINANCE 14, 2013 – (2nd READING AND ADOPTION) - AUTHORIZING PERMITTED INVESTMENT SELECTION. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA AMENDING THE CITY CODE OF ORDINANCES AT CHAPTER 2. ADMINISTRATION. AT ARTICLE V. FINANCE. DIVISION 2. FUNDS. BY REPEALING SECTION 2-311. INVESTMENT POLICY AND READOPTING SAME, AS REVISED; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE, AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. RESOLUTION 54, 2013 IS A COMPANION ITEM TO ORDINANCE 14, 2013 AND WILL REQUIRE COUNCIL ACTION. RESOLUTION 54, 2013 - APPROVING AN AMENDED INVESTMENT POLICY. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA REPEALING ALL PREVIOUSLY ADOPTED INVESTMENT POLICIES AND READOPTING A REVISED INVESTMENT POLICY AND PROCEDURES FOR IMPLEMENTING SAME; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. X. RESOLUTIONS: XI. ITEMS FOR COUNCIL ACTION/DISCUSSION: XII. CITY ATTORNEY REPORT: XIII. ADJOURNMENT PLEASE TAKE NOTICE AND BE ADVISED that if any interested party wishes to appeal any decision made by the City Council with respect to any matter considered at this public hearing, such interested persons will need a record of the proceedings and may need to ensure that a verbatim record is made, including the testimony and evidence upon which the appeal is to be based. In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes, persons with disabilities needing special accommodations in order to participate in this proceeding are entitled to the provision of certain assistance at no cost. Please call the City Clerk’s Office at 561-799-4122 no later than 5 days prior to the hearing if this assistance is required. For hearing impaired assistance, please call the Florida Relay Service Numbers: 800-955-8771 (TDD) or 800-955-8770 (VOICE). NOTE: All presentation materials must be received by the City Clerk prior to the presentation to the Council. CITY OF PALM BEACH GARDENS REGULAR COUNCIL MEETING PAGE 1 08-15-13 CITY OF PALM BEACH GARDENS 1 CITY COUNCIL 2 REGULAR MEETING 3 August 15, 2013 4 5 The regular meeting was called to order at 7:05 p.m. by Mayor Premuroso. 6 I. PLEDGE OF ALLEGIANCE 7 II. ROLL CALL 8 PRESENT: Mayor Premuroso, Vice Mayor Jablin, Council Member Tinsley, Council Member 9 Levy. 10 ABSENT: Council Member Russo. 11 III. ADDITIONS, DELETIONS, MODIFICATIONS 12 None. 13 IV. ANNOUNCEMENTS AND PRESENTATIONS 14 a. LEGISLATIVE UPDATE FROM ANDREW WATT, LEGISLATIVE AIDE TO 15 REPRESENTATIVE ROONEY. (DID NOT ATTEND MEETING). 16 b. KIM DELANEY, PH. D., STRATEGIC DEVELOPMENT COORDINATOR, TREASURE 17 COAST REGIONAL PLANNING COUNCIL, REGARDING TRI-RAIL UPDATE. 18 V. ITEMS OF RESIDENT INTEREST AND BOARD/COMMITTEE REPORTS 19 Council Member David Levy: attended the League of Cities meeting; announced the Annual 20 Palm Beach Gardens Kiwanis Club Football Roast will be August 28, 2013. 21 Council Member Marcie Tinsley: attended the Metropolitan Planning Organization meeting, 22 Treasure Coast Regional Planning Council meeting; listened to the Palm Beach County 23 Commission Hearing on August 13, 2013. 24 Vice Mayor Eric Jablin: thanked Council Member Tinsley for attending the Metropolitan 25 Planning Organization meeting on his behalf; reported on the task force that Palm Beach County 26 League of Cities put together regarding rail traffic; announced the opening of the Jewish 27 Community Center (JCC) on August 26, 2013; wished all Jewish residents a happy new year. 28 Mayor Robert Premuroso: attended Ribbon Cutting for the Cleveland Clinic of Florida, 29 located in Donald Ross Village on July 22, 2013; Annual Amanda J. Buckley Give a Smile to a 30 Child Foundation dinner on July 31, 2013; the Muscular Dystrophy Association Lock-up Event 31 on August 8, 2013; announced the City hosted National Night Out on August 9, 2013 and for the 32 past 10 years the City has been awarded the Outstanding Participation Award by the National 33 Association of Town Watch for Crime Prevention Efforts; will attend the upcoming August 24 34 and 25, 2013 PGA National Resort Ice Cream Festival Event. 35 VI. CITY MANAGER REPORT 36 a. PRESENTATION FROM CAREHERE – CITY EMPLOYEE HEALTH AND WELLNESS 37 CENTER PROVIDER. 38 City Manager, Ron Ferris announced the conference call regarding FEMA flood maps will be 39 held next spring; the information regarding volunteers for the City positions are posted on the 40 City’s website; introduced Karen Cobb and the Frog–et–me–not Program; thanked Frenchman’s 41 Creek for sponsoring this program; displayed pictures of National Night Out; announced a new 42 program through the City’s Recreation Department called “Gardens Gives Back” and recognized 43 the members of the Recreation Department; provided update on the 40th Terrace and Sunset 44 Drive Schedule; introduced Allan Owens and reported earlier this week we received an upgrade 45 from one of the large bond rating agencies, Fitch Ratings, they rated our general obligation 46 bonds to AA+, they upgraded us from a stable to a positive outlook. 47 VII. COMMENTS FROM THE PUBLIC 48 CITY OF PALM BEACH GARDENS REGULAR COUNCIL MEETING PAGE 2 08-15-13 Joey Eichner, 3701 Catalfumo Way, Palm Beach Gardens; Donaldson Hearing, 1934 1 Commerce Lane, Jupiter; Mandy Horton, 10170 Riverside Drive, Palm Beach Gardens; Joe 2 Ponton, 401 4th Court, Palm Beach Gardens; Elizabeth Houlihan, 8095 Bautista Way, Palm 3 Beach Gardens; Gregory Little, 4639 Juniper Lane, Palm Beach Gardens. 4 VIII. CONSENT AGENDA 5 a. APPROVE MINUTES FROM JULY 16, 2013 CITY COUNCIL MEETING. 6 b. RESOLUTION 50, 2013 - LEASE AGREEMENT WITH THE SCHOOL BOARD. A 7 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, 8 FLORIDA AUTHORIZING THE MAYOR TO APPROVE A LEASE AGREEMENT WITH 9 THE SCHOOL BOARD OF PALM BEACH COUNTY FOR TEMPORARY PARKING 10 WITHIN THE MIRASOL SCHOOL SITE; PROVIDING AN EFFECTIVE DATE; AND FOR 11 OTHER PURPOSES 12 c. RESOLUTION 59, 2013 - KYOTO GARDENS DRIVE ROADWAY RIGHT-OF-WAY. A 13 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, 14 FLORIDA APPROVING THE CONVEYANCE OF A 0.28-ACRE PARCEL OF LAND TO 15 DOWNTOWN AT THE GARDENS ASSOCIATES, LTD., AS MORE PARTICULARLY 16 DESCRIBED HEREIN; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER 17 PURPOSES. 18 d. PROCLAMATION – FLORIDA WATER PROFESSIONALS WEEK. 19 Vice Mayor Jablin made a motion for approval of the Consent Agenda. 20 Council Member Levy seconded. 21 Motion passed 4-0. 22 IX. PUBLIC HEARINGS: (*Designates Quasi-Judicial Hearing) 23 Those preparing to give testimony were sworn in. 24 The City Clerk read Ordinance 5, 2013 by title. 25 a. ORDINANCE 5, 2013 - (2ND READING AND ADOPTION) - PGA PLAZA PLANNED 26 UNIT DEVELOPMENT (PUD). AN ORDINANCE OF THE CITY COUNCIL OF THE CITY 27 OF PALM BEACH GARDENS, FLORIDA AMENDING ORDINANCE 21, 2002, WHICH 28 APPROVED THE PGA PLAZA PLANNED UNIT DEVELOPMENT (PUD), IN ORDER TO 29 TRANSFER AND AMEND THE SITE PLAN APPROVAL AND RELATED CONDITIONS 30 OF APPROVAL TO A SEPARATE RESOLUTION; PROVIDING THAT FUTURE 31 AMENDMENTS TO THE SITE PLAN AND CONDITIONS OF APPROVAL FOR THE PUD 32 MAY BE MADE BY RESOLUTION OF THE CITY COUNCIL; PROVIDING A CONFLICTS 33 CLAUSE, A SEVERABILITY CLAUSE, AND AUTHORITY TO CODIFY; PROVIDING AN 34 EFFECTIVE DATE; AND FOR OTHER PURPOSES. 35 RESOLUTION 20, 2013 IS A COMPANION ITEM TO ORDINANCE 5, 2013 AND WILL 36 REQUIRE COUNCIL ACTION. 37 *RESOLUTION 20, 2013 - PGA PLAZA PLANNED UNIT DEVELOPMENT (PUD). A 38 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, 39 FLORIDA AMENDING THE PGA PLAZA PLANNED UNIT DEVELOPMENT (PUD) AND 40 SITE PLAN IN ORDER TO ALLOW A 3,253-SQUARE-FOOT EXPANSION TO THE 41 EXISTING SHOPPING CENTER, MODIFICATIONS TO THE SITE AND LANDSCAPE 42 PLANS, AND CHANGES TO THE EXTERIOR ELEVATIONS OF CERTAIN BUILDINGS, 43 AS MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING WAIVERS; PROVIDING 44 CONDITIONS OF APPROVAL; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER 45 PURPOSES. 46 Mayor Premuroso opened the Public Hearing. 47 Mayor Premuroso asked for ex parte. 48 CITY OF PALM BEACH GARDENS REGULAR COUNCIL MEETING PAGE 3 08-15-13 None. 1 Petitioner: Dodi Glas, Gentile, Glas, Holloway, O’Mahoney & Associates, Inc. 2 Staff presentation: Director of Planning and Zoning, Natalie Crowley. 3 Public comment: None. 4 Mayor Premuroso closed the Public Hearing. 5 Vice Mayor Jablin made a motion for approval of Ordinance 5, 2013 on 2nd reading and 6 adoption. 7 Council Member Levy seconded. 8 Motion passed 4-0. 9 The City Clerk read Resolution 20, 2013 by title. 10 Mayor Premuroso opened the Public Hearing. 11 Mayor Premuroso asked for ex parte. 12 Public comment: None. 13 Vice Mayor Jablin made a motion for approval of Resolution 20, 2013. 14 Council Member Levy seconded. 15 Motion passed 4-0. 16 The City Clerk read Ordinance 11, 2013 by title. 17 b. ORDINANCE 11, 2013 - (1ST READING) CITY INITIATED LDR TEXT AMENDMENT. 18 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, 19 FLORIDA AMENDING CHAPTER 78. LAND DEVELOPMENT. AT SECTION 78-54. 20 PUBLIC NOTICE. BY REPEALING TABLE 4: REQUIRED PUBLIC NOTICE, 21 SUBSECTIONS (b)(2), and (b)(8) AND READOPTING SAME, AS REVISED; FURTHER 22 AMENDING CHAPTER 78. BY REPEALING SECTIONS 78-141, 78-144, AND 78-153 AND 23 READOPTING SAME, AS REVISED FOR INTERNAL CONSISTENCY; AMENDING 24 SECTION 78-158. WAIVERS TO PLANNED DEVELOPMENT DISTRICT 25 REQUIREMENTS. BY REPEALING TABLE 20 AND READOPTING SAME, AS REVISED; 26 FURTHER AMENDING CHAPTER 78. AT SECTION 78-159. PERMITTED USES, MINOR 27 AND MAJOR CONDITONAL USES, AND PROHBITED USES. BY AMENDING TABLE 21 28 AND REPEALING SUBSECTION (h) AND READOPTING SAME, AS REVISED; 29 AMENDING SECTION 78-181. USES. BY REPEALING SUBPARAGRAPH (c)(4)e. AND 30 READOPTING SAME, AS REVISED; AMENDING SECTION 78-182. LIGHTING 31 REGULATIONS. BY REPEALING SUBSECTION (e) AND READOPTING SAME, AS 32 REVISED; AMENDING SECTION 78-186. YARDS. BY REPEALING SUBSECTION (b) 33 AND READOPTING SAME, AS REVISED; FURTHER AMENDING CHAPTER 78. BY 34 ADOPTING NEW SECTION 78-195, TO BE ENTITLED “MECHANICAL AND SERVICE 35 EQUIPMENT SCREENING.”; AMENDING SECTION 78-284. PROHIBITED SIGNS AND 36 PROHIBITED SIGN LOCATIONS. BY REPEALING SUBSECTION (g) AND 37 READOPTING SAME, AS REVISED; AMENDING SECTION 78-285. PERMITTED SIGNS. 38 BY REPEALING TABLE 24 AND READOPTING SAME, AS REVISED; FURTHER 39 AMENDING CHAPTER 78. AT SECTION 78-290. TEMPORARY SIGNS ALLOWED. BY 40 AMENDING TABLE 25; FURTHER AMENDING CHAPTER 78. BY REPEALING 41 SECTION 78-319. MINIMUM LANDSCAPE BUFFER AND PLANTING REQUIREMENTS. 42 AND READOPTING SAME, AS REVISED; AMENDING SECTION 78-364. NUMBER OF 43 LOADING SPACES REQUIRED. BY REPEALING THE NOTE TO TABLE 35 AND 44 READOPTING SAME, AS REVISED; FURTHER AMENDING CHAPTER 78. BY 45 REPEALING SECTION 78-377. MECHANICAL AND SERVICE EQUIPMENT 46 SCREENING. IN ITS ENTIRETY AND RESERVING SAME FOR FUTURE LEGISLATION; 47 AMENDING SECTION 78-493. STREET NAMES. BY ADOPTING NEW SUBSECTION (e); 48 CITY OF PALM BEACH GARDENS REGULAR COUNCIL MEETING PAGE 4 08-15-13 AMENDING SECTION 78-714. NONCONFORMING USES OF LAND. BY REPEALING 1 SUBSECTION (c) AND READOPTING SAME, AS REVISED; AMENDING SECTION 78 -2 751. DEFINITIONS. BY AMENDING THE DEFINITIONS OF “DUMPTERS”, 3 “HARDSCAPE”, “MECHANICAL EQUIPMENT”, “SIGN, WALL”, AND BY ADOPTING 4 NEW DEFINITIONS FOR “COUNSELING SERVICE”, “MAINTENANCE TRACT”, AND 5 “MICROBREWERY/CRAFT BREWERY/BREW PUB”; PROVIDING THAT EACH AND 6 EVERY OTHER SECTION AND SUBSECTION OF CHAPTER 78. LAND 7 DEVELOPMENT. SHALL REMAIN IN FULL FORCE AND EFFECT AS PREVIOUSLY 8 ADOPTED; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE, AND 9 AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER 10 PURPOSES. 11 Staff presentation: Director of Planning and Zoning, Natalie Crowley. 12 Public comment: Joey Eichner, 3701 Catalfumo Way, Palm Beach Gardens. 13 Vice Mayor Jablin made a motion for approval of Ordinance 11, 2013 on 1st Reading. 14 Council Member Tinsley seconded. 15 Motion passed 4-0. 16 The City Clerk read Resolution 44, 2013 by title. 17 c. RESOLUTION 44, 2013 - SCRIPPS FLORIDA PHASE II/BRIGER TRACT DRI. A 18 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, 19 FLORIDA APPROVING A NOTICE OF PROPOSED CHANGE (“NOPC”) FOR A 20 MODIFICATION TO CONDITIONS #30, #31, and #32 OF RESOLUTION 80, 2009 21 RELATED TO CERTAIN INTERSECTION IMPROVEMENTS; AUTHORIZING THE CITY 22 CLERK TO TRANSMIT COPIES OF THIS RESOLUTION TO THE FLORIDA 23 DEPARTMENT OF ECONOMIC OPPORTUNITY, THE TREASURE COAST REGIONAL 24 PLANNING COUNCIL, AND PALM BEACH COUNTY; PROVIDING CONDITIONS OF 25 APPROVAL; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. 26 Mayor Premuroso opened the Public Hearing. 27 Mayor Premuroso asked for ex parte. 28 Council Member Tinsley yes. 29 Petitioner: Ken Tuma, Urban Design Kilday Studios. 30 Staff presentation: Director of Planning and Zoning, Natalie Crowley. 31 Public comment: Andy Lukasik, 210 Military Trail, Jupiter; Jim Kuretski, 18685 Breezewood 32 Court, Town of Jupiter. 33 Mayor Premuroso closed the Public Hearing. 34 Vice Mayor Jablin made a motion for approval of Resolution 44, 2013. 35 Council Member Levy seconded. 36 Motion passed 4-0. 37 The City Clerk read Resolution 52, 2013 by title. 38 d. RESOLUTION 52, 2013 - AMENDMENT TO THE GARDENS PLAZA PLANNED UNIT 39 DEVELOPMENT (PUD). A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF 40 PALM BEACH GARDENS, FLORIDA APPROVING AN AMENDMENT TO THE 41 GARDENS PLAZA PLANNED UNIT DEVELOPMENT (PUD) TO APPROVE A 42 PRINCIPAL TENANT WALL SIGN, AS MORE PARTICULARLY DESCRIBED HEREIN; 43 PROVIDING WAIVERS; PROVIDING CONDITIONS OF APPROVAL; PROVIDING AN 44 EFFECTIVE DATE; AND FOR OTHER PURPOSES. 45 Mayor Premuroso opened the Public Hearing. 46 Mayor Premuroso asked for ex parte. 47 None. 48 CITY OF PALM BEACH GARDENS REGULAR COUNCIL MEETING PAGE 5 08-15-13 Petitioner: Anne Booth, Urban Design Kilday Studios. 1 Staff presentation: Director of Planning and Zoning, Natalie Crowley. 2 Public comment: None. 3 Mayor Premuroso closed the Public Hearing. 4 Vice Mayor Jablin made a motion for approval of Resolution 52, 2013. 5 Council Member Tinsley seconded. 6 Motion passed 4-0. 7 The City Clerk read Resolution 53, 2013 by title. 8 e. RESOLUTION 53, 2013 - AMENDMENT TO THE LA FITNESS PLAZA PLANNED 9 UNIT DEVELOPMENT (PUD). A RESOLUTION OF THE CITY COUNCIL OF THE CITY 10 OF PALM BEACH GARDENS, FLORIDA APPROVING AN AMENDMENT TO THE LA 11 FITNESS PLAZA PLANNED UNIT DEVELOPMENT (PUD) AND MAJOR CONDITIONAL 12 USE TO ACCOMMODATE A 10,000-SQUARE-FOOT DAY CARE CENTER, MORE 13 COMMONLY KNOWN AS THE LEARNING EXPERIENCE, AS MORE PARTICULARLY 14 DESCRIBED HEREIN; PROVIDING WAIVERS; PROVIDING CONDITIONS OF 15 APPROVAL; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. 16 Mayor Premuroso opened the Public Hearing. 17 Mayor Premuroso asked for ex parte. 18 Mayor Premuroso yes. 19 Petitioner: Ken Tuma, Urban Design Kilday Studios. 20 Staff presentation: Director of Planning and Zoning, Natalie Crowley. 21 Public comment: None. 22 Mayor Premuroso closed the Public Hearing. 23 Vice Mayor Jablin made a motion for approval of Resolution 53, 2013. 24 Council Member Tinsley seconded. 25 Motion passed 4-0. 26 The City Clerk read Ordinance 12, 2013 by title. 27 f. ORDINANCE 12, 2013 - (1ST READING) GARDENIA ISLES PROJECT AT THE 28 TRINITY CHURCH. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM 29 BEACH GARDENS, FLORIDA REZONING CERTAIN REAL PROPERTY WITHIN THE 30 CORPORATE LIMITS OF THE CITY OF PALM BEACH GARDENS, CONSISTING OF 31 ONE (1) PARCEL OF REAL PROPERTY TOTALING 7.72 ACRES IN SIZE, MORE OR 32 LESS, LOCATED ON THE NORTHWEST CORNER OF MILITARY TRAIL AND 33 GARDENIA DRIVE, TO BE KNOWN AS THE GARDENIA ISLES PLANNED UNIT 34 DEVELOPMENT (PUD); PROVIDING THAT THIS PARCEL OF REAL PROPERTY, 35 WHICH IS MORE PARTICULARLY DESCRIBED HEREIN, SHALL BE ASSIGNED THE 36 CITY ZONING DESIGNATION OF PLANNED UNIT DEVELOPMENT (PUD) OVERLAY 37 WITH AN UNDERLYING ZONING DESIGNATION OF RESIDENTIAL LOW DENSITY 3 38 (RL-3); PROVIDING THAT THE ZONING MAP OF THE CITY OF PALM BEACH 39 GARDENS BE AMENDED ACCORDINGLY; PROVIDING A CONFLICTS CLAUSE, A 40 SEVERABILITY CLAUSE, AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE 41 DATE; AND FOR OTHER PURPOSES. 42 RESOLUTION 55, 2013 IS A COMPANION ITEM TO ORDINANCE 12, 2013 AND 43 WILL REQUIRE COUNCIL ACTION AT SECOND READING. 44 *RESOLUTION 55, 2013 - GARDENIA ISLES PROJECT AT THE TRINITY CHURCH. A 45 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, 46 FLORIDA APPROVING THE GARDENIA ISLES PLANNED UNIT DEVELOPMENT 47 (PUD) AND SITE PLAN TO ALLOW THE CONSTRUCTION OF 21 SINGLE-FAMILY 48 CITY OF PALM BEACH GARDENS REGULAR COUNCIL MEETING PAGE 6 08-15-13 HOMES; PROVIDING WAIVERS; PROVIDING CONDITIONS OF APPROVAL; 1 PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. 2 RESOLUTION 56, 2013 IS ALSO A COMPANION ITEM TO ORDINANCE 12, 2013 3 AND WILL REQUIRE COUNCIL ACTION AT SECOND READING. 4 *RESOLUTION 56, 2013 - GARDENIA ISLES PROJECT AT THE TRINITY CHURCH. A 5 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, 6 FLORIDA APPROVING AN AMENDMENT TO THE TRINITY UNITED METHODIST 7 CHURCH MASTER PLAN TO REMOVE THE APPROVED FUTURE DEVELOPMENT 8 PHASES, AS MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING CONDITIONS 9 OF APPROVAL; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. 10 Mayor Premuroso opened the Public Hearing. 11 Mayor Premuroso asked for ex parte. 12 Council Member Levy yes. 13 Petitioner: Donaldson Hearing, Cotleur and Hearing. 14 Staff presentation: Director of Planning and Zoning, Natalie Crowley and Senior Planner, 15 Peter Hofheinz. 16 Public comment: John Markoulis, 13111 LaLique, Palm Beach Gardens; Charles Torrey, 17 4467 Gardenia Drive, Palm Beach Gardens. 18 Mayor Premuroso closed the Public Hearing. 19 Vice Mayor Jablin made a motion for approval of Ordinance 12, 2013 on 1st Reading. 20 Council Member Levy seconded. 21 Motion passed 4-0. 22 X. RESOLUTIONS 23 The City Clerk read Resolution 49, 2013 by title. 24 a. RESOLUTION 49, 2013 - APPROVE THE HEALTH INSURANCE BENEFITS FOR 25 FISCAL YEAR 2013-2014. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF 26 PALM BEACH GARDENS, FLORIDA APPROVING THE RENEWALS OF BLUE CROSS 27 BLUE SHIELD OF FLORIDA, POLICY NUMBER 91062, GUARDIAN POLICY NUMBER 28 407008, AND LINCOLN FINANCIAL POLICY NUMBERS 000010074146 AND 29 000010074147, FOR FISCAL YEAR 2013/2014; PROVIDING AN EFFECTIVE DATE; AND 30 FOR OTHER PURPOSES. 31 Staff Presentation: Senior Human Resources Generalist, Lauren Ferreira. 32 Vi ce Mayor Jablin made a motion for approval of Resolution 49, 2013. 33 Council Member Levy seconded. 34 Motion passed 4-0. 35 The City Clerk read Resolution 51, 2013 by title. 36 b. RESOLUTION 51, 2013 - SET FEE & CHARGES SCHEDULE. A RESOLUTION OF 37 THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA UPDATING 38 THE SCHEDULE OF FEES AND CHARGES FOR VARIOUS SERVICES RENDERED BY 39 THE CITY OF PALM BEACH GARDENS FOR ITS CITIZENS AND OTHER MEMBERS 40 OF THE PUBLIC FOR FISCAL YEAR 2013/2014; PROVIDING AN EFFECTIVE DATE; 41 AND FOR OTHER PURPOSES. 42 Staff Presentation: Finance Administrator, Allan Owens; Deputy City Manager, Jack 43 Doughney. 44 Vice Mayor Jablin made a motion for approval of Resolution 51, 2013. 45 Council Member Levy seconded. 46 Motion passed 4-0. 47 XI. ITEMS FOR COUNCIL ACTION/DISCUSSION 48 CITY OF PALM BEACH GARDENS REGULAR COUNCIL MEETING PAGE 7 08-15-13 Vice Mayor Jablin read a Proclamation for Ben Grisaffi. 1 Council Member Levy made a motion to approve the Ben Grisaffi Proclamation. 2 Council Member Tinsley seconded. 3 Motion passed 4-0. 4 XII. CITY ATTORNEY REPORT 5 None. 6 (The remainder of this page intentionally left blank.) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 CITY OF PALM BEACH GARDENS REGULAR COUNCIL MEETING PAGE 8 08-15-13 XIII. ADJOURNMENT 1 Vice Mayor Jablin made a motion to adjourn. 2 Council Member Levy seconded. 3 Motion passed 4-0. 4 The meeting adjourned at 11:10 p.m. 5 The next regularly scheduled City Council meeting will be held September 10, 2013. 6 APPROVED: 7 8 9 10 Robert G. Premuroso, Mayor 11 12 13 14 Eric Jablin, Vice Mayor 15 16 17 18 Joseph R. Russo, Council Member 19 20 21 22 Marcie Tinsley, Council Member 23 24 25 26 David Levy, Council Member 27 28 29 30 31 32 33 34 ATTEST: 35 36 37 38 39 Patricia Snider, CMC 40 City Clerk 41 42 43 44 Note: These minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of the 45 meeting. A verbatim audio record is available on the City Website or from the Office of the City Clerk. 46 All referenced attachments are on file in the Office of the City Clerk. 47 CITY OF PALM BEACH GARDENS CITY COUNCIL Agenda Cover Memorandum Meeting Date: September 19, 2013 Resolution 60, 2013 Subject/Agenda Item: Partial Release of Three (3) Existing Easements and Acceptance of a Utility Easement from Palm Beach County to Facilitate a Northbound Right-Turn Lane on Alternate A1A onto RCA Boulevard to be Constructed by Palm Beach County. [X] Recommendation to APPROVE [ ] Recommendation to DENY Reviewed by: Originating Dept.: Costs: $0.00 Council Action: (Total) 1 Approved 1 Approved w/ Conditions $0.00 1 Denied Current FY i istrator Advertised: Funding Source: 1 Continued to: Date: [ x 1 Operating Attachments: [ 1 Other Allan Owens Paper: • Resolution 60, 2013 --------------------------------Exhibit "A": Contract/Agreement: Release and [ x 1 Not Required Abandonment of Easement Effective Date: N/A Expiration Date: N/A Submitted by: irector ~ J. E._.9.Pwgt1'fleY,Tfl Deputy City Manager Affected parties Approved by: [ x 1 Notified Budget Acct.#: [ 1 Not required Meeting Date: September 19, 2013 Resolution 60, 2013 Page 2 of2 BACKGROUND: Conditions of approval for both the Abacoa Development of Regional Impact (DRI) and the Frenchman's Reserve development order require improvements to the Alternate A 1A and RCA Boulevard intersection. All improvements have been completed to date with the exception of a northbound right-turn lane from Alternate A 1A onto eastbound RCA Boulevard. Palm Beach County has received funding from these developments and completed the design of this turn lane. In order to facilitate the construction of the turn lane, the County is asking the City to release partial interest in three (3) easements that was platted during the Catalina Lakes Development. These easements include small portions of a utility easement, a limited access easement, and a public access easement located on the southeast corner of the Alternate A1A and RCA Boulevard intersection. Further, the County is relocating the utility easement outside the newly proposed right-of-way. There is sufficient area remaining to maintain public access and utilities for this portion of the intersection. The construction of this turn lane is warranted and will relieve traffic stacking for northbound traffic in this intersection. STAFF RECOMMENDATION: Staff recommends approval of Resolution 60, 2013 as presented. 1 2 3 RESOLUTION 60, 2013 4 5 6 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM 7 BEACH GARDENS, FLORIDA AUTHORIZING THE MAYOR TO 8 EXECUTE A RELEASE AND ABANDONMENT OF PORTIONS OF 9 EASEMENTS NEAR THE INTERSECTION OF RCA BOULEVARD 10 AND ALTERNATE STATE ROAD A-1-A; PROVIDING AN 11 EFFECTIVE DATE; AND FOR OTHER PURPOSES. 12 13 14 WHEREAS, Palm Beach County is undertaking roadway improvements at the 15 intersection of RCA Boulevard and Alternate State Road A-1-A by constructing a 16 northbound right-turn lane; and 17 18 WHEREAS, Palm Beach County has requested that the City of Palm Beach 19 Gardens release and abandon portions of three (3) easements near the intersection of 20 RCA Boulevard and Alternate State Road A-1-A in order to facilitate construction of the 21 right-turn lane, which Release and Abandonment of Easement is attached hereto as 22 Exhibit "A"; and 23 24 WHEREAS, the City Council deems approval of this Resolution to be in the best 25 interests of the health, safety, and welfare of the residents and citizens of the City of 26 Palm Beach Gardens and the public at large. 27 28 29 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 30 OF PALM BEACH GARDENS, FLORIDA that: 31 32 SECTION 1. The foregoing recitals are hereby affirmed and ratified. 33 34 SECTION 2. The City Council hereby authorizes the Mayor to execute any and 35 all legal documents necessary to effectuate the release and abandonment of the 36 appropriate portions of the subject easements. 37 38 SECTION 3. This Resolution shall become effective immediately upon adoption. 39 40 41 42 43 44 45 46 Page 1 of 2 1 2 3 4 5 6 7 8 1 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Resolution 60, 2013 PASSED AND ADOPTED this __ day of ________ , 2013. CITY OF PALM BEACH GARDENS, FLORIDA BY: ------------------------------Robert G. Premuroso, Mayor ATTEST: BY: -------------------------Patricia Snider, CMC, City Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY BY: -------------------------R. Max Lohman, City Attorney VOTE: AYE NAY ABSENT MAYOR PREMUROSO VICE MAYOR JABLIN COUNCILMEMBER RUSSO COUNCILMEMBER TINSLEY COUNCILMEMBER LEVY G:\attorney_share\RESOLUTIONS\2013\Resolution 60 2013 -Easement Abandonment.doc Page 2 of 2 Resolution 60, 2013 EXHIBIT "A" This instrument prepared by: R. Max Lohman, Esq. City Attorney City of Palm Beach Gardens 10500 N. Military Trail Palm Beach Gardens, Florida 33410 Sketch & Legal Description Prepared by: Brown & Phillips, Inc. (07-31-13) RELEASE AND ABANDONMENT OF EASEMENTS THIS RELEASE AND ADANDONMENT OF EASEMENTS is made this day of September, 2013, by the CITY OF PALM BEACH GARDENS, a municipal corporation existing under the laws of the State of Florida, whose address is 10500 North Military Trail, Palm Beach Gardens, Florida 33410, releasor (wherever used herein, the term "releasor" includes all the parties to this instrument and the heirs, legal representatives and assigns of individuals, and the successors and assigns of organizations). WITNESSETH: That the releasor does hereby release and abandon all right, title, interest, claim and demand which the releasor has in and to those portions of the following described easements, situate in Palm Beach County, Florida, viz: The released and abandoned portions of the subject easements are depicted by bold outlines and are more particularly described in Exhibits "A", "B", and "C" attached hereto and made a part hereof. Such release and abandonment is limited to only those portions of the subject easements described and depicted on the exhibits attached hereto. Page 1 of 2 IN WITNESS WHEREOF, the said releasor has caused these presents to be duly executed in its name by its Mayor, and its seal to be hereto affixed and attested by its City Clerk on the date first above written. ATTEST: By: --------------------------~-------PATRICIA SNIDER, CMC City Clerk Signed, sealed and delivered in the presence of: (two witnesses or Corporate Seal required by Florida Law) By: ----------------------------------- Print Name: ------------------------- By: ----------------------------------- Print Name: -------------------------- STATE OF FLORIDA COUNTY OF PALM BEACH CITY OF PALM BEACH GARDENS ROBERT G. PREMUROSO, Mayor (Seal) The foregoing instrument was acknowledged before me this day of September, 2013, by ROBERT G. PREMUROSO, Mayor, who is personally known to me or who has produced as identification. Print Name: ~----------~--~----------Notary Public in and for the County and State last aforesaid. My Commission Expires: --------------- G:\attorney_share\ENGINEERING\Release of Easements RCA Alt A-1-A.doc Page 2 of 2 LEGAL DESCRIPTION EXHIBIT A A PORTION OF A UTILITY EASEMENT IN SECTION 7, TOWNSHIP 42 SOUTH, RANGE 43 tAST, PALM BEACH COUNTY, FLORIDA. L YlNG IN THE PLAT OF CATAUNA LAKES, RECORDED IN PLAT BOOK 89, PAGE 164, OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE NORTHWEST CORNER OF SAID PLAT, L YlNG ON THE EAST RIGHT-OF-WAY OF ALTERNATE A-1-A; THENCE ALONG THE WEST BOUNDARY OF SAID PLAT, S14"05'26"E FOR 323.77 FEET; THENCE N00.45' 45"E FOR 29.26 FEET TO A LINE L YlNG 7.50 FEET EAST OF, AND PARALLEL WITH, THE SAID WEST PLAT BOUNDARY: THENCE ALONG SAID PARALLEL LINE. N14"05'26"W FOR 300.79 TO THE SAID PLAT BOUNDARY; THENCE ALONG SAID PLAT BOUNDARY, S40.40'02"W FOR 9.18 FEET TO THE POINT OF BEGINNING. CONTAINING 2,342 SQUARE FEET, MORE OR LESS. BEARING BASIS: N88*34'17•w ALONG THE NORTH LINE OF SECTION 7. NOTES: n BASELINE STATIONING IS BASED ON A ROADWAY PLAN FOR SR811/ALTERNATE AlA, PREPARED BY CARNAHAN. PROCTOR, CROSS, INC., FOR PALM BEACH CMTY. FILE N0.010205-LB, REVISION DATE 11/29/10, PALM BEACH CMTY PRO.£CT No.2009100. 2> STATE PLANE COOROINA TES: A. COORDINATES SHOWN ARE GRID f. TRANSVERSE MERCATOR PRMCTION B. DATUM -NAO 83. 1990 AOJJSTM£NT G. ALL OJST ANCES ARE GROt.NJ C. Zor£ -FLORIDA EAST H. SCALE FACTOR-1.0000415 0. UNEAR tJ.JIT-US SWVEY FOOT I. GROUND DISTANCE X SCALE FACTOR= GRID OIST ANCE E. COORDINATE SYSTEM 1983 STATE PLANE J. ROT AT ION EOUA TION: NONE 3) THIS DESCRIPTION IS BASED ON Ir.FORMATION FOONISHED BY THE PALM BEACH COtlHY ROADWAY PRODUCTION DEPARTMENT. NO SEARCH Of nt: FWUC RECORDS WAS PERfORKD BY BROWN & PHILLIPS, INC. ABBREYIAJIONS: P.B. -PLAT BOOK ORB -OFFICIAL RECORD BOOK PG. ·-PAGE P.O.B. -POINT OF BEGINNING P.O.C. -POINT OF COMMENCEMENT Rt. -DISTANCE RIGHT OF BASELINE FOOT -FLORIDA DEPARTMENT OF TRANSPORTATION R/W -RIGHT-OF-WAY PBCo -PALM BEACH COUNTY 7/42/43 -SECTION TOWNSHIP RANGE THE DESCRIPTION SKETCH AND THE DESCRIPTION TEXT COMPRISE THE COMPLETE LEGAL DESCRIPTION. THE LEGAL DESCRIPTION IS NOT VALID UNLESS BOTH ACCOMPANY EACH OTHER. REPRODUCTIONS OF THIS DOCUMENT ARE NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND THE ORIGINAL RAISED SEAL OF THE FLORIDA LICENSED SURVEYOR AND MAPPER NOTED HEREON. ~ JOHN E. PHILLIPS III\ V PROFESSIONAL LAN~\§URVEYOR STATE OF FLORIDA No. 4~26 J'rz DATE: 11~1 LJ ~OWN & PHILLIPS, INC. RCA BLVD/ALTERNATE A-1-A EXHIBIT A PARTIAL EASEMENT RELEASE PROJ. No. 11-04.3 DRAWN: MB PROFESSIONAL SURVEYING SERVICES CERTJFlCA TE OF AUTHORIZA TJON I l8 6473 1860 OLD OKEECHOBEE RD, #509, W.P.B. FLORIDA 33409 (561) 615-3988, (561) 615-3991 FAX LEGAL DESCRIPTION 1 0' UTILITY EASEMENT (THIS IS NOT A SURVEY) SCALE: 1 H = 50' DA. TE: 7/31 /U SHEET 1 OF 2 EXNIBIT A 134+73.62 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ Si!owN & PHILLIPS, INC. PROFESSIONAL SURVEYING SERVICES CERnflCATE OF AUTHORIZATION I lB 6473 1860 OLD OKEECHOBEE RD, f509, W.P.B. FLORIDA 33409 (561_) ~5-3988, .. (561) 615-3991 FAX RCA BLVD/ALTERNATE A-1-A EXHIBIT A PAR11AL EASEMENT RELEASE PROJ. No. 11-043 DRAWN: M8 N SKETCH TO ACCOMPANY SCALE: t" = 50' LEGAL OESCRIP110N DATE: 7/12 13 (THIS SKETCH IS NOT A SUR\'EY) SHEET 2 OF' 2 .----------------------------------------------------------------~ EXHlliiTB LEGAL DESCRIPTION A PORTION OF A LIMITED ACCESS EASEMENT IN SECTION 7. IOWNSHIP 42 SOUTH. RANGE 43 EAST. PALM BEACH COUNTY, FLORIDA, LYING IN THE PLAT OF CATALINA LAKES, RECORDED IN PLAT BOOK 89, PAGE 164, OF THE PUBLIC RECORDS OF PALM BEACH COUNTY. FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE NORTHWEST CORNER OF SAID PLAT, LYING ON TiiE EAST RIGHT-OF-WAY OF ALTERNATE A-1-A; THENCE ALONG THE WEST BOUNDARY OF SAID PLAT, .S14"05'26"E FOR 323.77 FEET; THENCE N75"54"34•E FOR 5.00 FEET TO THE EASTERLY LIMIT OF SAID EASEMENT; THENCE ALONG THE SAID EASTERLY LIMIT, N14"05'26•W FOR 321.18; THENCE CONTINUE ALONG TiiE SAID EASTERLY LIMIT. N40"40'02•E FOR 30.35 FEET TO THE NORTH BOUNDARY OF SAID PLAT; THENCE ALONG SAID NORTH PLAT BOUNDARY, N88"34•17•w FOR 6.46 FEET; THENCE CONTINUE ALONG SAID NORTH PLAT BOUNDARY. S40"40'o2•w FOR 28.86 FEET TO THE POINT OF BEGINNING. CONTAINING 1,760 SQUARE FEET, MORE OR LESS. BEARING BASIS: N88"34'17•w ALONG TiiE NORTH LINE OF SECTION 7. NOTES: U BASELINE STATIONING IS BASED ON A ROADWAY PLAN FOR SR811/ALTERNATE AlA, PREPARED BY CARNAHAN, PROCTOR, CROSS, INC., fOR PALM BEACH COUNTY, FILE NO.Ol0205-LB, REVISION DATE 11/29/10, PALM BEACH COt.J.JTY PROJECT No.2009100. 2> STATE PLME COORDINATES: A. COORDINATES SHOWN ARE GRID F. TRANSVERSE M:RCATOR PRO.£CTION B. OATt.t.-1-NAO 83, 1990 ADJJSTMENT G. ALL DJST ANC£5 ARE GROIJM) C. Zor-£ -FLORIDA EAST H. SCALE FACTOR-1.0000415 D. LINEAR UNIT -US SWVEY FOOT I. GROI.W DISTANCE X SCALE FACTOR= GRID DISTANCE E. COORD INA T£ SYSTEM 1983 STATE PLANE J. ROTATION EQUATION: NONE 3) THIS DESCRIPTION IS BASED ON INFORMATION FURNISHED BY THE PALM BEACH CCIJ.ITY ROADWAY PRODUCTION DEPARTMENT. NO SEARCH Of Tr£ POOUC RECORDS WAS PERFORMED BY BROWN & PHILLIPS, INC. ABBREVIATIONS: P.B. -PLAT BOOK ORB -OFFICIAL RECORD BOOK PG. -PAGE P.O.B. -POINT OF BEGINNING P.O.C. -POINT OF COMMENCEMENT Rt. -DISTANCE RIGHT OF BASELINE FOOT -FLORIDA DEPARTMENT OF TRANSPORTATION R/W -RIGHT-OF-WAY PBCo -PALM BEACH COUNTY 7/42/43 -SECTION TOWNSHIP RANGE THE DESCRIPTION SKETCH AND THE DESCRIPTION TEXT COMPRISE THE COMPLETE LEGAL DESCRIPTION. THE LEGAL DESCRIPTION IS NOT VALID UNLESS BOTH ACCOMPANY EACH OTHER. REPRODUCTIONS OF THIS DOCUMENT ARE NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND THE ORIGINAL RAISED SEAL OF THE FLORIDA LICENSED SURVEYOR AND MAPPER NOTED HEREON. \ ;\\()~ JOHN E. PHILLIPS ~I~ PROFESSIONAL L~b SU~~RViEYOR STATE OF FLORIDA'~. ~6 DATE: 1/J.1 h SiiowN & PHILLIPS, INC. RCA BLVD/ALTERNATE A-1-A EXHIBIT A PARTIAL EASEMENT RELEASE PROJ. No. 1 t -043 DRAWN: MB PROFESSIONAL SURVEYING SERVICES CERllFlCATE OF AUTHORIZAllON I LB 6473 1860 OLD OKEECHOBEE RD, #509, W.P.B. FLORIDA 33409 (561) 615-3988, {561) 615-3991 fAX LEGAL DESCRIPTION SCALE; t .. = 50' LIMITED ACCESS EASEMENT DATE: 7/31/13 (lHIS IS NOT A SURVEY) SHEET 1 OF 2 o<Hiat.e · 134+73.62 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ Si!owN & PHILLIPS, INC. PROFESSIONAL SURVEYING SERVICES CERllFICAlE OF AUlHORIZAllON I lB 64-73 1860 OLD OKEECHOBEE RD, f509, W.P.B. FLORIDA 334{)9 (561) 615-3988, (561) 615-3991 FAX RCA BLVD/ALTERNATE A-1-A EXHIBIT A PARTIAL EASEMENT RELEASE PROJ. No. 11-043 DRAWN: MB N SKETCH TO ACCOMPANY SCALE: 1· = so· LEGAL DESCRIPTION DATE: 7/12/13 (THIS SKETCH IS NOT A SURVEY) SHEET 2 OF 2 -----~--------------------- ~----------- -LEGAL DESCRIPTION EXIDBITC A PORTION OF A 25' PUBLIC ACCESS EASEMENT IN SECTION 7, TOWNSHIP 42 SOUTI-1, RANGE 43 EAST, PALM BEACH COUNTY, FLORIDA, LYING IN THE PLAT OF CATALINA LAKES, RECORDED IN PLAT BOOK 89, PAGE 164, OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE NORTHWEST CORNER OF SAID PLAT, LYING ON THE EAST RIGHT-OF-WAY OF ALTERNATE A-1-A; THENCE ALONG THE WEST BOUNDARY OF SAID PLAT, S14"05'26•E FOR 323.77 FEET; THENCE N00"45' 45•E FOR 29.26 FEET TO A LINE LYING 7.50 FEET EAST OF, AND PARALLEL WITH, THE SAID WEST PLAT BOUNDARY; THENCE ALONG SAID PARALLEL LINE, N14"05'26•W FOR 291.20 FEET; THENCE N38"39'18•E FOR 21.99 FEET TO THE EASTERLY LIMIT OF SAID PUBLIC ACCESS EASEMENT; THENCE ALONG SAID EASTERLY LIMIT, N14"05'26•w FOR 7.24 FEET TO THE NORTH BOUNDARY OF SAID PLAT OF CATALINA LAKES; THENCE ALONG SAID NORTH PLAT BOUNDARY, N88"34'17•w FOR 1.48 FEET; THENCE CONTINUE ALONG SAID NORTH PLAT BOUNDARY, s40•40'02•w FOR 28.86 FEET TO THE POINT OF BEGINNING. CONTAINING 2,501 SQUARE FEET. MORE OR LESS. BEARING BASIS: N88"34'17•w ALONG THE NORlH LINE OF SECTION 7. NOTES: I) BASElltf: STATIONING IS BASED ON A ROADWAY PLAN FOR SR8111Al TERNATE AlA, PREPARED BY CARNAHAN, PROCTOR, CROSS, INC., FOR PALM BEAOi COlf.JTY, FILE N0.010205-LB, REVISION DATE 11/29/10, PALM BEACH COUNTY PROJECT No. 2009100. 2) STATE PLANE COORDINATES: A. COORDINATES SHOWN ARE GRID F. TRANSVERSE MERCATOR PRO£CTION B. DATUM -NAD 83, 1990 ADJJSTMENT . G. ALL DISTANCES ARE GROI.W C. Z<H: -FLORIDA EAST H. SCALE FACTOR -1.0000415 D. Llr..EAR li-JIT -US SOOVEY FOOT I. GROl.N) DISTANCE X SCALE FACTOR= GRID DISTANCE E. COORDINATE SYSTEM 1983 STATE PLME J. ROTATION EQUATION: NOt£ 3> THIS DESCRIPTION IS BASED ON Irf'ORMATION FURNISHED BY Tt£ PALM BEACH CMTY ROADWAY PRODUCTION D£PART~NT. NO SEARCH OF THE PUBLIC RECORDS WAS PERFORMED BY BROWN & PHILLIPS, INC. ABBREVIATIONS: P.B. -PLAT BOOK ORB -OFFICIAL RECORD BOOK PG. -PAGE P.O.B. -POINT OF BEGINNING P.O.C. -POINT OF COMMENCEMENT Rt. -DISTANCE RIGHT OF BASELINE FOOT -FLORIDA DEPARTMENT OF TRANSPORTATION R/W -RIGHT-OF-WAY PBCo -PALM BEACH COUNTY 7/42/43 -SECTION TOWNSHIP RANGE THE DESCRIPTION SKETCH AND THE DESCRIPTION. TEXT COMPRISE THE COMPLETE LEGAL DESCRIPTION. THE LEGAL DESCRIPTION IS NOT VALID UNLESS BOTH ACCOMPANY EACH OTHER. REPRODUCTIONS OF THIS DOCUMENT ARE NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND THE ORIGINAL RAISED SEAL OF THE FLORIDA LICENSED SURVEYOR AND MAPPER NOTED HEREON. JOHN E. PHILLI ~< III PROFESSIONAL LA Dlt:URVEYOR STATE OF FLO~Q'A N ·,~826 DATE: /]/~I ( '7 RCA BLVD/ALTERNtTE 1A-1-A EXHIBIT A BROWN • PHILLIPS, INC. PARTIAL EASEMENT RELEASE PROFESSIONAL SURVEYING SERVICES PROJ. No. 11 -043 DRAWN: MB CERTIFICAlE OF AUTHORIZATION 1 LB 647.3 LEGAL DESCRIPTION SCALE: ,~ = so· 1860 OLD OKEECHOBEE RD, j!509, W.P.B. FLORIDA .33409 PUBUC ACCESS EASEMENT DATE: 7/31/13 (561) 615-.3988, (561) 615-.3991 FAX (nilS IS NOT A SURVEY) SHEET 1 OF 2 t_;._--=... ____ __:____:_ ___________ .L...-__,____ ··-- \ 134+73.62 \ \ \ \ \ \ SilowN & PHILLIPS, INC. PROFESSIONAL SURVEYING SERVICES CERllACAlE OF AU1HORIZA110N f L8 6473 1860 OLD OKEECHOBEE RD. 1509, W.P.B. FLORIDA 33409 (561} 615-3988, (561) 615-3991 FAX RCA BLVD/ALTERNATE A-1-A EXHIBIT A PARTIAL EASEMENT RELEASE PROJ. No. 11-043 DRAWN; MB SKETCH TO ACCOMPANY SCALE: 1" • 50' LEGAL DESCRIPTION DATE: 7/12/13 (THIS SKETCH IS NOT A SUIM:Y) SHEET 2 OF 2 CITY OF PALM BEACH GARDENS CITY COUNCIL Agenda Cover Memorandum Meeting Date: September 19, 2013 Resolution 57, 2013 Ordinance 15, 2013 Subject/Agenda Item: Resolution 57, 2013 -Adopting a tax levy and millage rate for the City of Palm Beach Gardens for the Fiscal Year commencing October 1, 2013, and ending September 30, 2014. Ordinance 15, 2013 -Public Hearing for Second and Final Reading Adopting the Fiscal Year 2013/2014 Budget. [X] Recommendation to APPROVE [ ] Recommendation to DENY Reviewed by: Originating Dept.: Finance Costs:$ ___ _ (Total) Allan Owens $ ____ _ Finance Administrator dCk Allan Owens Submitted by: Dzr:or Allan Owens ~------~ Approved by: Finance Administrator Current FY Advertised: NA Date: September 4, 2013 Paper: Palm Beach Post [ 1 Not Required Affected parties 1 Notified Funding Source: 1 Operating 1 Other Budget Acct.#: Contract/Agreement: Effective Date: NA Expiration Date: NA Council Action: 1 Approved 1 Approved w/ Conditions 1 Denied 1 Continued to: Attachments: • Resolution 57, 2013 • Ordinance 15,2013 Meeting Date: September 19, 2013 Resolution 57, 2013 Ordinance 15, 2013 Page 2 of 2 BACKGROUND: This is the second of two (2) required public hearings on the proposed budget for Fiscal Year 2013/2014. The total of all funds is $122,999,241. The proposed operating millage rate for Fiscal Year 2013/2014 is 5.7404 mills, and a debt service millage rate of .1733. The proposed operating millage rate of 5.7404 is 2.4% above the roll-back rate of 5.606. When combined, the total operating and debt service millage rate proposed for Fiscal Year 2013/2014 is 5.9137 mills, which is slightly below the current year combined rate of 5.9194 mills. CITY COUNCIL: On September 10, 2013, the City Council approved Ordinance 15, 2013 on first reading by a vote of 5 to 0. STAFF RECOMMENDATION: o Staff recommends Council make the following announcement: "The City of Palm Beach Gardens is proposing to adopt a final millage rate of 5.9137 mills, which includes a debt service millage rate of .1733 and an operating millage rate of 5.7404, which is greater than the rolled-back rate of 5.606 by 2.4%. o Staff recommends a motion to approve Resolution 57, 2013, setting the final millage rate for Fiscal Year 2013/2014 at 5.9137. o Staff recommends a motion to approve Ordinance 15, 2013 as presented on second and final reading, adopting the budget for Fiscal Year 2013/2014. (Please note: The proposed Fiscal Year 2013/2014 budget has been distributed to Mayor, Council, and staff under separate cover.) 1 RESOLUTION 57,2013 2 3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM 4 BEACH GARDENS, FLORIDA ADOPTING A TAX LEVY AND 5 MILLAGE RATE FOR THE CITY OF PALM BEACH GARDENS FOR 6 THE FISCAL YEAR COMMENCING OCTOBER 1, 2013, AND 7 ENDING SEPTEMBER 30, 2014; DIRECTING THE CITY CLERK TO 8 FORWARD A CERTIFIED COPY OF THIS RESOLUTION TO THE 9 PROPERTY APPRAISER AND TAX COLLECTOR WITHIN THREE 10 (3) DAYS AFTER ITS ADOPTION; PROVIDING AN EFFECTIVE 11 DATE; AND FOR OTHER PURPOSES. 12 13 WHEREAS, at a duly advertised public hearing held on September 10, 2013, the 14 City Council of the City of Palm Beach Gardens tentatively adopted a millage rate of 15 5.9137 per $1,000.00; and 16 17 WHEREAS, said millage rate includes an operating millage rate of 5.7404 and a 18 debt millage rate of .1733; and 19 20 WHEREAS, on September 19, 2013, the City Council of the City of Palm Beach 21 Gardens held a public hearing in accordance with Section 200.065, Florida Statutes, to 22 adopt the final millage rate for Fiscal Year 2013/2014; and 23 24 WHEREAS, the value of real property not exempt from taxation within the City of 25 Palm Beach Gardens, Florida has been certified by the County Property Appraiser to 26 the City Council as $8.172 Billion; and 27 28 WHEREAS, the City Council deems approval of this Resolution to be in the best 29 interests of the health, safety, and welfare of the residents and citizens of the City of 30 Palm Beach Gardens and the public at large. 31 32 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 33 OF PALM BEACH GARDENS, FLORIDA that: 34 35 SECTION 1. The foregoing recitals are hereby affirmed and ratified. 36 37 SECTION 2. The Fiscal Year 2013/2014 millage rate is 5.9137 mills, which 38 includes a debt millage rate of .1733 and an operating millage rate of 5.7404, which is 39 greater than the rolled-back rate of 5.606 by 2.4%. 40 41 SECTION 3. The City Clerk is hereby directed to forward a certified copy of this 42 Resolution to the Palm Beach County Property Appraiser and Tax Collector within three 43 (3) days after its adoption. 44 45 SECTION 4. This Resolution shall become effective immediately upon adoption. 46 Page 1 of 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 ---------- Resolution 57, 2013 PASSED AND ADOPTED this __ day of_~-------' 2013. CITY OF PALM BEACH GARDENS, FLORIDA BY: ----------------Robert G. Premuroso, Mayor ATTEST: BY: -------------Patricia Snider, CMC, City Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY BY: -------------R. Max Lohman, City Attorney VOTE: MAYOR PREMUROSO VICE MAYOR JABLIN COUNCILMEMBER RUSSO COUNCILMEMBER TINSLEY COUNCILMEMBER LEVY AYE NAY ABSENT G:\attorney_share\RESOLUTIONS\2013\Resolution 57 2013 millage adoption FY13-14.docx Page 2 of 2 --------------------- 1 2 ORDINANCE 15, 2013 3 4 5 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM 6 BEACH GARDENS, FLORIDA ADOPTING THE BUDGET FOR THE 7 CITY OF PALM BEACH GARDENS FOR THE FISCAL YEAR 8 COMMENCING OCTOBER 1, 2013, AND ENDING SEPTEMBER 30, 9 2014; PROVIDING A CONFLICTS CLAUSE AND A SEVERABILITY 10 CLAUSE; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER 11 PURPOSES. 12 13 14 WHEREAS, at a duly advertised public hearing held on September 10, 2013, the 15 City Council tentatively adopted a budget for Fiscal Year 2013/2014; and 16 17 WHEREAS, at a duly advertised public hearing held on September 19, 2013, the 18 City Council determined that the tentative budget, as finalized by the City Council, will 19 meet the needs and requirements of the City of Palm Beach Gardens and its residents for 20 Fiscal Year 2013/2014; and 21 22 WHEREAS, the City Council deems approval of this Ordinance to be in the best 23 interests of the health, safety, and welfare of the residents and citizens of the City of Palm 24 Beach Gardens and the public at large. 25 26 27 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY 28 OF PALM BEACH GARDENS, FLORIDA that: 29 30 SECTION 1. The foregoing recitals are hereby affirmed and ratified. 31 32 SECTION 2. The proposed budget is hereby approved and adopted by the City 33 Council as and for the budget of the City of Palm Beach Gardens for the fiscal year 34 commencing October 1, 2013, and ending September 30, 2014. 35 36 SECTION 3. All ordinances or parts of ordinances in conflict be and the same are 37 hereby repealed. 38 39 SECTION 4. Should any section or provision of this Ordinance or any portion 40 thereof, any paragraph, sentence, or word be declared by a court of competent jurisdiction 41 to be invalid, such decision shall not affect the validity of the remainder of this Ordinance. 42 43 SECTION 5. This Ordinance shall become effective immediately upon adoption. 44 45 46 Page 1 of2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Ordinance 15, 2013 ~ PASSED this /Q -day of Stff73m&t;vt.. , 2013, upon first reading. PASSED AND ADOPTED this second and final reading. CITY OF PALM BEACH GARDENS BY: --------------------------Robert G. Premuroso, Mayor Eric Jablin, Vice Mayor Joseph R. Russo, Councilmember Marcie Tinsley, Councilmember David Levy, Councilmember ATTEST: BY: --------------------------Patricia Snider, CMC, City Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY BY: --------------------------R. Max Lohman, City Attorney day of ______ , 2013, upon FOR AGAINST ABSENT G:\attorney_share\ORDINANCES\2013\0rdinance 15 2013 -budget adoption 2013-2014.docx Page 2 of2 CITY OF PALM BEACH GARDENS CITY COUNCIL Agenda Cover Memorandum Meeting Date: September 19, 2013 Ordinance 13, 2013 Subject/Agenda Item: Second and Final Reading -Amending Fiscal Year 2012/2013 Budget. [X] Recommendation to APPROVE [ ] Recommendation to DENY Reviewed by: Originating Dept.: Finance Allan Owens Finance Administrator Advertised: NA Date: Paper: [ x 1 Not Required Submitted by: D~Director Allan Owens Finance Administrator Affected parties Approved by: [ ] Notified Costs: $5.498.862 (Total) $5.498.862 Current FY Funding Source: [ X 1 Operating [ 1 Other Contract/ Agreement: Effective Date: N/A Expiration Date: N/A Budget Acct.#: See attached Exhibit "1" Council Action: 1 Approved 1 Approved w/ Conditions 1 Denied [. 1 Continued to: Attachments: • Ordinance 13, 2013 -Exhibit "1": Meeting Date: September 19, 2013 Ordinance 13, 2013 Page 2 of2 BACKGROUND: On June 6, 2013, the City Council approved Resolution 39, 2013, authorizing the issuance of the City of Palm Beach Gardens Public Improvement Bonds, Series 2013A and Series 2013B, to STI Institutional & Government, Inc. This budget amendment records the proceeds from the bonds in the amount of $4,292 ,500 and the cost of issuance in the amount of $29,000. This amendment reflects project costs of $1 ,684,400 for the golf course improvements and $2,579,100 for the construction of a new Fire Station #2. Both projects were identified in the Five-(5) Year Capital Improvement Plan but were accelerated due to the low cost of financing. In addition, this budget amendment records two (2) Lease-Purchase Agreements with Oshkosh Capital for the purchase of one (1 ) fire engine from Pierce Manufacturing and the replacement of two (2) rescue units from Ten-8 Fire Equipment as authorized by Resolution 19, 2011 and Resolution 69 , 2011 , respectively . These vehicles were received and put into service in fiscal year 2013. CITY COUNCIL: On September 10, 2013, the City Council approved Ordinance 13, 2013 on first reading by a vote of 5 to 0. STAFF RECOMMENDATION: Staff recommends approval of Ordinance 13, 2013 as presented on second and final reading . 1 2 3 ORDINANCE 13, 2013 4 5 6 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM 7 BEACH GARDENS, FLORIDA AMENDING THE CITY OF PALM 8 BEACH GARDENS' BUDGET FOR THE FISCAL YEAR BEGINNING 9 OCTOBER 1, 2012, AND ENDING SEPTEMBER 30, 2013, 10 INCLUSIVE; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY 11 CLAUSE, AND AUTHORITY TO CODIFY; PROVIDING AN 12 EFFECTIVE DATE; AND FOR OTHER PURPOSES. 13 14 15 WHEREAS, the City Council of the City of Palm Beach Gardens, Florida adopted 16 a Budget for the 2012/2013 Fiscal Year; and 17 18 WHEREAS, the City Council has determined that an amendment needs to be 19 made to the previously adopted Fiscal Year 2012/2013 Budget; and 20 21 WHEREAS, the City Council deems approval of this Ordinance to be in the best 22 interests of the health, safety, and welfare of the residents and citizens of the City of 23 Palm Beach Gardens and the public at large. 24 25 26 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY 27 OF PALM BEACH GARDENS, FLORIDA that: 28 29 SECTION 1. The foregoing recitals are hereby affirmed and ratified. 30 31 SECTION 2. The City Council hereby amends the revenues and expenditures 32 listed in the attached Exhibit "1" and adopts such amendments as to the Budget of the 33 City of Palm Beach Gardens for the Fiscal Year October 1, 2012, through September 34 30, 2013, inclusive. 35 36 SECTION 3. All ordinances or parts of ordinances in conflict be and the same are 37 hereby repealed. 38 39 SECTION 4. Should any section or provision of this Ordinance or any portion 40 thereof, any paragraph, sentence, or word be declared by a court of competent jurisdiction 41 to be invalid , such decision shall not affect the validity of the remainder of this Ord inance. 42 43 SECTION 5. This Ordinance shall become effective immediately upon adoption. 44 45 46 Page 1 of 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Ordinance 13, 2013 PASSED this /0'1tf3-day of Sftf'l'lrtf~trt.. , 2013, upon first reading. PASSED AND ADOPTED this __ day of _______ , 2013, upon second and final reading. CITY OF PALM BEACH GARDENS BY: --------------------------Robert G. Premuroso, Mayor Eric Jablin, Vice Mayor Joseph R. Russo, Councilmember Marcie Tinsley, Councilmember David Levy , Councilmember ATTEST: BY: --------------------------Patricia Snider, CMC, City Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY BY: --------------------------R. Max Lohman, City Attorney FOR G :\attorney_share\ORDINANCES\2013\0rdinance 13 2013 -budget amendment.docx Page 2 of 2 AGAINST ABSENT Expenditures (Uses) City of Palm Beach Gardens Budget Amendment-Ordinance 13, 2013 FYE 09/30/2013 Exhibit "1" General Fund CIP 001 .3000.539.6900 csa0149 CIP 001 .1200.522.6900 fir0159 Cost of Issuance 001.0900.519.9900 Fire Administration -Vehicles 001 .1200.522.6410 Revenues (Sources) Capital Lease Proceeds Loan Proceeds 001.383.0000 001.383.1000 Increase {Decrease) 1,684,400 2,579,100 29,000 1,206,362 1,206,362 4,292 ,500 CITY OF PALM BEACH GARDENS CITY COUNCIL Agenda Cover Memorandum Meeting Date: September 19, 2013 Ordinance 14, 2013 Resolution 54, 2013 Subject/Agenda Item: Second and Final Reading-Authorizing Permitted Investment Selection. [X] Recommendation to APPROVE [ ] Recommendation to DENY Reviewed by: Originating Dept.: Costs: Council Action: Finance (Total) ] Approved Allan Owens Current FY ] Approved w/ Conditions Finance Administrator Advertised: NA Finance Administrator ;fLJ Allan Owens Date: Paper: [ x] Not Required Submitted by: irector Allan Owens Finance Administrator Affected parties Approved by: ( ) Notified [ X ) Not required ] Denied ] Continued to: Funding Source: [X] Operating Attachments: [ ] Other • Ordinance 14, 2013 • Resolution 54, 2013 -Exhibit "A": Contract/Agreement: Investment Policy Effective Date: N/A Expiration Date: N/A Budget Acct.#: See attached Meeting Date: September 19, 2013 Ordinance 14, 2013 Resolution 54, 2013 Page 2 of3 BACKGROUND: On September 28, 1995, City Council adopted Ordinance 27, 1995, which established a schedule of allowable investments in accordance with State Statutes. The City's investment advisor, PFM Asset Management, LLC, has proposed certain changes to the City's allowable investments to expand the opportunity to potentially enhance yield and return in the future and provide for greater diversification, while at the same time meeting the primary objective of maintaining the safety of the principal of the funds within the portfolio. A summary of the additional investment options is as follows: 1. United States Government Agencies -Expands the options beyond the Government National Mortgage Association (GNMA) to include any bonds, debentures, or notes issued or guaranteed by United States . Government agencies, provided such obligations are backed by the full faith and credit of the United States Government. 2. Federally Backed Mortgage-Backed Securities (MBS) -The MBS must be based on mortgages that are guaranteed by a government agency or Government- Sponsored Enterprise (GSE) for payment of principal and a guarantee of timely payment. 3. Corporate Notes -The notes must be issued by corporations organized and operating within the United States or by depository institutions licensed by the United States that have a long-term debt rating, at the time of purchase, as a minimum single "A" category by any two (2) National Recognized Statistical Rating Organizations (NRSRO's). · 4. Bankers' Acceptances -The bankers' acceptances must be issued by a domestic bank which has, at the time of purchase, an unsecured, uninsured, and unguaranteed obligation rating of at least "Prime-1" by Moody's or "A-1" by Standard & Poor's. 5. State and/or Local Government Taxable and/or Tax-Exempt Debt -The debt must be general obligation or revenue bonds rated at the time of purchase, at a minimum, single "A" category by any two (2) NRSROs, or rated at least "MIG-2" by Moody's or "SP-2" by Standard & Poor's for short-term debt. 6. Intergovernmental Investment Pools -Current language referencing a specific investment pool, the Florida Counties Investment Trust, is replaced with language that allows investments in any intergovernmental investment pool that is authorized pursuant to the Florida lnterlocal Cooperation Act, as provided in Section 163.01, Florida Statutes. · Meeting Date: September 19, 2013 Ordinance 14, 2013 Resolution 54, 2013 Page 3 of 3 7. Florida PRIME -In addition to the above changes to the allowable investment options, reference to the Local Government Surplus Trust Fund, which was operated by the State Board of Administration (SBA), has been replaced by Florida PRIME, which is the successor to the Local Government Surplus Trust Fund. In order to invest in Florida PRIME, the Fund shall be rated "AAAm" by Standard & Poor's or the equivalent by another NRSRO. The investmen t objectives and parameters for the management of the funds of the City, including items such as minimum rating requirements, maturity limits, maximum allocation limits, and maximum issuer limits for all security types, are spelled out in the investment policy recommended by our investment advisor, which is attached as Exhibit "A" to Resolution 54, 2013. Resolution 54, 2013 is a companion item to Ordinance 14, 2013 and will be considered for approval at second reading. CITY COUNCIL: On September 10, 2013, the City Council approved Ordinance 14, 2013 on first reading by a vote of 5 to 0. STAFF RECOMMENDATION: Staff recommends approval of Ordinance 14, 2013 and Resolution 54, 2013 as presented on second and final reading. 1 2 3 ORDINANCE 14, 2013 4 5 6 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM 7 BEACH GARDENS, FLORIDA AMENDING THE CITY CODE OF 8 ORDINANCES AT CHAPTER 2. ADMINISTRATION. AT ARTICLE V. 9 FINANCE. DIVISION 2. FUNDS. BY REPEALING SECTION 2-311. 10 INVESTMENT POLICY AND READOPTING SAME, AS REVISED; 11 PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE, 12 AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; 13 AND FOR OTHER PURPOSES. 14 15 16 WHEREAS, the City Council desires to revise the City's investment policy in 17 order to keep pace with a dynamic economic landscape; and 18 19 WHEREAS, the City Council deems approval of this Ordinance to be in the best 20 interests of the health, safety, and welfare of the residents and citizens of the City of 21 Palm Beach Gardens and the public at large. 22 23 24 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY 25 OF PALM BEACH GARDENS, FLORIDA that: 26 27 SECTION 1. The foregoing recitals are hereby affirmed and ratified. 28 29 SECTION 2. Chapter 2. Administration. of the Code of Ordinances of the City of 30 Palm Beach Gardens, Florida is hereby amended at Article V. Finance. Division 2. 31 Funds. by repealing Section 2-311. Investment Policy. and readopting same, as revised; 32 providing that Section 2-311. shall hereafter read as follows: 33 34 Sec. 2-311. Investment policy. 35 36 (a) The city shall limit its investments to any of the securities authorized by 37 Section 218.415(16), Florida Statutes, and those listed below: 38 39 (1) Negotiable direst obligations of, or obligations the principal and interest of 40 •~thich are unconditionally guaranteed by, the United States government at 41 the then prevailing market price for such securities; United States 42 Government Securities; 43 44 45 46 Page 1 of 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 (2) (3) (4) (5) (6) (7) (8) Ordinance 14, 2013 Obligations of the federal farm oredit banks; the Federal Home Loan Mortgage Corporation, inoluding Federal Home Loan Mortgage Corporation partioipation oertifioates; or the Federal Home Loan Bank or its distriot banks or obligations guaranteed by the Government National Mortgage Assooiation; United States Government Agencies (full faith and credit of the United States Government); Obligations of the Federal National Mortgage Assooiation, inoluding Federal National Mortgage Assooiation partioipation oertifioates and mortgage pass through oertifioates guaranteed by the Federal National Mortgage Assooiation; Federal Instrumentalities (United States Government Sponsored Enterprises ("GSE") which are non-full faith and credit); Interest bearing time deposits or savings aooounts in banks organized under the laws of this state, in national banks organized under the laws of the United States and doing business and situated in this state, in savings and loan assooiations whish are under state supervision, or in federal savings and loan assooiations looated in this state and organized under federal law and federal supervision, provided that any suoh deposits are seoured by oollateral as may be presoribed by la'N; Mortgage-Backed Securities (MBS); Seourities of, or other interests in, any open end or olosed end management type investment oompany or in'.(estment trust registered under the ln'iestment Company Aot of 1940, as amended from time to time, provided the portfolio of suoh investment oompany or investment trust is limited to United States government obligations and to repurohase agreements fully oollateralized by suoh United States gm{ernment obligations and provided suoh investment oompany or investment trust takes delivery of suoh oollateral either direotly or through an authorized oustodian; Non-Negotiable Interest-Bearing Time Certificates of Deposit; The Looal Government Surplus Funds Trust Fund (state board of administration; Repurchase Agreements; The Florida Counties Investment Trust; Commercial Paper: Short term obligations of oorporations organized in the United States 'Nith assets mmeeding $500,000,000.00 if suoh: Corporate Notes: a. Obligations are rated at the time of purohase at one of the three highest olassifioations established by at least tv1o standard rating servioes and 'Nhioh mature not later than 180 days from the date of purohase; and Page 2 of4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Ordinance 14, 2013 b. Suoh purohases do not exoeed ten peroent of the oorporation's outstanding obligations; (9) Floating rate seourities within subseotions (a)(1) through (3) of this seotion, provided the rate is tied to the interest rate paid on United States Treasury seourities or an index thereof. Bankers' Acceptances; f1Ql State and/or Local Government Taxable and/or Tax-Exempt Debt; f11l Registered Investment Companies (Money-Market Mutual Funds); ~ Intergovernmental Investment Pool; and/or @ Florida PRIME. (b) Within the scope of the investments permitted in subsection (a) of this section, the city shall not invest any funds in financial forwards or futures , options, reverse repurchase agreements, and inverse floaters. .(Ql Any and all investments made in the securities set forth in subsection (a) hereinabove, shall be subject to the regulations and limitations established in the most recent investment policy and procedures adopted by resolution of the city council. SECTION 3. All ordinances or parts of ordinances in conflict be and the same are hereby repealed . SECTION 4. Should any section or provision of this Ordinance or any portion thereof, any paragraph, sentence, or word be declared by a court of competent jurisdiction to be invalid, such decision shall not affect the validity of the remainder of this Ordinance. SECTION 5. This Ordinance shall become effective immediately upon adoption. (The remainder of this page intentionally left blank) Page 3 of4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Ordinance 14, 2013 PASSED this /(/~day of ~6177fwi1JI!Yl. , 2013, upon first reading. PASSED AND ADOPTED this __ day of _______ , 2013, upon second and final reading. CITY OF PALM BEACH GARDENS BY: --------------Robert G. Premuroso, Mayor Eric Jablin, Vice Mayor Joseph R. Russo, Councilmember Marcie Tinsley, Councilmember David Levy, Councilmember ATTEST: BY: --------------------------Patricia Snider, CMC, City Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY BY: --------------------------R. Max Lohman, City Attorney FOR G:\attorney_share\ORDINANCES\2013\0rdinance 14 2013 -Invest Policy Repea l.docx Page 4 of4 AGAINST ABSENT 1 2 3 RESOLUTION 54, 2013 4 5 6 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM 7 BEACH GARDENS, FLORIDA REPEALING ALL PREVIOUSLY 8 ADOPTED INVESTMENT POLICIES AND READOPTING A 9 REVISED INVESTMENT POLICY AND PROCEDURES FOR 10 IMPLEMENTING SAME; PROVIDING AN EFFECTIVE DATE; AND 11 FOR OTHER PURPOSES. 12 13 14 WHEREAS, the City Council of the City of Palm Beach Gardens, Florida revised 15 its investment policy by adopting Ordinance 14, 2013 in order to satisfy the 16 requirements of Section 218.415, Florida Statutes; and 17 18 WHEREAS, the City Council desires to further clarify its investment policy by 19 providing procedures setting forth the manner in which the City's investments are to be 20 made; and 21 22 WHEREAS, the City Council deems approval of this Resolution to be in the best 23 interests of the health, safety, and welfare of the residents and citizens of the City of 24 Palm Beach Gardens and the public at large. 25 26 27 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 28 OF PALM BEACH GARDENS, FLORIDA that: 29 30 SECTION 1. The foregoing recitals are hereby affirmed and ratified. 31 32 SECTION 2. The City Council hereby adopts the amended Investment Policy, 33 attached hereto as Exhibit "A". 34 35 SECTION 3. This Resolution shall become effective immediately upon adoption. 36 37 38 (The remainder of this page intentionally left blank) 39 40 41 42 43 44 45 46 Page 1 of 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Resolution 54, 2013 PASSED AND ADOPTED this __ day of--'-------' 2013. CITY OF PALM BEACH GARDENS, FLORIDA BY: ------------------------------Robert G. Premuroso, Mayor ATTEST: BY: ------~----~~~~~--Patricia Snider, CMC, City Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY BY: -------------------------R. Max Lohman, City Attorney VOTE: AYE NAY ABSENT MAYOR PREMUROSO VICE MAYOR JABLIN COUNCILMEMBER RUSSO COUNCILMEMBER TINSLEY COUNCILMEMBER LEVY G:\attorney_share\RESOLUTIONS\2013\Resolution 54 2013-Investment Policy and Procedures.docx Page 2 of2 Resolution 54, 2013 EXHIBIT "A" Investment Policy & Procedures City of Palm Beach Gardens, Florida Approved By City Council September 19,2013 Table of Contents I. PURPOSE II. SCOPE III. INVESTMENT OBJECTIVES IV. DELEGATION OF AUTHORJTY v. STANDARDS OF PRUDENCE VI. ETHICS AND CONFLICTS OF INTEREST VII. INTERNAL CONTROLS AND INVESTMENT PROCEDURES VIII. CONTINUING EDUCATION IX. AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS X. MA TURlTY AND LIQUIDITY REQUIREMENTS XI. COMPETITIVE SELECTION OF INVESTMENT INSTRUMENTS XII. AUTHORIZED INVESTMENTS AND PORTFOLIO COMPOSTION XIII. DERIVATIVES AND REVERSE REPURCHASE AGREEMENTS XIV. PERFORMANCE MEASUREMENTS XV. REPORTING XVI. THIRD-PARTY CUSTODIAL AGREEMENTS XVII. INVESTMENT POLICY ADOPTION ATTACHMENT A: Glossary of Cash and Investment Management Terms ATTACHMENT B: Investment Pool/Fund Questionnaire City of Palm Beach Gardens, Florida Investment Policy Page 3 3 3 4 4 4 5 5 5 6 6 7 15 16 16 17 17 Page2 I. PURPOSE Investment Policy and Procedures of the City of Palm Beach Gardens, Florida The purpose of this Investment Policy and Procedures (hereinafter "Policy") is to set forth the investment objectives and parameters for the management of the funds of the City of Palm Beach Gardens, Florida (hereinafter the "City"). This Policy is designed to ensure the prudent management of public funds, the availability of operating and capital funds when needed, and an investment return competitive with comparable funds and financial market indices. II. SCOPE In accordance with Section 218.415, Florida Statutes, this Policy applies to all cash and investments held or controlled by the City and shall be identified as "general operating funds" of the City with the exception of the City's Pension Funds and funds related to the issuance of debt where there are other existing policies or indentures in effect for such funds. Additionally, any future revenues, which have statutory investment requirements conflicting with this Policy and funds held by state agencies (e.g., Department of Revenue), are not subject to the provisions of this Policy. III. INVESTMENT OBJECTIVES Safety of Principal The foremost objective of this investment program is the safety of the principal of those funds within the portfolios. Investment transactions shall seek to keep capital losses at a minimum, whether they are from securities defaults or erosion of market value. To attain this objective, diversification is required in order that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio. Maintenance of Liquidity The portfolios shall be managed in such a manner that funds are available to meet reasonably anticipated cash-flow requirements in an orderly manner. Periodical cash-flow analyses will be completed in order to ensure that the portfolios are positioned to provide sufficient liquidity. Return on Investment The portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment is of least importance compared to the safety and liquidity objectives described above. However, return is attempted through active management where the adviser utilizes a total return strategy (which includes both realized and unrealized gains and losses in the portfolio). This total return strategy seeks to increase the value of the portfolio through reinvestment of income and capital gains. The core of investments is limited to relatively low-risk securities in anticipation of earning a fair return relative to the risk being assumed. Despite this, an Investment Manager(s) may trade to recognize a loss City of Palm Beach Gardens, Florida Investment Policy Page3 from time to time to achieve a perceived relative value based on its potential to enhance the total return of the portfolio. IV. DELEGATION OF AUTHORITY In accordance with the City's Charter, the responsibility for providing oversight and direction in regard to the management of the investment program resides with the City Manager. Responsibility for the administration of the investment program is hereby delegated by the City Manager to the Authorized Staff, which is defined as the Finance Administrator and Deputy Finance Administrator, who shall maintain an Investment Procedures and Internal Controls Manual based on this Policy. The Finance Administrator shall be responsible for monitoring internal controls, administrative controls and to regulate the activities of the City staff involved with the investment program. The City may employ an Investment Advisor(s) to assist in managing some of the City's portfolios. The specific duties provided by the Investment Advisor(s) shall be set forth in an Investment Advisory Agreement. and shall establish the fiduciary relationship with regard to the City's investments. Such Investment Advisor(s) must be registered under the Investment Advisors Act of 1940. V. STANDARDS OF PRUDENCE The standard of prudence to be used by investment officials shall be the "Prudent Person" standard and shall be applied in the context of managing the overall investment program. Investment officers acting in accordance with written procedures and this investment Policy and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectation are reported to the City Council in a timely fashion, and the liquidity and the sale of securities are carried out in accordance with the terms of this Policy. The "Prudent Person" rule states the following: Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived from the investment. While the standard of prudence to be used by investment officials who are officers or employees is the "Prudent Person" standard, any person or firm ("investment professional") hired or retained to invest, monitor, or advise concerning these assets shall be held to the higher standard of "Prudent Expert". The standard shall be that in investing and reinvesting moneys and in acquiring, retaining, managing, and disposing of investments of these funds, the investment professional shall exercise: the judgment, care, skill, prudence, and diligence under the circumstances then prevailing, which persons of prudence, discretion, and intelligence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims by diversifying the investments of the funds, so as to minimize the risk, considering the probable income as well as the probable safety of their capital. VI. ETHICS AND CONFLICTS OF INTEREST Employees involved in the investment process shall refrain from personal business activity tp.at could conflict with proper execution of the investment program or which could impair their ability to make impartial investment decisions. Also, employees involved in the investment process shall disclose to the City Council any material financial interests in financial institutions that conduct business with the City, and they shall further disclose any material personal financial/investment positions that could be related to the performance of the City's investment program. City of Palm Beach Gardens, Florida Investment Policy Page4 -------------------------- VII. INTERNAL CONTROLS AND INVESTMENT PROCEDURES The Finance Administrator shall establish a system of internal controls and operational procedures that are in writing and made a part of the City's operational procedures. The internal controls should be designed to prevent losses of funds, which might arise from fraud, employee error, and misrepresentation by third parties, or imprudent actions by employees. The written procedures should include reference to safekeeping, repurchase agreements, separation of transaction authority from accounting and record keeping, wire transfer agreements, banking service contracts, collateral/depository agreements, and "delivery vs . payment" procedures . No person may engage in an investment transaction except as authorized under the terms of this Policy. These procedures are intended to reduce the relatively low risk that material losses may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Independent auditors as a normal part of the annual financial audit to the City shall conduct a review of the system of internal controls to ensure compliance with policies and procedures. VIII. CONTINUING EDUCATION The Finance Administrator and Deputy Finance Administrator shall annually complete eight (8) hours of continuing education in subjects or courses of study related to investment practices and products. IX. AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS Authorized City staff and Investment Advisor(s) shall only purchase securities from financial institutions which are Qualified Institutions by the City or institutions designated as "Primary Securities Dealers" by the Federal Reserve Bank of New York. Authorized City staff and Investment Advisor( s) shall only enter into repurchase agreements with financial institutions that are Qualified Institutions and Primary Securities Dealers as designated by the Federal Reserve Bank of New York . The City's Investment Advisor(s) shall utilize and maintain its own list of approved primary and non- primary securities dealers. The Finance Administrator and/or the management designee shall maintain a list of financial institutions and broker/dealers that are approved for investment purposes , and only firms meeting the following requirements will be eligible to serve as Qualified Institutions: 1) regional dealers that qualify under Securities and Exchange Commission Rule 15C3-l (uniform net capital rule); 2) capital of no less than $10,000,000; 3) registered as a dealer under the Securities Exchange Act of 1934; 4) member of the Natioaal Assoeiatioa of Dealers ~h'\SD)Financial Industry Regulator:y Authority (FINRA); 5) registered to sell securities in Florida; and 6) the firm and assigned broker have been engaged in the business of effecting transactions in U .S. government and agency obligations for at least five (5) consecutive years. All brokers , dealers, and other financial institutions deemed to be Qualified Institutions shall be provided with current copies of the City's Investment Policy. A current audited financial statement is required to be on file for each financial institution and broker/dealer with which the City transacts business. . City of Palm Beach Gardens, Florida Investment Policy Page 5 ---~ -----------------------;;----, X. MATURITY AND LIQUIDITY REQUIREMENTS To the extent possible, an attempt will be made to match investment maturities with known cash needs and anticipated cash-flow requirements. Investments of current operating funds shall have maturities of no longer than twelve (12) months. Investments of bond reserves, construction funds, and other non-operating funds ("core funds") shall have a term appropriate to the need for funds and in accordance with debt covenants, but in no event shall exceed five (5) years. XI. COMPETITIVE SELECTION OF INVESTMENT INSTRUMENTS After the Finance Administrator, management designee, or the Investment Advisor(s) has determined the approximate maturity date based on cash-flow needs and market conditions and has analyzed and selected one or more optimal types of investments, a minimum of three (3) Qualified Institutions and/or Primary Dealers must be contacted and asked to provide bids/offers on securities in question. Bids will be held in confidence until the bid deemed to best meet the investment objectives is determined and selected. However, if obtaining bids/offers is not feasible and appropriate, securities may be purchased utilizing the comparison to current market price method on an exception basis. Acceptable current market price providers include, but are not limited to: A. Telerate Information System B. Bloomberg Information Systems C. Wall Street Journal or a comparable nationally recognized fmancial publication providing daily market pricing D. Daily market pricing provided by the City's custodian or its correspondent institutions The Finance Administrator or the Investment Advisor(s) shall utilize the competitive bid process to select the securities to be purchased or sold. Selection by comparison to a current market price, as indicated above, shall only be utilized when, in judgment of the Finance Administrator or the Investment Advisor(s), competitive bidding would inhibit the selection process. Examples of when this method may be used include: A. When time constraints due to unusual circumstances preclude the use of the competitive bidding process B. When no active market exists for the issue being traded due to the age or depth of the issue C. When a security is unique to a single dealer, for example, a private placement D. When the transaction involves new issues or issues in the ''when issued" market Overnight sweep investments or repurchase agreements will not be bid, but may be placed with the City's depository bank relating to the demand account for which the sweep investments or repurchase agreement was purchased. City of Palm Beach Gardens, Florida Investment Policy Page6 XII. AUTHORIZED INVESTMENTS AND PORTFOLIO COMPOSITION Investments should be made subject to the cash-flow needs, and such cash-flows are subject to revisions as market conditions and the City's needs change. However, when the invested funds are needed in whole or in part for the purpose originally intended or for more optimal investments, the Finance Administrator or management designee may sell the investment at the then-prevailing market price and place the proceeds into the proper account at the City's custodian. The following are the investment requirements and allocation limits on security types, issuers, and maturities as established by the City. The Finance Administrator or management designee shall have the option to further restrict investment percentages from time to time based on market conditions, risk, and diversification investment strategies. The percentage allocations requirements for investment types and issuers are calculated based on the original cost of each investment. Investments not listed in this Policy are prohibited. In the event of a ratings downgrade of a security, the Investment Advisor(s) shall notify the Finance Administrator within five (5) business days of such a decline in the required rating. The Investment Advisor(s) and the Finance Administrator will review the individual facts and circumstances of the situation and determine an appropriate course of action. The allocation limits and security types do not apply to the investment of debt proceeds. These investments shall be governed by the debt covenant included in the debt instrument. City of Palm Beach Gardens, Florida Investment Policy Page7 Security Type Minimum Rating Maturity Maximum Maximum Rl'!J II i rl'llll'JJI Limits Allocation Limit Issuer Limit United States Government Securities N/A 5 Years 100% N/A United States Government Agencies (full N/A 5 Years 50% 25% faith and credit of the United States Government) Federal Instrumentalities (United States N/A 5 Years 80% 4G25 % Government Sponsored Enterprises ("GSE") which are non-full faith and credit).* Mortgage-Backed Securities (MBS) * N/A 5 Years 20% 15% Non-Negotiable Interest Bearing Time N/A 1 Year 50% 25% Certificates of Deposit Repurchase Agreements N/A 60 Days 50% 25% Commercial Paper P-1/A-1 270 Days 25% 15% Corporate Notes single "A" 5 Years 25% 5% category by any twoNRSROs Bankers' Acceptances P-1/A-1 180 Days 35% 20% State and/or Local Government Taxable Single "A" 5 Years 20% 20% and/or Tax-Exempt Debt category by two NRSROs Registered Investment Companies (Money AAAm N/A 50% 25% Market Mutual Funds) Intergovernmental Investment Pool AAA N/A 25% N/A Florida PRIME AAAm N/A 25% N/A . . .. *The combmed total of available funds mvested m Federal lnstrumentahttes and Mortgage-Backed Securities cannot be more than 80%. A. United States Government Securities 1. Purchase Authorization Authorized Staff may invest in negotiable direct obligations, or obligations the principal and interest of which are unconditionally guaranteed by the United States Government. Such securities will include, but not be limited to, the following: Cash Management Bills Treasury Securities -State and Local Government Series (SLGS) Treasury Bills Treasury Notes Treasury Bonds Treasury Strips 2. Portfolio Composition A maximum of 100% of available funds may be invested in the United States Government Securities. City of Palm Beach Gardens, Florida Investment Policy Page 8 3. Maturity Limitations The length to maturity of any direct investment in the United States Government Securities is five (5) years from the date of purchase. B. United States Government Agencies (full faith and credit of the United States Government) 1. Purchase Authorization Authorized staff may invest in bonds, debentures, or notes issued or guaranteed by the United States Government agencies, provided such obligations are backed by the full faith and credit of the United States Government. Such securities will include, but not be limited to, the following: Government National Mortgage Association (GNMA) United States Export-Import Bank Direct obligations or fully guaranteed certificates of beneficial ownership Farmer Home Administration Certificates of beneficial ownership Federal Financing Bank Discount notes, notes, and bonds Federal Housing Administration Debentures General Services Administration New Communities Debentures United States Government guaranteed debentures United States Public Housing Notes and Bonds United States Government guaranteed public housing notes and bonds United States Department of Housing and Urban Development Project notes and local authority bonds 2. Portfolio Composition A maximum of 50% of available funds may be invested in United States Government agencies. 3. Limits on Individual Issuers A maximum of 25% of available funds may be invested in individual United States Government agencies. 4. Maturity Limitations The length to maturity for an investment in any United States Government agency security is five (5) years from the date of purchase. City of Palm Beach Gardens, Florida Investment Policy Page9 L:_ __ _ C. Federal Instrumentalities (United States Government-Sponsored Enterprises ("GSE") which are non-full faith and credit). 1. Purchase Authorization Authorized Staff may invest in bonds, debentures or notes issued or guaranteed by Untied States Government-Sponsored Enterprises (Federal Instrumentalities which are non-full faith and credit agencies) limited to the following: Federal Farm Credit Bank (FFCB) Federal Home Loan Bank or its District banks (FHLB) Federal National Mortgage Association (FNMA) Federal Home Loan Mortgage Corporation (Freddie-Macs) including Federal Home Loan Mortgage Corporation participation certificates 2. Portfolio Composition A maximum of 80% of available funds may be invested in Federal Instrumentalities. The combined total of available funds invested in Federal Instrumentalities and Mortgage- Backed Securities cannot be more than 80%. 3. Limits on Individual Issuers A maximum of 4()25 % of available funds may be invested in any one issuer. 4. Maturity Limitations The length to maturity for an investment in any Federal Instrumentality is five (5) years from the date of purchase. D. Mortgage-Backed Securities (MBS) 1. Purchase Authorization Authorized staff may invest in Mortgage-Backed Securities (MBS) which are based on mortgages that are guaranteed by a government agency or GSE for payment of principal and a guarantee of timely payment. 2. Portfolio Composition A maximum of 20% of available funds may be invested in MBS. The combined total of available funds invested in Federal Instrumentalities and Mortgage Backed Securities cannot be more than 80%. 3. Limits of Individual Issuers A maximum of 15 % of available funds may be invested with any one issuer. City of Palm Beach Gardens, Florida Investment Policy Page 10 4. Maturity Limitations A maximum length to maturity for an investment in any MBS is five (5) years from the date of purchase. The maturity of mortgage securities shall be considered the date corresponding to its average life. This date reflects the point at which an investor will have received back half of the original principal (face) amount. The average life may be different from the stated legal maturity included in a security's description . E . Non-Negotiable Interest-Bearing Time Certificates of Deposit 1. Purchase Authorization Authorized staff may invest in non-negotiable interest-bearing time certificates of deposit or savings accounts in banks organized under the laws of this state and/or in national banks organized under the laws of the United States and doing business and situated in this state, provided that any such deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes. 2 . Portfolio Composition A maximum of 50% of available funds may be invested in non-negotiable interest- bearing time certificates of deposit or savings accounts. 3. Limits on Individual Issuers A maximum of25% of available funds may be deposited with any one issuer. 4 . Maturity Limitations The maximum maturity on any certificate shall be no greater than one (1) year from the date of purchase. F. Repurchase Agreements 1. Purchase Authorization a. Authorized staff may invest in repurchase agreements comprised of only those investments based on the requirements set forth by the City's Master Repurchase Agreement. All firms with whom the City enters into repurchase agreements will have in place an executed Master Repurchase Agreement with the City. b. A third-party custodian shall hold collateral for all repurchase agreements with a term longer than one (1) business day. c. Securities authorized for collateral are negotiable direct obligations of the United States Government and Federal Instrumentalities with maturities under five (5) years and must have a mark-to-market value at a minimum of 102% during the term of the repurchase agreement. Immaterial short-term deviations from 102% requirement are permissible only upon the approval of the authorized staff. City of Palm Beach Gardens, Florida Investment Policy Page 11 2 . Portfolio Composition A maximum of 50% of available funds may be invested in repurch as e agreements with the exception of one (1) business day agreements and overnight sweep agreements. 3. Limits on Individual Issuers A maximum of 25% of available funds may be invested with any one institution with the exception of one (1) business day agreements and overnight sweep agreements. 4 . Maturity Limitations The maximum length to maturity of any repurchase agreement is sixty (60) days from the date of purchase. G. Commercial Paper 1. Purchase Authorization Authorized staff may invest in commercial paper of any United States company that is rated, at the time of purchase, "Prime-1" by Moody's, and "A-1" by Standard & Poor's (prime commercial paper). If backed by a letter of credit (LOC), the long-term debt of the LOC provider must be rated at least single "A" category by any two (2) Nationally Recognized Statistical Rating Organizations ("NRSROs"). 2 . Portfolio Composition A maximum of 25% of available funds may be directly invested in prime commercial paper. 3. Limits on Individual Issuers A maximum of 15% of available funds may be invested with any one issuer. 4. Maturity Limitations The maximum length to maturity for prime commercial paper shall be 270 days from the date of purchase. City of Palm Beach Gardens, Florida Investment Policy Page 12 H. Corporate Notes 1. Purchase Authorization Authorized staff may invest in corporate notes issued by corporations organized and operating within the United States or by depository institutions licensed by the United States that have a long-term debt rating, at the time of purchase, at a minimum single "A" category by any two (2) NRSROs. 2. Portfolio Composition A maximum of25% of available funds may be directly invested in corporate notes. 3. Limits on Individual Issuers A maximum of 5% of available funds may be invested with any one issuer. 4. Maturity Limitations The maximum length to maturity for corporate notes shall be five (5) years from the date of purchase. I. Bankers' Acceptances 1. Purchase Authorization Authorized staff may invest in bankers' acceptances which are issued by a domestic bank which has at the time of purchase, an unsecured, uninsured, and unguaranteed obligation rating of at least "Prime-I" by Moody's or "A-I" by Standard & Poor's. 2. Portfolio Composition A maximum of 35% of available funds may be directly invested in bankers' acceptances. 3 . Limits on Individual Issuers A maximum of 20% of available funds may be invested with any one issuer. 4. Maturity Limitations The maximum length to maturity for bankers' acceptances shall be 180 days from the date of purchase. J. State and/or Local Government Taxable and/or Tax-Exempt Debt 1. Purchase Authorization Authorized staff may invest in state and/or local government taxable and/or tax-exempt debt, general obligation, and/or revenue bonds, rated at the time of purchases, at a minimum single "A" category by any two (2) NRSROs, or rated at least "MIG-2" by Moody 's or "SP-2" by Standard & Poor's for short-term debt. 2. Portfolio Composition City of Palm Beach Gardens , Florida Investment Policy Page 13 A maximum of 20% of available funds may be invested in taxable and tax-exempt debts. 3. Limits on Individual Issuers A maximum of 20% of available funds may be invested with any one issuer. 4. Maturity Limitations A maximum length to maturity for an investment in any state or local government debt security is five (5) years from the date of purchase. K. Registered Investment Companies (Money Market Mutual Funds) 1. Purchase Authorization Authorized staff may invest in shares in open-end and no-load money market funds provided such funds are registered under the Federal Investment Company Act of 1940 and operate in accordance with 17 C.F .R. § 270.2a-7, which stipulates that money-market funds must have an average weighted maturity of sixty ( 60) days or less. In addition, the share value of the money market funds must be equal to $1.00. 2. Portfolio Composition A maximum of 50% of available funds may be invested in money-market funds. 3. Limits of Individual Issuers A maximum of 25% of available funds may be invested with any one money-market fund. 4. Rating Requirements The money market funds shall be rated "AAAm" by Standard & Poor's or the equivalent by another NRSRO. 5. Due Diligence Requirements A thorough review of any money-market fund is required prior to investing and on a continual basis. Attachment B is a questionnaire that contains a list of questions, to be answered prior to investing, that cover the major aspects of any investment pool/fund. L. Intergovernmental Investment Pool 1. Purchase Authorization Authorized staff may invest in intergovernmental investment pools that are authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.0 1, Florida Statutes. City of Palm Beach Gardens, Florida Investment Policy Page 14 2. Portfolio Composition A maximum of 25% of available funds may be invested in intergovernmental investment pools. 3. Rating Requirements The Intergovernmental Investment Pool shall be rated "AAA" by Standard & Poor's or the equivalent by another NRSRO. 4. Due Diligence Requirements A thorough review of any investment pooVfund is required prior to investing and on a continual basis. Attachment B is a questionnaire that contains a list of questions, to be answered prior to investing, that cover the major aspects of any investment pool. M. The Florida PRIME 1. Purchase Authorization Authorized staff may invest in the Florida PRIME. 2. Portfolio Composition A maximum of 25% of available funds may be invested in the Florida PRIME. 3. Rating Requirements The Florida PRIME shall be rated "AAAm" by Standard & Poor's or the equivalent by another NRSRO. 4. Due Diligence Requirements A thorough review of the Florida PRIME is required prior to investing and on a continual basis. Attachment B is a questionnaire that contains a list of questions, to be answered prior to investing, that cover the major aspects of any investment pooVfund. XIII. DERIVATIVES AND REVERSE REPURCHASE AGREEMENTS Investment in any derivative products or the use of reverse repurchase agreements requires specific City Council approval prior to their use. If the City Council approves the use of derivative products, the Finance Administrator or management designee shall develop sufficient understanding of the derivative products and have the expertise to manage them. A "derivative" is defmed as a financial instrument the value of which depends on, or is derived from, the value of one or more underlying assets or indices or asset values. If the City Council approves the use of reverse repurchase agreements or other forms of leverage, the investment shall be limited to transactions in which the proceeds are intended to provide liquidity and for which the Finance Administrator or management designee has sufficient resources and expertise to manage them. City of Palm Beach Gardens, Florida Investment Policy Page 15 XIV. PERFORMANCE MEASUREMENTS In order to assist in the evaluation of the portfolios' performance, the City will use performance benchmarks for short-term and long-term portfolios. The use of benchmarks will allow the City to measure its returns against other investors in the same markets. A. Investment performance of funds designated as short-term funds and other funds that must maintain a high degree of liquidity will be compared to the return on the S&P Rated GIP Index Government 30-Day Yield. Investments of current operating funds shall have maturities of no longer than twelve (12) months. B. Investment performance of funds designated as core funds and other non-operating funds that have a longer-term investment horizon will be compared to the Merrill Lynch 1-3 Year U.S: Treasury Note Index and the portfolio's total rate of return will be compared to this benchmark. The appropriate index will have a duration and asset mix that approximates the portfolios and will be utilized as a benchmark to be compared to the portfolios' total rate of return. Investments of bond reserves, construction funds, and other non-operating funds ("core funds") shall have a term appropriate to the need for funds and in accordance with debt covenants, but in no event shall exceed five (5) years. XV. REPORTING The Finance Administrator, Deputy Finance Administrator, and/or Investment Advisor(s) shall provide the City Manager with a "Quarterly Investment Report" that summarizes, but is not limited to, the following: A. Recent market conditions, economic developments, and anticipated investment conditions. B. The investment strategies employed in the most recent quarter. C. A description of all securities held in investment portfolios at month-end. D. The total rate of return for the quarter._ 61*1-year-to-date, and prior twelve (12) month period versus appropriate benchmarks. E. Any areas of the Policy concern warranting possible revisions to current or planned investment strategies. The market values presented in these reports will be consistent with accounting guidelines in GASB Statement 31 and future GASB statements. On an annual basis, the City Manager or designee/authorized staff shall submit to the City Council a written report on all invested funds. The annual report shall provide all, but not limited to, the following: a complete list of all invested funds, name or type of security in which the funds are invested, the amount invested, the maturity date, earned income, the book value, the market value, the yield on each investment. The annual report will show performance on both a book value and total rate of return basis and will compare the results to the above-stated performance benchmarks. All investments shall be reported at fair value per GASB Statement 31. Investment reports shall be available to the public . City of Palm Beach Gardens, Florida Investment Policy Page 16 --------~----·---------------------------:----, XVI. THIRD-PARTY CUSTODIAL AGREEMENTS Securities, with the exception of certificates of deposits, shall be held with a third-party custodian; and all securities purchased by, and all collateral obtained by the City should be properly designated as an asset of the City. The securities must be held in an account separate and apart from the assets of the fmancial institution. A third-party custodian is defined as any bank depository chartered by the Federal Government, the State of Florida, or any other state or territory of the United States, which has a branch or principal place of business in the State of Florida, or by a national association organized and existing under the laws of the United States, which is authorized to accept and execute trusts and which is doing business in the State of Florida. Certificates of deposits will be placed in the provider's safekeeping department for the term of the deposit. The custodian shall accept transaction instructions from only those persons who have been duly authorized by the City Manager and which authorization has been provided, in writing, to the custodian. No withdrawal of securities, in whole or in part, shall be made from safekeeping, unless by the Finance Administrator or the Deputy Finance Ad~inistrator. The custodian shall provide the Finance Administrator or management designee with safekeeping statements that provide detail information on the securities held by the custodian. On a monthly basis, the custodian will also provide reports that list all securities held for the City, the book value of holdings and the market value as of month-end. Security transactions between a broker/dealer and the custodian involving the purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, to ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction. Securities held as collateral shall be held free and clear of any liens. XVII. INVESTMENT POLICY ADOPTION The Investment Policy and Procedures shall be adopted by City resolution. The Finance Administrator and Deputy Finance Administrator shall review the Policy annually and submit recommendations to the City Manager for review and approval. If a change in the Policy is recommended for approval by the City Manager, the Finance Administrator will prepare the necessary report to Council. APPROVED AND ADOPTED BY THE CITY COUNCIL ON SEPTEMBER 19, 2013. RESOLUTION NUMBER _______ _ Name: -------- Title: -------- City of Palm Beach Gardens, Florida Investment Policy Page 17 Attachment A Glossary of Cash and Investment Management Terms Accrued Interest. Interest earned but which has not yet been paid or received. Agency. See "Federal Agency Securities." Ask Price. Price at which a broker/dealer offers to sell a security to an investor. Also known as "offered price." Asset Backed Securities (ABS). A fixed-income security backed by notes or receivables against assets other than real estate. Generally issued by special purpose companies that "own" the assets and issue the ABS. Examples include securities backed by auto loans, credit card receivables, home equity loans, manufactured housing loans, farm equipment loans, and aircraft leases. Average Life. The average length of time that an issue of serial bonds and/or term bonds with a mandatory sinking fund feature is expected to be outstanding. Bankers' Acceptance (BAs). A draft or bill of exchange drawn upon and accepted by a bank. Frequently used to finance shipping of international goods. Used as a short-term credit instrument, bankers' acceptances are traded at a discount from face value as a money market instrument in the secondary market on the basis of the credit quality of the guaranteeing bank. Basis Point. One hundredth of one percent, or 0.01%. Thus 1% equals 100 basis points. Bearer Security. A security whose ownership is determined by the holder of the physical security. Typically, there is no registration on the issuer's books. Title to bearer securities is transferred by delivery of the physical security or certificate. Also known as "physical securities." Benchmark Bills: In November 1999, FNMA introduced its Benchmark Bills program, a short-term debt securities issuance program to supplement its existing discount note program. The program includes a schedule of larger, weekly issues in three-(3) and six-(6) month maturities and biweekly issues in one (1) year for Benchmark Bills. Each issue is brought to market via a Dutch (single price) auction. FNMA conducts a weekly auction for each Benchmark Bill maturity and accepts both competitive and non-competitive bids through a web- based auction system. This program is in addition to the variety of other discount note maturities, with rates posted on a daily basis, which FNMA offers. FNMA's Benchmark Bills are unsecured general obligations that are issued in book-entry form through the Federal Reserve Banks. There are no periodic payments of interest on Benchmark Bills, which are sold at a discount from the principal amount and payable at par at maturity. Issues under the Benchmark Bills program constitute the same credit standing as other FNMA discount notes; they simply add organization and liquidity to the short-term Agency discount note market. Benchmark Notes/Bonds: Benchmark Notes and Bonds are a series ofFNMA "bullet" maturities (non-callable) issued according to a pre-announced calendar. Under its Benchmark Notes/Bonds program, 2, 3, 5, 10 and 30- year maturities are issued each quarter. Each Benchmark Notes new issue has a minimum size of $4 billion, 30- year new issues having a minimum size of $1 billion, with re-openings based on investor demand to further enhance liquidity. The amount of non-callable issuance has allowed FNMA to build a yield curve in Benchmark Notes and Bonds in maturities ranging from 2 to 30 years. The liquidity emanating from these large size issues has facilitated favorable financing opportunities through the development of a liquid overnight and term repo market. Issues under the Benchmark Notes/Bonds program constitute the same credit standing as other FNMA issues; they simply add organization and liquidity to the intermediate-and long-term Agency market. Benchmark. A market index used as a comparative basis for measuring the performance of an investment portfolio. A performance benchmark should represent a close correlation to investment guidelines, risk tolerance, and duration ofthe actual portfolio's investments. Bid Price. Price at which a broker/dealer offers to purchase a security from an investor. City of Palm Beach Gardens, Florida Investment Policy Page 18 Bond Market Association (BMA). The bond market trade association representing the largest securities markets in the world. In addition to publishing a Master Repurchase Agreement, widely accepted as the industry standard document for Repurchase Agreements, the BMA also recommends bond market closures and early closes due to holidays. Bond. Financial obligation for which the issuer promises to pay the bondholder (the purchaser or owner of the bond) a specified stream of future cash-flows, including periodic interest payments and a principal repayment. Book Entry Securities. Securities that are recorded in a customer's account electronically through one of the financial markets electronic delivery and custody systems, such as the Fed Securities wire, DTC, and PTC (as opposed to bearer or physical securities). The trend is toward a certificate-free society in order to cut down on paperwork and to diminish investors' concerns about the certificates themselves. The vast majority of securities are now book-entry securities. Book Value. The value at which a debt security is reflected on the holder's records at any point in time. Book value is also called "amortized cost" as it represents the original cost of an investment adjusted for amortization of premium or accretion of discount, also called "carrying value." Book value can vary over time as an investment approaches maturity and differs from "market value" in that it is not affected by changes in market interest rates. Broker/Dealer. A person or firm transacting securities business with customers. A "broker" acts as an agent between buyers and sellers, and receives a commission for these services. A "dealer" buys and sells financial assets from its own portfolio. A dealer takes risk by owning inventory of securities, whereas a broker merely matches up buyers and sellers. See also "Primary Dealer." Bullet Notes/Bonds. Notes or bonds that have a single maturity date and are non-callable. Call Date. Date at which a call option may be or is exercised. Call Option. The right, but not the obligation, of an issuer of a security to redeem a security at a specified value and at a specified date or dates prior to its stated maturity date. Most fixed-income calls are a par, but can be at any previously established price. Securities issued with a call provision typically carry a higher yield than similar securities issued without a call feature. There are three primary types of call options: (1) European-one-time calls; (2) Bermudan -periodically on a predetermined schedule (quarterly, semi-annual, annual); and (3) American -continuously callable at any time on or after the call date. There is usually a notice period of at least Five (5) business days prior to a call date. Callable Bonds/Notes. Securities which contain an imbedded call option giving the issuer the right to redeem the securities prior to maturity at a predetermined price and time. Certificate of Deposit (CD). Bank obligation issued by a financial institution generally offering a fixed rate of return (coupon) for a specified period of time (maturity). Can be as long as ten (10) years to maturity, but most CDs purchased by public agencies are one (1) year and under. Collateral. Investment securities or other property that a borrower pledges to secure repayment of a loan, secure deposits of public monies, or provide security for a repurchase agreement. Collateralization. Process by which a borrower pledges securities, property, or other deposits for securing the repayment of a loan and/or security. Collateralized Mortgage Obligation (CMO). A security that pools together mortgages and separates them into short-, medium-, and long-term positions (called tranches). Tranches are set up to pay different rates of interest depending upon their maturity. Interest payments are usually paid monthly. In "plain vanilla" CMOs, principal is not paid on a tranche until all shorter tranches have been paid off. This system provides interest and principal in a more predictable manner. A single pool of mortgages can be carved up into numerous tranches, each with its own payment and risk characteristics. City of Palm Beach Gardens, Florida Investment Policy Page 19 ------------·----------------------------------------------------- Commercial Paper. Short-term unsecured promissory note issued by a company or financial institution. Issued at a discount and matures for par or face value. Usually a maximum maturity of270 days, and given a short-term debt rating by one or more NRSROs. Convexity. A measure of a bond's price sensitivity to changing interest rates. A high convexity indicates greater sensitivity of a bond's price to interest rate changes. Corporate Note. A debt instrument issued by a corporation with a maturity of greater than one (1) year and less than ten (10) years. Counterparty. The other party in a two-party financial transaction. "Counterparty risk" refers to the risk that the other party to a transaction will fail in its related obligations, for example, the bank or broker/dealer in a repurchase agreement. Coupon Rate. Annual rate of interest on a debt security, expressed as a percentage of the bond's face value. Current Yield. Annual rate of return on a bond based on its price. Calculated as (coupon rate I price), but does not accurately reflect a bond's true yield level. Custody. Safekeeping services offered by a bank, financial institution, or trust company, referred to as the "custodian." Service normally includes the holding and reporting of the customer's securities, the collection and disbursement of income, securities settlement, and market values. Dealer. A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account. Delivery Versus Payment (DVP). Settlement procedure in which securities are delivered versus payment of cash, but only after cash has been received. Most security transactions, including those through the Fed Securities Wire system and DTC, are done DVP as a protection for both the buyer and seller of securities. Depository Trust Company (DTC). A firm through which members can use a computer to arrange for securities to be delivered to other members without physical delivery of certificates. A member of the Federal Reserve System and owned mostly by the New York Stock Exchange, the Depository Trust Company uses computerized debit and credit entries. Most corporate securities, commercial paper, CDs, and BAs clear through DTC. Derivatives. For hedging purposes, common derivatives are options, futures, swaps, and swaptions. All Collateralized Mortgage Obligations ("CMOs") are derivatives: (1) financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying index or security, and may include a leveraging factor; or (2) financial contracts based upon notional amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rates, equities, or commodities). Derivative Security. Financial instrument created from, or whose value depends upon, one or more underlying assets or indexes of asset values. Designated Bond. FFCB's regularly issued, liquid, non-callable securities that generally have a two-(2) or three- (3) year original maturity. New issues of Designated Bonds are $1 billion or larger. Re-openings of existing Designated Bond issues are generally a minimum of $100 million. Designated Bonds are offered through a syndicate of two (2) to six ( 6) dealers. Twice each month the Funding Corporation announces its intention to issue a new Designated Bond, reopen an existing issue, or to not issue or reopen a Designated Bond. Issues under the Designated Bond program constitute the same credit standing as other FFCB issues; they simply add organization and liquidity to the intermediate-and long-term Agency market. City of Palm Beach Gardens, Florida Investment Policy Page20 Discount Notes. Unsecured general obligations issued by Federal Agencies at a discount. Discount notes mature at par and can range in maturity from overnight to one year. Very large primary (new issue) and secondary markets. Discount Rate. Rate charged by the system of Federal Reserve Banks on overnight loans to member banks. Changes to this rate are administered by the Federal Reserve and closely mirror changes to the "fed funds rate." Discount Securities. Non-interest bearing money-market instruments that are issued at discount and redeemed at maturity for full face value. Examples include: U.S. Treasury Bills, Federal Agency Discount Notes, Bankers' Acceptances, and Commercial Paper. Discount. The amount by which a bond or other financial instrument sells below its face value. See also "Premium." Diversification. Dividing investment funds among a variety of security types, maturities, industries, and issuers offering potentially independent returns. Dollar Price. A bond's cost expressed as a percentage of its face value. For example, a bond quoted at a dollar price of95 ~would have a principal cost of$955 per $1,000 of face value. Duff & Phelps. One of several NRSROs that provide credit ratings on corporate and bank debt issues. Duration. The weighted average maturity of a security's or portfolio's cash-flows, where the present values of the cash-flows serve as the weights. The greater the duration of a security/portfolio, the greater its percentage price volatility with respect to changes in interest rates. Used as a measure of risk and a key tool for managing a portfolio versus a benchmark and for hedging risk. There are also different kinds of duration used for different purposes (e.g., MacAuley Duration, Modified Duration). Fannie Mae. See "Federal National Mortgage Association." Fed Money Wire. A computerized communications system that connects the Federal Reserve System with its member banks, certain U. S. Treasury offices, and the Washington D.C. office of the Commodity Credit Corporation. The Fed Money Wire is the book-entry system used to transfer cash balances between banks for themselves and for customer accounts. Fed Securities Wire. A computerized communications system that facilitates book-entry transfer of securities between banks, brokers, and customer accounts, used primarily for settlement of U.S. Treasury and Federal Agency Securities. Fed. See "Federal Reserve System." Federal Agency Security. A debt instrument issued by one of the Federal Agencies. Federal Agencies are considered second in credit quality and liquidity only to U.S. Treasuries. Federal Agency. Government sponsored/owned entity created by the U.S. Congress, generally for the purpose of acting as a financial intermediary by borrowing in the marketplace and directing proceeds to specific areas of the economy considered to otherwise have restricted access to credit markets. The largest Federal Agencies are GNMA, FNMA, Flll.,MC, Flll.,B, FFCB, SLMA, and TV A. Federal Deposit Insurance Corporation (FDIC). Federal agency that insures deposits at commercial banks, currently to a limit of $250,000 per depositor per bank. Federal Farm Credit Bank (FFCB). One ofthe large Federal Agencies. A government-sponsored enterprise (GSE) system that is a network of cooperatively-owned lending institutions that provides credit services to farmers, agricultural cooperatives, and rural utilities. The FFCBs act as financial intermediaries that borrow money in the capital markets and use the proceeds to make loans and provide other assistance to farmers and City of Palm Beach Gardens, Florida Investment Policy Page 21 farm-affiliated businesses. Consists of the consolidated operations of the Banks for Cooperatives, Federal Intermediate Credit Banks, and Federal Land Banks. Frequent issuer of discount notes, agency notes, and callable agency securities. FFCB debt is not an obligation of, nor is it guaranteed by, the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and agricultural industry. Also issues notes under its "designated note" program. Federal Funds (Fed Funds). Funds placed in Federal Reserve Banks by depository institutions in excess of current reserve requirements, and frequently loaned or borrowed on an overnight basis between depository institutions. Federal Funds Rate (Fed Funds Rate). The interest rate charged by a depository institution lending Federal Funds to another depository institution. The Federal Reserve influences this rate by establishing a "target" Fed Funds rate associated with the Fed's management of monetary policy. Federal Home Loan Bank System (FHLB). One of the large Federal Agencies. A government-sponsored enterprise (GSE) system consisting of wholesale banks (currently twelve (12) district banks) owned by their member banks, which provides correspondent banking services and credit to various financial institutions financed by the issuance of securities. The principal purpose of the FHLB is to add liquidity to the mortgage markets. Although FHLB does not directly fund mortgages, it provides a stable supply of credit to thrift institutions that make new mortgage loans. FHLB debt is not an obligation of, nor is it guaranteed by, the U.S. Government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes, and callable agency securities. Also issues notes under its "global note" and "TAP" programs. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac"). One of the large Federal Agencies. A government-sponsored public corporation (GSE) that provides stability and assistance to the secondary market for home mortgages by purchasing first mortgages and participation interests financed by the sale of debt and guaranteed mortgage-backed securities. FHLMC debt is not an obligation of, nor is it guaranteed by, the U.S. Government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes, callable agency securities, and MBS. Also issues notes under its "reference note" program. Federal National Mortgage Association (FNMA or "Fannie Mae"). One of the large Federal Agencies. A government-sponsored public corporation (GSE) that provides liquidity to the residential mortgage market by purchasing mortgage loans from lenders financed by the issuance of debt securities and MBS (pools of mortgages packaged together as a security). FNMA debt is not an obligation of, nor is it guaranteed by, the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes, callable agency securities, and MBS. Also issues notes under its "benchmark note" program. Federal Reserve Bank. One of the twelve (12) distinct banks of the Federal Reserve System. Federal Reserve System (the Fed). The independent central bank system of the United States that establishes and conducts the nation's monetary policy. This is accomplished in three (3) major ways: (1) raising or lowering bank reserve requirements; (2) raising or lowering the target Fed Funds Rate and Discount Rate; and (3) in open market operations by buying and selling government securities. The Federal Reserve System is made up of twelve (12) Federal Reserve District Banks, their branches, and many national and state banks throughout the nation. It is headed by the seven-(7) member Board of Governors known as the "Federal Reserve Board" and headed by its Chairman . Financial Industry Regulatory Authority, Inc (FINRA). A private corporation that acts as a self-regulatory organization (SRO). FINRA is the successor to the National Association of Securities Dealers, Inc. (NASD). Though sometimes mistaken for a government agency, it is a non-governmental organization that performs City of Palm Beach Gardens , Florida Investment Policy Page22 i ------------------------------------------------------------------------ financial regulation of member brokerage firms and exchange markets. The government also has a regulatory arm for investments, the Securities and Exchange Commission. Fiscal Agent/Paying Agent. A bank or trust company that acts, under a trust agreement with a corporation or municipality, in the capacity of general treasurer. The agent performs such duties as making coupon payments, paying rents, redeeming bonds, and handling taxes relating to the issuance of bonds. Fitch Investors Service, Inc. One of several NRSROs that provide credit ratings on corporate and municipal debt issues. Floating Rate Security (FRN or "floater"). A bond with an interest rate that is adjusted according to changes in an interest rate or index. Differs from variable-rate debt in that the changes to the rate take place immediately when the index changes, rather than on a predetermined schedule. See also "Variable Rate Security." Freddie Mac. See "Federal Home Loan Mortgage Corporation". Ginnie Mae. See "Government National Mortgage Association". Global Notes: Notes designed to qualify for immediate trading in both the domestic U.S. capital market and in foreign markets around the globe. Usually large issues that are sold to investors worldwide and therefore have excellent liquidity. Despite their global sales, global notes sold in the U.S. are typically denominated in U.S. dollars. Government National Mortgage Association (GNMA or "Ginnie Mae"). One of the large Federal Agencies. Government-owned Federal Agency that acquires, packages, and resells mortgages and mortgage purchase commitments in the form of mortgage-backed securities. Largest issuer of mortgage pass-through securities. GNMA debt is guaranteed by the full faith and credit of the U.S. Government (one of the few agencies that is actually full faith and credit of the U.S.). Government Securities. An obligation of the U.S. government, backed by the full faith and credit of the government. These securities are regarded as the highest quality of investment securities available in the U.S. securities market. See "Treasury Bills, Notes, Bonds, and SLGS." Government-Sponsored Enterprise (GSE). Privately owned entity subject to federal regulation and supervision, created by the U.S. Congress to reduce the cost of capital for certain borrowing sectors of the economy, such as students, farmers, and homeowners. GSEs carry the implicit backing of the U.S. Government, but they are not direct obligations of the U.S. Government. For this reason, these securities will offer a yield premium over U.S. Treasuries. Some consider GSEs to be stealth recipients of corporate welfare. Examples of GSEs include: FHLB, FHLMC, FNMA, and SLMA. Government Sponsored Enterprise Security. A security issued by a Government-Sponsored Enterprise. Considered Federal Agency Securities. Index. A compilation of statistical data that tracks changes in the economy or in financial markets. Interest-Only (10) STRIP. A security based solely on the interest payments from the bond. After the principal has been repaid, interest payments stop and the value of the security falls to nothing. Therefore, lOs are considered risky investments. Usually associated with mortgage-backed securities. Internal Controls. An internal control structure ensures that the assets of the entity are protected from loss, theft, or misuse. The internal control structure is designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that 1) the cost of a control should not exceed the benefits likely to be derived; and 2) the valuation of costs and benefits requires estimates and judgments by management. Internal controls should address the following points: City of Palm Beach Gardens, Florida Investment Policy Page23 1. Control of collusion -Collusion is a situation where two (2) or more employees are working m conjunction to defraud their employer. 2. Separation of transaction authority from accounting and record keeping -By separating the person who authorizes or performs the transaction from the people who record or otherwise account for the transaction, a separation of duties is achieved. 3. Custodial safekeeping-Securities purchased from any bank or dealer including appropriate collateral (as defined by state law) shall be placed with an independent third party for custodial safekeeping. 4. Avoidance of physical delivery securities -Book-entry securities are much easier to transfer and account for since actual delivery of a document never takes place. Delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities. 5. Clear delegation of authority to subordinate staff members -Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid improper actions. Clear delegation of authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities. 6. Written confirmation of transactions for investments and wire transfers -Due to the potential for error and improprieties arising from telephone and electronic transactions, all transactions should be supported by written communications and approved by the appropriate person. Written communications may be via fax if on letterhead and if the safekeeping institution has a list of authorized signatures. 7. Development of a wire transfer agreement with the lead bank and third-party custodian -The designated official should ensure that an agreement will be entered into and will address the following points: controls, security provisions, and responsibilities of each party making and receiving wire transfers. Inverse Floater. A floating rate security structured in such a way that it reacts inversely to the direction of interest rates. Considered risky as their value moves in the opposite direction of normal fixed-income investments and whose interest rate can fall to zero. Investment Advisor. A company that provides professional advice managing portfolios, investment recommendations, and/or research in exchange for a management fee. Investment Adviser Act of 1940. Federal legislation that sets the standards by which investment companies, such as mutual funds, are regulated in the areas of advertising, promotion, performance reporting requirements, and securities valuations. Investment Grade. Bonds considered suitable for preservation of invested capital; bonds rated a minimum of Baa3 by Moody's, BBB-by Standard & Poor's, or BBB-by Fitch. Although "BBB" rated bonds are considered investment grade, most public agencies cannot invest in securities rated below "A." Liquidity. Relative ease of converting an asset into cash without significant loss of value. Also, a relative measure of cash and near-cash items in a portfolio of assets. Also, a term describing the marketability of a money-market security correlating to the narrowness of the spread between the bid and ask prices . Local Government Investment Pool (LGIP). An investment by local governments in which their money is pooled as a method for managing local funds (i.e., Florida State Board of Administration's Florida Prime Fund). Long-Term Core Investment Program. Funds that are not needed within a one-(1) year period. City of Palm Beach Gardens, Florida Investment Policy Page24 Market Value. The fair market value of a security or commodity. The price at which a willing buyer and seller would pay for a security. Mark-to-market. Adjusting the value of an asset to its market value, reflecting in the process unrealized gains or losses. Master Repurchase Agreement. A widely accepted standard agreement form published by the Bond Market Association (BMA) that is used to govern and document Repurchase Agreements and protect the interest of parties in a repo transaction. Maturity Date. Date on which principal payment of a financial obligation is to be paid. Medium Term Notes (MTN's). Used frequently to refer to corporate notes of medium maturity five (5) years and under). Technically, any debt security issued by a corporate or depository institution with a maturity from one (1) to ten (10) years and issued under an MTN shelf registration. Usually issued in smaller issues with varying coupons and maturities, and underwritten by a variety of broker/dealers (as opposed to large corporate deals issued and underwritten all at once in large size and with a fixed coupon and maturity). Money-Market. The market in which short-term debt instruments (bills, commercial paper, bankers' acceptance, etc.) are issued and traded. Money-Market Mutual Fund (MMF). A type of mutual fund that invests solely in money-market instruments, such as: U.S. Treasury bills, commercial paper, bankers' acceptances, and repurchase agreements. Money market mutual funds are registered with the SEC under the Investment Company Act of 1940 and are subject to "rule 2a- 7" which significantly limits average maturity and credit quality of holdings. MMFs are managed to maintain a stable net asset value (NAV) of$1.00. Many MMFs carry ratings by a NRSRO. Moody's Investors Service. One of several NRSROs that provide credit ratings on corporate and municipal debt issues. Mortgage-Backed Securities (MBS). Mortgage-backed securities represent an ownership interest in a pool of mortgage loans made by financial institutions, such as savings and loans, commercial banks, or mortgage companies, to finance the borrower's purchase of a home or other real estate. The majority of MBS are issued and/or guaranteed by GNMA, FNMA, and FHLMC. There are a variety of MBS structures, some of which can be very risky and complicated. All MBS have reinvestment risk as actual principal and interest payments are dependent on the payment of the underlying mortgages, which can be prepaid by mortgage holders to refinance and lower rates or simply because the underlying property was sold. Mortgage Pass-Through Securities. A pool of residential mortgage loans with the monthly interest and principal distributed to investors on a pro-rata basis. Largest issuer is GNMA. Municipal Note/Bond. A debt instrument issued by a state or local government unit or public agency. The vast majority of municipals are exempt from state and federal income tax, although some non-qualified issues are taxable. Mutual Fund. Portfolio of securities professionally managed by a registered investment company that issues shares to investors. Many different types of mutual funds exist (bond, equity, money fund); all, except money- market funds, operate on a variable net asset value (NA V). Negotiable Certificate of Deposit (Negotiable CD). Large denomination CDs ($100,000 and larger) that are issued in bearer form and can be traded in the secondary market. Net Asset Value. The market value of one share of an investment company, such as a mutual fund. This figure is calculated by totaling a fund's assets, which includes securities, cash, and any accrued earnings, subtracting this City of Palm Beach Gardens, Florida Investment Policy Page25 from the fund's liabilities and dividing this total by the number of shares outstanding. This is calculated once a day based on the closing price for each security in the fund's portfolio. (See below.) [(Total assets)-(Liabilities)]/(Number of shares outstanding) NRSRO. A "Nationally Recognized Statistical Rating Organization." A designated rating organization that the SEC has deemed a strong national presence in the U.S. NRSROs provide credit ratings on corporate and bank debt issues. Only ratings of a NRSRO may be used for the regulatory purposes of rating. Includes Moody's, S&P, Fitch, and Duff & Phelps. Offered Price. See also "Ask Price." Open Market Operations. Federal Reserve monetary policy tactic entailing the purchase or sale of government securities in the open market by the Federal Reserve System from and to primary dealers in order to influence the money supply, credit conditions, and interest rates. Par Value. Face value, stated value, or maturity value of a security. Physical Delivery. Delivery of readily available underlying assets at contract maturity. Portfolio. Collection of securities and investments held by an investor. Premium. The amount by which a bond or other financial instrument sells above its face value. See also "Discount." Primary Dealer. Any of a group of government securities dealers designated by the Federal Reserve Bank of New York. Primary dealers can buy and sell government securities directly with the Fed. Primary dealers also submit daily reports of market activity and security positions held to the Fed and are subject to its informal oversight. Primary dealers are considered the largest players in the U.S. Treasury securities market. Prime Paper. Commercial paper of high quality. Highest rated paper is A-1+/A-1 by S&P and P-1 by Moody's. Principal. Face value of a financial instrument on which interest accrues. May be less than par value if some principal has been repaid or retired. For a transaction, principal is par value times price and includes any premium or discount. Prudent Investor Standard. Standard that requires that when investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. More stringent than the "prudent person" standard as it implies a level of knowledge commensurate with the responsibility at hand. Qualified Public Depository -Per Chapter 280, Florida Statutes, means any bank, savings bank, or savings association that: 1. Is organized and exists under the laws of the United States, the laws of this state or any other state, or territory of the United States; 2. Has its principal place of business in this state or has a branch office in this state which is authorized under the laws of this state or of the United States to receive deposits in this state. 3. Has deposit insurance under the provision of the Federal Deposit Insurance Act, as amended, 12 U.S.C. ss.l811 seq. City of Palm Beach Gardens, Florida Investment Policy Page 26 4. Meets all requirements of Chapter 280, Florida Statutes. 5. Has been designated by the Treasurer as a qualified public depository. Range Note. A type of structured note that accrues interest daily at a set coupon rate that is tied to an index. Most range notes have two (2) coupon levels: a higher accrual rate for the period the index is within a designated range; and the lower accrual rate for the period that the index falls outside the designated range. This lower rate may be zero and may result in zero earnings. Rate of Return. Amount of income received from an investment, expressed as a percentage of the amount invested. Realized Gains (Losses). The difference between the sale price of an investment and its book value. Gains/losses are "realized" when the security is actually sold, as compared to "unrealized" gains/losses which are based on current market value. See "Unrealized Gains (Losses)." Reference Bills. FHLMC's short-term debt program created to supplement its existing discount note program by offering issues from one month through one year, auctioned on a weekly or on an alternating four-(4) week basis (depending upon maturity) offered in sizeable volumes ($1 billion and up) on a cycle of regular, standardized issuance. Globally sponsored and distributed, Reference Bill issues are intended to encourage active trading and market-making and facilitate the development of a term repo market. The program was designed to offer predictable supply, pricing transparency and liquidity, thereby providing alternatives to U.S. Treasury bills. FHLMC's Reference Bills are unsecured general corporate obligations. This program supplements the corporation's existing discount note program. Issues under the Reference program constitute the same credit standing as other FHLMC discount notes; they simply add organization and liquidity to the short-term Agency discount note market. Reference Notes. FHLMC's intermediate-term debt program with issuances of 2-, 3-, 5-, 10-and 30-year maturities. Initial issuances range from $2 billion-$6 billion with re-openings ranging $1 billion-$4 billion. The notes are high-quality bullet structures securities that pay interest semiannually. Issues under the Reference program constitute the same credit standing as other FHLMC notes; they simply add organization and liquidity to the intermediate-and long-term Agency market. Repurchase Agreement (Repo). A short-term investment vehicle where an investor agrees to buy securities from a counterparty and simultaneously agrees to resell the securities back to the counterparty at an agreed-upon time and for an agreed-upon price. The difference between the purchase price and the sale price represents interest earned on the agreement. In effect, it represents a collateralized loan to the investor, where the securities are the collateral. Can be DVP, where securities are delivered to the investor's custodial bank, or "tri-party," where the securities are delivered to a third-party intermediary. Any type of security can be used as "collateral," but only some types provide the investor with special bankruptcy protection under the law. Repos should be undertaken only when an appropriate BMA-approved master repurchase agreement is in place. Reverse Repurchase Agreement (Reverse Repo ). A repo from the point of view of the original seller of securities. Used by dealers to finance their inventory of securities by essentially borrowing at short-term rates. Can also be used to leverage a portfolio, and in this sense, can be considered risky if used improperly. Safekeeping. Service offered for a fee, usually by financial institutions, for the holding of securities and other valuables. Safekeeping is a component of custody services. Secondary Market. Markets for the purchase and sale of any previously issued financial instrument. Securities Lending. An arrangement between an investor and a custody bank that allows the custody bank to "loan" the investors investment holdings, reinvest the proceeds in permitted investments, and share any profits City of Palm Beach Gardens, Florida Investment Policy Page 27 with the investor. Should be governed by a securities lending agreement. Can increase the risk of a portfolio in that the investor takes on the default risk on the reinvestment at the discretion of the custodian. Sinking Fund. A separate accumulation of cash or investments (including earnings on investments) in a fund in accordance with the terms of a trust agreement or indenture, funded by periodic deposits by the issuer (or other entity responsible for debt service), for the purpose of assuring timely availability of moneys for payment of debt service. Usually used in connection with term bonds. Spread. The difference between the price of a security and similar maturity U.S. Treasury investments, expressed in percentage terms or basis points. A spread can also be the absolute difference in yield between two securities. The securities can be in different markets or within the same securities market between different credits, sectors, or other relevant factors. Standard & Poor's. One of several NRSROs that provide credit ratings on corporate and municipal debt issues. STRIPS (Separate Trading of Registered Interest and Principal of Securities). Acronym applied to U.S. Treasury securities that have had their coupons and principal repayments separated into individual zero-coupon Treasury securities. The same technique and "strips" description can be applied to non-Treasury securities (e.g., FNMA strips). Structured Notes. Notes that have imbedded into their structure options such as step-up coupons or derivative- based returns. Swap. Trading one asset for another. TAP Notes: Federal Agency notes issued under the FHLB TAP program. Launched in 6/99 as a refinement to the FHLB bullet-bond auction process. In a break from the FHLB's traditional practice of bringing numerous small issues to market with similar maturities, the TAP Issue Program uses the four (4) most common maturities and reopens them up regularly through a competitive auction. These maturities (2-, 3-, 5-, and 1 0-year) will remain open for the calendar quarter, after which they will be closed and a new series of TAP issues will be opened to replace them. This reduces the number of separate bullet bonds issued, but generates enhanced awareness and liquidity in the marketplace through increased issue size and secondary market volume. Tennessee Valley Authority (TVA). One of the large Federal Agencies. A wholly owned corporation of the United States Government that was established in 1933 to develop the resources of the Tennessee Valley region in order to strengthen the regional and national economy and the national defense. Power operations are separated from non-power operations. TV A securities represent obligations of TV A, payable solely from TV A's net power proceeds, and are neither obligations of nor guaranteed by the United States. TV A is currently authorized to issue debt up to $30 billion. Under this authorization, TV A may also obtain advances from the U.S. Treasury of up to $150 million. Frequent issuer of discount notes, agency notes, and callable agency securities. Total Return. Investment performance measured over a period of time that includes coupon interest, interest on interest, and both realized and unrealized gains or losses. Total return includes, therefore, any market-value appreciation/depreciation on investments held at period end. Treasuries. Collective term used to describe debt instruments backed by the U.S. Government and issued through the U.S. Department of the Treasury. Includes Treasury bills, Treasury notes, and Treasury bonds. Also a benchmark term used as a basis by which the yields of non-Treasury securities are compared (e.g., "trading at 50 basis points over Treasuries"). Treas·ury Bills (T-Bills). Short-term direct obligations of the United States Government issued with an original term of one (1) year or less. Treasury bills are sold at a discount from face value and do not pay interest before maturity. The difference between the purchase price of the bill and the maturity value is the interest earned on the bill. Currently, the U.S. Treasury issues 4-week, 13-week, and 26-week T-Bills. City of Palm Beach Gardens, Florida Investment Policy Page 28 --~--~~---·----------------------------------., Treasury Bonds. Long-term interest-bearing debt securities backed by the U.S. Government and issued with maturities of ten (10) years and longer _by the U.S. Department of the Treasury. The Treasury stopped issuing Treasury Bonds in August 200 I. Treasury Notes. Intermediate interest-bearing debt securities backed by the U.S. Government and issued with maturities ranging from one (1) to ten (10) years by the U.S. Department of the Treasury. The Treasury currently issues 2-year, 5-year, and 10-year Treasury Notes. Trustee. A bank designated by an issuer of securities as the custodian of funds and official representative of bondholders. Trustees are appointed to ensure compliance with the bond documents and to represent bondholders in enforcing their contract with the issuer. Uniform Net Capital Rule. SEC regulation 15C3-1 that outlines the minimum net capital ratio (ratio of indebtedness to net liquid capital) of member firms and non-member broker/dealers. Unrealized Gains (Losses). The difference between the market value of an investment and its book value. Gains/losses are "realized" when the security is actually sold, as compared to "unrealized" gains/losses which are based on current market value. See also "Realized Gains (Losses)." Variable-Rate Security. A bond that bears interest at a rate that varies over time based on a specified schedule of adjustment (e.g., daily, weekly, monthly, semi-annually, or annually). See also "Floating Rate Note." Weighted Average Maturity (or just "Average Maturity"). The average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. A simple measure of risk of a fixed-income portfolio. Weighted Average Maturity to Call. The average maturity of all securities and investments of a portfolio, adjusted to substitute the first call date per security for maturity date for those securities with call provisions. Yield Curve. A graphic depiction of yields on like securities in relation to remaining maturities spread over a time line. The traditional yield curve depicts yields on U.S. Treasuries, although yield curves exist for Federal Agencies and various credit quality corporates as well. Yield curves can be positively sloped (normal) where longer-term investments have higher yields, or "inverted" (uncommon) where longer-term investments have lower yields than shorter ones. Yield to Call (YTC). Same as "Yield to Maturity," except the return is measured to the first call date rather than the maturity date. Yield to call can be significantly higher or lower than a security's yield to maturity. Yield to Maturity (YTM). Calculated return on an investment, assuming all cash-flows from the security are reinvested at the same original yield. Can be higher or lower than the coupon rate depending on market rates and whether the security was purchased at a premium or discount. There are different conventions for calculating YTM for various types of securities. Yield. There are numerous methods of yield determination. In this glossary, see also "Current Yield," "Yield Curve," "Yield to Call," and "Yield to Maturity." City of Palm Beach Gardens, Florida Investment Policy Page29 Attachment B Investment Pool/Fund Questionnaire 1. A description of eligible investment securities, and a written statement of investment policy and objectives. 2. A description of interest calculations and how it is distributed, and how gains and losses are treated. 3. A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited. 4. A description of who may invest in the program, how often, what size deposits and withdrawals are allowed. 5. A schedule for receiving statements and portfolio listings. 6. Are reserves, retained earnings, etc., utilized by the pooVfund? 7. A fee schedule, and when and how is it assessed. 8. Is the pooVfund eligible for bond proceeds and/or will it accept such proceeds? City of Palm Beach Gardens, Florida Investment Policy Page 30 Srt91trd: ?:o~ eNJ.e..A.. : 1: y( CITY OF PALM BEACH GARDENS COUNCR. AGENDA September 19, 2013 7:00P.M. Mayor Premuroso Vice Mayor Jablin Council Member Russo Council Member Tinsley Council Member Levy I. PLEDGE OF ALLEGIANCE II. ROLL CALL m. ADDITIONS, DELETIONS, MODIFICATIONS: IV ANNOUNCEMENTS I PRESENTATIONS: V. ITEMS OF RESIDENT INTEREST AND BOARD/COMMITTEE REPORTS: VI. CITY MANAGER REPORT: VII. COMMENTS FROM THE PUBLIC: (For Items Not on the Agenda, please submit request form to the City Clerk orior to this Item) VllL CONSENT AGENDA: a . b . (Page 4) APPROVE MINUTES FROM AUGUST 15, 2013 CITY COUNCIL MEETING. (Staff Report on Page 12. Resolution on Page 14) RESOLUTION 60, 2013- EASEMENT AGREEMENT-A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA AUTHORIZING THE MAYOR TO EXECUTE A RELEASE AND ABANDONMENT OF PORTIONS OF EASEMENTS NEAR THE INTERSECTION OF RCA BOULEVARD AND ALTERNATE STATE ROAD A-1-A; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. IX. PrBLIC HEARt NGS: <* ))aignates Quasi...Judicial Hearing) a . b. PRESENTATION OF THE FISCAL YEAR 201312014 BUDGET. (Staff Report on Page 25, Resolution on Page 27) RESOLUTION 57, 2013- ADOPTING A TAX LEVY AND MILLAGE RATE. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA ADOPTING A TAX LEVY AND MILLAGE RATE FOR THE CITY OF PALM BEACH GARDENS FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2013, AND ENDING SEPTEMBER 30, 2014; DIRECTING THE CITY CLERK TO FORWARD A CERTIFIED COPY OF THIS RESOLUTION TO THE PROPERTY APPRAISER AND TAX COLLECTOR WJTHJN THREE (3) DAYS AFTER JTS ADOPTION; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. c. d. PAS~ s-o e. (Staff Report on Page 25, Ordinance on Page 29) ORDINANCE 15, 2013- (2 M> READING AND ADOPTION) -ADOPTING FISCAL YEAR 2013/2014 BUDGET. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA ADOPTING THE BUDGET FOR THE CITY OF PALM BEACH GARDENS FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2013, AND ENDING SEPTEMBER 30, 2014; PROVIDING A CONFLICTS CLAUSE AND A SEVERABILITY CLAUSE; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. (Staff Report on Page 31, Ordinance on Page 33) ORDINANCE 13, 2013-rt-J READING AND ADOPTION) -AMENDING FISCAL YEAR 2012/2013 BUDGET. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA AMENDING THE CITY OF PALM BEACH GARDENS' BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2012, AND ENDING SEPTEMBER 30, 2013, INCLUSIVE; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE, AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. Staff Re ort on Pa 36 Ordinance on Pa e 39 Resolution on Pa e ruOROINANCE 14. 2013 -( READING AND ADOPTION) -AUTHORIZING PERMITTED INVESTMENT SElECTION. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA AMENDING THE CITY CODE OF ORDINANCES AT CHAPTER 2. ADMINISTRATION. AT ARTICLE V. FINANCE. DIVISION 2. FUNDS. BY REPEALING SECTION 2-311 . INVESTMENT POUCY AND REAOOPTrNG SAME, AS REVISED; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE, AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. RESOLUTION 54, 20131S A COMPANION ITEM TO ORDINANCE 14, 2013 AND WILL REQUIRE COUNCIL ACTION. RESOLUTION 54,2013-APPROVING AN AMENDED INVESTMENT POLICY. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA REPEALING ALL PREVIOUSLY ADOPTED INVESTMENT POLICIES AND READOPTING A REVISED INVESTMENT POLICY AND PROCEDURES FOR IMPLEMENTING SAME; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. X. RESOLUTIONS: XI. ITEMS FOR COUNCIL ACTION/DISCUSSION: XII. CITY A TIORNEY REPORT: XID. ADJOURNMENT PLEASE TAKE NOTICE AND BE ADVISED that if any interested party wishes to appeal any decision mode by the City Council with respect to any matter considered at this public hearing, such interested persons will need a record of tile proceedings and may need to ensure that a verbatim record is made., inchtding the testimony and evidence upon which the appeal is to be based In accordance with the Americans with Disabilities Ad and Section 286.26, Florida Statutes, persons with disabilities needing special accoliiiiiOdo.tions in order to participate in this proceeding are entitled to the provision of certain assistance at no cost Please call the City Oerk's Office at 561-799-4122 no later than 5 days prior to the hearing if this assistance is required. For hearing impaired assistance, please call the Florida Relay Service Numbers: 800-955-8771 (TDD) or 800-955-8770 (VOICE). NOTE: All presentation materials must be received by the City Clerk prior to the presentation to the Council. ! CITY OF PALM BEACH GARDENS COUNCIL AGENDA September 19,2013 7:00P.M. Mayor Premuroso Vice Mayor Jablin Council Member Russo Council Member Tinsley Council Member Levy I. V' PLEDGE OF ALLEGIANCE II.V""' ROLL CALL III. ·-ADDITIONS, DELETIONS, MODIFICATIONS: IV -ANNOUNCEMENTS I PRESENTATIONS: V. ./ITEMS OF RESIDENT INTEREST AND BOARD/COMMITTEE REPORTS: VI. v CITY MANAGER REPORT: VII. ~OMMENTS FROM THE PUBLIC: (For Items Not on the Agenda, please submit request form to the City Clerk prior to this Item) VIII. vtONSENT AGENDA: a. (Page 4) APPROVE MINUTES FROM AUGUST 15, 2013 CITY COUNCIL MEETING. b. (Staff Report on Page 12, Resolution on Page 14) RESOLUTION 60, 2013- EASEMENT AGREEMENT-A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA AUTHORIZING THE MAYOR TO EXECUTE A RELEASE AND ABANDONMENT OF PORTIONS OF EASEMENTS NEAR THE INTERSECTION OF RCA BOULEVARD AND ALTERNATE STATE ROAD A-1-A; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. IX. PUBLIC HEARINGS:<* Designates Quasi-Judicial Hearing) a. PRESENTATION OF THE FISCAL YEAR 2013/2014 BUDGET. b. (Staff Report on Page 25, Resolution on Page 27) RESOLUTION 57, 2013 - ADOPTING A TAX LEVY AND MILLAGE RATE. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA ADOPTING A TAX LEVY AND MILLAGE RATE FOR THE CITY OF PALM BEACH GARDENS FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2013, AND ENDING SEPTEMBER 30, 2014; DIRECTING THE CITY CLERK TO FORWARD A CERTIFIED COPY OF THIS RESOLUTION TO THE PROPERTY APPRAISER AND TAX COLLECTOR WITHIN THREE (3) DAYS AFTER ITS ADOPTION ; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. c. d. s-0 e. 5-0 s-o (Staff Report on Page 25, Ordinance on Page 29) ORDINANCE 15, 2013 - (2 Rb READING AND ADOPTION) -ADOPTING FISCAL YEAR 2013/2014 BUDGET. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA ADOPTING THE BUDGET FOR THE CITY OF PALM BEACH GARDENS FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2013, AND ENDING SEPTEMBER 30, 2014; PROVIDING A CONFLICTS CLAUSE AND A SEVERABILITY CLAUSE; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. (Staff Report on Page 31, Ordinance on Page 33) ORDINANCE 13, 2013- (2"d READING AND ADOPTION) -AMENDING FISCAL YEAR 2012/2013 BUDGET. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA AMENDING THE CITY OF PALM BEACH GARDENS' BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2012, AND ENDING SEPTEMBER 30, 2013, INCLUSIVE ; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE , AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. (Staff . Report on Page 36, Ordinance on· Page 39, Resolution on Page 43)0RDINANCE 14, 2013 -(2"a READING AND ADOPTION) -AUTHORIZING PERMITTED INVESTMENT SELECTION. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS , FLORIDA AMENDING THE CITY CODE OF ORDINANCES AT CHAPTER 2. ADMINISTRATION. AT ARTICLE V . FINANCE. DIVISION 2. FUNDS. BY REPEALING SECTION 2-311 . INVESTMENT POLICY AND READOPTING SAME, AS REVISED; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE , AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. RESOLUTION 54, 20131S A COMPANION ITEM TO ORDINANCE 14, 2013 AND WILL REQUIRE COUNCIL ACTION. RESOLUTION 54, 2013 -APPROVING AN AMENDED INVESTMENT POLICY. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM BEACH GARDENS, FLORIDA REPEALING ALL PREVIOUSLY ADOPTED INVESTMENT POLICIES AND READOPTING A REVISED INVESTMENT POLICY AND PROCEDURES FOR IMPLEMENTING SAME; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. X. RESOLUTIONS: XI. ITEMS FOR COUNCIL ACTION/DISCUSSION: XII. CITY ATTORNEY REPORT: XIII. ADJOURNMENT PLEASE TAKE NOTICE AND BE ADVISED that if any interested party wishes to appeal any decision made by the City Council with respect to any matter considered at this public hearing, such interested persons will need a record of the proceedings and may need to ensure that a verbatim record is made, including the testimony and evidence upon which the appeal is to be based. .. In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes, persons with disabilities needing special accommodations in order to participate in this proceeding are entitled to the provision of certain assistance at no cost Please call the City Clerk's Office at 561-799-4122 no later than 5 days prior to the hearing if this assistance is required. For hearing impaired assistance, please call the Florida Relay Service Numbers: 800-955-8771 (TDD) or 800-955-8770 (VOICE). NOTE: All presentation materials must be received by the City Clerk prior to the presentation to the Council. COMMENTS FROM THE PUBLIC Request to Address City Council .. Members of the public may address the City Council during the "Comments by the Public" portion of the agenda and durtng "Public Hearings". This Request to Address the City Council must be delivered to the City Clerk prior to the commencement of the meeting. The time limit for each speaker is limited to three {3) minutes. Please Print COMMENTS FROM THE PUBLIC Request to Address City Council Name: ~rbarex--D?ro..s...sVV\ Ct_v--:\ AddreS$: · /6" / ~~v fi /6() ~ r-· //SG . · .3~i;J5 ;o~ ~Li-s City: Subject: .. . Members of the public may address the City Council during the "Comments by the Public" portion of the agenda and during "Public Hearings". This Request to Address the City Council must be delivered to the City Clerk prior to the commencement of the meeting. The time limit for each speaker is limited to three (3) minutes. Please Pri~t J Name: V\1"9· COMMENTS FROM THE PUBLIC Request to Address City Council .. Members of the public may address the City Council during the "Comments by the PUblic" portion of the agenda and during "Public He·arings". This Request to Address the City Council must be delivered to the City Clerk prior to the commencement of the meeting. The time limit for each speaker is limited to three (3) minutes. The Astros would share the proposed site with the Toronto Blue Jays, giving Palm Beach County four teams within a 3-mile drive along Central Boulevard. The Miami Marlins and St. Louis cardinals share Roger Dean Stadium. "We're going to try to acquire (the land) regardless of the stadium," Palm Beach Gardens Councilman David Levy said. "It would be important for the stadium, but if the stadium doesn't happen, we could still use it for recreation fields. Field demand has really gone up." Levy noted that substantial sums of money are needed to build a spring training stadium and that the city does not plan to spend city taxpayer money on it. "The stadium, to me, is a long way from being done. So I wouldn't say we're buying it for the stadium," Levy said. The city has previously discussed buying the county land, which is near the city's tennis center, but was unable to do so following the housing bust that reduced property values and city revenue. But city representatives in recent weeks have been making presentations about the proposed baseball project to private business groups, including the Business Forum and the Northern Palm Beach Chamber of Commerce. People who have attended those presentations describe a preliminary sketch showing the proposed stadium on the far east side of the 82-acre tract. It would be adjacent to Interstate 95, just north of the city's tennis center. Practice fields for the teams would be built west of the stadium with green space for parking west of the practice fields. "If it comes true, it would create a baseball mecca for Palm Beach County," said George Linley, executive director of the Palm Beach County Sports Commission. "If you have another two-team complex in Palm Beach County, that would be quite the spring training epicenter. It brings benefits to more than just Palm Beach County. It has a regional and state effect." First, though, the county commission has to agree to sell the land. The county purchased it for $3.1 million in 2000 with money from a $25 million bond issue approved by voters in 1999 for parks, recreation and cultural projects. • County officials are working on appraisal of the land, which is valued by the property appraiser at $2.7 million. County attorneys also want to make sure a proposed sale falls within IRS regulations since the land was bought with tax-exempt bonds. "That land was purchased with bond money. We've got to be very scrupulous about how we dispose of it, if we dispose of it, and at what price. There are some issues there," said County Commissioner Hal Valeche. If the county agrees to sell the land, the next issue is how to pay for it. The exact price tag is unknown, but the complex is estimated to cost $100 million. The city is counting on $50 million in state money earmarked for spring training facilities in Florida. The city hopes to get the other half from county tourism tax dollars. The debt service on the facility would probably be $2_.5 to $2.6 million, an amount that countY officials believe can be covered by bed tax dollars currently going to the Roger Dean Stadium debt service. That's because county property values have increased since the Roger Dean bonds were issued and the half-cent tax rate is expected to produce more tax income now. Palm Beach Gardens would be responsible for annual operations and any shortfalls in the construction price. Valeche said he doesn't want the county to "get too formal" on the project until the city addresses any concerns of residents who live near the site, which is near the Shady Lakes and Bent Tree neighborhoods. "I hope the Gardens is planning to go out and speak to the neighbors -and I'm sure they are - about this at some point and I hope it happens soon. It's going to be a big change for that neighborhood," Valeche said. Palm Beach Gardens baseball stadium plan moves to 'first base' August 21, 2013 Leave a comment By Joe Capozzi, Willie Howard and Emily Roach -Palm Beach Post Staff Writers In the first necessary step towards creating a "baseball mecca" in northern Palm Beach County, Palm Beach Gardens has asked the county to consider selling the city an 82-acre site where Houston Astros owner Jim Crane wants to move his team for spring training. "We're going to evaluate what is legally required for them to pay for the property," County Administrator Bob Weisman said Tuesday. "Using baseball terms, we're at, like, first base in this process." The city wants to buy the land from the county regardless of whether the site is used as a two- team spring training complex for the Astros and Toronto Blue Jays, Palm Beach Gardens City Manager Ron Ferris said. But discussions about the proposed $100-million stadium off Central Boulevard call for the city to own the land and help pay for the project with tourism-generated revenue from the county bed tax. "That needed to be done for this to work and that was always part of the plan," Giles Kibbe,. Crane's general counsel, said when asked about the city's desire to buy the land and use tourism revenue for the stadium. "I think it's clear that the city is focusing on trying to see if this can work and we are as well." The second condition also appears to be attainable. Tourist Development Council Executive Director Glenn Jergensen said there is enough money in bed-tax reserves to pay the debt-service on bonds for a Gardens stadium until the end of 2016, when about $2.05 million a year currently going to Roger Dean Stadium in Jupiter will become available. "Everything is moving along as planned," said Jergensen said. .. ~J._ q}tti }t3 C)¥1 fo~'\. M<t.n~. C!..of'f f..A..OV7el-{ 18 V1h ~':vo. {fj) Astros owner says PB Gardens Spring Training site is close by Matt Lincoln/CBS12 PALM ARDENS, Fla. -Even more "Boys of Summer" may be coming to Palm Beach County for the nng. Houston As er · Crane told the Houston Chronicle that a new complex in Palm Beach Gardens is very close to being a done dea . Crane told the newspaper, that it's just coming down to the city of Palm Beach Gardens now. He added that his _-ewRal~-~~wm on be drafting up plans for the facility. He believes the transaction will be finalized by this Like er Dean Stadium has both the Marlins and Cardinals, this new Palm Beach Gardens facility will house both the Astros and Toronto Blue Jays. The proposed site is off Central Boulevard, less than five miles from the Dean. Even if this deal gets finalized, it is still years until we would see a finished park. The Astros lease in Kissimmee ends in 2016. The Blue Jays currently play in Dunedin. Efforts to reach the Palm Beach Gardens City Council were unsuccessful. CITY OF PALM BEACH GARDENS PLANNING AND ZONING DEPARTMENT PENDING SCHEDULE WEEK OF SEPTEMBER 16, 2013 PENDING SCHEDULE IS TENTATIVE (ESPECIALLY FOR DRC AND PZAB) PETITIONS MAY NOT BE SCHEDULED FOR A MEETING DATE IF THE APPUCANT FAILS TO ADDRESS COMMENTS FROM STAFF AND OUTSIDE AGENCIES BY THE DEADUNES, OR SUBMITS PLANS OR DOCUMENTS TOO LATE. 01. tr 01. kt PLANNING, ZONING, & APPEALS BOARD SEPTEMBER 17,2013 Certified Due Date: 08/19/2013 CD. Staff Reports. All Reduced Plans due from APPlicant 08126/2013 Ad Due to Legal: 08/28/2013 Due to Director ofP & Z: 08/30/2013 Agent Post Sign by: 08/30/2013 P&Z Ad to Post: 09/042013 Agent Send Mailers: 09/06/2013 P&Z Disc mailed: 09/10/2013 ANNX-13-07-000006 Roan Lane, LLC, requesting a voluntary annexation of a 1.68-acre parcel into the City Ordinance 18, 2013 (No Ad for PZAB) OCTOBER 08, 2013 Certified Due Date: 09/09/2013 CD. Staff Reports. All Reduced Plans due from Applicant 09/16/2013 Ad Due to Legal: 09/18/2013 Due to Director ofP & Z: 09/23/2013 Agent Post Sign by: 09/23/2013 P&Z Ad to Post: 09/25/2013 Agent Send Mailers: 09/27/2013 P&Z Disc mailed: 10/01/2013 PCDA-13-06-000019 Scripps Florida Phase 11/Briger Tract PCD amendment to accommodate a FPL Substation (Ad Required) (tentative) NOVEMBER 12, 2013 Certified Due Date: 10/14/2013 CD. Staff Reports. All Reduced Plans due from Applicant 10/21/2013 Ad Due to Legal: 10/23/2013 Due to Director ofP & Z: 10/28/2013 Agent Post Sign by: 10/28/2013 P&Z Ad to Post: 10/30/2013 Agent Send Mailers: 11/01/2013 P&Z Disc mailed: 11105/2013 01. 02. 03. 04. 05. 06. DECEMBER 10, 2013 Certified Due Date: 1111112013 CD. Stafl'Reoorts. All Reduced Plans due from Applicant 11118/2013 Ad Due to Legal: 11120/2013 Due to Director ofP & Z: 11/25/2013 Agent Post Sign by: 11125/2013 P&Z Ad to Post: 11127/2013 Agent Send Mailers: 11129/2013 P&Z Disc mailed: 12/03/2013 PZAB NO DATE SET LAND USE AMENDMENTS I DRI ISSUES I ANNEXATION PUDS I RE-ZONINGS I SITE PLANS/ MAJOR CONDITIONAL USES tr PUDA-13-04-000049 mh PUDA-13-05-000050 ph PPUD-13-06-000031 kt SPLN-13-06-000011 kt PPCD-13-07 -000005 tr PPUD-13-08-000032 Miller's Ale House requesting a PUD Amendment to expand their outdoor seating area located within the Promenade Plaza (Ad Required) Nature's Hideaway requesting approval to amend the Development Order (Ad Required) Redevelopment of the CVS located on the NEC ofNorthlake Blvd and Military Trail (Ad Required) Site plan approval for Gables Parcel B (Montecito) to develop the Discovery Village Assisted Living Facility (Ad Required) Avenir (aka Vavrus) requesting Planned Community Development (PCD) and Rezoning of 4,760 acres to a Mixed Use Community (MXC) (Ad Required) Northlake Sunoco requesting rezoning to add an additional wash lane and canopy to the existing car wash SIGNAGE I MISC PETITIONS I TEXT AMENDMENTSN ARIANCE 01. nc LDRA-13-01-000046 City initiated LDRA text amendment for MXD Regulations (Ad Required) 02. kt CPTA-13-07-000025 Avenir (aka Vavrus) requesting a Text Amendment to the Comprehensive Plan to add a Mixed Use Community (MXC) 03. kt CPMA-13-07-000016 Avenir (aka Vavrus) requesting a Large Scale Map Amendment to change 4,760 SF from RR10 to RR20 to for a Mixed Use Community (MXC) · 04. kt LDRA-13-07-000048 Avenir (aka Vavrus) requesting an amendment to the Land Development Regulations to add the new Mixed Use Zoning District (MXC) ADMINISTRATIVE APPROVALS I MINOR CONDITIONAL USES/ OTHERS 01. ph ADMN-13-02-000510 Siena Oaks requesting to expand the variety of approved trees 02. tr ADMN-13-07-000529 Palm Beach Gardens Medical Center requesting to combine two operating rooms into one 03. Js ADMN-13-08-000531 Chromalloy requesting modification to the site plan to reflect addition of a new 200KW Emergency Standby Generator located in Northcorp 2 04. Tr ADMN-13-09-000533 PGA Commons Parcel3 requestuig exterior modifications to accommodate The Cooper Restaurant OS. js ADMN-13-09-000534 The Benjamin Private School requesting a minor site plan amendment 01. 02. 03. 04. OS . 06. 07. 08. 09. 10. 11. 12. 13. 14. 15. 16. to allow a guard house to be installed BUILD OUT DETERMINATION/ANNUAL REPORT REVIEW • School Monitoring Updates SPECIAL EVENT PERMIT APPLICATIONS *Bold ~ denotes approved applications pc SPEV -13-08-000640 Trinity United Methodist Church Pumpkin Patch Wed., 10/02/13-Thurs., 10/31/13 9:00am-8:00pm pc SPEV -13-09-000648 Home Depot 2013 October Fire Safety Month Sat, 10/05/2013 9:00am -1:00p, pc SPEV -13-09-000642 Yard Sale at Store Self Storeage & Wine Storage Sat., 10/12/13 8:00am-12:00pm pc SPEV -13-08-000634 Church ofthe Nazarene Yard Sale Sat, 10/19/13 8:00-1:00 pc SPEV -13-09-000644 4th Annual Latin American Food & Wine Festival at Mainstreet at Midtown Thurs., 10/24/13 5:30pm-9:30pm pc SPEV -13-08-000635 Spook-Tacular at Legacy Place Sat., 10/26/13 12:00pm-4:00pm pc SPEV -13-09-000641 Fallapalooza at Church in the Gardens Sat., 10/26/13 3:00pm -7:00pm pc SPEV -13-06-000628 Art in the Gardens at Downtown at the Gardens Sat., 11102/13 and Sun., 11103/13 !O:OOam-6:00pm pc SPEV -13-09-000646 Happy Holiday X-Trees at 3333 Northlake Blvd Sun., 11124/13-Tues., 12/24/13 Pc SPEV -13-09-000649 Midtown Children's Festival .Sun., 11124/13 11:00am-3:00pm Pc SPEV -13-08-000636 North Pole at Legacy Place Sat., 12/07/13 12:00pm-3:00pm pc SPEV -13-09-000647 St. Mark's Church 5th Annual Toy and Train Show Sat., 12/14/2013-Sun., 12/15/2013 10:00-4:00 Pc SPEV -13-08-000638 North Pole at Legacy Place Sat., 12/14113 !2:00pm-3:00pm pc SPEV -13-08-000637 North Pole at Legacy Place Sat, 12/21113 12:00pm-3:00pm Pc SPEV -13-09-000645 Happy Holiday Sparklers at 3333 Northlake Blvd. Sun., 12/29/13 -Tues., 12/31/13 8:00am -11 :OOam Ph/ SPEV -13-09-000650 The Honda Classic 2014 -Children's Healthcare Charity ab Feb. 24,2014-March 2, 2014 DEVELOPMENT REVIEW COMMITTEE 01. kt 09/25/13 2:00 PPCD-13-07-000005-Avenir 3 CURRENT PLANNING STAFF MEETING Thurs Weekly 9:00 P & Z Conference room CITY COUNCIL SEPTEMBER 19,2013 Due to Director ofP & Z: 08/26/2013 Ad due to City Clerk: 08/26/2013 Reso/Ord due to Legal: 08/26/2013 Staff Report Due to City Clerk: 08/30/2013 Friday City Clerk Ad to Post: 08/30/2013 Friday Agent Send Mailer: 09/03/2013 Agent Post Sign: 09/24/2013 OCTOBER 03, 2013 Due to Director ofP & Z: 09/09/2013 Ad due to City Clerk: 09/09/2013 Reso/Ord due to Legal: 09/09/2013 Staff Report Due to City Clerk: 09/16/2013 City Clerk Ad to Post: 09116/2013 Agent Send Mailer: 09/19/2013 Agent Post Sign: 09/18/2013 01. nc Appointments and Re-appointments to the Planning, Zoning and Appeals Board Reso. 63, 2013 02. trine Appointments and Re-appointments to the Art In Public Places Advisory Board Reso. 62, 2013 03. tr MISC-13-02-000092 Waterford Hotel (aka Windsor Gardens Hotel) requesting to modify the original approved AIPP Reso. 58, 2013 (No Ad Required) 04. tr ANNX-13-07-000006 Roan Lane, LLC, requesting a voluntary annexation of a 1.68- acre parcel into the City Ordinance 18, 2013 (No Ad for 1" Reading) tentative 05. Ph PPUD-13-02-000028 Chase Bank requesting to rezone from Commercial to PUD to accommodate a two lane drive thru Bank at 11340 US Highway One (Wendy's Restaurant) 2"d Reading Ord 17,2013 and Reso 61, 2013 (Ad Required) 06. kt CPTA-13-07-000026 City initiated Comprehensive Plan Text Amendment 01. tr 1st Reading Ordinance 16,2013 Continued to date certain (No Ad Required) NOVEMBER 07, 2013 Due to Director of P & Z: 10/14/2013 Ad due to City Clerk: 10/14/2013 Reso/Ord due to Legal: 10/14/2013 StaffReport Due to City Clerk: 10/21/2013 City Clerk Ad to Post: 10/21120 13 Agent Send Mailer: I 0/24/20 13 Agent Post Sign: 10/23/2013 ANNX-13-07-000006 9055 Roan Lane (fka Capital Lighting) requesting to be annexed into the City Ordinance 18, 2013 ( Ad Required 2 .. Reading) tentative 4 02. tr 01. Tr PLAT -13-08-000050 Plat Exception for (Lot #7) 677 Hermitage Circle and (Lot #8) 675 Hermitage Circle located within Frenchman's Reserve Resolution 65, 2013 (No Ad required) tentative DECEMBER 05, 2013 Due to Director ofP & Z: 11/11/2013 Ad due to City Clerk: 11/11/2013 Reso/Ord due to Legal: 11/11/2013 Staff Report Due to City Clerk: 11/18/2013 City Clerk Ad to Post: 11/18/2013 Agent Send Mailer: 11 /21/2013 Agent Post Sign: 11/20/2013 NO DATE SET FOR CITY COUNCIL AlPP-13-09-000031 St. Mark's School Phase III Art in Public Places PENDING TRAFFIC CONCURRENCY CERTIFICATION/EQUIVALENCIES/REPORTS Scripps Florida/ Phase II Briger Development of Regional Impact (DRI) (NOPC-11-11-000002) kt November 18, 2011: NOPC transmitted to DEO and TCRPC by Applicant December 12, 2011: Comments received from McMahon December 16, 2011: Comments received from Town of Jupiter (TOJ) December 19, 2011: Applicant requested to extend review timeframes for the NOPC December 22, 2011: Extension requested by Applicant until February 20, 2012 January 18,2012: TOJ comments received February 21,2012: City traffic comments received from McMahon March 2, 2012: Approval letter received from FDOT March 6, 2012: Comment memo issued to Applicant March 19,2012: Extension requested by Applicant until June 30, 2012 March 28, 2012: Comments received from TOJ June 4, 2012: Extension requested by Applicant until October 31,2012 FPL (tka Parcei5A/PGA Corporate Center) CONC-12-02-000021 nc 12/12/12 Traffic Equivalency transmitted to PTC 01/11/13 Traffic Equivalency approval granted by the City PGA Plaza PUDA-12-09-000043 nc 9.4.2012 Sent to City Traffic Consultant (PTC Group) and PBC Traffic Division for review 9.19.2012 Comment memo received from City Consultant 10.11.2012 Approval letter by PBC Traffic Division received Chase Bank redevelopment requesting rezoning to PUD for new bank (PPUD-13-02-000028) ph 2/27/2013-Development Application submitted 3/4/2013 Transmitted traffic equivalency to traffic consultant 3/11/2013 Received comments from traffic consultant PTC 3/2712013 Sent comments to applicant 05/13/2013 Approval letter received from City's Traffic Consultant 5 I i Millers Ale House Out-Door Seating Expansion (PUDA-13-04-000049) tr 4/15/2013 -Development Application submitted 4/27/2013-Transmitted traffic analysis to Palm Beach County for TPS review 4/30/2013-Transmitted traffic analysis to traffic consultant (PTC) CVS corner of Northlake and Military (PPUD-13-06-000031) ph 05/31/2013 Development Application Sub~itted 06/13/2013 Transmitted to PBC Traffic 06/18/2013 Approval Letter received from City's Traffic Consultant 07/15/2013 eceived Palm Beach County TPS Approval Letter Avenir (aka Vavrus) (CONC-13-07-000024) kt PENDING PLATS Planner Project Date Received tr PLAT -13-05-000045 05/30/13 Palm Beach Orthopaedic Institute ph PLAT -13-06-000046 06/12/13 Chase Bank at US I ph PLAT -13-06-00004 7 06/13/13 Downtown at the Gardens tr PLAT -13-06-000048 06/13/13 PGAPlaza ph PLAT -13-08-000049 08/08/13 Gardenia Isles Ph PLAT-13-08-000051 09/04/13 JCC Latest Status/ Action SCHOOL CONCURRENCY CERTIFICATION Avenir (aka Vavrus) requesting Planned Conununity Development (PCD) and Rezoning of 4,760 acre to a Mixed Use Conununity (MXC) PRE-PERMIT MEETINGS CONSTRUCTION STATUS MEETINGS 6 01. ap 02. ap 03. ap AJ)FlS-13-03-000025 AJ)FlS-13-03-000026 AJ)FlS-13-03-000027 ADDRESSING COMMITTEE PGA Corporate Center (fka Parcel SA) requesting a subdivision name change to PGA Office Center PUD Approved PGA Commons West requesting subdivision name change to The Shoppes & Offices at PGA West Approved Klock Property requesting a subdivision name change to the Palm Beach Orthopaedic Institute and a commercial addressing plan Approved RECENT PRE-APPLICATION/INFO. MEETINGS HELD • Informational meeting to discuss rooftop equipment screening at the Manson Condo 01/08/13 2:30 tr/bw/js/rc/ph/tr/dn • Informational meeting to discuss proposed fire pits on a property in Old Palm Parcel E 01/16/13 4:00 tr, nc, bw, mh, kd, ph, sf • Informational meeting to discuss the possibility of increasing the student population at Temple Beth David 01/24/13 2:00 tr/bw/rc!rm/kd • Informational meeting to discuss the addition of a porte cochere at the sports complex at the BaUenisles Country Club 02/04/13 3:00 tr/nc/phlrc/kd • Informational meeting to discuss the expansion of the Ester Center (dance studio) at 10357 Ironwood Road 02/05/13 10:30 pel rml trl js/ ph • Informational meeting to discuss adding an 800 sf building to the Seacoast Utility site at Mirasol 02/12/13 10:30 js/rmlkd/phlrc/js • Informational meeting to discuss the process to add a one-story 32-unit memory care building at Prosperity Oaks 02/13/13 2:00 tr/av/dn/te/mhlkd/rm • Informational meeting to discuss the revitalization and rebranding of the PGA Commons Parcell 02/20/13 3:00 ph nc/rm/kd/pc/tr • Informational meeting regarding proposed tree relocation in Legacy Place adjacent to PGA Blvd. 02/25/13 4:15 tr • Informational meeting to discuss office use at Viridian Office Center 02/26/13 4:00 pc!rm/kd • Informational meeting to discuss a proposed ACLF at PGA and Ballenisles Drive 02/26/13 3:00 pclbw/rc/ph/kd • Pre-application meeting to discuss PNC Bank at City Centre 02/28/13 4:00 kd/dn,/ tel bw/sf/rm,/ph/tr/ cp • Pre-application meeting to discuss minor site plan changes to Hampton Cay 03/01/13 2:00 tr/bw/rm/mh • Informational meeting regarding the potential rezoning of First Baptist Church ofPBG 03/07/13 4:00 js • Informational meeting regarding a potential expansion of the bank at 4280 Professional Center Drive (5B) 03/15/13 10:00 pc • Informational meeting to discuss the conversion of a non-conforming garage into a car port at 364 Lighthouse Drive 03/15/13 11:00 tr, bw, ph, kd • Informational meeting to discuss modifications to the Mirasol Sales Center to allow outside sales 03/18/13 4:00 pc • Informational meeting to discuss a sign at Remax in PGA Commons Parcel 2 03/20/13 4:00 kd, rm, bw,ml,cp • Informational meeting to discuss the process of developing a Chase Bank in DRV 04/02/13 2:00 j s!bw/rc/rm/kd/tr/psh • Informational meeting to discuss DRV SheD Gas Station Car Wash upgrades 04/04/13 3:00 phlnc/kd/tr • Pre-Application meeting to discuss a new site plan for the Frenchman's Creek Marina site 04/09/13 2:00 kd, nc, bw, mh, tm, sf, dn, tr, rm, ph • Pre-Application meeting for a proposed 8" security fence for BaUenisles 04112/13 2:00 tr/bw/rc/tm/sf!kd 7 • Informational meeting to discuss potentially increasing the number of color choices for the homes within various communities in Mirasol 04/23/13 3:00 ph, kd, bw • Informational meeting to discuss Legacy Place Medical Use Expansion 04/24/13 2:00 ph, kd, bw • Informational meeting to discuss exterior changes at Carmine's Restaurant in Harbour Financial Center 05/03/13 11:00 kd • Informational meeting to discuss permanent accordion shutters on the·residential portion of Legacy Place 06/19/13 2:30 ph, bw, pc, rc, kd, tr,js • Informational meeting to discuss a temporary wake board park at Downtown at the Gardens 06/20/13 3:00 ph, cp, kt, kd, bw, te • Informational meeting to discuss moving the existing tenant signs at Gardens Station West 06/26/13 2:00 phlbw/pc/tr/kt/js • Informational meeting to discuss a potential new tenant to the former Red Tapas Restaurant in DA TG 07/08/13 2:00 ph/nc/kt/tr/ • Informational meeting to discuss proposed T -Mobile antenna and equipment upgrades at the Golden Bear Plaza 07/11113 2:00 ph/nc/kt/js • Informational meeting to discuss signage amendments for Oakbrook Square Plaza 07/12/13 2:00 tr/nc/ph/rc/js/ • Pre-Application meeting for Frenchman's Reserve Platting Exception for Lots 7 & 8 within POD F 07/17/13 2:00 tr/te/phlkt/js • Informational meeting to discuss proposed new signage at Northlake Commons 07/24/13 10:00 kt/nc/bw/ph/tr/rc/j s/rnh • Informational meeting to discuss an additional drive-through lane and ATM with awning at the Wells Fargo Bank located in the Promenade 07/26/13 2:00 pel ktl rei tr/ js/ bw/ ph • Informational meeting to discuss the process for the potential redevelopment of the PGA Waterfront (Panama Hatties) 08/01/13 2:00 kt/nc/tr Informational meeting to discuss the construction of a performance arts facility at Benjamin School 08/06/13 2:00 tr/nc/kt/ph/rc/rnh • Informational meeting to discuss development of Phase II of Banyan Tree PUD into (3) restaurants/retail buildings 08/12/13 2:00 js/nclbw/dd/js/psh/tr/pc/rc • Informational meeting regarding an additional monument sign at Fiore 08/15/13 3:00 pc, bk, ph, rnh, kt • Informational meeting to discuss a potential restaurant taking over the Water Bar space in the Commons (Parce13-East) 08/16/13 10:00 tr • Informational meeting to discuss an outdoor patio area with a bar located at JR Buckwild's 08/19/13 2:00 nc/bw/js/mhlkt/ph • Informational meeting to discuss Admiralty II Tower A sign changes 08/21/13 2:30 nc/bw/js/pclkt • Informational meeting to discuss modification to the Gardens Station East building exterior 08/22/13 2:45 ph • Informational meeting to discuss the Shell Gas Station in DRV potential conversion of the existing carwash to "mini tunnel" which moves vehicles through on a conveyor belt 08/13/13 3:00 ph • Informational meeting to discuss the potential expansion of the convenience store and eliminating one of the gasoline pumps islands to accommodate a car wash t the Mobil Gas Station on Northlake Blvd. 08/22/13 4:00 nc/bw/js/ktfpc/mh/ph/dd/mj/sd/js • Informational meeting to discuss a restaurant with our-door seating in Legacy Place 08/26/13 3:00 kt • Informational meeting to discuss temporary tenant signage at PGA Plaza during construction 08/28/13 4:00 js • Informational meeting to discuss the installation of a telecommunicatiops tower and ground equipment at the FPL Ryder Substation in Mirasol 08/29/13 2:30 pc • Informational meeting regarding Northmil Plaza Metes and Bounds Subdivision code requirements 09/12/13 3:30 pc • Informational meeting to discuss changing the approved use from office to retail for 2400 PGA Blvd (Pirates Cove Office) adjacent to Prosperity Center 09/23/13 3:00 js • Informational meeting to discuss a monument sign at Gardens Business Center 09/24/13 11:00 tr 8 • Informational meeting to discuss a potential ALF within the non-residential portion of Central Gardens 09/26/13 3:00 ph • Informational meeting to discuss proposed changes to LaPosada 09/27/13 10:00 tr • Informational meeting to discuss the installation of a master irrigation program for the HOA of Old Palm PCD 10/03/13 2:00 js MISCELLANEOUS COMMITTEES OR TASK FORCES Committee or Meeting TaskForce Date Meeting Site Comments/ Agenda Art in Public Places TBD Advisory Board 5:30pm Council Chambers St. Mark's Church (tr) Phase III AlPP-13-09-000031 Spirit Team 9/12/13 Lobby Conf Room • Jeans for Means to benefit Gs) 10/10/13 2 :00 Faith Farm 11/14/13 12/12/13 Information Systems Committee TBD 7/3 EOCRoomB • Major Projects monthly (IS C) 9:00 Update (ap) • IT Budget needs Safety Committee TBD Lobby Conf Rm • (rg) 9 :00 Technical Advisory July-2013 no meeting 9:00AM Committee Aug-2013 no meeting PBC Vista Center (f AC) (nc/te/cp) Sept. 4, 3013 2300 N. Jog Rd. Oct. 2, 2013 4th Floor Rm 4E12 Nov . 6, 2013 Dec-2013 no meeting Metropolitan Planning June 20,2013 9:00AM Organization (MPO) July 18, 2013 PBC Gov't Center (te) Aug-2013 no meeting 301 N . Olive Ave Sept. 19,2013 12th Fl Conf Rm Oct. 17,2013 Nov.-2013 no meeting Dec. 2, 2013 (Monday) Intergovernmental Plan Amendmer 01/31/13 3:30 Review Committee (IP ARC) 05/30/13 Lantana Council (nc) 08/29/13 Chambers 10/31113 North County Intergovernmental TBD 10 :00 TBD (nc) Juno Town Hall Northlake Blvd. Task Force TBD 7:00 On August 19, 2011, the ( ) Village of North Palm Palm Beach county Board of Beach County Commissioners approved the Interlocal Agreement for the 9 • • continuation of the Northlake Boulevard Task Force. BLP AB (Bio-Land Protection 01117/13 Town of Jupiter 1:30 Advisory Board) 03/21113 City PB Gardens (LCR) (nc) 05/16/13 -Cancelled Town of Lake Park 07/18/13-Cancelled City of Riviera Beach 09/19/13 Town of Lake Park 11/21/13 City of Riviera Beach 01116114 Town ofMangonia Pk Water Taxi Committee BCC Meeting 5/7/13 PBC Government Ctr League of Cities formed task (nc) o.k. from WPB to discuss and implement a commission to move process for county-wide forward in drafting an Water taxi program Ordinance. Topics range from: Occ License standardization Water taxi use Marketing 10 The American Coalition 4 Property Rights Take action NOW! PRSRT STD US POSTAGE PAID PERMIT 439 FT. LAUD, FL PO BOX 881237 PORT ST. LUCI E, FL 34988 ......- (<.ec •,;_ q},q }13 o.Yj ~~"\. v\"~enA-.f· ~\)\~ f3~ ~~CA-6-f.osi~(jv ·MON uof''D a>JDl 1 SlH91H :llYAIHd HDOA 01 :IA80009 :IAYM • • · asta J uetd teuo16ay osuaAas a dcqs "Say what you will about Fascism--it's efficient." L>-.. ' J J 3 ~~-will f..t:<-·~ 'I I~ I C..V-f Co..M>cc'l .. .u '(4~1'1~'. "Those WhO secede from us---we crush you." ' n ' ---r' ...,. ' ...:J "We need to transcend the local." f.tovl'blf.4.A 6'"( ~b~ 6tt.tu'..tl'1.~· "Cities are less important. Only mega-regions are important." ~ "We need to stop having pubic meetings. Just get on with the plan and pass it." "We only need a few people to make the decisions." "Top-down federal government is best." "Bottom-up (government)? Local officials? Everybody gets to talk about nothing forever." sevenSO.org "We (Seven 50) decides who makes what decisions and then download to others later." .!l?*@sevenSOPian "Miami and Cuba should become a sister-state." "Miami needs to become South America. This is where we could dominate. We could throw an election." "Everything must be planned, NOT to the convenience of the landholder." On a final note, after the above meeting of May 17th adjourned, Mr. Duahy called public members of the audience, "a tyranny of the minority.'' i submit to the .Nllerican people, 1 planner that 'when the defense of liberty becomes a crime, tyranny is already in force.' ~ n /}~ Tf;l/~ I hJj I fL Seven50 FRIDAY, MAy 17 Wolf High Technology Center Indian River State College Chastain Campus 2400 SE Salerno Road Stuart, FL 34997 9:30am F~ Andres Duany, Principal of Duan P the consultant tea h . y later Zyberk, together with o · . ::~:~~~t jouncils :dt t~te 1~0:~~~~:~ ;,~~d:h~:ri:~sa~re Coast ~~~ ~~~~ha~~o~~:n~~~i~en:~ Dade B or a more economically and physically re gT Partnership to develop SevenSO: A and bey:~:ard, Palm Beach, Martin, St. Lucie, and ~~~~i~~s=~:n-count~ region {Monroe, Miami- . r counties) for the next 50 years . Andres will discuss the future f . region's t d 0 our reg1on in a gro · 1 . ren s and opportunities and wmg Y competitive global economy th Importance of local decision making ln the /a;gn;rapgel.t~artl icipants in a discussion about' th: o 1 1ca context. PN Loca Class will teach social -media to seniors For seniors who want to learn more about social edia, th Boynton Beach Recreation d Parks m e ~t1021 S. Fedei'al Highway,~ just th~ent's Senior Center, The.center is offering Facebook classes fo . . · Classes are held mon~n Thesday ~J;.h~y from 10 to n a.m. . st;eond week of every month. Cost ~~on JS .$10 for resideQts and $l3 for non-reSldents. To register, participants must kndhavehow to use. CQmputers, t:P.e Internet an . an email address prior to class. Forinfo ti 5 rma on, contact the Senior Center at 61-742-6570. -Staff~ • zo~g changes Last vacant piece of larid in the· city on track to be developed into ~:University Village' BY ANNE GEGGIS Staff writer B<?CA RATON -A plan to tum Boca s last vacant tract into a develo - ment that could rise 85 feet high in 5oi:e places brought dozens of protesters to ~;ity Council chambers Tuesday . The City Council approved "Univer~ . Slty V:illage" 1;>Y a 4 to 1 vote, changing 80 · ~cres 1l_l the City's northwest section from lts zo~ as a single-family home neigb- !'<>rhood mto a mix of multi-family hollS- mg and cc;>mmercial development. But the council granted concessions to the parade of speakers who opposed the de- velopment during the three-hour hear- See HOUSING, 28 ''The com- munities that~ flourishing have a bet- ter balance of housing." Charlie Siemon, landowner's represen(ative HOUSING Continued from Page 78 ing. . The council approved doubling the buffer be- tween the neighborhood and the development. They also added some lan- guage to the approval that gives,the council more de- cision-making ·discretion when actual plans for building come forward. University Village is slated for the area framed by Interstate 95, Spanish River Boulevard and Northwest Fifth Avenue. potential approv~Thes day night repre ents a substantial deere from wliat was originaJ,ly pro- posed last swru:ner. The first proposal showed pos- sibly 1,555 rental apart- ments, . a 26S,ooo-square-foot hotel and retail space. I City staff members have said that the number of apartments is now more like 420 units, but the lack of a master -plan was ·the source of complaint for ·many neighbors who stepped 'forward to air concerns about this devel- opment. The first proposal bad a master plan. "It's 80 acres ... as long as the intense uses are up · agains!: the interstate and avlay from and protecting the neighborhOod, that's the hope," Deputy Mayor s~~'!n ~said as-she proposed the .amend- ments that were ulti- mately accepted. Neighbors said they were glad to get some- thing. "It's an improve- ment," said resident Frank Deeney Jr . Charlie Siemon, who represented the landown- er, lamented the increased buffer, but said ·he was glad that plans can start moving forward after · a . · John Hixenb~ de- velopment Services direc- tor, said that. alth. a ·master plan ispreferred in Boca, 18cking. one is not unusual a~ ~ zoning stage. Siemon said that his client wanted to get the initial · approvals before engineering a master plan. "To suggest what's be- fore you grants a blank check (to the developer) is simply wrong," Siemon said. He said that the die w~ cast well before Tuesdll) night that this :tand woutc be developed. "The county, the sta and the Federal Depart: ment of Transportatiot made the decision to p an interChange there," ll long stiuggle with dozens of iieighbors who ~d rather see that tract be- come a park. But Siemon says this ' kind of development is needed in Boca now. said. But the lack of a maste "We have lower paid employees than we used to have-they can't buy or rent housing in this com- munity,'' he said, citing a 1 study that shows that out · I of the 84,000 jobs in Boca, all but 10,000 of them are held by people who live in other places. "The com~ munities that are flourish- ing have a better balance ofhollSing!' He said that neighbors have to accept that their area is al>out to change: What has been l1Sed as a back door to. the city will now be mote like a front door. Construction will start this year on a new Interstate 95 interchange that makes the tract an ideal place to put hollSing, Siemon said. plan was the reason CoWl Ci1man Anthony Mahjes said he would not vote fu the zoJlinitchange: "I think it is a risk tlu we don't have to take," b said. GleJU'l Gromann. a zoi ing board member an land-use attorney wll was one of two residen to speak in favor of tl zoning changes TuesdE predicted neighbors w ultimately be happy wil the result. "I think propertyvalu will rise in the area, Ill one only needs to look the area arolind UM (tl uniVersity of Miami) ru coral Gables to ·see t value and result from ~ velopment around f campllS;' he said. ~~ ~· I .L ·I f!ec-~ q/•'1 lo ci'~f CoWJccc.. ,c.{_ee.ri~ {JP-ov~~ BV &l.Jo~ ~f~{!j) outoiibond ~ntentedltor:Nick Mosehel~ (561)'ti2D-4441 orpbJTtetro@pbpost.com 1 Ontheweb: palmbeachpost.com Story,B4 PALM BEACH GARDENS AVENIR Aircraft would buzz over planned comple~ airports director says. By Willie Howard Palm Beacn Post Staff Writer PAL"M BEACH GARDENS-Air- planes and helicopters would buzz over the 7,600-honie Avenir devdopment if it is built as proposed on the for- mer VaYrus Ranch proper- ty on the north side ofNorth- Iake Boulevard, a recent let- ter from the director of Palm Beach County's J)epartment of Airports says. Radar data show there were 73,650 takeoffs and landings last year at the North Palm AVENIR PROPOSAL • ?t.eQO homes, enough fQr about 20,000 resictents tlt4;d0p-student Keiser University campl;Js · • Pediatric specialty treatment center •1.7 million square feet of retail ar.tdpfflce space • 300-room hotel · . · . • Thoroughfare connecting Northlake S6ulevard anc;i Beeline Highway Beach County General Avia· tion Airport off Beeline High· way, which is just east of the land where the mixed-use Avenir development is being proposed. "Due to the close prftimity of the proposed de~elap'ment to the airport, virtually ~very fixed wing aircraft using the airport womd either arrive or depart over the Avenir prop- ·erty, .. Director of Airports Bruce Pelly said in ~e-Aug. 21 ..left~Nat~ Crowley, di- ~oro~~ngandzomnt for Palm Beach Gardens. Pelly's letter also notes that two helicopter flight schools are bast;<~ at that airport. .. Helicopter training in- volves repeated rotations around the airport," Pel· ly wrote.. "Th.ese rotations would most likely be. con- ducted at lower 'altitudes. than the fixed wing aircr:Ut opera- tions." Coral Gables-based WAL Development Group submit- . ted pl~s to the city in late June for:Avenir •.:.. a wallcable community filled with ca- nals that woUld indudetboa• sands ofhomes, a Keiser Uni- vt:fsity campus, ret.ail and of- Avenlrcofrtinu~don 88 9/14/2013 Home Getting Started Tools and Support News and Events Legal Center Legislative Center Education Get Connected About Florida Healtmance Research· Video Libnuy My Fa110rite p8ses " remove • Signin • • • • • to use the "My Favorites" feature. Connect with us on: Twitter Facebook Linke din You Tube Subscribe to RSS • Subscnl>e to Florida Realtors® You Tube Channel • ~~J.. q jtq Jr3 CA~ ~"'-M:c: .. a\'~. ~ruv,u e.~ ~ ~~[Jj) Florida Realtors® Member? My Membership Contact Us News and Events Help Site Map ,. Search this site: Advanced search: Text Size: A A A I Print View I Email This HUD plans to probe neighborhood discrimination WASHINGTON-SqlL 11. 2013-'Iba nes--cfBi:lusias eDd UlbmD«eklpna!t(H!m} is pnliiCllillg a"""' rule lhllwould allow it ID 1nd< civenily iD oeigbbarboods acmiS 1be COIIIIIIy aod JeqiJft mnnicipolirirs to fix discrimiDabca issues. Underlbe propmedrule, "Aflioualivcly F'urtberizJs Fair Homing. •BUD will cdloctc!Ma oo ~and cliscriminollio lbc IB"""Y uys 1be "discrimjnMjm dollobee-will bo:lp a811lelhot cammlmitir:s baYe a beltC£ milt of ec:anamit, racial Mid dlmic cliftnity. If a local garommaa is fuuadDOttohwe wbM BUD deems a proper mix, 1be muoicipolity will be fon:ed to mob: ~eo or BUD will allb ils f<denl fimdios. · "UofadUI!IIIely, in IDO mmy of our hardest bit CCllll1llUIUbes no ma1111:r bow t..d a child or bcrJ*aD wade. the life ct.nc.s of lhll c:bild-"''"' bcr lifcspm-is clet.comiaed by 1be ZIP code 1be grows q> in. This is simply WI"Clllg. • uys BUD Seas.y SbalmDooown BUD says 1be ....... rule-is focuoedao im~ iuregnted living pllllCmS, ovorCCII!liog hisloricpellloml of9Cgrepliao, reduciog I'IICial eDd elbnic coocelllralioos of pove:rty,IIDd resp>adiog to di!.popactioaal.o bcusillg aocds by pRifedlod ~- a-., a; critics oay 1be pnlpOIICd rule is goiog t1>0 C., giviDg BUD 1110 much p>nr to ovenule zooiDg Jaws. 11ou$iDg fiDmoe polic:y. ~ pla:miog and llaDspor1alico. In Westdlesler Cady, N.Y. fer l:lQIIIPic. officiab oay that the fair bcusiDg miDCI!ra by BUD are cboqpng the uea's zooiDg and requiring-affordable rousing. The c;ou<ay's.townofCcrdaudt.is IIIOOily ~ witbaaly. few- poi1>Cis that could be used for CXllllDI<:R:ial dweiopmaiL Town aflicillls-to......,....., cammen:W develc:lpoDall to S1aiJilia tbo laX '-e eDd malce it <n: of 1be most atJilrdable in Weottbeser Coody. '"Wbat f.HUD is}llyiag to do is to say discriminatial and200ing is 1be same lhirlg.-says WesrchesterCamly Executive Rob Astorino. "They are DDt. Discrimination w<m't be IOieraled. I wao't tolerate it. Zoning, lbau!!b. protects what can IIDd can't be built in a neighbcrbood. ~ Souree: '"Obllma adaliDioiJatiao using bcusiDg department in effort to divenifyqN.orhocvh.· FOX News (Aug. i, 2013); "Washiogton's 'Fair Housing' As.lhaoLacalZooiog. • The Wall SIR.et.Icuml (Sq>L S. 2013); and U.S. Deportment of HousiDg llld UrbenD«elopneat C~20l3INFORMATION,INC.Bedlcsda,MD{301)215-4688 Florida Realtors® Headquarters -Orlando: (407) 438-1400 Media Center Advertising Privacy Policy Copyright Notice Terms of Use