HomeMy WebLinkAboutSEOPW-CRA-R-98-0029Agenda Item No. LE.
RESOL�ONlCRA NO 9 8 ` ��.► J
A RESOLUTION OF THE BOARD OF THE DIRECTORS OF
THE COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING KPMG PEAT MARWICK TO PERFORM A
RISK ASSESSMENT AUDIT OF THE POINCIANA VILLAGE
CONDOMINIUMS PROJECT FROM THE COMMENCEMENT
OF SUCH PROJECT, WITH SUCH AUDIT INCLUDING, BUT
NOT LIMITED TO AN EXAMINATION OF COMMITMENTS
MADE TO THE PROJECT'S DEVELOPER, COMMITMENTS
MADE BY THE PROJECT'S DEVELOPER TO INDIVIDUAL
BUYERS AT THE TIME OF UNIT PURCHASES AND
MONIES LOST IN THE PROJECT BY OTHER INVESTORS;
AUTHORIZING THE EXECUTIVE DIRECTOR TO
NEGOTIATE A FEE ARRANGEMENT FOR APPROVAL BY
THE BOARD OF DIRECTORS; PROVIDING AN EFFECTIVE
DATE; AND FOR SUCH OTHER PURPOSES.
WHEREAS, the Community Redevelopment Agency (the "CRA") is responsible for
carrying out community redevelopment in the Southeast Overtown/Park West Redevelopment
Area (the "SEOPW Redevelopment Area") and Omni Redevelopment Area pursuant to
Redevelopment Plans in effect for each Redevelopment Area; and
WHEREAS, Poinciana Village of Miami, Ltd., a Florida limited partnership (the
"Developer") and the City of Miami, a Florida municipal corporation (the "City") have entered
into that certain Southeast Overtown/Park West Lease and Development Agreement (the
"Lease"); and
WHEREAS, the City assigned all of its right, title and interest in the Lease to the CRA;
and
WHEREAS, the CRA has granted the Developer certain amendments to the Lease to
facilitate the completion of partially developed units of Poinciana Village Condominiums (the
"Project"); and
WHEREAS, the CRA desires to have a risk assessment audit completed relative to the
Project.
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sBOPW / CRA 9 8 r " q
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COMMUNITY REDEVELOPMENT AGENCY:
SECTION 1: The recitals contained in the preamble to this Resolution are hereby
adopted by reference and incorporated in this Resolution as if fully set forth in this Section.
SECTION 2: The Board of Directors hereby approves KPMG Peat Marwick, the
external auditor of the CRA, to perform a risk assessment audit of the Project from the
commencement of the Project including but not limited to an examination of commitments made
to the Developer by the City and/or the CRA, commitments made by the Developer to individual
condominium unit purchasers and moneys lost in regards to the Project by partners or investors.
A report and presentation of the risk assessment audit shall be made to the Board of Directors
during its January, 1999 meeting.
SECTION 3: The Executive Director is hereby authorized to negotiate a fee
arrangement with KPMG Peat Marwick for the above risk assessment audit which shall be
submitted to the Board of Directors during its December, 1998 meeting for approval prior to the
commencement of any work authorized by this Resolution.
SECTION 4: This Resolution shall become effective immediately upon its
adoption.
PASSED AND ADOPTED ON THIS 16 th DAY OF November 1998.
APPROVED AS TO FORM AND LEGAL
SUFFICIENCY
( 14 fJ
Holland & Knight LLP
Counsel to CRA
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Arthur E. Teele, Jr., Chairman
SBOPWrCRA' 9 8 - 09