HomeMy WebLinkAboutOMNI-CRA-R-99-0023M
RESOLUTION NO. OMNI/CRA R -99-23
A RESOLUTION APPROVING THE "LOAN/ADVANCE"
FROM THE COMMUNITY REDEVELOPMENT AGENCY
(THE "CRA") OF A PORTION OF THE OMNI TAX
INCREMENT DISTRICT FUNDS FOR THE
COMPLETION OF THE MARGARET PACE PARK
PROJECT IN AN AMOUNT EQUAL TO THE LESSER OF
$1,100,000.00 OR 90% OF THE AVAILABLE FUND
BALANCE FROM THE OMNI TAX INCREMENT
DISTRICT.
WHEREAS, the City of Miami approved and adopted the Omni Area
Redevelopment Plan pursuant to Resolution Nos. 86-868 and 86-607 (the
"Redevelopment Plan"); and
WHEREAS, the CRA is responsible for carrying out community
redevelopment activities and projects in the Omni Redevelopment Area (the
"Redevelopment Area") established pursuant to the Redevelopment Plan; and
WHEREAS, the CRA has determined that funds are needed for the
completion of Margaret Pace Park Project;
WHEREAS, the CRA desires to loan/advance funds from the CRA's
portion of the Omni tax increment district funds to be used for the completion
of the Margaret Pace Park Project.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to
this Resolution are incorporated herein as if fully set forth in this Section.
Section 2. The CRA is hereby authorized to loan/advance funds, for
the completion of the Margaret Pace Park Project, from the CRA's portion of
the Omni tax increment district funds in an amount which is equal to the
lesser of $1,100,000.00 or 90% of the available fund balance from the Omni
tax increment district.
Section 3. This resolution shall be effective upon its adoption.
PASSED AND ADOPTED on this 2 8 th day of September, 1999.
Arthu E. Teele, Jr., Chai
Walter J-FoeAnan, City Clerk
APPROVED AS TO FORM
AND CORRECTNESS:
2L-%� -
Holland & Knight LLP
CRA Legal Counsel
MIA1 #871153 v3
AGENDA ITEM #3
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