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HomeMy WebLinkAboutSEOPW-CRA-R-00-0076RESOLUTION NO. SEOPW/CRA R-00-76 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY ("CRA") APPROVING AN AGREEMENT WITH THE CITY OF MIAMI ("CITY') PERTAINING TO CERTAIN PAYMENTS BEING MADE TO THE CITY INSTEAD OF THE CRA, CERTAIN FUNDS NOT BEING TRANSFERRED TO THE CRA FROM THE CITY, AND PAYMENT FOR LAND DEEDED TO THE CITY; MAKING FINDINGS; APPROVING THE CITY MAKING ALL ANNUAL DEBT SERVICE PAYMENTS ON THE CITYS SPECIAL OBLIGATION BONDS, SERIES 1990; APPROVING AND ACCEPTING PAYMENT FROM THE CITY OF CERTAIN FUNDS APPROPRIATED BY THE CITY TO FINANCIALLY SUPPORT THE CRA IN FISCAL YEARS 1997 THROUGH 1999; AGREEING TO WAIVE ANY CLAIMS THE CRA MAY HAVE AGAINST THE CITY FOR CERTAIN PARKING REVENUES FROM PROPERTY OWNED BY THE CRA ADJACENT TO THE MIAMI ARENA AND PAID TO THE CITY; AGREEING TO WAIVE ANY CLAIMS THE CRA MAY HAVE AGAINST THE CITY WITH RESPECT TO LAND DEEDED BY THE CRA TO THE CITY AND THEN SOLD TO THE MIAMI SPORTS AND EXHIBITION AUTHORITY ON WHICH IS LOCATED THE MIAMI ARENA; AUTHORIZING THE PREPARATION AND EXECUTION OF AN INTERLOCAL AGREEMENT FORMALIZING THE TERMS OF THIS RESOLUTION; PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Miami approved and adopted the Southeast Overtown/Park West Community Redevelopment Plan pursuant to Resolution Nos. 82-755 and 85-1247 (the "Redevelopment Plan"); and WHEREAS, the CRA is responsible for carrying out community redevelopment activities and projects in the Southeast Overtown/Park West Redevelopment Area (the "Redevelopment Area") established pursuant to the Redevelopment Plan; and SEOPW/CRA► 00- 76 WHEREAS, on November 8, 1990, the City issued its Community Redevelopment Bonds in the aggregate principal amount of $11.5 million (the "Bonds") to pay the costs of certain infrastructure improvements, the acquisition and clearing of certain real property and refinancing of a $5.9 million Section 108 loan from the U.S. Department of Housing and Urban Development; and WHEREAS, payment of debt service on the Bonds was secured by a pledge of increment revenues from the Redevelopment Area and guaranteed entitlement payments received by the City from the State of Florida; and WHEREAS, increment revenue has been insufficient to pay the debt service on the Bonds and the guaranteed entitlement revenue received by the City from the State of Florida has been used as the source of payment of debt service on the Bonds; and WHEREAS, the City has previously paid $300,000 from its guaranteed entitlement revenues toward debt service on the Bonds and use increment revenue from the Redevelopment Area to pay the remainder of such debt service; and WHEREAS, the City agrees to annually pay $300,000 from guaranteed entitlement funds for debt service on the Bonds; and WHEREAS, in fiscal years 1997, 1998 and 1999 the City appropriated $858,976 to financially support the CRA for activities that were not eligible for funding under the Community Development Program; and WHEREAS, only $229,454 of the $858,976 appropriated by the City was transferred to the CRA ; and WHEREAS, the City agrees to pay to the CRA the balance of the funds appropriated for the CRA in fiscal years 1997, 1998 and 1999; and WHEREAS, in consideration of the City's commitment and obligation to make said payments by the City, the CRA will agree to forego and waive any claims it may have to parking revenue collected by the Department of Off -Street Parking from the parking on property owned by the CRA adjacent to the Miami Arena.; and WHEREAS, the CRA also agrees to forego and waive any claims it may have for the land or payment for the land it deeded to the City and the City later sold to the Miami Sports and Exhibition Authority on which is located the Miami Arena; and SEOPW/CRA 2 WHEREAS, on May 11, 2000 the City Commission of the City adopted Resolution No. 00-389 approving the terms of the agreement between the City and the CRA as set forth herein; and WHEREAS, the CRA desires to approve the terms and conditions of the agreement between the City and the CRA. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. Section 1. The recitals set forth above are incorporated herein as if fully set forth in this Resolution. Section 2. Section 2. The Board of Directors of the CRA hereby approves the terms and provisions of the agreement with the City of Miami as described herein and in Resolution No. 00-389 adopted by the City Commission of the City on May 11, 2000. Section 3. Section 3. The Board of Directors does hereby authorize and direct its staff to prepare and present to the City for execution an interlocal agreement formalizing the terms of the agreement set forth in this Resolution and authorizes said interlocal agreement to be filed with the Clerk of the Circuit Court of Miami -Dade County, all in accordance with Section 163.01, Florida Statutes. Section 4. Section 4. The resolution shall be effective upon its adoption. PASSED AND ADOPTED on this 24th day of July, 2000. Arthu E. Teele, Jr., Chair n m SEOPWiCRA 3 n , _ ;� 0 0� d APPROVED AS TO FORM AND CORRECTNESS: Holland & Knight LLP CRA Legal Counsel IEM #956191 v1 SEOPW/CRA s 07i21i200o FRI 13:34 FAX 3053724646 Z 003/011 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM To Chairman Teele and Honorable Members of the CRA Board FRDm:Robert L. Tyler 5(.T Dir. Of Op., Admin. & Dev. DATE; July 17, 2000 FILE: SUBJECT : CRA/City of Miami Settlement Agreement REFERENCES: ENCLOSURES: Resolution and Agreement RECO MENDATION It is respectfully recommended that the Board adopt the attached resolutions authorizing the CRA to ratify the settlement agreement between the CRA and the City of Miami. BACKGROUND Attached to this memo is the resolution ratifying the settlement agreement with the City of Miami with respect to (i) the annual payment of $300,000.00 from the City of Miami's guaranteed entitlement revenue from the State of Florida toward the retirement of the Series 1990 Special Obligation Debt issued on behalf of the CRA, ii) back payments from the general fund subsidies of $559,522 in consideration for land deeded to the City by the CRA for use by the Miami Sports and Exhibition Authority and, iii) further settling any claims by the CRA against the City of Miami for back payment of revenue collected Thursday, September 30, 1998 by the Department of Off -Street Parking from parking on land owned by the CRA. Furthermore, the future 108 payments are to be paid by the City of Miami until paid in full. v Funding Source: Not Applicable Account Number: Not Applicable 4- 7C' VOW I CRA JJL 21 2020 14:51 3053724646 PAGE.03