HomeMy WebLinkAboutSEOPW-CRA-R-00-0113® • ITEM 10F
SEOPW/CRA
RESOLUTION NO. SEOPW/CRA 0 0_ 113
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE COMMUNITY REDEVELOPMENT AGENCY
("CRA") REQUESTING TO THE CITY OF MIAMI
(THE "CITY") TO UNRESTRICT THE CASH WITH
FISCAL AGENT AND FUND BALANCE IN THE
AMOUNT OF $554,148.
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
WHEREAS, the City of Miami has recorded $554,148 from SEOPW
Project (689001) and recorded it as cash with Fiscal Agent and restricted fund
balance.
WHEREAS, the City of Miami, in an agreement with the CRA, has agreed
to pay up to $300,000 per year towards the debt service for the Special
Obligation Bond Series 1990 .
WHEREAS, this debt service reserve of $554, 148 represent the final two
payments of debt services on the bonds and;
WHEREAS, the CRA desires to request to the City of Miami to unrestrict
the cash with the Fiscal Agent and Fund Balance, in the amount of $554,148.
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 hereby adopted by reference thereto and incorporated herein as
if fully set forth in this Section.
SW.PW/CRA
ITEM IOF
SEOPW/CRA
Section 2. The Board of Directors of the CRA hereby authorizes the City
of Miami to unrestrict the cash with the Fiscal Agent and Fund balance in the
amount of $554,148.
Section 3. This Resolution shall become effective immediately upon its
adoption.
PASSED AND ADOPTED on this 20th day of November, 2000.
Arthur E. Teele, Jr., Chairman
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
HOLLAND 8, KNIGHT LLP
CRA LEGAL COUNSEL
SEOPW/CF.A
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CITY OF MIAMI, FLORIDA ITEM 10F
INTER -OFFICE MEMORANDUM
To : Chairman Teele and DATE: November 6, 2000 FILE
Members of the CRA Board
FROM: Dipak M. Parekh
Executive Director
SUBJECT: Request to the City of Miami
To unrestrict the Fund Balances
REFERENCES:
ENCLOSURES: Resolution
RECOMMENDATION
It is respectfully recommended that the CRA Board of Directors adopt the attached resolution
authorizing the City of Miami to unrestrict the cash with the Fiscal Agent and Fund Balance in the
amount of $554,148.
BACKGROUND
A Resolution of the Board of Directors of the CRA requesting_the City of Miami to unrestrict the cash
with the Fiscal Agent and Fund Balance in the amount of $554,148.
Funding Source: SEOPW — Tax -Increment Funds
Account Number: 689001.055006.244
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SEOPWIMA-
CITY OF MIAMI, ft6R' A
INTER -OFFICE MEMORANDUM
Oro: The Honorable Arthur E. Teele, Jr. DATE: June 26, 2000 FILE:
Commissioner
Bertha W.
FROM: Assistant (
•
SUBJECT: Southeast Overtown
Park West Project
(689001)
REFERENCES:
ENCLOSURES:
During fiscal year 1998-1999, the Finance Department transferred $1,265,121 from
Southeast Overtown Park West Project (689001) to the Debt Service Fund Project
(210000). The transfer represents the following:
(1) Debt Service Reserved for the Special
Obligation Bonds Series 1990
554,148.00
(2) Debt Service for the Special Obligation
Bonds Series 1990:
Principal
90,000.00
Interest
267.324.00
Total P & I
357,324.00
(3) Debt Service for the HUD 108 Loan
353,649.00
Total Transferred
1,265,121.00.
(1) Debt Service Reserved for the Special Obligation Bonds Series 1990:
This amount was originally recorded in SEOPW Project (689001) as cash with
fiscal agent..and fund balance. In Fiscal Year 1999 it was transferred from Project
689001 to the Debt Service Project 210000 as cash w/fiscal agent and restricted
fund balance.
(2) Debt Service for Special Obligation Bond Series 1990: -
This amount represents $57,324 of TIF funds and $300,000 of guaranteed
entitlement revenue funds.
(3) Debt Service for HUD 108 Loan:
This amount was transferred to fund the HUD 108 Loan. The drawdown for the
HUD 108 Loan was made on April 20, 2000. In June, 2000 the $353,649 was
reimbursed to Project 689001 (SEOPW).
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