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HomeMy WebLinkAboutOMNI-CRA-R-01-0005ITEM 11 RESOLUTION NO. 01 - 05 A RESOLUTION OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY (CRA) AUTHORIZING THE CITY OF MIAMI (THE "CITY"), ACTING AS THE FIDUCIARY OF THE OMNI REDEVELOPMENT TRUST FUND, TO TRANSFER YEAR 2000 ANNUAL CPA TAX INCREMENT REVENUES TO MIAMI-DADE COUNTY FOR PAYMENT TOWARDS THE PERFORMING ARTS CENTER PROJECT.. WHEREAS, the OMNI CPA was created, under the Florida Redevelopment Act, and pursuant to the terms and condition of the Omni CRA County Interlocal Agreement entered into between the City and the County, dated June 24, 1996, as amended; and WHEREAS, A series of bonds were sold by County to fund the developing of the Performing Arts Center project of the OMNI Redevelopment Plan that requires the use of OMNI tax increment revenues for payment of the bond debt service; and WHEREAS, The City of Miami Finance Department, pursuant to City/CRA Interlocal Agreement acts as the fiduciary of the CRA redevelopment trust fund for implementing the CRA redevelopment plan. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY CREATED BY THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble of the Resolution are incorporation as if fully set forth in this Section. Section 2. The City of Miami, as the fiduciary of the Omni CRA Redevelopment Trust Fund, is authorized to transfer the OMNI CRA year 2000 tax increment revenues deposited in the CRA redevelopment trust fund to Miami -Dade County for payment of the debt service of the County revenue bond issue for development of the Performance Arts Center. Section 3. This resolution of the Board of Directors applies to all future transfers of tax increment revenues since the transfer is an annual contract responsibility of the City Finance Department as set forth in the County/Omni Interlocal Agreement dated June 24, 1996 and therefore the mandatory transfer does not require an annual approval of the Board of Directors. '(1vC 01- 05 ITEM 11 Section 4. adoption. The resolution shall be effective upon its PASSED AND ADOPTED this 26 day of February 2001. Arth r E. Teele, �j7chairperson WALTER J CITY CLE - 2 - 01- 05 ®ram/ram ITEM 11 RESOLUTION NO. 0_ 05 A RESOLUTION OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY (CRA) AUTHORIZING THE CITY OF MIAMI (THE "CITY"), FINANCE DEPARTMENT ACTING AS THE FIDUCIARY OF THE OMNI REDEVELOPMENT TRUST FUND, TO TRANSFER YEAR 2000 ANNUAL CPA TAX INCREMENT REVENUES TO MIAMI-DADE COUNTY FOR PAYMENT TOWARDS THE PERFORMING ARTS CENTER PROJECT. WHEREAS, the OMNI CRA was created, under the Redevelopment r Act, pursuant to City Resolution No. 86-868, dated October 23, 1986 and Resolution No. 95-363,,dated May 11, 1995, and Resolution 87-604, dated June 24, 1987, also of the City, and' by County Resolution R-39-81, Resolution R 825-87, dated July 7, 1987, and Ordinance No. 87-47, dated July 7, 1987 and pursuant to the terms and condition of the Omni CRA County Interlocal Agreement entered into between the City and the County, dated June 24, 1996, as amended, and includes an interlocal agreements entered into between the two Agencies and between. the City, and the Agencies dated August 10, 1995 and an additional interim interlocal agreement with the same parties dated March 13, 2000, and QUC., 5 ITEM 11 WEEREARS, A series of bonds were sold by County to fund the developing of the Performing Arts Center project of the OMNI Redevelopment Plan that requires the use of OMNI tax increment revenues up to $1,430,000 annually for payment of the bond debt service. WEEREARS, The City of Miami Finance Department, pursuant to City/CRA Interlocal Agreement dated march 13, 2000 as the fiduciary of the CPA redevelopment trust fund for implementing the CRA redevelopment plan approved by the City, that among other fiduciary responsibilities is required to assure that OMNI CPA tax increment revenues are deposited in the Redevelopment Trust - Fund of the OMNI CRA and that the tax increment revenues are remitted to Miami -Dade County by March 1st of each year in. an amount not to exceed $1,430,000 as required by the Performing Arts Center Bond Indenture and the Interlocal Agreement between the OMNI CRA and the County, dated June 24, 1996, and NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY CREATED BY THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to the Resolution are incorporation as if fully set forth in this Section. - 2 - 0WRICRA 05 I ITEM 11 Section 2. The CRA Redevelopment trust fund City of Miami Finance Department, as the fiduciary of the Omni CRA redevelopment trust fund, is authorized to transfer the OMNI CPA year 2000 tax increment revenues deposited in the CRA redevelopment trust fund to Miami -Dade County for payment of the debt service of the County revenue bond issue for development of the Performance Arts Center. Section 3. This resolution of the Board of Directors applies to all future transfers of tax increment revenues since the transfer is an annual contract responsibility of the City Finance Department as set forth in the County/Omni Interlocal Agreement dated June 24, 1996 and therefore the mandatory transfer does not require an annual approval of the Board of Directors. Section 4. adoption. The resolution shall be effective upon its - 3 MR ITEM 11 PASSED AND ADOPTED this day of Arthur E. Teele, Jr., Chairperson WALTER J. FOEMAN CITY CLERK APPROVED AS TO FORM AND CORRECTNESS: ALEJANDRO VILARELLO CITY ATTORNEY 2001. ITEM 11 RESOLUTION NO. A RESOLUTION OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY (CRA) AUTHORIZING THE CITY OF MIAMI (THE "CITY"), FINANCE DEPARTMENT ACTING AS THE FIDUCIARY OF THE OMNI REDEVELOPMENT TRUST FUND, TO TRANSFER YEAR 2000 ANNUAL CRA TAX INCREMENT REVENUES TO MIAMI-DADE COUNTY FOR PAYMENT TOWARDS THE PERFORMING ARTS CENTER PROJECT. WHEREAS, the OMNI CRA was created, under the Redevelopment Act, pursuant to City Resolution No. 86-868, dated October 23, 1986 and Resolution No. 95-363,-dated May 11, 1995, and Resolution 87-604, dated June 24, 1987, also of the City, and by County Resolution R-39-81, Resolution R 825-87, dated July 7, 1987, and Ordinance No. 87-47, dated July 7, 1987 and pursuant to the terms and condition of the Omni CRA County Interlocal Agreement entered into between the City and the County, dated June 24, 1996, as amended, and includes an interlocal agreements entered into between the two Agencies and between the City, and the Agencies dated August 10, 1995 and an additional interim interlocal agreement with the same parties dated March 13, 2000, and ®Kris, d 1 - Q 5 ITEM 11 WHEREARS, A series of bonds were sold by County to fund the developing of the Performing Arts Center project of the OMNI Redevelopment Plan that requires the use of OMNI tax increment revenues up to $1,430,000 annually for payment of the bond debt service. WHEREARS, The City of Miami Finance Department, pursuant to City/CRA Interlocal Agreement dated march 13, 2000 as the fiduciary of the CRA redevelopment trust fund for implementing the CRA redevelopment plan approved by the City, that among other fiduciary responsibilities is required to assure that OMNI CRA tax increment revenues are deposited in the Redevelopment Trust Fund of the OMNI CRA and that the tax increment revenues are remitted to Miami -Dade County by March 1st of each year in an amount not to exceed $1,430,000 as required by the Performing Arts Center Bond Indenture and the Interlocal Agreement between the OMNI CRA and the County, dated June 24, 1996, and NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY CREATED BY THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in -the Preamble to the Resolution are incorporation as if fully set forth in this Section. • ®MW/MA 0 1 _ -2- ® ITEM 11 Section 2. The CRA Redevelopment trust fund City of Miami Finance Department, as the fiduciary of the Omni CPA redevelopment trust fund, is authorized to transfer the OMNI CRA year 2000 tax increment revenues deposited in the CRA redevelopment trust fund to Miami -Dade County for payment of the debt service of the County revenue bond issue for development of the Performance Arts Center. Section 3. This resolution of the Board of Directors applies to all future transfers of tax increment revenues since the transfer is an annual contract responsibility of the City Finance Department as set forth in the County/Omni Interlocal Agreement dated June 24, 1996 and therefore the mandatory transfer does not require an annual approval of the Board of Directors. Section 4. The resolution shall be effective upon its adoption. (6 - 3 - 0j&41CR&01- 05 • 0 ITEM 11 PASSED AND ADOPTED this WALTER J. FOEMAN CITY CLERK day of , 2001. Arthur E. Teele, Jr., Chairperson APPROVED AS TO FORM AND CORRECTNESS: ALEJANDRO VILARELLO CITY ATTORNEY • - 4 - ®A%I/ ,01- 05