HomeMy WebLinkAboutSEOPW-CRA-R-01-0068ITEM 19A
RESOLUTION NO. SEOPW/CRA 01 _ 6 S&2
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY ("CRA") I) RESCINDING
RESOLUTION NO. SEOPW/CRA R-00-76, II) APPROVING
AN AGREEMENT WITH THE CITY OF MIAMI ("CITY")
PERTAINING TO APPROVING THE CITY MAKING ALL
ANNUAL DEBT SERVICE PAYMENTS OF $300,000
EACH FROM THE CITY'S GUARANTEED
ENTITLEMENT REVENUE FROM THE STATE OF
FLORIDA TO BE APPLIED TOWARDS THE
RETIREMENT OF THE SERIES 1990 SPECIAL
OBLIGATION DEBT ISSUED ON BEHALF OF THE CRA,
WHICH ANNUAL PAYMENTS ARE TO BE MADE BY
THE CITY UNTIL THE SERIES 1990 SPECIAL
OBLIGATION DEBT ISSUED ON BEHALF OF THE CRA
HAS BEEN COMPLETELY RETIRED, PLUS THE
PAYMENT OF $559,522 APPROPRIATED BY THE CITY
TO SUPPORT THE CRA IN FISCAL YEARS 1997
THROUGH 1999, ENT CONSIDERTION FOR THE
SETTLEMENT OF A) ANY CLAIMS THE CRA MAY
HAVE AGAINST THE CITY FOR CERTAIN PARKING
REVENUES FROM PROPERTY OWNED BY THE CRA
AND PAID TO THE CITY B) ANY CLAIMS THE CRA
MAY HAVE AGAINST THE CITY WITH RESPECT TO
LAND DEEDED BY THE CRA TO THE CITY FOR USE BY
THE MIAMI SPORTS AND EXHIBITION AUTHORITY,
AND C) ANY OTHER MATTERS EXISTING BETWEEN
THE CITY AND THE CRA PRIOR TO JANUARY 1, 2001.,
III) AUTHORIZING THE PREPARATION AND
EXECUTION OF AN INTERLOCAL AGREEMENT
FORMALIZING THE TERMS OF THIS RESOLUTION,
AND IV) 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
of - 68-2
ITEM 19A
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 tax
increment revenues from the Redevelopment Area and guaranteed entitlement payments
received by the City from the State of Florida; and
WHEREAS, the Official Statement of the bond indenture designates the tax
increment revenue as the first pledged source for debt service; and
WHEREAS, tax 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 primary 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 has used tax increment
revenue from the Redevelopment Area to pay the remainder of such debt service, which
assures that the debt service obligation is met while making available funds for the CRA;
and
WHEREAS, in consideration of the City's commitment and obligation to make
said $300,000 annual payments until the retirement of the Bonds, plus a one-time
payment of $559,552 to support the CRA for fiscal years 1997 thorugh 1999, the CRA
will agree to settlement of 1) any claims it may have for the land deeded to the City by
the CRA for use by the Miami Sports and Exhibition Authority, 2) claims it may have to
back payment of parking revenue collected by the Department of Off -Street Parking from
parking on property owned by the CRA , and 3) any other matters existing between the
City and the CRA prior to January 1, 2001; and
WHEREAS, on May 11, 2000 the City Commission of the City of Miami (the
"Commission") adopted City Commission Resolution No. 00-389 which contained
information in its recitals and findings that have since been determined to be erroneous
and it is necessary for the Commission to rescind City Commission Resolution No. 00-
389, in its entirety to correctly reflect the facts as set forth herein ; and
WHEREAS, on July 24, 2000 the Board of Directors of the CRA adopted
Resolution No. SEOPW/CRA R-00-76 approving the terms and provisions of the
agreement with the City as described in such resolution and in City Commission
Resolution No. 00-389; and
WHEREAS, the CRA desires to rescind Resolution No. SEOPW/CRA R-00-76
and to approve the terms and conditions of the agreement between the City and the CRA
as set forth in City Commission Resolution No.
X
01- 6 8=2
ITEM 19A
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 set forth above are incorporated herein as if
fully set forth in this Resolution.
Section 2. The Board of Directors of the CRA hereby rescinds
Resolution No. SEOPW/CRA R-00-76 and approves the terms and provisions of the
agreement with the City of Miami as described herein and in Resolution No.
adopted by the City Commission of the City on
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. This resolution shall be effective upon its adoption.
PASSED AND ADOPTED on this 215t day of May, 2001.
ATTEST:
Walter J. Foeman, City Clerk
APPROVED AS TO FORM
AND CORRECTNESS:
liplland & Knight, LLP
Legal Counsel
Arthur E. Teele, Jr., Chairman
3 01-" 6 8`2
0 ! ITEM 19A
•
RESOLUTION NO. SEOPW/CRA
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY ("CRA") I) RESCINDING
RESOLUTION NO. SEOPW/CRA R-00-76, II) APPROVING
AN AGREEMENT WITH THE CITY OF MIAMI ("CITY")
PERTAINING TO APPROVING THE CITY MAKING ALL
ANNUAL DEBT SERVICE PAYMENTS OF $300,000
EACH FROM THE CITY'S GUARANTEED
ENTITLEMENT REVENUE FROM THE STATE OF
FLORIDA TO BE APPLIED TOWARDS THE
RETIREMENT OF THE SERIES 1990 SPECIAL
OBLIGATION DEBT ISSUED ON BEHALF OF THE CRA,
WHICH ANNUAL PAYMENTS ARE TO BE MADE BY
THE CITY UNTIL THE SERIES 1990 SPECIAL
OBLIGATION DEBT ISSUED ON BEHALF OF THE CRA
HAS BEEN COMPLETELY RETIRED, PLUS THE
PAYMENT OF $559,522 APPROPRIATED BY THE CITY
TO SUPPORT THE CRA IN FISCAL YEARS 1997
THROUGH 1999, IN CONSIDERTION FOR THE
SETTLEMENT OF A) ANY CLAIMS THE CRA MAY
HAVE AGAINST THE CITY FOR CERTAIN PARKING
REVENUES FROM PROPERTY OWNED BY THE CRA
AND PAID TO THE CITY B) ANY CLAIMS THE CRA
MAY HAVE AGAINST THE CITY WITH RESPECT TO
LAND DEEDED BY THE CRA TO THE CITY FOR USE BY
THE MIAMI SPORTS AND EXHIBITION AUTHORITY,
AND C) ANY OTHER MATTERS EXISTING BETWEEN
THE CITY AND THE CRA PRIOR TO JANUARY 1, 2001.,
III) AUTHORIZING THE PREPARATION AND
EXECUTION OF AN INTERLOCAL AGREEMENT
FORMALIZING THE TERMS OF THIS RESOLUTION,
AND IV) 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
01- 68
0
ITEM 19A
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 tax
increment revenues from the Redevelopment Area and guaranteed entitlement payments
received by the City from the State of Florida; and
WHEREAS, the Official Statement of the bond indenture designates the tax
increment revenue as the first pledged source for debt service; and
WHEREAS, tax 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 primary 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 has used tax increment
revenue from the Redevelopment Area to pay the remainder of such debt service, which
assures that the debt service obligation is met while making available funds for the CRA;
and
WHEREAS, in consideration of the City's commitment and obligation to make
said $300,000 annual payments until the retirement of the Bonds, plus a one-time
payment of $559,552 to support the CRA for fiscal years 1997 thorugh 1999, the CRA
will agree to settlement of 1) any claims it may have for the land deeded to the City by
the CRA for use by the Miami Sports and Exhibition Authority, 2) claims it may have to
back payment of parking revenue collected by the Department of Off -Street Parking from
parking on property owned by the CRA , and 3) any other matters existing between the
City and the CRA prior to January 1, 2001; and
WHEREAS, on May 11, 2000 the City Commission of the City of Miami (the
"Commission") adopted City Commission Resolution No. 00-389 which contained
information in its recitals and findings that have since been determined to be erroneous
and it is necessary for the Commission to rescind City Commission Resolution No. 00-
389, in its entirety to correctly reflect the facts as set forth herein ; and
WHEREAS, on July 24, 2000 the Board of Directors of the CRA adopted
Resolution No. SEOPW/CRA R-00-76 approving the terms and provisions of the
agreement with the City as described in such resolution and in City Commission
Resolution No. 00-389; and
WHEREAS, the CRA desires to rescind Resolution No. SEOPW/CRA R-00-76
and to approve the terms and conditions of the agreement between the City and the CRA
as set forth in City Commission Resolution No.
2
SE®PW/CRA
01- 68
i ITEM 19A
•
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 set forth above are incorporated herein as if
fully set forth in this Resolution.
Section 2. The Board of Directors of the CRA hereby rescinds
Resolution No. SEOPW/CRA R-00-76 and approves the terms and provisions of the
agreement with the City of Miami as described herein and in Resolution No.
adopted by the City Commission of the City on
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. This resolution shall be effective upon its adoption.
PASSED AND ADOPTED on this 21" day of May, 2001.
ATTEST:
Walter J. Foeman, City Clerk
APPROVED AS TO FORM
AND CORRECTNESS:
Alejandro Vilarello, Esq.
City Attorney
Arthur E. Teele, Jr., Chairman
SEOPW/CRA
3 o f - 68
• CITY OF MIAMI, FLORIDA ITEM 19a
INTER -OFFICE MEMORANDUM
DATE: M Chairman Teele and May 21, 2001 FILE
Members of the CIA Board
SUBJECT. CRA to Rescind Resolution No.
SEOPW/CRA R-00-76 and Approve an
Agreement with City Regarding Annual
FROM: Dipak M. Parekh _ REFERENCES Debt Service Payments of $300,000 for
Executive Director 1990 Debt Bond Issue
ENCLOSURES,
RECOMMENDATION
It is recommended that the Community Redevelopment Agency rescind resolution No.
SEOPW/CRA R-00-76 and approve an agreement with the city regarding the annual debt service
payments of $300,000 for the 1990 Debt Bond Issue as well as payment of $559.522.00 in
settlement of any claims that the CRA might contemplate the city, such as certain parking revenues
from property against.
Owned by the city and or any claim the agency might have with respect to land deeded by the CRA
is
to the City for use by the Miami sports and exhibition authority as well as any matters existing
prior to January 1, 2001 between the CRA and the City.
BACKGROUND
The attached resolution approves rescinding previous resolutions No. SEOPW/CRA R-00-76 as
well as one holding harmless the City for claims the CRA might have.
The City would compensate the agency with the sum of $559.522.00.
Funding Source: N/A
Account Number: N/A
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SEOPW/ORA
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