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ITEM S-3
RESOLUTION OMNFCRA R- 0 14
A RESOLUTION OF THE BOARD OF THE OMNI COMMUNITY
REDEVELOPMENT AGENCY (ONM CRA) AUTHORIZING THE
EXECUTIVE DIRECTOR TO PROVIDE A GRANT TO CLUB SPACE
FOR 25% OF THE IMPACT FEES LEVIED BY THE MIAMI DADE
WATER AND SEWER AUTHORITY (WASA); FURTHER
AUTHORIZING THE ISSUANCE OF AN 18 MONTH LOAN AT THE
LIBOR RATE IN AN AMOUNT NOT TO EXCEED 75% OF THE
REMAINING WASA LEVY WHERE SAID LOAN WILL INCLUDE A
PROVISION THAT WOULD ALLOW THE CRA TO MAKE A
DEMAND ON SAME WITH THIRTY (30) DAYS NOTICE TO CLUB
SPACE; FURTHER PROVIDING THAT THE TOTAL FUNDING MUST
NOT EXCEED $200,000 FOR BOTH THE GRANT AND LOAN
PACKAGE TOGETHER.
WHEREAS, in furtherance of the redevelopment plan of the CRA;
WHEREAS, the provision of assistance to existing and new businesses in the area has a direct
impact on the economic revitalization of the redevelopment area.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI
COMMUNITY REDEVELOPMENT AGENCY (the "OMNVCRA") 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. That Board of Directors of the herby authorizes Executive Director to provide a grant
to Club Space for 25% of the impact fees levied by the Miami Dade Water and Sewer Authority, further
authorizing the issuance of an 18 month loan at the LIBOR rate in an amount not to exceed 75% of the
remaining WASA levy where said loan will include a provision that would allow the CRA to make a
demand on same with thirty (30) days notice to Club Space; further providing that the total funding must not
exceed $200,000 for both the grant. and loan package.
ONMICRA
03- 14
Section 3. This Resolution shall be effective upon its adoption.
PASSED AND ADOPTED this 24`h day of February,_2003.
ARTHUR E. TEELE, JR. AIRMAN
AT ST:
) z 2
PRISCILLA A. TH MPS N,
'CLERK OF THE BOARD
APPROVED AS TO FORM
AND
ANDRO VILARELLO,
GENERAL COUNSEL
®MNIIM
03- 1_4