HomeMy WebLinkAboutCRA-R-17-0032i OMNI
I�� OMNI CRA
Community Redevelopment Agency 1401 N. Miami Avenue
Miami, FL 33136
OmniLegislation www.miamicra.com
C R A
OMNI CRA Resolution: CRA-R-17-0032
File Number: 2362 Final Action Date:5/25/2017
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA"), WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE
CRA, TO ISSUE TAX INCREMENT FINANCING BONDS IN THE EXPECTED
TOTAL MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED TWENTY-FIVE
MILLION DOLLARS ($25,000,000.00) IN ORDER TO, AMONG OTHER THINGS,
REIMBURSE THE CRA FROM TAX INCREMENT FINANCING BONDS FOR
FUNDS ADVANCED BY THE CRA FOR CERTAIN EXPENSES INCURRED WITH
RESPECT TO PROJECTS OF THE CRA, REAL PROPERTY ACQUISITION,
AFFORDABLE HOUSING PROJECTS, AND CERTAIN RELATED CAPITAL
IMPROVEMENTS PROJECTS; ESTABLISHING CERTAIN RELATED
DEFINITIONS OF TERMS; AUTHORIZING CERTAIN FURTHER AND
INCIDENTAL ACTIONS BY THE EXECUTIVE DIRECTOR, IN CONSULTATION
WITH GENERAL COUNSEL AND BOND COUNSEL, AND SUCH OTHER
APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CRA, AS THE
EXECUTIVE DIRECTOR DEEMS NECESSARY, ALL AS REQUIRED FOR
PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED; FURTHER AUTHORIZING THE EXECUTIVE
DIRECTOR TO UNDERTAKE THE RELATED AMENDMENTS TO THE CRA'S
REDEVELOPMENT PLAN PREVIOUSLY ADOPTED SEPTEMBER 29, 2009
("AMENDED 2017 PLAN"); DIRECTING THE EXECUTIVE DIRECTOR TO
TRANSMIT THE AMENDED 2017 PLAN AND THIS RECOMMENDATION TO
THE CITY MANAGER FOR REVIEWAND CONSIDERATION, AND TO
REQUEST SUBSEQUENT TRANSMITTAL TO THE MIAMI CITY COMMISSION
AND MIAMI-DADE COUNTY COMMISSION FOR LEGISLATIVE ACTION.
WHEREAS, United States Treasury Regulations §1.150-2 ("Reimbursement
Regulations") prescribe conditions under which proceeds of tax-exempt bonds, notes, or
other obligations ("Bonds") used to reimburse advances made for real property
acquisition, capital, and certain other expenditures ("Original Expenditures") paid before
the issuance of such Bonds will be deemed to be expended (or properly allocated to
expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code
of 1986, as amended, and the regulations promulgated thereunder (collectively, the
"IRS Code"), upon such reimbursement so that the proceeds so used will no longer be
subject to requirements or restrictions under those sections of the IRS Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that
there be a declaration of official intent not later than sixty (60) days following payment of
the Original Expenditures expected to be reimbursed from proceeds of Bonds and that
the reimbursement occur within certain prescribed time periods after the Original
City of Miami Page 1 of 3 File ID: 2362 (Revision: A) Printed On: 911412022
File ID: 2362 Enactment Number: CRA-R-17-0032
Expenditures are paid or after the property resulting from that Original Expenditure is
placed in service; and
WHEREAS, the Board of Commissioners of the Omni Redevelopment District
Community Redevelopment Area ("CRA") expects to provide for the issuance by the
CRA of its tax-exempt and tax increment financing bonds in a total principal amount not
to exceed Twenty Five Million Dollars ($25,000,000.00) (collectively, "Series 2017
Bonds") for the purposes of financing the costs of the CRA's affordable housing, real
property acquisition, and other capital improvements projects (collectively, the
"Affordable Housing and Capital Improvements Projects"); and
WHEREAS, in connection with the CRA's Affordable Housing and Capital
Improvements Projects, the CRA expects to make Original Expenditures that will be
reimbursed from proceeds of the Series 2017 Bonds as set forth in the Executive
Director's Memorandum dated May 25, 2017, attached and incorporated ("Executive
Director's Memorandum"); and
WHEREAS, in connection with the CRA's Affordable Housing and Capital
Improvements Projects, the CRA desires to expeditiously provide affordable housing
loans and multiple capital improvement projects for which the CRA has already
determined funding considerations in its 2009 Redevelopment Plan adopted September
29, 2009 pursuant to CRA Resolution No. CRA-R-09-0049 ("Redevelopment Plan") and
adopted 2016-2017 budget; and
WHEREAS, the CRA desires to amend its Redevelopment Plan ("Amended 2017
Redevelopment Plan") to prioritize the Affordable Housing and Capital Improvement
Projects for which the CRA intends to issue the Series 2017 Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA:
Section 1. Recitals and Findings. The recitals and findings contained in the
Preamble to this Resolution are adopted by reference and incorporated as fully set forth
in this Section.
Section 2. Definitions. The following definitions apply to the terms used
herein: "Reimbursement" or "Reimburse" means the restoration to the CRA of money
temporarily advanced from the CRA's own funds and spent for Original Expenditures
before the issuance of the Series 2017 Bonds, evidenced in writing by an allocation on
the books and records of the CRA that shows the use of the proceeds of the Series
2017 Bonds to restore the money advanced for the Original Expenditures.
"Reimbursement" or "Reimburse" generally does not include the refunding or retiring of
Bonds previously issued and sold to, or borrowings from, unrelated entities.
Section 3. Declaration of Official Intent. The Board of Commissioners
hereby declares the CRA's official intent to issue the tax-exempt and taxable Tax
City of Miami Page 2 of 3 File ID: 2362 (Revision: A) Printed on: 911412022
File ID: 2362
Enactment Number: CRA-R-17-0032
Increment Financing Bonds in the total expected maximum principal amount not to
exceed Twenty Five Million Dollars ($25,000,000.00) and, to the extent permissible
under the IRS Code regarding the tax-exempt Series 2017 Bonds, use a portion of the
tax-exempt Series 2017 to reimburse the CRA for funds advanced by the CRA for
Original Expenditures incurred and to be incurred with respect to the CRA Affordable
Housing and Capital Improvements Projects. This Resolution is intended as a
declaration of official intent under United States Treasury Regulation § 1.150-2, as set
forth in the Executive Director's Memorandum.
Section 4. Incidental Actions. The Executive Director, in consultation with
the General Counsel and Bond Counsel, and such other appropriate officers,
employees, and agents of the CRA as the Executive Director deems necessary, are
hereby authorized to take such actions as may be necessary to carry out the purposes
of this Resolution and the IRS Code.
Section 5. Related Amendment of the CRA's Redevelopment Plan. The
Redevelopment Plan currently authorizes and the Executive Director is further
authorized to undertake related amendments so that the Amended 2017 Plan reflects
the Executive Director's Memorandum (i) to prioritize the CRA's initiative to fund
projects related to Affordable Housing along with other capital projects to be determined
and authorized by the Executive Director, (ii) to prioritize real property acquisitions and
improvements to historic buildings, and (iii) to require that future reallocations be
presented to the Board of Commissioners at a later date. The Executive Director is
directed to transmit the Amended 2017 Plan and the CRA's Recommendation for
approval to the City Manager for review and consideration and to request subsequent
transmittal to the Miami City Commission and Miami —Dade County Board of County
Commissioners for legislative action.
Section 6. Effective Date. This Resolution shall take effect immediately upon
its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
City of Miami Page 3 of 3 File ID: 2362 (Revision: A) Printed on: 911412022