HomeMy WebLinkAboutR-01-05883-01-188
6/7/01 41- 588
RESOLUTION NO.
A RESOLUTION OF THS MIAMI CITY COMMISSION
RESCINDING RESOLUTION NO. 00-389, IN ITS
ENTIRE'T'Y, AND SUBSTITUTING IN LIEU THE
HEREIN RESOLUTION; FURTIiER COMMITTING AND
AUTHORIZING THE PAYMENT OF $300,000 ANNUALLY
FROM THE CITY OF MIAMI'S GUARANTEED
ENTITLEMLNT REVENUE FROM THL STATE OF
FLORIDA TO HE APPLIED TOWARDS THE RETIREMENT
OF THE SERIES 1990 SPECIAL OBLIGATION DEBT
ISSUED ON BEHALF OF THE SOU'T'HEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGHNCY ("SFOPW CRA"), WHICI4 ANNUAL PAYMENTS
ARE TO BE MADE BY THE CITY UNTIL SUCH SERIES
1990 SPECIAL OBLIGATION DE13T HAS BEEN
COMPLETELY RETIRED, PLUS THE PAYMENT OF
$559,522 IN CONSIDERATION FOR THE SETTLEMENT
OF 1) ALL CLAIMS RELATED TO LAND DERDED TO
THE CITY I3Y THE SEOPW CRA FOR USE BY THE
MIAMI SPORTS AND EXHIBITION AUTHORITY, 2)
ANY BACK PAYMENT OF REVENUE COLLECTED BY THE
DEPARTMENT OF OFF-STREET PARKING FROM
PARKING ON LAND OWNED BY THH. SEOPW CRA, AND
3) ANY OTHER MATTERS EXISTING BETWEEN THE
CITY AND SH'OPW CRA PRIOR TO JANUARY 1, 2001.
WHEREAS, on May 11, 2000, the City Commission adopted
Resolution No. 00-389 which contained information in its
recitals and findings that have since been determined to be
erroneous and it is necessary to rescind Resolution No. 00--389,
CITY C:U 89tol T
14ELTING OF
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in i.ts entirety to correctly reflect- the facts as net forth in
the herein Resolution; and
WHEREAS, on November 8, 1990, the City of Miami issued
Community Redevelopment Bonds (the "Community Redevelopment
Bonds") totaling $11.5 million for certain infrastructure
improvements, acquisition and clearing of certain meal property
and refinancing of a $5.9 million Section 108 Housing and Urban
Development Promissory Note; and
WHEREAS, the bonds were backed by Tax Increment Revenue and
Guaranteed Entitlement Revenue 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, the Tax Increment Revenue has been insufficient to
pay the total debt service and therefore the guaranteed
entitlement revenue from the State of. Florida has been used as
the primary source of debt repayment; and
WHEREAS, the City has previously paid $300,000 from its
Guaranteed Entitlement with the Tax Increment: Revenue making up
the shortfall, which assures the debt service obligation is met:
while availing funds for. the Southeast- Overtown/Park West
Community Redevelopment Agency ("SEOPW CRA") to operate; and
WHEREAS, in exchange for the commitment to continue the
$300,000 annual payment until the retirement of the Community
Page 2 of 4 01-- 588
Redevelopment Bonds plus a one-time payment of $559,522 by the
City, SEOPW CRA agrees to the settlement of 1) all claims
related to land deeded to the City by the SEOPW CRA for use by
the Miami Sports and Exhibition Authority, 2) any back payment -
of revenue collected by the Department of Off -Street Parking
from parking on .land owned by SEOPW CRA, and 3) any other
matters existing between the City and SEOPW CRA prior to
January 1, 2001;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are adopted by reference and
incorporated as if fully set forth in this Section.
Section 2. Resolution No. 00-389, adopted May 11, 2000,
is rescinded in its entirety, and the herein Resolution is
substituted in lieu.
Section 3. The City of Miami commits and authorizes the
payment of $300,000 annually 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 Southeast Overtown/Park West
Community Redevelopment Agency ("SEOPW CRA"), which annual
payments are to be made by the City until such Series 1990
Special Obligation Debt has been completely retired, plus the
Page 3 of 9 0 t" V� 8 8
0XIMM
payment
of
$559,522, in consideration for the settlement of 1)
all claims
related to land deeded
to the City by SEOPW CRA for
use by
the
Miami Sports and Exhibition Authority, 2) any back
payment
of
revenue collected by
the Department of Off -Street:
Parking
from parking on land owned
by the SEOPW CRA, and 3) any
other matters existing between the
City and SEOPW CRA prior to
January
1,
2001.
Section 4. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.11
PASSED AND ADOPTA'D this 14th . day of _ June ___1 2001.
JOE CAROLLO, OR
In accordance with Miami Dade 8w. 2.3ti, Wnco tho MAyrtr did tint Int"crnPO rtpprrtir i of
ti.. ':�ginlation by tiianing it in th� dosiyuatod oacr aroviaoti, t.,:ikt i:'
bccamcs e)feciive wiill the r�lai)5c oI tut) 0 doye , ti) ; t>t
regarding samo, wittiout thu Mayor a r -Ing
ATTEST: ./
WALTER J. F'OEMAN, CITY
CORRECTNESS -e,
W51.20 : BSS
11
-'� Tf the Mayor does not sign. this Resolution, it shall become effective
at the end of ten calendar days from the date it was passed and
adopted. If the Mayor vetoes this Resolution, it shall became
effective immediately upon override ot the veto by the City Commission.
Page 4 of 4 0J.- 588
•
CITY OF MIAMI, FLORIDA 13
INTEROFFICE MEMORANDUM
TO
The Honorable Mayor and Members
of the City Commission
FROM:
ii
City Manager
RECOMMENDATION
DATE: FILE:
June A, 2001
SUBJECT:
Rescinding Resolution No.00-
389 ("SEOPW CRA")
REFERENCES: Settlement
ENCLOSURES:
It is respectfully requested that the City Commission rescind Resolution No. 00-389, which
contained information in its recitals and findings that have since been determined to be erroneous.
It is now necessary to rescind it in its entirety and substitute in lieu thereof the attached
resolution.
BACKGROUND
Certain information contained in Resolution No. 00-389 has been determined to be erroneous. As
a result the attached resolution rescinds it in its entirety.
Furthermore, the attached resolution authorizes the annual payment of $300,000 from the City of
Miami's Guaranteed Entitlement Revenue from the State of Florida towards the retirement of the
Series 1990 Special Obligation Debt issued on behalf of the Southeast Ovcrtown / Park West
Community Redevelopment Agency ("SEOPW CRA"), plus a one time payment of $559,522 to
the SEOPW CRA agreeing to the settlement of:
1) Any claims related to land deeded to the City by the SEOPW CRA for use by the Miami
Sports and Exhibition Authority.
2) Any back payment of revenue collected by the Department of Off-Sircet Parking from
parking on land owned by SEOPW CRA.
3) Any other matters existing between the City and SEOPW CRA prior to January 1,
2001.
The Board of the SEOPW CRA approved a similar resolution at its meeting of May 21,
2001,
Attachment��,// 7�"�
CAG:I.MH:sn
01-- 588