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Home My WebLink AboutR-90-0525RESOLUTION NO & 9 0 - 525 A RESOLUTION AUTHORIZINO THE CITY MANAGER TO SEEK APPROVAL FROM THE DADE COUNTY COMMISSION FOR CASE OF REDRVELOPMENT TRUST FUNDS; FURTHER APPROVING AN EXPENDITURE IN THE AMOUNT OF $490,793 FROM THE SOUTHEAST OVERTOWN/PARK WEST REDEVELOPMENT TRUST FUND FOR THE PURPOSE OF MAKING AN INTEREST PAYMENT ON A U.S. HUD SECTION 108 LOAN FOR PHASE I LAND ACQUISITION. WHEREAS, the Southeast Overtown/Park West Redevelopment Trust Fund has been established to receive tax increment monies generated by the Southeast Overtown/Park West Community Redevelopment Project, from which funds may be appropriated to cover certain project costs, including project financing costs and other project implementation expenses; and WHEREAS, the Southeast Overtown/Park West Redevelopment Trust Fund contains sufficient balances to allow draws to be made from said Fund for these specific project activities; and WHEREAS, by Ordinance No. 10759 , the City Commission appropriated $490,793 from the Southeast Overtown/Park West Trust Fund for the purpose of making a HUD Section 108 Loan interest payment; and WHEREAS, the City Commission, by Resolution No. 83-187, authorized the approval of an Interloeal Cooperation Agreement between Metropolitan Dade County and the City of Miami requiring the prior approval of the Dade County Commission for any expenditures from the Southeast Overtown/Park West Redevelopment Trust Fund; and WHEREAS, by Resolution No. 85-742, the City Commission authorized the execution of a Promissory Note for a Section 108 Loan in the amount of $5,958,400 for Phase I land acquisition for the Southeast Overtown/Park West Community Redevelopment Project; and WHEREAS, an interest payment in an amount not to exceed $490,793 is due on the aforementioned Section August 1, 1990; 108 Loan on CITY OP MiAMt, FLORIDA I SECTION 1, The City Manager is hereby authorized to seek approval from Redevelopment Trust Resolution. SECTION 2. the Dade County Commission for the Fund expenditures provided for by this _ An expenditure of funds in the amount of $490t793 is hereby approved from the Southeast Overtown/Park West Redevelopment Trust Fund for the purpose of making a HUD Section 108 Loan interest payment due August 1. 1990, said approval being conditioned upon receipt of said monies. SECTION 3. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 12thday BUDGETARY REVIEW & APPROVAL: Afripi NOHAR SUR4KAq DIRECTOR DEPARTMENT OF BUDGET CAPITAL BUDGET REVIEW: G- Z2-90 EDUjKRD0 RODR I EZ CIP JECT MANAGER PREPARED AND APPROVED BY: K. ASSISTANT CITY ATTORNEY FINANCIAL REVIEW & APPROVAL: CARL ARCIA, DIRECTOR DEPAR ENT OF FINANCE APPROVED AS TO FORM AND CORRECTNESS:,. CITY ATTOR EY LLY l r J, 0 r CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM 0 Honorable Mayor and Members DATE FILE of t e City Commission JUL - 3 1990 SUBJECT FY .1990 Southeast op Overtown/Park West Redevelopment Trust Fund Budget ROM: Cesar H. Odio REFERENCES: City Manager ENCLMAE07/12/90 Commission Mtg. RECOMMENDATION: It is respectfully recommended that the City Commission approve the Attached resolutio*n approiringFY 1990 Southeast Overtown/Pirk' West Tax Increment Trust Fund Budget (Appendix A) -for the purpose of making an interest paypent.on a HUD Section 108 Loan for Phase I land aqquisition; authorizing the City Manager to seek approval from the Dade County Commission for use of Redevelopment Trust Fund. BACKGROUND: The Department of Development has analyzed the need for this action, which represents the use of tax increment revenues derived from the Southeast Overtown/Park West Redevelopment., Community Development Area. By Resolution No. 85-T42 (July 5, 1985) the City. Commission authorized the execution of a Promissory Note with the U.S. Department of Housing and Urban Development (HUD) for 'a $5,958,400 Section 108, Loan for the purpose of funding the purchase of.Phase I development land. *The loan ist'guaranteed,-by future HUD CDBG entitlement funds and 13 required to be totally repaid with the issuance of tax increment revenue band. ai An interest payment of $490vT93 is due.'.on,.the Section 108 federal loan on August 1, 1990 and is a required part of the Promisaory Note Obligations. The Interloaal Agreement between 'the City and Dade County No this project,, authorized by the City Commission by Resolutionri ,, 83-18Tj requires the City to obtain County r. any approval fo budgeted appropriations from the Redevelopment Trust'Fund., • Attachments; Appendix 'A Appendix B Proposed Resolution go-w ti APPENDIX A 06/20/90:` SOUTHEAST OV8RTOWN/PARK WEST REDEVELOPMENT DISTRICT TAX INCREMENT TRUST FUND FY 1990 BUDGET AMOUNT PAYMENT ITEM APPROPRIATED DUE DATE STATUS ---------- ---------------- , -------------------------- ----------- ------ I-S HUD SECTION 108 LOAN PAYMENT $2199456 08/01/87 PAID 3EOPW PHASE I MARKETING & PLANNING ACTIVITIES $1009000 N/A- HELD IN TRUST ACCT. J-S HUD SECTION 108 LOAN PAYMENT $4899449 08/01/88 PAID 3EOPW'PHASE -I MARKETING & PLANNING ACTIVITIES $45000 N/A HELD IN TRUST ACCT. J-S HUD SECTION 108 LOAN PAYMENT .$4909793 08/01/89 PAID J-S HUD SECTION 108. LOAN.'PAYMENT $4909793 08/01/90 SUBJECT TO APPROVAL rOTAL, APPROPRIATIONS Ut835t491 ----------- ---------- ----------- ------- rAX INCREMENT FUNDS COLLECTED $2,242,703' I 'SOUTHEAST OVERTOWN/PARK WEST REDEVELOPMENT PROJECT TAX INCREMENT REVENUE PROJECTIONS CITY & COUNTY COMBINED 05/31/90 TOTAL TOTAL FISCAL AREA TOTAL APPLICABLE* YEARLY ARENA RENT YEARLY PROJECTED YEAR END YEAR VALUATION INCREMENT MILLAGE NET REVENUE CONIRIBUT. REVENUE EXPENSES BALANCE 1982/83 -0 $789.30.59,502, Base Year N/A N/A+ N/A 0 0- i-----------------------r-------- 1983/84 $779869,266 ($4369236) ------_---------------------------------------------------------- N/A N/A 0 0 --- — 0 0. i — a _ a _ __ a _ i _ i — — — — — a a — — — — — — — — — — — — — — — — — — -- — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -- — — — -- — — — — — -- 1984/85 $77,442,148 ($863,354) N/A N/A 0 0 0 0 --------------------------------------------------------- 1985/86 (1) $86.,7621,1.19 $8,456,617 17.3140 -------------------------- $1399097 ----------------------------- 1985/86 (2) $3794619910 Base Year N/A N/A Total $86,762,119 $894569617 17.3140 $139,097 0 $1399097 0 $139,097 r-----------iY.------------------ 1986/87 0) $97,745,067 —~---------_---------------------------a--a-----------------------►-------------- $1994399565 17.1350 $3160442 1986/87 (2)' $46,898,016 $9,436,106 17.1350 $153,603 ,Total $144,643;083 $2898759671 17.1350 $470,045 0 $470tO45 $319,456 $289,686 -- — -- — — — — — — — 1987/88 (1) — — — — — — — — — — — — — — $98,-167,995 — — — — — — — — — — — — — $199862,493 — — — — — — — — — — — — 16.8945 — — — — — — — — — — -- $318,789 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -- — — — — — — — — — — — --- _ -- 1987/88 (2) $46,890,953 $99429,043 16.8945 $151,334 Total $145,058-,948 $299291,536 16.8945 $470,123 0 $470,123 $534,449 $2.25,360 ----.i—__-----------_+-------1--------a---------------a------------------------_-------'------- 1988/89 (1) $98;4.39,287 $24,133,785 16.8885 $323,028 -----------'---.--THY_ --- 1988/89 (2)' ;46,791,682 $9,329,772 16.8885 $149,688 Total _-------------------------------- $145 239 969 2 4b # 9 .3 557 , , 16. 8 8 8 5 4 2 16 $ ? 7 $ 0 4 2 16 $ 7 ? , 4 0 20 282 $ 9 79 $ 7 3 , 1989490 (1 ) $95,'531', 41-5 -------- $179225, 913 ----------------------------------- 16.9125 $276, 767 ------------------------------------- 1989/90 (2) $63,226,466 $259764,556 16.9125 $413,956 Tt1tal $1589757,881- $42,990,469 16.9125 $690,722 $300000 $9909722 $490,793 $707,211 ►ariwis7yr�+..--.rra.---_-----+`.--.—_.--------------------------------------- -------------------------------------------------- --a--------------'---------------•►---------------- �x k 3�ibfia.% zT`.cgf�y,•s, �. ?�'YS.. � w .ar _... tu. '* - � _ 9 K, (3) $168,945,881 $53,178,469 16,6945 $8439399 $300000 $1,1439399 $4909T93 $10599,816 ------------------------------------------------------------------------------------------------------------------ ..1991/92**(4) $207,741',175',$91,973,763 16.6945 $1v458p683 $300,000 $1,7589683 --------- $490J93 ------------------- $2y62L706 ---------- ------------------------------------ 1992/93 (5) $266*1289234 $150,360,822 161-6945 $2*384p6,89 $3009000 ---------- ; $2,684,689 .'$2,476*,793 $2,835,602 --------------------------------- ;� -------------------------------- 1993/94 $279.94349645.$.1639667.9233 i 16.6945 $Z95959725 ----------------------- $3009000 ------------------------ $298959725 $293139195 *3 r 418 v 132. ------------- i! ------------------------------------------------------------ 1994/95 $293v406,378 $177,6 . 3.8,966 16.6945 $2,817,314 $300,000 -------------------------------------- $117,314 ---- $29149t598 ----- $49,1859848 -------- ------------------------------------------------------------------------------------ - -----39- Applicable millage is (a) County General Fund + (b) City General Fund. City estimates for years after 1992 are based upon estimates of a 5% increase in total area valuation per'year.-, 1 1962/83 Original 2 1905/86 Addition 3 Includes $12,735,000 valuation for the Arena Towers. 4 Includ4s.$12,735,000 valuation for the Arena Towers and $25,200,000 for the Biscayne View Apts. 5 Includ'es.,$60,0009000'valuation for the Phase I Gran -Central Office Tower.