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Home My WebLink AboutR-89-1151r - J-89-11s2 11/30/89 RESOLUTION NO. 139-115t A RESOLUTION WITH ATTACHMENTS, OF THE CITY OF MIAMI, FLORIDA, PROVIDING FOR THE ACQUISITION FOR REDEVELOPMENT PURPOSES OF CERTAIN PROPERITES IN SOUTHEAST OVERTOWN/PARK WEST; AUTHORIZING THE ISSUANCE OF NOT TO EXCEED TWENTY-TWO MILLION DOLLARS ($22,000,000) IN PRINCIPAL AMOUNT OF THE CITY'S COMMUNITY REDEVELOPMENT REVENUE BONDS, SERIES 1990, TO FINANCE THE COST THEREOF AND TO FINANCE THE REPAYMENT OF A LOAN MADE TO THE CITY BY THE _ UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT; PROVIDING FOR THE SOURCE OF REPAYMENT OF SAID BONDS; AUTHORIZING VALIDATION OF THE BONDS; PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: SECTION 1. Authority. This Resolution is enacted pursuant to the Charter of The City of Miami, Florida (but only to the extent not inconsistent with and not repealed by the provisions of Section 166.021, Florida Statutes); Part III, Chapter 163, Florida Statutes; Chapter 166, Florida Statutes; the Constitution of the State of Florida; and other applicable provisions of law. SECTION 2. Findings and Determinations. It is hereby ascertained, determined and declared that: A. In Resolution No. 1179-69 and Resolution No. R-39-81, as affirmed in Resolution No. R-1677- 82, adopted by the Board of County Commissioners (the "Board") of Metropolitan Dade County, Florida (the "County"), the Board found the existence of one or more slum or blighted areas in the Southeast Overtown/Park West area of The City of Miami ("Overtown"). B. In Resolution No. R-1677-82, the County approved a redevelopment plan for Overtown (the "Plan") and in Ordinance No. 82-115, enacted on December 21, 1982, the County provided for an In- terlocal agreement between the County and The City of Miami (the "City"), delegating redevelopment powers to the City Commission of the City pursuant to Section 163.410, Florida Statutes. C. The County and the City entered into an Interlocal Agreement, dated as of March 31, 1983 (the "Interlocal Agreement"), which delegated redevelopment powers to the City, provided for the creation of a redevelopment trust fund by the City and the deposit of tax increment revenuer therein and the issuance of bonds, notes and other obliga- tions secured by such revenues in accordance with certain conditions set forth in the Interlocal Agreement. Pursuant to the Interlocal Agreement, by the adoption of Ordinance No. 9590 and Ordinance No. 10016, the City provided for the creation of the redevelopment trust fund (the "Redevelopme CITX C� Fxr +m Y H ,i 0 0 Trust Fund") and the funding thereof. and administration D. The City has heretofore found and deter- mined and hereby finds and determines that the rehabilitation and redevelopment of Overtown is necessary in the interest of the public health, safety, morals and welfare of the City, and that in order to carry out such rehabilitation and redevelopment it is necessary and appropriate for the City Commission to be a Community Redevelopment Agency under Part III of Chapter 163, Florida Statutes (the "Redevelopment Act"). E. In order to rehabilitate and redevelop Overtown and to eliminate the slum or blighted areas therein, it is necessary to acquire, clear and lease or sell certain lands within Overtown. F. Pursuant to the terms of a Section 108 Loan Agreement dated February 7, 1986, (the "Loan Agreement"), the City borrowed $5,958,400 (the "Loan") from the Department of Health and Urban Development of the United States ("HUD"), which moneys were used by the City to acquire the lands in Overtown described on Exhibit "A" hereto (the "HUD -financed Lands"). The City has leased or con- veyed the HUD -financed Lands to private developers who have constructed or are in the process of con- structing multi -family rental or condominium housing projects on such property, except for one parcel of land which has been leased to the Miami Sports and Exhibition Authority and upon which the Miami Arena has been constructed. - G. The City desires to acquire or assist the ~' Community Redevelopment Agency of the City of Miami, Florida (the "Agency") to acquire the real property described on Exhibit "B" hereto (the "Other Lands") for redevelopment purposes, which Other Lands may be conveyed or leased to private developers for multi -family rental or condominium projects or for other commercial ventures or projects. (The HUD -financed Lands and the Other Lands will be referred to herein collectively as }� the "Lands.") H. The City, through the issuance of bonds, expects to be able to obtain funds on terms more k,i beneficial to the City than the Loan Agreement to repay the HUD Loan and to finance the acquisition '! of the Other Lands. i ' I. The City, under the terms of the Interlocal Agreement, is authorized to issue bonds or other obligations payable from tax increment funds deposited in the Redevelopment Trust Fund which funds are to be pledged to repayment of bonds, notes or other obligations secured by such revenues (the tax increment revenues deposited in the Redevelopment Trust Fund and any other source of revenues which may be irrevocably pledged by the City for the payment of the 1990 Bonds (as hereinafter defined) prior to the issuance of the 1990 Bonds are hereinafter referred to as the ".Fledged Revenues.") h Mw yN J. Pursuant to an interlocal agreement to be entered into between the City and the Agency before the 1990 Bonds are issued, the parties thereto will find and agree that the City will issue bonds to finance the cost of redevelopment in Overtown and in consideration of the City providing the funds it for such redevelopment, the Agency will obligate itself and pledge to pay tax increment revenues deposited in the Redevelopment Trust Fund to the City to be used by the City to pay principal, in- terest and other amounts pertaining to the 1990 # Bonds. K. Notice of a public hearing to be held on December 6, 1989, by the City inviting written and oral comments and discussion regarding a plan of financing for the repayment of the HUD Loan and the acquisition of the Lands was published in the Miami Review, a newspaper of general circulation in the City of Miami, Florida. L. Pursuant to such notice, a public hearing was held on December 6, 1989, during which written s and oral comments and discussions from interested persons were requested and heard concerning the plan of financing and the location of the Lands. Attached hereto as Exhibit "C" is a copy of the minutes of the public hearing. The public hearing was held by the Assistant City Manager for the City. M. The acquisition of the other Lands and the repayment of the HUD Loan through the issuance of not to exceed $22,000,000 in aggregate principal amount of the City's Community Redevelopment Revenue Bonds, Series 1990 (the 111990 Bonds"), the principal of, premium, if any, with respect to and interest on which shall be payable solely from the Pledged Revenues, will serve proper and sufficient public purposes by aiding in the eradication of slum and blighted conditions and revitalizing of the Overtown area. N. The 1990 Bonds shall not be issued until such time as the County shall have approved the is- suance of the bonds pursuant to the Interlocal Agreement and the City and the Agency shall have entered into an interlocal agreement providing for the payment of tax increment revenues from the Redevelopment Trust Fund by the Agency to the City for purpose of using such funds to pay debt service on the 1990 Bonds. SECTION 3. Authorization of Acquisition of Other Lands and Repayment of HUD Loan; Authorization of Bonds. The acquisition of the Other Lands and the repayment of the HUD Loan are hereby authorized, with the cost thereof to be financed through the issuance of the 1990 Bonds by the City. Subject and pursuant to the terms hereof, the 1990 Bonds are rt hereby authorized to be issued at one time, or from time to time as needed in series, in an aggregate principal amount ' not exceeding Twenty -Two Million Dollars ($22,000,000). The issuance of the 1990 Bonds is hereby approved in accordance with Section 147(f) of the Internal Revenue Code of 1956, es amended. The denominations of the 1990 Bonds, interest =Y rates to be borne by the 1990 Bonds, the maturity dates thereof and the other terms of the 1990 Bonds shall be esta- blished by subsequent ordinance or resolution of the City F adopted prior to issuance thereof. In no event, however, shall the 1990 Bonds bear interest at a rate in excess of the maximum rate permitted by applicable law or mature more than thirty years after the date of issuance thereof. The 1990 Bonds shall be payable solely from and secured by the Pledged Revenues. The 1990 Bonds and the premiums, if any, with respect thereto and the interest thereon shall not be deemed to constitute a debt, liability or obligation of the City, the County or the State of Florida or any political subdivision thereof, or a. pledge of the faith and credit of the City, the County or the State of Florida or any political subdivision thereof, but shall be payable solely from the Pledged Revenues, and the City shall J: not be obligated to pay the 1990 Bonds, the premiums, if any, related thereto or the interest thereon except from the Pledged Revenues, and neither the faith and credit nor the taxing power of the City, the County or the State of Florida or any political subdivision thereof is pledged to the payment of the 1990 Bonds. —; The 1990 Bonds may be issued so that the interest thereon shall be intended to be included in the gross income of the holders thereof for federal income tax purposes or so that such interest shall be intended to be excluded from the gross income of the holders thereof for federal income tax .' purposes, as shall be determined by ordinance or resolution of the City adopted prior to issuance of the 1990 Bonds. SECTION 4. Validation Authorized. The City Attorney is hereby authorized and directed to institute proper proceedings in the Circuit Court of the Eleventh Judicial Circuit, in and for Dade County, Florida, to con- firm and validate the 1990 Bonds and to pass upon the security therefor and the validity and legality thereof. SECTION 5. Severability. If any one or more of the covenants, agreements or provisions of this Resolution shall be held contrary to any express provisions of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions of this Resolution or of the 1990 Bonds issued hereunder which shall remain in full force and effect. SECTION 6. Effective Date. This Resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED this 14th day of December 1989 Prepared and approved by: Lin - a K. Kears , Assistant City Attorney 273870016res:113 Xavier L. SuareztAayor #ti'4 i "R Approved As To Form and Correctness: Jo g o Fer andez, Cine Hi Community Redevelopment project_ PROPERTIES FINANCED BY HUD LOAN PROCEEDS PROPERTY CURRENT USE - S.E. Overtown/Park West jz Miami Sports Arena "- Block No. 44 S.E. Overtown/Park West Development Site for Block No. 55 the Odessa Project G P na x' �l uA' aF�yav-= y s� ! { f a f CITY OF MIAMI S.E. Overtown/Park West Community Redevelopment Project PROPERTIES TO BE ACQUIRED WITH THE BOND PROCEEDS Properties located in a City block bounded by N.W 8th Street, N.W. 9th Street, N.W. 2nd Avenue, and N.W. 3rd Avenue Properties located in a City block bounded by N.W. 9th Street, N.W. 10th Street, N.W. 3rd Avenue and N.W. 2nd Court Properties located in a City block bounded by N.W. 9th Street, N.W. and 10th Street, N.W. 2nd Court, and N.W. 2nd Avenue Properties fronting N.W. 2nd Avenue of a City block bounded by N.W. 8th Street, N.W. 9th Street, N.W. 2nd Avenue, and N.W. 1st Court Properties located in a City Block bounded by N.W. 10th Street, N.W. 11th Street, N.W. 1st Avenue, and North Miami Avenue Properties located in a City Block bounded by N.W. 11th Street, N.W. 12th Street, N.W. 1st Avenue, and North Miami Avenue Properties fronting N.E. N.W. 7th Street, N.W. 8th 1st Avenue 1st Avenue of a City block bounded by Street, North Miami Avenue, and N.E. f EXHISIT C T" RE TEFRA - - - - - - - - - - - - - - - - I 4 7 a 9 10 11 12 13 14 15 16 17 le 19 20 21 -22 .23 24 25 ki -t--os THU l e7 AammbA 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 APPEARANCES ON asHALr OF THE CITY OF MIAMI HEMISltT 33ATtZY, ASSISTANT CITY MANAGER 3300 Pan American Drive tiiami, Florida .ALSO PRESENTS CITY OF MIAMI t DEPARTMENT OF DEVELOPMENT Dupon Plaza CenLe►r suite 400 300 Biscayne Boulevard Way Miami, r1orida 33131 BY% ERDAL DONMEZ, PRINCIPAL ECONOMIC ANALYST and TONY ROBINSON LAW OFFtCas or HOLLA,ND & KNIGHT 1200 Drickell Avenue Miami, Florida 33101 HYs ROBERT J. FRIEDMAN, ESQUIRE KISHOR M. PARUKH, FIRST VICE PRESIDENT HOWARD GARY & COKPANY Suite 603 3090 Biscayne Boulevard Miami, Florida 33137-4163 stn PU 31 Vftu P* THU i e AGEPibA C) a . 04 — 1 4 5 6 7 8' 9 10 11 12 15 14 Thereupon -- a Mkt. DATUM C400d morning. My name is Herb asiley and 3 am Assistant City Manager for the City of Miami. This is a public hearing on a proposed redevelopment project in the southeast overtown/Park West Redevelopment District and the issuance of not exceeding $221100,000 tax increment revenue bonds by the City of Miami to finance the project. The project consists of the acquisition of certain parcels of land located in the Southeast overtown/Park Redevelopment District and the demolition of buildings currently existing thereon. Five of the parcels have already been 16 acquired and additional parcels are expected to � 17 be acquired. Except for the parcel which is 18 leased to the Miami Sports and Exhibition 19 Authority for the XLami Arena, all of the '- 2p parcels will be leased or sold to private 21 developers and used as the site for multi -family 22 residential and/or commercial projects. 23 Are there any persons present who wish to 24 speak about the project or the proposed issuance i 23 of bonds? MUPRICK, WITI'. LKVY & CONI SOR'RKPORTING'AGRNCY,-INC• tIt 'Jlh RWOr Q ttwlidlnp wle 013,1 FMWKn w Pima Qne t fT t rM�IMdal t7ri�Me<; 04 �/P ptls SttNt C E S Buf11pp�� 100 8 E.Z� 81►esf • RSrO Fool tlOoii - wow him Boom Fw** &WI Ft. Lxfu rtloh R�phda X401 Mlam�; t"Iaida 331�1 1u4a Coo t10'16'N4153 AM & Cods OM 5MY23 AM* 000f 0A VW13 NAo t t 4 yy p"s'i$$""""".��bbbbb 'P r r art h'Lh hE4;x l,,. b -c.— 7-99 Tmu i oe AiGENbA dPPtt= • P.Ots i. 2 3 4 5 b 7 8 9 10 11 12 13 14 15 16 17 le 19 20' 21 22 23 24 25 Beiing there are no citizens present to ask questional and to get a further explanation of the TarRA► hearing, we declare the meeting Officially closed. MR. DONME2: You may note our names. MR. BATLEY! I'm Herb Bailey, the Assistant City Manager, and everybody else can identify themselves. MR. ROSINSONs Tony Robinson, Department of Development. MR. DONMESs Donmes, MR. FRIEDM"s Holland & Knight. MR. PAREKHt Advisor. You got my name down, Erdal Robert Friedman, with Kishor Parekh, Financial MR. BAILEYS Would you note that we did wait a half-hour. (Thereupon the hearing was concluded.1, MUnRICK. WITT. LEVY & CONSOR REPORTING AGENCY, INC. 5th !door 9 Cpneau &"no sun* 1510,11 PpN WAI nua Cne ft"U r Finanow Center ' $ 311CMMOS SWMt W#M Paun PWft C ► o huUtl�nnp� 100 $.t k41i1M 0 Ud Plpor fAft 33401 n. tauarp�h F= 33M Miami, W," a►w1 9*0 Rat Ana code 140 8lio 055 Area Code pose UM?S3 Ana t1<ida �106i 1q 1015 Ares Ca 4 :b9.rC-- T�g<a TNU 1 Ole i 2 9 4 S b 7 01 9 09RTIFICATE STATE OF i+LQR=oh t t So. COUNTY OP DADS_ T,, AARRY B. SATTERMAN, RPRI being a � tt professional Reporter, do hereby Certify that the .w cauae of IN RE1 TEFRA, was heard before Herbert Bailey, Assistant City Manager, City of Miami, on 10 Wednesday, December 61 1989; that I was authorised to ii and did report in shorthand the proceedings in said 12 cause; and that the foregoing pagQar numbered from 1 - 13 to 41 inclusive, constitute a transcription of my 14 shorthand report of the proceedings at that time. 15 IN WITNESS WHEREOF I have hereunto affixed 16 my hand this 6th day of December 1989. 17 18 t 19 H�1R g MkTwx RPR i a 0 N Y DRLI ATi,ARC3x . 21 a 22 nk 23 r 24 25 r1UnRICK, WI'1"1. LF;VY !k CON' RKPORT[NG AGENCY, INC. � r r ' Otn faa • oomee l uitd��Q Bwt• �s�a. 1 nCIN rttua 1 6tat 2&d FFloor 319 04=18 219D d xi OW C 1 S 6u �r►0 a Miem1� fbnd� x+t11 0aca At1 West Palm Oet10� 33e0t Ft. a F�oAOe A, Oade pM 371�2718 Area t�00s ' Area OoOs N0�'!�155 rvp� ` tle Cf04f 1i2S47Y3 _ 4Rt�q1 9 .5, — f z F' 1 a Honorable Mayor and Members of he City Commission DATE DEC tw j� FILE S.B. Overtown/park hest SUM,: Tax Increment Bent! Issue, Series 1990 Cesar H. Odio RECERENCES City Commission - City Manager Meeting of 12/14/89 ENCLOSURES RBCOMMLNDATION: It is respectfully recommended that the City Commission adopt the attached Resolution, providing for the acquisition for redevelopment purposes of certain properties in S.E. Overtown/Park West Redevelopment District; authorizing the - issuance of not to exceed twenty-two million dollars (s2290009000) in principal amount of the City's Community Development Revenue Bonds, Series 1990, to finance the cost thereof and to finance the repayment of a loan made to the City by the United States Department of Housing and Urban Development; providing for the source of repayment of said bonds; authorizing validation of the bonds; providing certain other details with respect thereto; and providing an effective date. - BACKGROUND: _ The Department of Development & Housing Conservation recommends the approval of the attached Resolution in order to initiate - legal process for the issuance of tax increment revenue bonds for the S.E. Overtown/Park West project for the purpose of acquiring new properties and refinancing the existent debt. - A public hearing (TEFRA) was held on December 6, 1989 to satisfy the requirements of the Internal Revenue Code of 19860 Section - - 147(f) with respect to the tax-exempt status of this bond issue. - Y= Attachments: - Proposed Resolution_ Exhibit A Exhibit Bz°- Exhibit C 3 . �FF k3fC'F'f _ xt ( tY y ti. Yy i wn i 4 µ�yy aT7• l L ^ C d j )F �.YfiX.jihr ^R' �i�s'�4