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9
Resolution
File Number: 09-00273
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION DIRECTING THE CITY
MANAGER TO WORK WITH THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGENCY ("SEOPW CRA"), TO MOVE FORWARD WITH THE PROCESS FOR
ISSUANCE OF BONDS AND THE USE OF TAX INCREMENT REVENUES FOR
THE FUNDING OF PROJECTS NOT TO EXCEED $500,000,000, FOR
IMPROVEMENTS WITHIN THE REDEVELOPMENT AREA.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("SEOPW CRA") is responsible for carrying out community redevelopment activities and projects
within the Redevelopment Area in accordance with its approved Redevelopment Plan ('Plan"); and
WHEREAS, on December 31, 2007, the City of Miami, Miami -Dade County, the SEOPW CRA,
and the Omni Redevelopment District Community Redevelopment Agency entered into an Interlocal
Agreement, which provided, among other things, for the expansion of the boundaries of the Southeast
Overtown/Park West Redevelopment Area and the extension of its life; and
WHEREAS, the City of Miami has projected tax increment revenues generated over the
expansion and extended life of the SEOPW CRA that would support projects not to exceed
$500,000,000, paid for by the issuance of bonds and other tax increment revenues; and
WHEREAS, the City Commission wishes to direct the City Manager to work with the Board of
Commissioners of the SEOPW CRA to move forward with the process for issuance of bonds;
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 herein as if fully set forth in this Section.
Section 2. The City Manager is directed to work with the Board of Commissioners of the
SEOPW CRA to move forward with the process for issuance of bonds and the use of tax increment
revenues for the funding of projects not to exceed $500,000,000, for improvements within the
redevelopment area.
Section 3_ This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.{1}
City of Miami Page I of 2 Printed On: 3/4/2009
File Number. 09-00273
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
CITY ATTORNEY1
Footnotes:
{1} If 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
become effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 Printed On: 3/4/2009