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Resolution: R-09-0108
File Number: 09-00273
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 3/12/2009
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 ("Global 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, in light of the recent economic downturn and deflated property values since the
execution of the global agreement, there is expected to be a decrease in the projected tax increment
revenues generated over the expansion and extended life of the SEOPW CRA; and
WHEREAS, to clarify and ensure that the intent of 5(e) in the Global Agreement is realized;
and
WHEREAS, the intent of 5(e) of the Global Agreement is that proceeds from bonds and tax
increment revenues for the funding of projects within the SEOPW CRA, as expanded, will reach the
goal of $500,000,000; and
WHEREAS, the City Commission desires to adopt a process and procedure to ensure that the
proceeds from the bonds and tax increment revenues generated in the amount of $500,000,000,
subject to capacity, is invested in projects in the SEOPW CRA before there is a revenue sharing by
SEOPW CRA with the City of Miami;
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
City of Miand Page 1 of 2 File Id. 09-00273 (Version: 2) Printed On: 6/1/2017
File Number: 09-00273
Enactment Number: R-09-0108
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 and consistent with the original intent of 5(e) of the Global Agreement.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.{1}
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 File Id. 09-00273 (Version: 2) Printed On: 6/1/2017