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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.
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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 to 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, subject to capacity; 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 is Invested in projects in the SEOPW CRA before there is a revenue sharing b
SEOPW GRA 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
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 odginal intent of 5(6) of the Global
Agreement. 41'19 tl&Jc
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Priscilla A. Thompson
City Clerk
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.{1}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
CITY ATTORNEY
..Footnote
{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.
Submitted IntO
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Priscilla A.''
City Cierk