HomeMy WebLinkAboutSummary FormW,AGENDA ITEM SUMMARY FORM
-�. FILE C9-60273
R 13
Date: 3/4/2009 Requesting Department: Cily Manager's Office
Commission Meeting Date: 3/12/2009 District Impacted: 2 and 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item Law Department
F] Other Matter ID No.
Subject: Issuance of Bonds for Improvements within the SEOPW Redevelopment Area
Purpose of Item:
The attached resolution directs the City Manager to work with the Board of Commissioners of the
Southeast Overtown/Park West Community Redevelopment Agency 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 Southeast Overtown/Park West Community
Redevelopment Area (SEOPW CRA).
Background Information:
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 SEOPW
Redevelopment Area and the extension of its life. The City of Miami has projected tax increment
revenues generated over the extended life of the SEOPW CRA that would support the implementation
of projects in an amount not to exceed $500,000,000. This resolution advances the process of bonding
out the SEOPW CRA revenues.
Budget Impact Analysis
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capita! funds
Grants
Purchaing
Chief
V
0
0
$500,000,000
Final Approvals
(SIGN AND DATE)
Budget
Risk Management
Dept. Director
City Manager
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