HomeMy WebLinkAboutCRA-R-24-0032Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-24-0032
File Number: 16077 Final Action Date:5/23/2024
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY (THE
"CRA"), WITH ATTACHMENT(S), THE CRA ISSUED REQUEST FOR
INFORMATION ("RFI") 23-03 (EXHIBIT "A") FOR PROPOSALS TO
PARTICIPATE IN RECEIVING BOND FUNDING FOR PROJECTS IN THE
REDEVELOPMENT AREA, THE EXECUTIVE DIRECTOR RECOMMENDS THE
ACCEPTANCE AND APPROVAL OF THE PROJECTS LISTED ON EXHIBIT "B",
ATTACHED AND INCORPORATED HEREIN; AUTHORIZING THE CRA TO
SEEK A NON -RECOURSE BOND ISSUE LOAN SECURED BY A PLEDGE OF
TAX INCREMENT FINANCING ("TIF") , IN AN AMOUNT NOT TO EXCEED ONE -
HUNDRED SIXTY MILLION DOLLARS ($160,000,000.00) ("FUNDS") TO
FINANCE REDEVELOPMENT ACTIVITIES; APPROVING THE PROJECTS FOR
THE USE OF THE PROCEEDS FROM THE IMPENDING BOND ISSUANCE;
AND AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE
APPROPRIATE AGREEMENTS WITH RESPECT TO EACH PROJECT;
PROVIDING FOR INCORPORATION OF RECITALS; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida
Statutes, and is responsible for carrying out community redevelopment activities and projects
within its Redevelopment Area in accordance with the CRA 2018 Redevelopment Plan Update
("Plan"); and
WHEREAS, Section 2, Goals 2 and 4 of the SEOPW CRA 2018 Redevelopment Plan
Update ("Plan") lists "expand[ing] the tax base using public -private principles," and "creati[on]
of jobs within the community" as stated redevelopment goals; and
WHEREAS, the Board of Commissioners hereby determines that in order to facilitate the
redevelopment of the Redevelopment Area, it is necessary, desirable, and in the best interest of
the CRA to obtain issue bonds to finance such redevelopment activities, which bonds will be
secured by a non -recourse loan to the CRA secured by a pledge of tax increment financing
("TIF"); and
WHEREAS, the CRA issued Request for Information ("RFI") 23-03 (Exhibit "A") for
proposals to participate in receiving bond funding for projects in the Redevelopment Area; and
WHEREAS, the Executive Director recommends the acceptance and approval of the
projects listed on Exhibit "B"; and
WHEREAS, in anticipation of such debt financing, the Board of Commissioners wishes
to accept the Executive Director's recommendation and approves the projects listed on Exhibit
City of Miami Page 1 of 3 File ID: 16077 (Revision: A) Printed On: 6/3/2024
File ID: 16077 Enactment Number: CRA-R-24-0032
"B" (the "Projects") for the use of the proceeds from the impending bond issue; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGENCY 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. In anticipation of such bond issue, the Board of Commissioners hereby accepts
the Executive Director's recommendation and approves the Projects for the use of the proceeds
from the debt financing, subject to negotiation of appropriate agreements with respect to each
Project.
Section 3. The Board of Commissioners authorizes the Executive Director to issue a
request for proposals to identify the best terms available for the issue of a bond issue by the CRA
which will be secured solely by a pledge of the tax increment financing generated within the
Redevelopment Area which bond issue shall be non -recourse to the CRA and impose no
financial obligations on Miami -Dade County or the City of Miami, to finance the Projects,
subject to the approval of the Board of Commissioners of the CRA of the terms of the proposed
bond issue and approval of the issuance of the bonds and the terms of the bonds by the City of
Miami and Miami -Dade County, and take the necessary actions to facilitate the implementation
of the intent of this resolution.
Section 4. The Board of Commissioners of the CRA hereby determines that the CRA
debt obligations shall not be and shall not be deemed to constitute a debt, liability, or obligation
of the City of Miami, or the State of Florida, or any other political subdivision thereof, nor a
pledge of the faith and credit of the City of Miami, or the State of Florida, or any other political
subdivision thereof, but shall be payable solely from the legally available tax increment
financing of the CRA as specifically pledged for such CRA debt obligations. Neither the City of
Miami, nor the State of Florida nor any other political subdivision thereof shall be obligated to
pay the CRA debt obligation or any interest or premium thereon and neither the faith and credit
nor the taxing power of the City of Miami as it relates to the city itself nor the taxing power of
the State of Florida (as it relates to the state itself) nor the taxing power of any other subdivision
thereof (as it relates to such subdivision itself) is pledged to the payment of the principal or
interest or premium on any of the CRA debt obligations. The issuance of the CRA debt
obligations shall not directly, indirectly, or contingently obligate the City of Miami, the State of
Florida, or any other subdivision thereof to levy or pledge any form of taxation whatsoever
therefore or make any appropriation for the payment of the CRA debt obligations. Furthermore,
the CRA shall bear total responsibility for all disclosures and continuing compliance related to
the CRA debt obligations.
Section 5. The Executive Director is directed to present any proposed agreements
with respect to each project and documents to the CRA Board at such future meeting for its
consideration and, if satisfactory, approval.
Section 6. Sections of this Resolution may be renumbered or re -lettered and
City of Miami Page 2 of 3 File ID: 16077 (Revision: A) Printed on: 6/3/2024
File ID: 16077
Enactment Number: CRA-R-24-0032
correction of typographical errors which do not affect the intent may be authorized by the
Executive Director, or the Executive Director's designee, without need of a public hearing, by
filing a corrected copy of the same with the City of Miami City Clerk.
Section 7. This resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
ounsel 5/28/2024 e B . f-. ounsel 5/16/2024
City of Miami Page 3 of 3 File ID: 16077 (Revision: A) Printed on: 6/3/2024