HomeMy WebLinkAboutMCRA-R-08-0001 Cover MemoMidtown Board of Commissioners Meeting
May 22, 2008
Item # 1
MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: May 19, 2008 "File: 08-00578
and Members of the CRA Board
Subject: Second Amendment to the Midtown Interlocal
Agreement
From: James H. Villacor L. References:
Executive Directo
Enclosures: Legislation
BACKGROUND:
The attached Resolution authorizes the execution of a Second Amendment to the Interlocal Agreement between
the Midtown Miami Community Redevelopment Agency ("CRA"), the City of Miami ("City"), Miami -Dade County
("County") and the Midtown Miami Community Development District ("District") to amend Section 3.3.1, which
requires that "Certificates of Occupancy have been issued for at least ninety percent (90%) of the Development
Components for Phase I" of the Midtown Project, and certain other provisions of the Interlocal Agreement.
The City, the County, and the District entered into an Interlocal Agreement dated May 28, 2004, which provided
a mechanism for funding certain bonds issued by the District. The CRA was created as contemplated in the
Interlocal Agreement. The First Amendment to the Interlocal Agreement, executed on June 30, 2005, added the
CRA as a party to the Interlocal Agreement, released the City and County from their obligations to contribute
Economic Incentive Payments to the District, and amended certain related provisions of the Interlocal
Agreement.
The CRA's obligation to contribute the Tax Increment Revenues to the District has not been triggered under
Section 3.3.1 of the Interlocal Agreement. This Amendment enables the Tax Increment Revenues collected by
the CRA to be released to the District based upon the current level of completed construction.
JUSTIFICATION:
Section V, at page 29 of the Midtown Redevelopment Plan, provides that the primary goal of the CRA is to
"support payment of debt service of bonds issued by the [District] which will fund the development of an
efficiency public parking system throughout the redevelopment area and public plaza." This Resolution
accomplishes this goal of the Redevelopment Plan.
JHV/pk