HomeMy WebLinkAboutMCRA-R-10-0001 Cover Memo 2-11-2010Midtown Board of Commissioners Meeting
February 11, 2010
MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Marc D. Sarnoff Date: February 1, 2010 File: 10-00157
and Members of the CRA Board
Subject: Resolution Authorizing Payment to the
Midtown Miami Community
Development District.
From: James H. VillacortReferences:
Executive Director(/
Enclosures: Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Midtown Community Redevelopment Agency
("CRA") approve and adopt the attached Resolution authorizing payment, in an amount not to exceed
$3,862,462, to the Midtown Miami Community Development District, in accordance with the Second
Amendment to the Interlocal Agreement dated May 28, 2004.
On September 23, 2008, the City of Miami ("City"), Miami -Dade County ("County"), the Midtown Miami
Community Development District ("CDD") and the CRA executed a Second Amendment to the Interlocal
Agreement dated May 28, 2004 ("Second Amendment"). The Second Amendment provides that the tax
increment revenues being held by the CRA shall be paid to the CDD each year to repay the bonds issued to
finance the "Parking Garage Project."
JUSTIFICATION:
This Resolution satisfies the CRA's contractual obligation.
FUNDING: $3,862,462 from Midtown Tax Increment Fund, "Other Current Charges and Obligations,"
Account Code No. 10000.920101.549000.0000.00000.