HomeMy WebLinkAboutMCRA-R-11-0003 02-28-2011 Cover MemoMidtown Board of Commissioners Meeting
February 28, 2011
MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Francis Suarez Date: February 18, 2011 File: 11-00131
and Members of the CRA Board
From: Clarence Woods (01
Assistant Director
BACKGROUND:
Subject: Resolution Authorizing Payment to Midtown
Miami CDD Pursuant to Second Amendment
to Midtown Interlocal Agreement.
References:
Enclosures: Legislation
It is recommended that the Board of Commissioners of the Midtown Community Redevelopment Agency
("CRA") approve and adopt the attached Resolution authorizing a payment, in an amount not to exceed
$1,576,072, to the Midtown Miami Community Development District, pursuant to the Second Amendment to
Interlocal Agreement dated May 28, 2004 ("Second Amendment").
The City of Miami, Miami -Dade County, the Midtown Miami Community Development District ("CDD"), and the
Midtown CRA entered into the Second Amendment on September 23, 2008. The Second Amendment provides
that the tax increment revenues being held by the CRA shall be paid to the CDD each year repay the bonds
issued -to -finance the "Parking Garage Project."
JUSTIFICATION:
This Resolution satisfies the CRA's contractual obligation.
FUNDING: $1,576,072 from Midtown Tax Increment Fund, "Other Current Charges and Obligations," Account
Code No. 10000.920101.549000.0000.00000.