HomeMy WebLinkAboutMCRA-R-12-0002 02-27-12 Cover MemoMidtown Board of Commissioners Meeting
February 27, 2012
MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Francis Suarez
and Members of the CRA Board
From: Pieter A. Bockweg
Executive Director
Date: February 17, 2012 File: 12-00178
Subject: Resolution Authorizing Payment to Midtown
Miami CDD Pursuant to Second Amendment
to Midtown Interlocal Agreement.
References:
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 a payment, in an amount not to exceed
$1,620,359.73, 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 to repay the bonds
issued to finance the "Parking Garage Project."
JUSTIFICATION:
This Resolution satisfies the CRA's contractual obligation.
FUNDING:
Funds from Midtown Tax Increment Fund, "Other Current Charges and Obligations," Account Code No.
10000.920101.549000.0000.00000.