HomeMy WebLinkAboutCRA-R-05-0018City of Miami
Legislation
CRA Resolution: CRA-R-05-0018
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 05-00230 Final Action Date: 3/24/2005
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE EXECUTIVE DIRECTOR TO REMIT TAX INCREMENT
REVENUES, IN AN AMOUNT NOT TO EXCEED $1,430,000, TO MIAMI-DADE
COUNTY TO PAY DEBT SERVICE ON THE BONDS ISSUED FOR THE PURPOSE
OF FINANCING THE COST OF CONSTRUCTION OF THE PERFORMING ARTS
CENTER IN THE OMNI REDEVELOPMENT AREA; FUNDS TO BE ALLOCATED
FROM OMNI TIF FUND, "INTERGOVERNMENTAL CHARGES," ACCOUNT CODE
NO. 686001.590320.6.905.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA"), the City of
Miami, and Miami -Dade County entered into an Interlocal Cooperation Agreement (the "Agreement"), dated
June 24, 1996, establishing overall responsibilities for the Performing Arts Center currently under construction in
the Omni Redevelopment Area; and
WHEREAS, the Agreement requires the CRA to remit to Miami -Dade County by March 31 st of each year up
to, but not more than, the first $1,430,000 of the CRA's tax increment trust fund revenue to pay debt service on
the bonds issued for the purpose of financing the cost of construction of the Performing Arts Center ; and
WHEREAS, Miami -Dade County has confirmed that it has bonds outstanding, which were issued for the
purpose of financing the cost of construction of the Performing Arts Center and that the annual debt service on
those bonds exceeds $1,430,000;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI
REDEVELOPMENT DISTRICT 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. The Executive Director is authorized to remit tax increment revenues, in an amount not to
exceed $1,430,000, to Miami -Dade County to pay debt service on the bonds issued for the purpose of financing
the cost of construction of the Performing Arts Center in the OMNI Redevelopment Area.
Section 3. Funds are to be allocated from Omni TIF Fund, "Intergovernmental Charges," Account Code
No. 686001.590320.6.905.
Section 4. This Resolution shall become effective immediately upon its adoption.
City of Miami
Page 1 of 1 File Id: 05-00230 (Version: 1) Printed On: 9/14/2011