HomeMy WebLinkAboutCRA-R-05-0018 Cover MemoSEOPW and Omni CRA Board of Directors Meeting
March 24, 2005
Item #4
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Chairman Johnny L. Winton Date:
and Members of the CRA Board
From: Frank K. Rollason
Executive Director
Subject:
References:
March 18, 2005 File: 05-00230
Authorization to Remit Annual
$1.43 Million Payment to Miami -
Dade County to Retire
PAC Construction Bonds
Enclosures: Supporting Documentation;
Legislation
RECOMMENDATION:
It is recommended that the Omni CRA Board of Directors approve and adopt the attached Resolution
authorizing the Executive Director to make the annual payment of $1.43 million as required by the
Omni Inter -Local Agreement between the City of Miami, the Omni CRA, and Miami -Dade County for
the purpose of paying debt service on the construction bonds for the Performing Arts Center.
JUSTIFICATION:
Under the current Inter -Local Agreement (excerpt attached), the Omni CRA is required to remit, no
later than March 315t of each year, a payment in the amount of $1,430,000.00 for the purpose of
paying the debt service on the construction bonds for the Performing Arts Center. The CRA
Administration has determined that Miami -Dade County has, in fact, issued $86,570,856.20 in Special
Obligation Refunding Bonds to which the County pledged Omni Tax Revenues in an amount not to
exceed $1.43 million annually (see attached 2/4/04 letter attesting to Bond issuance). This Series
1997A Bonds mature on April 1, 2026 when the pledge of the Omni Tax Revenues expires (the total
construction cost for the PAC was estimated to be $224 million at the time the bonds were issued).
The PAC's current construction cost is estimated to be $314,182,000.00
FISCAL IMPACT: $1,430,000.00
FUNDING SOURCE: Omni TIF Account Code No. 686001.590320.6.905 entitled,
"Intergovernmental Charges."
FKR/eh