HomeMy WebLinkAboutCRA-R-05-0018 LegislationCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.ci.miami.fl.us
File Number: 05-00230 Final Action Date:
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 31st 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.
APPROVED AS TO FORM AND EETNESS:
FERNANDEZ
COUNSEL
91)
City of Miami
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Printer! On: 3/17/2005