HomeMy WebLinkAboutCRA-R-05-0044 Cover MemoSEOPW & Omni Board of Directors Meeting
October 27, 2005
Item # 14
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Chairman Johnny L. Winton
and Members of the CRA Board
Date: 10/21/05 File: 05-01200
Subject: Approval of Additional Funding for
PAC Streetscape Pilot Project
From: Frank K. Rollason References:
Executive Director
Enclosures: Supporting Documentation;
Legislation
RECOMMENDATION:
It is recommended that the Board of Directors of the Omni Community Redevelopment Agency (CRA)
approve and adopt the attached Resolution authorizing the Executive Director to expend funds not to
exceed an additional $3,500,000.00 for the Streetscape Improvement Pilot Project for the Performing Arts
Center of Greater Miami; further, authorizing the Executive Director to disburse said funds either directly to
vendors of the City of Miami Capital Improvement Projects (CIP) Department as determined by the
Executive Director; further, amending CRA Resolution No. CRA-R-0021 to permit the Executive Director to
allow the City CIP Department to access Omni Tax Increment Funds (TIF) on a Purchase Order basis as
approved by the Executive Director which would, in turn, permit the City Finance Department to make
payments directly to vendors as approved by both the City C1P Department and the Omni CRA.
JUSTIFICATION:
On May 25, 2005, the Omni Community Redevelopment Agency (CRA) Board of Directors approved and
adopted CRA Resolution No. CRA-R-05-0021 (copy attached) which approved the expenditure of an initial
$500,000 to get the project into the design phase and beginning construction phase. Since that time, the
initial design and selection of treatments have taken place by City Capital Improvements Project (CIP) with
a total estimate to complete the job of $4,000,000.00. Therefore, authorization is being sought for the
appropriation of an additional $3,500,000.00 for this project. In addition, the initial CRA Resolution only
allowed for the CRA to make payments directly to vendors. It has since been determined that the best way
to handle the finances is for the City CIP Department to issue the Purchase Orders and make the approved
payments to the vendors through the City Finance Department. To accomplish this payment method, the
Executive Director will permit City CIP to access Omni CRA Tax Increment Fund (TIF) accounts on a
purchase order by purchase order basis and once that funding has been encumbered, City C1P will be able
to make the payments to the vendor(s), directly. As a control mechanism, Omni CRA staff will be required
to approve all invoices for payment prior to processing by the City Finance Department.
FUNDING SOURCE: $3,500,000.00 Omni TIF Account No. 686001.590320.6 .860 entitled Omni
Construction in Progress
FKR/eh
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