HomeMy WebLinkAboutCRA-R-06-0012 Cover Memo•
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Executive Director
SEOPW & Omni Board of Directors Meeting
March 27, 2006
SOUTHEAST OVERTOWN/PARK WEST Item #3
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
Chairman Johnny L. Winton
and Members of the CRA Board
Date March 17, 2006 File:06-00354
Subject: Authorization to Remit Annual
$1.43 Million to County to Retire
PAC Construction Bonds
Frank K. Rollason References
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 make the annual
payment of $1.43 million as required by the Omni CRA 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 31s1 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 of the PAC was estimated to be $224 million at the time the bonds were issued).
Today, the PAC's construction cost is estimated to be $411,988,000.00_
FUNDING SOURCE: $1,430,000.00 from Omni TIF Account Code No. 686001.590320.6.905 entitled
"Intergovernmental Charges".
FKR/eh