HomeMy WebLinkAboutCRA-R-06-0012 Legislation•
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City of Miami
Legislation
CRA Resolution
City Hail
3500 Pan American
Drive
Miami, FL 33133
ww.ci.miami.fl.us
File Number: 06-00354 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.
City of :1liaari
Page 1 of 2 Printed On: 3/16/2006
File Number: 06-00354
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APPROVED S Ti FORM AND CORRECTNESS:
JOR E L. FE
GENERAL C
City of Miami
Page 2 of 2 Prktted On: 3116/2006