HomeMy WebLinkAboutCRA-R-07-0012 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
March 26, 2007
Item # 3
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
Date: March 19, 2007 File: 07-00331
Subject: Authorization to Remit Annual $1.43 Million
Payment to Miami -Dade County to Retire
PAC Construction Bonds
From: James H. Villacorta'i 1J� References:
Executive Director
Enclosures: Supporting Documentation and
Legislation
BACKGROUND:
The attached Resolution authorizes the Executive Director to make the annual payment of $1.43 million as
required by the Interlocal Agreement between the Omni CRA, the City of Miami, and, Miam i-Dade County for the
purpose of paying debt service on the construction bonds for the Performing Arts Center.
JUSTIFICATION:
Under the current lnterlocal Agreement (excerpt attached), the Omni CRA is required to remit, no later than
March 31St of each year, a payment in the amount of $1,430,000 for the purpose of paying the debt service on
the construction bonds for the Performing Arts Center. Miami -Dade County has verified that it has 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 and are not subject
to optional redemption until April 1, 2008.
FUNDING SOURCE: $1,430,000 from Omni TIF Account Code No. 10040.920101.891000.0000.00000 entitled
"Interfund Transfer."
JHV/eh