HomeMy WebLinkAboutCRA-R-07-0012 LegislationCity of Miami
Legislation
CRA Resolution
City Hail
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00331
Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS 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, ACCOUNT CODE NO. 10040.920101.891000.0000.00000,
ENTITLED "INTERFUND TRANSFER."
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; and
WHEREAS, the Agreement requires the CRA to remit to Miami -Dade County by March 31 st 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;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS 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, Account Code No.
10040.920101.891000.0000.00000, entitled "Interfund Transfer."
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
RGE L. FERNANDEZ
GENERAL COUNSEL
City of Miami' Page 1 of ! Printed On: 3/19/2007