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HomeMy WebLinkAboutCRA-R-07-0044 Cover Memo• • • SEOPW & Omni Boards of Commissioners Meeting October 29, 2007 Item # 4 SOUTHEAST OVERTOWNIPARK WEST AND OMNI COMMUNITY REDEVELOPMENT AGENCIES INTER -OFFICE MEMORANDUM To: Board Chair Michelle Spence -Jones and Members of the CRA Board Date: October 19, 2007 File: 07-01339 Subject: Authorizing Payment to FPL for Phase 4 (NW 3rd Ave Portion) of the 9th Street Mall Overhead to Underground Conversion From: James H. Villacorta References: Executive Director Endosures: Supporting Documentation, Legislation BACKGROUND: The attached resolution authorizes final payment, in an amount not to exceed $343,387.20, to Florida Power & Light Company for the Overhead to Underground Conversion and Facility Upgrade for the Northwest 9th Street Pedestrian Mall Alternate Phase 4. The City of Miami Commission by Resolution 98-592, adopted June 9, 1998, designated NW 3`d Avenue from NW 8th Street to NW 10th Street as a "Priority Pilot Project." The CRA by Resolution No. SEOPW/CRA 98-14, adopted on June 30, 1998, directed the "promot[ionj and support [of] commercial developments along the NW 3`d Avenue business corridor . . . by constructing infrastructure improvements and other amenities for new and expanding businesses." By Resolution No. SEOPW/CRA 01- 45, adopted on May 21, 2001, the CRA Board of Commissioners authorized Phase 4 of the overhead to underground electrical conversion project. JUSTIFICATION: Support for commercial businesses on the NW 3rd Avenue business corridor fulfills the Redevelopment Plan objective of "maintaining existing business[esj" as set forth in Section III. B. at page 13 of the plan. The total cost of the conversion was $569,502.59; however, the CRA's liability is limited to $508,543.20. The CRA has previously paid $165,156 leaving a balance of $343,387.20. The project is complete and final payment is due. FUNDING SOURCE: $343,387.20 from SEOPW Tax Increment Fund, "Construction in Progress," Account Code No. 10050.920101. 670000.0000.00000. JHVfeh