HomeMy WebLinkAboutCRA-R-08-0010 Cover Memo•
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SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
SEOPW & Omni Boards of Commissioners Meeting
February 25, 2008
Item # 5
To: Board Chair Michelle Spence -Jones Date: February 15, 2008 File: 08-00192
and Members of the CRA Board
Subject: Authorizing Acquisition of Minority
Interest in the City of Miami's
Community Economic Development
Fund, LLC.
From: James H. Villacorta L,,� References:
Executive Director('
BACKGROUND:
Enclosures: Legislation
The attached Joint Resolution authorizes the Southeast Overtown/Park West and Omni Redevelopment District
Community Redevelopment Agencies ("CRAs") to acquire a minority interest in the City of Miami's Community
Development Entity ("CDE"), Miami Economic Development Fund, LLC.
The United States Congress created the New Markets Tax Credit Program ("Program") in 2000 to encourage
equity investment in low—income communities. The program is administered by the United States Department
Treasury and distributes tax credits to CDEs. The City of Miami has organized a limited liability company, Miami
Economic Development Fund, LLC, to participate in the Program. To improve the prospects for an award of tax
credits under the Program, the City has requested that the CRAs become members of the CDE.
JUSTIFICATION:
Obtaining New Market Tax Credits for projects within the redevelopment areas will allow the CRA to leverage its
tax increment revenues and speed redevelopment.
JHV/pk