HomeMy WebLinkAboutCRA-R-08-0010 LegislationCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-00192 Final Action Date:
A JOINT RESOLUTION OF THE BOARDS OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST AND OMNI REDEVELOPMENT
DISTRICT COMMUNITY REDEVELOPMENT AGENCIES ("CRAS"),
AUTHORIZING THE CRAS TO ACQUIRE A MINORITY INTEREST IN THE CITY
OF MIAMI'S COMMUNITY DEVELOPMENT ENTITY, MIAMI ECONOMIC
DEVELOPMENT FUND, LLC.; AUTHORIZING THE EXECUTIVE DIRECTOR TO
EXECUTE ALL DOCUMENTS NECESSARY FOR SAID PURPOSE.
WHEREAS, the Southeast Overtown/Park West and Omni Redevelopment District Community
Redevelopment Agencies ("CRAs") are responsible for carrying out community redevelopment
activities and projects in accordance with their respective redevelopment plans; and
WHEREAS, the United States Congress created the New Markets Tax Credit Program
("Program") in 2000 to encourage equity investment in low-income communities; and
WHEREAS, the Program is administered by the United States Department of the Treasury and
distributes the tax credits to Community Development Entities ("CDEs"); and
WHEREAS, the City of Miami ("City") has established the Miami Economic Development Fund,
LLC, as a CDE, to allow it to participate in the Program; and
WHEREAS, to qualify as a CDE, it is necessary for the Fund to have non-profit members apart
from the City; and
WHEREAS, the CRAs are working on a number of projects that would benefit from New
Markets Tax Credits; and
WHEREAS, the Boards of Commissioners wish to authorize the CRAs' acquisition of a minority
interest in Miami Economic Development Fund, LLC;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARDS OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST AND THE OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCIES 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 Boards of Commissioners authorize the CRAs to acquire a minority interest in
the City of Miami's Community Development Entity, Miami Economic Development Fund, LLC.
City ref Miami Page 1 of 2 Primed On: 2/19/2008
File Number: 08-00192
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Section 3. The Executive Director is authorized to execute all documents necessary for said
purpose.
Section 4. This Resolution shall become effective immediately upon its adoption.
AS APPROVED AS TO FORM AND CORRECTNESS:
MARIA J. - ;'O
INTERIM GENERAL COUNSEL
City of Miami Page 2 of 2
Printed On: 2/19/2008