HomeMy WebLinkAboutCRA-R-09-0015 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
March 5, 2009
Item # 2
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: March 2, 2009 File: 09-00246
and Members of the CRA Board
Subject: Issuance of Bonds for Improvements Within
The SEOPW Redevelopment Area.
From: James H. Villacorta -' References:
Executive Director{,
Enclosures: Legislation
BACKGROUND:
The attached Resolution directs the Executive Director to work with the City of Miami to move forward with the
process for issuance of bonds, in an amount not to exceed $500,000,000, for improvements within the
Southeast Overtown/Park West Community Redevelopment Area (SEOPW CRA). Repayment of the bonds
would be funded by the Tax Increment Funds (TIF) received by the SEOPW CRA.
JUSTIFICATION:
On December 31, 2007, the City of Miami, Miami -Dade County, the SEOPW CRA, and the Omni
Redevelopment District Community Redevelopment Agency entered into an Interlocal Agreement, which
provided, among other things, for the expansion of the boundaries of the Southeast Overtown/Park West
Redevelopment Area and the extension of its life. The City of Miami has projected tax increment revenues
generated over the extended life of the SEOPW CRA would support a bond issuance of $500,000,000. This
resolution advances the process of bonding out SEOPW CRA revenues.
JHV/pk