HomeMy WebLinkAboutCRA-R-09-0015 Legislation•
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City of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 09-00246 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA")
DIRECTING THE EXECUTIVE DIRECTOR TO WORK WITH THE CITY OF MIAMI
TO MOVE FORWARD WITH THE PROCESS FOR ISSUANCE OF BONDS FOR
IMPROVEMENTS WITHIN THE REDEVELOPMENT AREA, IN AN AMOUNT NOT
TO EXCEED $500,000,000, BACKED BY THE TAX INCREMENT FUNDS
RECEIVED BY THE CRA.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("SEOPW CRA") is responsible for carrying out community redevelopment activities and projects
within the Redevelopment Area in accordance with its approved Redevelopment Plan ("Plan"); and
WHEREAS, 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; and
WHEREAS, 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; and
WHEREAS, the Board of Commissioners wishes to direct the Executive Director to work with
the City of Miami to move forward with the process for issuances of bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST 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 directed to work with the City of Miami to move forward
with the process for issuance of bonds for improvements within the Southeast Overtown/Park West
Redevelopment Area, in an amount not to exceed $500,000,000, backed by the tax increment funds
received by the Southeast Overtown/Park West Community Redevelopment Agency.
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
ioJULIE O. B-U
GENERAL COUNSEL
City of Miumi
Page 1 of 2 Printed On 3/2/2009
File Number: 09-00246
City of Miami
Page 2 of 2 Printed On: 3/2/2009