HomeMy WebLinkAboutCRA-R-09-0047 Cover Memo 09-24-09SEOPW & Omni Boards of Commissioners Meeting
September 24, 2009
Item # 4
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: September 16, 2009 File: 09-01073
and Members of the CRA Board
From: James H. Villacorta,
Executive Director -
Subject: Resolution Authorizing Payment to the
City of Miami for Advance of Debt Service
Reserve Required by Series 1990 Bonds.
References:
Enclosures: Legislation; Supporting Documentation
BACKGROUND:
It is recommended that the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing payment, in an amount
not to exceed $361,239, to the City of Miami ("City") for the City's advance of the debt service reserve required
by the Community Redevelopment Revenue Bonds, Series 1990 ("Series 1990 bonds").
The City of Miami issued Series 1990 bonds on behalf of the CRA. In order to issue the Series 1990 bonds, a
debt service reserve was required; however, the CRA was unable to fund said reserve and the City advanced
the required funds. The City has requested that the CRA reimburse the City for its advance of the debt service
reserve, in the amount of $361,239.
JUSTIFICATION:
This Resolution would satisfy the CRA's obligation to the City in funding the debt service reserve required for the
issuance of Series 1990 bonds.
FUNDING:
$ 361,239 from SEOPW Tax Increment Fund, "Interfund Transfer — Debt Service," Account Code No.
10050.920101.891000.0000.00000.