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HomeMy WebLinkAboutCRA-R-10-0065 Cover Memo 09-20-2010SEOPW Board of Commissioners Meeting September 20, 2010 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Richard P. Dunn II and Members of the CRA Board From: Pieter Bockweg Executive Director Date: September 10, 2010 File: 10-01099 Subject: Resolution Authorizing Expenditures and Grants for the Entertainment Industry. References: Enclosures: Supporting Documentation; Legislation 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 expenditures and grants, in a total amount not to exceed $250,000, in support of film, media entertainment, and film -support businesses within the Redevelopment Area. The CRA seeks to develop the Redevelopment Area as an attractive location for those professionals and entities involved in the film, media entertainment, and film support industries. The Redevelopment Area offers a diverse landscape featuring several distinct entertainment districts and is located in close proximity to downtown Miami, just minutes away from Miami Beach. In addition to the State of Florida's recent allocation of $242 million in film tax credits, the Area is located within the environs of an Empowerment Zone, Urban Enterprise Zone, and Brownfield Redevelopment Zone that provide additional tax advantages, technical assistance, and economic, financial and regulatory incentives to businesses located in or relocating within the boundaries of these target zones. JUSTIFICATION: Section 2, Goal 2/Principle 6, at pages 11 and 15, of the 2009 Southeast Overtown/Park West Redevelopment Plan lists "[e]xpanding the tax base through the use of Smart Growth planning principles," and the promotion of local businesses, as stated redevelopment goals. Section 2, Goal 4/Principle 4, at pages 11 and 14, of the 2009 Southeast Overtown/Park West Redevelopment Plan lists the "[creation of] jobs within the community," and providing "variety in employment opportunities," as stated redevelopment goals. Section 2, Goal 5, at page 11, of the 2009 Southeast Overtown/Park West Redevelopment Plan lists the "[p]romotion and marketing of the community," as a stated redevelopment goal. This Resolution carries out these goals. FUNDING: $250,000 from SEOPW Tax Increment Fund, "Other Grants and Aids," Account Code No. 10050.920101.883000.0000.00000.