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HomeMy WebLinkAboutCRA-R-10-0081 09-27-2010 Legislation (Substitution)City of Miami Legislation CRA Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 10-01165 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING A TRANSFER, IN AN AMOUNT NOT TO EXCEED $5,271,317, TO THE CITY OF MIAMI, FOR THE REPAYMENT OF ADMINISTRATIVE OPERATING SUBSIDIES GIVEN TO THE CRA DURING THE PERIOD BEGINNING FISCAL YEAR 2000 AND ENDING FISCAL YEAR 2005; ALLOCATING FUNDING FROM SEOPW TAX INCREMENT FUND; "GENERAL OPERATING," ACCOUNT CODE NO. 10050.920101.891000.0000.00000. WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA") is responsible for carrying out community redevelopment activities and projects within its Redevelopment Area in accordance with its approved Redevelopment Plan; and WHEREAS, between Fiscal Year 2000 and Fiscal Year 2005, the City provided economic support to the CRA to enable the CRA to operate since tax increment funds generated within the Redevelopment Area where not sufficient to enable the CRA to implement the Redevelopment Plan; and WHEREAS, the funds advanced to the CRA from the City during Fiscal Year 2000 through Fiscal Year 2005 totals $5,271,317; and WHEREAS, the City has requested the CRA reimburse the City for all economic support provided to the CRA from the City Fiscal Year 2000 through Fiscal Year 2005; and WHEREAS, the CRA acknowledges that the City has provided the CRA with valuable economic support since Fiscal Year 2000 through Fiscal Year 2005; and WHEREAS, general counsel to the CRA has opined that the use of tax increment funds to reimburse the City $5,271,317 for funds advanced to the CRA for operations is a permissible expenditure of tax increment funds. 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 transfer of funds, in an amount not to exceed $5,271,317, to the City of Miami, is authorized. Section 3. Funds to be allocated from SEOPW Tax Increment Fund, "General Operating," City of Miami Page 1 of 2 File Id: 10-01165 (Version: 1) Printed On: 9/27/2010 File Number 10-01165 Account Code No. 10050.920101.891000.0000.00000. Section 4. This resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: VVILLIAM R. BLOOM SPECIAL COUNSEL Submitted into the public record in connection with item *3 on 9-27-F0 Priscilla A. Thompson City Clerk City of Miami Page 2 of 2 File Id: 10-01165 (Version: 1) Printed On: 9/17/2010