HomeMy WebLinkAboutCRA-R-11-0011City of Miami
Legislation
CRA Resolution: CRA-R-11-0011
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 11-00180 Final Action Date: 2/28/2011
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA")
ACKNOWLEDGING THE CITY OF MIAMI'S ("CITY") RE -ALLOCATION OF
APPROXIMATELY $3.1 MILLION, ORIGINALLY INTENDED FOR THE
PURCHASE/CONSTRUCTION OF A CRA OFFICE FACILITY, TOWARD THE
PAYMENT OF THE DEBT SERVICE OF THE CITY'S SPECIAL NON -AD VALOREM
REVENUE BONDS, SERIES 1995.
WHEREAS, the Miami City Commission, by Resolution No. 95-569, passed and adopted on
July 13, 1995, authorized and provided for the issuance of $22 million in the City of Miami's ("City")
Special Non -Ad Valorem Revenue Bonds, Series 1995 ("Admin Building Bonds"); and
WHEREAS, a portion of the Admin Buildings Bonds were set aside for the Southeast
Overtown/Park West Community Redevelopment Agency's ("CRA") use toward the purchase or
construction of administrative office facilities; and
WHEREAS, since the issuance of the Admin Buildings Bonds, that certain portion set aside for
the CRA was not used, has accrued interest, and now totals approximately $3.1 million; and
WHEREAS, because the CRA's portion was not used for its intended purpose within the terms
of the Bond issuance, it must now be returned toward the payment of debt service on the Admin
Buildings Bonds; and
WHEREAS, in September 2010, the City paid the debt service on the Admin Buildings Bonds,
including that certain portion set aside for the CRA; and
WHEREAS, as reimbursement for the City's full payment of the debt service, the City must
now re -allocate the CRA's unused portion, including the interest accrued thereon; and
WHEREAS, the Board of Commissioners acknowledges the City's re -allocation of
approximately $3.1 million, originally intended for the purchase/construction of a CRA office facility,
toward the payment of the debt service of the Admin Buildings 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 Board of Commissioners of the CRA hereby acknowledges the City's
re -allocation of approximately $3.1 million, originally intended for the purchase/construction of a CRA
City of Miami Page 1 of 2 File Id: 11-00180 (Version: 2) Printed On: 11/29/2022
File Number: 11-00180 Enactment Number: CRA-R-11-0011
office facility, toward the payment of debt service of the City's Admin Buildings Bonds.
Section 3. This resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 11-00180 (Version: 2) Printed On: 11/29/2022