HomeMy WebLinkAboutCRA-R-11-0011 02-28-2011 Cover MemoSEOPW Board of Commissioners Meeting
February 28, 2011
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 A. Bockweg
Executive Director
Date: February 18, 2011 File: 11-00180
Subject: Re -allocation of $3.1 million by City of Miami
to Pay Debt Service on Series 1995 Bonds
References:
Enclosures: 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 consenting to 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 debt service of the City's Special Non -Ad Valorem Revenue Bonds, Series
1995 ("Admin Buildings Bonds").
On July 13, 1995, the Miami City Commission, by Resolution No. 95-569, authorized and provided for the
issuance of $22 million in Admin Buildings Bonds. Approximately $2 million of the Admin Buildings Bonds were
set aside for the CRA's use toward the purchase or construction of administrative office facilities. The funds
were -no#-used-and,—since--1-995, have -accrued interest. - -
Because the proceeds were not used for CRA offices, the money must now be used to pay debt service on the
Admin Buildings Bonds. In September 2010, the City paid all debt service on the Bonds and the re -allocation of
these funds will serve as a reimbursement to the City for funds advanced for the Bond debt service payments.