HomeMy WebLinkAboutCRA-R-11-0011 02-28-2011 LegislationCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 11-00180 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA")
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 THE DEBT SERVICE OF THE CITY'S SPECIAL NON -AD VALOREM
REVENUE BONDS, SERIES 1995 ("ADMIN BUILDINGS BONDS").
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 Admin Building Bonds; and
WHEREAS, a portion of the Admin Buildings Bonds were set aside for the CRA's use toward
the purchase or construction of administrative office facilities; and
WHEREAS, since the 1995 Bond issuance, 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 consents to 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 hereby consents 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").
City of Miami
Page 1 of 2 File Id: 11-00180 (Version: 1) Printed On: 2/18/2011
File Number: 11-00180
Section 3. This resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
GENERAL COUNSEL
City of Miami Page 2 of 2 File Id: 11-00180 (Version: 1) Printed On: 2/18/2011