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HomeMy WebLinkAboutCRA-R-12-0028City of Miami Legislation CRA Resolution: CRA-R-12-0028 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12-00459 Final Action Date: 4/30/2012 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY (THE "CRA") AUTHORIZING THE CRA TO SEEKA NON -RECOURSE BOND ISSUE LOAN SECURED BYA PLEDGE OF TAX INCREMENT REVENUES IN AN AMOUNT NOT TO EXCEED FIFTY MILLION DOLLARS ($50,000,000.00) TO FINANCE REDEVELOPMENT ACTIVITIES; APPROVING THE PROJECTS FOR THE USE OF THE PROCEEDS FROM BOND ISSUE; AND AUTHORIZING THE EXECUTIVE DIRECTOR TO ISSUE A REQUEST FOR PROPOSALS WITH RESPECT TO THE BOND ISSUE. 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 2009 Redevelopment Plan ("Redevelopment Plan"); and WHEREAS, the Board of Commissioners hereby determines that in order to facilitate the redevelopment of the Redevelopment Area, it is necessary, desirable, and in the best interest of the CRA to obtain issue bonds to finance such redevelopment activities, which bonds will be secured by a non -recourse loan to the CRA secured by a pledge of tax increment revenue; and WHEREAS, in anticipation of such debt financing, the Board of Commissioners wishes to approve the projects listed on Exhibit "A" (the "Projects") for the use of the proceeds from the bond issue and authorize the Executive Director to issue a request for proposals with respect to the proposed non -recourse bond issue; 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. In anticipation of such bond issue, the Board of Commissioners hereby approves the Projects for the use of the proceeds from the debt financing, subject to negotiation of appropriate agreements with respect to each Project. Section 3. The Board of Commissioners authorizes the Executive Director to issue a request for proposals to identify the best terms available for the issue of a bond issue by the CRA which will be secured solely by a pledge of the tax increment revenues generated within the Redevelopment Area which bond issue shall be non -recourse to the CRA and impose no financial obligations on Miami -Dade County or the City of Miami, to finance the Projects, subject to the approval of the Board of Commissioners of the CRA of the terms of the proposed bond issue and approval of the issuance City of Miami Page 1 of 2 File Id: 12-00459 (Version: 2) Printed On: 11/3/2022 File Number: 12-00459 Enactment Number: CRA-R-12-0028 of the bonds and the terms of the bonds by the City of Miami and Miami -Dade County, and take the necessary actions to facilitate the implementation of the intent of this resolution. Section 4. The Board of Commissioners of the CRA hereby determines that the CRA debt obligations shall not be and shall not be deemed to constitute a debt, liability, or obligation of the City of Miami, or the State of Florida, or any other political subdivision thereof, nor a pledge of the faith and credit of the City of Miami, or the State of Florida, or any other political subdivision thereof, but shall be payable solely from the legally available tax increment revenues of the CRA as specifically pledged for such CRA debt obligations. Neither the City of Miami, nor the State of Florida nor any other political subdivision thereof shall be obligated to pay the CRA debt obligation or any interest or premium thereon and neither the faith and credit nor the taxing power of the City of Miami as it relates to the city itself nor the taxing power of the State of Florida (as it relates to the state itself) nor the taxing power of any other subdivision thereof (as it relates to such subdivision itself) is pledged to the payment of the principal or interest or premium on any of the CRA debt obligations. The issuance of the CRA debt obligations shall not directly, indirectly, or contingently obligate the City of Miami, the State of Florida, or any other subdivision thereof to levy or pledge any form of taxation whatsoever therefore or make any appropriation for the payment of the CRA debt obligations. Furthermore, the CRA shall bear total responsibility for all disclosures and continuing compliance related to the CRA debt obligations. Section 5. This resolution shall become effective immediately upon its adoption. City of Miami Page 2 of 2 File Id: 12-00459 (Version: 2) Printed On: 11/3/2022