HomeMy WebLinkAboutCRA-R-12-0028 04-30-12 Cover MemoSEOPW Board of Commissioners Meeting
April 30, 2012
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: April 24, 2012 File: 12-00459
and Members of the CRA Board
From: Pieter A. Bockwe
Executive Director
Subject: Resolution of Intent to obtain a non -recourse
bond and approving Projects
References:
Enclosures: Supporting Documentation; 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 authorizing the Executive Director
to issue a request for proposals to identify the best terms available for a bond issue, in an amount not to exceed
$50,000,000, 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 identified therein. The approval of the Board
of Commissioners of the CRA will be subject to the terms of the proposed bond issue and approval of the
issuance of the bonds and the terms of the bonds by the City of Miami and Miami -Dade County.
JUSTIFICATION:
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
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;
This Resolution carries out these objectives.