HomeMy WebLinkAboutCRA-R-12-0045 Cover MemoSEOPW Board of Commissioners Meeting
June 25, 2012
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: June 15, 2012 File: 12-00684
and Members of the CRA Board
Subject: Resolution authorizing the Executive Director
to amend the First Amendment to Grant
Agreement by and between the SEOPW CRA
and the City of Miami
From: Clarence E. Woods, III References:
Executive Director
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 negotiate an amendment to the First Amendment to Grant Agreement by and between the SEOPW CRA and
the City of Miami, Gibson Park, dated, October 31, 2011, to include the attached Amortization Schedule, and to
pledge Tax Increment Funds (TIF) to secure the grant amount, said T1F obligation to be pari passu with the
Bond referenced in Resolution CRA-R-12-0028.
The Board of Commissioners, by Motion on File No. 10-00327, passed and adopted on March 15, 2010,
authorized the a grant in an amount not to exceed Eight Million Dollars ($8,000,000) plus interest, to the City of
Miami for the renovation of Gibson Park.
The CRA and the City of Miami did enter into a First Amendment to Grant Agreement by and between the
SEOPW CRA and the City of Miami, Gibson Park, dated, October 31, 2011 based on the resolution referenced
above.
The City of Miami's Department of Capital Improvements Program is currently engaged in the renovation of
Gibson Park.
JUSTIFICATION:
Section IV.D, at page 31, of the Plan provides that "the provision of adequate community facilities and services
is essential in order to complement redevelopment activities proposed for Overtown ...;"
Section 163.370(2)(c)(3), Florida Statutes, provides that the CRA may construct parks, playgrounds, public
areas...and other improvements necessary for carrying out in the community redevelopment area the
community redevelopment objectives in accordance with the community redevelopment plan.
Pursuant to Florida Statute Chapter 163.370(2)(a), the CRA may execute any contracts or other instruments
necessary or convenient to exercise its powers. Herein an Amendment to the First Amendment to Grant
Agreement by and between the SEOPW CRA and the City of Miami, Gibson Park, dated, October 31, 2011.
The CRA and the City of Miami desire to amend said Agreement to include the new amortization schedule,
attached and incorporated herein, "Amortization Schedule," and to pledge TIF to secure the grant amount, said
TIF obligation to be pari passu with the Bond referenced in Resolution CRA-R-12-0028.
This Resolution carries out these objectives.