HomeMy WebLinkAboutCRA-R-12-0046 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: 12-00686
and Members of the CRA Board
Subject: Resolution authorizing payment to the City of
Miami of the balance, including principal and
interest, for the Community Redevelopment
Revenue Bonds, Series 1990.
From: Clarence E. Woods, III A - 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 payment to the City of
Miami of the remaining balance, including principal and interest, in an amount not to exceed $492,143, for the
Community Redevelopment Revenue Bonds, Series 1990.
JUSTIFICATION:
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
Redevelopment Plan.
The CRA required funds to effectuate its responsibility of carrying out community redevelopment activities and
projects within its Redevelopment Area in accordance with its approved Redevelopment Plan.
The City of Miami issued Community Redevelopment Revenue Bonds, Series 1990 ("Series 1990 Bonds"), on
behalf of the Southeast Overtown/Park West Community Redevelopment Agency.
The CRA now wishes to make payment to the City of Miami of the remaining balance, including principle and
interest, for the Community Redevelopment Revenue Bonds, Series 1990.
This Resolution carries out these objectives.
FUNDING:
Funds are to be allocated from the SEOPW Tax Increment Fund, "Inter -Fund Transfer — Debt Service," Account
Code No. 10050.920101.891000.0000.00000.