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HomeMy WebLinkAboutCRA-R-12-0070 AttachmentOmni Board of Commissioners Meeting October 25th, 2012 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Marc D. Sarnoff and Members of the CRA Board From: Pieter A. Bockweg Executive Director Date: October 17, 2012 File: Subject: Resolution de -allocating funds and allocating same to University of Miami Department of Cinema and Interactive Media References: Enclosures: Legislation BACKGROUND: It is recommended that the Board of Commissioners of the Omni Redevelopment District Community Redevelopment Agency ("CRA") approve and adopt the attached Resolution, with attachment(s) de -allocating $200,000 of carryover funds, as outlined in Attachment "A, and allocating the same to University of Miami's Department of Cinema and Interactive Media. JUSTIFICATION: A Resolution passed by the Board of Commissioners authorizing funding immediately encumbers the entire amount authorized. Where balances remain, a subsequent resolution is required to de -allocate those funds, and thereby allocate same funds to the University of Miami Department of Cinema and Interactive Media. FUNDING: City of Miami Legislation CRA Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12-01243 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, WITH ATTACHMENT(S), DEALLOCATING $200,000 IN REMAINING FUNDS ASSOCIATED WITH THE COMPLETED PROJECT, AS MORE SPECIFICALLY SET FORTH IN ATTACHMENT "A," AND ALLOCATING SAME TO THE UNIVERSITY OF MIAMI'S DEPARTMENT OF CINEMAAND INTERACTIVE MEDIA. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is responsible for carrying out community redevelopment activities and projects within the redevelopment area in accordance with its approved redevelopment plan; and WHEREAS, the CRA has, by Resolution, authorized funding for various projects; and WHEREAS, certain of these projects have been completed, and there are remaining balances which could be used to fund other community redevelopment activities and projects; and WHEREAS, the Board of Commissioners wishes to deallocate the remaining balances associated with these completed projects, as more specifically set forth in Attachment "A," and allocate same to the University of Miami's Department of Cinema and Interactive Media; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORI DA; 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. Remaining funds in the amount of $200,000 associated with completed projects, as more specifically set forth in Attachment "A," are hereby deallocated and those funds are hereby allocated to the University of Miami's Department of Cinema and Interactive Media. 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 1 of 1 File Id: 12-01243 (Version: 1) Printed On: 10/22/2012 Attachment (A) OMNI Resolution DISCRIPTION RESOLUTION APPROVED EXPAND AMOUNT TO BE AMOUNT AMOUNT DE -ALLOCATED OMNI CRA Waterline 08-0049 $743,007 $527,472 $200,000 Improvement Project ($5m) — Net of Grant Awarded to City Hall The Restaurant LLC.