HomeMy WebLinkAboutCRA-R-12-0076 10-29-12 Cover MemoSEOPW Board of Commissioners Meeting
October 29, 2012
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: October 19, 2012 File: 12-01237
and Members of the CRA Board
From: Clarence E. Woods, III
Executive Director
Subject: Resolution Authorizing Expenditure of Funds
for Legal Services Rendered in connection
with the Non -Recourse Bond Issue Loan.
References:
Enclosures: 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 expenditure of
funds, in an amount not to exceed $131,134.80, with Holland & Knight, LLP for legal services rendered in
connection with the non -recourse bond issue loan sought by the CRA to finance redevelopment activities.
The Board of Commissioners, by Resolution No. R-12-0028, passed and adopted on April 30, 2012, authorized
the CRA to seek a non -recourse bond issue loan secured by a pledge tax increment revenues, in an amount not
to exceed $50,000,000, to finance redevelopment activities. The CRA retained Holland & Knight, LLP to render
legal services in connection to the non -recourse bond issue loan. The CRA has been presented invoices for
said services in the amount of $131,134.80.
JUSTIFICATION:
Due to the complexity in obtaining a non -recourse bond issue, legal counsel was needed in order to further the
CRA's objective in securing said loan to finance redevelopment activities.
FUNDING:
Funds to be allocated from SEOPW Tax Increment Fund, "Professional Services" Account Code No.
10050.920101.531000.0000.00000.