HomeMy WebLinkAboutCRA-R-12-0077 MemoOmni 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 25th, 2012 File:
Subject: Resolution Authorizing an Interlocal and
Grant Agreement with the City of Miami to
fund its Port Tunnel Debt obligation.
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 authorizing an Interlocal and Grant
Agreement with the City of Miami to fund its Port Tunnel Debt obligation.
The Global Agreement, which was adopted in 2009, talks about The OMNI CRA funding the City's portion of the
$50,000,000.00 principal amount in the Port Tunnel obligation.
JUSTIFICATION:
Pursuant to the terms of the Global Agreement, Miami -Dade County ("County"), the City and the OMNI CRA
agreed to amend the OMNI CRA Redevelopment Plan to include a financial contribution for the Port Tunnel
Project from the OMNI CRA to the City, and further to expand its boundaries to include Watson Island.
FUNDING:
$ 50 million in principal ( and Interest ) financing from the OMNI Tax Increment Fund,
" Other Grants and Aids", Account Code No. 10040.920101.883000.0000.00000