HomeMy WebLinkAboutCRA-R-13-0015 Signed LegislationCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 13-00335 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE EXECUTIVE DIRECTOR TO APPLY FOR FUNDING FROM
THE FEDERAL HOME LOAN BANK OF ATLANTA IN CONNECTION WITH THE
REHABILITATION OF TOWN PARK NORTH, A 20-BUILDING, 169 UNIT
AFFORDABLE CONDOMINIUM HOUSING COMPLEX IN OVERTOWN; FURTHER
AUTHORIZING EXECUTION OF ALL DOCUMENTS NECESSARY FOR SAID
PURPOSE.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA') is
;. community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is
responsible for carrying out community redevelopment activities and projects within its Redevelopment
Area In accordance with the 2009 Southeast Overtown/Park West Redevelopment Plan ("Plana); and
WHEREAS, the Board of Commissioners of the CRA, by Resolution No. CRA-R-12-0056,
passed and adopted on July 30, 2012, authorized a grant to Town Park Plaza North Condominium
Association, Inc. In the amount of $3,333,333 for the rehabilitation of Town Park North, a 20-building,
169 unit affordable condominium housing complex in Overtown ("Town Park North Project"); and
WHEREAS, the Board of Commissioners of the CRA, by Resolution No. CRA-R-12-0061,
passed and adopted on September 17, 2012, authorized the Issuance of tax increment revenue bonds
to finance or refinance the acquisition and construction of community redevelopments projects, which
included the Town Park North Project; and
WHEREAS, the CRA, upon the advice of bond counsel, sought alternative funding sources in
lieu of utilizing the tax Increment revenue bonds for the Town Park North Project, and has identified
potential funding opportunities with the Federal Home Loan Bank of Atlanta; and
WHEREAS, application for the funding opportunities offered by the Federal Home Loan Bank
of Atlanta is required to be made by the CRA; and
WHEREAS, the Board of Commissioners wishes to authorize the Executive Director to apply
for funding with the Federal Home Loan Bank of Atlanta in furtherance of the Town Park North Project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF THE CITY
OF MIAMI, FLORIDA:
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. The Executive Director is authorized to apply for funding with the Federal Home
Loan Bank ofAtlanta in connection with the rehabilitation of Town Park North, a 20-building, 169 unit
CIO* of llinuil Page 1 of 2 File Id: 13-0033S (Version: 1) Printed On: 3/8/2013
File Number. 13-00335
affordable condominium housing complex is Overtown.
Section 3. The Executive Director is authorized to execute all documents necessary for
said purpose.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND SUFFICIENCY:
JESSIC N. PACHECO, ESQ.
OUTSIDE COUNSEL
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