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HomeMy WebLinkAboutCRA-R-13-0039 06-24-13 Cover MemoSEOPW Board of Commissioners Meeting June 24, 2013 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Michelle Spence -Jones Date: June 14, 2013 and Members of the CRA Board Subject: Resolution From: Clarence E. Woods, III References: Executive Director Enclosures: Resolution File: 13-00733 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 amending and supplementing Resolution No. CRA-R-12-0061, passed and adopted on September 17, 2012, as amended and supplement by Resolution No. CRA-R-13-0025, passed and adopted on March 25, 2013, for the purpose of: (a) increasing the not to exceed original aggregate principal amount of the initial series of Bonds to $60,000,000; (b) amending the description of the "Lyric Place — Block 25" Project; and (c) amending the description of the "St. John Overtown Plaza" Project. On September 17, 2012, the Board of Commissioners, by Resolution No. CRA-R-12-0061 (the "Original Bond Resolution"), provided, among other things, for the issuance of Tax Increment Revenue Bonds, Series 2012 (the "Series 2012 Bonds") in an aggregate principal amount not to exceed $50,000,000 for the purpose of financing certain grants to be used for the construction or rehabilitation of affordable housing and financing the construction of other capital improvements (each a "Redevelopment Project" and, collectively, the "Redevelopment Projects") in the Redevelopment Area. On March 25, 2013, the Board of Commissioners by Resolution No. CRA-R-13-0025 (the "Supplemental Resolution"), amended and supplemented the Original Bond Resolution for the purposes of: (a) clarifying that proceeds of the Series 2012 Bonds will not be used to pay either: (i) the costs of the portion of the Redevelopment Project referred to in the Original Bond Resolution as "Lyric Place — Block 36" (parking garage) would not be available for use by the general public; or (ii) the costs of the "Town Park Plaza North" portion of the Redevelopment Project; and (b) amending the description of the Redevelopment Project referred to as "St. John Overtown Plaza" to insert the parenthetical "(or such lesser number of affordable housing units as may be approved by the City Commission of the City of Miami, the Board of County Commissioners of Miami -Dade County, and the Board of Commissioners of the CRA)" immediately following the phrase "112 affordable housing units." This Resolution, if adopted, would amend and supplement the Original Bond Resolution by increasing the aggregate principal amount from $50,000,000 to $60,000,000, and would also amend the project descriptions of the "Lyric Place — Block 25" and "St. John Overtown Plaza." The amended descriptions would read as follows: "Lyric Place — Block 25 new construction of not less than 158 affordable housing units consisting of (A) Phase I consisting of between 98 — 100 affordable housing units to be located at the intersection of NW 2nd Avenue and NW 9`" Street, Miami, Florida, of which not less than 50% of the units will be dedicated for persons or families with incomes that do not exceed 60% of Area Media Income (AMI), and the balance of which will be dedicated for persons or families with incomes that do not exceed 120% of AMI and (B) Phase II consisting of not less than 60 affordable housing units to be located at the intersection of NW 2nd Avenue and NW 9th Street, Miami, Florida, of which not less than 50% of the units will be dedicated for persons or families with incomes that do not exceed 80% of AMI, and the balance of which will be dedicated for persons or families with incomes that do not exceed 120% of AMI. This project will be owned by or leased to a private developer." "St. John Overtown Plaza new construction of not less than 90 affordable housing units to be located at NW 3rd Avenue and 13th Street, Miami, Florida, 100% of which will be dedicated for persons or families with incomes that do not exceed 60% of AMI. This project will be owned by or leased to a private developer." FUNDING: This Resolution does not commit funding.