HomeMy WebLinkAboutCRA-R-14-0015 Cover MemoSEOPW Board of Commissioners Meeting
February 24, 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: February 14, 2014 File: 14-00152
Subject: Resolution Authorizing Expenditure of Funds
For Financial Analytical Services Rendered
By Standard & Poor's
From: Clarence E. Woods, Ili PA References:
Executive Director
Enclosures: Supporting Documentation; Resolution
BACKGROUND:
The attached Resolution of the Board of Commissioners of the Southeast OvertownlPark West Community
Redevelopment Agency ("CRA") authorizes the expenditure of funds in the amount of $19,000.00 for financial
analytical services rendered by Standard & Poor's Financial Services, LLC ("S&P") in connection with the
issuance of Tax Revenue Bonds, Series 2013 ("Series 2013 Bonds").
The Board of Commissioners previously determined that in order to facilitate the redevelopment of the
Redevelopment Area, it is in the best interest of the CRA to issue bonds to finance such redevelopment
activities. In anticipation of such debt financing, the Board of Commissioners, pursuant to CRA Resolution No.
CRA-R-12-0028, passed and adopted on April 30, 2012, approved a list projects to be financed utilizing the
proceeds of the Series 2013 Bonds.
The financial analysis by S&P was needed in furtherance of issuing Series 2013 Bonds. Specifically, S&P was
requested to perform an assessment of the CRA's credit rating in anticipation of issuing the Series 2013 Bonds.
FUNDING:
$19,000.00 is to be allocated from SEOPW Tax Increment Fund, entitled "Professional Services" Account Code
No. 10050.920101.531000.0000.00000