HomeMy WebLinkAboutCRA-R-14-0056 Cover MemoSEOPW Board of Commissioners Meeting
September 30, 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
From: Clarence E. Woods, ill
Executive Director
Date: September 19, 2014 File: 14-00934
Subject: Resolution Authorizing Renewal of CRA's
Insurance Coverage.
References:
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
The attached Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") authorizes renewal of the CRA's commercial general liability, property, and
workers' compensation insurance, for an additional one-year period, through Risk Management Associations,
Inc. d/b/a Public Risk Insurance Agency, in an amount not to exceed $59,802.00.
As a public agency, the CRA employs individuals to carry out administrative functions in furtherance of various
redevelopment activities. Additionally, the CRA owns property throughout the Redevelopment Area. As a result
of its operations, the CRA has need for general liability, property and workers' compensation insurance
coverage.
With the passage of this Resolution, the CRA would be able to ensure uninterrupted coverage. The annual
premium is $59,802.00, which consists of $44,625.00 for property coverage, $12,286.00 for general liability
coverage, and $2,891.00 for worker's compensation coverage.
JUSTIFICATION:
Pursuant to Florida Statutes Chapter 163.356(3)(d), the CRA may appropriate funding necessary for the
administrative expenses the CRA.
FUNDING:
$59,802.00 allocated from SEOPW Tax Increment Fund, entitled "General Operating Fund," Account Code No.
10050.920101.545000.0000.00000.