HomeMy WebLinkAboutCRA-R-16-0018 Cover MemoSEOPW Board of Commissioners Meeting
May 23, 2016
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: May 13, 2016 File: 16-00524
Subject: Resolution Authorizing the Acceptance of
Loan Repayment Funds from the Black
Archives History and Research Foundation of
South Florida, Inc.
From: Clarence E. Woods, III v"" References:
Executive Director
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
The attached Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") authorizes the acceptance of funds in the amount of $191,398.46, from the
Black Archives History and Research Foundation of South Florida, Inc. ("BAF") to satisfy a loan to BAF
authorized by CRA-R-15-0012.
The Board of Commissioners, by Resolution No. CRA-R-15-0012, passed and adopted on March 30, 2015,
authorized a non -amortized loan, in an amount not to exceed $200,000, to underwrite costs associated with
construction gap funding needed to close out the construction of the Lyric Theater Cultural Complex. The loan
was to be repaid to the CRA upon receipt of reimbursement funds owed to BAF from Miami -Dade County via
General Obligation Bonds upon successful close out of the project. On March 30, 2016, BAF notified the CRA
of its intent to satisfy the loan. This Resolution seeks to accept the loan repayment funds and provide BAF with
a promissory note release once the CRA receives the same.
JUSTIFICATION:
Section 2, Goal 1, at page 11, of the Southeast Overtown/Park West Community Redevelopment Agency Plan
("Plan") lists the "preserv[ation of] historic buildings and community heritage" as a stated redevelopment goal.
Section 2, Principle 6, at page 15, of the Plan states, "local cultural events, institutions, and businesses are to be
promoted" as a stated redevelopment principle. Further, Section 2, Principles 8 and 14, at page 15 of the Plan
states that "older buildings that embody the area's cultural past should be restored" and the area's sense of
community should be restored and unified culturally.
FUNDING:
This Resolution does not commit funding.