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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.