HomeMy WebLinkAboutCRA-R-16-0046 Cover MemoSEOPW Board of Commissioners Meeting
September 26, 2016
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon Date: September 16, 2016 File: 16-01266
and Members of the CRA Board
Subject: Resolution Authorizing Renewal of CRA's
Insurance Coverage.
From: Clarence E. Woods, III /',(.) References:
Executive Director ""
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
The attached Resolution of the Board of Commissioners of the Southeast OvertownlPark West Community
Redevelopment Agency ("CRA") authorizes the 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/bla Public Risk Insurance Agency, in an amount not to exceed $124,425.
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 $124,425, which consists of $107,499 for property coverage, $14,011 for general liability coverage,
and $2,915 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:
$124,425 allocated from SEOPW Tax Increment Fund, entitled "General Operating Fund," Account Code No.
10050.920101.545000.0000.00000.