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City of Miami
Legislation
Resolution
File Number: 04-00582
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.ci.miami.fl.us
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, AUTHORIZING A
COVENANT TO BUDGET AND APPROPRIATE, IN AN AMOUNT NOT TO
EXCEED $7,500,000, AS A GUARANTEE FOR THE SOUTHEAST OVERTOWN/
PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA"); AUTHORIZING
THE CITY MANAGER TO EXECUTE, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, THE COVENANT AND ANY OTHER NECESSARY DOCUMENTS IN
SUPPORT OF A LOAN FROM THE FLORIDA MUNICIPAL LOAN COUNCIL'S
POOLED FINANCING PROGRAM TO THE CRA FOR CONSTRUCTION OF
CAPITAL PROJECTS WITHIN THE SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AREA, CONTINGENT UPON THE CRA
AGREEING
APPROPRIATED D WITHOUT FURTHER APPROVAL OF THE MIAMI CITY
COMMISSION.
WHEREAS, the City of Miami (City) wishes to support redevelopment efforts in the Southeast
Overtown/Park West Community Redevelopment Area; and
WHEREAS, the Florida League of Cities, Inc. has created a pooled financing program
administered by the Florida Municipal Loan Council to assist governmental units in financing the
construction of capital projects; and
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is seeking to obtain $7,500,000 in financing from the Florida Municipal Loan Council's pooled financing
program to construct capital improvement projects in accordance with its Redevelopment Plan; and
WHEREAS, the Florida Municipal Loan Council requires a Covenant to Budget and Appropriate
from the City as a condition of granting a loan to the CRA; and
WHEREAS, the City wishes toand Appropriateort the in obtaining
nd anythis othe nean cessary loan documents;
y authorizing the City
Manager to execute a Covenant
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. A Covenant to Budget and Appropriate, in an amount not to exceed $7,500,000, as
a guarantee for the CRA is authorized.
Section 3. The City Manager is authorized(1) to execute, in a form acceptable to the City
City of Miami Page 1 of 2
Printed On: 5/24/2004
File Number: 04-00582
Attorney, a Covenant to Budget and Appropriate, in an amount not to exceed $7,500,000, and any
other necessary documents, in support of a loan from the Florida Municipal Loan Council's pooled
financing program to the CRA for construction of capital projects within the Redevelop
ment Area,
contingent upon the CRA agreeing that the loan proceeds mayo
not be used or app pr at d without
further approval of the Miami City Commission.
Section 4. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{2}
APPROVED AS T
ALEJAN
CITY ATTO
AND ORRECTNESS:
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
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Printed On: 5/24/2004