HomeMy WebLinkAboutResolutionCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00582 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 CRAAGREEING THAT THE
LOAN PROCEEDS MAY NOT BE USED OR APPROPRIATED 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 to support the CRA in obtaining this loan by authorizing the City
Manager to execute a Covenant to Budget and Appropriate and any other necessary loan
documents;
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.
City of Miami Page 1 of 2 File Id: 04-00582 (Version: 11 Printed On: 7/9/2024
File Number: 04-00582
Section 3. The City Manager is authorized{1} to execute, in a form acceptable to the City
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 Redevelopment Area,
contingent upon the CRA agreeing that the loan proceeds may not be used or appropriated 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}
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.
City of Miami Page 2 of 2 File Id: 04-00582 (Version: 11 Printed On: 7/9/2024