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Home My WebLink AboutLegislationCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12-00484 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ACKNOWLEDGING. THE INTENT OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA") TO OBTAIN DEBT FINANCING, IN AN AMOUNT NOT TO EXCEED FIFTY MILLION DOLLARS ($50,000,000) ("CRA DEBT OBLIGATIONS"), TO FINANCE THE CRA'S REDEVELOPMENT ACTIVITIES AS SET FORTH ON "EXHIBIT A", ATTACHED AND INCORPORATED; DETERMINING AND ACKNOWLEDGING NO LIABILITY ON THE PART OF THE CITY OF MIAMI FOR REPAYMENT OF THE CRA DEBT OBLIGATIONS, FOR DISCLOSURES RELATED THERETO AND FOR CONTINUING COMPLIANCE RELATED THERETO AND REQUIRING THE CRA TO INCLUDE ALL SUCH LIMITATIONS AND INDEMNIFICATIONS IN ALL DOCUMENTS, INSTRUMENTS, AND INFORMATION RELATED TO THE CRA DEBT OBLIGATIONS. WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA") is responsible for carrying out community redevelopment activities and projects within its designated redevelopment area ("Redevelopment Area") in accordance with its approved 2009 Redevelopment Plan ("Redevelopment Plan"); and WHEREAS, the Redevelopment Plan, at page 11, addresses the obligations of the CRA, in conformity with Chapter 163, Florida Statutes, including, but not limited to, preserving historic buildings, expanding the tax base, providing a diversity of housing options, and creating jobs within the Redevelopment Area; and WHEREAS, the Redevelopment Plan, at page 128, adopts the powers granted to the CRA in Chapter 163.370, Florida Statutes, wherein it states that the CRA shall be empowered "to apply for financing and to borrow money from the Federal Government, the State of Florida ("State"), Miami -Dade County ("County"), the City of Miami ("City") or other public or from private sources in the form of lands, bonds, grants, contributions, and any other form of financial assistance to be used for redevelopment activities."; and WHEREAS, the Redevelopment Plan, at page 2, states "[t]he 1982 Redevelopment Plan has not been effective in the redevelopment area, due to the lack of financing ability by the CRA and private enterprise."; and WHEREAS, the Board of Commissioners of the CRA determined that in order to facilitate the redevelopment of the Redevelopment Area, it is necessary, desirable, and in the best interest of the CRA to borrow money and to obtain debt in an amount not to exceed Fifty Million Dollars ($50,000,000) ("CRA Debt Obligations") to finance such redevelopment activities, which CRA Debt Obligations will be secured solelyby a pledge of legally available tax increment revenues of the CRA and that the CRA shall be solely responsible for the repayment of the CRA Debt Obligations and for all City of Miami Page 1 of 3 File Id: 12-00484 (Version: 1) Printed On: 5/1/2012 File Number: 12-00484 required disclosures and continuing compliance related thereto; and WHEREAS, in anticipation of such debt financing and the issuance of the CRA Debt Obligations, the Board of Commissioners of the CRA on April 30, 2012, pursuant to Resolution number CRA-R-12-0028, approved the priorities for the use of the proceeds from the CRA Debt Obligations and the intent of the CRA to obtain debt financing as set forth. on Exhibit "A", attached and incorporated; and WHEREAS, the City Commission has been advised of the CRA's intent to obtain debt financing to be secured solely by a pledge of legally available tax increment revenues of the CRA, to issue the CRA Debt Obligations, the proposed priorities that will be funded from the CRA Debt Obligations, and that the CRA shall be solely responsible for the repayment of the CRA Debt Obligations and for all required disclosures and continuing compliance related thereto and related indemnification of the City therefore; 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 herein as if fully set forth in this Section. Section 2. The Miami City Commission acknowledges the intent of the CRA to obtain debt financing in an amount not to exceed Fifty Million Dollars ($50,000,000) ("CRA Debt Obligations") to finance the CRA's redevelopment activities as set forth on Exhibit "A", attached and incorporated. Section 3. The City Commission determines and acknowledges no liability on the part of the City for repayment of the CRA Debt Obligations, for disclosures related thereto and for continuing compliance relatedithereto and requires the CRA to include all such limitations and indemnifications in all documents, instruments, and information related to the CRA Debt Obligations. Section 4. The CRA Debt Obligations shall not be and shall not be deemed to constitute debts, liabilities, or any other obligations of the City, the State, or any other political subdivision thereof, nor a pledge of the faith and credit of the City, the State, or any other political subdivision but shall be payable solely from the legally available tax increment revenues of the CRA as specifically pledged for such CRA Debt Obligations. Neither the City, the State, nor any other political subdivision thereof shall be obligated to pay the CRA Debt Obligations or any interest or premium thereon and neither the faith and credit nor the taxing power of the City as such taxing power relates to the City itself nor the taxing power of the State nor the taxing power of any other political subdivision thereof as it relates to such political subdivision itself, is pledged to the payment of the principal or of interest or premium on any of the CRA Debt Obligations. The issuance of the CRA Debt Obligations shall not directly, indirectly, or contingently obligate the City, the State, or any other subdivision thereof to levy or pledge any form of taxation whatsoever for the CRA Debt Obligations or make any appropriation for the payment of the CRA Debt Obligations. Furthermore, the CRA shall bear total responsibility for all disclosures and continuing compliance related to the CRA Debt Obligations and the CRA shall indemnify, hold harmless, release and defend the City, its elected officials, officers, directors, employees, agents and representatives from any and all liabilities, claims for damages, costs, or other financial, pecuniary, or other charges, orders, judgments, garnishments, liens, or alleged claims of any and all types whatsoever arising as a result of the CRA Debt Obligations. No documents, instruments, or information regarding the CRA Debt Obligations shall give rise to or result in, directly or indirectly, any City of Miami Page 2 of 3 File Id: 12-00484 (Version: 1) Printed On: 5/1/2012 File Number: 12-00484 financial, pecuniary or other liabilities of any type or kind of the City, its elected officials, officers, directors, employees, agents, or representatives nor subject the City, elected officials, directors, employees, agents, or representatives to any liability whatsoever. Section 5. This Resolution shall become effective .immediately upon its adoption and signature of the Mayor.{1} APPROVED AS TO FORM AND CORRECTNESS: JULIE O. BRU CITY ATTORNEY Footnotes: {1} 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 3 of 3 File Id: 12-00484 (Version: 1) Printed On: 5/1/2012