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HomeMy WebLinkAboutLegislation-SUBWE , a-o!3 A n City of Miami Legislation Resollution. City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 13-00726 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), INCREASING THE NOT TO EXCEED AGGREGATE PRINCIPAL AMOUNT OF THE COMMUNITY REDEVELOPMENTAGENCY ("CRA") DEBT OBLIGATIONS FROM $50,000,000 TO $60,000,000 AND AMENDING THE DESCRIPTIONS OF THE CRA'S REDEVELOPMENT ACTIVITIES AS SET FORTH IN RESOLUTION NO. R-12-0197, ADOPTED MAY 10, 2012, WHICH RESOLUTION, AMONG OTHER THINGS, ACKNOWLEDGED THE INTENT OF THE SOUTHEAST OVERTOWN/PARK WEST CRA TO OBTAIN DEBT FINANCING, IN AN AMOUNT NOT TO EXCEED FIFTY MILLION DOLLARS ($50,000,000), TO FINANCE THE CRA'S REDEVELOPMENT ACTIVITIES AS SET FORTH ON EXHIBIT "A" ATTACHED THERETO. 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 (the "Redevelopment Area") in accordance with its approved 2009 Redevelopment Plan; and WHEREAS, at the request of the CRA, the City Commission adopted Resolution No. 12-0197, May 10, 2012 (the "Authorizing Resolution") acknowledging the CRA's intent to obtain debt financing and delegating to the CRA the authority to issue and sell bonds in an aggregate principal amount not to exceed $50,000,000 (the "CRA Debt Obligations") secured solely by the CRA's tax increment revenues in order to (i) fund certain redevelopment projects set forth on Exhibit "A", attached and incorporated to the Authorizing Resolution (the "CRA Projects"); (ii) to retire on the date of delivery of the CRA Debt, all of the City's outstanding Community Redevelopment Revenue Bonds, Series 1990 (the "Outstanding 1990 Bonds"); (iii) to fund a reserve fund, if necessary, and (iv) to pay costs of issuance of the CRA Debt (capitalized terms used herein but not otherwise defined shall have the meanings assigned to such terms in the Authorizing Resolution); and WHEREAS, pursuant to Resolution No. CRA-R-12-0041, adopted by the CRA June 25, 2012, the CRA paid to the City of Miami ("City") an amount sufficient, with other available funds, to redeem the Outstanding 1990 Bonds on October 1, 2012, and on October 1, 2012 the Outstanding 1990 Bonds were redeemed and discharged by the City; and WHEREAS, the CRA has requested that the City Commission approve an increase in the not to exceed principal amount of the CRA Debt Obligations from a previously approved $50,000,000 to $60,000,000; and WHEREAS, the CRA has requested that the City Commission approve certain amendments to the descriptions of certain CRA Projects as set forth on said Exhibit "A"; and WHEREAS, the CRA has requested that the City Commission acknowledge that (rather than the obligations of the CRA to the City with respect to the Gibson Park Grant being senior in priority to the CRA Debt Obligations, as previously contemplated in the Authorizing Resolution) the obligations of City of Waur! Page 1 of 2 File Id: 13-00726 (Version: 2) Printed On: 6/21/2013 z o ,n DJ a Z _o D O z a w Q D w Y H u z m < w z w Z o w 2 ©ccm� o z 0 O V 13- 0©7 6 - Le aho City of Miami Legislation Resolution 13A .Li- City Hall 3500 Pan American Drive Miami, FL 33133 www,miamigov.com File Number: 13-00726 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), INCREASING THE NOT TO EXCEED AGGREGATE PRINCIPAL AMOUNT OF THE COMMUNITY REDEVELOPMENTAGENCY ("CRA") DEBT OBLIGATIONS FROM $50,000,000 TO $60,000,000 AND AMENDING THE DESCRIPTIONS OF THE CRA'S REDEVELOPMENT ACTIVITIES AS SET FORTH IN RESOLUTION NO, R-12-0197, ADOPTED MAY 10, 2012, WHICH RESOLUTION, AMONG OTHER THINGS, ACKNOWLEDGED THE INTENT OF THE SOUTHEAST OVERTOWN/PARK WEST CRA TO OBTAIN DEBT FINANCING, IN AN AMOUNT NOT TO EXCEED FIFTY MILLION DOLLARS ($50,000,000), TO FINANCE THE CRA'S REDEVELOPMENT ACTIVITIES AS SET FORTH ON EXHIBIT "A" ATTACHED THERETO, 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 (the "Redevelopment Area") in accordance with its approved 2009 Redevelopment Plan; and WHEREAS, at the request of the CRA, the City Commission adopted Resolution No. 12-0197, May 10, 2012 (the "Authorizing Resolution") acknowledging the CRA's intent to obtain debt financing and delegating to the CRA the authority to issue and sell bonds in an aggregate principal amount not to exceed $50,000,000 (the "CRA Debt Obligations") secured solely by the CRA's tax increment revenues in order to (i) fund certain redevelopment projects set forth on Exhibit "A", attached and incorporated to the Authorizing Resolution (the "CRA Projects"); (ii) to retire on the date of delivery of the CRA Debt, all of the City's outstanding Community Redevelopment Revenue Bonds, Series 1990 (the "Outstanding 1990 Bonds"); (iii) to fund a reserve fund, if necessary, and (iv) to pay costs of issuance of the CRA Debt (capitalized terms used herein but not otherwise defined shall have the meanings assigned to such terms in the Authorizing Resolution); and WHEREAS, pursuant to Resolution No. CRA-R-12-0041, adopted by the CRA June 25, 2012, the CRA paid to the City of Miami ("City") an amount sufficient, with other available funds, to redeem the Outstanding 1990 Bonds on October 1, 2012, and on October 1, 2012 the Outstanding 1990 Bonds were redeemed and discharged by the City; and WHEREAS, the CRA has requested that the City Commission approve an increase in the not to exceed principal amount of the CRA Debt Obligations from a previously approved $50,000,000 to $60,000,000; and WHEREAS, the CRA has requested that the City Commission approve certain amendments to the descriptions of certain CRA Projects as set forth on said Exhibit "A"; and WHEREAS, the CRA has requested that the City Commission acknowledge that (rather than the obligations of the CRA to the City with respect to the Gibson Park Grant being senior in priority to the CRA Debt Obligations, as previously contemplated in the Authorizing Resolution) the obligations of City of Miamn! 1'age 1 of 2 file 1r1: 13-00726 (Version: 2) Printed On: 6/21/2013 litho _ sus THIS DOCUMENT |SASUBSTITUTION TOORIGINAL. BACKUP ORIGINAL CAN oESEEN xTTHE END 0FTHIS File Numooc/3-V0726 the CRA to the City with respect to the Gibson Park Grant will be on a parity with the CRA Debt Obligations, as provided in Resolution No, CRA-R-12-0061, adopted September 17,2012.as amended and supplemented; and WHEREAS, diointhe best interest ofthe citizens oythe City and, inparticular, the Redevelopment Area, that the City Commission approve the increase inthe not toexceed principal amount ofthe CRADebt Obligations, the amendments tothe descriptions ofcertain CRAProjects, and that the CRA Debt Obligations will be on a parity with the obligations of the CRA to the City with respect tothe Gibson Park Grant, ouprovided herein; NOW, THEREFORE, BE\TRESOLVED BYTHE COMMISSION OFTHE CITY {}FN1|AMi FLORIDA: Section 1. The nacda|m and fndingo contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. The Miami City Commission acknowledges the intent ofthe CRAUoobtain debt finanoinQinonamountnVthoexceedSixb/MiUionDoUaro($OO,000.UO0)("CRADn[dC)b|igoUono")tn finance the CRA'nredevelopment activities set forth onsaid Exhibit 'A". Section 3. The City Commission reaffirms its delegation of authority to the CRA under the |nhedoca|Aoreement to issue bonds in connection with the-CRA Debt Obligations for the purposes set forth in the Authorizing Resolution, as amended and supplemented by this Resolution. Section 4. The City Commission approves the amended descriptions of the CFAProjects oet forth on Exhibit "A" attached hereto. Section 5. The City Commission, acknowledges that the CRADebt Obligations will beono parity with the obligations ofthe CRAbzthe City with respect tothe Gibson Park Grant. Section 0. If any one or more provisions of this Resolution should be contrary to law or invalid or ineffective for any n*000n, such provision nhmU be deemed severable from, and shall not affect the validity of, theremaining provisions ofthis resolution. The Authorizing Resolution, anamended and supplemented, shall remain |nfull force and effect. Section 7. This Resolution shall become effective immediately upon its adoption and signature ofthe Mayor{1) APPROVED AS TO FORM AND CORRECTNESS: JUL|E0.BRU C|TYATTORNEY {1l If the Mayor does not sign this Reuo|uUon, it shall become affeobma at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Reau|uUon, it ohoU become City of Aliand � ^bser ma Put) the CR\iothe City with respectVothe Gibson Park Grant wHUbeonmparity with the CFADebt Obligations, auprovided inResolution No. CRA'F-12'OU81'adopted September 17.2O12.00 amended and supplemented; and WHEREAS, It is in the best Interest of the citizens ofthe City and, /nparticular, the Redevelopment Area, that the City Commission approve the increase |nMhenodVnexoeodphnoipa| amount of the CRA Debt Obligations, the amendments to the descriptions of certain CRA Projects, and that the CRA Debt Obligations will be on a parity with the obligations of the CRA to the City with respect 1nthe Gibson Park Grant, asprovided herein; NOW, THEREFORE, BE|TRESOLVED 8YTHE COMMISSION OFTHE CITY OFMIAJW|. Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted byreference and 'incorporated aofully set forth inthis Section. Section 2. The Miami City Commission acknowledges the intent of the CRA to obtain debt financing in on amount not to exceed Sixty Million Do||onn ($80.000.000) (''CRADoht Obligations") to finance the CRA'oredevelopment acUviUeo.uetforth onsaid Exhibit "A". Miami Co� >` w. ommissio` sly paid towhich " City shall ' oCFA re pmefundo hav= ^nreleased m i y Section e City Commission reaffirms its delegation of authority to th e CRA under the interlocal Agreement to issue bonds in connection with the CRA Debt Obligations for the purposes set forth in Resolution, aaamended and supplemented bythis Resolution. Section h'e City Commisslq'n approves the amended descriptions of th'e OR4Projects set forth onExhibit " " attached hereto. Section, E-7)Z.CityCommiooionacknow|edgesthat1heCRADetdObligahonow|Uboona parity with the b|| ionoofthe CRA tothe City with respect totheGiboonPurkGnsnL °��� 8enhon�.~nonyone nrmore provisions ofthis Ro5oluUonshould becontrary tnlaw nrinvalid or ineffective for any reason, such provision shall be deemed severable from, and shall not affect the validity of, the remaining provislons of this resolution. The Authorizing Resolution, as amended and supplemented, shallremain |nfull force and effect. Section Resolution shall become effective immediately upon its adoption and signature ofthe Meyor,(1) APPROVED A3TOFORM AND CORRECTNESS: CITYATTORNEY R JUL|E[).B U THIS DOCUMENT IS A SUBSTITUTION DOCUMENT. SUBSTITUTED City of Miami Legislation Resolution File Nu m• 13-00726 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Taal Action Date; A RESTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), INCREA G THE NOT TO EXCEED AGGREGATE PRINCIPAL AMOUNT OF THE COMMUNI REDEVELOPMENT AGENCY ("CRA") DEBT OBLIGATIONS FROM $50,000,000 + $60,000,000 ANDAMENDING THE DESCRIPTIONS OF THE CRA'S REDE -: OPMENT ACTIVITIES AS SET FORTH IN RESOLUTION NO. R-12-0197, ADO ;. ED MAY 10, 2012, WHICH RESOLUTION, AMONG OTHER THINGS, ACKNO EDGED THE INTENT OF THE SOUTHEAST " OVERTOWN/PARK +. ST CRA TO OBTAIN DEBT FINANCING, IN AN AMOUNT NOT TO EXCEED FI MILLION DOLLARS ($50,000,000), TO FINANCE THE CRA'S REDEVELOP M ACTIVITIES AS SET FORTH ON EXHIBIT "A" ATTACHED THERETO. WHEREAS, the Southeast Ove ' Park West Community Redevelopment Agency ("CRA") is responsible for carrying out community °.:development activities and projects within its designated redevelopment area (the "Redevelopment ") in accordance with its approved 2009 Redevelopment Plan; and WHEREAS, at the request of the CRA, th City Commission adopted Resolution No. 12-0197, May 10, 2012 (the "Authorizing Resolution") ackno dging the CRA's intent to obtain debt financing and delegating to the CRA the authority to issue and --II bonds in an aggregate principal amount not to exceed $50,000,000 (the "CRA Debt Obligations") s ured solely by the CRA's tax increment revenues in order to (i) fund certain redevelopment proje set forth on Exhibit "A", attached and incorporated to the Authorizing Resolution (the "CRA Proje<<; "); {ii) to retire on the date of delivery of the CRA Debt, all of the City's outstanding Community Rode Iopment Revenue Bonds, Series 1990 (the "Outstanding 1990 Bonds"); (iii) to fond a reserve fund, if "ccessary, and (iv) to pay costs of issuance of the CRA Debt (capitalized terms used herein but no {otherwise defined shall have the meanings assigned to such terms in the Authorizing Resolution); WHEREAS, pursuant to Resolution No. CRA-R-12-0041, ado. -d by the CRA June 25, 2012, the CRA paid to the City of Miami ("City") an amount sufficient, with oth available funds, to redeem the Outstanding 1990 Bonds on October 1, 2012, and on October 1, 201 >;,he Outstanding 1990 Bonds were redeemed and discharged by the City; and WHEREAS, the CRA has requested that the City Commission approv to exceed principal amount of the CRA Debt Obligations from a previously app $60,000,000; and increase in the not o -d $50,000,000 to •WHEREAS, the CRA has requested that the City Commission approve ce the descriptions of certain CRA Projects asset forth on said Exhibit "A"; and ain endments to WHEREAS, the CRA has requested that the City Commission acknowledge that the obligations of the CRA to the City with respect to the Gibson Park Grant being senior in p the CRA Debt Obligations, as previously contemplated in the Authorizing Resolution) the oblig a r than rity to ns of City of Miami Page 1 of 3 File Id: 13-00726 (Version: 1) Primed On: 6t1712013 SUBSTITUTED Ite Number 13-00726 CRA to the City with respect to the Gibson Park Grant will be on a parity with the CRA Debt O. ations, as provided in Resolution No. CRA-R-12-0081, adopted September 17, 2012, as a e -d and supplemented; and Redevelop amount of that the CRA D respect to the G REAS, it is in the best interest of the citizens of the City and, in particular, the Area, that the City Commission approve the increase In the not to exceed principal Debt Obligations, the amendments to the descriptions of certain CRA Projects, and Obligations will be on a parity with the obligations of the CRA to the City with n Park Grant, as provided herein; NOW, THER ORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The rec by reference and incorpora s and findings contained in the Preamble to this Resolution are adopted as fully set forth in this Section. Section 2. The Miami Crmmission acknowledges the intent of the CRA to obtain debt financing in an amount not to ex • Sixty Million Dollars ($80,000,000) ("CRA Debt Obligations") to finance the CRA's redevelopment vitias set forth on said Exhibit "A". Section 3. The Miami City Co representing funds that were previously p reserves with respect to the 1990 Bonds, sion agrees that the City shall pay to the CRA $554,148, o teh CRA to the City and utilized to pay debt service h reserve funds have been released to the City. Section 4. The City Commission reaffi Interlocal Agreement to issue bonds in connect o forth in the Authorizing Resolution, as amended its delegation of authority to the CRA under the the CRA Debt Obligations for the purposes set upplemented by this Resolution. Section 5. The City Commission'bpproves the ended descriptions of the CRA Projects set forth on Exhibit "A" attached hereto. Section 6. The City Commission acknowledges that CRA Debt Obligations will be on a parity with the obligations of the CRA to the City with respect t. e Gibson Park Grant. Section 7. If any one or more provisions of this Resolution ould be contrary to law or invalid or ineffective for any reason, such provision shall be deemed seve from, and shall not affect the validity of, the remaining provisions of this resolution. The Authorifn e olution, as amended and supplemented, shall remain in full force and effect. Section 8. This Resolution shall become effective immediately upo s adoption and signature of the Mayor.(1) APPROVED AS TO FORM AND CORRECTNESS: JULIE O. BRU CITY ATTORNEY Footnotes: City of Miami Page 2 of 3 File Id: 13-00726 (Version: Printed Ots 6/17/2 it { If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days ro a date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effect = immediately upon override of the veto by the City Commission. City of Miauti Page 3 of 3 File Id: 13-00726 (Version: 11 Printed On: 6/17/201