HomeMy WebLinkAboutR-13-0258City of Miami
Legislation
Resolution: R-13-0258
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 13-00726 Final Action Date: 6/27/2013
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
INCREASING THE NOT TO EXCEED AGGREGATE PRINCIPAL AMOUNT OF THE
COMMUNITY REDEVELOPMENT AGENCY ("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
City of Miami
Page 1 of 2 File Id: 13-00726 (Version: 21 Printed On: 9/1/2017
File Number: 13-00726 Enactment Number: R-13-0258
the CRA Debt Obligations, as previously contemplated in the Authorizing Resolution) the obligations
of 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, it is in the best interest of the citizens of the City and, in particular, the
Redevelopment Area, that the City Commission approve the increase in the not to exceed principal
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 to the Gibson Park Grant, as provided herein;
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 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 Sixty Million Dollars ($60,000,000) ("CRA Debt Obligations") to
finance the CRA's redevelopment activities set forth on said Exhibit "A".
Section 3. The City Commission reaffirms its delegation of authority to the CRA under the
Interlocal Agreement 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 CRA Projects set
forth on Exhibit "A" attached hereto.
Section 5. The City Commission acknowledges that the CRA Debt Obligations will be on a
parity with the obligations of the CRA to the City with respect to the Gibson Park Grant.
Section 6. If any one or more provisions of this Resolution should be contrary to law or invalid
or ineffective for any reason, such provision shall be deemed severable from, and shall not affect the
validity of, the remaining provisions of this resolution. The Authorizing Resolution, as amended and
supplemented, shall remain in full force and effect.
Section 7. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.{1}
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.
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