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HomeMy WebLinkAboutLegislation-SUBTHIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. City of Miami Legislation Resolution: R-17-0329 City Hall 3500 Pan American Drive Miami, FL 33133 www_mianhigov.com File Number: 2303 Final Action Date: 7/13/2017 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ACKNOWLEDGING THE INTENT OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY (OMNI CRA") TO OBTAIN DEBT FINANCING THROUGH ITS ISSUANCE IN A TOTAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED TWENTY-FIVE MILLION DOLLARS ($25,000,000.00) OF TAX INCREMENT REVENUE NOTES ("SERIES 2017 NOTES") TO FINANCE THE OMNI CRA'S REDEVELOPMENT ACTIVITIES AS SET FORTH ON "COMPOSITE EXHIBIT A", ATTACHED AND INCORPORATED, IN ACCORDANCE WITH THE REQUIREMENTS OF CHAPTER 163, PART Ili, FLORIDA STATUTES, AS AMENDED; DELEGATING TO THE OMNI CRA THE AUTHORITY TO ISSUE AND SELL THE SERIES 2017 NOTES AND AUTHORIZING AND APPROVING THE ISSUANCE AND SALE OF THE SERIES 2017 NOTES BY THE OMNI CRA; FINDING, DETERMINING AND ACKNOWLEDGING NO LIABILITY ON THE PART OF THE CITY OF MIAMI, FLORIDA ("CITY") FOR (A) ISSUANCE, SALE, AND REPAYMENT OF THE SERIES 2017 NOTES, (B) FOR THE DISCLOSURES RELATED THERETO, (C) FOR CONTINUING COMPLIANCE RELATED THERETO, AND (D) COMPLIANCE BY THE OMNI CRA WITH THE RELATED INTERLOCAL AGREEMENTS; REQUIRING THE OMNI CRA TO INCLUDE ALL OF SUCH RESTRICTIONS, LIMITATIONS AND INDEMNIFICATIONS OF THE CITY IN ALL DOCUMENTS, INSTRUMENTS, AND INFORMATION RELATED TO THE SERIES 2017 NOTES; REQUIRING AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the OMNI Redevelopment District Community Redevelopment Agency ("Omni CRA") is responsible for carrying out community redevelopment activities and projects within its designated redevelopment area (Redevelopment Area") in accordance with its approved 2009 Amended OMNI Area Community Redevelopment Plan ("Redevelopment Plan"), which includes support of proposed affordable housing, acquisition of real estate, and other capital projects ("2017 Projects"); and WHEREAS, Board of Commissioners of the Omni CRA on June 21, 2017, pursuant to Resolution CRA-R-17-0034, attached and incorporated as part of Composite Exhibit A, approved the priorities under the Redevelopment Plan for the 2017 Projects, and authorized appropriate officials of the OMNI CRA to undertake any other additional things deemed necessary which include obtaining the required respective acknowledgements, authorizations, and approvals of Miami -Dade County ("County") and the City of Miami ("City") to obtain debt financing and for the issuance and sale by the OMNI CRA of the its not to exceed total aggregate principal amount of Tax Increment Revenue Notes ("Series 2017 Note") to undertake and finance the 2017 Projects as set forth in the Memorandum of the OMNI CRA Executive Director, dated June 15, 2017, also attached and incorporated as part of Composite Exhibit A; and WHEREAS, the Miami City Commission ("City Commission") has been advised of the OMNI CRA's intent to obtain debt financing and to issue and sell the Series 2017 Notes to be City of Miami Page 1 of 3 File 1D: 2303 (Revision: A) Printed On: 3//12019 2303 Legislation -SUB File ID: 2303 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. Enactment Number: R-17.0329 secured solely by a pledge of legally available tax increment revenues of the OMNI CRA, the proposed 2017 Projects priorities that will be funded by the Series 2017 Notes, and that the OMNI CRA shall be solely responsible for (a) the issuance, sale, and repayment of the Series 2017 Notes, (b) for all required disclosures, (c) continuing compliance related thereto, and (d) compliance by the OMNI CRA under the historical Interlocal Cooperation Agreements (collectively, "Interlocal Agreement") among the City, the County, the OMNI CRA, and the Southeast Overtown/Park West Community Redevelopment Agency; and WHEREAS, the OMNI CRA shall further be responsible for related indemnification of the City and for requiring inclusion of all of such restrictions, limitations, and indemnifications of the City in all documents, instruments, and information related to the Series 2017 Notes; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. RECITALS, FINDINGS, AND AUTHORITY FOR THIS RESOLUTION. 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. This Resolution is adopted pursuant to the provisions of Chapter 166, Florida Statutes, Section 163.358, Florida Statutes, Section 163.385, Florida Statutes and other applicable provisions of law. Section 2. FINDINGS. It is hereby ascertained, determined, and declared that Omni Redevelopment District Community Redevelopment Agency (the "OMNI CRA" and "Agency") has determined it necessary, desirable and in the best interests of the Agency and the property owners, residents and tenants of the City of Miami, Florida (the "City") that the Agency issue its Tax Increment Revenue Notes (the "2017 Notes") to finance and refinance the acquisition and construction of community redevelopment capital projects in the Agency's community redevelopment area (the "2017 Projects"). Section 3. ACKNOWLEDGEMENT, DELEGATION, AUTHORIZATION AND APPROVAL OF ISSUANCE BY THE OMNI CRA OF 2017 NOTES. The City hereby acknowledges the intent of the Omni CRA to obtain debt financing, delegates to the OMNI CRA the authority to issue and sell the Series 2017 Notes, authorizes and approves the issuance of the 2017 Notes in the total aggregate principal amount not to exceed twenty-five million dollars ($25,000,000.00) to finance the costs of the 2017 Projects and pay costs of issuing the 2017 Notes as more particularly described in the Agency Resolution adopted the date hereof and attached hereto as a portion of Composite Exhibit A (the "Agency Resolution") and the related Memorandum of the Executive Direction, dated June 15, 2017, also attached and incorporated as a portion of Composite Exhibit A. Section 4. APPROVAL OF SALE OF 2017 NOTES. The City hereby approves the safe of the 2017 Notes by the Agency in accordance with the terms and provisions of the Agency Resolution. Section 5. FURTHER FINDINGS, DETERMINATIONS, AND ACKNOWLEDGEMENTS REGARDING RESTRICTIONS, LIMITATIONS, AND INDEMNIFICATION. The City Commission hereby further finds, determines, and acknowledges that there is no liability on the part of the City and that the OMNI CRA shall be solely responsible for (a) for issuance, sale, and repayment of the Series 2017 Notes, (b) for disclosures related to the Series 2017 Notes, (c) for continuing compliance related to thereto, and (d) for compliance by the OMNI CRA with the related Interlocal Agreements. City of Miami Page 2 of 3 Fife ID: 2303 (Revision: A) Printed on: 3/7/2019 File lO: 2303 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. Enactment Number: R-17-0329 The City Commission hereby finds and determines that the Series 2017 Notes 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 thereof, but shall be solely debts of the OMNI CRA and solely payable from the legally available tax increment revenues of the OMNI CRA as specifically pledged for such obligations by the OMNI CRA. Neither the City, the State, nor any other political subdivision thereof shall be obligated to pay the Series 2017 Notes, any principal thereof, interest or premiums thereon, and neither the faith nor the taxing power of the City, the State, nor any other political subdivision thereof as it relates to such political subdivision itself, is pledged to the payment of the principal, interest, or premium of or on any of the Series 2017 Notes. The issuance of the Series 2017 Notes by the OMNI CRA shall not directly, indirectly, or contingently obligate the City, the State, nor any other political subdivision thereof to levy or pledge any form of taxation whatsoever for the Series 2017 Notes or make any appropriation for the payment of the Series 2017 Notes. Furthermore, the OMNI CRA shall bear total responsibility for all disclosures and continuing compliance related to the Series 2017 Notes and the OMNI 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 Series 2017 Notes. No documents, instruments, or information regarding the Series 2017 Notes shall give rise to or result in, directly or indirectly, any 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. The City Commission hereby requires the OMNI CRA to include all of such restrictions, limitations, and indemnifications of the City in all documents, instruments, and information related to the Series 2017 Notes. Section 6. EFFECT OF PARTIAL INVALIDITY. If any one or more provisions of this Resolution shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this Resolution but this Resolution shall be construed and enforced as if such illegal or invalid provision had not been contained therein. Section 7_ EFFECTIVE DATE, This Resolution shall take effect immediately upon its adoption.' APPROVED AS TO FORM AND CORRECTNESS' If the Mayor does not sign this Resolution, it shall become effective at the end of ten (1O) 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 1D: 2303 (Revision: A) Printed on: 317/2019 SUBSTITUTED 'r * Hitter nine epee rJ Kl City of Miami Legislation Resolution File Number: 2303 City Hall 3500 Pan American Drive Miami, FL 33133 www.mian1 gov.com Final Action D A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S) ACKNOWLEDGING THE INTENT OF THE OMNI REDEVELOPMENT DISTRI COMMUNITY REDEVELOPMENT AGENCY ("OMNI CRA") TO OBTAIN DE FINANCING THROUGH ITS ISSUANCE IN A TOTAL AGGREGATE PRIN `AL AMOUNT NOT TO EXCEED TWENTY-FIVE MILLION DOLLARS ($25,0f,000.00) OF TAX INCREMENT REVENUE NOTES ("SERIES 2017 NOTES") TO FI ' NCE THE OMNI CRA'S REDEVELOPMENT ACTIVITIES AS SET FORTH ON 'I OMPOSITE EXHIBIT A', ATTACHED AND INCORPORATED, IN ACCORDANT` WITH THE REQUIREMENTS OF CHAPTER 163, PART III, FLORIDA STAT ES, AS AMENDED; DELEGATING TO THE OMNI CRA THE AUTHORITY TO ISSUAND SELL THE SERIES 2017 NOTES AND AUTHORIZING AND APPROVIN . THE ISSUANCE AND SALE OF THE SERIES 2017 NOTES BY THE OMNI CRA; r NDING, DETERMINING AND ACKNOWLEDGING NO LIABILITY ON THE PART t THE CITY OF MIAMI, FLORIDA ("CITY") FOR (A) ISSUANCE, SALE, AND R e.'AYMENT OF THE SERIES 2017 NOTES, (B) FOR THE DISCLOSURES RELAT • THERETO, (C) FOR CONTINUING COMPLIANCE RELATED THERETS, AND (D) COMPLIANCE BY THE OMNI CRA WITH THE RELATED INTERLOCAL REEMENTS; REQUIRING THE OMNI CRA TO INCLUDE ALL OF SUCH REST! ICTIONS, LIMITATIONS AND INDEMNIFICATIONS OF THE CITY IN ALL D'"CUMENTS, INSTRUMENTS, AND INFORMATION RELATED TO THE SERIE 2017 NOTES; REQUIRING AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS. the OMNI Redevelop ("Omni CRA') is responsible for carryin within its designated redevelopment approved 2009 Amended OMNI Ar Plan"), which includes support of other capital projects ("2017 Pr WHEREAS, Board Resolution CRA-R-17- approved the priorities appropriate officials o necessary which in and approvals of financing and aggregate pri and financ Director and ent District Community Redevelopment Agency out community redevelopment activities and projects a ("Redevelopment Area") in accordance with its Community Redevelopment Plan ("Redevelopment oposed affordable housing, acquisition of real estate, and cts"); and Commissioners of the Omni CRA on June , 2017, pursuant to , attached and incorporated as part of Composite Exhibit A, der the Redevelopment Plan for the 2017 Projects, and authorized he OMNI CRA to undertake any other additional things deemed de obtaining the required respective acknowledgements, authorizations, iami-Dade County ("County") and the City of Miami ("City") to obtain debt the issuance and sale by the OMNI CRA of the its not to exceed totat ipal amount of Tax Increment Revenue Notes ("Series 2017 Note") to undertake e 2017 Projects as set forth in the Memorandum of the OMNI CRA Executive ed June 15, 2017, also attached and incorporated as part of Composite Exhibit A; WHEREAS. the Miami City Commission ("City Commission") has been advised of the O+ NI CRA's intent to obtain debt financing and to issue and sell the Series 2017 Notes to be ecured safety by a pledge of legally available tax increment revenues of the OMNI CRA, the proposed 2017 Projects priorities that will be funded by the Series 2017 Notes, and that the OMNI CRA shall be solely responsible for (a) the issuance, sale, and repayment of the Series 2017 Notes, (b) for all required disclosures, (c) continuing compliance related thereto. and (d) SUBSTITUTED compliance by the OMNI CRA under the historical Interlocal Cooperation Agreements (collectively, "Interlocal Agreement") among the City, the County, the OMNI CRA, and the Southeast Overtown/Park West Community Redevelopment Agency; and WHEREAS, the MINI CRA shall further be responsible for related indemnification of the City and for requiring inclusion of all of such restrictions, limitations, and indemnifications •f the City in all documents, instruments, and information related to the Series 2017 Notes; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. RECITALS, FINDINGS, AND AUTHORITY FOR THIS RE The recitals and findings contained in the Preamble to this Resolution are ado and incorporated herein as if fully set forth in this Section. This Resolution is to the provisions of Chapter 166, Florida Statutes, Section 163.358, Florid 163.385, Florida Statutes and other applicable provisions of law. LUTION. d by reference opted pursuant tatutes, Section Section 2, FINDINGS. It is hereby ascertained, determin: i, and declared that Omni Redevelopment District Community Redevelopment Agency (the"9 NI CRA" and "Agency") has determined it necessary, desirable and in the best interests . the Agency and the property owners, residents and tenants of the City of Miami, Florida (the ity") that the Agency issue its Tax Increment Revenue Notes (the "2017 Notes") to finance - d refinance the acquisition and construction of community redevelopment capital projects i he Agency's community redevelopment area (the "2017 Projects"). Section 3. ACKNOWLEDGEMENT, DEL APPROVAL OF ISSUANCE BY THE OMNI CRA 0 acknowledges the intent of the Omni CRA to obt the authority to issue and sell the Series 2017 of the 2017 Notes in the total aggregate princ dollars ($25,000,000.00) to finance the cost 2017 Notes as more particularly describe and attached hereto as a portion of Co related Memorandum of the Executiv incorporated as a portion of Compo ATION, AUTHORIZATION AND 2017 NOTES. The City hereby debt financing, delegates to the OMNI CRA tes, the authorizes and approves the issuance al amount not to exceed twenty-five million of the 2017 Projects and pay costs of issuing the in the Agency Resolution adopted the date hereof osite Exhibit A (the"Agency Resolution") and the irection, dated June 15, 2017, also attached and e Exhibit A. Section 4. APPROV * OF SALE OF 2017 NOTES. The City hereby approves the sale of the 2017 Notes by the ' yency in accordance with the terms and provisions of the Agency Resolution. Section 5. F THER FINDINGS, DETERMINATIONS, AND ACKNOWLEDGEME S REGARDING RESTRICTIONS, LIMITATIONS, AND INDEMNIFICATION he City Commission hereby further finds, determines, and acknowledges that there is no liaity on the part of the City and that the OMNI CRA shall be solely responsible for (a) for issuan -,e, sale, and repayment of the Series 2017 Notes, (b) for disclosures related to the Series 201 Notes, (c) for continuing compliance related to thereto, and (d) for compliance by the OMNI RA with the related Interlocal Agreements. T e City Commission hereby finds and determines that the Series 2017 Notes shall not be an• hall not be deemed to constitute debts, liabilities, or any other obligations of the City, the .te, or any other political subdivision thereof, nor a pledge of the faith and credit of the Ci , the State, or any other political subdivision thereof, but shall be solely debts of the OMNI and solely payable from the legally available tax increment revenues of the OMNI GRA as pecifically pledged for such obligations by the OMNI CRA. Neither the City, the State, nor any other political subdivision thereof shalt be obligated to pay the Series 2017 Notes, any principal thereof, interest or premiums thereon, and neither the faith nor the taxing power of the City, the SUBSTITUTED State, nor any other political subdivision thereof as it relates to such political subdivision itself, is pledged to the payment of the principal, interest, or premium of or on any of the Series 2017 Notes. The issuance of the Series 2017 Notes by the OMNI CRA shall not directly, indirectly, or contingently obligate the City, the State, nor any other political subdivision thereof to levy or pledge any form of taxation whatsoever for the Series 2017 Notes or make any appropriation f the payment of the Series 2017 Notes. Furthermore, the OMNI CRA shall bear total responsibility for all disclosures and continuing compliance related to the Series 2017 Note and the OMNI CRA shall indemnify, hold harmless, release, and defend the City, its elected ocials, officers, directors, employees, agents, and representatives from any and all liabilities, c -ims 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 -suit of the Series 2017 Notes. No documents, instruments, or information regarding the Ser s 2017 Notes shall give rise to or result in, directly or indirectly, any financial, pecuniary, or ot► -r 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 :gents, or representatives to any liability whatsoever. The City Commission hereby requires the OMNI CRA to inclu► - all of such restrictions, limitations, and indemnifications of the City in all documents, instru ents, and information related to the Series 2017 Notes. Section 6. EFFECT OF PARTIAL INVALIDITY. If : ny one or more provisions of this Resolution shall for any reason be held to be illegal or inva «, such illegality or invalidity shall not affect any other provision of this Resolution but this ` solution shall be construed and enforced as if such Illegal or invalid provision had not b- -n contained therein. Section 7. EFFECTIVE DATE. This Re.olution shall take effect immediately upon its adoption. APPROVED AS TO FORM AND CORRECT►. SS: