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HomeMy WebLinkAboutSubstitution Memo from City ManagerCITY OF MIAMI SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM TO: Arthur Noriega V, City Manager, City Manager's Office FROM: Vincent T. Brown, Esq., Staff Attomey/Deputy Director, SEOPW CRA DATE: April 8, 2025 RE: Substitution of RE.3 — Update to Proposed Legislation (File ID: 17324) The purpose of this Substitution Memorandum for Tax Increment Revenue Bonds Series 2025, Agenda Item RE.3, on the April 10, 2025 City of Miami ("City") Commission Agenda is to provide updates to the proposed legislation. The updates are necessary to acknowledge the continuance of the item from the March 13, 2025 City Commission meeting, due to the cancellation of the SEOPW CRA's March 13, 2025 Board of Commissioners meeting. Upon approval, the updates for the proposed legislation will be provided to the City Clerk's office for distribution to the Mayor and all Commissioners. Staff Counsel/Deputy Director 176 aci cYl&vuc �� M City of Miami Resolution Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: Final Action Date: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA, RESCINDING AND REPLACING RESOLUTION NO. R-24-0435 ADOPTED ON OCTOBER 24, 2024, IN ITS ENTIRETY; PURSUANT TO THE PROVISIONS OF THE COMMUNITY REDEVELOPMENT ACT OF 1969 (PART III OF CHAPTER 163, FLORIDA STATUTES), PARTICULARLY SECTIONS 163.358(3) AND 163.385 THEREOF, APPROVING ISSUANCE OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY TAX INCREMENT REVENUE BONDS, SERIES 2025 IN AN AMOUNT NOT TO EXCEED ONE HUNDRED SEVENTY-FIVE MILLION AND 00/100 DOLLARS ($175,000,000.00) ("SERIES 2025 BONDS") IN ORDER TO FINANCE CERTAIN GRANTS TO BE USED FOR THE CONSTRUCTION OR REHABILITATION OF AFFORDABLE HOUSING, THE CONSTRUCTION OF OTHER CAPITAL IMPROVEMENTS IN THE REDEVELOPMENT AREA, AND REFINANCING CERTAIN OUTSTANDING OBLIGATIONS; AND PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Rescinding Resolution No. R-24-0435. Resolution No. R-24-0435 adopted on October 24, 2024, by the City Commission of the City of Miami, Florida (the "Ciiy") i rescinded in its entirety and replaced by this Resolution. --a Section 2. Authority for this Resolution. This Resolution of the City Corilmj siiotd`of the City of Miami, Florida (the "City") is adopted pursuant to the provisions of the Coirnmmnurfit' Redevelopment Act of 1969 (Part III of Chapter 163, Florida Statutes), particularly Seetior 163.358(3) and 163.385 thereof. Section 3. Definitions. The following terms shall have the following meanings herein, unless the text expressly requires otherwise. "Bond Resolution" means eans the resolution adopted by the Agency on October 24, 2024, and amended on March 13, 2025April 10, 2025, approving the issuance of the Series 2025 Bonds. "Interlocal Agreement" means the Interlocal Cooperation Agreement dated March 31, 1983, between the City and the County, including, as amended by Amendments to Interlocal Cooperation Agreement dated November 15, 1990, between the City, the County and the Agency, as further amended by Amendment to 1983 Interlocal Cooperation Agreement dated January 22, 2010, between the City, the County and the Agency, as may be amended from time to time, which provided for the exercise of redevelopment powers by the City in the redevelopment area of the Agency (the "Redevelopment Area"). City of Miami Page 1 of 3 File ID: File ID: Enactment Number: "Redevelopment Trust Fund" means the Southeast Overtown/Park West Community Redevelopment Trust Fund authorized by the Interlocal Agreement and established by Ordinance No. 82-115, enacted by the County Commissioners on December 21, 1982, Ordinance No. 9590, enacted by the City Commission on April 6, 1983, and Ordinance No. 10018 enacted by the City Commission on July 18, 1985, into which Tax Increment Revenues are deposited for repayment of debt service on the Series 2025 Bonds and other authorized uses. "Tax Increment Revenues" means the moneys deposited into the Redevelopment Trust Fund (including all amounts on deposit therein on the date of delivery of the Series 2025 Bonds) as required by Section 163.387, Florida Statutes, annually by taxing authorities levying ad valorem taxes in the Redevelopment Area. "2025 Projects" means certain grants to be used for the construction or rehabilitation of affordable housing, the construction of other capital improvements in the Redevelopment Area, and refinancing certain outstanding obligations, all as described in the Bond Resolution. Any capitalized undefined terms shall have the meaning ascribed to them in the Bond Resolution. Section 4. Findings. It is hereby ascertained, determined and declared as follows: (A) The Southeast Overtown/Park West Community Redevelopment Agency (the "Agency") is contemplating issuance of its Tax Increment Revenue Bonds, Series 2025, in one or more series, in an aggregate principal amount not to exceed One Hundred Seventy -Five Million and 00/100 Dollars ($175,000,000.00) (the "Series 2025 Bonds"). The Series 2025 Bonds are being issued to finance the 2025 Projects. (B) The Agency approved the issuance of the Series 2025 Bonds pursuant to the Bond Resolution. The City, and its officials, officers, employees, and agents have relied on,the validity of the Bond Resolution and the provisions therein in adopting this Resolution. (C) It is in the best interests of the citizens of the City that the City Commission approves issuance by the Agency of its Series 2025 Bonds. (D) The Bond Resolution and this Resolution do not constitute a pledge of anyCity < revenues, funds, or property for the repayment of the Series 2025 Bonds. ':c t• „� P (E) The City, and its officials, officers, employees, and agents do not assumeany responsibility for the accuracy, completeness, adequacy or fairness of any of the statements contained in the Preliminary Official Statement or the Final Official Statement and make no representation that it has independently verified the accuracy, completeness or fairness of such statements. Section 5. Approval of Series 2025 Bonds. Pursuant to Section 163.385, Florida Statutes, the City Commission hereby approves issuance by the Agency of its Series 2025 Bonds for the purpose of financing the 2025 Projects and paying costs of issuance associated therein. Section 6. Series 2025 Bonds not to be indebtedness of the City. The Series 2025 Bonds shall not be or constitute general or moral obligations or indebtedness or a pledge of the City of Miami Page 2 of 3 File ID: File ID: Enactment Number: faith and credit of the City within the meaning of any constitutional, legislative or charter provision or limitation. No Bondholder shall ever have the right directly or indirectly, to compel the exercise of the ad valorem taxing power of the City or taxation in any form on any real or personal property to pay such Series 2025 Bonds or the interest or premium, if any, thereon or for the payment of any other amounts provided herein. The Series 2025 Bonds and the indebtedness evidenced thereby shall not constitute a lien upon any other funds or property of the City, and no Bondholder shall be entitled to payment of such principal, interest and premium, if any, from any funds of the City, except the Pledged Funds of the Agency. Section 7. Redevelopment Area and Boundaries; Tax Increment Revenues. (A) The City will not permit the boundaries of the current Redevelopment Area to be reduced without the prior written consent of the owners of the Series 2025 Bonds (B) The City covenants to do all things reasonably necessary to maintain the levy, collection and receipt of the Tax Increment Revenues. The City shall exercise all legally available remedies to enforce such levy, collection and receipt now or hereafter available under law. Without limiting the generality of the foregoing, the City agrees not to cause or allow the Agency to cease to exist or to shorten the scheduled sunset provisions with respect to the Agency's existence without the prior written consent of the owners of the Series 2025 Bonds. (C) The City shall not allow the Interlocal Agreement to be amended without the prior written consent of the owners of the Series 2025 Bonds. Section 8. Severability. 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. Section 9. Construction. This Resolution shall be liberally construed to effect the purposes hereof. Section 10. Effective Date. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.' ' If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) 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: City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 17324 Final Action Date: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA, RESCINDING AND REPLACING RESOLUTION NO. R-24-0435 ADOPTED ON OCTOBER 24, 2024, IN ITS ENTIRETY; PURSUANT TO THE PROVISIONS OF THE COMMUNITY REDEVELOPMENT ACT OF 1969 (PART III OF CHAPTER 163, FLORIDA STATUTES), PARTICULARLY SECTIONS 163.358(3) AND 163.385 THEREOF, APPROVING ISSUANCE OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY TAX INCREMENT REVENUE BONDS, SERIES 2025 IN AN AMOUNT NOT TO EXCEED ONE HUNDRED SEVENTY-FIVE MILLION AND 00/100 DOLLARS ($175,000,000.00) ("SERIES 2025 BONDS") IN ORDER TO FINANCE CERTAIN GRANTS TO BE USED FOR THE CONSTRUCTION OR REHABILITATION OF AFFORDABLE HOUSING, THE CONSTRUCTION OF OTHER CAPITAL IMPROVEMENTS IN THE REDEVELOPMENT AREA, AND REFINANCING CERTAIN OUTSTANDING OBLIGATIONS; AND PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Rescinding Resolution No. R-24-0435. Resolution No. R-24-0435 adopted on October 24, 2024, by the City Commission of the City of Miami, Florida (the "City") is rescinded in its entirety and replaced by this Resolution. Section 2. Authority for this Resolution. This Resolution of the City Commission of the City of Miami, Florida (the "City") is adopted pursuant to the provisions of the Community Redevelopment Act of 1969 (Part III of Chapter 163, Florida Statutes), particularly Sections 163.358(3) and 163.385 thereof. Section 3. Definitions. The following terms shall have the following meanings herein, unless the text expressly requires otherwise. "Bond Resolution" means the resolution adopted by the Agency on October 24, 2024, and amended on March 13, 2025, approving the issuance of the Series 2025 Bonds. "Interlocal Agreement" means the Interlocal Cooperation Agreement dated March 31, 1983, between the City and the County, including, as amended by Amendments to Interlocal Cooperation Agreement dated November 15, 1990, between the City, the County and the Agency, as further amended by Amendment to 1983 Interlocal Cooperation Agreement dated January 22, 2010, between the City, the County and the Agency, as may be amended from time to time, which provided for the exercise of redevelopment powers by the City in the redevelopment area of the Agency (the "Redevelopment Area"). "Redevelopment Trust Fund" means the Southeast Overtown/Park West Community Redevelopment Trust Fund authorized by the Interlocal Agreement and established by Ordinance No. 82-115, enacted by the County Commissioners on December 21, 1982, Ordinance No. 9590, enacted by the City Commission on April 6, 1983, and Ordinance No. 10018 enacted by the City Commission on July 18, 1985, into which Tax Increment Revenues are deposited for repayment of debt service on the Series 2025 Bonds and other authorized uses. "Tax Increment Revenues" means the moneys deposited into the Redevelopment Trust Fund (including all amounts on deposit therein on the date of delivery of the Series 2025 Bonds) as required by Section 163.387, Florida Statutes, annually by taxing authorities levying ad valorem taxes in the Redevelopment Area. "2025 Projects" means certain grants to be used for the construction or rehabilitation of affordable housing, the construction of other capital improvements in the Redevelopment Area, and refinancing certain outstanding obligations, all as described in the Bond Resolution. Any capitalized undefined terms shall have the meaning ascribed to them in the Bond Resolution. Section 4. Findings. It is hereby ascertained, determined and declared as follows: (A) The Southeast Overtown/Park West Community Redevelopment Agency (the "Agency") is contemplating issuance of its Tax Increment Revenue Bonds, Series 2025, in one or more series, in an aggregate principal amount not to exceed One Hundred Seventy -Five Million and 00/100 Dollars ($175,000,000) (the "Series 2025 Bonds"). The Series 2025 Bonds are being issued to finance the 2025 Projects. (B) The Agency approved the issuance of the Series 2025 Bonds pursuant to the Bond Resolution. The City, and its officials, officers, employees, and agents have relied on the validity of the Bond Resolution and the provisions therein in adopting this Resolution. (C) It is in the best interests of the citizens of the City that the City Commission approves issuance by the Agency of its Series 2025 Bonds. (D) The Bond Resolution and this Resolution do not constitute a pledge of any City revenues, funds, or property for the repayment of the Series 2025 Bonds. (E) The City, and its officials, officers, employees, and agents do not assume any responsibility for the accuracy, completeness, adequacy or fairness of any of the statements contained in the Preliminary Official Statement or the Final Official Statement and make no representation that it has independently verified the accuracy, completeness or fairness of such statements. Section 5. Approval of Series 2025 Bonds. Pursuant to Section 163.385, Florida Statutes, the City Commission hereby approves issuance by the Agency of its Series 2025 Bonds for the purpose of financing the 2025 Projects and paying costs of issuance associated therein. Section 6. Series 2025 Bonds not to be indebtedness of the City. The Series 2025 Bonds shall not be or constitute general or moral obligations or indebtedness or a pledge of the faith and credit of the City within the meaning of any constitutional, legislative or charter provision or limitation. No Bondholder shall ever have the right directly or indirectly, to compel the exercise of the ad valorem taxing power of the City or taxation in any form on any real or personal property to pay such Series 2025 Bonds or the interest or premium, if any, thereon or for the payment of any other amounts provided herein. The Series 2025 Bonds and the indebtedness evidenced thereby shall not constitute a lien upon any other funds or property of the City, and no Bondholder shall be entitled to payment of such principal, interest and premium, if any, from any funds of the City, except the Pledged Funds of the Agency. Section 7. Redevelopment Area and Boundaries; Tax Increment Revenues. (A) The City will not permit the boundaries of the current Redevelopment Area to be reduced without the prior written consent of the owners of the Series 2025 Bonds (B) The City covenants to do all things reasonably necessary to maintain the levy, collection and receipt of the Tax Increment Revenues. The City shall exercise all legally available remedies to enforce such levy, collection and receipt now or hereafter available under law. Without limiting the generality of the foregoing, the City agrees not to cause or allow the Agency to cease to exist or to shorten the scheduled sunset provisions with respect to the Agency's existence without the prior written consent of the owners of the Series 2025 Bonds. (C) The City shall not allow the Interlocal Agreement to be amended without the prior written consent of the owners of the Series 2025 Bonds. Section 8. Severability. 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. Section 9. Construction. This Resolution shall be liberally construed to effect the purposes hereof. Section 10. Effective Date. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.' APPROVED AS TO FORM AND CORRECTNESS: ge Wye n. III rC1ty for y 3/4/2025 1 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) 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.