The URL can be used to link to this page

Home My WebLink AboutCRA-R-25-0011Southeast Overtown/Park West Community Redevelopment Agency Legislation 819 NW 2nd Ave 3rd Floor Miami, FL 33136 www.seopwcra.com CRA Resolution: CRA-R-25-0011 File Number: 17450 Final Action Date:4/10/2025 A RESOLUTION OF THE BOARD OF COMMISSIONERS ("BOARD") OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW CRA"), WITH ATTACHMENT(S), RESCINDING RESOLUTION NO. CRA-R-24-0032, ADOPTED ON MAY 23, 2024, IN ITS ENTIRETY AND ENACTING THIS NEW RESOLUTION TO CLARIFY PROJECT DESIGNATIONS, AUTHORIZING THE EXECUTIVE DIRECTOR TO SEEK A NON -RECOURSE BOND ISSUE LOAN SECURED BY A PLEDGE OF TAX INCREMENT FINANCING ("TIF") TO BE GENERATED FROM WITHIN THE REDEVELOPMENT AREA, IN AN AMOUNT NOT TO EXCEED ONE HUNDRED SIXTY MILLION DOLLARS AND ZERO CENTS ($160,000,000.00) ("FUNDS"), FOR FINANCING REDEVELOPMENT PROJECTS AND ACTIVITIES IDENTIFIED IN REQUEST FOR INFORMATION ("RFI") NO. 23-03, ATTACHED AND INCORPORATED HEREIN AS EXHIBIT "A," ("PURPOSE") AND ACCEPTING THE EXECUTIVE DIRECTOR'S RECOMMENDATIONS OF THE PROPOSED BOND PROJECTS ("BOND PROJECTS") LISTED IN EXHIBIT "B," ATTACHED AND INCORPORATED HEREIN, FOR THE PURPOSE STATED HEREIN; FURTHER DIRECTING THE EXECUTIVE DIRECTOR TO PRESENT ANY PROPOSED BOND AGREEMENT TO THE BOARD FOR ITS CONSIDERATION AND, IF SATISFACTORY, APPROVAL; PROVIDING FOR INCORPORATION OF RECITALS AND FOR AN EFFECTIVE DATE. WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is responsible for carrying out community redevelopment activities and projects within its redevelopment area in accordance with the 2018 Southeast Overtown/Park West Redevelopment Plan Update (the "Plan"); and WHEREAS, Section 2, Goal 2 of the Plan lists "expand[ing] the tax base using public - private principles," as a stated redevelopment goal; and WHEREAS, Section 2, Goal 4 of the Plan lists the "creati[on] of jobs within the community" as a stated redevelopment goal; and WHEREAS, Section 2, Principle 4 of the Plan provides that "employment opportunities be made available to existing residents of Overtown as a high priority" and as a stated redevelopment principle; and WHEREAS, Section 2, Principle 6 of the Plan provides authority to "address and improve the neighborhood economy and expand economic opportunities of present and future residents and businesses[,] ... [which] entails both the support and enhancement of existing businesses and ... the attraction of new businesses that provide needed services and economic opportunities" as a stated redevelopment principle; and City of Miami Page 1 of 3 File ID: 17450 (Revision:) Printed On: 9/16/2025 File ID: 17450 Enactment Number: CRA-R-25-0011 WHEREAS, through Resolution No. CRA-R-24-0032, adopted on May 23, 2024, the Board of Commissioners authorized the Executive Director to seek a non -recourse bond issue loan secured by a pledge of tax increment financing ("TIF") to finance redevelopment projects and activities identified in Request for Information ("RFI") No. 23-03, attached and incorporated herein as Exhibit "A"; and WHEREAS, the Executive Director desires to rescind Resolution No. CRA-R-24-0032, in its entirety, and adopt this Resolution to clarify the designations of the proposed bond projects to be funded by the proceeds from the anticipated bond issuance; and WHEREAS, the Board of Commissioners hereby determines that in order to facilitate the redevelopment of the Redevelopment Area, it is necessary, desirable, and in the best interest of the SEOPW CRA for the Executive Director to seek and obtain a bond issuance in order to finance such redevelopment activities and projects, as identified in Exhibit "A," which shall be funded by a non -recourse bond issue loan to the SEOPW CRA secured by a pledge of TIF to be generated from within the Redevelopment Area ("Purpose"); and WHEREAS, the Executive Director recommends the acceptance and approval of the proposed bond projects ("Bond Projects") listed in Exhibit "B," attached and incorporated herein; and WHEREAS, the Board of Commissioners wishes to accept the Executive Director's recommendation of the Bond Projects, in anticipation of such debt financing, for the Purpose stated herein; and WHEREAS, the Board of Commissioners finds that authorizing this Resolution would further the SEOPW CRA's redevelopment goals and objectives. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY 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. Resolution No. CRA-R-24-0032, adopted on May 23, 2024, is hereby rescinded in its entirety. Section 3. The Board of Commissioners hereby accepts the Executive Director's recommendation of the Bond Projects, attached and incorporated herein as Exhibit "B," for the use of the proceeds from the anticipated bond financing for the Purpose stated herein, subject to negotiation of appropriate agreements with respect to each individual project. Section 4. The Board of Commissioners authorizes the Executive Director to seek the best terms available for the issue of a bond issuance by the SEOPW CRA, which will be secured solely by a pledge of TIF to be generated within the Redevelopment Area, which bond issue City of Miami Page 2 of 3 File ID: 17450 (Revision:) Printed on: 9/16/2025 File ID: 17450 Enactment Number: CRA-R-25-0011 shall be non -recourse to the SEOPW CRA and impose no financial obligations on Miami -Dade County or the City of Miami, to finance the anticipated Bond Projects, subject to the approval of the Board of Commissioners of the SEOPW CRA of the terms of the proposed bond issue and approval of the issuance of the bonds and the terms of the bonds by Miami -Dade County or the City of Miami, and take the necessary actions to facilitate the implementation of the intent of this Resolution. Section 5. The Board of Commissioners of the SEOPW CRA hereby determines that the SEOPW CRA debt obligations shall not be deemed to constitute a debt, liability, or obligation of the City of Miami, or the State of Florida, or any other political subdivision thereof, nor a pledge of the faith and credit of the City of Miami, or the State of Florida, or any other political subdivision thereof, but shall be payable solely from the legally available TIF of the SEOPW CRA as specifically pledged for such SEOPW CRA debt obligations. Neither the City of Miami, nor the State of Florida, nor any other political subdivision thereof, shall be obligated to pay the SEOPW CRA debt obligation or any interest or premium thereon and neither the faith and credit nor the taxing power of the City of Miami as it relates to the city itself nor the taxing power of the State of Florida (as it relates to the state itself) nor the taxing power of any other subdivision thereof (as it relates to such subdivision itself) is pledged to the payment of the principal or interest or premium on any of the SEOPW CRA debt obligations. The issuance of the SEOPW CRA debt obligations shall not directly, indirectly, or contingently obligate the City of Miami, the State of Florida, or any other subdivision thereof to levy or pledge any form of taxation whatsoever therefore or make any appropriation for the payment of the SEOPW CRA debt obligations. Furthermore, the SEOPW CRA shall bear total responsibility for all disclosures and continuing compliance related to the SEOPW CRA debt obligations. Section 6. The Executive Director is directed to present any proposed bond agreement, with respect to each individual project and necessary documents, to the SEOPW CRA Board of Commissioners at such future meeting for its consideration and, if satisfactory, approval. Section 7. Sections of this Resolution may be renumbered or re -lettered and corrections of typographical errors which do not affect the intent may be authorized by the Executive Director, or the Executive Director' s designee, without need for public hearing, by filing a corrected copy of same with the City of Miami City Clerk. Section 8. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND LEGAL SUFFICIENCY: Stan ounsel 4/3/2025 City of Miami Page 3 of 3 File ID: 17450 (Revision:) Printed on: 9/16/2025