HomeMy WebLinkAboutCRA-R-25-0011 MemorandumSEOPW Board of Commissioners Meeting
April 10, 2025
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: April 4, 2025
and Members of the CRA
Board File: 17450
From: James McQueen
Executive Director
Subject: Seeking Non -Recourse Bond Issue
Loan and Approving Bond Project
Proposals (RFI No. 23-03)
Enclosures: File # 17450 - Exhibit A
File # 17450 - Exhibit B
BACKGROUND:
A Resolution of the Board of Commissioners 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 activities and projects identified in Request for Information ("RFI") No. 23-
03, attached and incorporated herein as Exhibit "A," ("Purpose") and accepting the Executive Director's
recommendation of the proposed bond projects ("Bond Projects") listed in Exhibit `B," attached and
incorporated herein, for the Purpose stated herein.
It is the recommendation of the Executive Director to seek a non -recourse bond issue loan secured by a
pledge of TIF for the Purpose stated herein and approve the Bond Projects listed in Exhibit `B" to be
funded by the proceeds from the anticipated bond issuance.
JUSTIFICATION:
Section 163.340(9), Florida Statutes defines means for "community redevelopment" as "undertakings,
activities, or projects of a ... community redevelopment agency in a community redevelopment area for
the elimination and prevention of the development or spread of slums and blight...."
Section 163.346, Florida Statutes authorizes the SEOPW CRA to issue redevelopment revenue bonds "to
finance the undertaking of any community redevelopment [authorized] under this part" and the "power to
issue refunding bonds for the payment or retirement of bonds or other obligations previously issued."
Section 2, Goal 2 of the 2018 Southeast Overtown/Park West Community Redevelopment Agency Plan
Update (the "Plan") lists "expand[ing] the tax base using public -private principles" as a stated
redevelopment goal.
Section 2, Goal 4 of the Plan lists the "creati[on of] jobs within the community" as a stated redevelopment
goal.
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.
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.
FUNDING:
This Resolution does not commit any funding.
Page 2 of 6
AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: April 10, 2025
CRA Section:
Approved by:
Approval:
1
Executive Director 4/3/2025
Miguel A Valentin, :,lance Off;cer 4/3/2025
Page 3 of 6
Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: 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
Page 4 of 6
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
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
Page 5 of 6
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
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:
4
ounsel 4/3/2025
Page 6 of 6