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HomeMy WebLinkAboutCRA-R-26-0010 MemorandumOMNI Board of Commissioners Meeting March 12, 2026 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board From: Carlos I. Suarez Executive Director Date: March 12, 2026 File: 19002 Subject: 2026 OMNI CRA Bond Amendment Enclosures: i Omni CRA City of Miami Legislation OMNI CRA Resolution CRA-R-26-0010 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 19002 Final Action Date:3/12/2026 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY SUPPLEMENTING RESOLUTION CRA-R-25-0076 ADOPTED ON DECEMBER 11, 2025 ENTITLED "A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, WITH ATTACHMENT(S), AUTHORIZING THE ISSUANCE OF NOT TO EXCEED AGGREGATE PRINCIPAL AMOUNT OF $150,000,000 REDEVELOPMENT REVENUE BONDS, SERIES 2026 FOR THE PRINCIPAL PURPOSE OF FINANCING CERTAIN REDEVELOPMENT PROJECTS; PROVIDING THAT THE SERIES 2026 BONDS SHALL BE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE FROM TAX INCREMENT REVENUES AS PROVIDED HEREIN AND MAY BE ISSUED AS TAX- EXEMPT OR TAXABLE BONDS; PLEDGING SUCH TAX INCREMENT REVENUES AND PROCEEDS OF CERTAIN FUNDS AND ACCOUNTS CREATED HEREIN TO SECURE PAYMENT OF THE PRINCIPAL AND INTEREST ON THE SERIES 2026 BONDS; DELEGATING THE AWARD OF THE SALE OF THE SERIES 2026 BONDS TO THE CHAIRMAN; APPOINTING A REGISTRAR AND PAYING AGENT; APPROVING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT; APPROVING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT; PROVIDING FOR THE RIGHTS, SECURITIES AND REMEDIES FOR THE OWNERS OF THE SERIES 2026 BONDS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE."; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency (the "Issuer") previously adopted Omni CRA Resolution CRA-R-25-0076 on December 11, 2025 (the "Authorizing Resolution") which authorized the issuance of not to exceed aggregate principal amount of $150,000,000 Redevelopment Bonds, Series 2026 for the principal purpose of financing certain redevelopment projects; and WHEREAS, the Issuer desires to supplement the Authorizing Resolution to clarify the status of the payment of the Interlocal Agreement Obligations (as defined herein); and WHEREAS, all other provisions of the Authorizing Resolution will remain the same; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Chapter 163, Part III, Florida Statutes, and other applicable provisions of law. SECTION 2. SUPPLEMENTS. (a) Section 2. Definitions of the Authorizing Resolution is hereby supplemented and amended as follows: City of Miami Page 2 of 3 File ID: 19002 (Revision:) Printed On: 4/6/2026 "Interlocal Agreement" means the Interlocal Cooperation Agreement dated June 24, 1996, by and between the City, the County and the Agency, as may be amended from time to time, as specifically amended by the Second Amendment to the Interlocal Agreement dated May 8, 2025, by and between the City, the County and the Agency, which provided for the exercise of redevelopment powers by the City in the redevelopment area of the Agency (the "Redevelopment Area"). "Interlocal Agreement Obligations" means the payments required to be made by the Issuer under the Interlocal Agreement. (b) Section 16. Special Obligation of Issuer of the Authorizing Resolution is hereby supplemented and amended as follows: SECTION 16. SPECIAL OBLIGATIONS OF ISSUER. The Series 2026 Bonds shall not be or constitute general obligations or indebtedness of the Issuer as "bonds" within the meaning of the Constitution of the State, but shall be payable solely from and secured by a lien upon and a pledge of the Pledged Revenues as herein provided, subject only to the prior payment of the Interlocal Agreement Obligations and to the payment on parity therewith of the Parity Debt. No Owner or Owners of any Series 2026 Bonds issued hereunder shall ever have the right to compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any real or personal property therein, or to compel the Issuer to pay such principal and interest from any other funds of the Issuer. The payment of principal of and interest on the Series 2026 Bonds shall be secured forthwith equally and ratably by, and the Issuer hereby grants to the Owners an irrevocable lien on the Pledged Revenues on such Pledged Revenues and the Issuer does hereby irrevocably pledge such Pledged Revenues to the payment of the principal of, redemption premium, if any, and interest on the Series 2026 Bonds, for the reserves therefor and for all other payments required hereunder, subject only to the prior payment of the Interlocal Agreement Obligations and to the payment on parity therewith of the Parity Debt. Such amounts hereby pledged and assigned shall immediately be subject to the lien of this pledge without any further physical delivery thereof or any further act, and the lien of this pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Issuer, irrespective of whether such parties have notice thereof. SECTION 3. CONFLICTS REPEALED. All Resolutions in conflict or inconsistent with this Resolution are to the extent of such conflict or inconsistency hereby modified or repealed. All other provisions of the Authorizing Resolution remain the same. SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon approval. APPROVED AS TO FORM AND CORRECTNESS: ORGE . WYSON III. ENERAL COUNSEL City of Miami Page 3 of 3 File ID: 19002 (Revision:) Printed On: 4/6/2026