The URL can be used to link to this page

Home My WebLink AboutR-17-0329City of Miami 1 i.RR cl Legislation alldl 1 l + Resolution: R-17-0329 File Number: 2303 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: 7/13/2017 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, 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 III, 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 ("CITY") FOR (A) ISSUANCE, SALE, AND REPAYMENT OF THE SERIES 2017 NOTES, (B) THE DISCLOSURES RELATED THERETO, (C) CONTINUING COMPLIANCE RELATED THERETO, AND (D) COMPLIANCE BY THE OMNI CRA WITH THE RELATED INTERLOCAL AGREEMENTS; REQUIRING THE OMNI CRA TO INCLUDE ALL SUCH RESTRICTIONS, LIMITATIONS, AND INDEMNIFICATIONS OF THE CITY IN ALL DOCUMENTS, INSTRUMENTS, AND INFORMATION RELATED TO THE SERIES 2017 NOTES; 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, the Board of Commissioners of the Omni CRA, on June 21, 2017, adopted Resolution No. CRA -R-17-0034, attached and incorporated as part of Composite Exhibit "A," approving the priorities under the Redevelopment Plan for the 2017 Projects and authorizing 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 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 City of Miami Page 1 of 3 File ID: 2303 (Revision: A) Printed On: 3/25/2019 File ID: 2303 Enactment Number: R-17-0329 WHEREAS, the 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 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) 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 will 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 the Omni CRA has determined it necessary, desirable, and in the best interests of the Omni CRA and the property owners, residents, and tenants of the City that the Omni CRA issue its 2017 Notes to finance and refinance the 2017 Projects in the Omni CRA's Redevelopment Area. Section 3. ACKNOWLEDGEMENT, DELEGATION, AUTHORIZATION, AND APPROVAL OF ISSUANCE BY THE OMNI CRA OF THE 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 Omni CRA Resolution adopted the date hereof and attached hereto as a portion of Composite Exhibit "A" ("Agency Resolution"), and the related Memorandum of the Executive Direction dated June 15, 2017 and also attached and incorporated as a portion of Composite Exhibit "A." Section 4. APPROVAL OF SALE OF 2017 NOTES. The City hereby approves the sale of the 2017 Notes by the Omni CRA 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) issuance, sale, and repayment of the Series 2017 Notes; (b) disclosures related to the Series 2017 Notes; (c) continuing compliance related to thereto; and (d) compliance by the Omni CRA with the related Interlocal Agreements. City of Miami Page 2 of 3 File ID: 2303 (Revision: A) Printed on: 3/25/2019 File ID: 2303 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, or 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: 1 i ria i nde�zCify Attor iey 311212019 ' 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: 2303 (Revision: A) Printed on: 3/25/2019