234-96 RDA
RESOLUTION NO.
234-96
A RESOLUTION OF THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY DECLARING THE
OFFICIAL INTENT OF THE MIAMI BEACH
REDEVELOPMENT AGENCY TO ISSUE DEBT IN
ORDER TO REIMBURSE ITSELF OR THE CITY OF
MIAMI BEACH, FLORIDA FROM THE PROCEEDS
OF SUCH DEBT FOR FUNDS ADVANCES FOR
CERTAIN EXPENSES INCURRED WITH RESPECT
TO A REDEVELOPMENT PROJECT; AND
AUTHORIZING CERTAIN INCIDENTAL ACTIONS.
WHEREAS, in connection with the Miami Beach Redevelopment Agency (the "Agency")
redevelopment plan for that portion ofthe City of Miami Beach, Florida (the "City") known as the
"City Center/Historic Convention Village Redevelopment and Revitalization Area" (the
"Redevelopment Area"), the Agency will cause the acquisition of certain property and the
development of certain public improvements, as more particularly described in Exhibit "A" attached
hereto and made a part hereof (the "Project"), to be funded in part from the debt to be incurred by
the Agency through the issuance of its tax-exempt bonds (the "Bonds"); and
WHEREAS, the Agency expects to incur expenses in connection with the Project prior to
the issuance of the Bonds for which the Agency will advance internal funds and/or request the City
to advance, on behalf of the Agency, the City's internal funds subject to reimbursement by the
Agency; and
WHEREAS, to the extent permissible under the Internal Revenue Code of 1986, as amended,
and the regulations promulgated thereunder (collectively the "Code") the Agency intends to
reimburse itself or the City for such advances from a portion of the proceeds of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY AS FOLLOWS:
Section 1. Declaration of Official Intent. The Agency hereby declares its official
intent to issue the Bonds to finance the Project, a portion of the proceeds of which will, to the extent
permissible under the Code, be used to reimburse the Agency and/or the City, as applicable, for
funds advanced by them prior to the issuance of the Bonds for expenses to be incurred with respect
to the Project. This Resolution is intended as a declaration of official intent under Treasury
Regulation Section 1.150-2. The Bonds are not expected to exceed an aggregate principal amount
of $8,000,000.
Section 2. Incidental Action. The appropriate officers of the Agency are hereby
authorized to take such actions as may be necessary to carry out the purposes of this Resolution and
the Code.
Section 3.
adoption.
Effective Date.
This Resolution shall take effect immediately upon its
PASSED AND ADOPTED this 6th day of
,1996.
Attest:
P w fw.cl.--
Secretary
F-l"".' R r. r "'.n ~ '"' .r" . _..
Id," lL.' I fd) .. ;
LEGAL DEPT
By At! 11M-
.,~-
Dc:ta 2-~2.a..k~~.
EXHIBIT "A"
The Project consists of:
I. Development of a public broadwalk along the beach in the redevelopment area; and
2. Development of a public access path to the beach from Collins Avenue adjacent to
the site of the proposed Loews Miami Beach Hotel; and
3. Acquisition of property for and the development of an extension of 16th Street from
W ashington Avenue to Collins Avenue.
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 96-8
March 6, 1996
To:
Chairman Seymour Gelber and Members
of the Board of the Redevelopment Agency
Subject:
Jose Garcia-Pedrosa klI
Executive Director fIi
Notice of Intent to Issue Tax Increment Revenue Bonds in Order to Allow
Reimbursement of any Expenditures Incurred Prior to the Issuance of the Bonds
From:
Administrative Recommendation
The Administration recommends that the Chairman and the Members of the Redevelopment Agency
adopt the Resolution.
Back~round
The Redevelopment Agency anticipates issuing Tax Increment Revenue Bonds this fiscal year to
provide the funding necessary for the construction of the Loews Hotel, the minority hotel, a parking
garage, the reopening of 16th Street and the construction of a broadwalk from 21 th Street to Lummus
Park. A portion ofthis issue is for public projects (as defined in the Internal Revenue Code) such
as the broadwalk extension, the reopening of 16th Street and some of the public improvements
adjacent to the Hotel area. This resolution will allow the Redevelopment Agency to spend up to
$8.000,000 (which may be borrowed from the City) for these public purposes prior to the issuance
of the bonds and be reimbursed for those expenses from the bonds. Without this resolution being
adopted, any expenditure of funds for these public projects cannot be reimbursed from the bond
issuance.
Conclusion
As the public improvement portion of the hotel projects anticipated to commence this year by the
Redevelopment Agency may require expenditure of funds prior to the issuance of the bonds to
finance the project, the adoption of this resolution will allow the Agency to recover such
expenditures from the proceeds of the Tax Increment Revenue Bonds issuance.
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