181-94 RDA
RESOLUTION NO.
181-94
A RESOLUTION APPROVING AN ADVANCE OF FUNDS
FROM THE CITY OF MIAMI BEACH, FLORIDA (CITY)
TO THE MIAMI BEACH REDEVELOPMENT AGENCY
(AGENCY) TO PAY CERTAIN EXPENSES TO BE
INCURRED BY THE AGENCY WITH RESPECT TO A
REDEVELOPMENT PROJECT WITHIN THE CITY LIMITS
AND AUTHORIZING AGENCY OFFICERS TO TAKE
INCIDENTAL ACTIONS NECESSARY IN CONNECTION
WITH THIS ACTION.
WHEREAS, in connection with the acquisition by the Miami Beach
Redevelopment Agency (Agency) of certain property described as
Block 53 in the South pointe Redevelopment Area, in accordance with
a redevelopment plan, the Agency may incur expenses for which the
Agency requires the City of Miami Beach, Florida (City) to advance
funds; and
WHEREAS, the Agency intends to reimburse the City for such
advances from the tax increment proceeds that will be received by
the Agency not later than January, 1995.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MIAMI BEACH
REDEVELOPMENT AGENCY:
Section 1. Approval of Advance. The Agency hereby approves
obtaining an advance in an amount not to exceed $1,000,000 from the
City, the proceeds of which shall be deposited with the Circuit
Court Registry as required by the Stipulated Orders of Taking and
the Stipulated Final Judgments for Block 53, and the Agency agrees
to reimburse the City, in full, not later than January, 1995, from
tax increment proceeds.
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 purpose of this Resolution.
Section 3. Effective Date.
effect immediately upon its adoption.
This Resolution shall take
PASSED AND ADOPTED this 16th
, 1994.
ATTEST:
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FORM APPROVED
REDEVELOPMENT AGENCY
GENERAL COUNSEL
~0
By
Date
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Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 94-51
November 16, 1994
TO: Chairman and Members of the Board
of the Miami Beach Redevelopment Agency
FROM: Roger M. Carlton
Executive Direct
SUBJECT: A RESOLUTION APPROVING AN ADVANCE FROM THE CITY OF MIAMI
BEACH, FLORIDA (CITY) TO THE MIAMI BEACH REDEVELOPMENT
AGENCY (AGENCY) TO PAY CERTAIN EXPENSES TO BE INCURRED BY
THE AGENCY WITH RESPECT TO A REDEVELOPMENT PROJECT WITHIN
THE CITY LIMITS AND AUTHORIZING AGENCY OFFICERS TO TAKE
INCIDENTAL ACTIONS NECESSARY IN CONNECTION WITH THE
ISSUANCE OF THE DEBT.
RECOMMENDATION:
The Administration recommends that the accompanying Resolution be
approved declaring the official intent of the Miami Beach
Redevelopment Agency to reimburse the City of Miami Beach from the
tax increment proceeds to be received not later than January, 1995,
if it is necessary to utilize City funds for a portion of the
deposit to be made payable to the Clerk of the Circuit Court for
deposit with the Circuit Court Registry as required by the
Stipulated Orders of Taking and the Stipulated Final Judgments for
Block 53 in the South Pointe Redevelopment Area.
BACKGROUND:
The Redevelopment Agency has been under contractual obligation to
purchase Block 53 for development as part of the Cobb project. As
previously reported to you, the mediation held in September
resulted in settlement with all property owners. These settlement
agreements will result in the entry of Stipulated Orders of Taking
that require funds to be deposited with the Circuit Court Registry.
Based on the current availability of funds, including the $1.6
million that Cobb is required to contribute, there may be a need to
borrow from the General Fund of the City of Miami Beach an amount
not to exceed $1 million. These monies will be reimbursed by the
Redevelopment Agency to the City of Miami Beach immediately upon
receipt of the tax increment proceeds in the latter part of
December, 1994.
S()UTIl V()I~I:
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l?edevelvpment Ulstn<<:t
AGENDA ITIN 3-C
NOVEMBER 16, 1994
CONCLUSION:
It is recommended that the Chairman and Secretary of the Miami
Beach Redevelopment Agency execute the accompanying Resolution.
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