93-20948 Reso RESOLUTION NO. 93-20948
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, CALLING A
PUBLIC HEARING ON THE PROPOSED ISSUE OF TWENTY
FIVE MILLION DOLLARS ($25,000,000) IN TAX
INCREMENT REVENUE BONDS FOR THE CITY
CENTER/HISTORIC CONVENTION VILLAGE
REDEVELOPMENT AND REVITALIZATION AREA,
DESCRIBED GENERALLY AS BEING BOUNDED ON THE
EAST BY THE 'ATLANTIC. OCEAN, ON THE NORTH BY
TWENTY-FOURTH STREET, ON THE WEST BY WEST
AVENUE, AND ON THE SOUTH BY FOURTEENTH LANE,
AS REQUIRED BY SECTION 147 (f) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.
WHEREAS, the Miami Beach Redevelopment Agency wishes to issue
twenty five million dollars ($25,000, 000) in tax increment revenue
bonds for the City Center/Historic Convention Village Redevelopment
and Revitalization Area, said area described generally as being
bounded on the east by the Atlantic Ocean, on the north by 24th
Street, on the west by West Avenue, and on the south by 14th Lane;
and
WHEREAS, in connection with the aforestated bonds, it is
necessary to hold a public hearing to receive public comment and
input on the issuance of the bonds, as required by Section 147 (f)
of the Internal Revenue Code of 1986, as amended.
NOW THEREFORE BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACHthat a public hearing on the
proposed issue of twenty five million dollars ($25, 000, 000) in tax
increment revenue bonds for the City Center/Historic Convention
Village Redevelopment and revitalization area, described generally
as being bounded on the east by the Atlantic Ocean, on the north by
24th Street, on the west by West Avenue, and on the South by 14th
Lane, as required by Section 147 (f) of the Internal Revenue Code of
1986, as amended, is hereby called to be held before the Miami
Beach Redevelopment Agency in 'the City Commission Chambers on the
Third Floor of City Hall, 1700 Convention Center Drive, Miami
Beach, Florida, on Thursday, November 4th, 1993, beginning lat
4:00 p.m.; and the City Clerk is hereby authorized and directed to
publish the appropriate public notice of public hearing in a
,
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newspaper of general circulation in th- City of Miami Beach, at
which time and place all interested p: 'ties will b=fheard.
PASSED and ADOPTED this 20442 day of ` Octob-ry
1993.
MAYO''
ATTEST:
Atj
CITY CLERK
jm:c:\wp51\data\histconvil.res
FORM APPROVED
LEGAL DEPT.
By 7 6
Date f D-
2
•
CITY OF . MIAMI BEAFIH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673-7010
FAX: (305)673-7782
COMMISSION MEMORANDUM NO. 593-93
TO: Mayor Seymour Gelber and DATE:_ October 20 , 1993
Members of the City Commission
FROM: Roger M. t
City Manager
SUBJECT: A. RESOLUTION AUTHORIZING SETTING A SPECIAL MEETING OF THE
CITY COMMISSION AND THE REDEVELOPMENT AGENCY FOR NOVEMBER
4, 1993, AS A PUBLIC HEARING, FOR THE PURPOSE OF RECEIVING
PUBLIC COMMENT ON THE PROPOSED ISSUANCE OF TAX INCREMENT
REVENUE BONDS IN THE AMOUNT OF $25 MILLION FOR THE CITY
CENTER/HISTORIC CONVENTION VILLAGE AS REQUIRED BY SECTION
147 (F) OF THE 1986 INTERNAL REVENUE CODE AS AMENDED
ADMINISTRATION RECOMMENDATION:
It is recommended that the City Commission/Miami Beach Redevelopment
Agency Board approve a Resolution setting a special meeting of the
City Commission and Redevelopment Agency for November 4, 1993, as a
public hearing for the purpose of receiving public comment on the
proposed issuance of tax increment revenue bonds in the amount of $25
million for the City Center/Historic Convention Village as required
by Section 147 (f) of the 1986 Internal Revenue Code as amended.
BACKGROUND: .
In order for the Miami Beach Redevelopment Agency to issue $25 million
in Tax Increment Revenue Bonds, certain steps are required to occur.
The first step is a hearing to receive public comment on the bond
issuance as required by Section 147 (f) of the Internal Revenue Code
of 1986 as amended because these bonds would be considered "private
activity bonds" under the tax code. The code requires publication at
least fourteen days in advance of the hearing in a newspaper of
general circulation. 0
This hearing must be held prior to applying for an allocation from the
State volume cap for private activity bonds. At this time, there is
only $97 million available in volume cap and allocations occur on a
first come, first served basis. If the volume cap is depleted, the
bonds could not be issued until after January 1, 1994, when additional
volume cap becomes available.
The proposed bond issue would be amortized by both the increment from
the City Center project area and resort taxes, as a backup, until such
time as the City Center area generates adequate income on its own to
support the bonds.
RMC:j ph
Attachment 0
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AGENDA
ITEM
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