94-21411 ResoRESOLUTION NO. 94-21411
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
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 MAYOR AND CITY
COMMISSION:
Section 1. Anoroval of Advance. The Agency hereby requests
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 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 City 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 adopt:„
PASSED AND ADOPTED this I' th,
ATTEST:
—� CITY CLERK
This Resolution shall take
FORM APPROVED
Legal Dept.
By
Date
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE 4MI BEACH FLORIDA 33139
COMMISSION MEMORANDUM NO.
TO: Mayor Seymour Gelber and DATE: November 16, 1994
Members of the City Commission
FROM: Roger M. Carlt
City Manager
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 CITY OFFICERS TO TARE
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.
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 not later than January, 1995.
It is recommended that the Mayor and City Commission authorize the
execution of the accompanying Resolution. 70
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