95-21721 Reso •
RESOLUTION NO. 95-21721
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
APPROVING A LOAN FROM THE CITY OF MIAMI BEACH,
FLORIDA (CITY) TO THE MIAMI BEACH
REDEVELOPMENT AGENCY (AGENCY) NOT TO EXCEED $1
MILLION TO PAY CERTAIN EXPENSES INCURRED BY
THE AGENCY WITH RESPECT TO A REDEVELOPMENT
PROJECT WITHIN THE CITY LIMITS AND AUTHORIZING
CITY OFFICERS TO TAKE INCIDENTAL ACTIONS
NECESSARY IN CONNECTION WITH THE ISSUANCE AND
REPAYMENT OF THE DEBT.
WHEREAS, in connection with the acquisition by the Miami Beach
Redevelopment Agency (Agency) of certain property described as
Blocks 78, 80 and 53 in the South Pointe Redevelopment Area, in
accordance with a redevelopment plan, the Agency has incurred
expenses for which the Agency requires the City of Miami Beach,
Florida (City ) to loan not to exceed $1 million from the General
Fund; and
WHEREAS, the Agency intends to reimburse the City the loan
amount from tax increment proceeds that will be received by the
Agency not later than January 1996 .
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION:
Section 1. Approval of Loan. The City hereby approves a
loan to the Agency in an amount not to exceed $1, 000 , 000 from the
General Fund of the City, the proceeds of which will be used for
various expenses related to the Cobb project such as streetscape
improvements and attorney fee ' s and costs related to settlement of
Blocks 78, 80 and 53 , and the Agency agrees to reimburse the City,
in full, not later that January, 1996, 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 in connection with the borrowing and repayment of the
funds .
Section 3 . Effective Date. This Resolution shall take
effect immediately upon its adoption.
PASSED AND ADOPTED this 13th day of September , 1995 .
V _ MAYOR
ATTEST:
CITY CLERK
FORM APPROVED
Leal
By
Date % . 4, /??
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
COMMISSION MEMORANDUM NO. I OZ-QS
TO: Mayor Seymour Gelber and
Members of the City Commission DATE: September 13, 1995
FROM: Jose Garcia-Pedrosa
City Manager
SUBJECT: A RESOLUTION P OVING A LOAN FROM THE CITY OF MIAMI
BEACH, FLORID (CITY) TO THE MIAMI BEACH REDEVELOPMENT
AGENCY (AGENCY) NOT TO EXCEED $1 MILLION TO PAY CERTAIN
EXPENSES INCURRED BY THE AGENCY WITH RESPECT TO A
REDEVELOPMENT PROJECT WITHIN THE CITY LIMITS AND
AUTHORIZING CITY OFFICERS TO TAKE INCIDENTAL ACTIONS
NECESSARY IN CONNECTION WITH THE ISSUANCE AND REPAYMENT
OF THE DEBT.
RECOMMENDATION:
The Administration recommends that the accompanying Resolution be
approved declaring the official intent of the Miami Beach
Redevelopment Agency (Agency) to borrow up to $1 million from the
General Fund of the City of Miami Beach (City) and to reimburse the
City from the tax increment proceeds to be received not later than
January, 1996 in order to utilize City funds for various expenses
related to the Cobb project such as streetscape improvements and
attorney' s fees and costs related to settlement of Blocks 78, 80
and 53 .
BACKGROUND:
The Redevelopment Agency has numerous contractual obligations
related to the Cobb project including attorney' s fees and costs in
settlement of Blocks 78, 80 and 53 . These settlement agreements
require funds to be deposited with the Circuit Court Registry.
Based on the current availability of funds, there is a need to
borrow from the General Fund of the City of Miami Beach an amount
not to exceed $1 million which will enable the Agency to carry out
AGENDA ITEM R
DATE 9 - I3 "(S
these obligations. These monies will be reimbursed by the
Redevelopment Agency to the City of Miami Beach immediately upon
receipt of tax increment proceeds no later than January, 1996 .
CONCLUSION:
It is recommended that the Chairman and Secretary of the Miami
Beach Redevelopment Agency execute the accompanying Resolution.
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