139-93 RDA
RESOLUTION NO.
139-93
A RESOLUTION OF THE MIAMI BEACH REDEVELOPMENT
AGENCY 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 MIAMI BEACH
REDEVELOPMENT AGENCY that 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 at4:00pm; and the Secretary
is hereby authorized and directed to publish the appropriate public
notice of public hearing in a newspaper of general circulation in
parties will be heard.
the City of Miami Beach, at which time and place all interested
PASSED and ADOPTED this 20th
1993.
ATTEST:
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SECRETARY
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FORM APPROVED
REDEVELOPMENT AGENCY
GENERAL COUNSEl
By --::r~ y
Date I f}- J {'- <) :?
2
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 93-30
October 20, 1993
To: Chairman and Members of the Board
of the Redevelopment Agency
From: Roger M. carlt~nn j If J j
Executive Dire~~~
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
6f 1986 as amended because these ~onds 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.
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.
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