146-93 RDA
RESOLUTION NO.
146- 9 3
A RESOLUTION DECLARING THE INTENT OF THE MIAMI
BEACH REDEVELOPMENT AGENCY (AGENCY) TO ISSUE
DEBT IN ORDER TO REIMBURSE THE CITY OF MIAMI
BEACH, FLORIDA (CITY) FROM THE PROCEEDS OF
SUCH DEBT FUNDS ADVANCED BY THE CITY TO THE
AGENCY FOR 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.
WHEREAS, in connection with the acquisition, clearing and
rehabilitation of certain property and the construction of certain
public improvements in accordance with a redevelopment plan, as
described on Exhibit "A" to this Resolution (Project), by the Miami
Beach Redevelopment Agency (Agency), the Agency expects to incur
expenses for which the City of Miami Beach, Florida (City) has
agreed to advance internal funds; and
WHEREAS, the Agency intends to reimburse the City for such
advances from the proceeds of debt to be incurred by the Agency
through the issuance of tax-exempt bonds by the Agency.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MIAMI BEACH
REDEVELOPMENT AGENCY:
Section 1. Declaration of Official Intent. The Agency hereby
declares its official intent to issue its Miami Beach Redevelopment
Agency Tax Increment Revenue Bonds, Series 1993' (City
center/Historic Convention Village) (Bonds), a portion of the
proceeds of which will be used to reimburse the City for funds
advanced by the City to the Agency for expenses to be incurred with
respect to the Project subsequent to the date of this Resolution.
This Resolution is intended as a declaration of official intent
under Treasury RegUlation ~ 1.150-2. The Bonds are expected not to
exceed an aggregate principal amount of $25,000,000.
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. This Resolution shall take effect
immediately upon its adoption.
PASSED AND ADOPTED this 1st day of
, 1993.
ATTEST:
~~J [.~.\iVv-
Secretary
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FORM APPROVED
REDEVElOPM A ENCY JtS.. .
GENE .// a ~. ~/
By "'-. ~ 7
Date (;f),I;2- 3 ,/ '13
BXHIDZT A
Desoription of project
The pr~j.et con_lets of the acquisition, clearin; and rehabil-
itation of certain ~operty and the conatruction of certain public
improvement. in aocordanoe with a redevelopment plan adopted by the
Agency and ~he city under Chapter 163, part III, Florida statutea,
as a.ended,!for a pOftlon of the City designated as a redevelopment
area ~here~nder, kiown a8 the "City center/Hiatorie convention
village Re~.v.lop.e t and aevitalization Area" and bounded qener-
ally by th~ Atlanti Ooean on the aaat, 24th street on the north,
w..t Av.nu. on the i..t and 14th Lane on the 80uth in the city of
Miami Beach, Florida.
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 93-37
December 1, 1993
To: Chairman and Members of the Board
of the Redevelopment Agency
From: Roger M. CarliAn. I] ~
Executive D~~
SUBJECT: A RESOLUTION DECLARING THE OFFICIAL INTENT OF THE MIAMI
BEACH REDEVELOPMENT AGENCY (AGENCY) TO ISSUE DEBT IN
ORDER TO REIMBURSE THE CITY OF MIAMI BEACH, FLORIDA
(CITY) FROM THE PROCEEDS OF SUCH DEBT FUNDS ADVANCED BY
THE CITY TO THE AGENCY FOR 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.
ADMINISTRATION 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
proceeds of the bond sales, if it is necessary to utilize City
funds for the quick take eminent domain proceeding for the St.
Moritz property.
BACKGROUND:
On November 17, 1993, the Agency passed a resolution authorizing
eminent domain by quick take for the St. Moritz property. In the
event that the quick take action is filed prior to the availability
of bond funds, the required deposit to the court registry will be
made from other available City of Miami Beach funds. Upon the
receipt of bond sale proceeds, the Redevelopment Agency immediately
reimburse the City of Miami Beach.
RMC/MD/svh
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