51-88 RDARESOLUTION NO. 51-88
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF MIAMI BEACH, FLORIDA AUTHORIZING THE EXECUTIVE
DIRECTOR TO CONTRACT WITH SHEARSON, LEHMAN, HUTTON,
INC., TO PROVIDE FINANCIAL ADVISORY SERVICES TO THE
AGENCY IN CONJUNCTION WITH ITS ACTIVITIES FOR A SUM
NOT TO EXCEED $20,000 PER YEAR, INCLUDING EXPENSES.
BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF THE CITY OF MIAMI
BEACH, FLORIDA, THAT
WHEREAS, the Redevelopment Agency of Miami Beach is
empowered to designate certain slum and blighted neighborhoods as
redevelopment areas and undertake the necessary efforts to
redevelop them according to approved plans; and
WHEREAS, South Pointe is the only designated community
redevelopment area within the City of Miami Beach; and
WHEREAS, Blocks 78 and 80 of Ocean Beach Addition No. 3 have
been identified as a suitable redevelopment site for the
construction of attractively-designed residential units; and
WHEREAS, the Redevelopment Agency has prepared a request for
proposals from developers for redevelopment of the entire two-
block site; and
WHEREAS, the Redevelopment Agency intends to establish a
Land Acquisition Fund supported by tax increment revenues from
the designated redevelopment area in order to negotiate options
on private parcels within the site, to eventually purchase them,
and to conclude eminent domain procedures to acquire those other
properties that cannot be purchased through negotiations; and
WHEREAS, the South Pointe Advisory Board to the
Redevelopment Agency, in its meeting of 01/13/88, recommended to
the Redevelopment Agency that it issue up to $2 million initially
in tax increment revenue bonds; and
WHEREAS, the Administration believes that actual tax
increment revenues received from the South Pointe area should
enable the Redevelopment Agency to capitalize the intended Land
Acquisition Fund above the indicated $2 million; and
WHEREAS, in order to determine the Agency's funding
capability as well as policy and technical issues concerning the
establishment and management of this fund, the Agency must select
and hire a qualified financial advisor, as a step deemed crucial
for the eventual success of this project and others to be
undertaken throughout South Pointe; and
WHEREAS, the City of Miami Beach has previously contracted
with Shearson, Lehman, Hutton, Inc. for expert financial advisory
services, and these services are deemed to have been performed at
the highest possible professional level.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE REDEVELOPMENT
AGENCY OF THE CITY OF MIAMI BEACH, FLORIDA THAT THE EXECUTIVE
DIRECTOR BE AUTHORIZED TO CONTRACT WITH SHEARSON, LEHMAN, HUTTON
ATTEST:
SECRETARY