235-96 RDA
RESOLUTION NO. 235-96
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY (THE "AGENCY") AUTHORIZING
AND DIRECTING THE AGENCY TO BORROW FIVE MILLION FIVE
HUNDRED THOUSAND DOLLARS ($5,500,000.00) FROM THE CITY OF
MIAMI BEACH, FLORIDA (THE "CITY"), PURSUANT TO THE
A TT ACHED PROMISSORY NOTE, FOR CERTAIN EXPENSES TO BE
INCURRED BY THE AGENCY WITH RESPECT TO AGENCY
IMPROVEMENTS, WHICH LOAN IS TO BE REPAID FROM THE
PROCEEDS OF THE ISSUANCE OF TAX INCREMENT REVENUE
BONDS.
WHEREAS, the Miami Beach Redevelopment Agency (the "Agency") desires to implement
certain improvements on property located within the City Center/Historic Convention Village
Redevelopment and Revitalization Area; and
WHEREAS, the Agency has declared its official intent to issue tax increment revenue bonds
(the "Bonds") to finance the improvements; and
WHEREAS, the cost of all or a portion of the improvements may need to be funded prior
to the issuance of the Bonds; and
WHEREAS, the Agency does not have the resources to fund these improvements prior to
the issuance of the Bonds; and
WHEREAS, the Agency desires to borrow up to $5,500,000.00 from the City of Miami
Beach, Florida (the "City"), pursuant to the promissory note attached hereto and incorporated herein,
to pay for the costs of these improvements prior to the issuance of the Bonds.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY that:
Section 1. The Agency is authorized and directed to borrow from the City up to
$5,500,000.00, pursuant to the promissory note attached hereto and incorporated herein, to pay for
the costs of certain improvements on property located within the City Center/Historic Convention
Village Redevelopment and Revitalization Area.
Section 2. The Chairman and Secretary of the Agency are authorized and directed
to execute the promissory note attached hereto and incorporated herein.
Section 3. The Agency Administration and General Counsel's office are
authorized and directed to take all other actions necessary to effectuate the purpose of this
Resolution.
Section 4.
This Resolution shall take effect immediately upon its passage.
PASSED and ADOPTED this
ATTEST:
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SECRETARY
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Attachment
FORM APPROVED
REDEVELOPMENT AGENCY
GENERAl;?~~ElA,
By 1AI ~
Date S -I - 9 G
2
""~mJ Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305)673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 96-9
March 6, 1996
To:
Chairman Seymour Gelber and Members
of the Board of the Redevelopment Agency
Subject:
Jose Garcia-Pedrosa J
Executive Director (f'
Authority for the Redevelopment Agency to Borrow up to $5,500,000 from the City
of Miami Beach for Public Projects to be Repaid from the Issuance of Tax Increment
Revenue Bonds
From:
Administrative Recommendation
The Administration recommends that the Chairman and Members of the Board of the
Redevelopment Agency adopt this resolution.
Background
The administration of the Agency anticipates that some of the projects to be funded from the
issuance of Tax Increment Revenue Bonds will commence prior to the date on which the bonds are
issued. These projects, such as land acquisition, will require the Agency to expend funds which they
do not currently have. The accompanying resolution will allow the Redevelopment Agency to
borrow up to, on an as needed basis, $5,500,000 from the City on a prime rate loan which will be
repaid from the proceeds of the bond issue anticipated to be issued in May, 1996. This resolution is
being adopted as a contingency in the event the Agency does need to spend funds in excess of their
current availability.
Conclusion
This resolution should be adopted to provide the Redevelopment Agency with the ability to
commence various parts of its plans prior to the issuance of the Tax Increment Revenue Bonds
anticipated in May, 1996.
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AGENDA ITEM 3-B
March 6, 1996