Res 17-04RESOLUTION NO. 17-04
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF DELRAY BEACH, FLORIDA, AUTHORIZING THE
DELKAY BEACH COMMUNITY REDEVELOPMENT
AGENCY (THE "AGENCY") TO ISSUE TAX INCREMENT
REDEVELOPMENT REVENUE BONDS, IN ONE OR MORE
SERIES (THE "BONDS"), IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED TWELVE MIIJ.ION
DOIJ.ARS ($12,000,000) UPON TERMS HEREINAFTER
DESCRIBED; AUTHORIZING THE PROPER OFFICIALS OF
THE CITY TO DO ALL OTHER THINGS NECESSARY TO
ASSIST THE AGENCY IN THE ISSUANCE OF THE BONDS;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, by Ordinance No. 46-85 (as amended and supplemented) enacted by the City
Commission of the City of Delray Beach, Florida (the "City Commission") as the governing body of
the City of Delray Beach, Florida (the "City"), the Delray Beach Community Redevelopment
Agency was created; and
WHEREAS, the City Commission has been requested pursuant to the terms of Resolution
No. 2004-02 adopted by the Board of Commissioners (the "Board") of the De[ray Beach
Community Redevelopment Agency (the "Agency") on February 12, 2004 (the "Agency Requesting
Resolution") to authorize the issuance of the Agency's Tax Increment Redevelopment Revenue
Bonds, in one or more series (the "Bonds") pursuant to Section 163.385, Florida Statutes, in the
aggregate principal amount of not to exceed Twelve Million Dollars ($12,000,000), said Bonds to be
sold at private sale to a financial institution (the "Bond Purchaser") upon terms and conditions
determined appropriate and acceptable to the Agency and consistent with the Bond Purchaser's
commitment to purchase the Bonds (the "Commitment"); and
WHEREAS, the City Commission deems it appropriate and in the public's interest to
authorize and approve the issuance and sale to the Bond Purchaser of the Agency's Bonds for the
purpose of funding the development and implementation of certain redevelopment projects
provided for in the Agency's Community Redevelopment Plan, as the same exists from time to time
and to prepay all of the Agency's Series 1999 B Bonds (Taxable) (herein, the "1999 B Bonds").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF DELRAY BEACH, FLORIDA, AS FOI.I.OWS:
Section 1. All of the above recitals are true and correct.
Resolution No. 17-04
Section 2.
The terms and provisions of the Commitment of the Bond Purchaser are
hereby approved and accepted.
Sectio*l 3.
That pursuant to Section 163.385, Florida Statutes. the Agency is hereby
authorized to issue and sell, on a negotiated basis to the Bond Purchaser,
pursuant to the terms and provisions of the Commitment of the Bond
Purchaser and resolutions of the Agency reflecting the terms of such
Commitment and other provisions deemed appropriate by the Agency and
the Bond Purchaser, the Agency's Bonds in the aggregate principal amount
of not to exceed Twelve Million Dollars ($12,000,000). Up to $2,000,000 of
the Bonds is authorized to be issued on a taxable basis to prepay the 1999 B
Bonds.
Section 4.
The Agency is hereby authorized to execute in its corporate capacity, in its
discretion, such documentation as it deems necessary and appropriate to
complete the issuance and sale of said Bonds.
Section 5.
The Mayor, the City Manager, the Finance Director, the Treasurer and any
other proper official of the City, be and each of them is hereby authorized
and directed to execute and deliver any and all documents and instruments
and to do and cause to be done any and all acts and things necessary or
proper for carrying out the transactions contemplated by this Resolution.
[Remainder of page intentionally left blank.]
2 Resolution No. 17-04
Section 6. This Resolution shall take effect immediately upon passage.
PASSED AND ADOPTED in regular session on this the 16~ day of March, 2004.
ATI'EST:
City Clerk
CITY OF DELRAY BEACH, FLORIDA
By: ~7~.~ 7 /a~
6/bw'/MTyor
The foregoing resolution is hereby approved by
me as to form this 16~h day of March, .2004.
City Attorney
A public heating is hereby held to reaffirm the foregoing resolution
as duly advertised on this the 4m day of May, 2004.
CITY OF DELRAY BEACH, FLORIDA
ATI'EST:
City Clerk
3 Resolution No. 17-04
rlTY OF DELRIIV BEI:IrH
CITY ATTORNEY'S OFFICE
200 NW 1st AVENUE · DELRAY BEACH, FLORIDA 33444
TELEPHONE 561/243-7090 · FACSIMILE 561/278-4755
Writer's Direct Line: 561/243-7091
DELRAY BEACH
Al. Am,dca City
DATE:
TO:
MEMORANDUM
April 29, 2004
City Commission
David Harden, City Manager
FROM:
Susan A. Ruby, City Attorney
SUBJECT: Resolution 17-04
This resolution was previously approved by the CRA and City Commission
regarding the City's approval for the CRA to issue bonds. Bond Counsel and
others were concerned because certain notices were previously not sent. To
remedy the problem, notices were sent and this resolution is now before you for
re-adoption.
Attachment
Cc:
Diane Colonna, Director, CRA
Barbara Garito, City Clerk
Robert W. Federspiel, Esq.
Steve Sanford, Esq.
P~SOLUTION NO. 17-04
A RESOLUTION OF THE CITY COMMISSION OF TI-IE CITY
OF DELRAY BEACH, FLORIDA, AUTHORIZING THE
DI~LRAY BEACH COMMUNITY REDEVELOPMENT
AOISNCY (THE "AGENCY") TO ISSUE TAX INCREMENT
REDEVELOPMENT REVENUE BONDS, IN ONE OR MORE
SERIES (TH]~ "BONDS"), IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED TWELVE MTf.IJON
DOLLARS ($12,000,000) UPON TERMS I-IER~INAFTER
DESCRIBED; AUTHORIZING THE PROPER OFFICIALS OF
~ CITY TO DO ALL OTHER THINGS NECESSARY TO
ASSIST 'I'I--IE AGENCY IN THE ISSUANCE OF THE BONDS;
AND PROVIDING FOR AN EFFECTIVE DATE.
WItIgREAS, by Ordinance No. 46-85 (as mended and supplemented) ermcted by the
City Commission of thc City of Dckay Beach, Florida (the "City Commission") as the governing
body of the City of Delray Beach, Florida (the "City"), the Delray Beach Commuuity
Redevelopment Agency was created; and
W"H~:REAS, the City Commission has been requested pursuant to the terms of
Resolution No. 2004-02 adopted by the Board of Commissioners (the "Board") of the Delray
Beach Commtu~ity Redevelopment _Agency (the "AgeneF") on February 12, 2004 (the "Agency
Requesting Resolution") to authorize the issuance of the Agency's Tax Increment
Redevelopment Revenue Bonds, in one or mere series (the "Bonds") pursuant to Section
163.385, Florida Statutes. in the aggregate principal amount of not to exceed Twelve Million
Dollars ($12,000,000), said Bonds to be sold at private sale to a fmenelal institution (the "Bond
Purchaser") upon terms and conditions determined appropriate and acceptable to the Agency and
consistent with the Bond Purchaser's commitment to purchase the Bonds (the "Commitment");
and
VV'I~I~*REAS, the City Commission deems it appropriate and in thc public's interest to
authorize and approve thc issuance and sale to the Bond Purchase~ of thc Agency's Bonds for thc
purpose of funding thc development and implementation of certain red0velopment projects
provided for in thc Agency's Community Redevelopment Plan, as the same exists from time to
time and to prepay all of the Agency's Series 1999 B Bonds (Taxable) (herein, tho "1999B
Bonds"); and
Wlg[lglilgA$, altlmugh thl. re.,~lufion was adel~ed by the City Commission on March 1 I,
2004, it is deemed necessary, upon the advice of the City Attorney, to readopt the resolution as
of the date set forth below.
NOW, T~Im, REFORE, BE IT RESOLVED BY 'I'lt~ Ci1'¥ COMMISSION O17 Ts ~:
CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
S~don 1. All of the above reeita~ arc true and correct.
S~tion 2.
S~tion 3.
S~un 4.
Section 5.
The terms and provisions of the Commitment of the Bond 1%rchaser ar~
hcrcby approved and accepted.
That pursuant to Section 163.385, Florida StatuteS, the Agency is hereby
authorized to issue and sell, on a negotiated basis to the Bond Parchaser,
pursuant to the tea'a~s and provisions of the Commitment of the Bond
Purchaser and resolutions of the Agency re/lecfin~ the terms of such
Commitment ~d other provisions doomed appropriate by the Agency snd
the Bond Purc~-qer, the Agency's Bonds in the ag/~gatc pducipai
amount of not to exceed Twelve Million Dollars ($12,000,000). Up to
$2,000,000 of the Bonds is authorized to be issued on a taxable basis to
prepay the 1999 B Bonds.
Thc Agency is hereby authorized to execute in its corporate capa~iD,,/it its
discretion, such document~Uion as it deems necessary and appropriate to
complet~ the issuance and sale of said Bonds.
The Mayor, the City Manager, the Finsnc~ Director, tho Treasurer and any
other proper official of tho City, bo and each of them is hereby authorized
and directed to execute and deliver any and all documents and instruments
and to do and cause to be done any and all acts and things necessary or
proper for carrying out tho transactions conlemplated by this Resolution.
[Rcwalnder of page intentionally left b!anlr ]
2 Resolution No. 17-04
Section 6. This Resolution shall ~ake effect immediately upon passage.
PASSI~D AND ADOPTED in regular session on this th~ 4th day of May, 2004.
ATTEST:
By:
CityCl~k
CITY OF DELRAY BEACH, FLORIDA
By:
Mayor
The foregoing resolution is hereby approved by
me as to form this 4th day of May, 2004.
By:.
City Attorney
Resolution No. 1%04
gocalladm~OelrayBeachNews-Ffiday, Apri123,2004 .www. bocanews.eom 19
lO0
ANNOUNCF. M~NTS
LI~OAL NOTICES
RESOLUTION NO. 17-04
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF DELRAY BEACH, FLORIDA, AUTHORIZING THE
DELRAY BEACH COMMUNITY REDEVELOPMENT
AGENCY (THE "AGENCY") TO ISSUE TAX INCREMENT
REDEVELOPMENT REVENUE BONDS, IN ONE OR MORE
SERIES (THE "BONDS"), IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED TWELVE MILLION
DOIJ,ARS ($12,000,000) UPON TERMS HEREINAFTER
DESCRIBED; AUTHORIZING THE PROPER OFFICIALS OF
THE CITY TO DO ALL OTHER THINGS NECESSARY TO
ASSIST THE AGENCY IN THE ISSUANCE OF THE BONDS;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, by Ordinance No. 46-85 (as amended and supplemented) enacted by the City
Commission of the City of Delray Beach, Florida (the "City Commission") as the governing body of
the City of Dekay Beach, Florida (the "City"), the Delray Beach Community Redevelopment
Agency was created; and
WHERR&S, the City Commission has been requested pursuant to the terms of Resolution
No. 2004-02 adopted by the Board of Commissioners (the "Board") of the Delray Beach
Community Redevelopment Agency (the "Agency") on February 12, 2004 (the "Agency Requesting
Resolution") to authorize the issuance of the Agency's Tax Increment Redevelopment Revenue
Bonds, in one or more series (the "Bonds") pursuant to Section 163.385, .Florida Statutes, in the
aggregate principal amount of not to exceed Twelve Million Dollars ($12,000,000), said Bonds to be
sold at private sale to a financial institution (the "Bond Purchaser") upon terms and conditions
determined appropriate and acceptable to the Agency and consistent with the Bond Purchaser's
commitment to purchase the Bonds (the "Commitment"); and
WHEREAS, the City Commission deems it appropriate and in the public's interest to
authorize and approve the issuance and sale to the Bond Purchaser of the Agency's Bonds for the
purpose of funding the development and implementation of certain redevelopment projects
provided for in the Agency's Community Redevelopment Plan, as the same exists from time to time
and to prepay all of the Agency's Series 1999 B Bonds (Taxable) (herein, the "1999 B Bonds").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF DELRAY BEACH, FLORIDA, AS FOI J.OWS:
Section 1. All of the above recitals are tree and correct.
Resolution No. 17-04
Section 2.
The terms and provisions of the Commitment of the Bond Purchaser are
hereby approved and accepted.
Section 3.
That pursuant to Section 163.385, Florida Statutes, the Agency is hereby
authorized to issue and sell, on a negotiated basis to the Bond Purchaser,
pursuant to the terms and provisions of the Commitment of the Bond
Purchaser and resolutions of the Agency reflecting the terms of such
Commitment and other provisions deemed appropriate by the Agency and
the Bond Purchaser, the Agency's Bonds in the aggregate principal amount
of not to exceed Twelve Million Dollars ($12,000,000). Up to $2,000,000 of
the Bonds is authorized to be issued on a taxable basis to prepay the 1999 B
Bonds.
Section 4.
The Agency is hereby authorized to execute in its corporate capacity, in its
discretion, such documentation as it deems necessary and appropriate to
complete the issuance and sale of said Bonds.
Section 5.
The Mayor, the City Manager, the Finance Director, the Treasurer and any
other proper official of the City, be and each of them is hereby authorized
and directed to execute and deliver any and all documents and instruments
and to do and cause to be done any and all acts and things necessary or
proper for carrying out the transactions contemplated by this Resolution.
[Remainder of page intentionally left blank.]
2 Resolution No. 17-04
Section 6. This Resolution shall take effect immediately upon passage.
PASSED AND ADOPTED in regular session on this the 16~ day of March, 2004.
CITY OF DELRAY BEACH, FLORIDA
A'ITI~ST:
By:.
q~ City Clerk -
By:
The foregoing resolution is hereby approved by
me as to form this 16m day of March, 2004.
By: C~tty Attorney
3 Resolution No. 17-04
MEMORANDUM
To:
Fmm:
Su~e~:
City Commission
David T. Harden, City Manager ~'~
Resolution #17-04: Proposed CRA $10,000,000 (tax exempt) and $2,000,000
(taxable) Bank Notes
Date: February 23, 2004
~ackaround
On February 12, 2004, the CRA Board approved Resolution #2004-02 which authorized the
issuance of tax incremental redevelopment bonds in a principal amount of not to exceed twelve
million ($12,000,000). In order to issue these bonds, the CRA needs authorization from the City.
City Resolution #17-04 will provide this authorization.
The CRA has sent out RFP's to banking institutions for the tax exempt financing of $10,000,000
for land acquisition, park and other beautification projects, traffic calming devices, public parking
structures and such other public purpose projects determined by the Agency in its sole discretion.
In addition, the CRA is requesting rates and terms for the refinancing of taxable debt in an amount
not to exceed $2,000,000. It is estimated that the CRA will realize an estimated present values
savings of $300,000 or 16% of the refunded amount.
It is expected that the CRA will formally award bids and will adopt authorizing documents at their
board meeting of March 25, 2004. The Finance Department will be working with the CRA and will
review the results of the bids.
Recommendation
The Finance Department recommends approval of City resolution #17-04 which authorizes the
CRA to issue bonds in an amount not to exceed $12,000,000. I concur with their
recommendation.
RESOLUTION NO. 17-04
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF DELRAY BEACH, FLORIDA, AUTHORIZING THE
DEEP.AY BEACH COMMUNITY REDEVELOPMENT
AGENCY (THE "AGENCY") TO ISSUE TAX INCREMENT
REDEVELOPMENT REVENUE BONDS, IN ONE OR MORE
SERIES (THE "BONDS"), IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED TWELVE MILLION
DOLLARS ($12,000,000) UPON TERMS HEREINAFTER
DESCRIBED; AUTHORIZING THE PROPER OFFICIALS OF
THE CITY TO DO ALL OTHER THINGS NECESSARY TO
ASSIST THE AGENCY IN THE ISSUANCE OF THE BONDS;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, by Ordinance No. 46-85 (as amended and supplemented) enacted by the City
Commission of the City of Delray Beach, Florida (the "City Commission") as the governing body of
the City of DeLray Beach, Florida (the "City"), the Delray Beach Community Redevelopment
Agency was created; and
WHEREAS, the City Commission has been requested pursuant to the terms of Resolution
No. 2004-02 adopted by the Board of Commissioners (the "Board") of the Dekay Beach
Community Redevelopment Agency (the "Agency") on February 12, 2004 (the "Agency Requesting
Resolution") to authorize the issuance of the Agency's Tax Increment Redevelopment Revenue
Bonds, in one or more series (the "Bonds") pursuant to Section 163.385, Florida Statutes, in the
aggregate principal amount of not to exceed Twelve Million Dollars ($12,000,000), said Bonds to be
sold at private sale to a financial institution (the "Bond Purchaser") upon terms and conditions
determined appropriate and acceptable to the Agency and consistent with the Bond Purchaser's
commitment to purchase the Bonds (the "Commitment"); and
WHEREAS, the City Commission deems it appropriate and in the public's interest to
authorize and approve the issuance and sale to the Bond Purchaser of the Agency's Bonds for the
purpose of funding the development and implementation of certain redevelopment projects
provided for in the Agency's Community Redevelopment Plan, as the same exists from time to time
and to prepay all of the Agency's Series 1999 B Bonds (Taxable) (herein, the "1999 B Bonds").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. All of the above recitals are mae and correct.
\\wpb-st'vOl\SANFORDS\459287v05\2/23/04\17120.O10800 Resolution No. 17-04
Section 2.
Section 3,
Section 4.
Section 5.
The terms and provisions of the Commitment of the Bond Purchaser are
hereby approved and accepted.
That pursuant to Section 163.385, Florida Statutes, the Agency is hereby
authorized to issue and sell, on a negotiated basis to the Bond Purchaser,
pursuant to the terms and provisions of the Commitment of the Bond
Purchaser and resolutions of the Agency reflecting the terms of such
Commitment and other provisions deemed appropriate by the Agency and
the Bond Purchaser, the Agency's Bonds in the aggregate principal amount
of not to exceed Twelve Million Dollars ($12,000,000). Up to $2,000,000 of
the Bonds is authorized to be issued on a taxable basis to prepay the 1999 B
Bonds.
The Agency is hereby authorized to execute in its corporate capacity, in its
discretion, such documentation as it deems necessary and appropriate to
complete the issuance and sale of said Bonds.
The Mayor, the City Manager, the Finance Director, the Treasurer and any
other proper official of the City, be and each of them is hereby authorized
and directed to execute and deliver any and all documents and instruments
and to do and cause to be done any and all acts and things necessary or
proper for carrying out the transactions contemplated by this Resolution.
[Remainder of page intentionally left blank.]
Resolution No. 17-04
Section 6. This Resolution shall take effect immediately upon passage.
PASSED AND ADOPTED in regular session on this the 16~ day of March, 2004.
ATI'EST:
By:
City Clerk
The foregoing resolution is hereby approved by
me as to form this 16m day of March, 2004.
CITY OF DELRAY BEACH, FLORIDA
By:.
Mayor
By:
City Attorney
Resolution No. 17-04
DE LRAY BEACH
February 19, 2004
David Harden
City Manager
100 NW 1· Avenue
Delray Beach FL 33444
RE: Resolution to Authorize CRA Issuance of Tax-Exempt Bonds
Dear David,
At the CRA meeting of February 11, 2004, the Board passed the attached resolution asking the
City to authorize the CRA's issuance of Tax Increment Redevelopment Revenue Improvement
Bonds. The principal amount requested is up to ten million dollars ($10,000,000). In addition,
the resolution asks the City to authorize the issuance of up to two million ($2,000,000) in Tax
Increment Redevelopment Revenue Refunding Bonds, in order to refinance existing debt. The
bonds are to be sold at a private sale pursuant to the most favorable terms offered by a bank. The
CRA has issued a Request for Proposals requesting bids from qualified financial institutions.
The purpose of the bonds is to fund the CRA's ongoing redevelopment activities, such as:
· Acquisition ofproporty for the expansion of Old School Square
Acquisition of property to provide affordable housing in the southwest neighborhood
· Acquisition of property for redevelopment projects in the West Atlantic area
· Construction of improvements to change the one-way bypass pairs (NE/SE 1 · Streets) to
two-way traffic
· Additional costs associated with the construction of improvements to NW/SW 5' Avenue
· Costs to prepare conceptual plans for improvements to the Federal Highway pairs
· Improvements to the LaFrance Hotel property
Please have this item placed on the next available agenda for consideration by the City
Commission.
Diane Colonna
Executive Director
c: Becky O'Connor, City Treasurer
104 West Atlantic Avenue · Delmy Beach, Florida 33444
561-276-8640 · Fax 561-276-8558
RESOLUTION NO. 2004-__02.
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF
THE DELRAY BEACH COMMUNITY REDEVELOPMENT
AGENCY REQUESTING THE CITY COMMISSION OF THE
CITY OF DELRAY BEACH, FLORIDA TO AUTHORIZE THE
ISSUANCE OF TAX INCREMENT REDEVELOPMENT
REVENUE BONDS, 1N ONE OR MORE SERIES, BY THE
DELRAY BEACH COMMUNITY REDEVELOPMENT
AGENCY (THE "BONDS") PURSUANT TO SECTION 163.385,
FLORIDA STATUTES, IN A PRINCIPAL AMOUNT OF NOT
TO EXCEED TWELVE MILLION DOLLARS ($12,000,000);
REQUESTING THE CITY OF DELRAY BEACH, FLORIDA TO
AUTHORIZE THE PROPER OFFICIALS OF THE CITY TO DO
ALL OTHER THINGS NECESSARY TO ASSIST THE
AGENCY IN THE ISSUANCE OF SUCH BONDS; PROVIDING
FOR EFFECTIVE DATE.
WHEREAS, the City of Delray Beach, Florida (the "City") has duly adopted its current
Community Redevelopment Plan (the "Plan") for the community redevelopment area within its
jurisdiction; and
WHEREAS, pursuant to the Plan the Delray Beach Community Redevelopment Agency
(the "Agency") has developed a redevelopment schedule for the development, implementation
and refinancing of certain projects which require funding from sources beyond the currently
available funds received by the Agency; and
WHEREAS, in order to provide for the funding of certain projects as provided for in the
Plan as the same may exist from time to time, the Agency hereby determines that it is in the
public's interest to issue, in one or more series, Tax Increment Revenue Improvement Bonds in
the aggregate principal amount of not to exceed Ten Million Dollars ($10,000,000) (herein, the
"Tax-Exempt Bonds") and to issue its Tax Increment Revenue Refunding Bonds (Taxable) in the
aggregate principal amount of not to exceed Two Million Dollars ($2,000,000) (herein, the
"Taxable Bonds" and, together with the Tax-Exempt Bonds, the "Bonds") pledging its tax
increment revenues for the repayment of the Bonds; and
WHEREAS, the Bonds will be sold to one or more financial institutions (herein, the
"Bank") providing the most favorable terms to the Agency pursuant to the conditions set forth in
such Bank's commitment (the "Commitment"); and
WHEREAS, the proceeds derived from the issuance of the Tax-Exempt Bonds will be
used to finance certain redevelopment projects and the proceeds from the Taxable Bonds will be
used to retire the Agency's outstanding Tax Increment Redevelopment Revenue Refunding and
Improvement Bonds, Series 1999 B (Taxable) and pay the costs of issuing the Bonds; and
WHEREAS, pursuant to Section 163.385, Florida Statutes, the City, as the governing
body, may authorize by resolution or ordinance the Agency in its corporate capacity, and its
discretion, to issue tax increment redevelopment revenue bonds from time to time to finance and
refinance the undertaking of any community redevelopment project pursuant to its Plan and
pledging the anticipated assessed valuation of the completed community redevelopment area and
such other revenues as are legally available.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Delray
Beach Community Redevelopment Agency that:
Section One, All of the above recitals are true and correct.
Section Two. The City Commission of the City of Delray Beach, Florida, as the
governing body of the City (the "City Commission"), is hereby requested to authorize the
issuance of Tax Increment Redevelopment Revenue Improvement Bonds (the "Tax-Exempt
Bonds"), by the Delray Beach Community Redevelopment Agency (the "Agency") in the
aggregate principal amount of not to exceed Ten Million Dollars ($10,000,000) and the issuance
by the Agency of Tax Increment Redevelopment Revenue Refunding Bonds (Taxable) in the
principal amount of not to exceed Two Million Dollars ($2,000,000), said Bonds to be sold at
private sale pursuant to the most favorable terms offered by a Bank determined to be appropriate
and acceptable to the Delray Beach Community Redevelopment Agency as evidenced by the
Commitment of such Bank.
Section Three: Principal and interest on the Bonds will be payable from the Agency's tax
increment revenues collected pursuant to the provisions of Section 163.387, Florida Statutes.
Section Four: The Commission is hereby requested to authorize the proper City officials
to do all other things necessary and within their power to assist the Agency in the issuance of the
Bonds.
Section Six. This Resolution shall take effect immediately upon passage.
PASSED AND ADOPTED this
.. day of ~.D~acx~.~x, 2004.
DELRAY BEACH COMMUNITY
REDEVELOPMENT AGENCY
Title: C~,~t c.~ ~r~,q I
[AGENCY SEAL]
Request to be placed on:
X Consent Agenda
When: 3/11/04
Description of agenda Item:
AGENDA REQUEST
Date:
Special Agenda
__ Workshop Agenda
Approve Resolution# 17-04 which authorizes the CRA to issue
tax incremental revenue tax bonds not to exceed $12,000,000.
ORDINANCE/RESOLUTION REQUIRED:
Draft of Resolution Attached:
X YES
X YES
Recommendation: Recommend the approval of Resolution # 17-04.
NO
NO
Department Head Signature: ~ ~.~...~
Determination of Consistency with Co~lhensive Plan : ~' ~
City Attorney Review/Recommendation (if applicable):
Budget Director Review
(required on all items Involving expenditure of funds):
Funding available: n/a
Funding alternatives (if applicable):
Account Number: n/a
Account Description:
Account Balance:
City Manager Review:
Approved for Agenda:
Hold Until:
Agenda Coordinator Review:
Received:
Action.
Yes
Approved: Disapproved:
P.O. #