title
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA APPROVING A SUPPLEMENTAL RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (THE "AGENCY") SUPPLEMENTING THE AGENCY'S PREVIOUSLY ADOPTED MASTER BOND RESOLUTION TO PROVIDE FOR THE ISSUANCE BY THE AGENCY OF ITS TAX INCREMENT REVENUE BONDS (NORTHWEST DISTRICT AREA) IN ONE OR MORE SERIES OF TAX EXEMPT AND/OR TAXABLE BONDS AND AS ADDITIONAL BONDS PURSUANT TO THE AGENCY'S MASTER BOND RESOLUTION FOR THE PURPOSE OF FINANCING (INCLUDING THROUGH REIMBURSEMENT), TOGETHER WITH OTHER LEGALLY AVAILABLE FUNDS, ALL OR A PORTION OF THE COST OF A REDEVELOPMENT PROJECT RELATING TO THE NORTHWEST DISTRICT AREA, INCLUDING CERTAIN OTHER COSTS RELATED TO SUCH ADDITIONAL BONDS, ALL AS MORE FULLY SET FORTH IN SAID SUPPLEMENTAL RESOLUTION; APPROVING THE NEGOTIATED SALE OF EACH SERIES OF SUCH ADDITIONAL BONDS, ALL AS MORE FULLY DESCRIBED IN THE SUPPLEMENTAL RESOLUTION; APPROVING THE ISSUANCE OF EACH SERIES OF SUCH ADDITIONAL BONDS BY THE AGENCY, SUBJECT TO THE TERMS AND CONDITIONS OF THE MASTER BOND RESOLUTION AND SUPPLEMENTAL RESOLUTION; PROVIDING CERTAIN OTHER MATTERS WITH RESPECT THERETO; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Suzette Sibble/Nguyen Tran)
summary
Summary Explanation/Background:
On June 20, 2024, the City Commission and CRA Board approved a Master Development Agreement (MDA) with RP Pompano LLC (an affiliate of RocaPoint Partners) to serve as the Master Developer for the new Downtown to manage and deliver a turn key project for the City and CRA. As part of the MDA, the City Commission and CRA Board approved the issuance of Tax Increment Bonds by the Pompano Beach Community Redevelopment Agency in order to raise proceeds needed to fund the infrastructure (drainage, roadways, pedestrian bridges etc.) for the Downtown. Chapter 163.385, Florida Statutes, requires that the City Commission as the governing board th...
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