Date: August 12, Honorable Chair and "'" SMCRA Board Members Stephen David, SMCRA Director. ITEM No. /1

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1 'Making OUf Neighborhood a Crcat Place to live, Work and Ploy" To: From: Honorable Chair and "'" SMCRA Board Members Stephen David, SMCRA Director Date: August 12, 2013 ITEM No. /1 REQUIRED FY BUDGET TRANSFER FROM REGIONS BANK INTEREST ACCOUNT TO REGIONS BANK PRINCIPAL ACCOUNT Resolution A resolution relating to the FY Budget; authorizing the SMCRA to initiate a budget transfer in the amount of $106, from Account No (Regions Bank Debt Service Interest Account) and from Account No in the amount of $9.28 to Account No (Regions Bank Debt Service Principal Account) a total transfer amount of $106, to reconcile Interest Account reductions experienced as a result of an SMCRA Board approved lump sum payment issued to Regions Bank during FY Background During the beginning of the current budget year, the SMCRA Board allocated a total amount of $297J64 for annual debt service interest and principal payments on a previously acquired land acquisition loan from Regions Bank. This total annual debt service amount was included in the original Regions Bank loan amortization schedule. However, following an SMCRA Board approved 2011 lump sum pre-payment totaling $934,601.14, required annual interest payments have also subsequently decreased. Therefore although the annual total debt service amount remains the same, a budget transfer in the total amount of $106, from the debt service interest account to the principal account will be required to satisfy this year's annual principal loan payments. Attached as Exhibit A is a memo from the City of South Miami Finance Department requesting the required budget transfer. Approval of the attached resolution shall authorize the required budget transfer in the amount of in the amount of $106, from Account No (Regions Bank Debt Service Interest Account) and from Account No in the amount of $9.28 to Account No (Regions Bank Debt Service Principal Account) a total transfer amount of $106, to reconcile Interest Account reductions experienced as a result of an SMCRA Board approved lump sum payment issued to Regions Bank during FY Recommendation Staff recommends approval of the attached resolution authorizing a required budget transfer in the amount of in the amount of $106, from Account No (Regions Bank Debt Service Interest Account) and from Account No in the amount of $9.28 to Account No (Regions Bank Debt Service Principal Account) a total transfer amount of $106, Attachments: Correspondence from City of South Miami Finance Department Requesting Budget Transfer SD: \CRA\Required Budget Transfer From Regions Bank Loan Interest Account to Loan Principal Account

2 0. RESOLUTION NO. 7 A resolution relating to the FY Budget; authorizing the 8 SMCRA to initiate a budget transfer in the amount of $106, from Account No (Regions Bank Debt Service 10 Interest Account) and from Account No in the 11 amount of $9.28 to Account No (Regions Bank 12 Debt Service Principal Account) a total transfer amount of 13 $106, to reconcile Interest Account reductions experienced 14 as a result of an SMCRA Board approved lump sum payment issued to Regions Bank during FY WHEREAS, during the beginning of the current budget year, the SMCRA Board 18 allocated a total amount of $297,764 for annual debt service interest and principal 16 payments on a previously acquired land acquisition loan from Regions Bank; and 21 WHEREAS, this total annual debt service amount was included in the original 22 Regions Bank loan amortization schedule; and WHEREAS, however, following an SMCRA Board approved 2011 lump sum pre- 25 payment totaling $934,601.14, required annual interest payments have also 26 subsequently decreased; and WHEREAS, although the annual total debt service amount remains the same, 29 a budget transfer in the total amount of $106, from the debt service interest 30 account to the principal account will be required to satisfy this year's annual principal 31 loan payments NOW THEREFORE BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT ~~ AGENCY OF THE CITY OF SOUTH MIAMI, florida THAT: Section 1. The South Miami Community Redevelopment Agency Board 38 authorizes a required budget transfer in the amount of $106, from 39 Account No (Regions Bank Debt Service Interest Account) 40 and from Account No in the amount of $9.28 to Account 41 No (Regions Bank Debt Service Principal Account) in the 42 total transfer amount of $106, to reconcile Interest Account reductions 43 experienced as a result of an SMCRA Board approved lump sum payment issued to Regions Bank during FY Section 2. This resolution shall take effect immediately upon adoption PASSED AND ADOPTED this _day of August,

3 ATIEST: SECRETARY READ AND APPROVED AS TO FORM: GENERAL COUNSEL 21 APPROVED: CHAIRPERSON Board Vote: Chair Stoddard: Vice Chair Liebman: Member Newman: Member Harris: Member Welsh: Member Covington: Member Price: Page 2 of2

4 EXHIBIT A CITY OF SOUTH MIAMI FINANCE DEPARTMENT REQUEST FOR BUDGET TRANSFER

5 From: Perez, Maria C Sent: Friday, August 02, :03 PM To: David, Stephen Subject: BUDGET TRANSFER Per our conversation, 2013 BUDGET Principal 141, Interest 156, , AMORTIZATION SCHEDULE ON FILE 2013 Amortization Schedule Principal Interest Nov-12 46, , Feb-13 47, , May-13 48, , Aug-I 3 48, , , , , PER BANK INVOICES Principal **THIS IS HOW WE HAVE BOOKED THE PAYMENTS** Interest Nov-12 57, , Feb-13 62, , May-13 63, , Aug-13 64, , TOTAL ,281.0 I 50, ,773.28

6 BUDGET TRANSFER NEEDED PRINCIPAL INTEREST TOTAL 2013 ACTUAUPOSTED 247, , BUDGET 141, , , ( I 06,048.73) FROM: , FROM: (TO BE DETERMINED) 9.28 TO: ,058.01