File Ref. #175
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CITY OF MIAMI BEACH
MEMORANDUM ( ) t' ,-,
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FROM:
ROBERT PARCHER
CITY CLERK
NEISEN KASDlN ~ ~
MAYOR
TO:
DATE:
APRIL 22, 1999
RE:
REDEVELOPMENT AGENCY/COUNTY ISSUES
I,) ~)
II The South Pointe and . y Center Redevelopment Agencies were supported and
approved by Miami-Dade County. The County is now questioning the continued
existence and/or funding formulas of the Redevelopment Agencies.
Please research the County's support of the creation and programs of the RDA's,
including the advocacy of the creation and mission of the City Center RDA by the
Convention and Visitors Bureau.
NOK/st
'1ry)~
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FROM THE DESK OF
ROB~RT E, PARCHER
ell Y CLERK
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FAX COVERSHEET
TO: ~b lo.;i(j Net( ~ IIr
DATE:
PHONE:
IL-/)--9L
~t:JS"4 ~ 7.3 i '11/)/
SUBJECT:
~d '''-2D
FROM: CLERK OF THE BOARD OF COUNTY COMMISSIONERS
KENNETH GUlDSTRAND
DEPUTY CLERK
PH. 375-2888
FAX 375-2484
111 N.W. 1st STREET
SUITE 17-202
MIAMI FL 33128
.....
NUMBER ~F PAGES (INCLUDING COVER PAGE) 2. t
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M E ~;~.~~AJ"'~'~~Agenda Item No.
I~' .., ..':":#....~.:.::.i. ."- 0' I
~_/ '''''.iUj.t (Public Hearing
+':Ii
Mayor and Members 1.MY:c. "'I'fI'lCI3 March 30 r 1993
:ounty Commissioners uAu~
. ~~.......... <- ECONOM!j1Jal19CT:
tJ7. t:II'f!NGOMMuilWi Da:ELOPMENT
M~~a~I~*~rIEB P.L.S. -.
, "EPT. 2 8
93 -
M i\ V 1 1 1993
@-
~~
, '
~
2(a)
4-27-93)
FROM:
Ordinance Relating
to the Redevelopment
of Miami Beach City
Center/Historic
Convention Village
Redevelopment and
Revitalization Area
.-----
Recommenda tion :-:.,,"_
The attached ordinance is being submitted for your adoption at
the request of the City of Miami Beach. It is recommended that
the Board adopt this ordinance which establishes a Redevelopment
Trust Fund, provides for the appropriation of county funding and
other terms and conditions relating to the City Center/Historic
Convention Village Redevelopment and Revitalization Area.
Background
The City Center/Historic Convention Village Redevelopment and
Revitalization Area is to be financed with tax increment monies
and other financing mechanisms. Enactment of the attached
ordinance will put the tax increment financing process in pla~e
pursuant to the Community Redevelopment Act of 1969 as presently
contained in Part III of Chapter 163 of the Florida Statutes.
This Ordinance establishes a redevelopment trust fund for which
tax increment funds are to be used in conjunction with other
revenues to finance the redevelopment of the City Center/Historic
Convention Village Redevelopment and Revitalization Area. The
ordinance also sets forth the County's obligation to appropriate
tax increment funds to the redevelopment project and provides for
certain county approval and review requirements. For example,
County review and authorization is required of plan amendments,
bond indentures, other financing instruments, and ordinances or
resolutions authorizing financing instruments.
Economic Impact Analysis
The total assessed and taxable values for 1992 of property in
this area is $448.438 million and $293.951 million, respectively.
The City of Miami Beach projects that the amount of tax increment
revenue to be generated by the end of the tenth year will be
approximately $24.482 million. Of this total, the County and
City tax contributions are estimated to be $10.821 million and
$13.661 million, respectively.
These projections are based on the following major assumptions:
- the base assessment year is 1992,
Honorable Mayor and Members
Board of County Commissioners
Page Two
- tax values of properties within the proposed redevelopment area
will grow at an average rate of 6.4% per year,
- rehabilitated hotel values beginning to rise in 1994,
- multiplex movie theater added to the tax roll in 1995,
- Convention Headquarters Hotel added to the tax roll in 1996.
A ~rojection of tax increment revenues for the remaining 20 years
~.the life of the proposed district is not available at this
time.
County staff review indicates that the potential exists for a
higher initial increment than the City projections based upon
certain property developments. Depending on the values certified
by the Property Appraiser in July, the first year County
increment could be as high as $165,000 as opposed to a city
estimate of $54,000. Subsequent year assessed value changes and
corresponding increments are very difficult to predict with
accuracy.
Hospitality/convention commerce is a significant sector of the
Dade County economy. Economic studies have indicated that the
one million square feet Miami Beach Convention Center needs
2,500-3,000 new hotel rooms in reasonable proximity in order to
reach a desirable occupancy and continued booking. A major focus
of the redevelopment plan is the attraction of private investment
in the 'construction of new hotels within at least three sites
near the facility. To the extent that the city is successful in
aChieving such development through this financing strategy, the
construction and tourist sectors of our economy will be improved.
Attachment
~
Agenda Item No. 2(a)
4-27-93
ORDINANCE NO.
93 - 2 R
ORDINANCE RELATING TO REDEVELOPMENT OF MIAMI
BEACH CITY CENTER/HISTORIC CONVENTION VILLAGE
REDEVELOPMENT AND REVITALIZATION AREA BOUNDED
BY 24TH STREET ON THE NORTH, WEST AVENUE ON
THE WEST, 14TH LANE ON THE SOUTH, AND
ATLANTIC OCEAN ON THE EAST; ESTABLISHING
REDEVELOPMENT TRUST FUND; PROVIDING FOR
APPROPRIATION OF FUNDS AND CALCULATION OF
INCREMENT FOR DEPOSIT INTO FUND; SETTING
FORTH OBLIGATION TO APPROPRIATE TO FUND AND
DURATION OF OBLIGATION; PROVIDING FOR LIMITED
COUNTY APPROVAL OF DEBT; PROVIDING FOR REVIEW
OF FINANCIAL RECORDS AND RIGHT OF AUDIT;
PROVIDING FINDING OF PUBLIC PURPOSE;
PROVIDING SEVERABILITY, INCLUSION IN CODE,
AND AN EFFECTIVE DATE.
WHEREAS, the Legislature of the State of Florida enacted the
Community Redevelopment Act of 1969 (the "Act") which is
presently contained in Part III of Chapter 163, Florida Statutes,
as amended; and
WHEREAS, the Act confers all redevelopment powers upon
counties with home rule charters and authorizes such counties to
delegate the exercise of such powers within the boundaries of a
municipality to the governing body of such municipality; and
WHEREAS, the City of 'Miami Beach (the "City"), pursuant to
Part III of Chapter 163, Florida Statutes, as amended, indicated
its wish to undertake a project within its municipal boundaries
that will involve the redevelopment, in accordance with a plan
for redevelopment, of that portion of the City of Miami Beach
known
as
the
City
Center/Historic
Convention
Village
Redevelopment and Revitalization Area, generally bounded by 24th
~
Agenda Item No. 2ea)
Page No. 2
street on the North, West Avenue on the West, 14th Lane on the
South, and the Atlantic Ocean on the East, which is specifically
described on the attached map and legal description made a part
hereof as Exhibit "A" (the "Redevelopment Area); and
WHEREAS, Dade County (the "county") adopted Resolution No.
R-14-93 on January 26, 1993 making certain findings and
delegating certain powers to the City of Miami Beach pursuant to
Part III, Chapter 163, Florida Statutes, as amended, for the
redevelopment of the Redevelopment Area; and
WHEREAS, the City of Miami Beach (the "City") has requested
that the County adopt a resolution pursuant to the provisions of
Section
163.360,
Florida
statutes,
approving
the
City
Center/Historic
Convention
Village
Redevelopment
and
Revitalization Area Plan (the "Plan") with regard to the
Redevelopment Area, to enable the City to undertake redevelopment
of the Redevelopment Area through the implementation of the said
Plan, which was prepared and approved by resolution of the City
of Miami Beach City Commission on February 12, 1993 (Resolution
No. 93-20721); and
WHEREAS, the Plan dated February 12, 1993, was approved on
this date pursuant to Resolution No. R- 317-93
on file with the Clerk of the Board; and
WHEREAS, by Resolution No. 93~20709 ~~~pted on February 3,
and is
1993 ,the City of Miami Beach Commission declared the need to
establish a community redevelopment agency and declared the
4
Agenda Item No. 2(a)
Page No. 3
members of the City Commission as the members of the community
redevelopment agency (the "Community Redevelopment Agency"); and
WHEREAS, the Community Redevelopment Agency may not receive
or spend any tax increment revenues pursuant to Section 163.387,
Florida Statutes unless and until this Board has, by ordinance,
provided for the funding of the redevelopment trust fund for the
duration of the Community Redevelopment Plan; and
WHEREAS,
the
County
is
sympathetic
to
the
City
Center/Historic
Convention
Village
Redevelopment
and
Revitalization Area Project envisaged and proposed by the City of
Miami Beach pursuant to the Plan, which project will ultimately
in;vol ve the expenditure of many millions of dollars, and which
will be financed in part through a range of financing strategies
suggested by the Ci ty of Miami Beach to be secured by such
revenue sources as are provided by law; and
WHEREAS, it is necessary to create a redevelopment trust
fund to be funded with ad valorem tax increment revenues,
pursuant to Sections 163.353 and 163.387, Florida Statutes, in
order to provide funds to finance or refinance the proposed
community redevelopment and to facilitate the implementation of
creative tax increment financing strategies; and
WHEREAS, this Board desires to accomplish the purposes
outlined in the memorandum from the County Manager, a copy of
which is attached hereto, for the reasons delineated therein;
1
)
Agenda Item No. 2 ( a')
Page No. 4
WHEREAS this Board finds that establishing the Redevelopment
Trust Fund and providing for the appropriation into the Fund of
its tax increment as determined by statute is in the best
interest of the citizens of Dade County and serves a public
purpose.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY
COMMISSIONERS OF DADE COUNTY, FLORIDA:
Section 1. Incorporation of Foregoing Recitations. -- The
foregoing recitations are hereby deemed true and correct and are
hereby incorporated as a part of this ordinance.
Section 2.
Establishment of Redevelopment Trust Fund;
Appropriation of Funds; Calculation of Increment.-- A City
Center/Historic
Convention
Village
Redevelopment
and
Revitalization Trust Fund (the "Fund") is hereby established.
Each taxing authority (as defined in Part III Chapter 163,
Florida Statutes) shall annually pay into the Fund, a sum not
less than that increment in the income, proceeds, revenues and
funds of each taxing authority derived from or held in connection
with the community redevelopment project area, and the City's
undertaking and
implementing of its City Center/Historic
Convention Village Redevelopment and Revitalization Plan. The
increment shall be determined annually and shall be that amount
equal to 95 percent of the difference between:
(a) The amount of ad valorem taxes levied each
year by each taxing authority, exclusive of any amount
from any debt service millage, on taxable real property
f
Agenda Item No. 2(a)
Page No. 5
contained within the geographic boundaries of the
Redevelopment Area; and
(b) The amount of ad valorem taxes which would
have been produced by the rate upon which the tax is
levied each year by or for each taxing authority,
exclusive of any debt service millage, upon the total
of the assessed value of the taxable real property in
the Redevelopment Area as shown upon the most recent
assessment roll used in connection with the taxation
of such property by each taxing authority prior to the
effective date of this ordinance.
Section
3.
Obligation to Appropriate;
Duration
of
Obligation; Limitations on obligation, Bond Sales and Refundings;
Accounting Requirements for County Increment.
Each
taxing
authority shall by January 1st of each year appropriate to the
Fund for so long as any indebtedness pledging the tax increment
due the Fund is outstanding (but not to exceed 30 years), a sum
not less than the increment as defined and determined by section
2. In no year shall the County's obligation to the Fund exceed
the amount of that year's tax increment as determined in Section
2 of this ordinance. Beginning with the twentieth year after the
date of sale of the initial bonding or indebtedness pledging tax
increment funds, no new sale of bonds or indebtedness supported
by the County's tax increment may occur nor may existing
indebtedness so supported be refunded without amending this
Ordinance.
The County's obligation to fund the Fund annually
shall continue until all loans, advances, and indebtedness, if
any, and interest thereon, of the community redevelopment agency
incurred as a result of redevelopment in the Redevelopment Area
'1
Agenda Item No. 2(a)
Page No. 6
have been paid.
The County's increment contribution is to be
accounted for as a separate revenue within the Fund but may be
combined with other revenues for the purpose of paying debt
service.
The County must approve the amount, duration of the
obligation and the purpose of any bond, note or other form of
indebtedness,
including
advances,
pledging
or
otherwise
obligating tax increment funds.
Section 4. Review of financial records; right of audit.
The financial records for the Redevelopment Trust Fund shall be
prepared pursuant to Section 163 . 387 (8), F lor ida Statutes and
shall be available for County inspection.
the right of audit of the Fund.
The County reserves
Section 5. Public Purpose.
This ordinance is hereby
declared to be for a publi~ purpose and for the welfare of the
citizens of Dade County, Florida, and shall be liberally
construed to effectuate the purposes thereof.
Section 6. Severability.
If any section, subsection,
sentence, clause or provision of this ordinance is held invalid,
the remainder of this ordinance shall not be affected by such
invalidity.
Section 7. Inclusion in Code.
It is the intention of
the Board of County Commissioners, and it is hereby ordained that
the provisions of this ordinance shall become and be made a part
of the Code of Metropolitan Dade County, Florida. The sections
of this ordinance may be renumbered or relettered to accomplish
I<
Agenda Item No. 2(a)
Page No. 7
such intention, and the word "ordinance" may be changed to
"section", "article", or other appropriate word.
Section 8. Effective Date.
This ordinance shall become
effective ten (10) days after the date of its enactment.
PASSED AND ADOPTED:
APR 2 7 1993
Approved by County Attorney as
to form and legal sufficiency. i!A.6
Prepared by: A, d. J
Q
l.EGAL DESC1UPl10N
I PROPOSED CITY CENTER/HIsroRJC C0NVEN110N Vl.I.JAGE
REDEVELOPMENT AND REVlTALIUTION A1UI'A
;AD that land area within the corporate Jfmits ol the Cty of Miami ~. Florida. which Is
bounded by the line pl'OCeeA1nl northerly Crom a where the
eastern extensioD of the south rlght~{-way line of 14th Lane meets the Erosion Control Une
aloDl the western shore of the Atlantic Ocean, said line followiug the Erosion Control Une
to a point where it intersects the eastern extension of the north rigbt-of-WKy line 'of 24th
Street; then proceeding in . westerly direction aJo. this extension and the north right-of-
way line ol24th Street to a point wbcre it intersects the north bulkhead wall of thc Collins
Canal; thcn proceedlng In a southwestcrly dirCctiOD along the north bulkhead wall oC the
CoJUns Canal to a point where it intersects "the east right-of-way line of Pine Tree Drive;
then proceeding due west in a line traversing the iDtcrscctioD of Dade Boulewrd and Pine
Tree Drive to a point where JI intersecu the north risht-of-way line of Dade Boulevard; then
proceedini in . southwesterly direction aIonl said right-of-way line of Dade Boulevard to
. point fntersecting the west right-of-way line 01 Meridian Avenue; then proceeding south ..
from said point along the west ri&ht-of-way line << Meridian Avenue to . point where it':
intersects the north right-of-way line: ol11th Street; then proceedfna in a westerly direction
alOI2l said right-of-way Une o( 17th Street to a point where it intersects the west ript-of-way
line of West Avcnuc; then proceeding In a southerly direction aloq said right-of-way line
of West Avenue to a point where it intersects the eastern cxt.cnsiOD of the southem propeny
Une of lot 8 in Block 44; then Proc:cediDa In an easledy dJreafOft across West Avenue to the
south property llne ot Jot 12, Block 45; then proa-'1n, easterly aloog chc south property
Unes of lots 12 and 8. Bloct45, thereby traverslDc Allon Coun to . pow Intersecdaa the
west right-of-way line of Alton Road; tben prcc::rHin, southeast aaou Alton Road to .
point where the east right-of-way line of Alton Road lntersecu the south right-of-way llIle
. ol IJncoJn Lane South; then Proceenin, in aD easterly direction along the said right-of-way
Une of Uncoln Lane South to a point where It fntersec:lS the west right-of-way Une ot Drexel
AvclWc; then pnxccding in a southerly direction along said right-of-way Une of Drexel
Avenue to a point where It intersects the south right~f-way line of 16th Street: then
proceeding in au eastedy cUrection along saJd right-of-way line of 16th Street to a polr.t
where it intersects the west right-of-way Ifne of WahingtOD Avenue; then proceen{nl in a
southerly direction along said right-of-way line or Washington Avenue to a point where it
JntersectS the western extcnsion ofthc south right-of-way One of 14th Lanc; thcn proccediq
In an easterly dlrectlon aJong said right-of-way IiDc of 14th Lane to the PONr OF
BEOINNlNO whcrc the eastern arensfoa of the south right-of-way I1nc of 14th Lane
intersectS the Erosion Control Uac alcms the Atbndc: Occaa.
EXHIBIT WA- PAGE 1 OF 2
10
/
WEST AVENUE
'IJ-lf
A TlANr,C OCEAN
&NbII A
Page 2 Dl2
PROPosED CITY CENTER/HISTORIC CO#NEN1lON VILLAGE
REDlEVELOPMENT AND RIEVlTAJ "AnnAl "DCA UAO
:...~. . :--..,. ......~.~~.. -:"~. .~~-
,
AClcndcd
Am~l1ded
1\'JI~nda Item No. .. (3)
4-1-78
7S - 20
o RD IN,\;KS NO.
78-20
ORDI,U",'KE DELCC;\TI:-JG AUTHORITY CONFERRSO
UPON DADE COU~7Y TO 1::STABLISH A P-EDE\/S:'0"~11::;;7
7RUST FUND upm; THS CIT'{ OF 11IA.'1I BSACH FOR
THE ACQUISITION AND REDEVSLOPMENT OF THE
SOUTH BEACH A?EA \HTHI>l :UA:'1I DS..\CH SUBJECT
TO THE L'1.PLE:'!E;lT,iTION Or THE PLA.'! WITH
MODIFICATIONS THAT WAS PREVIOUSLY PRESENTED
TO THE BOARD OF COUNTY COMMISSIONERS;
PROVIDING FOR APPROPRL'-:OIQ:: OF FUNDS I\NJ
C,iLCULATION OF INCRf...CNT r"OR DEPOSIT IN70
FUND; SETTING FORTH OBLIGATIO:l 70 APPRO;: ~;TE
TO FUND A.'!!) DURATIO,-l OF OBLIGATION; PROVIOI:-lG
FOR REVIEW A.'!O APPROVAL OF BOND INDENTURE,
OTHER FINANCING INSTRUMENTS OR ORDINANCES
OR RESOLUTIONS AUTHORIZING A FINANCING
INSTRUMENT; PROVIDING FOR REVIEW OF FINANCI,\L
RECORDS AND RIGHT OF I\UDIT; PROVIDWG A
FINDING OF PUBLIC PURPOSE; PROVIDING
SEVERABLILTTY; PROVIDING INCLUSION IN THE
CODE; AND PROVIDING A.'! EFFECTIVE DATE
WHER~;S, the Legislature 0: Florida cnac~cd ~hc Cc~~~~i~y
Redevelo?mcnt Ac~ 0: 1969 during the legislative session held duri~g
1969; and
WHEREAS, all ?Owers arising through the afOt'esaid e:;ac~-
me~t were conferred by that enactment u?on counties with ho~e r~1e
chat'tl'!rs, which counties 1:1 tll::':\ a::'e autho::,izcd to celegate S'~=:-:
,JO'Ners to munici?<1litios within their bour.r!;.:ries w!',cn stich m~-,:..=:-
palitics wish en undcrca~e redQ~elopment proJects wlchin ~he:..=
res?ective municiiJal bounda::,ics; and
WHEReAS, such .:I u thor i ZoJ t ion fo r co un ties to de lega te
such powers to municipalities is contained in Sectio~ 163,410.
rlo~ida Statutes, which s~a~cs:
"163.1:10 F:xercize of pO\.lcrs i:1 cOl,mties
with hOClC rule C~lartcrs.--rn cou:1tics \.ihich
h.:\vc i\dOllt.:~ 110;':1(' rll: c c!1J.rt.cr.~, t.he pO\.Jcrs
con~()rrcrl by t.hi:; p:,c.t :;h.l11 be cxcrci:;ect
cxclu9ively by the sovernlns body o~ :;uch
CO II n t. y . i! 0 '... ~ ve r , : h () So '/ ern i n 13 bod y 0 r il. n y
such COUll ~y lolh icn 1'1,1:; ..dort('d a home rule
ch;t;tt~r~ ~.1', I ~;1 i':.::: (~i.scrct.i('Jr1, by rCS8~tlt.ion
delCC.:\l.(; Li~ (':{('r'(:l:;c of the pCl\,crs c.onfer'rec
upon 9aid CClllnLy by t~1i:; P,11't. within the
bounnilrie:: Qf i1 municip.1lit.y to the r.o'l,~rning
body of" :;uc': i\ mllni(;ir.11ity. Sue!l,l dcICI,:1tion
to ,I m\lnicl;),llity :;11.\tl conl\;r" 0:11y :;lIch pO\.JCI':;
upon .. l~u~,icjr;lli:j' ,\:1 shall bc ~r>ce:ifically
cllwner;lU;r! in the cklc~.\t.in(\ r'c:;olution. ^ny
r 0 \./1 : r' n n t :; r c '.:: i fic.1 1 1 Y r! c 1 e ;: a t. c ~ s h ,1 1 1 be
/'(;::(;r'v.'r1 ("';:'J.':ivr;l,/ to t.he: ~O':(,r"nill;~ hr,d! of
r. he: ('(111 111.'j. "; ,ll1d
IS 211
1\1.i0ndr..d
Amended
.\gC:1C,l I~~~ ~o, :(a)
Page :-Jo. 2
N1rS?S/'\S, t;,c Ci~'~' o~ :--1ia:-7:':' BC.-1C:', dcting t;':::-Cl\..:g~ its owr.
C017..~U;1:ty J:"edcvclopmen-: agone':, l:icic.:lteJ its wish to '-..lnce:-ta){c a
S':'"CJCC: .....hie:, '../ill i:1'/oL'/c t:-:c {1C:114i.Si.t.:..c~ d:1C cedeve~Q~~,e:;: i:;
ac=o~~a~ce ~~t~ a ~la:1 Eor cclcvelo~me:1': of ~ha~ port~o~ 0~
~i3~i. 8e~c~ k~own as Sou~h 3c~ch anc ex~cnd~~s from Six:~ Stree~
0:; :.:.....c :".o::'th t:l Cove:-nr;1er:t. C'...:~ 0""': l_:lt: .~)\)uth d:1C fror:1 t.he .-\t.lar.t:.~
Ccean en the east to Biscayn~ Bay on the west; anc
r'';I::R.SAS, t..."lc redevelo?mcnt trust fund will provide ?ayment
fa::' the c~nst~uction, reconst=~ction or relocation of c~u:;ty
faciliti~s made necess..ry by the redevelopme:1t project; and
Wf1S?'::::,S, the City c: :Ha~i Beilch on F"0brua::"/ 1, 1977, re-
c;',;ested ~he CO'';:1::'y to ,1dopt " resolution pursuant to ::.'1e provisic' s
0: Section 16l.4l0, florida S~3~utes, delega~ing to t~e Ci~y 0: Mia~i
Eea=~ a:: powe=s the~ co~fc==ed by ~~e statu:e u~on ~ace Co~nty,
but only with regard to that portion of Miami Beach d~scribed in
t~c ?recedi~g ~hereas clause so ~hat the said mU:1ici?ali~: coule
p:ocecd- ~o ado9~ its ::,111"1 :0::- r~dc~:clop~er:.t, d:1d acqui:-e and ar:a:1ge
for the :cdeve.!.opm~nt (,E the .J.~O'/C cesc::ibcd portion 0: t::e s~iC:
Ci ty; a:-:d
WHE?EAS, the Board 0: Coun~f Co~missioners of ::lade Cou~~y
t'assed o~ Febr'..:ary 1, :977, Resolu::'lon :10. R-38-77, e.'1~itled:
"RESOLt.:iIO:; DELCG,\TI~G ,\I.I. [,Olv2RS CON-
FS?R.ED UrON DADE COliN7Y mmSR THS
CJ:A.'IL~I7', ?SDC'/E:'0?."!::~;7 I\C7 Of 1969
uro:-l THE CITY OF ~1I..\.'~: Bf.,\CH fa? 7!lC
AC:;UISITIO:-l ,\~D RF:DS'/E:'OP:U::~7 Of 7!lE
SOU7H 3r.I\ClI ,\?s,\ ',oJI7!iI:l ~l:,;.'-!: 92,\ClI
S~;!3JECT '~a THf-: ::A..l"!...S:,S:-JTA7ION OF' THE
?L,\~i rRCSE~7CD 70 T!lS JOARD OF CJUNT',
COMMISSIONERS": ~nd
'....HSP,ZAS, t.hc delega~ion~" dU~~OL'l~'1 '..as expressly r.',ac~
s~~e~~ ~~ the i~plemcntution 0: t~c cedevelo~rne~~ 9~~~ ~=~sent~d t~a~
da:e t~ ~le Boa=d of County CO~~i5sioners, wi:h a~y subs:a~tial
deviatio~ bei:1g subjec::. to ~~e subsequent approval 0: ::.~e Boar~ 0:
co~~::.y Commlssioners: ~nd
WH~~EAS, a substa~tial ~cdi:ica~ion 0: the ~la~ ~as 9rese~~~d
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Agend.:l rt.e~ No.
. ?age No. 3
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:0 t~ e
80dr~ of Co~~ty Corr~is
:one:-s on
3.1:1\.1,) ry L7,
1.978, and
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by t~e 8oa=d t~~~ugh Resol~:iQ~ ~u. R-S:-73; and
WHS?S\S, the 197/ Flcri~.1 Le~i31ature enacted Cha?ter 77-391,
Laws of F"lo~ida, arr,e:1ding t:tc C':J17..'":1u:--:it'j De.,,"clapme:1t A.:-: 0: 1969, ,,,'~i.=;,
is cadi:ied as Pa:"~ III c: C:-L1?':2'::' :CJ, ?:o:-i..''':.J St..:ltt..::.es, a:'s;:) ,,;"'.C'..;~
as Sectiol::: 16J.330 ti1r-ouSh 163.-13,j, ?10r-i::1 S::""'ltes; il:-:d
;"'HSEAS, ti1e Ci t"l 0: ~""a:7:i Beac" il??r-oved ?<esolutio:1s
Nos, 77-15283, 77-15291 and 77-':_:
ado~~~d on ~a==~ 2nd, ~~a=c~
JO~~ a:1d Aug'...ls~ 17t.h, 1977, res;:ect~ lely, ap;:n:.ovin':l .:'Jdific3.':io:"'.s
to the redevelo~ment plan of Sou~, Reach; and
WHEREAS, Cha~ter /7-391, Laws of Florida, created Sactic:1
153.397, Flo=ic3 Sta:utes, ge~~i:ti~~ :~e es:aolis~~e~: c: =2~2V~::~-
ment trust funds and ~'e funding of the funds through the ceposit
in t~e funds of the incre~ent in the income, proceeds, revenues,
an~ :~nds of the County and municipali~y derived from or held in
connection with its undertaking and carrying out of co~uni~y re-
development projec~s; ~nd
WHEREAS, the additional redevelopment powers establi5h~c by
Chapter 77-391, Laws of Florida, including the authority to ~s~a=lis~
and fund a redevelopment t:U3t !u~d we=e not delegated to ~~e Citv =~
~~a::1i Beach in Resolution No. R-88-77, passed on Febr'..;ary 1st, 1977,
or in Resolution No. R-52-78, ~assed on January 17th, 1978; and
WHE?..EAS, the establishme:"t and f'.l.~di:,,0' o~ t:~e rede':~:"o?-
ment t:U3t fund by such tax inc=eme~: can onl~' be c~!3c~uated t~=~~g~
an ordinance of the eoard of CO'.l.~ty CO~7.issioners delegating the
at~t::c=ity to
estalJlish
a rede'/el~~~e~: :=~st ~und
:8 ,:-'-':.e
Ci':.y
1o'.ia.7.i 8each; and
WHEREAS, the County is sy~?a:hc-::c .~o ~he ;=~jec: e~visa;e~
and ?=oposed by t..,e City 0: 1"Lia~i EJeach '\IOt'hich '..ill u':':i.:natel.'/ ,:,;;'".o:':e
~'e expenditure of several hundreds of millions of dollars, which will
be fina."lced in ;Jart t.,rough RevEonue 30nds to be issued by ~::e Ci':":,c:
Mia~i Beach and which is presently to be sec~red by such revenue sources
as a,e provided by law including:
~~e rents and revenues t~at ind~vidual
projects and properties within t~e a=e~ of =ecevelo?ment ~::: ge~~:a:e,
the sale of pro~erties by the City to individual ente=?=eneurs :cr re-
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~;(Jt~., THE?,~:(JR::, 3;.' r:- (!.~.:J:\:~.;r::J Jr 7:~:: 30,\;1J 0: CQU~;7Y
CJ~:SS:C~.:::::ts O~ D";:S CDU~;~':'. F"~,)K:!J,\:
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and :~e ac~uisi:ion ~~ ~:"~;e=:~' ~:"'.~ =~~~':~:=~~e~: ~~ ~~e
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Amended
Agenda I~e~ ~o, (a)
ra.;c ~10. 5
Sect~c~ J.
A~p~0~ci~tion of E~nds: c31c'~:3:io~ of i~-
cre~e;: ~.
T:-;e CO'._:'.jlt~: 3;',111. (ln~~,-1lty t)":; into t~~ :'...::1d, ':! s~~
~G')":')~ ~~ ::"'.C .:.;'"':::=(.:;.:~:-':::. .:..,~. t...-'t:: :":~C:;:7.c, iJ='Jc~eds, ::->::'/cr,ucs .l.--:d : "':""-,::5
a: ':;..e C2t..:.:-::y ce:-i'/ec: ::-:)m, c-:: ~cl,i ':".'"1 CQnnec~.:.c:; ....J:.~.~ t;;~ COl.'.."7'.'J:;l':~'
~c~evc!J~~c;:t ~=ojcCt ~=c~, a~d t~c City's unde=t~k:.n~ a~d C3==y:~g
nu:: ~):' :..o.:e COi.'.:~~~i~y rect2velo;:~"-._ '..:.vjt-,;ct plan..
T~e inc=eme~: S~d::
be dctc=~i.:1cd a:-::--.ually and .sI1~11 be that arr.oun:. ~ql..:' to :;:e c:''::~=e:.-.::e
be ~';o/CC:1 :
(J.) 7;'.1:: ,1moun:: 0: J.d v,J10t'cm taxes levied eilcn
yea.: ~y t~c COuntv O~ tax3bl~ re~l proper~y ca~~ai~ec
Io'i~hin the 'jeoqt'il;,lhic bOL::",dat'ics of the cOI1'"~uni::,!
rcdevc!opmen~ projec: ilrcJ.; and
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hJ.ve ~ecn p:o~uccd ~y the ra~c upon which the tax is
:c~i.cd eac~ ye~= by s= ~o= t~e County u?o~ ~he ~~~al c~
~hc assessc,! 'nluc a: the tilxa~1c real pro?ertj' i:1 ~::e
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':Or':"'~L:.:-:.i~y :-.,~c..!r2v'~lo;J::1c!i': ~=ojcct area, J.S s:'cwn '..1?Oi".
':l1~ dSSCSS:nl~~: rolls used ':':1 connec~ion 'Ii.t.h t:-:~ taxa':~o~
0: s:.;ch pro;)cr::y llj! the Co:.;n~/" 1ilst cqualLzed ?=io= to
::hc c::ectL\~ date of the City's resolutions Nos.
77-152QJ, 7,'-LS291 .lr,d 7i-,S41J. adaa~ed 0'1 ~la=c:l 2:"c;,
.\~,1:"ch ~Ot.h dr:c: ~'\UCPlSt li:,h, 1..977, rcs~cc:ilJely, a;J-
crovi:1<J the c8m."r1uni~,/ ri.ldc';e~cf.lmcnt ;,llan '..~::1 ::,.cc:i::i-
:.l~~O:1s.
I" C:,ll\.:'';:J:~:ig ~:,c i:1c:~::ic:it, ~:~C d~OL'::1: 0: t!i(? ad '/,11o:-e:.-: ta:<cs :e'l:.ed
~~scj O~ :~~ c~~~~y-w:de debt Sc~\'~cn on County bon~3 sha:: be ==ta::y
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'\r:1endec
AGenda :~~~ ~Jo. 2(a)
P<.1ge No. :,
S'~C~lcn 4. Oblui.1~~,,~, ~o appropria~~; dc:r,J,:.ic;'1 0:
obl:.gd':i.on; li~itations or. cb::'0<..1~i.Or., bond s.Jl'2s .),;:d r0~''''::ic':'':1gs;
accounti~g =equi=emen~s Eo~ C':~~~! :~cre~e~~. -- 7~c CO~~:! s~~::
an~~a:ly ar?=a~=ia~e to t~e ?~~~ t~l~ ~3X i~c=~~c;:t ~ue :~e F~~d ~~
t~e ~eg':":i~i~q n: the C~u~t:rs :.:..sc~l yc~=.
!fC'.oIc'Ie::, t~e :c:;,d s;.:al:'
receive ~~e tax increment o~:y dS, i~ J~ct whe~ s~c~ taxes a=e
collec:~d by t~e County.
The ~~~~:yls oblig~tion ~o a?~~:?riate to
the F~n~ shall be rescindablc at the discretion 0: the Cc~nty if a
pe~iod 0: six years passes from the date of the initial bcnct~ng
or incebtedness dcscrtbed belo~ ~i:.hout a ne~ sale 0: bonds or
other ~e~ co~~i~~ent uf Cou~t: tax i~c=ement dollars to t~e payrne~:
of debt se=vicc for c3?i~31 i~?=~vcmcnt or la~d acquis~t~cn bonds,
exce~t that the rights o! eXlsting bondholde::s shall be protected.
The Co~~ty's obligation to an;,~ally appropriate to the F~r.d shall
co~~e:'.ce i.i".:nedia:ely u;:on the ~::ec':~v(~ ca':.Q 0: ~:'is c:d:.:-:a.:""cc
and continue until all loans. advances and indebtedn~ss incurred
as a ~esult 0: t~e community :cdcvelcpmcnt projec~ h~ve bce~ ~~id
0= for t~o yea:s' from the e~~cc:~vc date of t~Ls ordi~an~~, if
thc:e ~as not been at t~e end cf thu: t~o yca~ pe=iod, a ?ledge
of the tax increment funding g~anted by this ordinance th~ough
the iss~ance. sale and delivery 0: an instrument 0: lndebtedness
such as bo;,ds or tax anticipatlon notes described i;, SeCtlon 153.385.
F"lo::ida Statutes (1977).
In no yea:: shall the Cau;,ty's ob:igation
to ~:,~ :l...:..~d e:<~eed thf' d:7'.QUn,: 8: :'~,1: yea:"'s :'~l:< i~c=-~~e~.: as
d~:er~:~ed in Section 2 0: t~~3 c:"di~~~cc"
3egi;,;,ing wi:~ :.~e
':.Nentieth yea= a:t~r the d~:~ 0: S~:~ of t~e ini:ial bc~di~g 0=
l:1cebtcd::ess d:1d in e'/ery yea:- ':.:-:er~u::.::'~, t.hc C~t.::"!':.yls .l;":,,ual
a~pro~=iation to the Fund s!,alL ~ot ex=eed the a~cu~~ ~hic~ is
deposited in t~e ;,ine~ee~th I~ar,
3eg~;,~i;,g '.oIlt:-o. t:~c t:'...e;,:let~
Y~d~ a::e= t~e cate 0: sale 0: :~e :.~~~~al bo~c~~g or i~Gc=:edness
no ne~ sale 0: bonds Or i~debt8d~ess s~ooor:ec by the Coun:y's
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/:).OIL'nd'.:d
.,:\"gerlct.J r:~:":"l ~:O. _';.J.'
Page ~ic. 7
:ax i~c=ement ma~' occ~= no= ~A~. ex~s~l~g i~dcbtedne5S so s~=~o=:ed
be ::e:'..l.."1cec. '""i':.:--;out a:;'C=ova~ c: ':.:--.~ DO,J.:-d 0: Caunty Corr...'":1.:..ss.:..o;;,e:-3,
7~e C':>UJ;~~,IS i:1c:-er:1e~t cO:it=i,hL:.'::':J~s <3:'e '::) be accoun':.ec. ::::- as
a se:;:3.:3.~e rC'J'e~.'J.e '''':J..t:-.~:'1 :.~e :....1:'1d bu~ 01.):; be combi;:t:ld ...... _.. at:--.e:-
=eVe~~2S for t~e pu=pose o~ ~ayi:'1g de~':. se:vice.
Section 5.
Review and a?~=cval of m~ste: ~ond i~dentu:-e
or ot~er financing :nstr'~ent or ordinance or resolution a~t~ori=~ng
finan<:::.\" instru:~ents; revie.... of subsequent financing ins':.r~er,ts
~o assu=~ compliance wit~ ~ast~= i~denture. -- 7he County C~~i:s_Gn
s~all revie.... and ap?rove the initial master bond indenture and
orci~ance O~ resolution autho~i:i~g :i~dncing instrume~~s ~nd
instr~~ents of indebtedness suc~ as bonds or tax antici?ation
notes as i1escribed in Section 153.385, Florida Statutes (1977),
as to i~s ?rovis:ons =:~ati~g ~o =e:~~di~~1 ~=e?ay~e~t a~c
red~mption, othe~ p~ovisions relating to ehe governance 0:
:inancing instr~~ents and inst=~~ents of indebtedness, the
a?plication of funds necessary to ?ay costs of necess~ry ~esiden':.ial
propert: acquisition, moving expenses and relocation bene:its
as provided under the Redevelopment Plan.
Subsequent financing
i:1st='..li~ents or i:1st=1j..;~e:1ts of i:1ce~tec:1ess pre?ared i,)L.:rSUd:".':
to the master indenture shall be reviewed by the County Manager
and shall be approved unless he determines t~at the instr~~ents
do :10': ::8r.:0:-:-:1 '.4:.':~ t:-:e t".e:.-:':1S c: ::--:e a??:"c'J~d ~~i,:ia~ ~ds:e= 1:":.-
centure a~d ord::1ance or resol~:~Q~ au,:ho:-iz::1g fi~dnc:':1q ,~-
s~=t.:..~e:1ts .
Section 6.
Reloca':.icn ass~sta:1ce tr'..:s':. fund. -- :Jut
of the proceeds of each bond sa:e, the~e shall be withdrawn,
?lac~d 1:1 t=us~, a:;d Se?d_'a~e!.y a.C:::;I~~':~':' ::J=, suc~ SU,..~3 3.3 a=~
p:escribed in t~e Redevelopment ?:an to pay the COStS 0: ~cving
expenses and relocation bene:its.
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Section 9.
I: any section, subsection, sentence, c:~use
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Sec-:io:i 10. ....'" i.s ~:"',e ~:"\~en=icr. 0: t.he Board of Cot.:.~:.:.:
C~~"issione:-s, and it is he~eby o~dained ~~at the ?~ovisions 0: this
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