County Memorandum Regarding Ordinance Relating to CMB Redevelopment of Convention Center Village a1 .J
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OFFICE FILE COPY
CLERK OF .. BOARD
OF cowry C S O
34:MAU-DADE COUNTY.FLORIDA
• • MEMORANDUM
•
Agenda Item No. 5(A)
(Public Hearing 12-16-14)
TO: Honorable Chairwoman Rebeca Sosa DATE: October 21, 2014
and Members,Board of County Commissioners
FROM: R.A. Cuevas,Jr. SUBJECT: Ordinance relating to
County Attorney Redevelopment of Miami Beach
City Center/Historic Convention
Village Redevelopment and
Revitalization Area;amending
Section 30A-52 of the Code to
extend the period of funding
the Trust Fund;creating
Section 30A-55 to provide
termination date
Ordinance No. 14-133
The accompanying ordinance was prepared and placed on the agenda at the request of Prime
Sponsor Commissioner Bruno A.Barreiro.
R.A. Cue ,Jr. _
County Attorney
RAC/jls
IpN�LGPUf.il::) MEMORANDUM
(Revised)
TO: Honorable Chairwoman Rebeca Sosa DATE; December 16, 2014
and Members,Board of County Commissioners
•
FROM R.A. Cu as,Jr. SUBJECT: Agenda Item No. 5(A)
County Attorney
Please note any items checked.
"3-Day Rule"for committees applicable if raised •
6 weeks required between first reading and public hearing
4 weeks notification to municipal officials required prior to public •hearing
Decreases revenues or increases expenditures without balancing budget
Budget required
i Statement of fiscal impact required
Ordinance creating a new board requires detailed County Mayor's
report for public bearing
No committee review
Applicable legislation requires more than a majority vote(i.e.,2/3's ,
315's ,unanimous )to approve
Current information regarding funding source,index code and available
balance,and available capacity(if debt is contemplated)required
•
Approved Mayor Agenda Item No. 5(A)
Veto 12-16-14
Override
ORDINANCE NO. 14-133
ORDNANCE RELATING TO REDEVELOPMENT OF MIAMI
BEACH CITY CENTER/HISTORIC CONVENTION VILLAGE
REDEVELOPMENT AND REVITALIZATION AREA;
AMENDING SECTION 30A-52 OF THE CODE OF MIAMI-
DADE COUNTY, FLORIDA TO EXTEND THE PERIOD OF
FUNDING THE TRUST FUND; CREATING SECTION 30A-55
OF THE CODE TO PROVIDE TERMINATION DATE; AND
PROVIDING SEVERABILITY, INCLUSION IN THE CODE
AND EFFECTIVE DATE
WHEREAS, on January 26, 1993, the Miami-Dade County Board of County
Commissioners (the "Board") adopted Resolution No. R-14-93, which among other things (i)
found the area in the City of Miami Beach (the "City") bounded on the East by the Atlantic
Ocean, on the North by 24th Street,on the West by West Avenue, and on the South by 14th Lane
(the "Redevelopment Area") to be a "blighted area" within the meaning of Part III of Chapter
163,Florida Statutes, and(ii)delegated to the City of Miami Beach,pursuant to Section 163.410,
Florida Statutes, the power to (a) make findings and determine the Redevelopment Area to be a
slum and/or blighted area, (b) make findings of necessity as to the rehabilitation, conservation,
and/or redevelopment of the Redevelopment Area, (c) create a community redevelopment
agency and delegate powers to the agency, or declare itself as the agency with the power to
exercise such powers assigned to the agency, and (d) initiate, prepare and adopt a plan of
redevelopment and any amendments thereto, subject to the review and approval of the Board;
and
3
Agenda Item No. 5(A)
Page No. 2
WHEREAS. on February 3, 1993, the City adopted Resolution No. 93-20709 which
established a community redevelopment agency (the "Miami Beach Redevelopment Agency" or
the "Agency"), and declared the members of the City Commission as the members of the
Agency; and
WHEREAS, on March 30, 1993, the Board adopted Resolution No. R-317-93, which
among other things (i) adopted the Agency's City Center/Historic Convention Village
Redevelopment and Revitalization Area plan (the "Plan"), for the redevelopment and
revitalization of the Redevelopment Area, and (ii) approved the Interlocal Cooperation
Agreement, between Miami-Dade County (the "County") and the City, dated and executed on
November 16, 1993; and
WHEREAS,on April 27, 1993,the Board enacted Ordinance No. 93-28,which created a
City Center/Historic Convention Village Redevelopment and Revitalization Trust Fund (the
"Trust Fund"), and provided a funding mechanism for implementing the Plan, codified at
Sections 30A-51 to 30A-54 of the Code of Miami-Dade County,Florida(the"Code");and
WHEREAS, the City and the Agency have prepared an amendment to the Plan, to
address the slum and blight conditions within the Redevelopment Area boundaries (the "Plan
Amendment"); and
WHEREAS, the Plan Amendment (1) modifies the scope of the Miami Beach
Convention Center project (the "Convention Center Project") to include all necessary
renovations to and expansion of the Convention Center, and the financing of, including the
funding of operating and maintenance costs of the Convention Center Project; (2) includes
certain ancillary capital projects and financing of such projects (the "Other Projects"); and
1
Agenda Item No. 5(A)
Page No. 3
(3)extends the time certain for completing all redevelopment projects financed by increment
revenues and retiring all outstanding indebtedness to a date no later than March 31,2044; and
WHEREAS,beginning with the twentieth (20th) 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 any existing indebtedness so
supported be refunded without amending Section 30A-52 of the Code; and
WHEREAS, on December 16, 2014, the Agency adopted Resolution No.
R-1110-14 , expressing its intent to incur debt in an amount not to exceed $430,000,000.00 (the
"2015 Bonds") secured by tax increment revenues of the Agency,to fund a portion of the design,
development and construction of the Convention Center Project and Other Projects (collectively
the"Agency Projects"), all as specifically delineated in the Plan Amendment; and
WHEREAS, it is necessary and desirable and in the best interests of the residents of the
County and in particular, the Redevelopment Area, that this Board amend Section 30A-52 of the
Code as required as a condition to the issuance of the 2015 Bonds; and
WHEREAS, pursuant to provisions of Part III of Chapter 163, Florida Statutes, this
Board wishes to amend Section 30-A, Article III of the Code to establish (i) a termination date
for the Agency and the Redevelopment Area, as well as (ii) the County's obligation to
appropriate funds for the Trust Fund,
J�
,
Agenda Item No. 5(A)
Page No. 4
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF
MIAMI-DADE COUNTY,FLORIDA:
Section 1. Section 30A-52, Code of Miami-Dade County, is hereby amended to read
as follows':
Sec.30A-52. Obligation to appropriate; duration of
obligation; limitations on obligation, bond sales
and refundings; accounting requirements for
County increment.
Each taxing authority>>, including The Children's Trust,« shall
by January first of each year appropriate to the fund for so long as
any indebtedness pledging the tax increment due the fund is
outstanding (but not >>later than March 31, 2044«[[to exceed
thirty (30) years]]), a sum not less than the increment as defined
and determined by Section 30A-51>>: provided however,that The
Children's Trust shall become exempt commencing on the earlier
of(i) the date the Miami Beach Redevelopment Agency's bonds
outstanding as of November 1, 2014 are no longer outstanding, or
(ii) March 31, 2023<<. In no year shall the County's obligation to
the fund exceed the amount of that year's tax increment as
determined in Section 30A-51. 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
>>Board approval«[[umending this article]]. 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 have been paid
>>provided however, the County's obligation to fund the fund
shall not extend beyond March 31, 2044, unless the County's
obligation to fund the fund has not been satisfied<<. 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,
1 Words stricken through and/or [[double bracketed]] shall be deleted. Words underscored
and/or>>double arrowed<<constitute the amendment proposed. Remaining provisions are now
in effect and remain unchanged.
Agenda Item No. 5(A)
Page No. 5
note or other form of indebtedness, including advances, pledging
or otherwise obligating tax increment funds.
Section 2. Section 30A-55, Code of Miami-Dade County, is hereby created to read
as follows:
>>Sec.30A-55. Termination.
The Agency and the City Center/Historic Convention Village
Redevelopment and Revitalization Area shall terminate on the
earlier of: (1)the date all loans,advances, and indebtedness, if any,
are no longer outstanding;or(2)March 31,2044.<<
Section 3. 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 4. It is the intention of the Board of County Commissioners, and it is hereby
ordained that the provisions of this ordinance, including any sunset provision, shall become and
be made part of the Code of Miami-Dade County, Florida. The sections of this ordinance may
be renumbered or relettered to accomplish such intention, and the word "ordinance" may be
changed to"section,""article,"or other appropriate word.
7
Agenda Item No. 5(A)
Page No. 6
Section 5. This ordinance shall become effective ten (10) days after the date of
enactment unless vetoed by the Mayor, and if vetoed, shall become effective only upon an
override by this Board, provided that the (a) Plan Amendment to the Agency's City
Center/Historic Convention Village Redevelopment and Revitalization Area plan has been duly
approved by the City of Miami Beach, (b) Third Amendment to the CRA Interlocal Agreement
has been duly approved and executed by the Agency and the City of Miami Beach, and (c)
Amended and Restated CDT Interlocal Agreement, have been duly approved and executed by
the City of Miami Beach and the County.
PASSED AND ADOPTED: December 16, 2014
Approved by County Attorney as
to form and legal sufficiency:
65\f""1
Prepared by:
David Stephen Hope
e p P
Prime Sponsor: Commissioner Bruno A.Barreiro
r