629-2018 RDARESOLUTION NO. 629 -2018
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY, AMENDING RDA RESOLUTION NO.
627 -2017, AND APPROVING, IN SUBSTANTIAL FORM, A FOURTH
AMENDMENT, BY AND AMONG THE CITY, MIAMI -DADE COUNTY
(COUNTY) AND THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA),
TO THE NOVEMBER 16, 1993 INTERLOCAL COOPERATION
AGREEMENT, AS AMENDED (THE "INTERLOCAL AGREEMENT "),
RELATED TO THE CITY CENTER /HISTORIC CONVENTION CENTER
VILLAGE REDEVELOPMENT AND REVITALIZATION AREA (CITY
CENTER RDA); WITH SAID FOURTH AMENDMENT ATTACHED AS
EXHIBIT "A" TO THE MEMORANDUM ACCOMPANYING THIS
RESOLUTION; AND FURTHER AUTHORIZING THE CHAIRMAN AND
SECRETARY TO EXECUTE THE FINAL FOURTH AMENDMENT, IN THE
FORM APPROVED BY THE RDA GENERAL COUNSEL.
WHEREAS, on March 30, 1993, the Miami -Dade County Board of County
Commissioners (the "County Commission ") adopted Resolution No. R- 317 -93, approving,
among other things, the City Center /Historic Convention Village Redevelopment and
Revitalization Plan (the "Plan "), and delegating certain powers conferred on the County
Commission by Part III, Chapter 163, Florida Statutes (the "Act "), to implement the Plan to
the Mayor and City Commission of the City of Miami Beach (the "City Commission "), all for
the project area commonly called "City Center /Historic Convention Village Redevelopment
and Revitalization Area" (such Area previously referred to in the Interlocal Agreement
described below, as the "Project" and herein referred to as the "Redevelopment Area "); and
WHEREAS, the County Commission also enacted Ordinance No. 93 -28 on April 27,
1993, which among other things, established a trust fund ( "Fund" or "Trust Fund ") to fund
improvements in the Redevelopment Area; and
WHEREAS, the County and the City also approved and entered into the Interlocal
Cooperation Agreement, executed on November 16, 1993 (as amended by the First
Amendment (defined below), by the Second Amendment (defined below), and by the Third
Amendment (defined below) (the "Interlocal Agreement "), by which the County delegated to
the City certain redevelopment powers granted by the Act, including but not limited to the
creation of the Redevelopment Area and implementation of the Plan; and
WHEREAS, the County and the City adopted Resolution No. R- 889 -03 and Resolution
No. 2003 - 2537, respectively, approving an amendment to the Plan to incorporate the
development and implementation of community policing initiatives; and
WHEREAS, the County Commission, through Resolution No. R- 889 -03, and the City
Commission, through Resolution No. 2003 - 25241, also approved an amendment to the
Interlocal Agreement ( "First Amendment ") to delegate to the City the power to implement the
community policing initiatives; and
WHEREAS, the County Commission, through Resolution No. R- 958 -05, and the City
Commission, through Resolution No. 2004 - 25560, also approved a second amendment to
the Interlocal Agreement ( "Second Amendment ") whereby (i) the County, City, and Agency
agreed that the Agency would remit one and one -half percent (1.5 %) of the Tax Increment
Revenue paid to the Agency for said fiscal year to the County to defray administrative costs
for oversight and processing Agency related items, after debt service and all other obligations
related to the bonds or future indebtedness issued by the Agency and approved by the County
was satisfied for the fiscal year, and (ii) the County approved the Agency's issuance of
refunding bonds in an amount not to exceed a principal amount of $101,090,000.00 to
refinance all or a portion of the outstanding principal amount of bonds issued with respect to
the Redevelopment Area; and
WHEREAS, the County Commission, through Resolution No. R- 1110 -14, and the City
Commission, through Resolution No. 2014- 28835, also approved a third amendment to the
Interlocal Agreement ( "Third Amendment "), which, among other terms, extended the life of
the Agency to March 31, 2044, authorized the issuance of tax increment revenue bonds
( "RDA Bonds ") to support the Convention Center Renovation and Expansion Project (the
"Convention Center Project "), and further provided for related payment terms, with the intent
that all available excess Trust Fund revenues remaining on deposit in the Trust Fund be used
for the prepayment or redemption of debt prior to maturity of the RDA Bonds, with such
prepayment or redemption of debt commencing in FY 2023 -2024; and
WHEREAS, after distribution of Tax Increment Revenues in the order, priority, and
amounts required by this Interlocal Agreement, the available revenues remaining on deposit
in the Trust Fund, as of the Agency's year -end for FY2016/17, are estimated to be at
approximately $34,000,000; and
WHEREAS, the City has incurred certain additional costs in connection with the
Convention Center Project, including expenses resulting from Hurricane Irma, among other
unforeseen circumstances, and has requested that $6,914,221 of the excess Trust Fund
revenues be allocated to the Convention Center Project; and
WHEREAS, as the excess Trust Fund revenues are in excess of what the City and
County previously anticipated, the County and the City have proposed that certain excess
Trust Fund revenues (based on each entity's proportionate share of the total payments
expended for Administration, Community Policing) be distributed to the County and the City
beginning FY2017 -18, and continuing until FY2022 -23, with the County and the City each
setting aside $1.5 million per year from the foregoing distribution of excess Trust Fund
revenues to fund beach renourishment efforts, which can be used to leverage State or
Federal funding for beach renourishment projects; and
WHEREAS, the County and the City have also proposed for the Agency to distribute,
from excess Trust Fund revenues, an amount up to $20,000,000, to fund the Lincoln Road
Project previously authorized as part of the Third Amendment, for a total project amount of
up to $40,000,000 for the Lincoln Road Project; and
WHEREAS, after the foregoing distributions, any remaining excess Trust Fund
revenues to be used for the early prepayment of debt, as originally contemplated in the Third
Amendment to the Interlocal Agreement; and
WHEREAS, on December 13, 2017, the Chairman and Members of the RDA adopted
RDA Resolution No. 627 -2017, approving, in substantial form, a proposed Fourth
Amendment to the Interlocal Agreement ( "Fourth Amendment "); and
WHEREAS, the revised Fourth Amendment is attached as an exhibit to the
Memorandum accompanying this Resolution; and
WHEREAS, upon approval by the Agency and the City, respectively, the Fourth
Amendment to the Interlocal Agreement will be transmitted to the County, for consideration
and approval by the Board of County Commissioners.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman and
Members hereby amend RDA Resolution No. 627 -2017, and approve, in substantial form, a
Fourth Amendment, by and among the City, Miami -Dade County (County) And the Miami
Beach Redevelopment Agency (RDA), to the November 16, 1993 Interlocal Cooperation
Agreement, as amended (the "Interlocal Agreement "), related to the City Center /Historic
Convention Center Village Redevelopment and Revitalization Area (City Center RDA); with
said Fourth Amendment attached as Exhibit "A" to the Commission Memorandum
accompanying this Resolution; and further authorize the Chairman and Secretary to execute
the final Fourth Amendment, in a form approved by the RDA General Counsel.
PASSED and ADOPTED this 015-day of April, 2018.
ATTEST:
DA " ELBER
CHAIRMAN
14 'Li
RA AEL E. GRANADO
SECRETARY
APPROVED AS TO
FORM & LANGUAGE
&,FOR, EXECUJION
Redevelopment Agency
General Counsel
Dute
FOURTH AMENDMENT TO
THE INTERLOCAL COOPERATION AGREEMENT
This Fourth Amendment to the Interlocal Agreement ( "Fourth Amendment "), made this
day of , 2018 ("Effective Date "), by and among Miami -Dade
County, a political subdivision of the State of Florida (hereinafter referred to as the "County "),
the City of Miami Beach, a municipal corporation under the laws of the State of Florida
(hereinafter referred to as the "City "), and the Miami Beach Redevelopment Agency, a public
agency and body corporate created pursuant to Section 163.356, Florida Statutes (hereinafter
referred to as the "Agency ")
WHEREAS, the Miami -Dade County Board of County Commissioners (the "Board ")
adopted Resolution No, R- 317 -93 on March 30, 1993, approving, among other things, the City
Center /Historic Convention Village Redevelopment and Revitalization Plan (the "Plan ") and
delegated certain powers conferred on the Board by Part III, Chapter 163, Florida Statutes (the
"Act "), to implement the Plan to the Mayor and City Commission of the City of Miami Beach
(the "City Commission "), all for the project area commonly called "City Center /Historic
Convention Village Redevelopment and Revitalization Area" (such Area previously referred to
in the Interlocal Agreement described below, as the "Project" and herein referred to as the
"Redevelopment Area "); and
WHEREAS, the Board also enacted Ordinance No. 93 -28 on April 27, 1993, which
among other things, established a trust fund ( "Fund" or "Trust Fund ") to fund improvements in
the Redevelopment Area; and
WHEREAS, the County and the City also approved and entered into the Interlocal
Cooperation Agreement, executed on November 16, 1993 (as amended by the First Amendment
(defined below), by the Second Amendment (defined below), and by the Third Amendment
(defined below) (the "Interlocal Agreement "), by which the County delegated to the City certain
redevelopment powers granted by the Act, including but not limited to the creation of the
Redevelopment Area and implementation of the Plan; and
WHEREAS, the County and the City adopted Resolution No. R- 889 -03 and Resolution
No. 2003 -2537, respectively, approving an amendment to the Plan to incorporate the
development and implementation of community policing initiatives; and
WHEREAS, the Board, through Resolution No, R- 889 -03, and the City Commission,
through Resolution No. 2003 - 25241, also approved an amendment to the Interlocal Agreement
( "First Amendment ") to delegate to the City the power to implement the community policing
initiatives; and
WHEREAS, the Board, through Resolution No, R- 958-05, and the City Commission,
through Resolution No. 2004 - 25560, also approved a second amendment to the Interlocal
Agreement ( "Second Amendment ") whereby (i) the County, City, and Agency agreed that the
Agency would remit one and one -half percent (1.5% o) of the Tax Increment Revenue paid to the
Agency for said fiscal year to the County to defray administrative costs for oversight and
processing .Agency related items, after debt service and all other obligations related to the bonds
or future indebtedness issued by the Agency and approved by the County was satisfied for the
fiscal year, and (ii) the County approved the Agency's issuance of refunding bonds in an amount
not to exceed a principal amount of $1 01,090,000.00 to refinance all or a portion of the
outstanding principal amount of bonds issued with respect to the Redevelopment Area; and
WHEREAS, the Board, through Resolution No. R- 1110 -14, and the City Commission,
through Resolution No. 2014 - 28835, also approved a third amendment to the Interlocal
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Agreement ( "Third Amendment "), which, among other terms, extended the life of the Agency to
March 31, 2044, authorized the issuance of tax increment revenue bonds ( "RDA Bonds ") to
support the Convention Center Renovation and Expansion Project (the "Convention Center
Project "), and further provided for related payment terms, with the intent that all available excess
Trust Fund revenues remaining on deposit in the Trust Fund be used for the prepayment or
redemption of debt prior to maturity of the RDA Bonds, with such prepayment or redemption of
debt commencing in FY 2023 -2024; and
WHEREAS, after distribution of Tax Increment Revenues in the order, priority, and
amounts required by this Interlocal Agreement, the available revenues remaining on deposit in
the Trust Fund, as of the Agency's year -end for FY 2016-17, are estimated to be at
approximately $34,000,000; and
WHEREAS, the City has incurred certain additional costs in connection with the
Convention Center Project, including expenses resulting from Hurricane Irma, among other
unforeseen circumstances, and has requested that a portion of the excess Trust Fund revenues be
allocated to the Convention Center Project; and
WHEREAS, the City and County, along with the City of Miami, collectively joined the
Rockefeller Foundation's 100 Resilient Cities network as Greater Miami and the Beaches to
develop a resilience strategy that, among other things, aggressively combats the risks of rising
sea levels, coastal erosion, and hurricanes.
WHEREAS, well developed beach and dune systems provide protection from storm
surges associated with hurricanes and other storm events, and maintaining our coastal beaches
provides direct benefit and protection to the people, property, and infrastructure developed on the
barrier islands; and
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WHERAS, in addition to the storm protection benefits that the beach system provides
our community, beaches are a major feature of our tourism industry attracting visitors from all
over the world to our community; and
WHEREAS, the County and City recognize the importance of continually funding beach
renourishment projects for the future resilience of our community.
NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants recorded herein, the County, the City and the Agency agree as follows:
A.. The recitations set forth above are true and correct and adopted as part of this
Fourth Amendment.
B. Paragraph XII, "Distribution of Trust Fund Revenues," sub- paragraphs "E and H"
of the Interlocal Agreement, are hereby amended to read as follows:
E. The Agency agrees to:
1. Beginning FY 201718, and until the earlier of March 31, 2044, or
the termination or expiration of the taxing authorities' obligation to
appropriate the Tax Increment Revenues to the Fund, grant to the County
an amount equal to the County's proportionate share of the total
payments expended by the Agency in the prior fiscal year for
Administration, Community Policing, and Capital Project Maintenance
(defined below). Such grant shall be paid to the County by March 31 of
each year and shall be based on the previous year's expenses for
Administration, Community Policing, and Capital Project Maintenance.
The amount granted annually shall be calculated as follows:
The County's share of total Tax Increment Revenues deposited
into the Trust Fund for that particular year divided by the total Tax
Increment Revenues collected from all taxing authorities and
deposited in the Trust Fund for that particular year, multiplied by
the amount of expenses paid by the Agency in the previous fiscal
year for Administration, Community Policing and Capital Project
Maintenance.
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Beginning FY 2017 -18, and until FY 2022 -23, the County shall set aside
$1.5 million per year of the payments received from the Agency for the
purpose of funding beach renourishment for beaches within or adjacent to
the City of Miami Beach. This funding can be used to leverage State or
Federal funding for beach renourishment purposes. Such funding shall be
set aside in a separate account established by the County to be used for
the purposes described herein.
2. Beginning FY 2017 -18, until FY 2022 -23, grant to the City an
amount equal to the City's proportionate share of the total payments
expended by the Agency in the prior fiscal year for Administration,
Community Policing, and Capital Project Maintenance (defined below).
Such grant shall be paid to the City by March 31 of each year and shall be
based on the previous year's expenses for Administration, Community
Policing, and Capital Project Maintenance. The amount granted annually
shall be calculated as follows:
The City's share of total Tax Increment Revenues deposited into
the Trust Fund for that particular year divided by the total Tax
Increment Revenues collected from all taxing authorities and
deposited in the Trust Fund for that particular year, multiplied by
the amount of expenses paid by the Agency in the previous fiscal
year for Administration, Community Policing and Capital Project
Maintenance.
Beginning FY 2017 -18, and until FY 2022 -23, the City shall set aside
$1.5 million per year of the grant received from the Agency for the
purpose of funding beach renourishment for beaches within the City of
Miami Beach. This funding can be used to leverage State or Federal
funding for beach renourishment purposes. Such funding shall be set
aside in a separate account established by the City to be used for the
purposes described herein.
H. Beginning FY 2014 -15 and ending on the earlier of March 31, 2023, or
the termination or expiration of the taxing authorities' obligation to
appropriate Tax Increment Revenue to the Trust Fund, the Agency shall,
within ninety (90) days from the conclusion of each fiscal year, deposit
any unencumbered amounts on deposit in the Trust Fund and all available
revenues remaining after distribution of Tax Increment Revenues in the
order, priority and amounts set forth in Sections A through C above, into
a fund to be used for the purposes of financing any shortfalls associated
with the payment of the expenses as listed in Section F above. Such
deposits to such fund shall only be made if it will not negatively affect
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the exclusion from gross income, for federal income tax purposes, of
interest on any tax- exempt Agency Indebtedness. After the above
application, the excess funds in the Trust Fund as of the end of FY 16/17
shall be distributed as follows:
1. Of the approximately $34 million in revenues remaining on
deposit in the Trust Fund as of the Agency's year -end for FY 2016-
17, the Agency shall distribute $6,914,221.00 to the City, for the
limited purpose of funding a portion of the construction costs for
the Convention Center Project; and
2. After disbursement to the City pursuant to Section H.1
above, the Agency may distribute an amount up to $20,000,000 to
the City, for the limited purpose of funding a portion of the design
and construction costs for the Lincoln Road / Collins Avenue to
West Avenue Project, for the refurbishment of the Lincoln Road
pedestrian mall from Collins Avenue to West Avenue, and adjacent
corridors (the "Lincoln Road. Project "), which distribution pursuant
to this Section H.2, together with the $20 million previously
authorized for the Lincoln Road Project, provides for total funding
from excess Tax Increment Revenues of up to $40,000,000 for the
Lincoln Road Project.
All other remaining revenues in the Trust Fund (including, without
limitation, any remaining excess revenues at the end of FY16 /17) will be
used to extinguish Agency Indebtedness early, but not prior to FY 2023-
24, to the extent such Agency Indebtedness is subject to prepayment or
redemption prior to maturity at such time or, if such Agency Indebtedness
is not then subject to prepayment or redemption prior to maturity, to
establish an escrow for the prepayment or redemption prior to maturity of
such Agency Indebtedness at such time as the Agency Indebtedness is
subject to prepayment or redemption prior to maturity; provided, however,
that such escrow shall only be established if it will not negatively affect
the exclusion from gross income, for federal tax purposes, of interest on
any such tax-exempt Agency Indebtedness. The City and the Agency
agree not to issue Capital Appreciation Bonds or similar debt that does not
pay interest on a current basis. The City and the Agency also agree that
any Agency Indebtedness pledging Tax Increment Revenues issued for the
purposes set forth herein shall include a call provision allowing such
Agency Indebtedness to be called no later than ten (10) years after initial
issuance. If the Agency Indebtedness is not subject to repayment or
redemption prior to maturity, and an escrow cannot be established., then
the Agency shall distribute annually any revenues remaining on deposit in
the Fund after distribution as set forth in Sections A through H of. this
Paragraph XII, to the taxing authorities in the proportionate manner as it
was deposited.
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C. All provisions of the Interlocal Agreement, other than the provisions specifically
amended herein, remain in full force and effect,
[SIGNATURES APPEAR ON TIE FOLLOWING PAGE]
IN WITNESS WHEREOF, the parties have executed this Fourth Amendment as of the date first
written above.
CITY OF MIAMI BEACH MIAMI-DADE COUNTY
By:
Dan Gelber
Mayor
By:
Carlos A. Gimenez
Mayor
ATTEST ATTEST
By:
City Clerk
'( By:
Deputy Clerk
MIAMI BEACH REDEVELOPMENT
AGENCY
B
t an Gelber
Chairman
Attest:
By:
frco
City Clerk
Approved for form and legal sufficiency
By: C2. v1-10 LCirc
City Attorney Rz
Approved for form and legal sufficiency
By:
Assistant County Attorney
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