479-2004 RDA Reso
RESOLUTION NO.
479-2004
A RESOLUTION OF THE MIAMI BEACH REDEVELOPMENT
AGENCY, APPROPRIATING $592,809 IN SOUTH POINTE
TRUST FUND REVENUES AND $572,876 IN CITY CENTER
TRUST FUND REVENUES, TO BE REMITTED TO THE
CHILDREN'S TRUST, AN INDEPENDENT SPECIAL TAXING
DISTRICT, FOR THE PURPOSE OF ESTABLISHING THE
USE OF TAX INCREMENT REVENUES TO BE DERIVED
FROM THE IMPOSITION OF A NOT TO EXCEED ONE-HALF
(1/2) MILL TAX LEVY BY THE TRUST AGAINST REAL
PROPERTY LOCATED WITHIN THE SOUTH POINTE
REDEVELOPMENT AREA AND THE CITY
CENTER/HISTORIC CONVENTION VILLAGE
REDEVELOPMENT AND REVITALIZATION AREA,
RESPECTIVELY, IN ACCORDANCE WITH THE
PROVISIONS SET FORTH IN THE INTERLOCAL
AGREEMENT, DATED AUGUST 16, 2004, BY AND
BETWEEN THE CITY OF MIAMI BEACH, THE MIAMI BEACH
REDEVELOPMENT AGENCY (RDA), MIAMI-DADE COUNTY,
FLORIDA AND THE CHILDREN'S TRUST; SAID
APPROPRIATION TO BE UTILIZED BY THE CHILDREN'S
TRUST SOLELY FOR PROGRAMS AND SERVICES FOR
CHILDREN AND FAMILIES WITHIN THE CITY OF MIAMI
BEACH, AS SET FORTH IN THE INTERLOCAL
AGREEMENT.
WHEREAS, The Children's Trust ("The Trust"), an independent special taxing
district, was established as a result of a County-wide referendum in which the electors of
the County approved the creation of The Trust and its imposition of a not to exceed one-
half (%) mill ad valorem tax levy, for the purpose of funding improvements to children's
health, development and safety and promoting parental and community responsibility; and
WHEREAS, the Board of County Commissioners enacted Ordinance No. 03-210
(the "County Ordinance"), with an effective date of October 17,2003, whereby any future
requests by municipalities and/or community redevelopment agencies relating to
community redevelopment plans, including, but not limited to, approval of annual budgets,
would require all community redevelopment agencies, in their sole discretion, to exempt
The Children's Trust ad valorem % mill tax levy from collection into the Redevelopment
Trust Fund; and
WHEREAS, application of the County Ordinance to the RDA would potentially have
the impact of depriving the City's respective community redevelopment districts, the South
Pointe Redevelopment Area ("South Pointe") and City Center/Historic Convention Village
Redevelopment and Revitalization Area ("City Center") from receipt and use of tax
increment revenues generated by The Trust's tax levy, as the intent of the Ordinance is
that all such revenues generated by the tax levy would be deemed The Trust Revenues;
and
WHEREAS, the RDA has various series of community redevelopment bonds
currently outstanding (the "Bonds"), issued under certain bond resolutions (the "Bond
Resolutions"), to which the RDA has pledged all current and future tax increment revenues
the RDA is entitled to receive pursuant to Chapter 163, Part III, Florida Statutes (also
known as the Community Redevelopment Act of 1969), from all non-exempt taxing
authorities, including tax increment revenues from any additional tax levies created
subsequent to the issuance of the Bonds, such as The Trust Revenues; and
WHEREAS, at the September 16, 2003 meeting of the City's Finance and Citywide
Projects Committee, the City's bond counsel informed the Committee that an agreement
would have to be negotiated which would allow the RDA to comply with the intent of the
County Ordinance, while also allowing it to remain in compliance with its obligations under
the applicable Bond Resolutions; and
WHEREAS, the agreement would provide that the RDA would be permitted to use
The Trust Revenues for debt service on the Bonds, but only after all tax increment
revenues had been exhausted and, on the last day of the RDA's fiscal year, remit to The
Trust, such Trust Revenues that would not be needed for debt service; and
WHEREAS, the City's Finance and Citywide Projects Committee further directed
the Administration to enter into discussions with The Trust to dedicate that portion of The
Trust Revenues generated within South Pointe and City Center toward eligible children
and families programs planned and/or operating within the City of Miami Beach; and
WHEREAS, subsequent to discussions between The Trust, Miami-Dade County
and the City/RDA Administration, the parties negotiated an Interlocal Agreement (the
"Interlocal") between the City of Miami Beach, the Miami Beach Redevelopment Agency,
Miami Dade County and The Trust, for the purpose of establishing the use oftax increment
revenues to be derived from the imposition of a not to exceed one-half mill tax levy by The
Trust against real property located within the South Pointe and City Center redevelopment
areas ("The Trust Revenues"); said Interlocal Agreement satisfactorily addresses bond
counsel's concerns, but also incorporates the Finance and Citywide Projects Committee's
directives with regard to the use of The Trust Revenues collected in South Pointe and City
Center toward programs and services for children and families within the City of Miami
Beach; and
WHEREAS, on January 14, 2004, the City Commission and the RDA Board
adopted separate resolutions, authorizing the execution of the Interlocal; and
WHEREAS, the Interlocal was approved by the Miami-Dade County Board of
Commissioners on July 27,2004 and fully executed by all parties on August 16, 2004.
WHEREAS, in exchange for the City's and the RDA's cooperation, the Children's
Trust will make funds available solely for programs and services for children and families
within the City of Miami Beach in the amount of the Trust Fund Revenues annually upon
conditions set forth in the Interlocal.
NOW, THEREFORE, BE IT DULY RESOLVED BYTHE CHAIRMAN AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman and Secretary
hereby appropriate $592,809 in South Pointe Trust Fund Revenues and $572,816 in city
Center Trust Fund Revenues, to be remitted to the Children's Trust, an independent
special taxing district, for the purpose of establishing the use of tax increment revenues to
be derived from the imposition of a not to exceed one-half (1/2) mill tax levy by The Trust
against real property located within the South Pointe Redevelopment Area and the City
Center/Historic Convention Village Redevelopment and Revitalization Area, respectively,
in accordance with the provisions ser forth in the Interlocal Agreement, dated August 16,
2004, by and between the Miami beach Redevelopment Agency, Miami-Dade County,
Florida and the Children's Trust; said appropriation to be utilized by the Children's Trust
solely for programs and services for children and families within the City of Miami Beach,
as set forth in the Interlocal Agreement.
PASSED AND ADOPTED THIS 8TH D
ATTEST:
~~p~
SECRETARY
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
T:\Agenda\2004\Jan14\RDA\Children's Trust Reso.doc
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CllY OF MIAMI BEACH
REDEVELOPI\ENT AGENCY ITEM SUMMARY
~
Condensed Title:
A Resolution appropriating $592,809 in South Pointe Trust Fund Revenues and $572,876 in City Center Trust Fund
Revenues, to be remitted to the Children's Trust, pursuant to the Interlocal Agreement by and between the City of Miami
Beach, the RDA, Miami-Dade County and the Children's Trust, an independent special taxing district for the purpose of
establishing the use of tax increment revenues to be derived from the imposition of a not to exceed one-half (Y2) mill tax
Ie b the Trust a ainst real ro e located within the South Pointe and Ci Center redevelo ment areas.
Issue:
Should the Redevelopment Agency appropriate the funds?
Item Summary/Recommendation:
On October 17, 2003, the Board of County Commissioners enacted Ordinance No. 03-210, whereby any future requests by
municipalities and/or community redevelopment agencies relating to community redevelopment plans, including, but not
limited to, approval of annual budgets, would require all Community Redevelopment Agencies, in their sole discretion, to
exempt the Children's Trust Ad Valorem Y2 mill tax levy from collection into the Redevelopment Trust Fund. Due to the fact
that the existing bond covenants pledge all current and future increment for the repayment of outstanding bond obligations,
the RDA can only remit revenues generated by the Y2 mill tax levy at the end of the Fiscal Year, provided that the debt
service and other obligations relating to the bonds have been met. The RDA budgets were subsequently modified to include
a reserve expenditure line item for the Children's Trust.
Pursuant to the direction of the City's Finance and Citywide Projects Committee, the Administration worked with the
Children's Trust, to draft an lnterlocal Agreement that not only satisfies the provisions of the bond covenants as required
by Counsel, but also provides that in exchange for the City and CRA's cooperation, the Trust will make available funds in
the amount of Trust Fund Revenues generated from the CRA districts, for eligible service providers and children's programs
within the City of Miami Beach, without limiting the ability to access other Children's Trust programs.
On January 14, 2004, the City Commission and the RDA Board adopted separate resolutions, authorizing the execution of
the Interlocal Agreement between the City of Miami Beach, the RDA, Miami-Dade County and the Children's Trust, which
serves to document the terms by which the Trust receives its share of revenues generated by the Y2 mil tax levy. The
Interlocal Agreement was submitted to the County's Economic Development and Human Services Committee for approval
and recommendation to the Board of County Commissioners. The Committee approved the lnterlocal Agreement as did the
Board of County Commissioners, at it meeting on July 27,2004. It is therefore recommended that the RDA appropriate
$592,809 from South Pointe and $572,876 from City Center, to be remitted to the Children's Trust.
rove the lnterlocal A reement.
Financial Information:
Finance Dept.
Source of
Funds:
See
Across
Ci Clerk's Office Le islative Trackin
Christina M. Cuervo/Kent O. Bonde
T:\AGENDA \2004\SepOB04IRDAIChildren's Trust _Appropriate _ Sum.doc
DATE
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.ci.miami-beach.fl.us
To:
From:
Subject:
REDEVELOPMENT AGENCY MEMORANDUM
Date: September 8, 2004
Chairman and Members of the
Miami Beach Redevelopment Agency
Jorge M. Gonzalez ~. A ~
Executive Director \Y - 0
A RESOLUTION 0 THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY APPROPRIATING $592,809 IN
SOUTH POINTE TRUST FUND REVENUES AND $572,876 IN CITY
CENTER TRUST FUND REVENUES, TO BE REMITTED TO THE
CHILDREN'S TRUST, AN INDEPENDENT SPECIAL TAXING DISTRICT,
FOR THE PURPOSE OF ESTABLISHING THE USE OF TAX INCREMENT
REVENUES TO BE DERIVED FROM THE IMPOSITION OF A NOT TO
EXCEED ONE-HALF (1/2) MILL TAX LEVY BY THE TRUST AGAINST
REAL PROPERTY LOCATED WITHIN THE SOUTH POINTE
REDEVELOPMENT AREA AND THE CITY CENTER/HISTORIC
CONVENTION VILLAGE REDEVELOPMENT AND REVITALIZATION
AREA, RESPECTIVELY, IN ACCORDANCE WITH THE PROVISIONS
SET FORTH IN THE INTERLOCAL AGREEMENT, DATED AUGUST 12,
2004, BY AND BETWEEN THE CITY OF MIAMI BEACH, THE MIAMI
BEACH REDEVELOPMENT AGENCY (RDA), MIAMI-DADE COUNTY,
FLORIDA AND THE CHILDREN'S TRUST; SAID APPROPRIATION TO BE
UTILIZED BY THE CHILDREN'S TRUST FOR PROGRAMS AND
SERVICES FOR CHILDREN AND FAMILIES WITHIN THE CITY OF MIAMI
BEACH AS SET FORTH IN THE INTERLOCAL AGREEMENT.
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
ANALYSIS
On September 10,2002, the voters of Miami-Dade County voted to amend the Home-Rule
Charter to rename the independent special taxing district "The Children's Trust" and to
authorize the levy of an additional ad valorem tax not to exceed one-half (%) mill for the
purpose of funding improvements to children's health, development and safety and
promoting parental and community responsibility.
On July 8, 2003, the Board of County Commissioners adopted on first reading an
Ordinance whereby any future requests by municipalities and/or community redevelopment
agencies relating to community redevelopment plans, including, but not limited to, approval
of annual budgets, would require all Community Redevelopment Agencies, in their sole
discretion, to exempt the Children's Trust Ad Valorem % mill Tax levy from collection into
AGENDA ITEM
DATE
September 8, 2004
Redevelopment Agency Memorandum
Children's Trust Interlocal Agreement
Page 2 of 3
the redevelopment trust fund. In the case of the City Center, the amount ofthe contribution
would be $572,876 and in the case of South Pointe, $592,809. Additionally, the County
was seeking Resolutions from each of the affected municipalities exempting the Trust
Fund. On August 4,2003 at the County Tax Increment Finance (TIF) Committee meeting,
the County Attorney stated that there would be no formal request submitted to each
Agency for the exemption from the Trust but that alternatively, the municipalities should
exempt the special district in their sole discretion and based upon the Board of County
Commissioners anticipated action on September 17, 2003 to adopt the aforementioned
ordinance.
On September 16, 2003, the City's Finance and Citywide Projects Committee discussed
this issue. Luis Reiter, the City's Bond Counsel, informed the Committee that since existing
bond covenants pledge all current and future increment and provide for no specific
exclusions or exemptions for special districts, further research would be required to
determine if a mechanism could be implemented to grant such exemption. The City
Manager recommended initiating discussions with the Children's Trust to dedicate that
portion of the Children's Trust revenues generated in the South Pointe and City Center
Redevelopment Areas, toward eligible service providers and children programs planned
and/or operating within the City's boundaries. The Committee recommended undertaking
the necessary research and to pursue negotiations with County and the Children's Trust.
Subsequent to the discussions between the Children's Trust and the City's Administration,
the Children's Trust drafted an Interlocal Agreement between the City of Miami Beach,
the Miami Beach Redevelopment Agency (RDA), Miami Dade County and the Children's
Trust, for the purpose of establishing the use of tax increment revenues to be derived from
the imposition of the half mill tax levy by the Trust against real property located within the
jurisdictions of the City Center and South Pointe Redevelopment Areas. The Agreement
not only satisfies the provisions of the bond covenants as required by Counsel, but also
provides that in exchange for the City and RDA's cooperation, the Trust will make available
funds in the amount of Trust Fund Revenues generated from the redevelopment areas, for
programs and services for children and families within the City of Miami Beach, without
limiting the ability to access other Children's Trust programs.
On December 22, 2003, the City's Finance and Citywide Projects Committee
recommended approval of the Interlocal Agreement to the full City Commission and RDA
Board, for consideration at the January 14th Commission meeting and inserted some
additional language in Section 3, as follows "The City and/or agency or organization is in
no way restricted from participating in, and shall not be prejudiced by, any and all other
competitive funding opportunities offered by the Trust". The Agreement was subsequently
approved for execution by the City Commission and the RDA Board.
On July 21, 2004, the Interlocal Agreement was submitted to the County's Economic
Development and Human Services Committee for approval and recommendation to the
Board of County Commissioners. The Committee approved the Interlocal Agreement as
did the Board of County Commissioners, at it meeting on July 27,2004.
September 8, 2004
Redevelopment Agency Memorandum
Children's Trust Interlocal Agreement
Page 3 of 3
CONCLUSION
The Interlocal Agreement provides that the Trust Fund Revenues shall be used for debt
service and other obligations relating to the Bonds under the applicable Bond Resolutions,
only after all other tax increment revenues have been. exhausted for such purpose; and
remit to the Children's Trust on the last day of the RDA's fiscal year, all the Trust Revenues
that are not needed for debt service. Subsequently, the RDA budgets for FY 03/04 were
modified to reflect the one half (1/2) mill tax levy on the revenue side with a corresponding
reserve line item under expenditures. In South Pointe, this amounts to $592,809 and in
City Center, $572,876.
JMG:C~:PDW:KOB:
T:\AGENDA\2004\Sep0804\RDA\Children's Trust Memo.doc