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480-2004 RDA Reso RESOLUTION NO. 480-2004 A RESOLUTION OF THE CHAIRMAN AND THE MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY APPROPRIATING $105,641 IN SOUTH POINTE REDEVELOPMENT AREA TRUST FUND REVENUES AND $99,055 IN CITY CENTER REDEVELOPMENT AREA TRUST FUND REVENUES, TO BE REMITTED TO MIAMI-DADE COUNTY IN PAYMENT FOR ITS SHARE OF THE ADMINISTRATIVE FEE, PURSUANT TO THE TERMS SET FORTH IN THE INTERLOCALAGREEMENT, DATED AUGUST 16, 2004, BY AND BETWEEN THE CITY OF MIAMI BEACH, THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA) AND MIAMI- DADE COUNTY, FLORIDA, FOR THE PURPOSE OF ESTABLISHING THE USE OF 1.50/0 OF THE TAX INCREMENT REVENUES AGAINST REAL PROPERTY LOCATED WITHIN THE SOUTH POINTE AND CITY CENTER REDEVELOPMENT AREAS TO BE REMITTED TO THE CITY AND COUNTY RESPECTIVELY AT THE END OF THE FISCAL YEAR. WHEREAS, on November 16, 1993, the Miami Beach Redevelopment Agency approved an Interlocal Agreement ("Agreement") among the City of Miami Beach, Florida (the "City"), the Miami Beach Redevelopment Agency (the "RDA"), and Miami-Dade County, Florida (the "County") for the purpose of establishing the use of a portion of the tax increment revenues derived from the imposition of a levy against real property located within the jurisdictions of the RDA (the "Tax Increment Revenues"); and WHEREAS, Chapter 163, Part III, Florida Statutes, also known as the Community Redevelopment Act of 1969 (the "Act") , provides for the creation of community redevelopment agencies and governs the use of moneys in redevelopment trust funds created in accordance with the Act (each, a "Fund"); and WHEREAS, the City Commission accepted a delegation of powers from the Miami- Dade County Board of County Commissioners (the "Board"), found a need for and created the CRA to have jurisdiction over all of its community redevelopment districts, declared members of the City Commission to be the members of the RDA, granted the RDA the power to exercise certain powers permitted by the Act to the extent delegated by the Board to the RDA and directed the initiation, preparation and adoption of community redevelopment plans by the RDA for its two community redevelopment districts known as City Center/Historic Convention Village and South Pointe ("CRA Districts"); and WHEREAS, Chapter 163.387(7)(a) Florida Statutes provides that the City and the County are eligible to share in any TI F Revenues not budgeted for a specific use and remaining at the end of the RDA's fiscal year in the Trust Fund; and WHEREAS, during the 2003-2004 budget hearing, the Board of County Commissioners requested and approved an administrative charge fee, payable by all community redevelopment agencies in the County, establishing a 1.50/0 administrative reimbursement charge, payable from the County's respective share of Tax Increment (TIF) payments, to recover costs for County staff time associated with overseeing community redevelopment agency activities and for processing related items; and WHEREAS, Pursuant to the provisions set forth in Chapter 163.387(7)(a) Florida Statutes, the City was able to negotiate allocating 1.5%) of the City's share of the TIF contribution back to the City; and WHEREAS, On May 5, 2004, the City Commission and the RDA Board adopted separate resolutions, authorizing the execution of an interlocal agreement (the Interlocal) between the City of Miami Beach, the RDA and Miami-Dade County, which serves to document the terms by which the City and the County receive their respective administrative fees; 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; and WHEREAS, the City, the RDA and the County acknowledge and agree, pursuant to the Interlocal Agreement, to allocate a 1.50/0 administrative fee of the County's annual TIF contribution to defray the County's costs in connection with its oversight of the RDA, and a 1.50/0 administrative fee of the City's annual TI F contribution to be paid to the City from legally available TIF Revenues remaining at the end of the RDA's fiscal year. NOW THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY OF THE CITY OF MIAMI BEACH, FLORIDA, that the Chairman and Members of the Miami Beach Redevelopment Agency hereby appropriate $105,641 in South Pointe Redevelopment Area Trust Fund Revenues and $99,055 in City Center Redevelopment Trust Fund Revenues, to be remitted to the Miami-Dade County in payment for its proportionate share of the Administrative Fee, pursuant to the terms set forth in the Interocal Agreement, dated August 16, 2004, by and between the Miami Beach Redevelopment Agency, the City of Miami Beach and Miami-Dade County, Flori~for the purpose of establishing the use of 1.50/0 of the tax increment venues against real property located in the South Pointe City Center Redevelopment Are,as 0 b . remitted to the City and County respectively at the end of the fiscal year. I I , PASSED and ADOPTED this 8th day of Septe ber, ATTEST: : ~t P{U~ SECRETARY Robert Parcher JMG/CMC/AP T:\AGENDA\2004\Sept 8\rda\County _Admin Fee_Reso.doc APPROVED AS TO FORM & LANGUAGE & FOR EXECUnON .~/ r,..D8te CITY OF MIAMI BEACH REDEVELOPMENT AGENCY ITEM SUMMARY ~ Condensed Title: A Resolution appropriating $105,641 in South Pointe Trust Fund Revenues and $99,055 in City Center Trust Fund Revenues, to be remitted to the County in payment for its share of the Administrative Fee, pursuant to the terms of the Interlocal Agreement, dated August 16, 2004, by and between the City of Miami Beach, the RDA and Miami-Dade County, Florida. Issue: Should the Redevelopment Agency appropriate the funds? Item Summa IRecommendation: During the course of the 2003/04 RDA budget approval process by Miami-Dade County, the County requested that each Community Redevelopment Area (CRA) include a 1.5% administrative fee to defray the County's costs in connection with its oversight of the CRAs (based on the County's annual Tax Increment Revenue (TIF) contribution in their respective budgets). 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 the administrative fee 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 administrative fee, which is calculated against the County's share of the TIF payment. In addition, Chapter 163.387(7)(a) Florida Statutes provides that the City and the County are eligible to share on a proportionate basis in any TIF Revenues not budgeted for a specific use and remaining at the end of the CRA's fiscal year in the Trust Fund. Based on this provision, the City was able to negotiate allocating 1.5% ofthe County's share of the TIF payment back to the county to defray their costs and 1.5% of the City's share of the TIF payment as a contribution back to the City. On May 5, 2004, the City Commission and the RDA Board adopted separate resolutions, authorizing the execution of an interlocal agreement between the City of Miami Beach, the RDA and Miami-Dade County, which serves to document the terms by which the City and the County receive their respective administrative fees. 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. It is therefore recommended that the RDA adopt the attached Resolution, appropriating $105,641 from South Pointe and $99,055 from City Center towards the Count's share of administrative fees, ursuant to the rovisions of the Interlocal A reement. Financial Information: Source of Funds: See Across Finance Dept. Ci Clerk's Office Le islative Trackin Christina M. Cuervo/Kent O. Bonde T:\AGENDA \2004\Sept08\RDA \Admi nF ee _ SU M .doc AGENDA ITEM ;3 E DATE ,/-7,.0c( CITY OF MIAMI BEACH CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139 www.ci.miamibeachfl.gov To: From: Subject: REDEVELOPMENT AGENCY MEMORANDUM Chairman and Members of the Board Miami Beach Redevelopment Agency Date: September 8, 2004 Jorge M. Gonzalez ~ Executive Director' ' A RESOLUTION · F THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY APPROPRIATING $105,641 IN SOUTH POINTE TRUST FUND REVENUES AND $99,055 IN CITY CENTER TRUST FUND REVENUES, TO BE REMITTED TO MIAMI- DADE COUNTY IN PAYMENT FOR ITS SHARE OF THE ADMINISTRATIVE FEE FOR FISCAL YEAR ENDING SEPTEMBER 30, 2004, PURSUANT TO THE TERMS SET FORTH IN THE INTERLOCAL AGREEMENT, DATED AUGUST 12, 2004, BY AND BETWEEN THE CITY OF MIAMI BEACH, THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA) AND MIAMI-DADE COUNTY, FLORIDA, FOR THE PURPOSE OF ESTABLISHING THE USE OF 1.50/0 OF THE TAX INCREMENT REVENUES AGAINST REAL PROPERTY LOCATED WITHIN THE SOUTH POINTE REDEVELOPMENT AREA AND THE CITY CENTER/HISTORIC CONVENTION VILLAGE REDEVELOPMENT AND REVITALIZATION AREA TO BE REMITTED TO THE CITY AND COUNTY AT FISCAL YEAR END. RECOMMENDATION: Adopt the Resolution. ANAL YSIS: During the course of the 2003/04 RDA budget approval process by Miami-Dade County; the County requested that each Community Redevelopment Area (CRA) include a 1.50/0 administrative fee (based on the County's annual Tax Increment Revenue (TIF) contribution) in their respective budgets. The purpose of the fee is to defray the County's costs in connection with its oversight of the CRAs. This issue, together with the Children's Trust allocation item, was brought to the attention of the Finance and Citywide Projects on December 22, 2003. However, due to the fact that the existing bond covenants pledge all current and future increment for the repayment of outstanding bond obligations, it was determined that the RDA can only remit the administrative fee to the County at the end of the Fiscal Year, provided that the debt service on.!, and other obligations relating to, the bonds have been met. Simitarly, the RDA negotiated to remit a like amount to the City for its use as well. The RDA budgets were subsequently modified to include a reserve expenditure line item for the administrative fee, which is calculated against the County's share of the TIF payment. In FY 03/04, the fee to the County paid by City Center will be $99,055 and $105,641 by South Pointe. As indicated in an earlier memorandum, the fees paid by the City's two redevelopment areas account for more than 750/0 of the fees generated by all the other redevelopment areas in Miami- Dade County. It should be noted however, that Chapter 163.387(7)(a) Florida Statutes provides September 8, 2004 Redevelopment Agency Memorandum Administrative Fee - Interlocal Agreement Page 2 of 2 that the City and the County are eligible to share in any TIF Revenues not budgeted for a specific use and remaining at the end of the CRA's fiscal year in the Trust Fund. Based on this provision, the City was able to negotiate allocating 1.5% of the County's share of the TIF payment back to defray their costs and 1.5%) of the City's share of the TIF payment as a contribution back to the City. The TIF payment back to the City represents $125,443 for City Center and $129,807 for South Pointe. On May 5, 2004, the City Commission and the RDA Board adopted separate resolutions, authorizing the execution of an interlocal agreement between the City of Miami Beach, the RDA and Miami-Dade County, which serves to document the terms by which the City and the County receive their respective administrative fees. It also documents the County's acknowledgement and approval of the RDA's intention to refinance all or a portion of its outstanding TIF bonds in City Center, provided that the issuance shall not exceed $101,090,000 and that such refinancing shall mature no later than December, 31 2022. 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. RECOMMENDATION: It is recommended that the Redevelopment Agency adopt the attached Resolution, appropriating $105,641 from South Pointe and $99,055 from City Center towards the County's share of administrative fees for the fiscal year ending September 30,2004, pursuant to the provisions of the Interlocal Agreement. JMG/C~KB T:\AGENDA \2004\Sept08\RDA \County- AdminF ee _Appropriation