2014-28836 Reso RESOLUTION NO. 2014-28836
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, APPROVING AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AMENDED AND RESTATED
INTERLOCAL COOPERATION AGREEMENT, AMENDING AND
RESTATING IN ITS ENTIRETY THE 1996 INTERLOCAL COOPERATION
(COUNTY) AND THE CITY, AS AMENDED (COLLECTIVELY, THE 1996
INTERLOCAL), REGARDING THE USE AND DISPOSITION OF THE
TWO/THIRDS PORTION OF THE CONVENTION DEVELOPMENT TAX.
WHEREAS, the County and the City previously entered into certain interlocal
agreements, including the 1996 Interlocal Cooperation Agreement, dated June 21, 1996,
between the County and the City, as amended by Amendment One to the Interlocal
Cooperation Agreement, dated April 24, 2001 ("Amendment One"), the First Addendum to
Amendment One, dated May 22, 2001 (the "Addendum to Amendment One"), and the Second
Amendment to the Interlocal Cooperation Agreement, dated March 23, 2004 ("Amendment
Two") (collectively, the "1996 Interlocal"), regarding the use and disposition of the two thirds
(2/3) portion ("Two Thirds Portion") of the tax imposed by the County on the exercise within its
boundaries of the taxable privilege of leasing or letting transient rental accommodations at the
rate of three percent (3%) of the total consideration charged for such accommodations,
authorized pursuant to Section 212.0305(4)(b), Florida Statutes, and imposed pursuant to the
County Code and Ordinances ("Convention Development Tax" or"CDT"); and
WHEREAS, the City and the County now wish to enter into an Amended and Restated
Interlocal Cooperation Agreement, which would supersede and replace the 1996 Interlocal; and
WHEREAS, the Amended and Restated Interlocal Cooperation Agreement, attached and
incorporated as Exhibit "A" hereto, provides, in pertinent part, for:
(i) payments from the County to the City of certain funds for capital projects within the City
Center/Historic Convention Village Redevelopment and Revitalization Area (the "City Center
RDA"), as well as for other CDT and resort tax eligible projects, as determined by the City;
(ii) payments from the County to the City relating to the former South Pointe
Redevelopment Agency(South Pointe RDA) geographic area;
(iii) the deferral of certain payments due from the County in Fiscal Year 2014/15 and Fiscal
Year 2015/16;
(iv)the continued payment from the County of an annual operating and maintenance
subsidy for the Miami Beach Convention Center in the amount of$4.5 million; and
(v) up to $1.5 million per year toward eligible CDT projects to incentivize the development of
a new Convention Center headquarters hotel at or near the Convention Center, payable once
the new hotel is built and is generating new bed taxes; and
WHEREAS, upon the City's approval of this Amended And Restated Interlocal
Cooperation Agreement, the 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 MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby approve and authorize the Mayor and City Clerk to execute an Amended
And Restated Interlocal Cooperation Agreement, attached hereto as Exhibit "A," amending and
restating in its entirety the 1996 Interlocal Cooperation Agreement, dated June 21, 1996,
between Miami-Dade County (County) and the City, as amended (collectively, the 1996
Interlocal), regarding the use and disposition of the Two/Thirds Portion of the Convention
Development Tax.
PASSED and ADOPTED this day of /lldlleMd Pr, 2014.
ATTEST: \ B -
Rafael E. Granado, City Clerk *=.INCORP ORATE Phili e a y o r
T:\AGENDA\2014\October\October 29\TCED\CDT Interlocal Amendment Commission Reso.doc
APPROVED AS TO
FORM&LANGUAGE
&FOR EXECUTION
City Attomey Date
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AMENDED AND RESTATED
INTERLOCAL COOPERATION AGREEMENT
THIS AMENDED AND RES'T'ATED INTERLOCAL AGREEMENT,made this_day
of , 2014 (the "Agreement"), by and between Miami-Dade County, a political
subdivision of the State of Florida (the "County"), and the City of Miami Beach, a municipal
corporation organized under the laws of the State of Florida (the "City" or "CMB"), amends and
restates in its entirety the 1996 Interlocal Cooperation Agreement and its amendments between the
County and the City regarding the disposition of the Two Thirds Portion (as hereinafter defined) of
the Convention Development Tax ("CDT"), as defined in this Agreement, for a term to commence
upon the dated date above (the "Effective Date"), and ending on the Termination Date, as defined
in this Agreement. After the Termination Date, the allocation of the Two Thirds Portion of the
CDT shall be made pursuant to State law.
WITNESSETH:
WHEREAS, the County and the City previously entered into interlocal agreements,
including the 1996 Interlocal Cooperation Agreement dated June 21, 1996, between the County
and the City, as amended by Amendment One to the Interlocal Cooperation Agreement, dated
April 24, 2001 ("Amendment One"), the First Addendum to Amendment One, dated May 22, 2001
(the "Addendum to Amendment One"), and the Second Amendment to the Interlocal Cooperation
Agreement, dated March 23, 2004 ("Amendment Two") (collectively, the "1996 Interlocal"),
regarding the use and disposition of the two-thirds (2/3) portion ("Two Thirds Portion") of the tax
imposed by the County on the exercise within its boundaries of the taxable privilege of leasing or
letting transient rental accommodations at the rate of three percent (3%) of the total consideration
charged for such accommodations, authorized pursuant to Section 212.0305(4)(b), Florida
Statutes, and imposed pursuant to the County Code and Ordinances ("Convention Development
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Tax"); and
WHEREAS, the parties intend by this Agreement to amend and restate in its entirety the
1996 Interlocal regarding the disposition of the Two Thirds Portion of the CDT and, to the extent
that the terms and provisions of the 1996 Interlocal are not expressly included herein, such terms
and provisions shall be deemed to be no longer in full force and effect and, in the event of a
conflict between the 1996 Interlocal and this Agreement, the provisions of this Agreement shall
prevail; and
WHEREAS, the County and the City have approved and entered into an Interlocal
Cooperation Agreement, executed on November 16, 1 993, as amended by an amendment approved
by the Board of County Commissioners (the "Board") through Resolution No. R-889-03 and the
City Commission through Resolution No. 2003-25241, and further amended by an amendment
approved by the Board through Resolution No. R-958-05 and the City Commission through
Resolution No. 2004-25560 (the "1993 CRA Interlocal"), relating to the City Center/Historic
Convention Village Redevelopment and Revitalization Area(the "City Center RDA"); and
WHEREAS, the County, the City, and the Miami Beach Redevelopment Agency, a public
agency and body corporate created pursuant to Section 163.356, Florida Statutes (the "Agency"),
have approved and entered into a third amendment to the 1993 CRA Interlocal dated (the
"Third Amendment"), which among other things, extends the term of the City Center RDA to the
earlier of March 31, 2044 or the date the Agency's indebtedness approved by the County is no
longer outstanding. The 1993 CRA Interlocal, as amended by the Third Amendment, shall be
referred to herein as the "CRA Interlocal",
NOW, THEREF®RE, the County and the City agree as follows:
I. All capitalized terms in this Agreement shall have the meanings ascribed to them in this
Agreement.
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II. DISPOSITION OF THE TWO THIRDS PORTION
A. The County shall pay to the City the payments described in subsections II.A.l.
through and including II.AA below, solely from the Two Thirds Portion of the CDT Receipts (as
hereinafter defined) for the period set forth in such subsections in the order of priority set forth in
subsection II.A.6. of this Agreement.
1. An operating and maintenance subsidy for the Miami Beach Convention
Center, located at 1901 Convention Center Drive, Miami Beach, Florida consisting of
approximately 500,000 square feet of convention halls and approximately 127,000 square feet of
meeting rooms (the "Convention Center"), equal to $4.5 million per year, commencing on April 1,
2003, and ending on the earlier of the Termination Date or the date that the Convention Center is
no longer in operation as a publicly owned convention center.
2. The following paymentsl:
2014—50%of CDT Receipts received by the County in Fiscal Year 2014 greater than$62,902,571 but less than$80,035,626
2015—50%of CDT Receipts received by the County in Fiscal Year 2015 greater than$66,047,700 but less than$86,086,319
2016—50%of CDT Receipts received by the County in Fiscal Year 2016 greater than$69,350,085 but less than$92,594,445
2017—50%of CDT Receipts received by the County in Fiscal Year 2017 greater than$72,817,589 but less than$99,594,585
2018—50%of CDT Receipts received by the County in Fiscal Year 2018 greater than$76,458,469 but less than$107,123,935
2019—50%of CDT Receipts received by the County in Fiscal Year 2019 greater than$80,281,392 but less than$115.222,505
2020—50%of CDT Receipts received by the County in Fiscal Year 2020 greater than$84,295,462 but less than$123,933,326
2021—50%of CDT Receipts received by the County in Fiscal Year 2021 greater than$88,510,235 but less than$133,302,687
2022—50%of CDT Receipts received by the County in Fiscal Year 2022 greater than$92,935,747 but less than$143,380,370
2023—50%of CDT Receipts received by the County in Fiscal Year 2023 greater than$97,582,534 but less than$154,219,926
2024—50%of CDT Receipts received by the County in Fiscal Year 2024 greater than$102,461,661 but less than$165,878,952
2025—50%of CDT Receipts received by the County in Fiscal Year 2025 greater than$107,584,744 but less than$178,419,400
2026—50%of CDT Receipts received by the County in Fiscal Year 2026 greater than$112,963,98 l but less than$191,907,907
2027—50%of CDT Receipts received by the County in Fiscal Year 2027 greater than$118,612,180 but less than$206,416,145
2028—50%of COT Receipts received by the County in Fiscal Year 2028 greater than$124,542,789 but less than$222,021,205
2029—50%of CDT Receipts received by the County in Fiscal Year 2029 greater than$130,769,928 but less than$238,806,008
2030—50%of CDT Receipts received by the County in Fiscal Year 2030 greater than$137,308,425 but less than$256,859,742
2031—50%of CDT Receipts received by the County in Fiscal Year 2031 greater than$144,173,846 but less than$276,278,339
2032—50%of CDT Receipts received by the County in Fiscal Year 2032 greater than$151,382,538 but less than$297,164,981
2033—50%of COT Receipts received by the County in Fiscal Year 2033 greater than$158,951,665 but less than$319,630,654
2034—50%of CDT Receipts received by the County in Fiscal Year 2034 greater than$166,899,248 but less than$343,794,731
2035—50%of CDT Receipts received by the County in Fiscal Year 2035 greater than$175,244,211 but less than$369.785,613
2036—50%of CDT Receipts received by the County in Fiscal Year 2036 greater than$184,006,421 but less than$397,741,405
2037—50%of CDT Receipts received by the County in Fiscal Year 2037 greater than$193,206,742 but less than$427,810,655
2038—50%of CDT Receipts received by the County in Fiscal Year 2038 greater than$202,867,080 but less than$460,153,141
2039—50%of CDT Receipts received by the County in Fiscal Year 2039 greater than$213,010,433 but less than$494,940,718
2040—50%of CDT Receipts received by the County in Fiscal Year 2040 greater than$223,660,955 but less than$532,358,236
'All years listed above are fiscal years ending September 30;all CDT Receipts are based on Current CDT Rate.
To the extent the Termination Date is later than September 30, 2040, the City will
continue to receive an allocation of 50% of CDT Receipts, calculated based upon the Current
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CDT Rate (as hereinafter defined) and the formula established in the aforementioned schedule,
which represents County growth estimates of annual CDT Receipts based upon the Current CDT
Rate, between 5% and a cap of 7.56% growth. The County shall receive 100% of any annual CDT
Receipts in excess of the 7.56% annual growth figure based on the Current CDT Rate.
Annual payments to the City, as listed and provided for in this subsection II.A.2, shall be
capped at $50 million; provided, however, that beginning in the County's fiscal year ending
September 30, 2030, the $50 million cap shall escalate annually at the lesser of three percent (3%)
or the Miami Fort Lauderdale All Urban Consumers Consumer Price Index from July to June
("Miami Urban Area CPI").. These payments to the City shall be used for (i) the Convention
Center; and (ii) projects that are determined by the City, in its sole discretion, to be related to the
Convention Center, which projects are within the boundaries of the City Center RDA and are
eligible for CDT funding pursuant to State law (the "Other Projects"). To the extent that the City
determines funds are not needed for the Convention Center or the Other Projects, the funds may
be used by the City for other projects outside the boundaries of the City Center RDA, eligible for
CDT funding pursuant to State law. The County shall have ninety (90) days after the close of the
County's fiscal year to make its remittance to the City.
3. (a) Commencing on the County's fiscal year following the Effective
Date and ending on the earlier of September 30, 2025 or the termination or expiration of the City
Center RDA and the Agency as set forth in the CRA Interlocal, or the date that the Convention
Center is no longer in operation as a publicly owned convention center, the County may reimburse
the Agency, on March 31 of each year, an amount equal to the prior fiscal year's annual subsidy
paid to the City pursuant to the terms of Section XII.D of the CRA Interlocal, adjusted by the
lesser of the Miami Urban Area CPI or 4 percent annually. Commencing on October 1, 2025 and
ending on the earlier of the termination or expiration of the City Center RDA and the Agency as
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set forth in the CRA Interlocal, or the date that the Convention Center is no longer in operation as
a publicly owned convention center, the County shall reimburse the Agency, on March 31 of each
year, an amount equal to the prior fiscal year's annual subsidy paid to the City pursuant to the
terms of Section XII.D of the CRA Interlocal, adjusted by the lesser of the Miami Urban Area CPI
or 4 percent annually. These payments shall be used solely to reduce the annual subsidy payment
to be funded with increment revenues pursuant to Section XII.D of the CRA Interlocal, by an
amount equal to the payments pursuant to this Section.
(b) Commencing on the October 1St immediately following the termination or
expiration of the City Center RDA and the Agency, as set forth in the CRA Interlocal, and ending
on the earlier of the Termination Date or the date that the Convention Center is no longer in
operation as a publicly owned convention center, the County shall annually remit to the City, no
later than March 31 of each year, an operating and maintenance subsidy for the Convention
Center. The City agrees that such funds shall only be used to fund operating and maintenance
costs of the Convention Center. The first annual subsidy amount payable by the County shall
equal the prior fiscal year's annual subsidy paid to the Agency pursuant to the terms of Section
XII.D. of the CRA Interlocal, adjusted by the lesser of the Miami Urban Area CPI or 4 percent
annually. For subsequent fiscal years of the County, the annual subsidy amount payable by the
County shall equal the prior County fiscal year's annual subsidy paid to the City pursuant to the
terms of this Agreement, adjusted by the lesser of the Miami Urban Area CPI or 4 percent
annually. For example, on March 31, 2030, the County shall pay, solely from the Two Thirds
Portion of the CDT Receipts, in the order of priority set forth in Section II.A.6._of this
Agreement, an amount equal to the subsidy due to be paid on March 31, 2029, adjusted by the
lesser of the Miami Urban Area CPI or 4 percent.
4. Commencing in the County fiscal year following the one year anniversary date of
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the Completion of the Convention Center Headquarters Hotel (as defined below), and ending on
the earlier of the Termination Date, or thirty years after the one year anniversary date of the
Completion of the Convention Center Headquarters Hotel, the County shall remit up to $1.5
million to the City, on March 31 of each year, for projects as determined by the City in its sole
discretion, eligible for funding pursuant to subsection 212.0305(4)(b)2.c., Florida Statutes, as
amended; provided, that the County's obligation in this subsection shall terminate if the (1) the
City rescinds the collection of the 1% resort tax, as such tax is provided for and set forth in
Section 5.03(b) of the City Charter, or (ii) uses such 1% resort tax for any purposes other than the
payment of annual debt service on the 2015 Bonds, as defined in Paragraph ITT.C.6. of the CRA
Interlocal. After providing for payment of such annual debt service on the 2015 Bonds, the City
may use the 1% resort tax for such other uses and purposes, as may be permitted pursuant to City
Charter Section 5.03(b). . For purposes of this Agreement, "Completion of Convention Center
Headquarters Hotel" shall mean completion of a hotel in proximity of the Convention Center and
within the boundaries of the City Center RDA, consisting of at least 400 rooms, up to 40,000
square feet of ballroom and meeting space, and related amenities, as evidenced by the earlier of
the City's issuance of a temporary certificate of occupancy or certificate of occupancy for such
hotel. The $1.5 million payment is estimated based on the completion of an 800 room hotel. To
the extent that the number of rooms is less than 800, the payment will be prorated accordingly
based on the number of rooms constructed.
5. For purposes of this Agreement, "CDT Receipts" shall mean the revenues collected
annually (excluding any carryover from prior year collections) by the County of the levy on the
exercise within its boundaries of the privilege of leasing or letting transient rental accommodations
at the rate of three percent (3%) (the "Current CDT Rate") of the total consideration charged
therefore as currently authorized pursuant to Section 212.0305(4)(b), Florida Statutes (net of Tax
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Collector administrative costs for local administration pursuant to Section 212.0305(5)(b)5,
Florida Statutes). CDT Receipts, whenever used in this Agreement, shall apply solely to the
Current CDT Rate; provided; however, that it is recognized that any outstanding indebtedness of
either the County or the City secured by a pledge of CDT Receipts shall have a first claim on such
CDT Receipts prior to any other payments required under this Agreement.
6. The County uses CDT Receipts to annually fund various projects and activities
eligible for funding from CDT Receipts. The parties agree that the County's funding of these
projects and activities in some instances have a prior lien on CDT Receipts thereby making the
payments to the City and the Agency, as set forth herein, subordinate to such senior CDT
obligations. All payments from the County to the City and the Agency, as set forth in this
Agreement, shall be paid solely from the Two Thirds Portion of the CDT Receipts. The order and
priority of the existing senior CDT obligations is as follows:
(a) with respect to each fiscal year of the County commencing upon the effective date
of this Agreement and ending on September 30, 2030:
(1) the bond service requirements (as defined in Ordinance No. 96-85 enacted
by the Board on June 4, 1996, as same may be supplemented and amended) for the Miami-Dade
County, Florida Special Obligations and Refunding Bonds, Series 1996A and Series 1996B, and
any bonds issued to refund any portion of such bonds;
(ii) operational and capital replacement subsidies to the Convention Center,
pursuant to Section II.A.1. of this Agreement;
(iii) $1,000,000 payable annually to the Cultural Affairs Council and operational
subsidies of$2,000,000 for each County fiscal year for PAC Projects (as such term is defined in
County Ordinance No. 97-210);
(iv) payment of$6,400,000 through June 30, 2029, and $1,500,000 in the period
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I
commencing July 1, 2029 and ending June 30, 2030, to Basketball Properties, Ltd. or its
successors and assigns, pursuant to the Arena Agreements, as hereinafter defined;
(v) the bond service requirements (as determined in County Ordinance No. 97-
210 enacted by the Board on November 18, 1997, as amended by Ordinance No. 05-00, enacted by
the Board on May 17, 2005, and as same may be amended and supplemented) for (i) the Miami-
Dade County, Florida Subordinate Special Obligation and Refunding Bonds, Series 1997A; (ii) the
Miami-Dade-County, Florida Subordinate Special Obligation Bonds, Series 1997B, Series 1997C,
Series 2005A, Series 2005B and Series 2009; and (iii) any bonds issued to refund any portion of
each such Series of bonds;
(vi) payment of any Hedge Obligations (as such term is defined in County
Ordinance No. 97-210), including any extension of their maturities;
(vii) payments to the City pursuant to Section II.A.2. of this Agreement;
(viii) payments to the City of Miami pursuant to the Interlocal Cooperation
Agreement between the County and the City of Miami, dated as of July 1, 2009, as amended by the
First Amendment to the Interlocal Cooperation Agreement, dated October 22, 2012;
(ix) payments to Basketball Properties, Ltd. or its successors and assigns,
pursuant to the Arena Agreements of the Naming Rights Payments, the Shortfall Naming Rights
Payment, if any, the funding and replenishment or the Reserve, and any Shortfall payments plus
accrued interest, if any, on such payments (as such capitalized terms are defined in the Arena
Agreements); and
(x) amounts retained by the County to fund other subordinate contractual
commitments and ongoing disbursements to eligible activities, not to exceed the annual amounts
set forth below for the County's fiscal years ending September 30 listed below:
FY 2017: $291225,581
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FY 2018: $29,655,071
FY 2019: $30,087,798
FY 2020: $30,6235842
FY 2021: $31,113,289
FY 2022: $311506,221
FY2023: $325052,726
FY 2024: $32,5025894
FY 2025 $3259565817
FY 2026 $33,314,587
FY 2027 $3472761302
FY 2028 $345542,059
FY 2029 $35,211,961
FY 2030 $35,836,110;
(xi) marquee event grant payments to South Florida Stadium LLC and its
successors and assigns pursuant to Marquee Event Performance Based Grant Agreement between
the County and South Florida Stadium LLC (and joined by the Miami Dolphins, LTD solely with
respect to the County's right to terminate upon the relocation of the team), dated July 2, 2014; and
(xii) commencing on October 1, 2026, the following payments: (A) $5,0005000
retained by the County for contractual commitments and ongoing disbursements to eligible
activities; and (B)payments to the Agency as set forth in Section II.A.3. of this Agreement; and
(xiii) payments to the City pursuant to Section II.A.4. of this Agreement when and
if due and owing.
(b) with respect to each fiscal year of the County for the period from and after October
1, 2030:
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(i) the bond service requirements (as defined in County Ordinance No. 96-85,
enacted by the Board on June 4, 1996, as same may be supplemented and amended) for the Miami-
Dade County, Florida Special Obligations and Refunding Bonds, Series 1996A and Series 1996B,
and any bonds issued to refund any portion of such bonds;
(ii) operational and capital replacement subsidies to the Convention Center,
pursuant to Section II.A.I. of this Agreement;
(iii) $1,000,000 payable annually to the Cultural Affairs Council and operational
subsidies of$2,000,000 for each County fiscal year for PAC Projects (as such term is defined in
County Ordinance Rio. 97-210);
(iv) payment of$6,400,000 through June 30, 2029, and $1,500,000 in the period
commencing July 1, 2029 and ending June 30, 2030, to Basketball Properties, Ltd. or its
successors and assigns pursuant to the Arena Agreements;
(v) the bond service requirements (as determined in County Ordinance No. 97-
210, enacted by the Board on November 18, 1997, and as amended by Ordinance No. 05-00,
enacted by the Board on May 17, 2005, and as same may be amended and supplemented) for (i)
the Miami-Dade County, Florida Subordinate Special Obligation and Refunding Bonds, Series
1997A; (ii) the Miami-Dade County, Florida Subordinate Special Obligation Bonds, Series 1997B,
Series 1997C, Series 2005A, Series 2005B and Series 2009; and (iii) any bonds issued to refund
any portion of each such Series of bonds;
(vi) payment of any Hedge Obligations (as such term is defined in County
Ordinance No. 97-210), including any extension of their maturities;
(vii) payment to the City pursuant to Section II.A.2. of this Agreement;
(viii) payments to the City of'Miami pursuant to the Interlocal Cooperation
Agreement between the County and the City of Miami, dated as of July 1, 2009, as amended by the
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First Amendment to the Interlocal Cooperation Agreement, dated October 22, 2012;
(ix) payments to Basketball Properties, Ltd. or its successors and assigns,
pursuant to the Arena Agreements of the Naming Rights Payments, the Shortfall Naming Rights
Payment, if any, the funding and replenishment or the Reserve, and any Shortfall payments plus
accrued interest, if any, on such payments (as such capitalized terms are defined in the Arena
Agreements); and
(x) amounts retained by the County to fund other subordinate contractual
commitments and ongoing disbursements to eligible activities not to exceed the annual amounts set
forth below for the County's.fiscal years ending September 30:
FY 2030 $35,8365110
FY 2031 $301641613
FY 2032 $3013475578
FY 2033 $3035355117
FY 2034 $3057275345
FY 2035 $30,924,379
FY 2036 $3151265339
FY 2037 $315333,347
FY 2038 $3155451531
FY 2039 $315763,019
FY 2040 $31,985,944
FY 2041 $3212145443
FY 2042 $3214485654
FY 2043 $3216885720
FY 2044 $3259345788
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FY 2045 $335187,008
FY 2046 $331445,533
FY 2047 $33,710,522
FY 2048 $33,982,135
(xi) marquee event grant payments to South Florida Stadium LLC and its
successors and assigns pursuant to Marquee Event Performance Based Grant Agreement between
the County and South Florida Stadium LLC (and joined by the Miami Dolphins, LTD solely with
respect to the County's right to terminate upon the relocation of the team), dated July 2, 2014;
(xii) $5,000,000 retained by the County for contractual commitments and
ongoing disbursements to eligible activities;
(xiii) payments to the Agency as set forth in Section II.A.3. of this Agreement;
and
(xiv) payments to the City pursuant to Section II.A.4. of this Agreement when and
if due and owing.
For purposes of this Agreement, "Arena Agreements" shall mean the various agreements
by and among the County, Basketball Properties, Ltd., Miami Heat Limited Partnership, as the
case may be, or their successors and assigns with respect to the downtown Miami arena where the
Miami Heat play, currently known as the American Airlines Arena. Notwithstanding and
prevailing over anything to the contrary contained in this Agreement, the parties hereby
acknowledge and agree that, to the extent there is a conflict with the provisions of County
Ordinance No. 97-210, as amended as of the Effective Date, the provisions of Ordinance No. 97-
210 shall supersede the provisions of this Agreement.
Notwithstanding and prevailing over any contrary provision or implication of this
Agreement, any and all duties, liabilities and obligations of the County under this Agreement with
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respect to the County's obligation to make payments to the City from the Two Thirds Portion of
the CDT Receipts during any fiscal year of the County shall be required to be paid or performed by
the County only to the extent that the Two Thirds Portion of the CDT Receipts are sufficient
during such fiscal year, and no duties, liabilities, or obligations of the County payable solely from
the Two Thirds Portion of the CDT Receipts shall be required to be satisfied from the County's
General Fund or any other funds, revenues or reserves of the County.
B. Tax Collector
All collections of the Two Thirds Portion shall be collected by the County's Tax Collector
pursuant to Article VI of Chapter 29 of the Miami-Dade County Code, as amended, and paid to the
County for disbursement by the County in the manner required by this Agreement.
III. CITE' RESPONSIBILITIES AND OBLIGATIONS
A. CONVENTION DEVELOPMENT TAX FUNDS
1. The City shall use reasonable efforts to maximize its revenues and minimize
its expenses in accordance with generally-accepted industry practices and shall operate the
Convention Center in a cost efficient manner so as to minimize the operating cash deficit
consistent with the maintenance of the quality of the Convention Center.
2. The City agrees that the County has the authority to use, at the sole
discretion of the County, any CDT receipts based on the Current CDT Rate, not expressly
allocated to Miami Beach as described in this Agreement, for projects eligible under Section
212.0305(4)(b)2.c. and d., Florida Statutes, as the same may be amended.
B. AUDIT REQUIREMENTS
1. For so long as the City provides for an independent financial audit and
report of all related accounts, books and records, including supporting documentation related to
this Agreement and/or the Convention Center for each fiscal year of the City, which is October 1
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to September 30, the City shall provide a copy of the audit and report to the County on an annual
basis. The County shall have the right, without limitation, but not the obligation, to separately
audit all accounts, books and records, and the supporting documentation related to this Agreement,
including, but not limited to, supporting documentation related to the Convention Center. Such
auditor may be engaged to investigate, inspect and review the operations and activities of the City
in connection with this Agreement. The County shall be responsible for the cost of any separate
audits performed at its request. The City shall use its best efforts in assisting the auditor in its
duties.
2. Nothing in this Agreement shall irT'.pair the County's existing rights to
audit or to investigate past and future acts. Any rights that the County has under this section
III.B. shall not be the basis for any liability to the County either from the City or third parties for
such investigation or for the failure to have conducted such investigation.
3. Pursuant to Miami-Dade County Administrative Order 3-20, the County has
the right to retain the services of an Independent Private Sector Inspector General (hereinafter
"IPSIG"), whenever the County deems it appropriate to do so. Upon written notice from the
County, the Agency shall make available to the IPSIG retained by the County, all requested
records and documentation pertaining to this Agreement for inspection and reproduction. The
County shall be responsible for the payment of these IPSIG services, and under no circumstance
shall the Agency incur any charges relating to these IPSIG services. The terms of this provision
herein, apply to the Agency, its officers, agents, employees, Subcontractors and
assignees. Nothing contained in this provision shall impair any independent right of the County to
i
conduct an audit or investigate the operations, activities and performance of the Agency in
connection with this Agreement. The terms of this Article shall not impose any liability on the
County by the Agency or any third party.
14
According to Section 2-1076 of the Code of Miami-Dade County, as amended by
Ordinance No. 99-63, Miami-Dade County has established the Office of the Inspector General
which may, on a random basis, perform audits on all County agreements, throughout the duration
of said agreements, except as otherwise provided below.
Nothing contained above shall in any way limit the powers of the Inspector General
to perform audits on all County agreements including, but not limited to, those agreements
specifically exempted above. The Miami-Dade County Inspector General is authorized and
empowered to review past, present and proposed County and Agency contracts, transactions,
accounts, records, agreements and pr ams. In addition, the Inspector General has the power to
subpoena witnesses, administer oaths, require the production of records and monitor existing
projects and programs. Monitoring of an existing project or program may include a report
concerning whether the project is on time within budget and in conformance with plans,
specifications and applicable law. The Inspector General is empowered to analyze the necessity of
and reasonableness of proposed change orders to a contract. The Inspector General is empowered
to retain the services of independent private sector inspectors general (IPSIG) to audit, investigate,
monitor, oversee, inspect and review operations, activities, performance and procurement process,
including but not limited to project design, specifications, proposal submittals, activities of the
Agency, its officers, agents and employees, lobbyists, County staff and elected officials to ensure
compliance with contract specifications and to detect fraud and corruption.
Upon written notice to the Agency from the Inspector General or IPSIG retained by
the Inspector General, the Agency shall make all requested records and documents available to the
Inspector General or IPSIG for inspection and copying. The Inspector General and IPSIG shall
have the right to inspect and copy all documents and records in the Agency's possession, custody
or control which, in the Inspector General's or IPSIG's sole judgment, pertain to performance of
15
I
the contract, including, but not limited to original estimate files, change order estimate files,
worksheets, proposals and agreements form and which successful and unsuccessful Subcontractors
and suppliers, all project-related correspondence, memoranda, instructions, financial documents,
construction documents, proposal and contract documents, back-charge documents, all documents
and records which involve cash, trade or volume discounts, insurance proceeds, rebates, or
dividends received, payroll and personnel records, and supporting documentation for the aforesaid
documents and records.
IV. COUNT' OBLIGATIONS AND RESPONSIBILITIES
A. CONVENTION DEVELOPMENT TAX
1. The City shall have the right, but not the obligation, to separately audit all
accounts, books and records, and the supporting documentation related to the Convention
Development Tax during the term of this Agreement. Such auditor may be engaged to
investigate, inspect and review the operations, and activities of the County in connection with
this Agreement. The City shall be responsible for the cost of any separate audits performed at its
request. The County shall use its best efforts in assisting the auditor in its duties.
2. The County shall remit to the City the payments required by Articles II.A.
and V.A.,respectively, of this Agreement.
3. The County shall provide a copy of its comprehensive annual financial
report for each Fiscal Year to the City for the duration of this Amendment and for one Fiscal Year
thereafter and an annual certified CDT Receipt schedule. Notwithstanding such report, the City
shall have, at its own expense, the right to audit CDT Receipts, subject to Section 213.053,
Florida Statutes, or any other provision of law related to confidentiality and information sharing.
4. Nothing herein contained shall prevent the City from applying to the County
for additional CDT funding for projects within the City. In such case, the County shall evaluate
16
such request.
V. MUTUAL OBLIGATIONS AND RESPONSIBILITIES
A . ANNUAL PAYMENT
1. On January 1, 2016, the County shall remit to the City an annual amount equal to
twenty percent (20%) of the difference between (a) the amount of general Countywide operating
ad valorem taxes levied by the County for fiscal year 2015-16, exclusive of any amount from any
debt service millage, on the assessed value of the taxable real property contained within the
geographic boundaries specifically described in Exhibit A to this Agreement and (b) the amount of
general Countr,%.,ide operating ad valore.M taxes Which would have been produced by the rate upon
which the tax is levied by the County such year, exclusive of any debt service millage, upon the
total of the assessed value of the taxable real property in the geographic area specifically described
in Exhibit A for the tax year 1976.
2. On January 1, 2017, the County shall remit to the City an annual amount equal to
forty-five percent(45%) of the difference between (a) the amount of general Countywide operating
ad valorem taxes levied by the County for fiscal year 2016-17, exclusive of any amount from any
debt service millage, on the assessed value of the taxable real property contained within the
geographic boundaries specifically described in Exhibit A to this Agreement and (b) the amount of
general Countywide operating ad valorem taxes which would have been produced by the rate upon
which the tax is levied by the County such year, exclusive of any debt service millage, upon the
total of the assessed value of the taxable real property in the geographic area specifically described
in Exhibit A for the tax year 1976.
3. On January 1, 2018, the County shall remit to the City an annual amount equal to:
(a) fifty percent (50%) of the difference between (1) the amount of general Countywide operating
ad valorem taxes levied by the County for fiscal year 2017-18, exclusive of any amount from any
17
debt service millage, on the assessed value of the taxable real property contained within the
geographic boundaries specifically described in Exhibit A to this Agreement and (ii) the amount of
general Countywide operating ad valorem taxes which would have been produced by the rate upon
which the tax is levied by the County such year, exclusive of any debt service millage, upon the
total of the assessed value of the taxable real property in the geographic area specifically described
in Exhibit A for the tax year 1976; plus (b) twenty-five percent (25%) of the difference between (i)
the amount of general Countywide operating ad valorem taxes levied by the County for fiscal year
2014-15, exclusive of any amount from any debt service millage, on the assessed value of the
taxable real property contained within the geog aphic boundaries specifically described in Exhibit
A to this Agreement and (ii) the amount of general Countywide operating ad valorem taxes which
would have been produced by the rate upon which the tax is levied by the County such year,
exclusive of any debt service millage, upon the total of the assessed value of the taxable real
property in the geographic area specifically described in Exhibit A for the tax year 1976; plus (c)
twenty percent (20%) of the difference between (i) the amount of general Countywide operating ad
valorem taxes levied by the County for fiscal year 2014-15, exclusive of any amount from any debt
service millage, on the assessed value of the taxable real property contained within the geographic
boundaries specifically described in Exhibit A to this Agreement and (ii) the amount of general
Countywide operating ad valorem taxes which would have been produced by the rate upon which
the tax is levied by the County such year, exclusive of any debt service millage, upon the total of
the assessed value of the taxable real property in the geographic area specifically described in
Exhibit A for the tax year 1976.
4. On January 1, 2019, the County shall remit to the City an annual amount equal to:
(a) fifty percent (50%) of the difference between (1) the amount of general Countywide operating
ad valorem taxes levied by the County for fiscal year 2018-19, exclusive of any amount from any
18
debt service millage, on the assessed value of the taxable real property contained within the
geographic boundaries specifically described in Exhibit A to this Agreement and (ii) the amount of
general Countywide operating ad valorem taxes which would have been produced by the rate upon
which the tax is levied by the County such year, exclusive of any debt service millage, upon the
total of the assessed value of the taxable real property in the geographic area specifically described
in Exhibit A for the tax year 1976; plus (b) twenty-five percent (25%) of the difference between (i)
the amount of general Countywide operating ad valorem taxes levied by the County for fiscal year
2015-16, exclusive of any amount from any debt service millage, on the assessed value of the
taxable real property contained within the geographic boundaries specifically described in Exhibit
A to this Agreement and (ii) the amount of general Countywide operating ad valorem taxes which
would have been produced by the rate upon which the tax is levied by the County such year,
exclusive of any debt service millage, upon the total of the assessed value of the taxable real
property in the geographic areaspecifically described in Exhibit A for the
tax year 1976.
5. On January 1, 2020, the County shall remit to the City an annual amount equal to
fifty percent (50%) of the difference between (i) the amount of general Countywide operating ad
valorem taxes levied by the County for fiscal year 2019-20, exclusive of any amount from any debt
service millage, on the assessed value of the taxable real property contained within the geographic
boundaries specifically described in Exhibit A to this Agreement and (ii) the amount of general
Countywide operating ad valorem taxes which would have been produced by the rate upon which
the tax is levied by the County such year, exclusive of any debt service millage, upon the total of
the assessed value of the taxable real property in the geographic area specifically described in
Exhibit A for the tax year 1976.
6. On January 1, 2021, the County shall remit to the City an annual amount equal to:
(a) fifty percent (50%) of the difference between (i) the amount of general Countywide operating
19
ad valorem taxes levied by the County for fiscal year 2014-15, exclusive of any amount from any
debt service millage, on the assessed value of the taxable real property contained within the
geographic boundaries specifically described in Exhibit A to this Agreement and (ii) the amount of
general Countywide operating ad valorem taxes which would have been produced by the rate upon
which the tax is levied by the County such year, exclusive of any debt service millage, upon the
total of the assessed value of the taxable real property in the geographic area specifically described
in Exhibit A for the tax year 1976; plus (b) fifty percent (50%) of the difference between (i) the
amount of general Countywide operating ad valorem taxes levied by the County for fiscal year
2016-17, exclusive of any amount from any debt service millage, on the assessed value of the
taxable real property contained within the geographic boundaries specifically described in Exhibit
A to this Agreement and (ii) the amount of general Countywide operating ad valorem taxes which
would have been produced by the rate upon which the tax is levied by the County such year,
exclusive of any debt service millage, upon the total of the assessed value of the taxable real
property in the geographic area specifically described in Exhibit A for the tax year 1976.
7. On January 1, 2022, the County shall remit to the City an annual amount equal to
fifty percent (50%) of the difference between (i) the amount of general Countywide operating ad
valorem taxes levied by the County for fiscal year 2015-16, exclusive of any amount from any debt
service millage, on the assessed value of the taxable real property contained within the geographic
boundaries specifically described in Exhibit A to this Agreement and (ii) the amount of general
Countywide operating ad valorem taxes which would have been produced by the rate upon which
the tax is levied by the County such year, exclusive of any debt service millage, upon the total of
the assessed value of the taxable real property in the geographic area specifically described in
Exhibit A for the tax year 1976.
8. It is understood and agreed that the amounts payable by the County under
20
subsection V.A.1. through and including 7., above, shall be paid solely from non-ad valorem
revenues of the County, and the obligation of the County to make such payments shall not create
any debt, liability, obligation, or pledge of the taxing power, on the part of the County that would
require said payments to be subject to referendum.
9. The provisions of this Section V.A. shall survive the early termination of this
Agreement, regardless of the reason for such termination.
B. CITY CENTER
1. The County and City agree that all tax increment revenue in the City Center
RDA, for the life of the City Center RDA, shall be used as set forth in the CRA Interlocal.
2. . The City and County have amended the City Center/Historic Convention
Village Redevelopment and Revitalization Area Plan to include the Convention Center Project (as
defined in the CRA Interlocal), in accordance with Section 163.361, Florida Statutes, and any
other applicable provisions of Florida law.
3. The County has approved and the City shall issue the 2015 Bonds (as
defined in the CRA Interlocal) for the City Center RDA in an aggregate principal amount not to
exceed $430,000,000, all as set forth in the CRA Interlocal and Resolution No. R.- -
adopted by the Board on 52014.
C. PRIOR INTERLOCAL AGREEMENTS
This Agreement (i) supersedes the Interlocal Agreement dated as of November 1,
1983, as supplemented and amended, between the County and the City, the Interlocal Agreement
dated as of October 12, 1987, between the County and the City, and any other agreements and
resolutions between the County and the City regarding the Two Thirds Portion; and (ii) amends
21
and restates in its entirety the 1996 Interlocal Cooperation Agreement, as amended. All provisions
of the 1996 Interlocal, Amendment One, Addendum to Amendment One and Amendment Two not
incorporated in this Agreement, have no force or effect and are not binding in any way on the
County or the City.
VI. TERMINATION PROVISIONS
The City and the County shall be relieved of any further obligations under this Agreement
on the Termination Date. "Termination Date" shall mean September 30, 2048.
VII. ENTIRE AGREEMENT
This Agreement constitlates the sole and only agreement of the Parties with respect to the
Two Thirds Portion of the CDT Receipts and correctly sets forth the rights, duties, and obligations
of each to the other as of its date. Any prior agreements, promises, negotiations, or representations
not expressly set forth in this Agreement are of no force and effect.
VIII. AMENDMENTS
No amendments to this Agreement shall be binding on either party unless in writing and
signed by both parties.
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]
22
IN WITNESS WHEREOF, the parties have executed this Amended and Restated Interlocal
Cooperation Agreement as of the date first written above.
CITY OF MIAMI BEACH MIAMI-DADE COUNTY
By: 0 By.
Carlos A. Gimenez
Phil' l Mayor
M r y
ATTEST B` :FAST
:INGU rr' R iTEJ_:
rD
By: ,r ....
City 6erk � � ;'' ;Deputy Clerk
Approved for form and legal sufficiency
Approved for form and legal sufficiency
•f
By: :l
City Attorney P By:
Assistant County Attorney
23
COMMISSION ITEM SUMMARY
Condensed Title:
A Resolution Of The Mayor And City Commission Of The City Of Miami Beach, Florida(City),Approving And Authorizing
The Mayor And City Clerk To Execute An Amended And Restated Interlocal Cooreration Agreement, Amending And
Restating In Its Entirety The 1996 Interlocal Cooperation Agreement, Dated June 21, 1996, Between Miami-Dade County
(County) And The City, As Amended (Collectively, The 1996 Interlocal), Regarding The Use And Disposition Of The
Two/Thirds Portion Of The Convention Development Tax.
Key Intended Outcome Supported:
Expeditiously Upgrade The Convention Center To Be Smart, Modern, Energy Efficient And Which Fits Local Context,
Including Walkability
Supporting Data(Surveys, Environmental Scan,etc.):The 2014 Community Satisfaction Survey reported that over half of
businesses (56%) claimed that the Miami Beach Convention Center added to the success of their business. Six in ten
businesses 61% support improvements of at least$300 million for the Miami Beach Convention Center.
Item Summa /Recommendation:
The Convention Development Tax ("CDT") is a three percent (3%) tax imposed on transient rentals countywide. In
accordance with state law, two-thirds of the CDT revenue was used initially for the extension, enlargement and
improvement of the Miami Beach Convention Center. Upon completion of the improvements,the two-thirds portion of the
CDT revenue was used for other qualified projects throughout the County which has been the case since the initial financing
for the Miami Beach Convention Center in 1987. In 1996,the City and County approved an Interlocal Agreement which was
necessitated by the Performing Arts Center Project. Subsequently, the County and the City adopted a series of
amendments to the original CDT Interlocal Agreement by Amendment One to the Interlocal Cooperation Agreement,dated
April 24, 2001 ("Amendment One"), the First Addendum to Amendment One, dated May 22, 2001 (the "Addendum to
Amendment One"), and the Second Amendment to the Interlocal Cooperation Agreement, dated March 23, 2004
("Amendment Two")(collectively, the 1996 Interlocal"), regarding the use and disposition of the two thirds(2/3)portion of
the tax, authorized pursuant to Section 212.0305(4)(b), Florida Statutes, and imposed pursuant to the County Code and
Ordinances ("Convention Development Tax").
Over the past year staffs from the County and City have held discussions regarding the development and funding of a new
and expanded Convention Center on Miami Beach so that our community can host larger conventions which would be a
major economic benefit. -
As a result, the City Commission, pursuant to Resolution No. 2014-28644 adopted on June 27, 2014, approved a
Memorandum of Intent(the"MOI"), memorializing the aforementioned. Accordingly, in furtherance of same, the County,
City, and the Agency desire to further amend the Interlocal Agreement. The parties intend by this Agreement to amend and
restate in its entirety the 1996 CDT Interlocal Agreement regarding the disposition of the Two Thirds Portion of the CDT.
Amendments to the Convention Development Tax(CDT)Interlocal Agreement will be presented to both the City and County
commissions for consideration. The amendments include the following:
• The payments for the former South Pointe RDA will be completely deferred in FY 2014-15 and partially deferred FY
2015-16 and FY 2016-17. Future years' payments will include the deferred amounts. The restrictions on the City's
use of the funds has been deleted, allowing the City to use the funding for much needed sea level rise mitigation or
other projects in the City;
• Assumes additional Convention Center operations and maintenance subsidy once the City Center Agency sunsets or
there is sufficient revenue to provide the payment before it sunsets;
• Includes$1.5 million per year if a convention center hotel consisting of 800 rooms is built;
• Confirms the date of 2048 for the termination of the agreement, at which time the City may negotiate for additional
subsidy.
Advisory Board Recommendation:
N/A
Financial Information:
Source of Funds: Amount Account
1
OBPI Total
Financial Impact Summary:
City Clerk's Office Legislative Tracking:
Max Sklar,Tourism, Culture, and Economic Development Director
Sign-Offs:
Departme Director Assistant City Manager City Manager
jz� AW
V <1 U
MIAMIBEACH AGENDA ITEM R / 8
MW ®ATE
1915 -2015
MIAAABEACH
City of Miami Beath, 1700 Convention Center Drive,Miami Beach, Florida 33139,www.miamibeachfl.gov
COMMISSIO MEMORANDUM
TO: Honorable Mayor Philip Levine and M tubers of the ity Commission
FROM: Jimmy L. Morales, City Manager
DATE: November 19, 2014
SUBJECT: A RESOLUTION OF THE MAYOR ND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA (CITY), APPROVING AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AMENDED AND RESTATED
INTERLOCAL COOPERATION AGREEMENT, AMENDING AND
RESTATING IN ITS ENTIRETY THE 1996 INTERLOCAL COOPERATION
AGREEMENT, DATED JUNE 219 1996, BETWEEN MIAMI-DADE COUNTY
(COUNTY) AND THE CITY, AS AMENDED (COLLECTIVELY, THE 1996
INTERLOCAL), REGARDING THE USE AND DISPOSITION OF THE
TWO/THIRDS PORTION OF THE CONVENTION DEVELOPMENT TAX.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
BACKGROUND
The Convention Development Tax ("CDT') is a three percent (3%) tax imposed on
transient rentals countywide. The CDT was approved, in part, to recognize the
importance to the local economy of the continued maintenance, improvement and
expansion of the Miami Beach Convention Center. In accordance with state law, two-
thirds of the CDT revenue was used initially for the extension, enlargement and
improvement of the Miami Beach Convention Center (MBCC). Upon completion of the
improvements, the two-thirds portion of the CDT revenue was used for other qualified
projects throughout the County which has been the case since the initial financing for the
Miami Beach Convention Center in 1987. In 1996, the City and County approved an
Interlocal Agreement which was necessitated by the Performing Arts Center Project and
the need to use CDT revenue as the primary pledge for the repayment of the bonds
required to build the Performing Arts Center.
Subsequently, the County and the City adopted a series of amendments to the original
CDT Interlocal Agreement by Amendment One to the Interlocal Cooperation Agreement,
dated April 24, 2001 ("Amendment One"), the First Addendum to Amendment One,
dated May 22, 2001 (the "Addendum to Amendment One"), and the Second Amendment
to the Interlocal Cooperation Agreement, dated March 23, 2004 ("Amendment Two")
(collectively, the "1996 Interlocal"), regarding the use and disposition of the two thirds
(2/3) portion of the tax, authorized pursuant to Section 212.0305(4)(b), Florida Statutes,
and imposed pursuant to the County Code and Ordinances ("Convention Development
Tax").
City Commission Meeting
CDT Interlocal Amended and Restated
November 19, 2014
Page 2 of 3
Over the past year, staffs from the County and City have held discussions regarding the
development and funding of a new and expanded Convention Center on Miami Beach
so that our community can host larger conventions which would be a major economic
benefit. More recently, County and City staff have discussed other cash flow exchange
concepts in order for (1) the County to address near-term operational budgetary needs,
and (2) the City to have the flexibility to fund longer term capital needs including partial
funding for sea level rise mitigation projects. Additionally, both administrations believe
that funding flexibility should be planned and maintained to partially support operational
costs for a possible future mass transit connection between Miami Beach and the
mainland.
As a result, the City Commission, pursuant to Resolution No. 2014-28644 adopted on
June 27, 2014, approved a Memorandum of Intent (the "MOI"), , the terms of which were
endorsed by the County Mayor, subject to final legal review by the County and approval
by the Board of County Commissioners. The MOI provides that the conceptual terms
and conditions contained therein, including the preceding terms, are subject to further
actions and approvals to be taken, respectively, by the Board, the City Commission, and
the Agency. Accordingly, in furtherance of same, the County, City, and the Agency
desire to further amend the Interlocal Agreement.
The parties intend by this Agreement to amend and restate in its entirety the 1996 CDT
Interlocal Agreement regarding the disposition of the Two Thirds Portion of the CDT.
Convention Development Tax(CDT) Interlocal Agreement
Amendments to the Convention Development Tax (CDT) Interlocal Agreement will be
presented to both the City and County commissions for consideration. The amendments
include the following:
• A modification to the payments from the County to the City of funds which are
currently restricted for capital projects within the former South Pointe
Redevelopment Agency (South Pointe RDA) geographic area, as well as for CDT
and resort tax eligible projects. Specifically, the payments for the former South
Pointe RDA will be completely deferred in FY 2014-15 and partially deferred FY
2015-16 and FY 2016-17, and future years' payments will include these deferred
amounts so the total amount that would be funded is not impacted. The
restrictions on the City's use of the funds has been deleted, therefore the City will
be permitted to use the funding for sea level rise mitigation or other projects in
the City.
• An additional allocation by the County, from legally available CDT, of up to $1.5
million per year for 30 years toward eligible CDT projects to incentivize the
development of a new Convention Center Hotel at or near the Convention
Center, if a convention center hotel consisting of at least 400 rooms is built, and
is generating new bed taxes. Both County and City administrations believe that
$1.5 million is a fair estimate of the bed taxes that a new Convention Center
Hotel of 800 rooms would generate. If the Convention Center Hotel is built
between 400 and 800 rooms, the incentive payment will be prorated.
City Commission Meeting
CDT Interlocal Amended and Restated
November 19, 2014
Page 3 of 3
• Pursuant to an existing Convention Development Tax (CDT) Interlocal
agreement, the City currently receives a flat $4.5 million per year from
Convention Development Taxes to operate and maintain the Convention Center,
plus an annual year-end revenue share based on CDT exceeding collection
amounts that increase each year. The Third Amendment to the RDA Interlocal
Agreement will allow for an additional annual operating and maintenance subsidy
starting at $1 million in 2017 and growing to $4 million by 2021, which will then
escalate at 4 percent or Consumer Price Index (CPI) annually (whichever is less)
starting in 2026 over the life of the Convention Center, funded through RDA.
Under the CDT agreement, if there is sufficient CDT funding the County will
reimburse the RDA for this amount until the RDA expires. Once the RDA
expires, the County will continue to fund this through CDT proceeds through
2048;
• Confirms the date of 2048 for the termination of the agreement, at which time the
City may negotiate for additional subsidy.
Redevelopment Agency(RDA) Interlocal Agreement
An amendment to the Redevelopment Agency (RDA) Interlocal Agreement and RDA
Plan Amendment consistent with the terms of the negotiated MO1 is a separate item on
this agenda.
CONCLUSION
As such, the Administration recommends adopting the Proposed Amendments to the
CDT Interlocal Agreement.
JLIVI/ B/IVIS
Attachment
T:\AGENDA\2014\November\TCED\CDT Interlocal Amendment Commission memo.doc
EXHIBIT A
z, - - Jaiµ•ii ,�11 4 ' .,-
.zl. ' ' .`r.:;1.?Pr%,s a;� !��?`,ylrfs 2i.�• �4 d�.i�;}.�3•v.':' fi. ,
i
AOUtiDA�l1f OL.SGItIP'"IAN
The South teach Radeveiopment Project Area, hereinafter
' called the "project lroa", is delineated on the Project, Boundary
and Land Use Plan Map designated is fxhlbit A. and is more Far.
i
titularly described as follows:
All that real property in the City of 1414mi
Beach, County of Dade, State Of Florida.
within the following-described boundaries:
Beginning at •the Northwesterly corner of LOT 2, BLOCK 1. FLEETrt00D
SUBDIVISION according to THE AMENDED PLAT thereof as recorded in
Plat Book 28, P49e 34 of the Public Records of Cade County, Florida:
Thence run Easterly along the Northerly line at said LOT 2 for a'dis.
tancs Of 130.7 fast more or less to a point, said point being the
Northeasterly corner of said LOT 2:
Thence continue along above mentioned course for a distance of SO fee
more or less, across Kest Avenue.to the intersection with Westerly
line of 1LOCX 2. FLEETWOOD SUBDIVISION, according to the Am=DED PL.1:
thereof as recorded in Plat Seek 21. Pape 34 of the Public Records of
Dade County, Florida:
Thence run Southerly along the westerly line of said BLOCK 2 for a
m distance of 160.3 fast more or less to a point, said point being a
Point of Curvature (P.C.) of a circular curve concave to the Northeas
ang90 r
having for its elements a radius of 15 feet and a central angle o:
Thence run along said circular curve an are distance of 23.6 feet
more or less to the Point of Tangency (P.T.):
Thence Easterly along the; Northerly line of Sixth Street for a distant
of 2679.4 feet more or less to the Point of Intersection with the
Easterly line of Washington Avenuer
Thence run Southeasterly along said Easterly line Of Washington Avenue
for a.distance of 164.3 feet more or less to the point of Intersectio.
.wA th the Northerly line of a 20 foot allay known presently as sixth
street:
Thence run Easterly along the Northerly line of said Sixth street
for a distance of 713.7 feet more or less to,the Point of Intersection
with the Easterly line of Ocean Drive:
Thanci continue along'above described course (Northerly line of Sixth
Street projected Easterly) for a distance at 1400 feet more or less
to a points
Thence run Southwesterly along the line parallel to and 1660 feet
l
more or less.Sasterly of Lhn Rant 11na it C0113ns Avenu• for a di,
of 2800 Poet more or teas 4v it paIntf.
1
Thence run Svuthanstarly at An nrjIa of. 700 with 1.110 praviaus coos
at a distance of 860 feat• ,nore or .leas,to a pointP:.
Thence run •Southw6storly at .An.anglo of 900 with.the previous cour
a distance of 2100:' feet. more or leis to a.pointP,•
The neo run xeiterly Belong -the .line''pAr.111e1 to and 300'•1leee more a.
loss south of the-Northerly limis:ol:Coverhment Cut..gor s.•distane
of 1900 feot snore or. leis-to
il.•;• �;.;•;•��.'• .'
Thence run Horihvr±itorly.•s1oRq.:the'gisse parallel to and 820 feet ra
or.less Southwest o! axisting••bulkhead:lino•(14-H.W. Lino) for a di
ranee of 1000 feet'.more;DO ;Iass::t•o"a paiPetP .
Thence run Southwesterly at-an imgii•o! 900 with the
a distance of.93 •feet,more..Or;;l:oss.to.a;,pointr Previous cour
Thence.run HorthwaseiriY'at:1:aa .,angl®:og.;`900 with the previous cour,
a dist;anee Of 500 feet moro•.or•:loess::to.a pointl
Thence run•Northersterly at•'in angl•Q•og.-900 with the previous cour:
for a distance of. 93 .feet snore or:.less to a pointP
Thence run Hoethwestorly otainq tlie:'lino parallel t® and 820 leer me
or less-Southwest o! existing bulkhead line (H.H.M. Line) for a dis
tance of'2300 feet more or•leia. to:a pointP
Thence Basterly.along the •line parallel to.and 173 feet more or les
North of the North line of-Sixth Street produced Westerly for a der
tance of 930 feet more c+r less to the Point of Beginning.
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South Pointe Area
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South Pointe Area
Highway
Major Road
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Street
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This map was prepared by the Miami Dade County , •
Enterprise Technology Services Department
Geographic •December, • z
t ST O ' .
For the Office of Strategic Business Management a 1 _