County Memorandum Approving Amendment to CMB Center/Historic Convention Village Redevelopment Plan OFFICE FILE COPY
CLERK OF THE 13O
or coricry CO ssao RS
ECO a FLORA
MEMORANDUM Amended
Agenda Item No. 5(M)
TO: Honorable Chairwoman Rebeca Sosa DATE: December 16, 2014
and Members,Board of County Commissioners
FROM: R. A. Cuevas, Jr. SUBJECT: Resolution approving
County Attorney amendment to Miami Beach City
Center/Historic Convention
Village Redevelopment and
Revitalization Area Plan;
approving terms of and
authorizing execution by County
Mayor of Third Amendment
between Miami-Dade County,
City of Miami Beach, and Miami
Beach Redevelopment Agency to
Interlocal Cooperation
Agreement and amended and
restated Interlocal Cooperation
Agreement between Miami-Dade
County and City of Miami Beach
regarding Convention
Development Tax, subject to
satisfaction of certain conditions
Resolution No. R-1110-14
The accompanying resolution was prepared by the Office of Management and Budget
Department and placed on the agenda at the request of Prime Sponsor Commissioner Bruno A.
Barreiro.
R. A. Cuev , Jr.
County Attorney
RAC/cp
1
MIAMI•DADE
Memorandum OUNVI
Date: December 16, 2014
To: Honorable Chairwoman Rebeca S•
and Members, Board of Count. • missioneid
From; Carlos A. Girnenez �' 93.10r
Mayor
Subject: City of Miami Beach Agreements and Citenter Community Redevelopment Agency
Plan Amendment
Recommendation
It is recommended that the Board approve the accompanying resolution,which accomplishes the following:
• Approves an amendment to the Redevelopment Plan for the Miami Beach City Center/Historic
Convention Village Redevelopment and Revitalization Area (City Center Agency) that extends the life of
the City Center Agency to March 31, 2044;
• Approves the Third Amendment to the Interlocal Cooperation Agreement between the County, the City
of Miami Beach (City), and the City Center Agency to, among other things, pay for debt issuances, and
certain operating expenses;
• Approves an Amended and Restated Interlocal Cooperation Agreement between Miami-Dade County
and the City regarding Convention Development Tax (CDT) and payments associated with the South
Pointe area;
• Authorizes the County Mayor to execute all agreements, subject to satisfaction of certain conditions;
and
• Authorizes the issuance of tax increment revenue bonds in one or more series by the City Centre
Agency In an amount not to exceed $430,000,000 for purposes of refunding current outstanding debt,
funding eligible community redevelopment project costs, including the Miami Beach Convention Center
(Convention Center) renovation, and any reserves and costs of issuance.
Scope
The projects and activities funded by this agreement are In District 5, which is represented by Commissioner
Bruno A. Barreiro. However, payment of tax increment financing re venues 'to municipal community
redevelopment agencies is made from the Countywide General Fund and the Convention Center is a
regional asset, Therefore this item has countywide impact.
Fiscal Impact/Funding Source
The recommended actions of the Board would Increase County funding from CDT, as well as incremental
tax financing revenues, to the City Center Agency from the Countywide General Fund. Total payments
made from the Countywide General Fund associated with the South Pointe area would not change. The
adjustments are further detailed in the Background Section of this cover memorandum.
In summary, based on current assumptions regarding property tax roll growth, debt issuance costs, the
construction of a Convention Center headquarters hotel, eligible project costs, and City Center Agency
operational costs, an additional $754.5 million of tax increment financing revenue through FY 2043-44 and
up to $154 million of CDT will be paid from the County to the City through 2048. Those estimates are $220
million less than originally proffered by the City when negotiations began. The Convention Center
renovation is estimated at$591 million. The County will provide approximately $121 million through the City
Center Agency and $53.6 million in Building Better Communities General Obligation Bond proceeds,
comprising approximately 30 percent of the total project cost.
2
Honorable Chairwoman Rebeca Sosa -
and Members, Board of County Commissioners
Page 2 -
Track Record!Monitor
These agreements will be monitored by the Office of Management and Budget. Jorge M. Fernandez,
Director of Community Redevelopment, monitors the City Center Agency and Anita Gibboney, Capital
Coordinator, monitors the County's CDT.
Background
Earlier this year, the City approached my administration with a proposal to extend the life of City Center
Agency to support the planned renovations to the Convention Center. The Convention Center is to be
renovated and upgraded to"Class Am standards in a manner that best meets the needs of the target market.
In general, the renovation is to include all exhibit, meeting rooms, pre-function and support spaces such as
loading docks, kitchens, bathrooms, systems, and exterior areas. in addition,the Convention Center is to be
expanded to accommodate a new ballroom, junior ballroom and meeting space. The project includes
approximately 900 on-site parking spaces, as well as improvements to the immediate surrounding area.
The exterior improvements include a new Convention Center Park and the restoration of the historic Carl
Fisher Clubhouse. The economic impact of the project is estimated to be approximately$2.5 billion over 30
years. This includes over $600 million in public construction spending, $32 million annual incremental
impact from events, and $4 million in annual Incremental restaurant and retail spending. The direct, indirect,
and Induced jobs supported by the Convention Center construction spending is estimated at 5,000 total new
jobs. Once completed, 1,600 full-time direct, Indirect and induced jobs, will be support by the ongoing
spending of convention district guests.
As the Board is aware, the Building Better Communities General Obligation Bond Program included $55
million to support the Convention Center. However, to fully fund the necessary improvements described
above, the City proposed additional support for the Convention Center and other projects in the area
covered by the City Center Agency, as well as an increase to the annual$4.5 million subsidy from CDT for
Convention Center operations and maintenance. As detailed in Attachment 1, the City is proceeding with
$627.4 million in projects; including $591 million in improvements to the Convention Center and $36 million
of other complementary projects in the City Center. The County will provide approximately $121 million
through the portion of the $247 million City Center Agency contribution generated by the County's
Incremental revenue and $53.6 million in Building Better Communities General Obligation Bond proceeds,
comprising 30 percent of the total project cost
During the FY 2014-15 Proposed Budget development process, l tasked my staff with isolating costs that
were outside of the core County functions. A payment required through a prior agreement with the City
related to projects In the South Pointe area was identified. This agreement required that payments to the
City continue to be made subsequent to the sunset of the South Pointe Community Redevelopment Agency
In 2005. As of the end of FY 2013-14, the remaining payments based on projected property tax roll growth
were estimated to total $85.1 million through FY 2020-21. These payments were structured in such a way
that earlier years required higher payments, with the obligation tapering off through the end of the payment
schedule. In order to help mitigate a portion of the budget gap, 1 approached the City leadership and
requested the payment for FY 201415 be forgiven.
Negotiations regarding the City's requests related to the Convention Center and County's request related to
the South Pointe area payment ensued. Other mutually beneficial issues were raised, including the City's
need for funding for sea level rise mitigation, continued funding of beach maintenance, operations of local
bus and trolley routes, and the construction of a transit corridor finking downtown Miami to'the Convention
Center. After several meetings, a Memorandum of Intent(MOD was drafted. This MOl lays out proposals
that my counterpart at the City, Mayor Philip Levine, and l agreed to present to our respective Boards. The
MOI outlines:
• An amendment to the interlocal agreement between the City and the County governing the
payments related to the South Pointe Area projects and Resort Tax and CDT projects to change the
payment schedule to be more in line with available revenues and release the limitations regarding
the use of accumulated revenues by the City to allow for investment in sea level rise mitigation
projects, as well as other City needs;
3
Honorable Chairwoman Rebeca Sosa
and Members, Board of County Commissioners
Page 3
• An amendment to the interlocal agreement between the City and the County governing the payment
of CDT to support the Convention Center to allow for additional funding to be provided in the event a
Convention Center hotel is constructed. These payments will be subordinate to existing CDT
funding obligations;
• An amendment to the interlocal agreement between the City and the County governing the payment
of a new CDT subsidy to support on-going operating and maintenance support for the Convention
Center once the City Center Agency expires or when sufficient excess funds are available from CDT,
whichever occurs earlier; .
• An extension of the County's (and other taxing authorities')obligation to appropriate funds to the City
Center Agency through FY 2043-44, to support an investment in the Convention Center renovation
and the required issuance of debt use of tax increment revenue to support on-going operating and
maintenance support for the Convention Center for the life of the City Center Agency; and a return of
a portion of the excess incremental revenue to the County;
• Future discussions regarding the potential transfer of the responsibility for maintenance of city
beaches from the County to the City in exchange for the transfer of the provision of local bus
circulator services from the County to the City and approval to operate trolleys;
• Potential discussions regarding future support for a transit connection between Miami Beach and
downtown Miami (although the MOI referenced the ability to utilize available CDT for operating and
maintenance costs of the connection, that is not currently an eligible use of CDT and instead future
discussions would analyze the opportunity to utilize available CDT for acquisition and construction,
which are legally allowable uses of CDT per statute).
Mayor Philip Levine presented this MO1 to the City Commission at a special meeting held on June 27, 2014
and earned the support of the City Commission for these elements when implemented together. The FY
2014-15 Adopted Budget included the revised payments to the City pursuant-to this MOl. The savings
negotiated for FY 2014-15 has been used in its entirety to fund sworn positions originally slated to be
eliminated in the Miami-Dade Police Department. This revised payment schedule was used in calculating
the Five-Year Forecast included in the Proposed Budget, which shows a balanced forecast for the five-year
period for the first time in a decade.
Attachment 1 .illustrates the impact to the various cash flows between the City and the County. The
negotiated modifications have a positive impact on the County's budget in this fiscal year and next. in FY
2014-15,this allowed the County to preserve roughly half of the more than 400 police officers identified for
reduction. While the balance of these payments were moved into future years, the total payments remain
the same and these payments have been Included in our Five-Year Forecast and will not require additional
layoffs or tax rate increases in the future. Outside of this five year window, our negotiations yielded
substantial benefit from what had originally been proffered by the City. Furthermore, the elements of this
intent document include further discussions regarding issues that could be mutually beneficial to the City
and the County in the future.
The resolution before the Board approves: 1) an amendment to the City Center Agency Redevelopment
Plan to extend the life of the City Center Agency through FY 2043--44. 2) a Third Amendment to the
Interlocal Cooperation Agreement between the County, City and the City Center Agency, and 3) an
amended and restated CDT interlocal Cooperation Agreement between the County and City regarding the
CDT and the South Pointe area payments. Additionally, this resolution authorizes the issuance of up to
$430 million by the City Center Agency to fund eligible projects Including the Convention Center renovation.
The following is a breakdown on the specifics of each agreement
Third Amendment to the City Center Agencylnterlocal Agreement
• Requires County approval of the annual budget, however the City will still have the ability to expend
funds prior to County approval;
• Allows for the Commissioner of District 5 to sit as a City Center Agency board member
• Allows the refinancing of existing debt of approximately$60 million;
4
•
Honorable Chairwoman Rebeca Sosa
and Members, Board of County Commissioners
Page 4
• Allows for the issuance of new bonds of approximately $350 million to fund $275 million in
Convention Center renovations and$36 million in ancillary projects; •
• Provides yearly Convention Center operating and maintenance funding of $1 million starting in FY
2017-18, escalating by$750,000 each year until reaching $4 million then adjusted by the Consumer
Price Index;
• Exempts the Children's Trust once the prior debt has been refinanced, as the Children's Trust was
previously required to pay into the Trust Fund;
• Limits the operating expenses to administration, community policing and capital project maintenance
as specified in FY 2013-14 budget, as these expenses will escalate by the Consumer Price Index in
future years;
• Establishes that, from FY 2014-15 through FY 2021-22, any funding not used for debt service and
operating expenses will go into a fund to be used for shortfalls and eventually prepayment of debt,
• Establishes that, from FY 2022-23 until FY 2043-44, the County will receive a refund of City Center
Agency operating expenses based on its proportion of revenues contributed to the Trust Fund;and
• Any remaining funding will be used to retire debt early.
Convention Development Tax Amended and.Restated Agreement
• The payments for the South Pointe Area will be completely deferred in FY 2014-15 and partially • .
deferred FY 2015-16 and FY 2016-17. Future payments will include the deferred amounts and
payments made based on calculations in the current agreement. 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;
+ Assumes additional Convention Center operations and maintenance subsidy beginning In 2026 or
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; and
• Extends the life of the agreement until 2048, which coincides with the last debt service payment
being made on current debt.
A separate ordinance approved on first reading at the October 21, 2014 Board meeting (Legistar 142262)
will allow the County to continue contributing to the City Center Agency Trust Fund through FY 2043.44.
In the coming months, staff of both the County and the City will be discussing the potential for transferring
responsibility for funding beach maintenance from the County to the City, as well as opportunities for the
City to operate local bus and trolley service with connections to County routes to the mainland. As
agreements are reached regarding these — and potentially other mutually beneficial partnerships between
the parties—appropriate action items will be presented to the Board for your consideration.
Edward Marquez
Deputy Mayor
Attachment 1 —Convention Center and Capital Improvements
Attachment 2—Comparative Cash Flows
Exhibit A—MBRDA Redevelopment Plan Amendment
Exhibit B—Third Amendment to the MBRDA Interlocal Agreement
Exhibit C—CDT Agreement Amendment and Restatement
Exhibit D—Agency Projects
Exhibit E-City and MBRDA Resolutions
MAYOR 00315
5
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•
DA7.'COII tTy
MEMORANDUM
(Revised)
TO: Honorable Chairwoman Rebeca Sosa DATE: December 16, 2014
and Members,Board of County Commissioners
(fics,1Hor
Amended
• FROM: R.A. Cu- as, Jr. SUBJECT: Agenda Item No. 5(M)
County Attorney
Please note any items checked.
9-Day Rule"for committees applicable if raised.
6 weeks required between first reading and public hearing
4 weeks notification to municipal officials required prior to public
hearing
Decreases revenues or increases expenditures without balancing budget
Budget required
Statement of fiscal impact required
Ordinance creating a new board requires detailed County Mayor's
. report for public hearing
No committee review
Applicable legislation requires more than a majority vote(i.e.,213's
3/5's ,unanimous )to approve
Current information regarding funding source,index code and available
balance,and available capacity(if debt is contemplated) required
•
- i
8
Amended
Approved Mayor Agenda Item No. 5(M)
_ Veto 12-16-14
Override
RESOLUTION NO. R=1110-14
RESOLUTION APPROVING AMENDMENT TO MIAMI
BEACH CITY CENTER/HISTORIC CONVENTION VILLAGE
REDEVELOPMENT AND REVITALIZATION AREA PLAN;
APPROVING THIRD AMENDMENT BETWEEN MIAMI-DADE
COUNTY, CITY OF MIAMI BEACH, AND MIAMI BEACH
REDEVELOPMENT AGENCY TO INTERLOCAL
COOPERATION AGREEMENT DATED NOVEMBER 16, 1993
AND AMENDED AND RESTATED INTERLOCAL
COOPERATION AGREEMENT BETWEEN MIAMI-DADE
COUNTY AND CITY OF MIAMI BEACH REGARDING
CONVENTION DEVELOPMENT TAX, AND AUTHORIZING
COUNTY MAYOR OR COUNTY MAYOR'S DESIGNEE TO
EXECUTE SUCH AGREEMENTS SUBJECT TO
SATISFACTION OF CERTAIN CONDITIONS; WAIVING
REQUIREMENTS OF SECTION 3 OF RESOLUTION NO. R-871-
11 RELATING TO THE BOARD OF COUNTY
COMMISSIONERS' PRIOR APPROVAL OF THE
REDEVELOPMENT AGENCY'S BUDGET; AUTHORIZING
ISSUANCE OF TAX INCREMENT REVENUE BONDS IN ONE
OR MORE SERIES IN AN AMOUNT NOT TO EXCEED
$430,000,000.00 FOR . PURPOSES OF REFUNDING
OUTSTANDING TAX INCREMENT REVENUE BONDS
TAXABLE SERIES 1998A, TAXABLE SERIES 2005A, AND
SERIES 2005B, FUNDING ELIGIBLE COMMUNITY
REDEVELOPMENT PROJECT COSTS AND ANY NECESSARY
RESERVES, AND PAYING COSTS OF ISSUANCE, PROVIDED
CERTAIN CONDITIONS ARE SATISFIED; AND APPROVING
PROJECTS FOR FINANCING FROM PROCEEDS OF TAX
INCREMENT REVENUE BONDS
WHEREAS, the Legislature of. the State of Florida enacted the Community
Redevelopment Act of 1969, which is presently codified in Part III of Chapter 163, Florida
Statutes (the"Act"); and
WHEREAS, pursuant to the Act, a redevelopment plan must be adopted by the
governing body to initiate redevelopment activities within the redevelopment area; and
WHEREAS, all powers arising through the Act are conferred upon counties with home
rule charters; and
9
Amended 5(M)
Agenda Item No.
Page 2
WHEREAS, on January 26, 1993, the Board of Miami-Dade County Commissioners
(the `Board") adopted Resolution No. R-14-93, which among other things (i) found the area in
the City of Miami Beach (the "City") bounded on the East by the Atlantic Ocean, on the North
by 24th Street, on the West by West Avenue, and on the South by 14th Lane (the
"Redevelopment Area") to be a "blighted area" within the meaning of Part III of Chapter 163,
Florida Statutes, and (ii) delegated to the City of Miami Beach, pursuant to Section 163.410,
Florida Statutes, the power to (a) make findings and determine the Redevelopment Area to be a
slum and/or blighted area, (b) make findings of necessity as to the rehabilitation, conservation,
and/or redevelopment of the Redevelopment Area, (c) create a community redevelopment
agency and delegate powers to the agency, or declare itself as the agency with the power to
exercise such powers assigned to the agency, and (d) initiate, prepare and adopt a plan of
redevelopment and any amendments thereto, subject to the review and approval of the Board;
and
WHEREAS, on February 3, 1993, the City adopted Resolution No. 93-20709 which
established a community redevelopment agency (the "Miami Beach Redevelopment Agency" or
the "Agency"), and declared the members of the City of Miami Beach Commission as the
members of the Agency; and
WHEREAS, on March 30, 1993, the Board adopted Resolution No. R-317-93, which
among other things (i) adopted the Agency's City Center/Historic Convention Village
Redevelopment and Revitalization Area plan (the "Plan"), for the redevelopment and
revitalization of the Redevelopment Area, and (ii) approved the Interlocal Cooperation
Agreement, between Miami-Dade County (the "County") and the City, dated and executed on
November 16, 1993 (the"CRA Interlocal Agreement"); and
10
Amended
Agenda Item No. 5(M)
Page 3
WHEREAS, on April 27, 1993,the Board enacted Ordinance No. 93-28, which created a
City Center/Historic Convention Village Redevelopment and Revitalization Trust Fund (the
"Trust Fund"),and provided a funding mechanism for implementing the Plan; and
WHEREAS, on June 20, 1996, the Board adopted Resolution No. R-730-96, which
approved the Interlocal Cooperation Agreement with the City pertaining to the use of convention
development tax("CDT")revenues (the"CDT Interlocal"); and
WHEREAS, on April 26, 2001, the Board adopted Resolution No. R-453-01, which
approved Amendment One to the CDT Interlocal, to provide for different allocations of
convention development tax revenues to the City in the event that either an agreement is reached
with the Florida Marlins with respect to a baseball stadium,or no such agreement is reached; and
WHEREAS, on September 9, 2003, the Board adopted Resolution No. R-889-03, which
approved a First Amendment to the CRA Interlocal Agreement ("First Amendment to CRA
Inter-local"), whereby the Board delegated to the City the power to implement community
policing innovations within the Redevelopment Area; and
WHEREAS, on March 16, 2004, the Board adopted Resolution No. R-375-04, which
approved a Second Amendment to the CDT Interlocal to address certain issues regarding the
CDT revenues; and
WHEREAS, on July 27, 2004, the Board adopted Resolution No. R-958-04, which
approved a Second Amendment to the CRA Interlocal Agreement, whereby (i) the County, City,
and Agency agreed that the Agency would remit one and one-half percent (1.5%) of the tax
increment revenue paid to the Agency for said fiscal year to the County to defray administrative
costs for oversight and processing Agency related items, after debt service and all other
obligations related to the bonds or future indebtedness issued by the Agency and approved by the
County was satisfied for the fiscal year, and (ii) the County approved the Agency's issuance of
11
Amended
Agenda Item No. 5(M)
Page 4
refunding bonds in an amount not to exceed a principal amount of$101,090,000.00, to refinance
all or a portion of the outstanding principal amount of bonds issued with respect to the
Redevelopment Area; and
WHEREAS, the City and Agency have prepared an amendment to the Plan, which is in
substantially the form attached to and incorporated by reference in this resolution as Exhibit A,
to address the slum and blight conditions within the Redevelopment Area boundaries (the "Plan
Amendment"); and
WHEREAS, the Plan Amendment (1) modifies the scope of the Miami Beach
Convention Center project (the "Convention Center Project") to include all necessary
renovations to and expansion of the Convention Center; (2) incorporates the financing of,
including the funding of operating and maintenance costs of, the Convention Center Project; and
(3) extends the time certain for completing all redevelopment projects financed by increment
revenues to a date no later than March 31,2044; and
WHEREAS, the City and the Agency have adopted Resolution Nos. 2014-28835 and
607-2014, respectively, which (i) approve the Plan Amendment, and (ii) pursuant to Section
163.361(1),Florida Statutes,recommend the Board approve the Plan Amendment; and
WHEREAS, the City and the Agency have adopted Resolution Nos. 2014-28835 and
607-2014,respectively, which(i) approve a Third Amendment to the CRA Interlocal Agreement
(the "Third Amendment"), which is in substantially the form attached to and incorporated by
reference in this resolution as Exhibit B; and
WHEREAS, the Third Amendment provides the structure to finance or refinance (i) the
redevelopment activities to be undertaken pursuant to the Plan Amendment, and (ii) includes
certain ancillary capital projects previously approved in the Plan(the"Other Projects"); and
12
Amended
Agenda Item No. 5(M)
Page 5
WHEREAS, the City and the Agency request that this Board approve the Third
Amendment;and
WHEREAS, the City has adopted Resolution No. 2014-28836, which approves an
Amended and Restated CDT Interlocal (the "Amended and Restated CDT Interlocal"), which is
in substantially the form attached to and incorporated by reference in this resolution as Exhibit
C; and
WHEREAS, the Agency intends to incur debt in an amount not to exceed
$430,000,000.00, secured by tax increment revenues of the Agency, and maturing not later than
March 31, 2044, in one or more series, without regard to years of issuance (the "2015 Bonds"),
to fund a portion of the design, development and construction of the Convention Center Project
and Other Projects (collectively the "Agency Projects") as set forth and incorporated by
reference in this resolution as Exhibit D; and
WHEREAS, the City intends to delegate the authority to the Agency to issue and sell
bonds with respect to the 2015 Bonds in an amount not to exceed $430,000,000.00 secured
solely by a pledge of legally available tax increment revenues of the Agency for the purposes of
refunding the outstanding Tax Increment Revenue Bonds, Taxable Series 1998A, Taxable Series
2005A and Series 2005B (collectively, the "Outstanding Bonds") and funding the Agency
Projects; and
WHEREAS, it is necessary and desirable and in the best interests of the citizens of the
County and in particular, the Redevelopment Area, that this Board approves the issuance by the
Agency from time to time, of its 2015 Bonds, in one or more series, pursuant to the Third
Amendment and the provisions of Part III of Chapter 163, Florida Statutes, Chapter 125, Florida
Statutes, and other applicable provisions of law,
13
Amended
Agenda Item No. 5(M)
Page 6
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF MIAMI-DADE COUNTY,FLORIDA,that:
Section 1. The foregoing recitations are incorporated in the body of this resolution by
reference.
Section 2. The Plan Amendment is approved, subject to the: (a) further approval by
the City and the Agency of all revisions made by this Board to the Plan Amendment (the "Final
Approval of Plan Amendment"); (b) prior approval and execution of the Third Amendment by
the City and the Agency; and (c) execution and delivery of the Amended and Restated CDT
Interlocal by the County and the City. The County's project manager monitoring the Convention
Center Project shall provide quarterly reports to the Board.
Section 3. The Third Amendment is approved, subject to the: (a) Final Approval of
the Plan.Amendment; (b)prior approval and execution of the Third Amendment by the City and
the Agency; (c) execution and delivery of the Amended and Restated CDT Interlocal by the
County and the City; (d) approval of the amendment to Ordinance No. 93-28 by the Board
relating to the County's obligation to fund the Trust Fund through 2044; and (e) approval of the
County Attorney's Office (clauses (a) through (e) are collectively the "Third Amendment
Conditions Precedent"). The County Mayor or the County Mayor's designee is authorized to
execute the Third Amendment on behalf of Miami-Dade County, upon satisfaction of all of the
Third Amendment Conditions Precedent, with such execution to be conclusive evidence of all
such approvals.
Section 4. The Board waives Section 3 of Resolution No. R-871-1 that requires t quires the
County Mayor or the County Mayor's designee to negotiate with said Agency, and if applicable,
a municipality or other taxing authority to include a provision in the Third Amendment that
requires the Agency to submit timely budgets for approval by this Board prior to the Agency
14
Amended
Agenda Item No. 5(M)
Page 7
borrowing money, advancing funds or incurring indebtedness proposed to be repaid from or
secured by the Agency's tax increment financing funds.
Section 5. The Amended and Restated CDT Interlocal is approved, subject to the: (a)
Final Approval of the Plan Amendment; (b) prior approval and execution of the Third
Amendment by the City and the Agency; (c) prior approval and execution of the Amended and
Restated CDT Interlocal by the City; (d) approval of the amendment to Ordinance No. 93-28 by
the Board relating to the County's obligation to fund the Trust Fund through 2044; and (e)
approval of the County Attorney's Office (clauses (a) through (e) are collectively the "CDT
Interlocal Conditions Precedent"). The County Mayor or the County Mayor's designee is
authorized to execute the Amended and Restated CDT Interlocal on behalf of Miami-Dade
County,upon satisfaction of all of the CDT Interlocal Conditions Precedent,with such execution
to be conclusive evidence of all such approvals.
Section 6. Pursuant to the Third Amendment, and subject to the Final Approval of_
the Plan Amendment and the execution and delive ry of the Amended and Restated CDT
Interlocal by the County and the City, the issuance by the Agency from time to time, of its 2015
Bonds, in one or more series, is approved, provided, however, in no event shall: (i) the principal
amount exceed $430,000,000; (ii)the maturity be later than March 31,2044; (iii)the 2015 Bonds
be issued as capital appreciation bonds or any other similar bond structure that does not provide
for optional and/or mandatory redemption and/or amortization, unless approved by the County
Mayor after consultation with the County's financial advisor; and (iv)the 2015 Bonds be deemed
to constitute, a debt, liability, or obligation of the County, the State, or any political subdivision
of each (other than the Agency or the City, if applicable), or a pledge of the faith and credit of
the County, the State of Florida, or any other political subdivision, and be payable from any
funds other than legally available tax increment revenues of the Agency or other revenues
15
Amended
Agenda Item No. 5(M)
Page 8
provided by the City, as specifically pledged for the 2015 Bonds. The 2015 Bonds shall be
issued for the purpose of refunding the Outstanding Bonds and financing the Agency Projects,
funding any necessary reserves and paying the costs of issuing the 2015 Bonds. The County
shall not rescind its obligation to make annual appropriations to the Trust Fund in accordance
with the Interlocal Agreement and to continue to make such appropriations until the date the
2015 Bonds are no longer outstanding.
Section 7. The Agency Projects set forth in Exhibit D to this resolution are approved
for financing from the proceeds of the 2015 Bonds and any other available sources of the Agency
or the City, if any.
Section 8. If any one or more provisions of this resolution should be contrary to law
or invalid or ineffective for any reason, such provision shall be deemed severable from, and shall
not affect the validity of,the remaining provisions of this resolution.
The foregoing resolution was offered by Commissioner :Bruno-A..Barreiro- ,
who moved its adoption. The motion was seconded by Commissioner Audrey:Edmonson
and upon being put to a vote,the vote was as follows:
Rebeca Sosa, Chairwoman aye.:
Bruno A.Barreiro aye Esteban L.Bovo,_Jr. `: nay
Levine Cava aye Jose "Pepe" Diaz aye
Audrey M. Edmonson aye Sally A. Heyman aye
Barbara J.Jordan aye Jean Monestime aye
Dennis C. Moss aye Sen. Javier D. Souto absent
Xavier L. Suarez aye Juan C. Zapata nay
16
Amended
Agenda Item No. 5(M)
Page 9
The Chairwoman thereupon declared the resolution duly passed and adopted this 16th day
of December, 2014. This resolution shall become effective upon the earlier of(1) 10 days after
the date of its adoption unless vetoed by the County Mayor, and if vetoed, shall become effective
only upon an override by this Board, or(2)approval by the County Mayor of this Resolution and
the filing of this approval with the Clerk of the Board.
MIAMI-DADE COUNTY,FLORIDA
BY ITS BOARD OF
Go M"ye COUNTY COMMISSIONERS
Sat
-
z ---•-° z HARVEY RUVIN CLERK
-•- fly
0 `' Christo. her 4 'ri ary
Y
Deputy Clerk
Approved by County Attorney as l ,\r,to form and legal sufficiency. d
---,
David Stephen Hope
17 •
EXHIBIT A
MIAMI BEACH COMMUNITY REDEVELOPMENT AREA
REDEVELOPMENT PLAN AMENDMENT
•
18
•
EXHIBIT A
As public improvements spur additional private investment, increments will
grow, allowing bonds to be issued in an amount necessary to fund the
$ 5,6581 rnillio . To raise the$ 581 miitian
in bonds will require a commitment of approximately$6:6 25 million annually •
in tax increments until the earlier of March 31, 2044, or the date Agency
Indebtedness is no longer outstanding.over a 30 year period. The Agency will
prepare and adopt a resolution authorizing the issuance of bonds and defining
their terms, Such a resolution must be adopted prior to the sale of the bonds.
The bonds shall be-marketed in accordance with statutory requirements.
The Agency may issue Redevelopment Revenue Bonds for the following
purposes:
a. To pay for site improvements, project improvements and supporting
facilities constructed at the Agency's expense and to pay for all other
expenditures made by the Agency for or in connection with the
project.
b. With the consent of the applicable governing body,to pay all or part of
the value of land and the cost of the installation and construction of
any building, facility, structure, or other improvement which is .
publicly owned either within or without the project area to the extent
that such buildings,facilities, structures, or other improvements are of
benefit to the project area.
c. Reimbursement to the City of Miami Beach for movies expended or
advanced.
d. For any other purposes permitted by law and authorized by the
Agency.
Any bond, note or other form of indebtedness pledging increment revenue
shall mature no later than the maximum period allowed by applicable law.
402. Duration of Projects
The redevelopment activities contemplated by this plan area extended until the earlier of
March 31,2044, or the date agency indebtedness is no longer outstanding. are-scheduled
•
law.
19
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20
STATE OF FLORIDA )
SS:
COUNTY OF MIAMI-DADE )
I, HARVEY RUVIN, Clerk of the Circuit and County Court in and for Miami-
Dade County, Florida and Ex-Officio Clerk of the Board of County Commissioners of
said County, Do Hereby Certify that the above and foregoing is a true and
correct copy of Resolution No. R-1110-14 adopted by said board of County
Commissioners at its meeting held on December 16, 2014, as appears of record.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal on
this 21st day of January, A.D. 2015.
HARVEY RUVIN, Clerk
Board of County Commissioners
Miami-Dade County, Florida
B •
.�. Deputy Clerk
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Board of County Commissioners
Miami-Dade County, Florida