Resolution 81-16568 RESOLUTION NO. 81-16568
A RESOLUTION OF THE CITY OF MIAMI BEACH
APPROVING PROPOSED AMENDMENTS TO THE
REDEVELOPMENT PLAN, REGARDING THE RELOCATION
PLAN AND THE RULES AND REGULATIONS GOVERNING
RELOCATION; PROVIDING CLARIFICATION AND
AMENDMENT OF CERTAIN PROVISIONS OF THE PLAN;
RECOMMENDING RATIFICATION, APPROVAL, ADOPTION
AND ADDITIONAL DELEGATION TO THE CITY OF MIAMI
BEACH BY THE COUNTY COMMISSION OF METROPOLITAN
DADE COUNTY.
WHEREAS, the Miami Beach Redevelopment Agency has
recommended to the City Commission of the City of Miami Beach,
Florida, the approval of eleven amendments to the Redevelopment
Plan as described in the attached Redevelopment Agency Resolution
Nos. 80-3 as amended by 81-2 ; and
WHEREAS, the City Commission of the City of Miami Beach
deems it desirable to approve ten amendments and continue for
further consideration amendment number 5 , as described in
Resolution No. 81-2 as Exhibit "B" .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH:
SECTION 1:
That those ten amendments to the Miami Beach Redevelopment Plan
which are set forth in the Redevelopment Agency Resolution No. 80-
3 (excluding Amendment No. 5) as amended by 81-2 attached hereto
and made a part of this Resolution are hereby approved and adopted
by the City of Miami Beach, as proposed amendments to the
Redevelopment Plan.
SECTION 2 :
The City of Miami Beach does hereby recommend the attached
amendments to the County Commission of Metropolitan Dade County for
purposes of ratification, approval and adoption by said body and
further recommends additional delegation of power, as required/ to
the City of Miami Beach.
SECTION 3 :
That Amendment No. 5 as set forth in Redevelopment Agency
Resolution No. 81-2 be deferred for further consideration.
SECTION 4:
This Resolution shall become effective upon adoption.
PASSED and ADOPTED this 18th day of February, 1981.
i,
APPROVED+
'♦ te.),
1 J
Date Mayor
. 4 - F,� y
Attest:
City Clerk
LTA/r r (3 /a 7/g
OFFICE OF THE CITY ATTORNEY - 1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139
•
RESOLUTION NO. 81-2
A RESOLUTION OF THE MAIMI BEACH RE-
DEVELOPMENT AGENCY AMENDING RESOLUTION
NO. 80-3 OF THE AGENCY PERTAINING TO
PROPOSED AMENDMENTS TO THE REDEVELOP-
MENT PLAN BY AMENDING THE FIFTH RECOM-
MENDED PLAN CHANGE, RELATING TO PAYMENTS
TO THE CITY
WHEREAS , the Board of Commissioners of the Miami
Beach Redevelopment Agency did on April 22 , 1980 , pass and
adopt Resolution No . 80-3 of the Agency which sets forth
certain amendments to the Redevelopment Plan , the Reloca-
tion Plan and the Rules and Regulations governing relocation;
and
WHEREAS , subsequent to the adoption of said
Resolution, the Agency ' s Bond Counsel has reviewed said
amendments and recommended that the Fifth proposed change ,
a copy of the text of which is attached to this Resolution
as Exhibit A, be amended to read as set forth in Exhibit B ,
hereto; and
WHEREAS , the Agency ' s General Counsel and .Staff
have reviewed said amendments and concur in the recommenda-
tion of Bond Counsel ;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY that
Resolution 80-3 of the Miami Beach Redevelopment Agency be
and the same is hereby amended by deleting therefrom the
language contained on Exhibit A attached hereto and insert-
ing in its place the language contained in Exhibit B .
PASSED and ADOPTED this day2of January , 19 8Q . Off
/
)
(fl
Chairman
(
ATTEST :
411e- e9(' 1A
Secretary
1
s
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RESOLUTION NO. 80-3
A RESOLUTION OF THE MIAMI BEACH REDEVELOPMENT
AGENCY RELATING TO THE REDEVELOPMENT PLAN,
THE RELOCATION PLAN AND THE RULES AND
REGULATIONS GOVERNING RELOCATION , PROVIDING
CLARIFICATION AND AMENDMENT OF CERTAIN
PROVISIONS OF THE PLAN; RECOMMENDING RATI-
FICATION, APPROVAL AND ADOPTION BY THE CITY
COMMISSION OF THE CITY OF MIAMI BEACH;
RECOMMENDING RATIFICATION, APPROVAL,
ADOPTION AND ADDITIONAL DELEGATION TO THE
CITY OF MIAMI BEACH BY THE COUNTY COMMISSION
OF METROPOLITAN DADE COUNTY.
WHEREAS , on April 25 , 1979 the Miami Beach Redevelopment
Agency adopted a revision of the Redevelopment Plan (which
included the Relocation Plan and the Rules and Regulations
Governing Relocation) , hereafter referred to as the "Plan" ;
and
WHEREAS , in the interim the Agency has, in conference
with the City Commission of Miami Beach, citizens groups
and other parties in interest , developed proposed additional
amendments and modifications; and
WHEREAS , the Agency has discovered particular provisions
of the final Plan which require clarification; and
WHEREAS, the staff has developed and presented to the
Agency eleven amendments to the Plan , a l l of the same being
attached hereto and made a part of this Resolution on pages
numbered 1 through 16 ; and
WHEREAS, it is necessary that said proposed amendments
be presented to the governing bodies of the City of Miami
Beach and Metropolitan Dade County for purposes of approval
and delagation and approval , respectively ;
NOW, THEREFORE BE IT RESOLVED by the Miami Beach -
Redevelopment Agency:
Section 1 . That those eleven amendments to the Miami
Beach Redevelopment Plan which are set forth on 16 pages ,
attached hereto and made a part of this Resolution are hereby
approved and adopted by the Miami Beach Redevelopment Agency
as proposed amendments to the Redevelopment Plan .
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Section 2 . The Agency does hereby recommend the attached
amendments to the City Commission of the City of Miami Beach
and the County Commission of Metropolitan Dade County for
purposes of ratification , approval and adoption by said
bodies and, in the case of Metropolitan Dade County, for
purposes of additional delegation to the City of Miami Beach
and does further recommend that said attachment be incorporated
and made a part of and where conflict exists supercede the
Redevelopment Plan as last revised on April 25, 1979 .
Section 3 . The staff of the Miami Beach Redevelopment
Agency is hereby directed to do all things necessary to
present the enclosed to the aforementioned governing bodies
of the City of Miami Beach and Metropolitan Dade County for
purposes of adoption by said governing bodies .
Section 4 . This Resolution shall become effective upon
adoption.
PASSED and ADOPTED this 22nd day of April
1980 .
BOA417D OF COMMISSIONERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY
Irwin Sawitz , Chairman
ATTEST :
t
Max Serchuk , Secretary
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S
M E M 0
TO: MBRA Agency Board Commissioners Agenda Item 4C
FROM: Herbert J. Kay
DATE: April 18 , 1980
RE: Amendments to Redevelopment Plan and Related
Documents necessitated by Resolutions 79-26
and 79-28 and subsequent correspondence
We have reviewed the above mentioned Resolutions and
correspondence in order to determine whether it was required to
insert same within the Redevelopment Plan, or Related Documents ,
so,
and if to determine the appropriate place of insertion, if
n
the Redevelopment Plan and Related Documents are to be amended
in
accordance with the above. Attached hereto are my recommend-
ations .
ecommend-ations .
In the course of this review I found it necessary to
an occasional phrase in order to clarify a portion 'of the
reword
proposed osed amendments or to make same harmonious with the format
P
of the
Redevelopment Plan and Related Documents . In my opinion,
these changes have not changed the substance of the proposed
amendments.
All references within the attached are to the
P
Redevelopment
Plan (April 25 , 1979 revision) unless otherwise
indicated. Where language was inserted within an existing
paragraph of the Redevelopment Plan the insertion is indicated
by
underliningof the new material. Whenever an amendment is
p
to be
'
accomplished by the insertion of a new section, paragraph,
subsection or subparagraph, it is indicated by a sentence preced-
ing
indicatingthat it is new, and designating its
the amendment
placement within the Redevelopment Plan.
Amendments to Redevelopment Plan and Related
Documents necessitated by Resolutions 79-26 and
79-28
1 . Amend section VII G. 1. (1) to read as follows :
1. Assistance in Finding other Locations
The Agency shall assist all families and single
persons displaced by the project in finding other locations
and facilities . The Agency may not require any person to
move from their present dwelling unit until a replacement
housing unit is available. Those persons residing in
parcel W (Block 98) (estimated to be approximately 60
families) may be moved temporarily by the Agency until
such time as the first housing units are constructed on
that parcel. In order to carry out the project with a
minimum of hardship to persons displaced from their homes ,
the Agency shall assist individuals and families in finding
housing that is decent, safe, sanitary, within their financial
needs, in reasonable convenient locations and otherwise
suitable to their needs . The Agency may also assist in the
provision of housing outside the project area for displaced
persons.
* " Underlining indicates additions to previous text. "
2. Amend Section VII G. 3 . , third paragraph thereof,
of the Revised Redevelopment Plan, Revised Relocation Plan XIV g
and the Revised Rules and Regulations IX g , to read as follows:
Said rules shall provide that all persons in the
project area who , at the time of relocation, are 65 years or
older , and who otherwise qualify under the relocation plan, shall
be entitled to a permanent rental subsidy_ i a-sty-equal-to-the-
differenee-between-yenta.1-pad-by-sueh-persens-at-the-fire-ef
releeatien;-amd-meeessary-rental-payable-te-previde-su table
heue4mg-after-releeatien;-er-the-diff erenee-between- 5si-of-stieh
persenis-ineexie-and-stieh-eeeessary-renta4-payxieets;-wh ehever- s
greater-.. The amount of said subsidy shall be computed at the
time of relocation by determining the necessary rental payable
to provide suitable relocation housing and subtracting therefrom:
(a) 25% of such person' s income, or (b) the rental being paid by
such person at the time of relocation, whichever is greater. The
Agency shall secure the payment of relocation benefits to each
individual family unit by deposit of same in a separate trust
account for the lifetime of the relocatee , (after which remaining
monies , if any, willbe returned to the general relocation trust
account to be held so long as needed for general relocation sub-
sidies , and thereafter to be used to pay any lawful obligation of
the Agency) . The account shall be administered by a financial
institution or institutions with trust powers or a trust company ,
or companies or other professional administrator selected by, but
independent of , the Agency.
*" Underlining indicates additions to previous text. "
Wends-struek-thretugh-indeate-deletlens-f rem-prevleus-text.
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3 . Amend Section VII I . to read as follows :
The Redevelopment Agency shall be required to use
its best efforts in cooperating with the City of Miami Beach
to achieve federal or other funding for 750 permanent subsi-
dized low income rental housing units within the City of Miami
Beach. The Agency shall organize project objectives , and
establish, as the first project objective , construction of 340
units of assisted housing . The remaining units of assisted
housing called for in this plan shall be constructed as needed
to house those persons displaced by actions of the agency.
* " Underlining ' indicates additions to previous text. "
"1
_3_
•
4 . Amend Section VII G . by adding a nPw pa.rng-raph
thereto to read as follows :
The Agency shall request Federal Assistance for
all project area residents who are not eligible for relocation
assistance by Agency eligibility standards . The Agency
shall use every effort to obtain such Federal Assistance
through Urban Development Action Grants (UDAG) , Housing
and Urban Development (HUD) and Section 8 funds as well
as exploring all other available sources .
"Underlining indicates additions to previous text . "
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iAi
5 . Amend Section VIII of the Revised Redevelopment
Rh? (1&:.%.;
i- anby adding thereto an additional subsection to
be designated i3O
<subsection D which shall read as follows :
11 D . PAYMENTS TO THE CITY
1 . Income to the City from the Pro j e Areas when the
k
2 redevelopment project is complete and all projec costs are known and
financed . (a) When the redevelopment p oject is
complete and all project costs are- known and financed; any
excess income above the costs of servicing and retiring,
said financing within the required terns of the financing
documents , may, to the extent not prohibited by the bond
resolutions of the Agency, General Law or the master developer' s
contracts with the agency, at the discretion of the City
Comission of the City of Miami ,,Beach, be used in the following
manner:
1 . providing service and maintenance
to the project area;
2 . early retirement of Redevelopment
Agency bonds , or;
3 . payment to the City for land previous ly
transferred to the Agency by the City.
(b) To the extent that Federal Funds , cost
savings , or any other funds received or pledged which as of
the date of adoP tion, of this paragraph -Pare not contemplated
by the plan, shall yield an amount in excess of the cost to
complete the plan, such funds shall be, subject to limitations
set forth in (a) above , and upon the City ' s request , turned
over to the City of Miami Beach when total project costs are
known and financed.
(c) Whenever a lessee of the agency exercises
a purchase option contained in such lease and the capital
therebyis greater than the capital originally
generated
raised from such lease , the excess shall be paid over to the
City of Miami Beach, subject to the limitations set forth in
(a) above .
(d) . To the extent not prohibited by the
bond resolutions , general law, or the Developer' s contract ,
the agency agrees to pay from any source of excess revenues ,
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t{„ice
not otherwise necessary for capital improvements or re-
location expenses , the City of Miami Beach debt services
charges for such bonds as are either issued and outstanding
as of the date of adoption of this paragraph, 1 / or which may
be issued by the City of Miami Beach in the future, the proceeds
of which are used to relocate the City 's public works facilities,
presently occupying portions of parcels A, C , and D, as desig-
nated in this plan, or to construct a new police station in
accordance with the requirements of the City of Miami Beach.
(e) In the event the City Commission determines
to require payment for land previously transferred by it to the
Agency pursuant to Section VIII D. 1. (a) (3) hereof the follow-
ing procedure shall govern:
•
1/ Insert date of adoption by City Commission.
•
—6—
D
. C 1:ij:1 . . .
• � will be by a note f ro:-, Oir rr1 � yment to t"e City ti.�ll 'y�
drj\j
' ncip .l amount ogal-to-tie-g
the agency in a pr1
.r.t.-e.t:tff.--f.?3--- -re ()Iv
-���.a.�r...���E t v•a al�e
of Twenty-Four Million Dollars Ox
Deed dated December �
conveyedby
for tha � land to the agency
27 , 1979 ,
less-t�e-f-e-i-_ .-em� �
-tea�c-e f-;ka:-po"t.3�n--o-r
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�
• eREu-mer- ' .
• sesr--=fie-f.zi'r-Ine'--k-e-t--
e�--the-� .� -s`�-�
r rni ne€.- 1 _ -ave•rac e_ I
• - -fr.-0171-i n de -e-`r -
.-s.e3-ems'e e d- ei.. yby•'
• __Vie-•�- }•�a it ie n-slate-��
r
�e�re- . . ..t .
-e t-a d 3 -- �.ep . -s`e - ;
v to ment Agency will bear
�2)
The note of the Redevelopment
eae e p
e rate of 7 . 5% per annum from and after January 1,
interest at the
3 7 ears , or sooner
1982 and shall be payable over a period ofY
at the such sums and in the manner
option of the Agency , in
th . Said note shall
be subordinate to an.hereafter set for
'
revenue bonds and such
Agency debt service obligations on its
in addition thereto as may
be necessary to complete
other sums
rr►ent Project • Payments on
account of principal
the Redevelop .
hall coMmence at the earlier of seven years from
and interest S
execution of said note or at such time as the o
the date of
nd has beer. secured. During
s is are known and financing project co
Szid note unpaid interest
to the first payment on
the period prior to
the
annually and be added to, and made a part or ,
shall accrue
January 1, 19 87 any unpaid
al balance of
said note . After Jan Y
principal p
interest at the rate of ten
interes
• and past duet shall bear in
ents shall be applied
ded annually . All paY�' .
percent (10%) compoun
P due interest, �._f
any,
•
in the following manner: first to pay past
rent interest and last
to be applied against the
then to pay cur o f such
at the time
the note outstanding
principal amount o�f
en t. The sources of payment shall be as follows:
payor
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//
( (a) ) Fromlease revenues , the dil l erence� .4c
y• �3
r
VY
bctwecn lease revenues payable to the agency as of the date
total costs of the project are known and its financing has
been secured and any subsequent increase in said lease
revenues ;
( (b) ) From tax increment revenues , the difference
between that portion of tax increment revenues pledged to
the payment of agency revenue bonds and debt service and
such other obligations necessary to complete the project as
of the date project costs are known and financing has been
secured, and any increase of said revenues thereafter.
( (c)) From marina revenues , the difference
between the net income pledged to support the agency revenue
bond debt service and other costs completing the project as
of the date project costs are known and financing has been
secured, and any increase in net income thereafter and;
( (d)) From 'parking revenues , the difference
• i
between the net parking income required to pay the agency
revenue bond debt service and other costs of completion in •
the project as of the date project costs are known and
financing has been secured, and any increase of such net
income thereafter.
in the event the foregoing revenue sources
are inadequate to pay the total principal and interest due
on said note as prescribed therein the resulting deficit
shall annually, on the anniversary date of said note to be
added to the principal, and future payments of interest
shall be calculated based upon the new resulting principal
•
s urfl.
In the event a developer shall exercise the
purchase option with respect to any portion of the Redevelopment
Project , any revenues derived from such sale which exceeds
the amounts necessary to pay agency revenue bonds and such
additional costs as are necessary to complete the project
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after project costs arc known and financing has been secured
shall be applied toward the prepayment of the principal, subject
to the limitations contained in Section VIII D. 1 e (a) of this
plan.
The terms of the note provided for in this Section,
VIII D . 1 . (e) , may be re-negotiated no more often than every
three years at the request of either the City or the Agency .
In the event any amounts of principal or interest
due under the aforesaid note remain unpaid after all Redevelop-
ment Agency bonds are retired and other costs of completion of
the project are paid all subsequent revenues of any nature
shall be applied to retire such debt.
(f) In the event the City Commission determines
to require payment for providing service and maintenance to
the project area pursuant to Section VIII D. 1. (a) (1) the
following shall govern:
•
(1) The source of funding for the above shall
be the sources identified in Section VIII D. 1 (e) (2) ( (a) ) through
( (d) ) remaining after payment of Agency revenue bond debt service
and other costs necessary to complete the project and payment
of all installments on a note referred to in Section VIII D. 1 .
(e) above, should the City Commission elect to require same.
(2) The first payment shall be made not later
than December 31, 1983 and shall be 10% of the difference between
total City revenue sources from the Redevelopment Area generated
as of the City 's fiscal year 1982-83 (total revenue sources shall
include, but not be limited to ad valorem taxes, resort taxes ,
license and franchise fees) and the estimated cost of serving
the Redevelopment Area .
(3) The difference referred to in (2) above
shall be calculated by an independent economist engaged by mutual
agreement between the Redevelopment Agency and the administration
of the City .
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til("1 jt/ cif
(4 ) The amount payable by the Agency to the ar
City pursuant to this subsection (f) shall be recalculated
annually. The difference referred to in (2) above shall be
recalculated for each City fiscal year subsequent to fiscal
year 1982-83 . The per centage of said difference paid to the
City by the Agency shall, in each year be increased as follows:
Fiscal Year Payment Date Percent of Difference
1983-84 December 31, 1984 20%
1984-85 " 1985 30%
1985-86 1986 40%
1986-87 1987 50%
1987-88 1988 60%
1988-89 1989 70%
1989-90 " 1990 80%
1990-91 1991 90%
1991-92 1992 100%
Each year thereafter 100%
on December 31,
following the close
of the City ' s fiscal year
•
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6 . Amend Section Section VI of the Redevelopment
Plan by adding thereto a new subsection designated "F"
CANAL- ENVIRONMENTAL SAFEGUARDS .
1 . In order to guarantee that South Shore waterway's
connection to Biscayne Bay maintains or improves the current
or future water quality of Biscayne Bay, a performance bond
of One Million Dollars ($1, 000, 000) shall be established to
accomplish any or all of the following , if necessary :
(a) . Make necessary structural or mechanical
changes in the waterway system;
(b) . Modify , rebuilt or restrict discharge or
drainage of any polluting source into the Bay ;
(c) . Addition of aerators to the waterway
systems ;
(d) . Increase the flow from the culvert system;
or
(e) . Increase maintenance and clean up of the
waterway system.
2 . The performance bond required herein shall name
the Department of Environmental Regulation of the State of
Florida and/or the City Commission of the City of Miami
Beach, as the obligees . The exact wording and details of
said bond shall be agreed upon between the City Manager, the
Y
A enc and the Department of Environmental Regulation.
g
3 . If , after a period of two years from the completion
of the waterway system,stem, there is no showing of water quality
inadequacy, the subject bond may, at the Agency' s option, be
cancelled and rendered void and no further force or effect .
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7 . •
Dmen ed Secti oT, VI , Suibse ti o''' D to read as fn1 1 ows :
L u�a a a v v v w v v a a ✓L+►►J►.J .+v�.. l a L r •
C . PARKS , RECREATION, AND OPEN SPACE
Park and recreational facilities as well as public
open space shall be developed in a manner consistent with
the goals set forth in this plan. Specific areas have been
designated in Exhibit A for such purposes . However, open
space and public areas as well as any public buildings which
may be necessary in providing services to the public are
permitted uses throughout the project area . Access to the
waterfront is dedicated, and shall be available , to the
public in accordance with the City ' s Comprehensive Recreation
Plan. A walkway shall be constructed and perpetually maintained .
beginning at Lummus Park and continuing along the beachfront
and following the waterfront to connect with the bicycle
and foot paths along the waterfront which are provided in
the Redevelopment Plan (August 25 , 1979 revision) .
•
"Underlining indicates additions to previous text . "
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8 . Amend Section VII B by adding thereto an additional •
paragraph to read as follows :
The Redevelopment Agency may promulgate a program
whereby property owners within the Redevelopment Area
can participate in the appreciation of land values resulting
from the redevelopment project by the entering into Plan-
Approved owner participation agreements.
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D. PAYMENTS TO THE CITY .
1 . By appropriate resolution , the Aoency has authorized the
issuance of not exceeding $ 300 , 000 , 000 Publ is Improvement Revenue
Bonds ( South Shore Project ) and the resolution authorizing such
bonds ( the "Bond Resolution' ) • provides , under conditions therein
stated , for the future issuance of additional parity bonds . The
Bond Resolution authorizing the issuance of said bonds pledge
revenues of the Agency to secure the payment thereof and contain
certain covenants for the protection of the holders of such bonds
which are necessary for the sale of the bonds . The City of Miami
Beach has heretofore conveyed to the Agency land of great value ,
for the purpose of assisting in the redevelopment plan and the
Agency has recognized its obligation to pay to the City of Miami
Beach the fair value of said lands out of its revenues which are
not necessary to meet the bond service requirements and the
covenants set forth in the Bond Resolution and which ria b be law-
fully used for this purpose . Tile, Bond Resolution provides that
after meeting the requirements therein stated , including the obli-
pay
gations to^parity bonds hereafter authorized , certain revenues of
the Agency shall be "allotted" to the Agency and may be used for
any lawful purpose . Therefore , all pledged revenues of the Agency
" allotted" to the Agency pursuant to the Bond Resolution which may
be used for any lawful purpose shall , to the extent not inconsist-
ent
nconsist-ent with law, the Resolution authorizing the Bonds , including
future parity bonds issued pursuant thereto , and Developers
Contracts , not less frequently than annually , commencing when the
redevelopment plan is completed and all project costs are known
and financed , be paid to the City of Miami Beach and applied , as
determined by the governing body of the City to one or more of the
following :
1 . Providing services and maintenance to the
Redevelopment Area ;
2 . The early retirement of Bonds issued by the
Redevelopment Agency ; or
0,ritt14.
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3. Payment to the City for lands previously transferred
to the Redevelopment Agency by the :City, or
4. Payment of debt service charges upon bonds of the
City of Miami Beach either heretofore issued and outstanding
or which may herafter be issued by the City of Miami Beach
in the future , the proceeds of which are used to relocate the
City ' s public works facilities , presently occupying portions
of Parcels A, C , and D , as designated in this plan , or to
construct a new police station in accordance with the
requirements of the City Of Miami Beach .
In the event the City Commission determines to require payment
for land previously transferred by it to the Agency the following
procedure shall govern:
Payment to the city will be by a non-negotiable note_ from the
Agency in a principal amount of Twenty-Four Million Dollars for
that land conveyed •to the Agency by Deed dated December 27 , 1979
payable solely__from funds in excess of all amounts required to
make all payments required to be made to fully comply with all the
covenants of the Bond Resolution with respect to or for the holders
of the bonds including parity bonds hereafter authorized pursuant
to its Bond Resolution.
The note of the Redevelopment Agency will bear interest at
the rate of 7 . 5 % per annum payable semi-annually from and after
January 1 , 1982 and shall be payable over a period of 37 years , or
sooner at the option of the Agency , in such sums and in the manner
hereafter set forth. Said note shall be subordinate to all Agency
debt service obligations on its revenue bonds including parity
bonds hereafter authorized and such other sums in addition thereto
as may be necessary to complete the Redevelopment Project and
payable only from those pledged revenues identified above which
may be used for " any lawful purpose . " Installments of interest
not paid when due shall bear interest at the rate of 10 % per
wjr
annum until paid , payments shall be applied tirst to interest on
and then to principal of the note .
Anyand all obligations of the Agency to the City of Miami Beach
under this Section are expressly subject and subordinate to all
provisions of law, and all * covenants in the Bond Resolution
Without regard to the date of the issuance of the bonds or any
paritybonds issued pursuant to the provisions of or authorized by
the Bond Resolution .
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d'iMertC
r 1,40e
•
ORIGINAL
RESOLUTION NO. 81-16568
(Approving proposed amendments to the •
Redevelopment Plan, regarding the Reloca-
tion Plan and the rules and regulations
governing relocation; provinding clari-
ication and amendment of certain provi-
• •.
sions of the Plan; recommending ratifica-
tion, approval, adoption and additional
delegation to the CMB by the County
Commission of Metropolitan Dade County)