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HomeMy WebLinkAbout3 Amendment to Interlocal Exhibit A SECOND AMENDMENT TO THE INTERLOCAL COOPERA nON AGREEMENT DATED JUNE 21,1996 BETWEEN MIAMI-DADE COUNTY AND THE CITY OF MIAMI BEACH This Second Amendment (the "Amendment") to the 1996 InterIocal as hereinafter defined, as amended by the First Amendment and Addendum as each are hereinafter defined, made this day of ,2004 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"), A, The Parties have previously executed an Interlocal Cooperation Agreement dated June 21, 1996 (the "1996 InterIocal") providing for the allocation of Convention Development Tax (CDT) receipts which 1996 InterIocal was amended by Amendment One to the 1996 InterIocal dated April 24, 2001, by and between the City and the County (the "First Amendment") and the Addendum to Amendment One to the 1996 Interiocal on May 22, 2001 pursuant to Resolution No. R-563-01. The 1996 InterIocaJ as amended by the First Amendment and the Addendum shall be referred to herein as the Amended 1996 Interiocal. The Parties acknowledge and agree that the Amended 1996 InterIocal remains in full force and effect, as amended by this Amendment. B. To the extent that the terms and provisions ofthe 1996 Interlocal are not expressly amended herein, such other terms and provisions shall be deemed to be in full force and effect, except that in the event of conflict between the Amended 1996 InterIocal and this Amendment, the provisions of this Amendment shall prevail. All capitalized terms contained in this Amendment which are not defined in this Amendment shall have the respective meanings ascribed to them in the Amended 1996 InterIocal. C. The definition of "Termination Date" is hereby deleted and replaced with the following: "Termination Date" shall mean the latest of (a) September 30,2040, (b) the latest expiration of any agreement providing for the pledge of CDT Receipts for the Performing Arts Center, or (c) the latest expiration of any agreement providing for the pledge ofCDT Receipts for a baseball stadium. D, Paragraph C ofthe First Amendment is hereby deleted in its entirety, E. Section I,D,3 of the Amended 1996 InterIocal is hereby deleted in its entirety and replaced with the following: 3. A net capital contribution of$15,O million to be remitted to the City within ten days of the effective date of this Amendment (Remittance Date), These funds shall be used for Convention Center Complex Area Projects to the extent such projects are eligible for CDT funding pursuant to state law. To the extent the Two-Thirds Portion ofthe CDT Receipts available on such Remittance Date is less than $15.0 million, the County Manager shall remit on the Remittance Date to the City as an advance the balance due from non-ad valorem general fund revenues, Notwithstanding the foregoing, the County shall reimburse itself for the advance of such funds upon a subsequent issuance by the County of bonds that are secured by a first lien on CDT Receipts, F, Section LD. 4 of the Amended 1996 Interlocal is hereby deleted in its entirety and replaced with the following, 4.(a) The following paymentsl: 2001 - 25% of COT Receipts received by the County in Fiscal Year 2001 in excess of$3I,522.748 2002 - 25% of COT Receipts received by the County in Fiscal Year 2002 in excess of$33,729,341 2003 - 25% of COT Receipts received by the County in Fiscal Year 2003 in excess of $36,090,395 2004 - 25% of COT Receipts received by the County in Fiscal Year 2004 in excess of $38,6 I 6.722 2005 - 100% of COT Receipts received by the County in Fiscal Year 2005 greater than $40,547,558 but less than $41,536,146 2006 - 90% of COT Receipts received by the County in Fiscal Year 2006 greater than $42,574,936 but less than $44,676,279 2007 - 80% of COT Receipts received by the County in Fiscal Year 2007 greater than $44,703,683 but less than $48,053,806 2008 - 70% of COT Receipts received by the County in Fiscal Year 2008 greater than $46,938,867 but less than $51,686,674 2009 - 60"10 of COT Receipts received by the County in Fiscal Year 2009 greater than $49,285,81 I but less than $55,594, 186 2010 - 50% of COT Receipts received by the County in Fiscal Year 2010 greaterthan $51,750,101 but less than $59,797,107 20 II - 50% of COT Receipts received by the County in Fiscal Year 201 I greater than $54,337,606 but less than $64,317,768 2012 - 50% of COT Receipts received by the County in Fiscal Year 2012 greater than $57,054,487 but less than $69,180,191 2013 - 50% of COT Receipts received by the County in Fiscal Year 2013 greater than $59,907,211 but less than $74,410,214 2014 - 50"/0 of COT Receipts received by the County in Fiscal Year 2014 greater than $62,902,571 but less than $80,035,626 2015, 50% of COT Receipts received by the County in Fiscal Year 2015 greater than $66,047,700 but less than $86,086,319 2016 - 50% of COT Receipts received by the County in Fiscal Year 2016 greater than $69,350,085 but less than $92,594,445 2017 - 50"/0 of COT Receipts received by the County in Fiscal Year 2017 greater than $72,817,589 but less than $99,594,585 2018 - 50% of COT Receipts received by the County in Fiscal Year 2018 greater than $76,458,469 but less than $107, I 23,935 2019 - 50% of COT Receipts received by the County in Fiscal Year 2019 greater than $80,281,392 but less than $115,222,505 2020 - 50% of COT Receipts received by the County in Fiscal Year 2020 greater than $84,295,462 but less than $123,933,326 2021 - 50% of COT Receipts received by the County in Fiscal Year 2021 greater than $88,510,235 but less than $133,302,687 2022 - 50% of COT Receipts received by the County in Fiscal Year 2022 greater than $92,935,747 but less than $143,380,370 2023 - 50% of COT Receipts received by the County in Fiscal Year 2023 greater than $97,582,534 but less than $154,219,926 2024 - 50% of COT Receipts received by the County in Fiscal Year 2024 greater than $102.461,661 but less than $165,878,952 2025 - 50% of COT Receipts received by the County in Fiscal Year 2025 greater than $ I 07,584,744 but less than $178,419,400 2026 - 50% of COT Receipts received by the County in Fiscal Year 2026 greaterthan $112,963,981 but less than $191,907,907 2027 - 50% of COT Receipts received by the County in Fiscal Year 2027 greater than $118,612,180 but less than $206,416,145 2028 - 50"10 of COT Receipts received by the County in Fiscal Year 2028 greater than $124,542,789 but less than $222,021,205 2029 - 50"/0 of COT Receipts received by the County in Fiscal Year 2029 greater than $130,769,928 but less than $238,806,008 2030 - 50% of COT Receipts received by the County in Fiscal Year 2030 greater than $137,308,425 but less than $256,859,742 2031 - 50% of COT Receipts received by the County in Fiscal Year 2031 greater than $144,173,846 but less than $276,278,339 2032 - 50% of COT Receipts received by the County in Fiscal Year 2032 greater than $151,382,538 but less than $297,164,981 2033 - 50"/0 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 COT Receipts received by the County in Fiscal Year 2034 greater than $166,899,248 but less than $343,794,731 2035 - 50"10 of COT Receipts received by the County in Fiscal Year 2035 greater than $175,244,211 but less than $369,785,613 2036 - 50"10 of COT Receipts received by the County in Fiscal Year 2036 greater than $184,006,421 but less than $397,741,405 2037 - 50% of COT Receipts received by the County in Fiscal Year 2037 greater than $193,206,742 but less than $427,810,655 2038 - 50% of COT Receipts received by the County in Fiscal Year 2038 greater than $202,867,080 but less than $460,153,141 2039 - 50"/0 of COT Receipts received by the County in Fiscal Year 2039 greater than $213,010,433 but less than $494,940,718 2040 - 50% of COT Receipts received by the County in Fiscal Year 2040 greater than $223,660,955 but less than $532,358,236 I All years listed above are fiscal years ending September 30; all COT Receipts are based on Current COT Rate. 2 To the extent the Termination Oate is later than September 30, 2040, the City will continue to receive an allocation of50% of COT Receipts calculated based upon the Current COT Rate and the formula established in the aforementioned schedule, which represents County growth estimates of annual COT Receipts based upon the Current COT Rate between 5% and a cap of7,56%,growt.h, The county shall receive 100% of any annual COT Receipts in'excess of the 7,56% annual growth figure based on the Current COT Rate, (b) Annual payments to the City as listed in Section LD, 4,(a) above shall be capped at $50 million, provided, however, that beginning in Fiscal Year ending September 30, 2030, the $50 million cap shall escalate annually at the lesser of three percent (3%) or the Consumer Price Index for All Urban Consumers for the United States, all items, index base period 1982-84= 100 (commonly referred to as CPI-V), as published periodically by the United States Bureau of Labor Statistics, These payments to the City shall be used for Convention Center Complex Area projects to the extent such projects are eligible for CDT funding pursuant to state law, To the extent that the City determines funds are not needed for the Convention Center Complex Area projects, the funds may be used for other projects eligible for CDT funds under 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. G. Section LD.5. of the Amended 1996 InterIocal is hereby deleted in its entirety, H, It is expected the County will place on the November 2004 ballot a General Obligation Bond (GOB) Program for voter consideration to fund major infrastructure and capital improvements. If a GOB issue is placed on that ballot, the County will include in that GOB program funding to be paid to the City of Miami Beach for a project related to the expansion or enhancement of the Miami Beach Convention Center. The amount of funding allocated to such a project in the GOB program shall be $55 million, The City will not be precluded from requesting funding in any future County general obligation bond program regardless ofthe results of any November 2004 bond referendum or by any provision of this agreement. L Section IV. A, of the Amended 1996 InterIocal is amended to include a new subparagraph 4 and to renumber the existing subparagraph 4 and all subsequent paragraphs as follows: IV. MUTUAL OBLIGATIONS AND RESPONSIBILITIES A. ANNUAL PAYMENT 4. (i) In the event that the project related to the expansion or enhancement of the Miami Beach Convention Center is approved by the voters as part of the November, 2004, GOB Program, commencing October 1,2005, the County shall annually appropriate and remi t to the City no later than January I 0 f the following year an amount equi valent to twenty percent (20%) of the difference between (a) the amount of general Countywide operating ad valorem taxes levied each year by the County, 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 Amendment and (b) the amount of general Countywide operating ad valorem 3 taxes which would have been produced by the rate upon which the tax is levied each year by the County, 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, Such annual payments shall continue until September 30,2016, In the year 2017, the payment amount shall be forty-five percent (45%) of the difference between (a) the amount of general Countywide operating ad valorem taxes levied each year by the County, exclusive of any amount from any debt service miilage, on the assessed value of the taxable real property contained within the geographic boundaries specifically described in Exhibit A to this Amendment 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 each year by the County, 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, The payments under this subparagraph 4(i) shall end the earlier of September 30, 2017, or when the total amount remitted by the County to the City under this subparagraph 4(i) reaches $45 million, The total amount remitted by the County to the City pursuant to this subparagraph 4(i) shall be expended by the City for any need identified by the City, which need would be an eligible use for CDT or Municipal Tourist Resort Tax receipts and all, or any, of the payments made under this subparagraph 4(i) may be pledged by the City as security for any indebtedness incurred by the City to fund any capital costs, The payments in this subparagraph 4(i) are in addition to the GOB Program bond proceeds identified in paragraph H above, (ii) In the event there is no GOB Program placed on the November, 2004, ballot or in the event that the project related to the expansion or enhancement of the Miami Beach Convention Center is NOT approved by the voters as part of the November, 2004, GOB Program, commencing October I, 2005, the County shall annually appropriate and remit to the City no later than January I of the following year an amount equivalent to twenty percent (20%) ofthe difference between (a) the amount of general Countywide operating ad valorem taxes levied each year by the County, 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 Amendment 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 each year by the County, 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, Such annual payments shall continue through September 30,2016, at which time payment amount shall increase to forty-five percent (45%) of the difference between (a) the amount of general Countywide operating ad valorem taxes levied each year by the County, 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 Amendment and (b) the amount of general Countywide operating ad 4 valorem taxes which would have been produced by the rate upon which the tax is levied each year by the County, 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, The payments under this subparagraph 4(ii) shall continue until the total of" such payments reaches $55 million. The total amount remitted by the County to the City pursuant to this subparagraph 4(ii) shall be expended by the City solely for capital costs for the expansion or enhancement of the Miami Beach Convention Center, and all, or any, of the payments made under this subparagraph 4(ii) may be pledged by the City as security for any indebtedness incurred by the City to fund any such capital costs, (iii) In connection with any pledge by the Cityofthe payments to be received from the County pursuant to subparagraphs 4(i) and 4(ii) above, the County shall cooperate with the City, Subparagraph 4 becomes subparagraph 5 Subparagraph 5 becomes subparagraph 6 Subparagraph 6 becomes subparagraph 7 Subparagraph 7 becomes subparagraph 8 Subparagraph 8 becomes subparagraph 9 Subparagraph 9 becomes subparagraph 10 J, Section IV, A. 8 and 9 ofthe Amended 1996 Inter/ocal are amended to read: 8. It is understood and agreed that the amounts payable by the County under sections IV,A. 2.,3"4,, and 5, above, are calculated by reference to certain ad valorem tax collections, but said payments shall be paid solely from non-ad valorem revenues of the County, and the obligation ofthe 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 IV, A(I) through (8) shall survive the termination of this Amendment, the First Amendment to the 1996 Inter/ocal, and the 1996 Inter/ocal, regardless of the reason for such termination, K. Section VI. of the Amended 1996 Inter/ocal is amended to read as follows: VI. Entire Agreement. This Amendment and the Amended 1996 Inter/ocal constitute 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 5 the other as of its date. Any prior agreements, promises, negotiations, or representations not expressly set forth in the Amended 1996 Inter/ocal and this Amendment are of no force and effect. As S-u~ l'Artb I{ t-tM (0 1M \11-\1 HI ~ A.N\ 1t3 ~J- @ r~F 6 K, Upon adoption of this Second Amendment to the Interlocal Agreement, the pending claim ofthe City processed under Chapter 164 Florida Statute shaII be withdrawn, and the parties agree that this instrument represents the understanding under which the Parties shaII proceed in accordance with its terms, ' Jorge M. Gonzalez City Manager City of Miami Beach George M, Burgess County Manager Miami-Dade County APPROVED AS TO FORM AND LEGAL SUFFICIENCY: APPROVED AS TO FORM AND LEGAL SUFFICIENCY: City Attorney Assistant County Attorney City Clerk Clerk of the Board 7