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Home My WebLink About5 Amended Interlocal 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 Interlocal, 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 theCity of Miami Beach ,a municipal corporationorganized under the laws of the State of Florida (the "City" or "CMB"). A. The Parties have previously exe.cuted an Interlocal Cooperation Agreement dated June 21, 1996 (the" 1996 InterlocaJ.::1 providing for theallocation of Convention DevelopmentTax (CDT) receipts, which 1996 Interlocal was amended by Amendment One to the 1996 Interlocal dated April 24, 2001, by and between the City and the County (the "First Amendment") and the Addendum to Amendment One to the 1996 Interlocal on May 22, 2001, pursuant to Resolution No. R-563-01. The 1996 Interlocal as amended by the First Amendment and the Addendum shall be referred to herein as the Amended 1996 Interlocal. The Parties acknowledge and agree that the Amended 1996 Interlocal remains in full force and effect, as amended by this Amendment. I B. To the extent that the terms and provisions ofthe Amended 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 Interlocal 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 Interlocal. 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 utilizing CDT Receipts for the issuance or payment of debt for any costs associated with the Performing Arts Center, or (c) the latest expiration of any agreement utilizing CDT Receipts for the issuance or payment of debt for any costs associated with a baseball stadium. D. Paragraph C of the First Amendment is hereby deleted in its entirety. E. Section I.D.3 of the Amended 1996 Interlocal is hereby deleted in its entirety and replaced with the following: 3. A net capital contribution of$15.0 million to be remitted to the City within ten days of the effective date of this Amendment (Remittance Date). These funds shall be T k1 ~ e. U k.<-Ut. t J<.t-f I' f $C 1A..t:? t;; +l<D c. ~~~ ~vvl~ ~~ ~ ~ JUCt..LL (i.--Udt rW Ma~ t wOo-) frLS~ t<; it.J ~ &;1.(.( lI\MJ'1 (~ A. T tt..ll~ \UM cL,ll, 7 061/ ~1M IM-(Ht j,,,, 6(u.[ -h1 - 12. ~ , PtL~, W"- Cd\ t4J.,. I (;l '1:.," .-LDeleted: Exhibit A ( Deleted: ") ~:") used for Convention Center Complex Area Projects to the extent such projects are eligible for CDT fundingpursuantto state law. To the extentthe Two-Thirds Portion of the CDT Receipts available on such Remittance Date is less than $15.0 million, the County Manager shall remit to the City on the Remittance DateJ:he balance due as an advance 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 J.D. 4 of the Amended 1996 Interlocal is hereby deleted in its entirety and replaced with the following. 4.(a) The following paymentsl: 200t _ 25% of CDT Receipts received by the County in Fiscal Year 2001 in excess of 531,522,748 2002 _ 25% of cor 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 CDT Receipts received by the County in Fiscal Year 2004 in excess of $38,616,722 2005 _ 100% afenT Receipts received by the County in Fiscal Year 2005 greater than $40,547,558 but less than $41,536,146 2006 _ 90% ofCDT Receipts received by the County in Fiscal Year 2006 greater than $42,574,936 but Jess than 544,676,279 2007 _ 80% of CDr Receipts received by the County in Fiscal Year 2007 greater than $44,703,683 but less than 548,053,806 2008 _ 700/0 of COT Receipts received by the County in Fiscal Year 2008 greaterthao $46,938,867 but less than $51,686,674 2009 _ 60% ofCDT Receipts received by the County in Fiscal Year 2009 greater than 549,285,811 but less than $55,594.186 2010 _ 50% ofCDT Receipts received by the County in Fiscal Year 2010 greater than $51,750,101 but less than $59,797,107 2011- 50% ofCDT Receipts received by the County in Fiscal Year 2011 greater than $54,337,606 but less than $64,317,768 2012 _ 50% ofCDT Receipts received by the County in Fiscal Year 2012 greater than $57,054,487 but less than $69,180,191 2013 _ 50% ofCDT Receipts received by the County in Fiscal Year 2013 greater than $59,907,211 but less than $74,410,214 2014 _ 50% of CDT Receipts received by the County in Fiscal Year 2014 greater than $62,902,571 but less than 580,035,626 2015 _ 50010 ofCDT Receipts received by the County in Fiscal Year 2015 greater than $66,047.700 but less than $86,086,319 2016 _ 50010 of COT Receipts received by the County in Fiscal Year 2016 greater than $69,350.085 but less than $92,594,445 2017 _ 50010 ofCDT Receipts received by the County in Fiscal Year 2017 greater than $72,817,589 but less than $99,594,585 2018 _ 50% ofCDT Receipts received by the County in Fiscal Year 2018 greater than $76,458,469 but less than $107,123,935 2019 _ 50% ofeDT Receipts received by the County in Fiscal Year 2019 greater than $80,281,392 but less than $115,222,505 2020 _ 50% ofCDT Receipts received by the County in Fiscal Year 2020 greater than $84,295,462 but less than SI23,933,326 2021 _ 50% ofCDT Receipts received by the County in Fiscal Year 2021 greater than $88,510,235 but less than $133,302,687 2022 _ 50% ofCDT Receipts received by the County in Fiscal Year 2022 greater than $92,935,747 but less than $143,380,370 2023 _ 50% ofCDT Receipts received by the County in Fiscal Year 2023 greater than $97,582,534 but Jess than $154,219,926 2024 _ 50% ofCDT 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 $107,584,744 hut less than $178,419,400 2026 ~ 500/0 ofCDT Receipts received by the County in Fiscal Year 2026 greater than 5112,963,981 but less than $191,907,907 2027 _ 50% ofCDT Receipts received by the County in Fiscal Year 2027 greater than $118,612,180 but less than $206,416,145 2028 _ 50% ofCDT Receipts received by the County in Fiscal Year 2028 greater than $124,542,789 but less than $222,021,205 2029 _ 50% ofCDT Receipts received by the County in Fiscal Year 2029 greater than $130,769,928 but Jess than $238,806,008 2030 _ 50010 ofCDT Receipts received by the County in Fiscal Year 2030 greater than S137,308,425 but less than $256,859,742 2031 _ 50% ofCDT Receipts received by the County in Fiscal Year 2031 greater than SI44,173,846 but less than $276,278,339 2032 _ 500/0 ofCDT Receipts received by the County in Fiscal Year 2032 greater than $151,382,538 but less than $297.164,981 2033 _ 50% ofCDT Receipts received by the County in Fiscal Year 2033 greater than $158,951.665 but less than $319,630,654 2034 _ 50% ofCDT Receipts received by the County in Fiscal Year 2034 greater than S 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 COT Receipts received by the County in Fiscal Year 2036 greater than $184,006,421 but less than $397,741,405 2037 _ 50% ofCDT Receipts received bylbe County in Fiscal Year 2037 greater than $193,206,742 but less than $427,810,655 2038 _ 500/0 of COT Receipts received by the County in Fiscal Year 2038 greater than 5202,867,080 but less than $460,153,141 2039 _ 500/0 of COT Receipts received by the County in Fiscal Year 2039 greater than $213,010,433 but less than $494,940,718 2040 _ 50% ofCDT Receipts received by the County in Fiscal Year 2040 greater than $223,660,955 but less than $532,358,236 1 All years listed above are fiscal years ending September 30; all CDr Receipts are based on Current CDT Rate. .{ Deleted: to the City as an advance 2 To the extent the Termination Date is later than September 30, 2040, the City will continue to receive an allocation of50% of CDT Receipts calculated based upon the Current CDT Rate 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 of7.56% growth. The county shan receive 100% ofany annual COT Receipts in excess of the 7.56% annual growth figure based on the Current CDT Rate. ,(b) Annual payments to the City as listed in Section LD. 4.(a) above shallbe capPlld at $~O -{ Deleted: 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= I 00 (commonly referred to as CPI- U), 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 Interlocal 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 l'rogram fun~dil!!\. t~ be p~tdt(} !l!.e~City q(Mia!l!i J3~eac4. (or,ll P!ojec~t !~Iate<i!~ the eJSJl.ansi~!l ~_ Deleted: program or enhancement of the Miami Beach Convention Center. The amount of funding allocated to - Deleted: such a project in the GOB l'rogram sha!l~be~$5?~milli(Jl!. ~ '111" 9ity ~\\fi!I~no~ !>lll'r~cl,!ded ~ Deleted: program from requesting additional funding in the November 2004 GOB Program to be used for anv oroiect other than the expansion or enhancement of the Miami Beach Convention Center nor be precluded from requesting funding for anv proiect in any future County general obligation bond program regardless of the results of any November 2004 bond referendum or by any provision of this agreement. I. Section IV. A. of the Amended 1996 Interlocal 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 remit to the City. no later than January I of the following year. an amount equivalent 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 3 any amount from any debt service millage, on the assessed value ofthe 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 until September 30,2016. ill 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 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. 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) ill 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 iSJ12! approvedbythe votersas part of the November, 2004, GOB - .. fDeleted: NOT 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%) 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 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 4 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(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 City of the 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 of the Amended 1996 Interlocal 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 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 IV. A(1) through (8) shall survive the termination of this Amendment,,AmendmentOneto the 1996 Interlocal,and the1996 Interlocal, regardless _ -{ Deleted: the Fml of the reason for such termination. J K. Section VI. of the Amended 1996 Interlocal is amended to read as follows: VI. Entire Agreement. This Amendment and the Amended 1996 Interlocal 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 the other as of its date. Any prior agreements, promises, negotiations, or 5 , . representations not expressly set forth in the Amended 1996 Interlocal and this Amendrnent are of no force and effect. I . K. Upon adoption of this Second Amendment to the Interlocal Agreement, the pending claim of the City processed under Chapter 164 Florida Statute shall be withdrawn, and the parties agree that this instrument represents the understanding under which the Parties shall 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 _ 'j ~Ieted: ---Page Break- ] 6