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2004-25531 Executed Amendment 2nd amendmentSECOND AMENDMENT TO THE INTERLOCAL COOPERATION AGREEMENT DATED JUNE 21 1996 BETWEEN MIAMI-DADE COUNTY AND THE CITY OF MIAMI BEACH This Second Amendment the Amendment to the 1996 Interloca1 as hereinafter defined as amended by the F endment and Addendum as each are hereinafter defined made this 3 fU day of M2004 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 Interlocal providing for the allocation of Convention Development Tax 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 toAmendment 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 asamended by this Amendment 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 Interloca1 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 CThe definition of Termination Date ishereby 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 orpayment 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 ofthe First Amendment is hereby deleted in its entirety E Section I D3 of the Amended 1996 Interlocal ishereby deleted in its entirety and replaced with the following 3 A net capitalcontributionof150milliontoberemittedtotheCitywithintendaysoftheeffectivedateofthisAmendmentRemittanceDateThesefundsshallbe 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 to the City on the Remittance Date the 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 4ofthe Amended 1996 Interlocal ishereby deleted in its entirety and replaced with the following 4 a The following payments1 2001 -25 ofCDT Receipts received by the County inFiscal Year 200 inexcess of 31522 748 2002 - 25ofCDT Receipts received by the County inFiscal Year 2002 in excess of 33729 341 2003 -25 ofCDT Receipts received by the County inFiscal 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 ofCDT Receipts received by the County inFiscal Year 2005 greater than 40 547 558 but less than 4 536 46 2006 - 90ofCDT Receipts received by theCounty inFisca Year 2006 greater than 42 574 936butJess than 44676 279 2007 -80 ofCDT Receipts received by the County inFisca Year 2007 greater than 44 703 683 butless than 48053 8062008 -70 ofCDT Receipts received by the County in Fiscal Year 2008 greater than 46 938 867 but less than 5 686 674 2009 -60ofCDT Receipts received by the County in Fiscal Year 2009 greater than 49285 8butless than 55 594 186 2010 -50 ofCDT Receipts received by theCounty in Fisca Year 2010 greater than 51 750 10 but less than 59 797107 20J -50ofCDT Receipts received by the County in Fisca Year 2011 greater than 54 337 606 but less than 64 3 7 768 2012 -50 ofCDT Receipts received by the County in Fisca Year 2012 greater than 57054487 but less than 69 180 191 2013 -50 ofCDT Receipts received by theCounty in Fisca Year 2013 greater than 59 907 2but less than 74410 214 2014 -50 ofCDT Receipts received by the County inFisca Year 2014 greater than 62902 57 but less than 80 035 626 2015 -50of CDT Receipts received by the County in Fisca Year 201 5greater than 66 047 700 but less than 86 086 319 2016 - 50ofCDT Receipts received by theCounty inFiscal Year 2016 greater than 69 350 085 butless than 92 594 445 2017 -50 of CDT Receipts received by the County in Fisca Year 2017 greater than 72 817 589 but less than 99594 585 2018 -50 ofCDT Receipts received by the County in Fisca Year 2018 greater than 76 458 469 but less than 107 J23 935 2019 -50of CDT Receipts received by the County inFiscal Year 2019 greater than 8028392 but less than 115 222 505 2020 -50 ofCDT Receipts received by the County inFiscal Year 2020 greater than 84 295 462 but lessthan 123 933 326 2021 -50 ofCDT Receipts received by the County inFisca Year 2021 greater than 88 510 235 but Jess than 133 302 687 2022 -50 ofCDT Receipts received by the County in Fisca Year 2022 greater than 92935 747 but less than 143 380 370 2023 -50 of CDT Receipts received by theCounty inFisca Year 2023 greater than 97 582 534 but less than 154 2 9 926 2024 -50 ofCDT Receipts received by the County in Fiscal Year 2024 greater than 02 461 661 but less than 165 878 952 2025 -50 ofCDT Receipts received by the County in Fiscal Year 2025greaterthan07584744butlessthan178494002026-50ofCDTReceiptsreceivedbytheCountyinFiscaYear2026greaterthan11296398butlessthan919079072027-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2027greaterthan11861280butlessthan2064161452028-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2028greaterthan124542789butlessthan222022052029-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2029greaterthan130769928butlessthan2388060082030-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2030greaterthan137308425butlessthan256859742203I-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2031greaterthan144173846butlessthan2762783392032-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2032greaterthan151382538butlessthan29716498J2033-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2033greaterthan158951665butlessthan3196306542034-50ofCDTReceiptsreceivedbytheCountyinFiscaYear2034greaterthan66899248butlessthan343794732035-50ofCDTReceiptsreceivedbytheCountyinFiscaYear2035greaterthan752442butlessthan3697856132036-50ofCDTReceiptsreceivedbytheCountyinFiscaYear2036greaterthan18400642butlessthan3977414052037-50ofCDTReceiptsreceivedbytheCountyinFiscaYear2037greaterthan193206742butlessthan4278106552038-50ofCDTReceiptsreceivedbytheCountyinFiscaYear2038greaterthan202867080butlessthan4601531412039-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2039greaterthan213010433butlessthan4949407J82040-50ofCDTReceiptsreceivedbytheCountyinFiscalYear2040greaterthan223660955butJessthan532358236IAllyearslistedabovearefiscalyearsendingSeptember30allCDTReceiptsarebasedonCurrentCDTRate2 To the extent the Tennination Date is later than September 30 2040 theCity wi1l continue toreceive ana1location of50 1o of CDT Receipts calculated based upon the Current CDT Rate and the formula established in the aforementioned schedule which represents County growth estimates ofannual CDT Receipts based upon the Current CDT Rate between 5and a cap of7 56 growth Thecounty sha1l receive 100 of any annual CDT Receipts in excess ofthe 7 56 annual growth figure based on the Current CDT Rate b Annual payments to the City as listed in Section I D 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 baseperiod 1982-84 100 commonly referred toas 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 tothe City G Section I D 5 ofthe Amended 1996 Interlocal is hereby deleted in its entirety HIt 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 aGOB issue is placed on that ballot the County will include in that GOB Program funding to be paid to the City ofMiami Beach for aproject related to the expansion or enhancement ofthe Miami Beach Convention Center The amount of funding allocated to such a project in the GOB Program shall be55 million The City will not be precluded from requesting additional funding in the November 2004 GOB Program to be used for any project other than the expansion or enhancement ofthe Miami Beach Convention Center nor be precluded from requesting funding for any proj ect 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 theAmended 1996 Interlocal is amended toinclude 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 iInthe event that the project related to theexpansion 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 1 of the following year anamountequivalenttotwentypercent20ofthedifferencebetweenatheamountofgeneralCountywideoperatingadvaloremtaxesleviedeachyearbytheCountyexclusiveof3 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 ofany debt service millage upon the total ofthe 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 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 advalorem 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 ofSeptember 30 2017 or when the total amount remitted by the County to the City under this subparagraph 4 ireaches 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 4i 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 iare in addition to the GOB Program bond proceeds identified in paragraph H above iiIn 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 ofthe Miami Beach Convention Center is not approved by the voters as part ofthe November 2004 GOB Program commencing October 1 2005 the County shall annually appropriate and remit tothe Cityno later than January 1 of the following year anamount 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 anydebt service millage on the assessed value of the taxable real property contained within the geographic boundaries specifically described in Exhibit Ato this Amendment and bthe amount of general Countywide operating ad valorem taxes which would have been produced by the rate upon which the tax islevied each year by the County exclusive of anydebt service miJIage upon the total ofthe assessed value ofthe 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 atwhich time payment amount shall increase to forty-five percent 45 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 miJIage on the assessedvalueofthetaxablerealpropertycontainedwithinthegeographicboundariesspecificallydescribedinExhibitAtothisAmendmentandbtheamount4 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 ofthe assessed value ofthe taxable real property in the geographic area specifically described in Exhibit A for the tax year 1976 The payments under this subparagraph 4 iishall 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 ofthe 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 4iand4 ii above the County shall cooperate with the City Subparagraph 4 becomes subparagraph 5 Subparagraph 5becomes subparagraph 6Subparagraph 6 becomes subparagraph 7 Subparagraph 7 becomes subparagraph 8 Subparagraph 8becomes subparagraph 9 Subparagraph 9 becomes subparagraph 10 J Section IV A 8 and 9of the Amended 1996 Interlocal are amended to read 8It is understood and agreed that the amounts payable by the County under sections IV A 23 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 ofthe County that would require said payments to be subject to referendum 9 The provisions of this Section IV A lthrough 8 shall survive the termination of this Amendment Amendment One to the1996 Interlocal and the 1996lnterlocal regardless of the reason for such termination K Section VI ofthe Amended 1996lnterlocal isamended to read as follows VI Entire Agreement This Amendment and the Amended 1996lnterlocal constitute the sole and only agreement ofthe Parties with respect to the Two-ThirdsPortionoftheCDTReceiptsandcorrectlysetsforththerightsdutiesandobligationsofeachtotheotherasofitsdateAnyprioragreementspromisesnegotiationsor5 representations not expressly set forth in the Amended 1996 Interloca1 and this Amendment are of no force and effect 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 6 George M B ss County Manager Miami-Dade County APPROVED AS TO FORM AND LEGAL SUFFI NCY APPROVED AS TO FORM LEGAL SUFFIClENCY G R wPtUCityClerk6