96-21927 Proposal for Settlement Convention Development TaxEXHIBIT A
Proposal for the Settlement of the Convention Development Tax
to Provide Funding for the Performing Arts Center
1 The City will assist the County indefeasing all of the existing obligations on the
Convention Development
Tax 1 a The County will assist the City by approving the issuance of the Tax
Increment Revenue Bonds for the City Center
Redevelopment Area 2 The City will give 11 5 million to the
County from Convention Center Funds 3 Instead of the 4 5 million ayear that the
City currently receives thepayment to the City from the Convention Development Tax
will be 1 5 million for six years April 1 1996 through March
31 2002 After March 31 2002 the City will receive the operating cash
deficit of the Convention Center Complex the Convention Center and the Jackie
Gleason Theater ofPerforming Arts plus 1 1million a year for capital replacement through
2012 From 2013 through 2026 the City may receive the 1 1 million in capital replacement funds
or after conferring with the County the amount may be reduced to 1 million in capital
funds annually In any year under this agreement the maximum of the operating cash flow deficit
and the capital replacement funds shall not exceed 4 5 million The City will operate the
Convention Center Complex in a cost efficient manner so as to minimize the operating cash
deficit consistent with the maintenance
of the quality ofthe facility After January 1 2026 the flow offunds from
the Convention Development Tax will be as per Florida Statutes 212 0305 or its successor 4
The City will receive all growth in
the South Pointe and City Center Redevelopment Districts for the lives of the Districts
City Center Redevelopment Plan is to be amended to include Convention Center -and TOP
A -related projects 5The life of
the South Pointe Redevelopment District will be extended twelve years until 2016 6 The County will give
to the City 46 5million as soon
as possible for capital improvements for Convention Center -and TOP A -related projects 6 a
The
City will provide the land and construct a Regional Library on Miami
Beach and the County will operate and maintain the Regional Library 7 The
County will permit the City s electric shuttle foraparkandrideprograminSouthBeach8ThisagreementsupersedestheCityofMiamiBeachExcessCityShareResolution92-20499byamendingtherequirementsinSection8fromJuly11996toJanuary12001andalsoamendinganysectionofthatResolutioninconflictwiththisagreement
8 a The City of Miami Beach shall be relieved of any further obligations under this
agreement if the construction of the Perfonning Arts Center Project and the related issuance of the
Convention Development Tax Bonds do not occur prior to January 1 2001 In the event that
this agreement ends on January 1 2001 or earlier the City shall be requiredto pay tothe
COlU1ty the difference between 35 million and the Convention Development Tax monies given up
by the City in 3 above The above points contain the full agreement between the
Dade County Manager and the City Manager of the City of
Miami Beach this
29 day
of February 1996JoseGarcia-PedrosaCityManagerCityofMiamiBeach