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INTERLOCAL AGREEMENT
AMONG CITY OF MIAMI BEACH,
MIAMI BEACH REDEVELOPMENT AGENCY,
&
MIAMI-DADE COUNTY, FLORIDA
This Interlocal Agreement ("Agreement") is among the City of Miami Beach,
Florida (the "City"), the Miami Beach Redevelopment Agency (the "CRA"), and Miami-
Dade County, Florida (the "County") for the purpose of establishing the use of a portion
of the tax increment revenues collected and paid annually by the Miami-Dade County
Tax Collector to the CRA with respect to the tax increment districts within the
jurisdiction of the CRA (the "Tax Increment Revenues"),
WHEREAS, pursuant to Chapter 163, Part III, Florida Statutes, also known as the
Community Redevelopment Act of 1969 (the "Act"), the City Commission accepted a
delegation of powers from the Miami-Dade County Board of County Commissioners (the
"Board"), found a need for and created the CRA to have jurisdiction over all of its
community redevelopment districts, declared members of the City Commission to be the
members of the CRA, granted the CRA the power to exercise certain powers permitted
by the Act to the extent delegated by the Board to the CRA and directed the initiation,
preparation and adoption of community redevelopment plans by the CRA for its two
community redevelopment districts known as City CenterIHistoric Convention Village
and South Pointe ("CRA Districts"); and
WHEREAS, the CRA has various series of community redevelopment revenue
bonds currently outstanding in the aggregate principal amount of $94,890,000 (the
"Bonds") issued under certain bond resolutions (the "Bond Resolutions") to which the
CRA has pledged all current and future Tax Increment Revenues the CRA is entitled to
receive from the CRA Districts to which the Bonds relate pursuant to the Act from all
non-exempt taxing authorities, including Tax Increment Revenues from any additional
tax levies created subsequent to the issuance of bonds under the Bond Resolutions; and
WHEREAS, the annual budget of the CRA is approved by the City and the
County pursuant to the Act in which the Tax Increment Revenues are appropriated for
purposes consistent with the Bond Resolutions and the CRA's redevelopment plans for
the CRA Districts;
WHEREAS, as set forth in F.S. 163.387(7)(a), the City and the County are
eligible to share in any Tax Increment Revenues not budgeted for a particular use and
remaining at the end of the CRA's fiscal year in the Fund established for the respective
CRA Districts; and
"
WHEREAS, during the 2003-2004 budget hearing, the Board requested and
approved an administrative charge fee payable by all community redevelopment agencies
in the County, establishing a 1.5 percent administrative reimbursement charge to recover
costs for County staff time associated with overseeing community redevelopment agency
activities and for processing related items; and
WHEREAS, the City, the CRA and the County wish to acknowledge and agree,
by this Interlocal Agreement, to allocate in the annual budget, a 1.5% administrative fee
to be paid to the County to defray the County's costs in connection with its oversight of
the CRA and a 1.5% fee to be paid to the City; both to be paid after the debt service and
other obligations on the Bonds and any future bonds (or loans) issued by the CRA and
approved by the County have been satisfied from Tax Increment Revenues; and
NOW THEREFORE, the parties agree as follows:
Section 1. The recitals above are incorporated by reference in this Section 1.
Section 2. The City, the CRA and the County agree that on the last day ofthe
CRA's fiscal year, the CRA shall remit 1.5% of the Tax Increment Revenues paid to the
CRA for that Fiscal Year to the County and 1.5% ofthe Tax Increment Revenues paid to
the CRA for that Fiscal Year to the City, provided, as to both remittances, the debt
service and all other obligations relating to the Bonds and any future bonds (or loans)
issued by the CRA and approved by the County have been satisfied for that fiscal year.
Section 3. The County approves the issuance by the CRA of not to exceed
$101,090,000 principal amount of refunding bonds for the purpose of refinancing all or a
portion of the outstanding principal amount of the Bonds issued with respect to the City
Center/Historic Convention Village Community Redevelopment district), funding any
necessary reserves and paying the cost of issuance, provided such refunding bonds
mature no later than the maturity date for the Bonds.
Section 4. This Agreement shall be effective upon execution by all parties
and shall continue for as long as the CRA is in existence.
Section 5. This Agreement shall be binding upon and shall mure to the
benefit ofthe City, the County, the CRA and their respective successors.
Section 6. Any amendment to or waiver of any provision of this Agreement
must be in writing and mutually agreed to by the CRA, the City and the County.
Section 7. This Agreement and its provisions shall be governed by and
construed in accordance with the laws of the State of Florida. In any action, in equity or
law, with respect to the enforcement or interpretation of this Agreement, venue shall be in
the County.
Section 8. This Agreement contain~ all the terms and conditions agreed upon
by the parties. No other Agreement, oral or otherwise, regarding the subject matter of
this Agreement shall be deemed to exist or bind any of the parties. If any part of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal or
unenforceable, such invalid, illegal or unenforceable part shall be deemed severable and
the remaining parts of this Agreement shall continue in full force and effect provided that
the rights and obligations of the parties are not materially prejudiced and the intentions of
the parties can continue to be effected.
Section 9. This Agreement is signed in three (3) counterparts, and each
counterpart shall constitute an original of this Agreement.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their respective and duly authorized officers as of the day and year first above written.
ATTEST:
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BEACH, FLORIDA
Robert Parcher, City Clerk
(( tU~
EVELOPMENT AGENCY
ATTEST:
Secretary
MIAMI-DADE COUNTY, FLORIDA
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F:\cmgr\$ALL\CHRlSTlN\CRA Inlerlocal Agreement Miami Beach AdmFee CityCounty changes I ,doc
APPROVED AS TO
FORM" LANGUAGI
. FOR EXECU1lON
~ Y/:t!Y
Approved
Veto
Override
Mayor
No In
Agenda Item No. 4 ( HH)
7-27-04
RESOLUTION NO. R-958-04
UfffCIAl flU: coPY
CLERK OF THE BOARD
OF COUNT'( COMMISSIONER:';
I)ADE' COUNTY. FLORID'
RESOLUTION APPROVING TERMS AND EXECUTION
OF' INTERLOCAL AGREEMENT BETWEEN MIAMI-
DADE COUNTY, CITY OF MIAMI BEACH AND
MIAMI BEACH REDEVELOPMENT AGENCY TO
PROVIDE FOR ANNUAL ADMINISTRATIVE FEE TO
BE PAID TO COUNTY AND CITY FROM TAX
INCREMENT REVENUES DERlVED FROM SOUTH
POINTE REDEVELOPMENT AREA AND CITY
CENTER/HISTORlC CONVENTION VILLAGE
REDEVELOPMENT AND REVITALIZATION AREA
AND TO PROVIDE APPROVAL FOR ISSUANCE BY
MIAMI BEACH REDEVELOPMENT AGENCY OF
CERTAIN REFUNDING BONDS
WHEREAS, the Miami Beach Community Redevelopment Agency ("eRA") has
jurisdiction over two community redevelopment districts located in the City of Miami Beach
("City") known as City Center/Historic Convention Village and South Pointe ("CRA Districts");
and
WHEREAS, the CRA has various series of community redevelopment revenue bonds
currently outstanding in the aggregate principal amount of $94,890,000 (the "Bonds") issued
under certain bond resolutions (the "Bond Resolutions") to which the CRA has pledged all
current and future tax increment revenues the CRA is entitled to receive pursuant to the Act from
all non-exempt taxing authorities, like the Trust, created subsequent to the issuance of the Bonds;
and
WHEREAS, the CRA wishes to refinance the Bonds to lower the interest cost without
extending the maturity on the Bonds that requires the prior approval of the County; and
N, On
Agl;lIda Item No.
Page NO.2
4 (HH)
WHEREAS, during the 2003-2004 County budget hearing, the Board approved an
administrative charge of I II2 % of tax increment revenues collected within a community
redevelopment district to be payable by all community redevelopment agencies in the County to
.
recover costs associated wilh overseeing community redevelopment agency activities and for
processing related items by County staff; and
WHEREAS, the CRA and the City agree to the assessment by the County of the
administrative charge with respect to the CRA Districts upon the conditions described in the
County Manager's memorandum which is incorporated in the resolution by reference; and
WHEREAS, the CRA, the County and the City wish to memorialize their understanding
regarding the refunding bonds and the administrative fees by entering into an lnterlocal
Agreement in the form attached as Exhibit "A" to this resolution ("lnterlocal Agreement")
pursuant to Chapter 163, Part I, Florida Statutes; and
WHEREAS, this Board wishes to approve the form of the InterIocal Agreement and
authorize its execution by the County Manager after review by the County Attorney's Office,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1.
The matters contained in the foregoing recitals are incorporated in this
resolution by reference.
Section 2.
The Board approves the terms of and authorizes the County Manager to
execute the lnterlocal Agreement in substantially the form attached to this resolution as Exhibit
"A" after review by the County Attorney's Office.
Section 3.
The provisions of Resolution No. 377-04 pertaining to the effective date of
County contracts is waived with respect to the Interlocal Agreement.
Not On
Agenda Item No. 4 (HH)
Page No. ~ 3
The foregoing resolution was offered by Commissioner Bnmo A. Barriero , who
moved its adoption. The motion was seconded by Commissioner Dorrin D. Rolle
and upon being put to a vote, the vote was as follows:
Dr. Barbara Carey-Shuler, Chairperson absent
Katy Sorenson, Vice-Chairperson aye
Bruno A. Barreiro aye Jose "Pepe" Diaz aye
Betty T. Ferguson aye Sally A. Heyman aye
Joe A. Martinez aye Jimmy L. Morales aye
Dennis C. Moss aye Dorrin D. Rolle aye
Natacha Seijas absent Rebeca Sosa aye
Sen. Javier D. Souto aye
The Chairperson thereupon declared the resolution duly passed and adopted this 27th day
, 'of July, 2004. This resolution shall become effective ten (10) days after the date of its adoption
unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this
Board.
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Approved by County Attorne ~
to form and legal sufficiency .
MIAMI-DADE COUNTY, FLORIDA
BY ITS BOARD OF COUNTY
COMMISSIONERS
HARVEY RUVIN, CLERK
By:j(AY SULLIV A~
Deputy Clerk
Gerald T. Heffernan
.
MEMORANDUM Not On
Agenda Item No.
4(HH)
TO:
Honorable Chairperson Barbara Carey-Shuler, Ed.D. DA TE:
and Members, Board of County Commissioners
July 27, 2004
FROM: George M. BMrgess
countYM,"~~
SUBJECT: Agreement with City of
Miami Beach and Miami
Beaeh Redevelopment
Agency on Administrative
Charge Reimbursement
and Issuance of Bonds by
CRA and/or City
RECOMMENDATION
It is recommended that the Board of County Commissioners adopt the accompanying resolution
that approves the fonn of the attached interlocal agreement ("Agreement") with the Miami
Beach Redevelopment Agency ("CRA") and the City of Miami Beach ("City) and authorizes its
execution by the County Manager. This Agreement provides for the assessment of an annual
administrative charge by the County and the City for their oversight of the two community
redevelopment districts under the jurisdiction of the CRA and approves the issuance of certain
refunding bonds by the CRA and/or City.
BACKGROUND
The CRA administers the South Point Tax Increment District (created in 1973) and the City
Center/Historic Convention Tax Increment District (created in 1992) established under
provisions of the Florida Statutes, Chapter 163, part Ill. In FY 2003-04 budget, the Board of
County Commissioners (the "BCC") adopted a new 1.5% administrative fee to be charged to all
Community Redevelopment Agencies (the "Agencies") in the County for the oversight and
processing of Agency related items by the County. The fee is necessary to recover the
increasing cost of providing the work of the County's Tax Increment Financing and
Coordinating Committee members and support staff who process, review and recommend the
budgets and all other proposals of the Agencies coming before the BCe. Furthennore, the
BCC authorized the County Manager to negotiate and execute interlocal agreements in order to
ensure the implementation of this fee. The Florida Statutes allow Agencies to expend funds for
administrative and overhead expenses necessary or incidental to the implementation of
community redevelopment plans. The same Statutes also provide that the City and County are
eligible to share in any Tax Increment Revenues not budgeted for a particular use and
remaining at the end of an Agency's fiscal year. The proposed interlocal agreement relies on
the latter provision as the mechanism to pay the fee to the County.
The City, by agreeing to pay the County fee, has required the County to also approve that the
City shall also receive a 1.5% reimbursement on the City's tax increment distributions to the
CRA. This provision allows the City to recover a greater fee than the County, in that the City's
share of tax increment revenues exceeds the County's.
Hon. Chairperson Barbara Carey-Shuler, Ed.D.
and Members, Board of County Commissioners
Page 2
Furthermore, for cooperating with the County's fee on the CRA, the City and the CRA, in turn,
require the County to approve the issuance by the CRA of not to exceed $101,090,000 principal
amount of refunding bonds for the purpose of refinancing the revenue bonds for the City
Center/Historic Convention Village Community Redevelopment District while providing such
bonds mature no later than the outstanding bonds. This enables the CRA to lock in more
advantageous interest rates, while having no financial impact on the County.
The Fiscal Impact to the County of the CRA administrative fee being established by the
proposed interlocal agreement is that of receiving approximate annual payments of $200,000,
or a 1.5% reimbursement on the approximately $14 million of Tax Increment Payments made
by the County to the CRA. The additional payment by the CRA to the City, and the issuance of
refunding bonds, will have no impact on the County, as the Tax Increment payments by the
County are pre-determined as 95% of ad valorem taxes revenues generated from incremental
property tax rolls in the tax increment districts.
Attachment
~f:,2
Assistan cou~anager
Eft
MEMORANDUM
(Revised)
TO:
Hon. Chairperson Barbara Carey-Shuler, Ed.D. DATE:
and Members, Board of County Conunissioners
July 27, 2004
~d~
FROM: Robert A. Ginsburg
County Attorney
Not On
SUBJECT: Agenda Item No. 4 (HH)
Please note any items checked.
j
"4-Day Rule" ("3-Day Rule" for committees) applicable if raised
6 weeks required between first reading and public hearing
4 weeks notification to municipal officials required prior to public
hearing
Decreases revenues or increases expenditures without balancing budget
Budget required
Statement of fiscal impact required
Bid waiver requiring County Manager's written recommendation
Ordinance creating a new board requires detailed County Manager's
report for publlc hearing
Housekeeping item (no policy decision required)
No committee review
STATE OF FLORIDA
)
) SS:
)
COUNTY OF MIAMI-DADE
I, HARVEY RUVIN, Clerk of the Circuit Court in and for Miami-Dade
County, Florida, and Ex-Officio Clerk of the Board of County Commissioners of said
County, DO HEREBY CERTIFY that the above and foregoing is a true and correct
copy of Resolution R-958-04, adopted by said Board of County Commissioners at its
meeting held on Julv 27.2004.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal on
this 12th
day of August, 2004.
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HARVEY RUVIN, Clerk
Board of County Commissioners
Miami-Dade County, Fleffilft-- .
Seal
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By\..... ep~erk
Board of County Commissioners
Miami-Dade County, Florida
RESOLUTION NO.
470-2004
A RESOLUTION OF THE CHAIRMAN AND THE MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY
AUTHORIZING THE CHAIRMAN AND SECRETARY TO
EXECUTE AN INTERLOCAL AGREEMENT BY AND AMONG
THE CITY OF MIAMI BEACH, THE MIAMI BEACH
REDEVELOPMENT AGENCY, AND MIAMI-DADE COUNTY,
FLORIDA, FOR THE PURPOSE OF ESTABLISHING THE USE
OF 1.5% OF THE TAX INCREMENT REVENUES AGAINST
REAL PROPERTY LOCATED WITHIN THE SOUTH POINTE
REDEVELOPMENT AREA AND THE CITY CENTER/HISTORIC
CONVENTION VILLAGE REDEVELOPMENT AND
REVITALIZATION AREA TO BE REMITTEO, RESPECTIVELY,
TO THE CITY AND COUNTY AT FISCAL YEAR ENO.
WHEREAS, on November 16, 1993, the Miami Beach Redevelopment Agency
approved an Interlocal Agreement ("Agreement") among the City of Miami Beach,
Florida (the "City"), the Miami Beach Redevelopment Agency (the "CRA"), and Miami-
Dade County, Florida (the "County") for the purpose of establishing the use of a portion
of the tax increment revenues derived from the imposition of a levy against real property
located within the jurisdictions of the CRA (the "Tax Increment Revenues"); and
WHEREAS, Chapter 163, Part III, Florida Statutes, also known as the
Community Redevelopment Act of 1969 (the "Act"), provides for the creation of
community redevelopment agencies and governs the use of moneys in redevelopment
trust funds created in accordance with the Act (each, a "Fund"); and
WHEREAS, the City Commission accepted a delegation of powers from the
Miami-Dade County Board of County Commissioners (the "Board"), found a need for
and created the CRA to have jurisdiction over all of its community redevelopment
districts, declared members of the City Commission to be the members of the CRA,
granted the CRA the power to exercise certain powers permitted by the Act to the extent
delegated by the Board to the CRA and directed the initiation, preparation and adoption
of community redevelopment plans by the CRA for its two community redevelopment
districts known as City Center/Historic Convention Village and South Pointe ("CRA
Districts"); and
WHEREAS, the CRA has various series of community redevelopment revenue
bonds currently outstanding in the aggregate principal amount of $94,890,000 issued
under certain bond resolutions (the "Bond Resolutions") to which the CRA has pledged
all current and future Tax Increment Revenues the CRA is entitled to receive from the
CRA Districts to which the Bonds relate pursuant to the Act from all non-exempt taxing
authorities, including Tax Increment Revenues from any additional tax levies created
subsequent to the issuance of bonds under the Bond Resolutions; and
WHEREAS, during the 2003-2004 budget hearing, the Board requested and
approved an administrative charge fee, payable by all community redevelopment
agencies in the County, establishing a 1.5% administrative reimbursement charge to
recover costs for County staff time associated with overseeing community
redevelopment agency activities and for processing related items; and
WHEREAS, the City, the CRA and the County herein acknowledge and agree,
pursuant to the Interlocal Agreement, to allocate a 1.5% administrative fee of the
County's annual Tax Increment Revenue contribution to defray the County's costs in
connection with its oversight of the CRA, and to be paid from legally available Tax
Increment Revenues remaining at the end of the CRA's fiscal year; and
WHEREAS, the City will also allocate of the City's annual Tax Increment Revenue
contribution, annually, to be paid from legally available Tax Increment Revenues
remaining at the end of the CRA's fiscal year; and
WHEREAS, the CRA intends to issue refunding bonds in order to refinance all or
a portion of its outstanding Tax Increment Revenue Bonds (City Center/Historic
Convention Village); and
WHEREAS, accordingly, the attached Interlocal Agreement further memorializes
the County's approval of the issuance of a not to exceed $101,090,000 principal
amount of such refunding bonds, maturing no later than December 31, 2022, for the
purpose of refinancing all or a portion of the outstanding Tax Increment Revenue Bonds
(City Center/Historic Convention Village District), funding any necessary reserves and
paying costs of issuance.
NOW THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY OF THE CITY OF
MIAMI BEACH, FLORIDA, that the Chairman and Secretary are hereby authorized to
execute an Interlocal Agreement by and among the City of Miami Beach, the Miami
Beach Redevelopment Agency, and Miami-Dade County, Florida, for the purpose of
establishing the use of 1.5% of the Tax Increment Revenues Against real property
located within the South Pointe Redevelopment Area and the City Center/Historic
Convention Village Redevelopment and Revitalization Area, to be remitted, respectively,
to the City and the County at fiscal year end.
PASSED and ADOPTED this 5th day of May, 20
ATTEST:
~K' rCAA~
SECRETARY
Resolution No. 470-2004
JMG/CMC/AP
T:\AGENDA \2004\May042004 \rda\1 nterlocal_ Reso,doc
APPROVEO AS TO
FORM & LANGUAGE
a FOR EXECUTION
Y~fd.I
Date
CITY OF MIAMI BEACH
REDEVELOPMENT AGENCY ITEM SUMMARY
m
Condensed Title:
A Resolution authorizing the execution of an Interlocal Agreement by and between the City of Miami Beach,
the Miami Beach Redevelopment Agency, and Miami-Dade County for the purpose of establishing the use of
1.5% of the Tax Increment Revenues Against real property located within the South Pointe Redevelopment
Area and the City Center/Historic Convention Village Redevelopment and Revitalization Area, to be remitted
to the City and the County at fiscal year end.
Issue:
Should the Redevelopment Agency approve the execution of the Interlocal Agreement?
Item Summarv/Recommendation:
During the course of the 2003/04 RDA budget approval process by Miami-Dade County, the County
requested that each Community Redevelopment Area (CRA) include a 1.5% administrative fee to defray
the County's costs in connection with its oversight of the CRAs (based on the County's annual Tax
Increment Revenue (TIF) contribution in their respective budgets). Due to the fact that the existing bond
covenants pledge all current and future increment for the repayment of outstanding bond obligations, the
RDA can only remit the administrative fee at the end of the Fiscal Year, provided that the debt service and
other obligations relating to the bonds have been met. The RDA budgets were subsequently modified to
include a reserve expenditure line item for the administrative fee, which is calculated against the County's
share of the TIF payment. In addition, Chapter 163.387(7)(a) Florida Statutes provides that the City and
the County are eligible to share in any TIF Revenues not budgeted for a specific use and remaining at the
end of the CRA's fiscal year in the Trust Fund. Based on this provision, the City was able to negotiate
allocating 1.5% of the County's share of the TIF payment back to the county to defray their costs and 1.5%
of the City's share of the TIF payment as a contribution back to the City. The attached Interlocal Agreement
between the City of Miami Beach, the RDA and Miami-Dade County serves to document the terms by
which the City and the County receive their respective 1.5% allocations, It also documents the County's
acknowledgement and approval of the RDA's intention to refinance all or a portion of its outstanding TIF
bonds in City Center, provided that the issuance shall not exceed $101,090,000 and that such refinancing
shall mature no later than December 31, 2022.
Adviso Board Recommendation:
Finance and Citywide Projects Committee, December 22,2003 - Determination to pay the Administrative
Fee to the Count, sub'ect to further research b Cit 's Bond Counsel. No formal motion made.
Financial Information:
Source of
Funds:
D
Finance Dept.
T:\AGENDA\2004\May0504\RDA\lnterlocaIRDA_SUM,doc
AGENDA ITEM SA
DATE <:;-~-O<f
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
WWoN,ci,miamibeachfl,gov
REDEVELOPMENT AGENCY MEMORANDUM
From:
Chairman and Members of the Board
Miami Beach Redevelopment Agency
Jorge M. Gonzalez t~
Executive Director () .- U
Date: May 5, 2004
To:
Subject:
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY AUTHORIZING THE CHAIRMAN
AND SECRETARY TO EXECUTE AN INTERLOCAL AGREEMENT BY
AND AMONG THE CITY OF MIAMI BEACH, THE MIAMI BEACH
REOEVELOPMENT AGENCY, and MIAMI-DADE COUNTY, FLORIOA,
FOR THE PURPOSE OF ESTABLISHING THE USE OF 1.5% OF THE
TAX INCREMENT REVENUES AGAINST REAL PROPERTY LOCATED
WITHIN THE SOUTH POINTE REDEVELOPMENT AREA AND THE
CITY CENTER/HISTORIC CONVENTION VILLAGE REDEVELOPMENT
AND REVITALIZATION AREA TO BE REMITTED TO THE CITY AND
COUNTY AT FISCAL YEAR END.
RECOMMENDATION:
Adopt the Resolution.
ANALYSIS:
During the course of the 2003/04 RDA budget approval process by Miami-Dade County, the
County requested that each Community Redevelopment Area (CRA) include a 1.5%
administrative fee (based on the County's annual Tax Increment Revenue (TIF) contribution in
their respective budgets). The purpose of the fee is to defray the County's costs in connection
with its oversight of the CRAs. This issue, together with the Children's Trust allocation item, was
brought to the attention of the Finance and Citywide Projects on December 22, 2003. However,
due to the fact that the existing bond covenants pledge all current and future increment for the
repayment of outstanding bond obligations, it was determined that the RDA can only remit the
administrative fee to the County at the end of the Fiscal Year, provided that the debt service
and other obligations relating to the bonds have been met. Similarly, the RDA negotiated to remit
a like amount to the City for its use as well.
The RDA budgets were subsequently modified to include a reserve expenditure line item for the
administrative fee, which is calculated against the County's share of the TIF payment. In FY
03/04, the fee to the County paid by City Center will be $99,055 and $105,641 by South Pointe.
As indicated in an earlier memorandum, the fees paid by the City's two redevelopment areas
account for more than 75% of the fees generated by all the other redevelopment areas in Miami-
Dade County. It should be noted however, that Chapter 163.387(7)(a) Florida Statutes provides
that the City and the County are eligible to share in any TIF Revenues not budgeted for a specific
use and remaining at the end of the CRA's fiscal year in the Trust Fund. Based on this provision,
the City was able to negotiate allocating 1.5% of the County's share of the TIF payment back to
defray their costs and 1.5% of the City's share of the TIF payment as a contribution back to the
City. The TIF payment back to the City represents $125,443 for City Center and $129,807 for
South Pointe.
May 5, 2004
Redevelopment Agency Memorandum
Administrative Fee - Interlocal Agreement
Page 2 of 2
The attached Interlocal Agreement between the City of Miami Beach, the RDA and Miami-Dade
County serves to document the terms by which the City and the County receive their respective
administrative fees. It also documents the County's acknowledgement and approval of the RDA's
intention to refinance all or a portion of its outstanding TIF bonds in City Center, provided that the
issuance shall not exceed $101,090,000 and that such refinancing shall mature no later than
December, 31 2022.
RECOMMENDATION:
It is recommended that the Redevelopment Agency adopt the attached Resolution to execute the
Interlocal Agreement as proposed.
JMG/C~KB
T:\AGENDA\2004\May0504\RDA\lnterlocal.doc
Enclosure