481-2004 RDA Reso
RESOLUTION NO. 481-2004
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY (RDA)
APPROPRIATING $129,807 IN SOUTH POINTE
REDEVELOPMENT AREA TRUST FUND REVENUES AND
$125,443 IN CITY CENTER REDEVELOPMENT AREA TRUST
FUND REVENUES, TO BE REMITTED TO THE CITY OF MIAMI
BEACH IN PAYMENT FOR ITS SHARE OF THE
ADMINISTRATIVE FEE FOR FISCAL YEAR ENDING
SEPTEMBER 30, 2004, PURSUANT TO THE TERMS SET
FORTH IN THE INTERLOCAL AGREEMENT, DATED AUGUST
16, 2004, BY AND BETWEEN THE CITY OF MIAMI BEACH, THE
RDA AND MIAMI-DADE COUNTY, FLORIDA, FOR THE
PURPOSE OF ESTABLISHING THE USE OF 1.50/0 OF THE TAX
INCREMENT REVENUES AGAINST REAL PROPERTY
LOCATED WITHIN THE SOUTH POINTE AND CITY CENTER
REDEVELOPMENT AREAS TO BE REMITTED TO THE CITY
AND COUNTY RESPECTIVELY AT THE END OF THE FISCAL
YEAR.
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 "RDA"), 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
RDA (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 RDA, granted the RDA the power to exercise
certain powers permitted by the Act to the extent delegated by the Board to the RDA and
directed the initiation, preparation and adoption of community redevelopment plans by the RDA
for its two community redevelopment districts known as City Center/Historic Convention Village
and South Pointe ("CRA Districts"); and
WHEREAS, Chapter 163.387(7)(a) Florida Statutes provides that the City and the
County are eligible to share in any Tax Increment (TIF) Revenues not budgeted for a specific
use and remaining at the end of the RDA's fiscal year in the Trust Fund; and
WHEREAS, during the 2003-2004 budget hearing, the Board of County Commissioners
requested and approved an administrative charge fee, payable by all community redevelopment
agencies in the County, establishing a 1.50/0 administrative reimbursement charge, payable from
the County's respective share of TI F payments, to recover costs for County staff time
associated with overseeing community redevelopment agency activities and for processing
related items; and
WHEREAS, pursuant to the provisions set forth in Chapter 163.387(7)(a) Florida
Statutes, the City was able to negotiate allocating 1.50/0 of the City's share of the TIF
contribution back to the City; and
WHEREAS, on May 5, 2004, the City Commission and the RDA Board adopted
separate resolutions, approving and authorizing the execution of an Interlocal Agreement (the
Interlocal) between the City of Miami Beach, the RDA and Miami-Dade County, which serves
to document the terms by which the City and the County receive their respective administrative
fees; and
WHEREAS, the Interlocal was approved by the Miami-Dade County Board of
Commissioners on July 27, 2004, and fully executed by all parties on August 16, 2004; and
WHEREAS, the City, the RDA and the County acknowledge and agree, pursuant to the
Interlocal, to allocate a 1.50/0 administrative fee of the County's annual TIF contribution to defray
the County's costs in connection with its oversight of the RDA, and a 1.50/0 administrative fee of
the City's annual TIF contribution to be paid to the City from legally available TIF Revenues
remaining at the end of the RDA's fiscal year.
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 Members of the Miami Beach Redevelopment Agency hereby
appropriate $129,807 in South Pointe Redevelopment Trust Fund Revenues and $125,443 in
City Center Redevelopment Area Trust Fund Revenues, to be remitted to the City of Miami
Beach in payment for its proportionate share of the Administrative Fee for the fiscal year ending
September 30, 2004, pursuant to the terms set forth in the Interocal Agreement, dated August
16,2004, by and between the Miami Beach Redevelopment Agency, the City of Miami Beach
and Miami-Dade County, Flori~ for the purpose of establishing the use of 1.50/0 of the tax
increment revenues against real property located in the South Pointe and City Center
Redevelopment Areas to be remitted to the City and County r; pecr ely at the end of the fiscal
year.
PASSED and ADOPTED this 8th day of Septe be 2
ATTEST: .
-~o,'rcu~
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUnON
SECRETARY Robert Parcher
JMG/CMC/AP
T:\AGENDA\2004\Sept 8\rda\CMB AdminFee_Reso.doc
, 1.0~/~-o5
Ag~ Dete
Gen.... CounIel~ v \
CITY OF MIAMI BEACH
REDEVELOPMENT AGENCY ITEM SUMMARY
m
Condensed Title:
A Resolution appropriating $129,807 in South Pointe Trust Fund Revenues and $125,443 in City Center Trust Fund
Revenues, to be remitted to the City of Miami Beach in payment for its share of the Administrative Fee, pursuant to the
terms of the Interlocal Agreement, dated August 16, 2004, by and between the City of Miami Beach, the RDA and
Miami-Dade County, Florida.
Issue:
Should the Redevelopment Agency appropriate the funds?
Item Summa IRecommendation:
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.
On May 5, 2004, the City Commission and the RDA Board adopted separate resolutions, authorizing the execution
of an interlocal agreement between the City of Miami Beach, the RDA and Miami-Dade County, which serves to
document the terms by which the City and the County receive their respective administrative fees. The Interlocal
Agreement was submitted to the County's Economic Development and Human Services Committee for approval and
recommendation to the Board of County Commissioners. The Committee approved the Interlocal Agreement as did
the Board of County Commissioners, at it meeting on July 27, 2004. It is therefore recommended that the RDA adopt
the attached Resolution, appropriating $129,807 from South Pointe and $125,443 from City Center towards the City's
share of administrative fees, ursuant to the rovisions of the Interlocal A reement.
Financial Information:
Source of
Funds:
See
Across
$129,807
$125,443
Finance Dept.
T :\AGENDA \2004\Sept08\RDA \Admi nF ee _ SU M.doc
AGENDA ITEM
3F-
'l-F-oc(
DATE
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.ci.miamibeachfl.gov
To:
From:
Subject:
REDEVELOPMENT AGENCY MEMORANDUM
Chairman and Members of the Board
Miami Beach Redevelopment Agency
Date: September 8, 2004
Jorge M. Gonzalez ~~.
Executive Director / j, 0
A RESOLUTION F THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY APPROPRIATING $129,807 IN
SOUTH POINTE TRUST FUND REVENUES AND $125,443 IN CITY
CENTER TRUST FUND REVENUES, TO BE REMITTED TO THE CITY
OF MIAMI BEACH IN PAYMENT FOR ITS SHARE OF THE
ADMINISTRATIVE FEE FOR FISCAL YEAR ENDING SEPTEMBER 30,
2004, PURSUANT TO THE TERMS SET FORTH IN THE INTERLOCAL
AGREEMENT, DATED AUGUST 12, 2004, BY AND BETWEEN THE
CITY OF MIAMI BEACH, THE MIAMI BEACH REDEVELOPMENT
AGENCY (RDA) AND MIAMI-DADE COUNTY, FLORIDA, FOR THE
PURPOSE OF ESTABLISHING THE USE OF 1.50/0 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 RESPECTIVELY AT THE END OF THE FISCAL YEAR.
RECOMMENDATION:
Adopt the Resolution.
ANAL YSIS:
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 1.50/0
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 on
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 750/0 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
September 8, 2004
Redevelopment Agency Memorandum
Administrative Fee - Interlocal Agreement
Page 2 of 2
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 1.50J'o of the County's share of the TIF payment back to
defray their costs and 1.50/0 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.
On May 5, 2004, the City Commission and the RDA Board adopted separate resolutions,
authorizing the execution of an interlocal agreement between the City of Miami Beach, the RDA
and Miami-Dade County, which 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. On July 21,2004, the Interlocal Agreement was
submitted to the County's Economic Development and Human Services Committee for approval
and recommendation to the Board of County Commissioners. The Committee approved the
Interlocal Agreement as did the Board of County Commissioners, at it meeting on July 27, 2004.
RECOMMENDATION:
It is recommended that the Redevelopment Agency adopt the attached Resolution, appropriating
$129,807 from South Pointe and $125,443 from City Center towards the City's share of
administrative fees for the fiscal year ending September 30, 2004, pursuant to the provisions of
the Interlocal Agreement.
JMG/~/KB
T:\AGEN DA \2004\Sept08\RDA\ICMB _Ad mi n_Fee_ Appropriation