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Home My WebLink AboutOMNI-CRA-R-03-0020RESOLUTION NO.0• 3 " 20 ITEM -1 A RESOLUTION OF BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY (CRA) AUTHORIZING THE EXECUTIVE DIRECTOR TO REMIT UP TO BUT NO GREATER THAN $1,430,000 FROM THE TAX INCREMENT TRUST FUND OF THE OMNI CRA FOR THE PURPOSE OF PAYING DEBT SERVICE ON THE PERFORMING ARTS CENTER BONDS. WHEREAS, pursuant to the Interlocal Cooperative Agreement between the City of Miami and Miami Dade County dated June 24, 1996; and WHEREAS, in keeping with the obligation of remitting up to but no more that $1,430,000.00 by March 31" of each year until County has no Performing Arts Bonds outstanding. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are incorporated herein as if fully set forth in this Section. Section 2. The Board of Directors the authorizes the Executive Director to remit up to but no greater than $1,430,000 from the Tax Increment Trust Fund of the Omni CRA for the purpose of paying debt service of the Performing Arts Center bonds. Section 3. This Resolution shall be effective upon its adoption. PASSED AND ADOPTED his 27th day of February 2003 ARTHUR E. TEELE, A. CHAIRMAN EST: c PRISCILLA A. HOM SO.N, CLERK OF THE BOARD APPROVED AS�;FO FORM AND CO&K W, iNESS: O VILARELLO, GENERAL COUNSEL OMNI/CRA 03® 20. CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Chairman Arthur E. Teele, Jr. and Members of the CRA Board From: Frank W.ollason CRA Executive Director ITEM 1 Date: February 26, 2003 File: Subject: OMNI $1.43 Remittance to Miami -Dade County References: Enclosures: Documentation, Resolution SUBJECT: Notice of Intent of the CRA to remit OMNI TIF to Miami -Dade County for the purpose of the Performing Arts Bond Issue This memorandum serves to notify you that the Agency intends to remit the maximum required by Inter -local Agreement between the Omni CRA and Miami -Dade County dated June 24, 1996, of $1.43 million of Omni TIF proceeds to the Performing Arts Center for the purpose of paying debt service. Below is the specific language from the Agreement indicating our liability: Excerpt from Section C (1) "PROJECT Financing" "..... In furtherance of such expeditious utilization of such funds for the Performing Arts Center, the CRA shall remit to the COUNTY no later than March 31" each year, beginning with the first calendar year in which the COUNTY has bonds outstanding as of January I of such year, where issued for the purpose of financing the cost of construction of the Performing Arts Center ("the Performing Arts Center Bonds), up to, but not more than the first one million four hundred thirty thousand dollars ($1.43 million) of tax increment trust fund revenue for the purpose of paying debt service on the Performing Arts Center Bonds (the "County Debt Service Payment'), provided those funds are available in the Fund. The CRA's obligation to pay the $1.43 million each year shall cease at such time the COUNTY has no Performing Arts Center Bonds outstanding. If the COUNTY shall sell bonds or incur indebtedness with regard to the Performing Art Center, the COUNTY shall ensure that all documentation relating to such indebtedness or bonds shall limit the liability of the CRA to such $1.43 million per year, subject to availability of funds, and the COUNTY indemnify and hold the CRA harmless for any liability in excess of the $1.43 million per year as originally committed." If you require a copy of the entire agreement I will be happy to provide you with a copy. Disbursement Account: Account Number: OMNI TIF 686001-590320-6-905 t ONEWCRA O AEL/em 0� rlle� \Ltji[ SrxvrxZ_5\tiLllIST\CUM_RDEV\0354772.REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUN DATE: 02/22/2003 DETAILED REVENUE AND EXPENDITURES BY PROJECT 05 FISCAL MONTH % EXPIRED 41.66 AS OF 02/21/2003 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 686001 OMNI TAX INCREMENT FUND INTERLOCAL AGREEMENT STATUS,` ACTIVE INDEX MIN CODE OBJ DESCRIPTION R E V E N U E S * * * * 026006 FINANCE TRUST AND AGENCY REQ. 001 TAXES REAL CURRENT INDEX CODE 026006 059320 TIF APPROPRIATION OMI TRUST FD 001 TAXES REAL CURRENT 310 CONTR FROM OTHER GOVTS-COUNTY INDEX CODE 059320 059322 OMNI TRUST FUND- OTHER 094 INTEREST ON INVESTMENT 749 GAIN/LOSS INVESTMENTS INDEX CODE 059322 TOTAL REVENUES E X P E N D I T U R E S 590320 OMNI TAX INCREMENT DIST. INTLC 230 PROFESSIONAL SERVICES - ARCHIT 270 PROFESSIONAL SERVICES - OTHER 280 PROFESSIONAL SERVICES - ACCT'G 470 ENTERTAINMENT 680 PRINTING/BINDING - OUTSIDE 690 PROMOTIONAL ACTIVITIES 760 BOOKS PUBLICATIONS MEMBERSHIPS 860 CONSTRUCTION IN PROGRESS Cn7 O 905 INTERGOVERNMENTAL CHARGES 940 OTHER GRANTS AND AIDS 996 BUDGET RESERVE INDEX CODE 590320 TOTAL EXPENDITURES 0 RECAP: REVENUES LESS EXPENDITURES ANNUAL REVENUES / EXPENDITURES TOTAL BUDGET CURR MONTH CURR Y-T-D 2,014,417- 2,014,417- PAGE 09- 101 RPT RFC:REPORT 09 OUTSTANDING % OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 2,014,417 2,014,417 2,014,417.00 100.0 1,287,952 1,344,103.00 104.3 56,151.00- 3,302,369 2,014,417 3,358,520.00 101.7 56,151.00- 30,000 18,758.38 62.5 11,241.62 5,400- 12,568.68 17,968.68- 24,600 31,327.06 127.3 6,727.06- 3,326,969 3,389,847.06 101.8 62,878.06- 250,457.05 140,000 140,000 89,542.95 63.9 50,457.05 12,577 12,577.00 5,000 5,000.00 15,000 606.36 4.0 14,393.64 337,460 55,347.98 16.4 282,112.02 800 800.00 52,850 34,713.38 65.6 18,136.62 1,430,000 1,430,000.00 150,135 22,845.77 15.2 127,289.23 929,819 929,819.00 3,326,969 203,056.44 .6.1 3,123,912.56 3,326,969 203,056.44 6.1 3,123,912.56 3,186,790.62 Paae: 102 C� G�5 I 99 Existing appropriations/encumbrances for the Omni Redevelopment Trust Fund Revenue collection as of February 21, 2003 $ 3,389,847 Description of Commitment Remittance to Miami -Dade County for PAC Loan/line of credit to WHE - Sax on the Beach Contract with Greater Miami Neighborhoods Commitment to Gili's Bakery Facade grant to Downtown Miami Partners Grant to DOSP-Parking under 1395 HNTB Grant to DOSP- Liner Building Contract with National Development Council Balance of IMDC Omni Resolution 02-15 . New World School- installation of thrones MPP Contribution to CRA Operations Zyscovich - Update of Redevelopment Plan Expenditures as of 2/21/03 Prepared by CRA Finance 2/25/03 omniobligationfeb2403.As Amount Authorization $ 1,430,000 Interlocal agreement City/County 34,500 Approved on 11/25/02 35,000 Approved on 1/27/03 25,000 Approved on 2/24/2003 70,000 Approved on 2/24/2003 79,076 Approved on 10/29/02 12,500 Approved on 10/29/02 45,000 Approved on 09/26/02 139,031 Approved on 1/28/02 25,000 Approved on 11/25/02 479,914 _ - - Approved on 1/27/03 - contract and amount pending $ 2,375,021 203,056 JtY-GG-ya jut l u -.15 iin uKH t RX NU. �Ub� (; 4U4b �r IIYTIErRLOC.IL COOPERATION AGREEMENT THIS AGREEMENT, made olds day of I996, by and between Metropolitan Dade County, a political subdivision of the State of FIodda, (the "COUNTY"), the City of Miami, a municipal corporation of the State of Florida, and the Community Redevelopment Agency for the'Omni Redevelopment Area (the "CRA") WITNESSETH WHEREAS, by Resolution Nu. R-825-87 and Ordinance No. 8747 the COUNTY has approved a Redevelopment Plan, as may be amended from tine to time (the "Plan"), and a Tax Increment Fund (the "Fund") for the Omni Redevelopment- Area (hereinafter referred to as the "PROTECT"); and WHEREAS; the PROJECT will take place within the corporate limits of the City of Miami, Florida (the "CITY"), and WT2EREAS, pursuant to Ordinance No. 87-47 and in accordance with the provisions of Sections 163.357 and 163.410, Florida Statutes, the COUNTY designated the City Commission of the CITY the CRA for the Omni Redevelopment Area and said City Commission as the CRA hereby intends to enter into this ARxeement with the COUNTY, and WHEREAS, the COUNTY intends to construct a PccPorming Arts Center which will be locatcd within the boundaries of the Omni Redevelopment Area and will be part of the PROJECT; and WHEREAS, the COUNTY has approved the public portion of the financing of the Performing Arts Center, which public financing will utilize, in part. tax increment revenues from the PROJECT; and ,c %Vxrructuw ONM/CRA 03- 20 231 SEP-22-98 TUE 10:17 AM CRA FAX NO. 3063724646 P.05/19 4. The CRA. may convey CRA-acquired land to a developer for fair value for use in accordance with the Plan and shall deposit the proceeds from the sale or lease in the Fund 1 to be utilized in accordance with the PROJECT budget and Chapter 163, Florida Statutes. � E R Other PROJECT Activities i. With regard to any CR4 redevelopment actiNity unrelated to the Performing Arts Center, the CRA shall be responsible for the administration and funding for all relocation activities. The CRA may contract with COUNTY agencies to assist in residential relocation. Z. With regard to any CRA redevelopment aQLh ity unrelated to the Pdrfvmluig Arts Center, the CRA shall design and construct public improvements necessary to support the redevelopment of the PROJECT. The CRA shall detemdne and ensure that such activities comply with appropriate federal, state, and local regulations relating to affirmative action and race -conscious concerns. 3. A redevelopment activities conducted undar the ter iris of this Agreement shall bo in accordance with tho Plan, Any amendments to the Plan must have the prior approval of the Board of County Commmi toners of the COUNTY. C. PROJECT Financing 1. The CRA shall administer and manage the Fund as required by law and develop and promulgate rules, regulations anti criteria whereby the Fund may be promptly and effectively administered, including the establislruwnt and the maintenance of books and records and adoption of procedures whereby the COUNTY may, expeditiously and without undue delay, utilize such funds in accordance with the COUNTY approved budget for the Performing Arts 4 ,�EVEvra�cz �•u r . OMNI/CRA. 234 � L SEP-22-98 TUE 10:18 AM CR FAX N0, 311724646. P.06I19 Center; and whereby the CRA may, expeditiously and without undue delay, utilize the funds, other than those dedicated to the Performing arts Center, in accordance with the COUNTY -approved budget for those aspects of the PROJECT not related to the Performing An$ Center. In furtherance of such expeditious utilization of such funds for the Performing Arts Centcr, the CRA shall i crnit to the COUNTY no later than March 31 st each year, beginning with the first calendar year in which the COUNTY has bonds outstanding as of January 1 of such year, which were issued for the purpose of financing the cost of construction of the Performing Arts Center (the "Performing Arts Center Bonds"), up to, but not more than the first one million four hundred thirty thousand dollars (S 1.43 million) of tax increment trust fuml revenue for the purpose of paying debt service on the Performing Arts Center Bonds (the "County Debt Service Payment"), provided such funds are available in the Fund. The CRA's obligation to pay the $1.43 million each year shall cease at such time that the COUNTY has no Performing Arts Center Bonds outstanding. If the COUNTY sells bonds or incurs indebtedness with regard to the Performing Arts Center, the COT iNTY shall ensure that all documentation relating to such indebtedness or bonds shall limit the liability of the CRA to such $1.43 million per year, subject to availability of such funds, and the COUNTY wdl indemnify and hold the CRA harmless for any liability in excess of the $1.43 million per year as originally committed. Over a three year period of time commencing the year this Agreement is executed a total of one million two hundred thousand dollars (S 1.2 million) of tax increment funds shall be contributed by the CITY and COUNTY for rW- ovelopment purposes pursuant to the Plan, other than, for the Performing Arts Center, provided such funds are available in the Fund. Any �::vxrauc�saa 03-" 20 235 SEP-22-98 TUE 10:18 AM C FAX N0, 3Xii724646 - P.07/19 j tax -increment funds collected in excess of the S 1.2 million sh Jl be remitted to the County for the i Performing Arts Center Project. The CRA shall be annually compensated fhr all administrative services rendered with respect to any and ail aspects of the PROJECT and the Fund subject to the availability of revenue in the Fund. Such administrative expenses payable out of the Fund shall be capped at an amount not to exceed twenty percent (20%) of the annual budget approved by the COUNTY. 2. Upon receipt of a written report from the COUNTY detailing the proposed annual expenditures for activities associated with the Performing Arts Center, the CRA shall prepare and submit for COUNTY approval at the beginning of each COUNTY fiscal year an annual budget in a format approved by the COUNTY for all aspects of the PROJECT and Fund including the Performing Arts Center Bonds as outlined in paragraph C.1. and any other debt obligations. Failure by the COUNTY to approve the budget shall have no impact on the County Debt Service Payment. .1. The CRA, and County -Manager shall dctcrrnine that any hiring relative to the implementation of the Plan complies with appropriate COLTTTY and CITY regulations .relating to affirmative action and race -conscious concerns. a. The COUNTY shall issue all bonds secured by tax increment revenues until the earlier of (i) five years or (ii) the issuance of bonds or the incurring of debt by the COUNTY for the Performing Arts Center in an amount not less than: eleven million nine hundred eight thousand dollars ($11.908 million). Thereafter. the CRA may issue bonds required to finance the PROJECT, -with the exception of the Performing Arts Center Bonds, subordinate to any debt incurred by the COUNTY for the Performing Arts Center. The subordination of bonds 6 .1 +VMDK GL L4u o a w I 0 13V�—�A 920 236 SEP-22-98 TUE 10!19 AM CRA FAX N0, 30 3724646 P.08/19 issued by the CRA referred to in the preceding sentence shalt relate only to the first S 1.43 million of tax increment revenues reserved for the County pursuant to the provisions of IIC1. a.hove. Prior to. issuance, the COUNTY shall review and approve all CRA instruments of indcbtednrss relating to tax increment financing. The CRA shall not withhold the County Debt Service Payment rot any reason notwithstanding any other acti-vities, actions, claims, or causes of action related to the PROJECT. D. Citizen Participation 1. To carry out the citizen participation process, the CRA shall utilize the HUD Advisory Board and a community advisory board to ba established by the CRA (collectively the "Citizen Advisory Groups") for community involvement and coordinate CRA and COUNTY community involvement and consider citizen input in the redevelopment of PROJECT activities, E. Project Management, Administration, and Coordination 1, The COUNTY shall: A. Provide the CR.A with a Plan of Action with respect to those aspects of the PROJECT related to the Performing Arts Center. This provision shall not be deemed to require the approval of the CRA with respect to any aspects of such Plan of Action. b. Develop an implementation schedule for all PROJECT activities related to the Performing Arts Center. - c. Monimr such implementation schedules and timetables. d. Submit wuival progress reports to the C;1tA Project Coordinator anti the Citizen Advisory Crroups beginning one year from the execution of this agreement. e. Submit additional interim reports upon the request of the CRA- 7 — .�:�vxrcacczsur r OM V 1 / CRA O 3 `" 20 237 �YY-CG-y�3 I Ut l U : ! y APl I:N.A FAX N0, 3 2724646 P.09I19 , 2. The CRA shall: a Pro 'd the r T r.-VTY ' h Pl ' n e wit a an of Action with respect to those aspects of the PROJECT not related to the Performing Arts Center. This provision shall not be deemed to require the approval of the COUNTY with respect to any aspect of such Plan of Action. b. Develop implementation schedules for all PROJECT activities not related to the Performing Arts Center, 0. Monitor such implementation schedules and timetables. d, Submit annual progi vss reports to the Ce-_4 y Project Coordinator and the Citizen Advisory Cnoups beginning one year from the execution of this Agreement. e. Submit additional interim reports upon the request of the COUNTY, III. ASSURANCES k As part of taus agreement the COUNTY shall follow applicable federal and COUNTY regulations concerning affirmative action and race -conscious concerns in the hiring of all consultants. ' B. As part of this Agreement the CRA, shall follow applicable federal and COUNTY and CITY regulations concerning affirmative action and race -conscious concems in the hiring of all consultants. C. All powers not sp=ifically delegated to the CKA to this Agreement shall be reserved exclusively to the Board of County Commissioners of the COUNTY. Specifically, the 8 .t�uxrYar.Q.su� oNm/cRA 03- 20 238 SEP-22-98 TUE 10 20 AM CP. FAX N4, 3 724646 P.10/19 following community redevelopment powers shall continue to vest in the Board of County Commissioners: (a) The power to determine an ama to be a slum or blighted area, or czrnbination thereot- to designa.tc such area as appropriate for community redevelopment, and to hold any public hearings required with respect thereto. (b) The power to grant final approval to the community redevelopment plan land modifications thereof. (c) The power to authorize issuance of revenue.boxids as set forth in Section 163.325, Florida Statutes. N. ENTIRE AGREEMENT This instrument and its attachments, if any, constitute the sole and only Agrctmcm of the parties hereto and correctly sets forth the rights, duties, and obligations of each to the other as of its date, Any prior agreements, promises, negotiations, or representations not expressly set forth in this Agreement are of no force or. effect. V. AMENDMENTS No amendments to this Agreement shall be binding on either party unless in writing -and signed by both parties oWa/CRA - .c Vn72JeuzsAM 03 20 239 SRp-22-98 'i'UE 10:20 AM CRA FAX NO. 20 724646 P. 11/19 iN WITNESS WHEREOF, the parties hereto have caused this Agreemcnt to.be exccuted in their names by their duly authorized officers and the -corporate seals to be affixed hereto, all of the day and year first above -written. COMMUNITY REDEVELOPMENT ACENC'Y for the REDEVELOPMENT DISTRICT IvRllez I. Da 'ns Chairman of the Board METROPOLITAN DARE COUNTY. a political subdivision of the State of Florida k1 �f r mando Vi , P. . County Manager WITNESSES: Walter Foeman, City Clerk ey Ruvin, Cl of th and APPROVED AS TO FORM AND LEGAL SUFFICIENCY: Its tj � d� aw- Holland & KWght CRA CowxseI A:,vxrj7j.C- Zw APPROVED AS TO FORM AND LEGAL SvffzCIENCY: Robert A. Ginsburg County Attorney 10 ®NMI CPA 03- 0 240 SEP-22-98 TUE 10:21 AM CRA FAX No. 30 724646 P. 12/19 CITY OF MIANfl a municipal corporation of ta.te of Florida Cesar H. Odio City Manager WITNESSES: Wa r Fo City Cler APPROVED AS TO FORM AND LEGAL SUFFICIENCY: A- OuinOonl City Attorney ., wrvru�uz..uv OTC/CRC 241