HomeMy WebLinkAboutR-90-0196Aff
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RESOLUTION NO. �0 1-:19(
A RESOLUTION OF THE CITY OF MIAMI, FLORIDA, WITH
ATTACHMENTS, AUTHORIZING THE ISSUANCE OF NOT TO
EXCEED TWENTY-TWO MILLION DOLLARS ($22,000,000) IN
PRINCIPAL AMOUNT OF THE CITY'S COMMUNITY
REDEVELOPMENT REVENUE BONDS, SERIES 1990, TO
FINANCE THE COST OF OR TO REIMBURSE THE CITY FOR
THE COST OF THE ACQUISITION OR IMPROVEMENT FOR
REDEVELOPMENT PURPOSES OF CERTAIN PROPERTIES IN THE
SOUTHEAST OVERTOWN/PARK WEST REDEVELOPMENT AREA AND
TO FINANCE THE REPAYMENT OF A LOAN MADE TO THE CITY
BY THE UNITED STATES DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT IN CONNECTION THEREWITH;
PROVIDING FOR THE SOURCE OF REPAYMENT OF SAID BONDS
FROM REVENUES; AUTHORIZING THE EXECUTION OF
AMENDMENTS TO AN INTERLOCAL COOPERATION AGREEMENT
DATED MARCH 31, 1983, BETWEEN THE CITY AND DADE
COUNTY AND THE EXECUTION OF AN INTERLOCAL AGREEMENT
BETWEEN THE CITY AND THE COMMUNITY REDEVELOPMENT
AGENCY; AUTHORIZING VALIDATION OF THE BONDS;
PROVIDING CERTAIN OTHER DETAILS WITH RESPECT
THERETO; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
SECTION 1. Authority. This Resolution is enacted pursuant
to the Charter of The City of Miami, Florida (but only to the
extent not inconsistent with and not repealed by the provisions
of Section 166.021, Florida Statutes); Section 163.01, Florida
Statutes; Part TIT, Chapter 163, Florida Statutes; Chapter 166,
Florida Statutes; the Constitutions f the State of Florida; and
other applicable provisions of law.
SECTION 2. Findings and Determinations. It is hereby
ascertained, determined and declared that:
A. The existence of the slum and blighted areas
therein in The City of Miami (the "City") directly
adversely affects the health, safety and welfare of the
citizens and taxpayers of the City and adversely affects
tourism and related industries in, and the public image
of, the City.
B. The existence of one or more slum or blighted
areas in the City, specifically the Southeast
Overtown/Park West Redevelopment area ("Overtown") imposes
an undue and oppressive burden upon the government and
citizens of the City, which if not reduced or eliminated
will adversely affect the ability of the City to provide
local government services to its citizens and will.
seriously undermine and damage the public health, safety
and welfare.
C. The deterioration and blight in Overtown are
such that they cannot be remedied solely by private
efforts. There is no economic incentive; logistical
problems such as acquisition of various tracts of real
estate from several owners effectively deter any potential
private developers. Such developers, with governmental
assistance would be, have been, and are willing investors
in the redevelopment of Overtown. Therefore the problems
of deterioration and blight are such that can be most
effectively remedied by the participation of government in
a redevelopment program.
A I -I- X
A PC la"11 R1 E, Pkl T % S.
CITY COMMISSION
MEETING Or
MAR i950
)N NO. 90 1
D. Dade County (the "County") has hpproved on
December 7, 1982, a redevelopment plan for overtown (the
"Plan") and has provided for an interloc:al cooperative
agreement between the County and the City, dated as of
March 31, 1983, as amended (the "Interlocal Cooperation
Agreement") delegating redevelopment powers to the City
Commission of the City, providing for the creation of a
redevelopment trust fund by the City and the deposit of
tax increment revenues therein and providing for the
issuance of bonds, notes and other obligations secured by
such revenues in accordance with certain conditions set
forth in the Interlocal Cooperation Agreement. Pursuant
to the Interlocal Cooperation Agreement, the City has
provided for the creation of the redevelopment trust fund
(the "Redevelopment Trust Fund") and the funding and
administration thereof.
E. The rehabilitation and redevelopment of
Overtown is necessary in the interest of the public
health, safety, morals and welfare of the City, and in
order to carry out such rehabilitation and redevelopment
it is necessary and appropriate for the City Commission to
be a Community Redevelopment Agency ("CRA") under Part III
of Chapter 163, Florida Statutes (the "Redevelopment
Act"). The Interlocal Cooperation Agreement in effect
recognized the City Commission as the CRA under the
Redevelopment. Act.
F. The City has determined that the redevelopment
of Overtown will require the acquisition of certain lands
within Overtown (the "Lands"), as more particularly
described on Exhibit "A" hereto, for redevelopment
purposes, and the City acting as the CRA under its
delegated redevelopment powers has already begun a program
of acquiring such Lands.
G. Pursuant to the terms of a Section 108 Loan
Agreement dated February 7, 1988, (the "Loam Agreement"),
the City borrowed $5,958,400 (the "HUD Loan") from the
Department of Housing and Urban Development of the United
States ("HUD"), which moneys were used by the City to
acquire certain of. the Lands (the "HUD -financed Lands").
The City has leased or conveyed the HUD -financed Lands to
private developers who have constructed or are in the
process of constructing multi -family rental. or condominium
housing projects on such property, except for one parcel
of land which has been leased to the Miami Sports and
Exhibition Authority and upon which the Miami Arena is
located.
H. The City desires to acquire or improve certain.
other parcels of the Lands (the "Other Lands") for
redevelopment purposes, which Other Lands may be conveyed
or leased to private developers for multi. -family rental or
condominium projects, or for other commercial ventures or
projects or other purposes provided for in the Plan.
I. The City, through the issuance of revenue
bonds, expects to be able to obtain funds on terms more
beneficial to the City than the funds obtained under the
Loan Agreement to repay the HUTS Loan and to finance the
acquisition of the Other Lands which Other Lands may be
conveyed or leased to private developers for multi --family
rental or condominium projects, or for other commercial
ventures or projects or other purposes provided for in the
Plan.
N
J. Redevelopment of Overtown will add to
employment in the City both by creating employment
opportunities for persons in the construction industry in
the City and by the creation of new jobs by merchants,
entrepreneurs and other commercial ventures who after the
redevelopment of the area will be willing to locate their
businesses in Overtown. Redevelopment will also
contribute to the stability of family life in the City by
providing affordable housing to lower income residents.
K. The City, under the terms of the Interlocal
Cooperation Agreement, is authorized to issue bonds or
other obligations payable from tax increment revenues
deposited in the Redevelopment Trust Fund which funds are
to be pledged to repayment of bonds, notes or other
obligations secured by such revenues (the tax increment
revenues deposited in the Redevelopment Trust Fund, the
rental revenue derived by the City under the Land Lease
Agreement dated October 1.0, 1986 between the City, the
Miami Sports and Exhibition Authority and Decoma Miami
Associates, Ltd. and any other source of revenues which
may be irrevocably pledged by the City for the payment of.
the 1990 Bonds (as hereinafter defined) prior to the
issuance of the 1990 Bonds are hereinafter referred to as
the "Pledged Revenues").
L. The acquisition of the Other Lands and the
repayment of the HUD Loan through the issuance of not to
exceed $22,000,000 in aggregate principal amount of the
City's Community Redevelopment Revenue Bonds, Series 1990
(the 111990 Bonds"), the principal of, premium, if any,
with respect to and interest on which shall be payable
solely from the Pledged Revenues, will serve proper and
sufficient public purposes by aiding in the eradication of
slum and blighted conditions and revitalizing of Overtown.
SECTION 3. Authorization of Acuu'sit-ion of Other Lands and
Repayment of HUD Loan; Authorization 9t Bonds. The acquisition
of the HUD -Financed Lands is hereby ratified and the acquisition
of the Other Lands and the repayment of the HUD Loan are hereby
authorized, with the cost thereof to be financed through the
issuance of the 1990 Bonds by the City. Subject and pursuant to
the terms hereof, the 1990 Bonds are hereby authorized to be
issued at one time, or from time to time as needed, in series, in
an aggregate principal amount not exceeding Twenty --Two Million
Dollars ($22,000,000). The denominations of the 1990 Bonds,,
interest rates to be borne by the 1990 Bonds, the maturity dates
thereof and the other terms of the 1990 Bonds shall be
established by subsequent ordinance or resolution of the City
adopted prior to issuance thereof. In no event, however, shall
the 1990 Bonds bear interest at a rate in excess of the maximum
rate permitted by applicable law or mature more than thirty -years
after the date of issuance thereof.
The 1990 Bonds shall be payable solely from and secured by
the Pledged Revenues. The 1990 Bonds and the premiums, if any,
with respect thereto, and the interest thereon shall not be
deemed to constitute a debt, liability or obligation of the City,
the CRA, the County or the State of Florida or any political
subdivision thereof, or a pledge of the faith and credit of the
City, the CRA, the County or the State of Florida or any
political subdivision thereof, but shall be payable solely from
the Pledged Revenues, and the City shall not be obligated to pay
the 1990 Bonds, the premiums, if any, related thereto or the
interest thereon, except from the Pledged Revenues, and neither
the faith and credit nor the taxing power of the City, the CRA,
the County or the State of Florida or any political subdivision
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thereof is pledged to the payment of the 1990 Bonds.
The 1990 Bonds may be issued so that the interest thereon
shall be intended to be included in the gross income of the
holders thereof for federal income tax purposes or so that such
interest shall be intended to be excluded from the gross income
of the holders thereof for federal income tax purposes, as shall
be determined by ordinance or resolution of the city adopted
prior to issuance of the 1990 Bonds.
SECTION 4. Approval of Amendments to Interlocal
Cooperation Agreement. The Interlocal Cooperation Agreement
shall be amended as described in Exhibit "B" hereto. The
amendment of the Interlocal Cooperation Agreement, substantially
in the form attached hereto as Exhibit "B", is hereby authorized
and the City Manager and the. Clerk or any Assistant or deputy
Clerk of the City are hereby authorized to execute any document
evidencing such amendments subject to such changes, omissions and
filling of blanks therein as the officers executing the same
shall approve, such execution to constitute conclusive evidence
of such approval.
SECTION 5. Approval of the Interlocal Agreement._ The City
Commission, as the CRA, desires to share with the City its powers
with respect to redevelopment, the issuance of bonds, and other
matters, through the execution of an interlocal agreement between
the City and the CRA (the "Interlocal Agreement"). The execution
by the City of the Interlocal Agreement, substantially in the
form attached hereto as Exhibit "C", is hereby approved, and the
City Manager and the Clerk or any Assistant or Deputy Clerk are
hereby authorized to execute such Interlocal Agreement on behalf
of the City, subject to such changes, omissions and filling of
blanks therein as the officers executing the same shall approve,
such execution to constitute conclusive evidence of such
approval.
SECTION 6. Validation Authorized. The City Attorney is
hereby authorized and directed to institute proper proceedings in
the Circuit Court of the Eleventh Judicial Circuit, in and for
Dade County, Florida, to confirm and validate the 1990 Bonds and
to pass upon the security thereof and the validity and legality
thereof, of the Interlocal Agreement and of other matters
relating thereto.
SECTION 7. Severability. If any one or more of the
covenants, agreements or provisions of this Resolution shall be
held contrary to any express provisions of law or contrary to the
policy of express law, though not expressly prohibited, or
against public policy, or shall for any reason whatsoever be held
invalid, then such covenants, agreements or provisions shall be
null and void and shall be deemed separate from the remaining
covenants, agreements or provisions of this Resolution or of the
1990 Bonds issued hereunder which shall remain in full force and
effect.
SECTION 8. Effective Date. This Resolution shall. be
effective immediately upon its adoption.
PASSED AND ADOPTED this 8th day of March, 1990.
ATTEST:
OtyHei—rai, City Clerk
Prepared and approved by:
Zinda K. Kearson,
Assistant City Attorney
Approved As to Form and
Correctness:
- �s..1 0 A3 L. '._''(
d rge Z. F rnande7,
City Attney
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KXHTBTT A
CITY OF MIAMI
S.E. Overtown/Park Went
Community Redevelopment Project
PROPERTIES TO BE ACQUIRED WITH THE BOND PROCEEDS
Properties located in a City block bounded by N.W 8th Street,
N.W. 9th Street, N.W. 2nd Avenue, and N.W. 3rd Avenue
Properties located in a City block bounded by N.W. 9th Street,
N.W. 10th Streets N.W. 3rd Avenue and N.W. 2nd Court
Properties located in a City block bounded by N.W. 9th Street,
N.W. and 10th Street, N.W. 2nd Court, and N.W. 2nd Avenue
Properties fronting N.W. 2nd Avenue of a City block bounded by
N.W. 8th Street, N.W. 9th Street, N.W. 2nd Avenue, and N.W. 1st
Court
Properties located in a City Block bounded by N.W. 10th Street,
N.W. 11th Street, N.W. 1st Avenue, and North Miami Avenue
Properties located in a City Block bounded by N.W. 11th Street,
N.W. 12th Street, N.W. 1st Avenue, and North Miami Avenue
Properties fronting N.E. 1st Avenue of a City block bounded by
N.W. 7th Street, N.W. 8th Street, North Miami Avenue, and N.E.
1st Avenue -
A
EXHIBIT "B"
AMENDMENTS IV
THIS AGREEMENT, made this day of ,
1990, by and between Metropolitan Dade County, a political
subdivision of the State of Florida (hereinafter referred to as
the "County") and the City of Miami, Florida, a municipal
corporation under the laws of the State of Florida (hereinafter
referred to as the "City").
W I T N E S S E T H:
WHEREAS, the City and the County entered into an Interlocal
Cooperation Agreement, dated as of March 31, 1983 (the
"Interlocal Cooperation Agreement"), which provided for the
exercise of redevelopment powers by the City in the Southeast
Overtown/Park West community redevelopment area (the."Area"), the
implementation of the community redevelopment plan for the Area
(the "Plan"), the delegation by the County to the City Commission
to act as the community redevelopment agency for the City, and
the use of tax increment financing to pay the costs of the
implementation of the Plan; and
WHEREAS, pursuant to and in accordance with the Interlocal
Cooperation Agreement and the delegation of powers therein, the
City proceeded to exercise such redevelopment powers by acquiring
property for redevelopment purposes and causing the development
of certain multi -family residential facilities, commercial
dE'VC1Vjj&at:&AL=, pu'"lic improvements and various other improvements
in the Area in furtherance of the Plan, and
WHEREAS, the City desires to issue its revenue bonds (the
"Bonds") secured by tax increment revenues deposited in the
Redevelopment Trust Fund (as described below) for the Area and to
use the proceeds of the Bonds for the purpose of (1) repayment of
a loan to the City from the U.S. Department of Housing and Urban
Development, which the City used to finance the acquisition of
certain land in the Area and (2) financing the acquisition of
additional land in the Area which will be sold or leased to
developers for construction thereon of multi -family residential
facilities, commercial developments, public improvements and
various other improvements, and
WHEREAS, prior to the issuance of the Bonds the City and the
County desire to make certain clarifying amendments to the
90196
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?nter_local Cooperation Agreement, and to provide for the approval,
by the County of the issuance of the Bonds by the City,
NOW, THEREFORE, the County and the City agree as follows:
I. County Approval of Bonds. The parties hereby find,
recognize and acknowledge that no bonds, notes or other
obligations have been issued within the two (2) year period
after December 31, 1982, the effective date of County Ordinance
No. 82-115, the payment of which is secured by tax increment
revenues of the County. However, notwithstanding the provisions
of Paragraph II.C.6. of the Interlocal Cooperation Agreement, the
County does hereby consent to the issuance of the revenue bonds
described in Resolution No. of the City, adopted on
March 8, 1990 (the "Bonds"), and the pledge of tax increment
revenues (including tax increment revenues of the County) in the
Redevelopment Truss: Fund authorized by the Interlocal Cooperation
Agreement and created by Ordinance No. 10018 of the City enacted
on 3ulY 10, 1985 (thc "Trust Fund"), for the payment of principal
of and interest on the Bonds. Furthermore, with regard to the
Bonds, the County agrees not to assert and does hereby waive the
provisions in Paragraph II.C.6. pertaining to the County
rescinding its obligation to continue to appropriate annually tax
increment revenues to the Trust Fund, and does hereby agree to
continue making such appropriations for so long as the Bonds are
outstanding.
2. Approval of Interlocal Agreement Between City and
Community Redevelopment Agency. The County does hereby consent
to and approve the obligation of the Community Redevelopment
Agency of the City of Miami, Florida (the "Agency"), in the
Interlocal Agreement between the City and the Agency, dated as of
March 8, 1990, to make payments of tax increment revenues from
the Trust Fund to the City to be used for payment of principal of
and interest on the Bonds.
3. Rg evplopment Trust Fund; Base Values. The County
does hereby find, acknowledge auu ayree LhaL Lim CiLy has
established and is properly administering the Trust Fund and that
the City has prepared an annual budget relating to the use of
funds in the Trust Fund and has presented such budget to the
County for approval in accordance with the provisions of the
Interlocal Cooperation Agreement. The parties find, acknowledge
and agree that the assessed value of property for ad valorem
taxation purposes to be used in calculating the amount of tax
increment revenues shall be the value reflected in the
preliminary ad valorem assessment roll prepared by the Property
Appraiser of Dade County, Florida, pursuant to section 193.1142,
Florida Statues, reflecting values as of January 1, 1982.
4. Tax Increment Calculation. The parties agree that the
calculation each year of the amount of tax increment revenues to
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410K lip"
be appropriatedby each p4taxing authority" (as treat term is
defined in Section 163.340(22),' Florida Statutes (1989)), and.
deposited in the Trust Fund shall be made in accordance with the
formula set forth in Section 163.387(1), Florida Statutes (1989).
The City agrees to amend its ordinance 9590 and the County agrees
to amend its Ordinance 82-115 to provide that the calculation of
the tax increment revenues shall be made as follows:
(The) increment shall be determined annually and shall be
that amount equal to 95 percent of the difference between:
(a) The amount of ad valorem taxes levied each year by
each taxing authority, exclusive of any debt service
millage, on taxable real property contained within the
geographic boundaries of a community redevelopment
area; and
(b) The amount of ad valorem taxes which would have
been produced by the rate upon whit; the tax is levied
each year by or for each taxing authority, exclusive of
any debt service millage, upon the total of the
assessed value of the taxable real property in the
community redevelopment area as shown upon the most
recent assessment roll used in connection with the
taxation of such property by each taxing authority
prior to the effective date of the ordinance providing
for the funding of the trust fund.
5. Effect of Amendments. This Agreement amends the
Interlocal Cooperation Agreement by amending those paragraphs
thereof specifically referred to herein and supplements said
Interlocal Cooperation Agreement by such additional provisions
as are set forth herein, provided however, the delegation of
redevelopment powers from the County to the City and the
effective date of the creation of the Trust Fund shall remain as
provided in the Interlocal Cooperation Agreement and shall not be
affected or cha"geu L this r',yiees,u�,,:..
6. Rats 'ration of Prior Actions. The County recognizes
and acknowledges that the City has proceeded with the
redevelopment of the Area. The County does hereby ratify and
approve of such redevelopment and, furthermore, finds and
acknowledges that such redevelopment by the City was undertaken
in accordance with the requirements of the Interlocal Cooperation
Agreement.
7. C2=unity Redevelopment Agency. The City and the
County acknowledge that the City Commission was intended to be
and has been functioning as the Community Redevelopment Agency
within the City pursuant to the delegation of redevelopment
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powers by the County to the City under the Interlocal. Cooperation
.Agreement.
8. pelegation oho a s. Pursuant to section 163.410,
Florida Statutes, the County, as a charter county, did on March
31, 1983 delegate certain redevelopment powers to the City in the
Interlocal Cooperation Agreement, and such delegation is hereby
reaffirmed, ratified and continued.
9. peened to Bp_&eMq tio�i. In those instances in which
Part III, chapter 163, Florida Statutes, provides that certain
actions are to be taken by resolution, the parties hereto
acknowledge and agree the Interlocal Cooperation Agreement, this
Agreement amending the Interlocal Cooperation Agreement, and any
provision of P.ach of such next"P_Pfients shal l ho appre-A to ho such
resolution.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed 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.
WITNESS our hands and seals on this day of
1990.
(Seal)
ATTEST:
Matty Hirai
City Clerk
ATTEST:
Deputy Clerk
Prepared and Approved by:
LINDA K. KEARSON
ASSISTANT CITY ATTORNEY
27387016 ila:WP163
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CITY OF MIAMI, a
Municipal corporation
of the State of Florida
By:
Cesar H. Od o
City Manager
METROPOLITAN DADE COUNTY, a
political subdivision of the
State of Florida
By.
XAVIER L. SUAREZ, MAYOR
Approved as to Form and
Correctness:
By:
Jorge L. Fernandez
City Attorney
90-01
INTERLOCAL AGREEMENT
(Over -town Project)
This Interlocal Agreement (the "Agreements'), is
made as of this day of 1990, by and
between the Community Redevelopment Agency of The City of
Miami, Florida, a public body corporate and politic of the
State of Florida (the "Agency"), and The City of Miami,
Florida, a Florida municipal corporation (the "City").
W I T N E S S E T H:
WHEREAS, it is the purpose and intent of this
Agreement, the parties hereto, and Section 1'63.01, Florida
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Cooperation Act of 1969 (the "Cooperation Act") to permit
and authorize the Agency and the City to make the most effi-
cient use of their respective powers, resources, authority
and capabilities by enabling them to cooperate on the basis
of mutual advantage and thereby achieve the results provided
hereby; and
*'WHEREAS, it is the purpose of the Cooperation Act
to provide a means by which the Agency and the City may
exercise their respective powers, privileges and authority
which they may have separately, but which pursuant to this
Agreement and the Cooperation Act they may exercise collec-
tively;'and
WHEREAS, the Agency and the City desire to have
constructed multi -family residential facilities, commercial
developments, public improvements and various other improve-
ments constituting a redevelopment project in the Southeast
Overtown/Park West community redevelopment area of the City
(the "Project"), which will promote the rehabilitation and
redevelopment of the community redevelopment; area, benefit
the local economy, and be of substantial benefit to the en-
tire City and the area of operation of the Agency; and
WHEREAS, the City proposes to issue revenue bands
(the "Bonds") to finance the cost of the acquisition, con-
struction, and equipping of the Project, including the
payment of certain loans and advances from the U.S.
Department of Housing and Urban Development (the "HUD
Loan"); and
WHEREAS, the City )roposes to pledge the rental
revenue derived by the City under the Land Lease Agreement
dated October 10, 1986 between the City, the Miami Sports
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ar�i Lxhibition Authority and Decorna Miami. Associates, Ltd.
apca the City and the Agency propose to pl,*rige the increment
re%venues and certain other funds deposited in the
Redevelopment Trust Fund, in each case to secure the City's
obligations with respect to -the Bonds and in the case of the
Agency to pay the Agency's obligations to the City created
by this Agreement; and
WHEREAS, but for the mutual undertakings hereunder
of the parties, it would be necessary for either the City or
the Agency, acting individually, to provide all financing,
pledge all security and take all actions required or permit-
ted for construction of. the Project; however, under the
Cooperation Act each has elected to pursue jointly and col-
lectively these separate actions, all in accordance with the
intent and purpose of the Cooperation Act permitting local
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hues the financial and other support for the purposes set
forth in interlocal agreements; and
WHEREAS, the Agency and the City wish by this
Agreement to more fully establish the joint and several
obligati,,s, duties and responsibilities of the City and the
Agency created hereby, to provide a means and method for a
cooperat'ive venture by the parties, and to more fully secure
the payment of the obligations contemplated hereby, includ-
ing the Bonds proposed to be issued by the City, and the
obligations of the Agency hereunder, in the manner provided
herein and in the proceedings providing for the issuance of
the Bonds by the City in order to further the purposes
stated herein;
NOW, THEREFORE, in consideration of the mutual
covenants and agreements of the parties, the Agency and the
City agree as follows:
SECTION 1. Authority. This Agreement is en-
tered into pursuant to the provisions of Section 163.01 and
Part III, Chapter 163, Florida Statutes; Chapter 166,
Florida Statutes; the Charter of the City; and other appli-
cable provisions of law.
SECTION 2. Definitions, For the purposes of
this Agreement, the term "Resolm-.ion" means Resolution
No. adopted by the City (:)mmission of the City on
March 8, 1990,1/as it may be amendec. or supplemented from
time to time. Unless otherwise iTidicated, all other capi-
1/ Said Resolution having been adopted by the
Miami City Commission in its capacity as the
Community Redevelopment Agency of the City
of Miami, Florida.
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talized terms used herein shall have the same meanings as
attributed to them in the Resolution.
Words importing singular numbers shall include the
plural number in each -case -and vice versa, and words import-
ing persons shall include firms, corporations and other en-
tities, including governments or governmental bodies.
SECTION 3. Eindipg,
A. The Agency hereby adopts, ratifies, and af-
firms -the findings of the City contained in the Resolution.
B. The parties hereby recognize and find that it
is in the best interests of each and the public to establish
a cooperatlchi t1 ho+ l.ran.• +l.n rya• + }c. _
der to best carry out the purposes of the Act and to further
the goals and objectives of the Community Redevelopment Plan
(-the ."Plan") for the Southeast Overtown/Park West
Redevelopment Area (the "Area") as, approved by the City on
July.29, 1982 by adoption of its Resolution 82-755, specifi-
cally including the inducement to the City to provide for
the financing of the acquisition, construction, and equip-
ping oY the Project, the pledge of the security therefor,
and the incurrence by the Agency of the Agency's Obligations
(as hereinafter defined).
C. The parties hereto hereby find that each has
the requisite power and authority to enter into and be bound
by this Agreement and to effectuate and carry out its provi-
sions to the fullest extent contemplated hereby.
D. The parties. hereto hereby find that to the
fullest extent contemplated hereby, either party may perform
its respective actions required hereby to finance and ac-
quire, construct, equip, and install the Project.
SECTION 4. Coals; Objectives. The goal and ob-
jective of each of the parties to this Agreement is to
provide the means for each individually and both collec-
tively to participate to the fullest extent of its and their
authority and resources to bring about the Project. It is
further the goal and objective of the parties hereto that
the successful completion of the Project be done in the most
expeditious manner reasonably available to the parties
resulting in the least cost and greatest overall benefit to
the public.
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SECTION 5. Cooperation; Exec:vise of Powers.
The parties hereto agree to cooperate and assist each other
in achieving the goals and objectives set forth in Section 4
Hereof. Furthermore, each Qf the parties heretc does hereby
grant to the other and does acknowledge that the other party
may in furtherance of the goals and objectives, exercise any
and all powers legally available to the other, including the
taking of any action under Part ill, Chapter 163, Florida
Statutes, the issuance of bonds, the pledge of security
therefor, the acquisition of title to any property by emi-
nent domain or otherwise, the disposition of any property by
lease, sale or otherwise, the pledge or use of monies in the
Redevelopment Trust Fund, which but for. this Agreement, that
party may not be able to exercise and which by virtue of
this Agreement may be shared with the other party and be
exercised separately or collectively. With regard to the
disposition of property by the Agency, in accordance with
Section 163.380(2), Florida Statutes, such property may be
sold, leased or otherwise transferred at not less than its
fair value in accordance with such reasonable bidding proce-
dures as the Agency may prescribe, which may be different
from the bidding procedures prescribed by the City. The
Resolution, as amended from time to time, may implement the
purposel and intent of this Agreement by allocating the
respective duties, responsibilities, and obligations of the
parties in furtherance of this Agreement and the Project.
SECTION 6. Financing.
A. The City proposes to issue the Bonds authorized
by and in accordance with the Resolution for the purpose of
paying the cost of acquiring, constructing, equipping and
installing the Project, payment of the HUD Loan and for
other lawful purposes authorized by the Resolution. The
debt service on the Bonds will be secured in the manner
provided herein and in the Resolution.
B. The
site of the Project
structed thereon
finance the cost of
ping of the Project
,payment of all deb
t
C. Commencing with the delivery of the Bonds, the
Agency shall immediately deposit or cause to be deposited
0
0lzib
tax increment revenues into the Redevelopment. Trust Fund and
shall continue to make or cause to be made such deposits for
so long as the Bonds remain unpaid and thereafter until the
Agency's Obligations (as hereinafter defined) incurred
hereunder shall have been paid in full by the Agency to the
City.
D. On or before the first payment of principal or
interest or both on the Bonds is due and payable, the Agency
shall transfer funds on deposit in the Redevelopment Trust
Fund to a segregated account in said Fund in an amount equal
to the lesser of the funds on deposit in the Redevelopment
Trust Fund or the amount of such debt service payment. Such
a transfer shall be made for each payment of debt service on
the Bonds as the same are due and payable. (The Agency's
obligation to make such transfers is hereby referred to as
the "Agency's Obligations").
F. In order to secure its indebtedness to the
City for the Agency's Obligations, the Agency hereby pledges
to the City and grants to the City a security interest in
and an irrevocable lien upon the Tax Increment Revenues
prior and superior to all other liens or encumbrances
thereon except for the lien thereof in favor of the
Bondholdhers. The City and the Agency, to secure the obliga-
tions of the City under the Resolution in favor of the
Bondholders, hereby pledge to such holders and grant to such
holders, or any Trustee therefor designated pursuant to the
Resolution, an irrevocable lien upon and a security interest
in the Tax Increment Revenues for the payment of interest,
premium, if any, and principal on the Bonds, all reserves
therefor and all other obligations of the City to the extent
and in the manner provided in the Resolution.
F. The Agency is presently entitled to receive
Tax Increment Revenues to be deposited in the Redevelopment
Trust Fund, and has taken all action required by law to en-
title it to receive such revenues, and the Agency will dili-
gently enforce the obligation of any Taxing Authority (as
defined in Section 163.340(2), Florida Statutes) to appro-
priate its proportionate share of the Tax Increment Revenues
and will not take, or consent to or permit, any action which
will impair or adversely affect the obligation of each such
Taxing Authority to appropriate its proportionate share of
such revenues, impair or adversely affect in any manner the
deposit of such revenues in the Redevelopment Trust Fund, or
the pledge of such revenges hereby and by the Resolution.
The Agency and the City shall be unconditionally and irrevo-
cably obligated, so long z.s any of the Bonds are outstand-
ing, and until the payment '.n full by the Agency of its in-
5
d_.>tedness to the City for the Agency' s' U1Ji1cJations, to take
all lawful action necessary or required in order to ensure
that each such Taxing Authority shall appropriate its
proportionate share of the Tax Increment Revenues as now or
later required by law, and to make orcause to be made any
deposits of Tax Increment Revenues or other funds required
by this Agreement, the Resolution, and the Act.
G. The Agency will not issue any debt obligations
payable from or secured by the Tax Increment Revenues, ex-
cept as may be permitted by the Resolution and with the ex-
press written approval of the City.
H. The Agency does hereby authorize and consent
to the exercise of full and complete control and custody of
the Redevelopment Trust Fund, and any and all monies
therein, by the City or any trustee designated pursuant to
the Resolution, for the purposes provided in the Resolution
and this Agreement, including the payment by the City, or by
the trustee on behalf of the City, of debt service on the
Bands and payment of the Agency's Obligations.
SECTION 7. Representations and Warranties.
A. The Agency does hereby represent and warrant
to the City that it has all requisite power, authority, and
authorization to enter into this Agreement, has taken all
necessary actions required to enter into this Agreement,
make any payment contemplated hereby, and to fulfill any and
all of its obligations, duties, and responsibilities
provided for or required of it by this Agreement, whether
exercised individually or collectively.
B. The City does hereby represent and warrant to
the Agency that it has all requisite power, authority, and
authorization to enter into this Agreement, has taken all
necessary actions required to enter into this Agreement,
make any payment contemplated hereby, and to fulfill any and
all of its obligations, duties, and responsibilities
provided for or required of it by this Agreement, whether
exercised individually or collectively.
SECTION 8. Amendtient:. Neither the Resolution
nor any amendments or supplem,.nts thereto, shall be adopted
which would have the effect :f enlarging the obligations of
the City or the Agency hereur.c.er or adversely affecting the
rights or interests of the Ci'_y or Agency, without the writ-
ten consent of the City thereio if the obligations of the
9
1901
City are rbelncf enlarged or tll=: :"icl'.'Ls 1aterests of the:
City are adversely affected, or wit;: the written consent oz
the Agency thereto if the obligations of the Agency are be-
ing enlarged or the rights or interests of the Agency are
adverseiv affected. _This_ Agreement may be amended by the
mutual agreement of the City and the Agency at any time and
from time to time prior to the issuance of the Bonds.
Thereafter, no modification or amendment of this Agreement
or any agreement amendatory hereof or supplementary hereto,
adverse to the rights or interests of the Bondholders, shall
be effective without the consent in writing of the holders
of at least two-thirds (2/3rds) or more of the principal
amount of the Bonds then outstanding, but no modification
shall permit a change that will (a) affect the unconditional
promise of the Agency or the City to collect, hold, pay or
make available the Tax Increment Revenues deposited or
available for deposit in the Redevelopment Trust Fund, or
(b) reduce such percentage of the Holders of the Bonds
required above for such modifications or amendments, without
the consent of all the holders of all of the Bonds then
outstanding.
SECTION 9. This Agreement to Constitute
Contract*. In consideration of the acceptance of the Bonds
authorized to be issued under the Resolution by those who
shall hold the same from time to time, this Agreement shall
be deemed to be and shall constitute a contract between the
City, the Agency and the Bondholders. The covenants and
agreements herein set forth to be performed by the City and
the Agency shall be for the equal benefit, protection and
.security of the Bondholders without preference, priority or
distinction among them.
SECTION 10. Remedies. The Agency, the City, and
any holder of any of the Bonds to be issued by the City, may
seek to protect and enforce any and all rights, duties, and
obligations of the City or Agency granted and contained in
this Agreement and in the Resolution, and to enforce and
compel the performance of all duties required by this
Agreement or by any applicable laws to be performed by the
Agency or the City or by any official thereof, and the col-
lection of all funds pledged by the Resolution or made
available by this Agreement; and may take all steps to en-
force and collect such funds to the full extent permitted or
authorized by the laws of t:ie State of Florida or the United
States of America.
:�i iIC�Iv 11. Seve?_iluiA one rDr more of
the covenants, agreement: or provisions of this Agreement
shall be held contrary to any express p.roVision of law or
contrary to any policy of express law, although not ex-
pressly prohibited, contrary to any express provision of the
Resolution, or against public policy, or shall for any
reason whatsoever be held invalid, then such covenants,
agreements or provisions shall be null and void and shall be
deemed separate from the remaining covenants, agreements or
provisions of this Agreement.
SECTION 12. Validation. The City Attorney is
hereby authorized by the parties hereto to initiate appro-
priate proceedings in the Circuit Court of the Eleventh
Judicial Circuit of Florida, in and for Dade County,
Florida, for the validation of this Agreement and the rights
and obligations of the Agency and the City under this
Agreement and the Resolution, and the proper officers of the
City and the Agency are hereby authorized to verify on their
behalf any pleadings in such proceedings, and such counsel
may join in one complaint or one proceeding, or both, in
connection with the validation of this Agreement and the
Bonds issued or to be issued pursuant to the Resolution.
is
SECTION 13. Controlling Law. All covenants,
stipulations, obligations and agreements of the City and the
Agency contained in this Agreement shall be deemed to be
covenants, stipulations, obligations and agreements of each
of the City and the Agency, respectively, to the full extent
authorized by the Act and provided by the Constitution and
laws of the State of Florida. Any and all provisions of
this Agreement and any proceeding seeking to enforce or
challenge any provision of this Agreement shall be governed
by the lags of the State of Florida. Venue for any proceed-
ing pertaining to this Agreement shall be Dade County,
Florida.
SECTION 14. No Member Liability. No covenant,
stipulation, obligation or agreement contained herein shall
be deemed to be a covenant, stipulation, obligation or
agreement of any present or future member of the governing
body or agent or employee of the City or the Agency in its,
his or their individual ca_Dacity, and neither the members of
the governing body of the City or the Agency, nor any offi-
cial executing this Agreement shall be liable personally or
shall be subject to any accountability for reason of the
0
90- -96
e ..2 nitIon Ly the City or the y tl::,:: r:0reement or any
act. pertaining thereto.
SECTION 15. _ Recce-rding. The City Clerk of the
City of Miami is hereby authorized and directed after ap-
proval of this Agreement by the respective governing bodies
of the City and the Agency and the execution thereof by the
duly qualified and authorized officers of each of the par-
ties hereto, to file this Agreement with the Clerk of the
Circuit Court of Dade County, Florida, for recording in the
public records of Dade County, Florida.
SECTION 16. Expiration Date. Unless extended by
i.iutual agreement of the City and the Agency, this Agreement
shall expire at such time as the Bonds shall be fully paid
or provision shall be made for the payment of all of the
Bonds as provided in the Resolution or subsequent supplemen-
tal resolutions thereto affecting the sale of the Bonds and
the Agency shall have otherwise paid in full its indebted-
ness to pay the Agency's Obligations to the City.
SECTION 17. Effective Date. This Agreement
shall become effective immediately upon the execution by the
appropriate officers of the City and the Agency, and upon
filing of this Agreement with the Clerk of the Circuit Court
of Dade County, Florida, as required by Section 163.01(I1),
Florida Statutes.
IN WITNESS WHEREOF, the parties hereto, by and
through the undersigned, have entered into this Interlocal
Agreement on the date and year first above written.
(SEAL)
Attest:
Matty Hirai
City Clerk
CITY OF MIAMI, FLORIDA
By.
Cesar H. Odio
City Manager
Attest: _
Hirai
Secretary
Prepared and Approved by:
Deputy'City Attorney
273870016i1a:41
COM14UNITY REDEVELOPMENT AGENCY
OF THE CITY OF MIAMI
Xavier L. Suarez.
Chai rman
10
Approved as to form
and correctness
Jorge L. Fernandez
City Attorney
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members
of the City Commission
/A��
FROM: Cesar H. Odio
City Manager
RECOMMENDATION:
DATE : F E g 2 7 1990 FILE
S.E. Overtown/Park West
SUa,ECT : Tat Increment Bond
Issue, Series 1990
REFERENCES City Commission
Meeting of 3/8/90
ENCLOSURES:
It is respectfully recommended that the City Commission adopt the
attached Resolution, providing for acquisition for redevelopment
purposes of certain properties in Southeast Overtown/Park West;
authorizing the issuance of not to exceed twenty-two million
dollars ($22,000,000) in principal amount of the City's Community
Redevelopment Revenue Bonds, Series 1990, to finance the cost
thereof and to finance the repayment of a loan made to the City
by the United States Department of Housing and Urban Development;
providing for the source of repayment of said bonds from
revenues; ratifying the execution of amendments to an Interlocal
Cooperation Agreement dated March 31, 1983, between the City and
Dade County and the execution of an Interlocal Agreement between
the City and the Community Redevelopment Agency; authorizing
validation of the bonds; providing certain other details with
respect thereto; and providing an effective date.
BACKGROUND:
The Department of Development A Housing Conservation recommends
the approval of the attached Resolution with respect to the
issuance of Community Development Tax Increment Revenue Bonds for
the S.E. Overtown/Park West Redevelopment project for the purpose
of acquiring new properties and refinancing the existent debt.
On December 14, 1989, the City Commission approved Resolution No.
89-1151, approving: 1) The City to submit an application for bond
allocation from the State of Florida and 2) the content of a
public hearing (TEFRA) held on December 6, 1989, in connection
with the issuance of the proposed bond.
The State of Florida Division of Bond Finance approved the City's
request on January 2, 1990.
Enclosures:
Proposed Resolution
Exhibit A
Exhibit B
Exhibit C
190-01
I /-