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HomeMy WebLinkAboutexhibitFIRST AMENDMENT TO THE INTERLOCAL AGREEMENT AMONG THE CITY OF MIAMI, FLORIDA AND MIAMI-DADE COUNTY, FLORIDA AND MIDTOWN MIAMI COMMUNITY DEVELOPMENT DISTRICT AND MIDTOWN COMMUNITY REDEVELOPMENT AGENCY DATED JUNE , 2005 FIRST AMENDMENT TO THE INTERLOCAL AGREEMENT THIS FIRST AMENDMENT TO THE INTERLOCAL AGREEMENT, dated as of June , 2005 (this "First Amendment"), is by and among The City of Miami, Florida (the "City"), Miami -Dade County, Florida (the "County"), the Midtown Miami Community Development District (the "District"), and the Midtown Community Redevelopment Agency (the "Agency"). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Interlocal Agreement (defined below). WHEREAS, the City, the County, and the District entered into an Interlocal. Agreement dated as of May 28, 2004 (the "Interlocal Agreement"); and WHEREAS, on July 28, 2004, the District issued $73,580,000 aggregate principal amount of its Midtown Miami Community Development District, Special Assessment and Revenue Bonds, Series 2004A (Parking Garage Project) (the "Parking Garage Bonds"), to finance the costs of the Parking Garage Project; and WHEREAS, on March 24, 2005, pursuant to Resolution No. 05-0194 duly enacted by the City, the City created the Agency with the authority to transact business and exercise powers under and pursuant to Florida's Community Redevelopment Act of 1969, Chapter 163, Part III, Florida Statutes (the "Redevelopment Act"); and WHEREAS, on April 14, 2005, pursuant to Resolution No. Midtown CRA R-05-002 duly enacted by the Agency, the Agency adopted a redevelopment plan known as the Midtown Redevelopment Plan dated March, 2005 (the "Redevelopment Plan"); and WHEREAS, on June 7, 2005, pursuant to Ordinance No. 05- the County authorized the creation and funding of a Redevelopment Trust Fund in accordance with the Redevelopment Act; and WHEREAS, each component of the Parking Garage Project is a component of the Redevelopment Plan; and WHEREAS, pursuant to Article III of the Interlocal Agreement, the City and the County have agreed to contribute Economic Incentive Payments to the District to pay the debt service obligations on the Parking Garage Bonds; and WHEREAS, pursuant to Section 3.4 of the Interlocal Agreement, the City, the County and the District may amend the Interlocal Agreement to release the City's and the County's obligation to contribute Economic Incentive Payments to the District if, among other things, the Agency and the Redevelopment Trust Fund are established prior to June 30, 2005, the Agency becomes a party to the Interlocal Agreement, and the Agency agrees to contribute tax increment revenues to the District to pay the debt service obligations on the Parking Garage Bonds; and jhv:v2 Page 2 of 5 WHEREAS, the City, the County, the District, and the Agency now desire to so amend the Interlocal Agreement; NOW, THEREFORE, in consideration of the premises and intending to be legally bound, the City, the County, the District, and the Agency agree as follows: Section 1. The matters contained in the foregoing recitals are incorporated in this First Amendment by reference. Section 2. The Agency agrees to become a party to, and be bound by the terms and conditions of, the Interlocal Agreement. The Agency shall contribute tax increment revenues from the Redevelopment Trust Fund to the District in accordance with Article III of the Interlocal Agreement. The Agency shall also enter into such agreements and provide such information as shall be necessary to comply with Securities and Exchange Commission Rule 15c2-12 with respect to the Parking Garage Bonds. Section 3. Pursuant to Section 3.4.1(A) of the Interlocal Agreement, the C:ity's and the County's obligation to contribute Economic Incentive Payments to the District is hereby released. Section 4. The City, the County, and the Agency agree as follows: (a) The effective dates for the creation of the Agency and the Redevelopment Trust Fund were March 24, 2005 and June 7, 2005, respectively. (b) The annual budget for the Agency shall provide for the payment of 1:ax increment revenues from the Redevelopment Trust Fund to the District annually in accordance with Article III of the Interlocal Agreement. In addition, the Agency and the Redevelopment Trust Fund shall remain in existence and the tax increment revenues shall remain unencumbered (except as contemplated by the Interlocal Agreement) for so long as the Parking Garage Bonds are outstanding. Provided, however, that all obligations of the Agency under the Interlocal Agreement and this Amendment shall cease after May 1, 2037. (c) The percentage of tax increment revenues to be contributed to the Redevelopment Trust Fund by the County and the City in each calendar year through May 1, 2037 in which the Parking Garage Bonds are outstanding shall be equal to the lesser of (i) the maximum percentage authorized by Section 163,387 of the Redevelopment Act, which currently is 95% (the "Maximum Percentage"), or (ii) a percentage less than the Maximum Percentage but sufficient to enable the Agency to pay to the District in each calendar year tax increment revenues equal to the debt service on the Parking Garage Bonds in each such year for the remaining term of the Parking Garage Bonds, but in no event beyond May 1, 2037. Section 5. This First Amendment may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. jhv:v2 Page 3 of 5 Section 6. As amended and supplemented by this First Amendment, the Interlocal Agreement is in all respects hereby ratified and confirmed. IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed and delivered by their respective officers hereunto duly authorized as of the date first above written. (SEAL) ATTEST: MIDTOWN MIAMI COMMUNITY DEVELOPMENT DISTRICT, an independent special district created pursuant to Chapter 190, Florida Statutes ("District") Secretary, Board of Supervisors Chairman, Board of Supervisors (SEAL) ATTEST: MIDTOWN COMMUNITY REDEVELOPMENT AGENCY of the City of Miami, a public agency and body corporate created pursuant to Section 163.356, Florida Statutes ("Agency") Priscilla A. Thompson, Johnny L. Winton, Chairman Clerk of the Board jhv:v2 Page 4 of 5 (SEAL) ATTEST: MIAMI-DADE COUNTY, FLORIDA, a political subdivision of the State o:1 Florida ("County") Deputy Clerk George M. Burgess, County Manager (SEAL) ATTEST: APPROVED AS TO FORM AND LEGAL, SUFFICIENCY: Gerald T. Heffernan, Asst. County Attorney THE CITY OF MIAMI, FLORIDA, a municipal corporation of the State of Florida ("City") Priscilla A. Thompson, City Clerk Joe Arriola, City Manager APPROVED AS TO INSURANCE APPROVED AS TO FORM AND REQUIREMENTS: CORRECTNESS: Dania L. Carrillo Jorge L. Fernandez, City Attorney Risk Management Administrator jhv:v2 Page 5 of 5