HomeMy WebLinkAboutExhibitEXHIBIT "A"
1. In accordance with the procedures articulated in Florida state statutes, the life of
the Omni Redevelopment District Community Redevelopment Agency (OMNI CRA) shall
be extended through 2027 with a 95% Tax Increment Financing (TIF) contribution from
both the City of Miami (City) and Miami -Dade County (County).
2. The financial support from the OMNI CRA for the Miami Performing Arts Center
(PAC) will be increased as follows:
(a) For five years, commencing with the Fiscal Year immediately following the
extension of the life of the OMNI CRA, the OMNI CRA shall remit to the County
$1,430,000 per year plus 30% of the total tax increment funds actually received
by the OMNI CRA above$1,430,000.
(b) Commencing in the sixth Fiscal Year immediately following the extension of the
life of the OMNI CRA through 2027, the OMNI CRA shall remit to the County the
greater of $1,430,000 or 30% of the total tax increment funds actually received
by the OMNI CRA.
(c) This financial support shall be used for the purpose of paying debt service on the
Performing Arts Center bonds and any excess shall be used to release
Convention Development Tax dollars to fund a trust for payment of operating
expenses of the PAC.
3. In accordance with the procedures articulated in Florida state statutes, the life of the
Southeast Overtown/Park West Community Redevelopment Agency (SEOPW CRA)
shall, be extended through 2027 with a 95% TIF contribution from both the City and
County.
4. In accordance with the procedures articulated in Florida state statutes, the Amended
2006 Southeast Overtown/Park West Community Redevelopment Plan, as prepared by
Dover, Kohl & Partners will be approved by the City and County and the boundaries of
the Redevelopment Area expanded as provided in the amended plan.
5. Except as provided herein, no other changes will be made to the OMNI CRA or
SEOPW CRA agreements.
6. The Settlement Agreement in Miami -Dade County v. City of Miami and Southeast
Overtown/Park West Community Redevelopment Agency, Circuit Court Case No. 2001-
13810 CA-08, will be amended to extend the time to commence construction of
development on all blocks until August 2017.
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