HomeMy WebLinkAboutSummary FormDate: 2/23/6
AGENDA ITEM SUMMARY FORM
FILE ID: 0 C` 0 3�
Requesting Department: City Manager
Commission Meeting Date: 3/23/2006 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
El Other
Subject: Authorizing the City Manager to Negotiate With the County for the Extension of the Term of
the OMNI and SEOPW CRAs to 2027 and Extend the Deadline for Development of Blocks 45, 55 and
56 to 2017. Further to increase the OMNI Tax Increment used to Support Bonds for the Construction of
the Miami Performing Arts Center ("PAC") and to Expand the Boundaries of the SEOPW CRA.
Purpose of Item:
This resolution authorizes the City Manager to negotiate an extension of the lives of the OMNI and
SEOPW CRAs from 2017 to 2027 and from 2013 to 2027, respectively, and extend the boundaries of
SEOPW CRA. Further, the reso requires the County also extend the deadline for the development of
Blocks 45, 55 and 56 to 2017, from 2007. In exchange, the City will agree to increase the OMNI
CRA support for bonds used to fund construction of the PAC from $1,430,000 per year to (a)
$1,430,000 plus 30% of the increment above $1,430,000 for five years and (b) 30% of the increment
for years 6 through 2027. Any increment funds not used for new PAC bonds shall be used to pay old
PAC bonds, thereby freeing up CDT to be used solely for PAC operations.
Background Information:
On March 9, 2006, the Boards of the OMNI and SEOPW CRAs passed a resolution authorizing the
Executive Director of the CRA to negotiate new interlocal agreements with the County to provide for
(a) the extension of the lives of both the OMNI and SEOPW CRAs to 2027, (b) the expansion of the
boundaries of SEOPW (c) the extension to 2017 of the deadline for development of three blocks in
downtown Miami on which there is a clause reverting the ownership back to the County should
development not commence by 2007 and (d) increasing the OMNI CRA's tax increment to support for
PAC bonds. This is a companion resolution authorizing the City Manager to proceed with these
negotiations as well.
Budget Impact Analysis
YES Is this item related to revenue?
No Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
PoiPnoo 1 of
03/12/2006 13:25 3052505473
CITY MANAGER
PAGE 02
Continuation of resolution related to the OMNI and SEOPW CRAS.
Purchasin Dept. Director
Chi % City Manager
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