HomeMy WebLinkAboutExhibit 8EXHIBIT "A"
1. In accordance with the procedures articulated in Chapter 163. Part III of the Florida State
Statutes ("the Act"), the County and the City shall propose and consider extending the life
of the Omni Redevelopment District Community Redevelopment Agency (OMNI CRA)
shall be extended through 2027, with a 95 percent 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),
currently in the amount of $1.43 million annually, 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
$1.43 million per year plus 35 percent of the total tax increment funds actually
received by the OMNI CRA above $1.43 million.
(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 $1.43 million or 35 percent 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, maintenance
and capital renovation and repair expenses of the PAC.
3. In accordance with the procedures articulated in the Act, the County and the City shall
propose and consider extending the life of the Southeast Overtown/Park West
Community Redevelopment Agency (SEOPW CRA) shall be extended through 2027 with
a 95 percent TIF contribution from both the City and County.
4. In accordance with the procedures articulated in the Act, the County and the City shall
propose and consider the Amended 2004 Southeast Overtown/Park West Community
Redevelopment Plan (the "Amended Plan"), as prepared by Dover, Kohl & Partners,
including the expansion of the boundaries of the Redevelopment Area as provided in the
Amended Plan but excluding the Crosswinds Development.
5. Except as provided herein, no other changes will be made to the OMNI CRA or SEOPW
CRA Interlocal Agreements at this time.