HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
SP.1
Date: 5/15/2008 Requesting Department: City Manager's Office
Commission Meeting Date:June 5 , 2 0 0 8 District Impacted: II
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance Discussion Item
❑ Other
Subject: Authorization to execute Second Amendment to the Interlocal Agreement among the City of
Miami, Miami -Dade County, Midtown Miami Community Development District and the Midtown
Miami Community Redevelopment Agency.
Purpose of Item:
A Resolution of the Miami City Commission, with attachment(s), authorizing the City Manager to
execute a Second Amendment to the Interlocal Agreement, in substantially the attached form,
between the City of Miami, Miami -Dade County, Midtown Miami Community Development District,
and Midtown Miami Community Redevelopment Agency to amend section 3.3.1 of the Interlocal
agreement.
Background Information:
Supplemental Page Attached
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Purchasing
Risk Management
Dept. Director
Chief City Manage
51:7,„-ii-a
Supplemental Page
Background Information:
The City of Miami ("City"), Miami -Dade County ("County") and Midtown Miami Community
Development District ("District") entered into an Interlocal Agreement dated May 28, 2004. The
Interlocal Agreement established among other things the obligations of the District in providing
infrastructure improvements including but not limited to the Parking Garage Project ("Garage")
and the intent to finance the Garage with proceeds from one or more series of Bonds.
It also established conditions under which the City and County were required to make Economic
Incentive Payments to the District and conditions under which the City and the County would
cause a Community Redevelopment Agency to pay Tax Increment Revenues to the District. The
revenues from both the Economic Incentive Payments and the Tax Increment Revenue were
committed for making debt payments on the Bonds. These Economic Incentive Payments and/or
Tax Increment Revenues were to be paid to the District based on development benchmarks (i.e.
completion of mixed use and residential components by specified timeframes.)
On June 30, 2005 the parties executed a first amendment to the Interlocal Agreement, which added
the Midtown Miami Community Redevelopment Agency ("Agency") as a party to the Interlocal
Agreement, released the City and County's obligation to contribute Economic Incentive Payments
to the District as well as amended certain related provisions of the Interlocal Agreement
Pursuant to Section 2 of the First Amendment to the Interlocal Agreement, the Agency has
collected Tax Increment Revenues and has not contributed that Tax Increment Revenue to the
District. The City, the County, the District and the Agency now desire to amend the Interlocal
Agreement and certain related provisions, so that the Tax Increment Revenues already generated
can be released to the District.