HomeMy WebLinkAboutCRA-R-05-0018 Backup DocumentationC.1NTY ATTORNEY
MIAMI-DADE COUNTY, FLORIDA
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111 N.W. 1 ST., SUITE 2810
MIAMI, FLORIDA 33128-1993
TEL. (305) 375-5151
FAX (305) 375-5634
VIA Fax and Mail
Frank K. Rollason, Executive Director
City of Miami Redevelopment Agency
49 N.W. 5th Street
Suite 100
Miami, Florida 33128
Re: Omni CRA Tax Revenues
Dear Mr. Rolleson:
February 4, 2004
I am writing this letter to you on behalf of Miami -Dade County in response to
your request that we verify certain information pertaining to The City of Miami's annual
payment to the County of certain Omni CRA tax revenues ("Omni Tax Revenues").
Miami -Dade County issued $$6,570,856.20 in Subordinated Special Obligation
Refunding Bonds, Series 1997A ("Series 1997A Bonds") to which the County pledged
Omni Tax Revenues in an amount not to exceed $1.4 million annually. The Series
1997A Bonds were issued to refund a portion of the outstanding Dade County, Florida
Special Obligation and Refunding Bonds, Series 1996B ("1996B Bonds"). Other than
expenses related to the issuance of the Series 1997A Bonds, the bond proceeds from the
1996B Bonds were used exclusively to pay a portion of the construction cost for the
Performing Arts Center ("PAC"). The total construction cost for the PAC was estimated
to be $224 million at the time the Series 1997A Bonds were issued. The PAC's
construction cost is currently estimated to be close to $270 million.
The Series 1997A Bonds mature on April 1, 2026 when the pledge of the Omni
Tax Revenues expires and are not subject to optional redemption until April 1. 2008.
If you need any further information with respect to the Series 1997A Bonds or the
pledge of the Omni Tax Revenues, please contact me at your convenience. My number is
305-375-1352.
e ly yours,
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. Heffernan
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A t County Attorney
?.PC,P.ATION
THIS Ac'E:EEMENN" made this 24' day of c .- , 1996, by and
between Metropolitan Dade County. a political subdivision of the State of Florida, (the
"COUNTY"). the City of Miami, a municipal corporation of the State of Florida, and the
Community Redevelopment Agency for the Omni Redevelopment Area (the "CRA")
WITNESSETH
WHEREAS, by Resolution No R-825-87 and Ordinance No. 87-47 the COUNTY has
approved a Redevelopment Plan. as may be amended from time to time (the "Plan"), and a Tax
Increment Fund (the "Fund") for the Omni Redevelopment Area (hereinafter referred to as the
"PROJECT"), and
WHEREAS, the PROJECT will take place within the corporate limits of the City of
Miami, Florida (the "CITY"), and
WHEREAS, pursuant to Ordinance No. 87-47 and in accordance with the provisions of
Sections 163.357 and 163 410, Florida Statutes, the COUNTY designated the City Commission
of the CITY the CRA for the Omni Redevelopment Area and said City Commission as the CRA
hereby intends to enter into this Agreement with the COUNTY: and
WHEREAS, the COUNTY intends to construct a Performing Arts Center which will be
located within the boundaries of the Omni Redevelopment Area and will be part of the PROJECT;
and
WHEREAS, the COUNTY has approved the public portion of the financing of the
Performing Arts Center, which public financing will utilize, in part, tax increment revenues from
the PROJECT; and
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y is CF,:\ way FNpedItIULs1V an( '• i._, , ' (un ,
othcr'han those dedicated to the Performinw Arts Center, in with the
COUNTY -approved budget for those aspects of the PROJECT not rclatcd to the Performing Arts
Center, In furtherance of such expeditious utilization of such funds for the Performing Arts
Center, the CRA shall remit to the COUNTY no later than March 3 i st each year, beginning with
the first calendar year in which the COUNTY has bonds outstanding as of January 1 of such year,
which were issued for the purpose of financing the cost of construction of the Performing Arts
Center (the "Performing Arts Center Bonds"), up to, but not more than the first one mullion four
hundred thirty thousand dollars (S 1 43 million) of tax increment trust fund revenue for the
purpose of paying debt service on the Performing Arts Center Bonds (the "County Debt Service
Payment"), provided such funds are available in the Fund. The CRA's obligation to pay the $1.43
million each year shall cease at such time that the COUNTY has no Performing Arts Center
Bonds outstanding. If the COUNTY sells bonds or incurs indebtedness with regard to the
Performing Arts Center, the COUNTY shall ensure that ail documentation relating to such
indebtedness or bonds shall limit the liability of the CRA to such $1 43 million per year, subject to
availability of such funds, and the COUNTY will indemnify and hold the CRA harmless for any
liability in excess of the $1.43 million per year as originally committed.
Over a three year period of time commencing the year this Agreement is executed a total
of one million two hundred thousand dollars (S 1.2 million) of tax increment funds shall be
contributed by the CITY and COUNTY for redevelopment purposes pursuant to the Plan, other
than for the Performing Arts Center, provided such funds are available in the Fund. Any
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