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HomeMy WebLinkAboutCRA-R-06-0011 Back-upMIAM 1-DADE COUNTY ADA Coordnairx, Agenda Coordination Art in Publk Plates Audit and Management Services Aviation Building Cude Compliance Building Business Development Capital improvements Chftenti Independent Transportation Trull Conmrrmnicatitns Community Action A$ency Community & Economic Development Community Relations Consumer Services Correctinrs & Rehabiiitalion Countywide Healthcare Planing Cultural Mairs Elections Emegency Management Employee Relations EnterpriseTechnalogy Services Environmental Resources Management Lair Employment Practices Finance Fire Rescue General Ser vicssAdministration Historic Preservation Homeless Trust Nmeing Agency Housing Finance Authority Human Services Independent Review Panel kter aIional Trade Consortium luverk Assessment Center Medical Examiner Metroporilan Planning prganl aiian Park and Recreation Manning and zoning Police Procurement Al°Pehy Appraiser Public L,bney System Public works Safe Neighborhood Parks Seaport Soled Waste Management strategic Business Management Team Metro Transit Urban Revitalization Task Force Vizcaya Museum and Gardens Water and Sewer October 17, 2005 Joe Arriola City Manager City of Miami 3500 Pan American Drive Miami, Florida 33133 Office of the County Manager 111 NW 1st Street • Suite 2910 Miami, Florida 33128-1994 T 305-375-5311 F 305-375-1262 miamidade.gov RE: Community Redevelopment Agencies (CRAs) in the City of Miami Dear Mr nola:�� The following outlines our agreed upon modifications to the Southeast Overtown/Park West and Omni Community Redevelopment Areas (CRAs). These modifications will lead to critically needed enhancements and new development in both of these areas which will be of benefit to both the City and the County. Relative to the Omni CRA, we are in agreement that this CRA will continue through the year 2026. As the catalytic redevelopment project in this CRA, the Performing Ms Center (PAC) is expected to continue to stimulate new development for many years to come. in conjunction with the County's ongoing pursuit of increased private sector contributions, the growth of the CRA's tax increment revenue stream is an excellent funding source to help address the capital and operating needs of the PAC. As agreed the County will receive 30% of the additional increment above the $1.43 million that is already pledged to the PAC. The County's incremental share will be used to support remaining capital requirements for the PAC, net of any additional private contributions and the remaining County incremental share will replace CDT funding currently being used to pay debt service dollar for dollar. The released CDT funds will be used to support operations of the PAC. The City through its 70% additional incremental share will address short-term parking, lighting, walkway and security needs in the vicinity of the PAC. This proposed strategy for extending the Omni CRA considers and responsibly addresses the future needs of the PAC as the catalytic projecr t in the area, with mutual benefit to the City and County. The Southeast OvertownJpark West (SEOPW) CRA is an area with a long history dating back to 1982 that includes various unsuccessful and unsustained redevelopment efforts and an early period Burin CRA experienced flat and even declining assessed.,.-taxableh+values .• compared to the base year taxable values. However; in the past few years the booming South Florida real estate market :and associated: new; .. development have began to positively impact the area's•taxable.-values. This CRA is now, after . many years . of frustration oised for the implementation of a thoughtful and sensitive •redevelopment program; that would include a vane f commercial arid { � : �r other eveloprrieni" ro` s e(fy.er f?t - ty Ca4tItCe- Ci'er f1 falong' Joe Arcola Page 2 with affordable and workforce housing with an emphasis on protecting the community from the negative impacts of gentrification. In this context, i am very supportive of the City's desire to extend the life of the SEOPW CRA for ten (10) years (through the fiscal year ending 2023) and to expand the boundaries of the CRA in accordance with the Amended 2004 SEOPW Redevelo ment Plan that has been submitted to the County. Together, through the effective use of CRAs as tools for the implementation of catalytic and targeted redevelopment activities, we have a tremendous opportunity to make an extremely positive impact in these two historically blighted areas of the City of Miami. 1 look forward to moving ahead in an expeditious manner in support of these efforts and am prepared to advance recommendations in support of the above to the Board of County Commissioners for action in October or November, based on your schedule to advance these recommendations to the City Commission. Si :-ly, Georg - M. B • ess County Mana • er r DRAFT 101 -2 First Amendment to Interlocal Cooperation Agreement dated 1996 June 24, by and among Miami -Dade County, the City of Miami and the Community Redevelopment Agency for the Omni District This First Amendment to Interlocal Cooperation A made and entered into thisyoAgreement ("First Amendment") is County, a political subdivision of the State of Flori2da (the5 "County"), ong Miami -Dade Miami, a municipal corporation of the State of Florida (the"City") the City of Redevelopment Agency for the Omni community redevelopmentistrict the "Omni unity District"), a public body corporate and politic (the "CRA"). WITNESSETH WHEREAS, pursuant to Resolution No. R-280-96 adopted by the Board of County Commissioners of Miami -Dade County (the "Board') on March 19, 1996, the Board approved the terms and execution of a Interlocal Cooperation Agreement the County, the City and the CRA (the "Interlocal"), which inter o awas da ed June 24,g 1996 and contained provisions for the CRA to make certain payments to the County for the purpose of paying debt service on the Performing Arts Center Bonds; and -�----------- WHEREAS, theInterlocal obligated payment CRA to pay each year the first $1.43 million of tax increment fund revenues obligation ceases at such time the County has no Performingof the Debt ServiceeteBonds ,which outstanding; and Arts Center Bonds WHEREAS, construction costs for the Performing Arts Center have escalated; and WHEREAS, the County has and will issue Additional Bonds and Completion Bonds for the purpose of funding such higher construction costs; and WHEREAS, the County, the City, and the CRA desire to provide additional tax increment revenues from the CRA for the urpose Performing Arts Center Bonds outstanding, of paying debt service on all NOW THEREFORE, THE COUNTY, THE CITY AND THE CRA AGREE E AS I. The recitations set forth above are true and correct and adopted as part of this amendment. II. All terms in capitalized form, unless otherwise defined in this First Amendment, shall have the same meaning as ascribed to them in the Interlocal. III. The Interlocal dated June 24, 1996, attached and made a part hereof is hereb amended in the following respects: . y A. Article II, Section C, Project Financing, Subsection I. is amended to read as follows: The CRA shall administer and manage the Fund as required by Iaw and develop and promulgate rules, regulations and criteria whereby the Fund may be promptly and effectively administered, including the establishment and the maintenance of books and records and adoption ofprocedures whereby the COUNTY may, expeditiously and without undue delay, utilize such funds in accordance with the COUNTY approved budget for the Performing Arts Center, and whereby the CRA may, expeditiously and without undue delay, utilize the funds other than those dedicated to the Performing Arts Center, in accordance with the COUNTY -approved budget for those aspects of the PROJECT not related to the Performing Arts Center. In furtherance of such expeditious utilization of funds for the Performing Arts Center, the CRA shall remit to the COUNTY no later than March 31 st of each year, (a) 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 amount equal to the first one million four hundred thirty thousand dollars ($1.43 million) of tax increment trust fund revenue for the purpose of __` "-____-= paving debt service afl the Performin commencing no later than March 31, 2006, in addition to the first $1.43 million of tax increment trust fund.revenue, an amount equal to thirty percent (30%) of the Net Increment Revenue (as such term is hereafter defined) (the "Thirty Percent"). "Net Increment Revenue" means all the Increment revenue (as such term is calculated pursuant to Section 163.387(1), Florida Statutes) from the Omni District less $1.43 million. The first $1.43 million and the Thirty Percent to be remitted by the CRA in accordance with this Section shall be used for the Purpose of paying debt service on the Performing Arts Center Bonds (the "County Debt Service Payment"). The CRA's last pay Thirtyand Percent shall occur on March 31, 2026. The parties hereby aagreee that term of the Omni District and the CRA shall expire on October 2, 2026 and all remaining funds on deposit in the Fund shall be remitted to the applicable taxing authorities as provided in Chapter 163, Part III, Florida Statutes, If the County sells Bonds or incurs indebtedness with regard to the Performing Arts Center, the COUNTY shall ensure that all 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 Thirty Percent. The CRA shall be annually compensated for all administrative services rendered with respect to any and all aspects of the PROJECT subject to availability of revenue in the Fund after payment to the County of the $1.43 million and the Thirty Percent as provided above. Such administrative expenses payable out of the Fund shall be capped at an amount not to exceed twenty percent (20%) of the annual budget approved by the COUNTY. [ADD LANGUAGE RE: COUNTY'S ADMINISTRATIVE FEE REIMBURSEMENT HERE] B. Article II, Section C, Project Financing, Subsection 4. is amended to read as follows: The CRA may issue bonds required to finance the PROJECT, with the exception of the Performing Arts Center Bonds, subordinate to any debt incurred by the COUNTY for the Performing Arts Center; provided, however, such subordinate debt shall mature no later than October 1, 2026. The subordination of bonds issued by the CRA referred to in the preceding sentence shall relate to the first $1.43 million of tax increment revenues and the Thirty Percent of tax increment revenues reserved for the COUNTY pursuant to the provisions of Article 1T, Section C, subsection 1 above. Prior to issuance, the COUNTY shall review and approve all CRA instruments of indebtedness relating to tax increment financing. The CRA shall not withhold the payment to the County of the $1.43 mullion and the Thirty Percent for any reason, notwithstanding any other activities, actions, claims, or causes of action related to the PROJECT. C. Article III, Section C. is amended to add the following to the end of the (d) The power to approve the acquisition, demolition, removal, or disposal ofproperty as provided in Section 163.370(3), Florida Statutes, and the power to assume the responsibility to bear loss as provided in Section 163.370(3), Florida Statutes. (e) The power to approve the development of community policing innovations. IV. In all other respects, the Interlocal Cooperation Agreement is ratified and Confirmed. V. In the event of any conflict between the Interlocal Agreement and this First Amendment, the terms of the First Amendment shall control. IN WITNESS WIIEREOF, the parties hereto have caused this First Amendment to be executed in their names by their duly authorized officers , all as of the day and year first above written WITNESS our hands and seals on this day of , 2005. City of Miami Miami -Dade County, A municipal corporation of the a political subdivision of the State of State of Florida Florida By: By: Joe Arriola George Burgess City Manager County Manager ATTEST: By;, By: City Clerk Deputy Clerk Approved as to form and legal sufficiency: Approved as to form and legal sufficiency: By: By: City Attorney County Attorney City of Miami Community Redevelopment Agency, an agency of the City of Miami Johnny Winton Chairperson of the Board ATTEST: By: City Clerk Approved as to form and legal sufficiency: By: CRA Attorney