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r''EB-OCAL COOPERATION AGREEMENT
THIS AGREEMENT, made this ILIT day of "3u,'
between Metropolitan Dade CotmtI9g6, by andy, a political subdivision of the Stare of Florid
"COUNTY"), the Cityof a, (the
Mir, a municipal corporation of the State of Florida, and for the the
Community Redevelopment Agency
Omni Redevelopment Area (the "CRAPS).
WITNESSETH
WE-IEREAS, by Resolution Nu. R-825-87 and Ordinance No. 87-47
approved a Redevelopment Plan the COUNTY has
as may be amended from time to time (the "Plan"), and a Tax
cerement Fund (the "Fund") for the Omni Redevelopment Area
(hereinafter referred to as the
"PROJECT"); and
AREAS; the PROJECT will take place within the corporate
limits ofthe City of
Miami, Florida (the #CITY"); and
WHEREAS, pursuant to Ordinance No. 87-47 and in accordance
Sections 163.357 and 153.41 aFlorida, Statutes with the provisions of
,the COUNTY designated the City Commission
of the CITY the CRA for the Omni Redevelopment Area and said C'
hereby attends to enter into this City Commission as the t^RA.
Agreement with the ('0LThJTY; and
WHEREAS, the COUNTY intends to construct a Pc:formin
located vi thi� g'°�s Center which will be
n the boundaries of the Omni Redevelopment Area and will
and be part of the PROJECT;
AREAS, the COUNTY has approved the public
portion of the financing of the
Performing Arts Center, which public financing will utilize, in part. increment revenues from
the PROJECT. and
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Center; and whereby the CRA may, expeditiously and without undue delay, utilize the funds.
other than those dedicated to the Performing Arcs Center, in accordance with the
COUNTY -approved budget for those aspects of the PROJECT not related to the Performing Arts
Center. to furtherance ofsuch expeditious utilization of such funds for the Performing Arts
Center, the CRA shall t emit to the COUNTY no later than March 3 I st each year, beeinning with
the first calendar year in which the COUNTY has bonds outstanding as of January 1 of such year,
which weTe issued for the purpose of financing the cost of construction of the Performing Arts
Center (the "Performing Arts Center $ends"), tap to, but not more Than the 5rst one million four
hundred thirty thousand dollars (S1.43 million) of tax increment trust runt! revenue for the
purpose of paying debt service on the Performing Arts Center Bands (the "County Debt Service
Payment"). provided such funds are available in the Fund The CRA's obligation to pay the S I.43
million each year shall cease at such time that the COLINIY has no Performing Arts Center
Bonds outstanding.) If the COUNTY sells bonds dr incurs indebtedness with regard to the
Performing Arts Center. the COT TNTY shall ensure that ell documentation relating to such
indebtedness or bonds shall Limit the liability of the CRA to such $l .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.
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Over a three year period of time commencing the year this Agreement is executed a total
of one million tvio hundred thousand dollars (S 1.2 million) of tax incre
ment 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. My
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Ci3NTY ATTORNEY
MIAMI-LADE COUNTY, 1LORiDA
ua
cn
.11 N.W. 1 ST, surTE 2210
MIAMI, FLORIDA 33120-1993
TEL i305) 375_5151
FAX (3Q5) 375-5234
VIA Fax and Mail
Frank Y. Rollason, Executive Director
City of Miami Redevelopment Agency
49 N.W. 5'h Street
Suite 100
Miami, Florida 33128
Re: Omni CRA Tax Revenues
Dear Mr. Rolleson:
February 4, 2004
l 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 $86,570,856.20 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
1996E 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 5224 million al the time the Series 1997A Bonds were issued. The PAC's
construction cost is currently estimated to be close to $270 million.
The Series 3997A Bonds mature on April 1, 2026 when the pledge of the Omni
Tax Revenues expires and are not subject to optional redemption until Aprii 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 inc at your convenience. My number is
305-375-1352.
Ve ly yours,
G Id
istant
Heffernan
A County Attorney
T.
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City of Miarni
P.O. Box 330708
Miami Ft, 33233-0708
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SEE REVERSE SIDE FOR OPENING INSTRUCTIONS
Miami- Dade County
Finance Dept
111 NW 1St Street, Ste#2550
Miami, FL 33128-1995
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