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HomeMy WebLinkAboutCRA-R-07-0012 Back-uplatH 1-fix NU. rati4b t'. U2/ 19 • 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 •cIvt.scW I ,003 20:02 FAX 305347319 -22-98 TUE 10:18 Al'N CRA CRA e006 FAX N0. 3053724646 p.06/19 • • • 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. 1 • 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 •J VMil}rl.144 r , 5 235 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. • IMAR--19-2007 17: 03 FROM: FOLD Klr :!?TV-rtrr47rrl':7"T'V"'ag"— llivcilegrOattoc TO: 3053817319 E__ A.i.6.40:4'44,71777.;.747.4:6:7;i3;.1767.6.77" y,00-vaifOlgaiTTAI:LIF;. ..• '6'11;4 DETACI-I AT PERFORATION BEFORE DEPOSITING CHECK • hOundTw� ndl'ea'Sven :Three Dollar • • fix000 10 1 20 300° 1:06 7006 3 21: 2696 204834 ?Hilo' L :I • E City of Miarni P.O. Box 330708 Miami Ft, 33233-0708 •-•-1M1,00,e win • ETJ SEE REVERSE SIDE FOR OPENING INSTRUCTIONS Miami- Dade County Finance Dept 111 NW 1St Street, Ste#2550 Miami, FL 33128-1995 US :e.re P. 1 ti-1Qafi• '263: EJ L Li FOLD 1