HomeMy WebLinkAboutExhibit 1FIRST AMENDMENT TO INTERLOCAL AGREEMENT
DATED JULY 1ST, 2009
BETWEEN MIAMI-DADE COUNTY AND
THE CITY OF MIAMI
This First Amendment (the "First Amendment") to the Interlocal Agreement dated July 1,
2009 (the "Interlocal") by and between Miami -Dade County, a political subdivision of the State of
Florida (the "County") and the City of Miami, a municipal corporation organized under the laws of
the State of Florida (the "City") is made this day of , 2012 by and between the
County ;and the City.
WITNESSETH:
WHEREAS, the County and the City entered into an Interlocal Agreement dated July 1,
2009 ("Interlocal") with respect to the distribution by the County of the convention development tax
("CDT") levied at the rate of three percent of the total consideration charged for leasing or letting
transient rental accommodations within the County's boundaries ("CDT Receipts") pursuant to
Section 212.0305(4)(b), Florida Statutes, Section 29-60 of the Code of Metropolitan Dade County,
Florida, and Ordinance No. 83-91 enacted by the Board of County Commissioners of Miami -Dade
County (the "Board") on June 5, 1984; and
WHEREAS, the County has pledged the CDT Receipts to certain County bonds ("County
CDT Bonds") and eligible projects, as set forth in Exhibit "A" to the Interlocal, which have priority
over any future disposition or use of the CDT Receipts ("County Obligations"); and
WHEREAS, pursuant to the Interlocal, the County distributes, after the County satisfies all
of its County Obligations, available CDT Receipts to the City in increasing amounts beginning with
$2 million annually in 2009, $3 million annually from 2010 to 2015, $4 million annually from 2016
to 2020, $5 million annually from 2021 to 2025, $6 million annually from 2026 to 2030 and $8
million annually from 2031 to 2038 from CDT Receipts ("Interlocal Payments"); and
WHEREAS, Exhibit "A" to the Interlocal has no provision that allows the County to
refinance the County CDT Bonds to achieve an interest cost savings; and
WHEREAS, the County and Citywish to enterinto this _First .Amendment -to the Interlocal
Agreement to amend Exhibit "A" to permit the refunding of the County CDT Bonds as a prior
County Obligation in order to reduce the amount of CDT Receipts that will be necessary to satisfy
the County's Obligations and increase the CDT Receipts available to the County to make the
Interlocal Payments to the City,
NOW, THEREFORE, the County and the City agree as follows:
Section 1. Exhibit "A" to the Interlocal is deleted and replaced with a new "Exhibit "A" in
the form attached to this First Amendment.
Section 2. All other provisions of the Interlocal remain the- same and in effect and are
binding on the County and the City.
Johnny Martinez [County Mayor or County Mayor's
City Manager Designee]
City of Miami Miami -Dade County
ATTEST: ATTEST:
(Deputy) City Clerk ( Deputy) Clerk of the Board
APPROVED AS TO FORM APPROVED AS TO FORM
AND 'CORRECTNESS: AND LEGAL SUFFICIENCY:
City Attorney Assistant County Attorney
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Exhibit A
CDT Priority Commitments
Current CDT Bonds *
Series 1996 PAC and Series 1997 PAC
Series 2005A and 2005B
Series 2009 (Ballpark Bonds)
Existing Obligations
Miami Beach
American Airlines Arena
Cultural Grants
Performing Arts Center Trust
South Miami -Dade Cultural Center
Amount
$368,757,228 (outstanding principal amount)
$184,312,247
$91,207,213.90 (remaining authorization cancelled)
$4,500,000**
$6,400,000
$1,000,000
$1,700,000
$770,000
Annual Payment
Annual Payment (Increases to
$6.5 million in 2022-28)
Annual Payment
Annual Payment (Increases to
$2.0 million in 2012)
Annual Payment
Future County CDT Bonds_
Any bonds issued and/or debt incurred in principal amounts sufficient to refund/defease any of the
Current CDT Bonds*, fund a reserve and pay cost of issuance that result in an interest cost savings.
*Pursuant to-InterlocaICooperation Agreement with the -City- of Miami -Beach dated June 21, .1996 as
amended, the annual payment of $4,500,000 may be increased if CDT Receipts exceed a threshold amount
that is greater than anticipated/projected CDT Receipts.
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