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Legislation
Resol ution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File' Number: 12-00793 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE AND DELIVER THE FIRST
AMENDMENT, IN SUBSTANTIALLY THE ATTACHED FORM, TO THE
INTERLOCALAGREEMENT, DATED JULY 1, 2009 AND TO EXHIBITA BETWEEN
MIAMI-DADE COUNTY AND THE CITY OF MIAMI ("CITY"), REGARDING THE
ANNUAL DISTRIBUTION OF THE CONVENTION DEVELOPMENT TAX
PROCEEDS; APPROVING ANNUAL GRANTS BY OMNI COMMUNITY
REDEVELOPMENT DISTRICT TO THE CITY FROM LEGALLY AVAILABLE
COMMUNITY REDEVELOPMENT AGENCY REVENUES IN CONNECTION WITH
CERTAIN CITY BONDS/DEBT OBLIGATIONS IN CONNECTION WITH THE PORT
TUNNEL PROJECT.
WHEREAS, pursuant to Resolution No. 09-0132, adopted March 19, 2009, the City
Commission authorized the City Manager, among other things, to execute an Interlocal Agreement,
subsequently dated July 1, 2009, with Miami -Dade County ("County") (the "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,
Section29-60 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 of Miami ("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 to the City"); and
WHEREAS, based upon the Interlocal with the County and the priorities of dispositions and
uses of the CDT Receipts set forth in July 1, 2009 in the Interlocal, the City in July of 2010 pledged its
designated share of the CDT Receipts to the repayment of the City's Tax -Exempt and Taxable Special
Obligation Parking Revenue Bonds, Series 2010 A and B (Marlins Stadium Project) ("City's Baseball
Parking Garage Bonds") in order to finance the parking facilities related to the Marlins Baseball
Stadium Project; 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
City of Miami Page 1 of 3 File Id: 12-00793 (Version: 1) Printed On: 7/16/2012
File Number: 12-00793
WHEREAS, the County and City wish to enter into a First Amendment to the Interlocal
Agreement to amend Exhibit "A", in substantially the attached form, (collectively, the "First
Amendment") 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; and
WHEREAS, the City's Baseball Parking Garage Bonds are insured by Assured Guaranty
Municipal Corp. (the "Bond Insurer" ), the attached form of First Amendment has been provided to the
Bond Insurer, and the Bond Insurer has no objection to the form of the First Amendment; and
WHEREAS, in consideration of the City's agreement to amend the Interlocal, the Board of
County Commissioners on July 3, 2012 pursuant to Resolution No. R-622-12 has approved an annual
grant by the Omni Redevelopment District ("OMNI CRA") to the City from legally available OMNI CRA
revenues in amount equal to debt service (all principal, interest, premiums, if any, and redemption
fees, if any) on certain City bonds/debt obligations to be issued to fund the City's financial obligation
with respect to the Port Tunnel Project, and the City Commission wishes also to authorize such annual
grants in connection with the Port Tunnel Project; and
WHEREAS, the City Commission wishes to authorize the City Manager to execute and deliver
the First Amendment with the County, in substantially the attached form;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as fully set forth in this Section.
Section 2. The City Manager is authorized{1} to execute and deliver the First Amendment, in
substantially the attached form, between the County and the City regarding the annual distribution of
the'"CDT-proceeds.
Section 3. The City Commission approves an annual grant from Fiscal Year 2012 through
Fiscal Year 2030 by the Omni Community Redevelopment Agency ("CRA") to the City from legally
available CRA revenues in an amount equal to the principal and interest, premiums, if any, and
redemption fees, if any, due annually on bonds/debt obligations to be issued by the City to refund its
previous $50,000,000 contribution to the Port Tunnel Project, pursuant to the "Interlocal Agreement
Between The City of Miami, Miami -Dade County, Southeast Overtown Park West CRA and Omni CRA
to Provide Funding for Major Projects for the Benefit of All Parties" (referred to as the Global
Agreement) dated December 31, 2007. The annual grant shall be subordinate to the CRAs' annual
paymenttothe .County -pursuant --to Exhibit A of the "First Amendment to Interlocal Cooperation
Agreement dated June 24, 1996.by and among Miami -Dade County, the City of Miami and the
Community Redevelopment Agency for the Omni District".
Section 4. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor. {2}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
CITY ATTORNEY
City of Miami
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File Number: 12-00793
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be imposed
by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami
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