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HomeMy WebLinkAboutPre-ResolutionsApproved Mayor Agenda Item No. Veto Override RESOLUTION NO. R- 12 RESOLUTION APPROVING FIRST AMENDMENT TO INTERLOCAL AGREEMENT BETWEEN MIAMI- DADE COUNTY AND CITY OF MIAMI REGARDING ANNUAL DISTRIBUTION OF CONVENTION DEVELOPMENT TAX PROCEEDS; AUTHORIZING COUNTY MAYOR OR COUNTY MAYOR'S DESIGNEE .TO EXECUTE. AND DELIVER FIRST AMENDMENT; AND APPROVING ANNUAL GRANT BY OMNI COMMUNITY REDEVELOPMENT DISTRICT TO CITY OF MIAMI FROM LEGALLY AVAILABLE CRA REVENUES IN CONNECTION WITH CERTAIN CITY BONDS WHEREAS, Miami -Dade County ("County") and the City of Miami ("City") entered into an Interlocal Agreement dated July 1, 2009 ("Interlocal") with respect to the distribution by the County of the convention development taxi ("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 dstributes, after the County satisfies all of its County Obligations, available CDT Receipts to the City in increasing Agenda Item No. - Page No. 2 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 City wish to enter into a 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; and WHEREAS, this Board wishes to authorize the County Mayor or County Mayor's designee ("County Mayor") to execute and deliver a First Amendment to the Interlocal Agreement; and WHEREAS, in consideration of the City's agreement to amend the Interlocal, the Board wishes to approve an annual grant by the Omni Redevelopment District to the City from legally available CRA revenues in amount equal to debt service on certain City bonds/debt to be issued to fund the City's financial obligation with respect to the. Tunnel project; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that Agenda Item No. Page No. 3 Section 1. The First Amendment to the Interlocal Agreement in the form attached as Attachment 1 to this Resolution is approved. and its execution and delivery by the County Mayor on behalf of the County is authorized and approved. Section 2. The Board approves an annual grant from Fiscal Year 2012 through Fiscal Year 20303 by the Omni Community Redevelopment Agency ("CRA") to the City from legally available CRA revenues in an amount equal to the principal and interest due annually on bonds/debt issued by the City to fund its $50,000,000 contribution to the 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 grant shall be subordinate to the CRAs' annual payment to the County pursuant to 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". The foregoing resolution was sponsored by Commissioner . It was offered by Commissioner seconded by Commissioner vote, the vote was as follows: , who moved its adoption. The motion was and upon being put to a J Audrey Bruno A. Barreiro Esteban L. Bovo, Jr. Sally A. Heyman Jean Monestime Rebeca Sosa Xavier L. Suarez oe A. Martinez, Chairman M. Edmonson, Vice -Chairwoman Lynda Bell Jose "Pepe" Diaz Barbara J. Jordan Dennis C. Moss Sen. Javier D. Souto Agenda Item No. Page No. 4 The Chairperson thereupon declared the resolution duly passed and adopted this , 2012. This resolution shall become effective ten (10) days after the date of its adoption unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this Board. Approved by County Attorney as to form and legal sufficiency. MIAMI-DADE COUNTY, FLORIDA BY ITS BOARD OF COUNTY COMMISSIONERS HARVEY RUVIN, CLERK By: Deputy Clerk 2-3rs-o l r 3-0 I • INTERLOCAL AGREEMENT DATED '3 U I / 2009 , 2009 BETWEEN MIAMI-DADE COUNTY AND THE CITY OF MIAMI This Interlocal Agreement made this le day of 3ii)y , 2009 (the "Interlocal) by and between Miami -Dade County, a political subdivisioi 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") regarding the use and disposition of a portion of the Convention Development Tax as defined in this Interlocal Agreement. WITNESSETH: WHEREAS, the County, pursuant to Section 212.0305(4)(6), Florida Statutes (the "Act"), Section 29-60 of the Code of Metropolitan Dade County, Florida, and Ordinance No. 8391 enacted by the Board of County Commissioners of Miami -Dade County (the "Board") on June 5, 1984, imposed a levy on the exercise within its boundaries of the is able privilege of leasing or letting transient rental accommodations at the rate of three percent of the total consideration charged for such accommodations (the "Convention Development Tax" or. "CDT"); and WHEREAS, under Section 212.0305(b)2.d, Florida Statutes, the County has the statutory responsibility to dete,rnine the use of the CDT Receipts (as defined below); and WHEREAS, the County and City along with the Miami Sports and Exhibition Authority ("MSEA") previously entered into an Interlocal Cooperation Agreement dated December 14, 2004 (the "Prior Interlocal") regarding the disposition of the CDT Receipts, which shall terminate in accordance with the terms of this Agreement; and WHEREAS, the County has pledged the CDT Receipts to certain County bonds ("County CDT Bonds") and eligible projects, as set forth on Exhibit "A" to this Interlocal, which have priority over any future disposition or use of the CDT Receipts; and WHEREAS, the County intends to issue additional County CDT Bonds to satisfy its obligation to provide certain funds for the construction of the Ballpark (defined below) and related public infrastructure (the 'County CDT Ballpark Bonds") which will also have a priority over any future disposition or use of the CDT Receipts as set forth in Exhibit "A"; and WHEREAS, the County and City wish to enter into this Interlocal for the purpose of setting forth the terms and conditions upon which the County shall transfer a portion of the CDT Receipts to the City, which will be subordinate to the obligations set forth on Exhibit "A", but shall have priority over all other obligations securedby the CDT. Receipts to be used by the City to satisfy the City Obligations (defined below), NOW, THEREFORE, the County and the City agree as follows: A. DEFINITIONS (1) "Ballpark" shall mean the major league baseball facility to be constructed at the former Orange Bowl site for use by the Florida Marlins. "Ballpark Project" shall mean the Ballpark, the City Parking, and associated infrastructure to be developed at the former Orange Bowl site. "Board" shall mean the Board of County Commissioners of Miami -Dade County. (2) (3) (4) "CDT Receipts" shall mean the revenues collected annually (excluding any carryover from prior year collections) by the County of the levy on the exercise within its boundaries of the taxable privilege of leasing or letting transient rental accommodations at the rate of three percent (3%) of the total considerationcharged therefore as currently authorized pursuant to Section 212.0305(4)(b), Florida Statutes (net of Tax Collector administrative costs for local administration pursuant to Section 212.0305(5)(6)5, Florida Statutes). "City Commission" shall mean the City Commission of the City of Miami. (5) (6) "City Obligations" shall mean all financial obligations of the City under the Stadium Agreements, including the obligation to provide certain funds for the construction of public infrastructure and City Parking, including City Parking Bonds. (7) "City Parking" shall mean approximately 5,500 parking spaces which will be available to the Florida Marlins, LP or its affiliates and their patrons for parking in accordance with the City Parking Agreement (described below). (8) "City Parking Bonds" shall meamthe•taxable or tax-exempt,debt issued by the City, or any other governmental entity on behalf of the City, and secured, in whole or in part, by the Current Share in an aggregate amount sufficient (taking into account issuance costs, required reserves and capitalized interest during construction) to fund $60 million of the City. Parking design and construction costs. The City Parking Bonds shall not be deemed to include any bonds issued on parity or on a subordinated basis to fund design and construction costs for the City Parking in excess of $60 million. "Construction Administration Agreement" shall mean the agreement by and among the County, the City and Marlins Stadium Developer, LLC dated April 15, 2009. (10) "Current Share" shall mean an amount equal to the annual CDT payments set forth on the attached Exhibit "B" from the County to the City solely from CDT Receipts. (1 ]) "Stadium Agreements" shall mean collectively the Construction Administration Agreement, the Operating Agreement, the Assurance Agreement, the NonRelocation Agreement and the City Parking Agreement entered into by and among the County, the City, Marlins Stadium Developer, LLC, Marlins Stadium Operator, LLC, and Florida Marlins, L.P., as the case may be, with respect to the development, operation and management of the Ballpark Project. (12) "Team and Team Affiliates" shall mean Florida Marlins, L.P., Marlins Stadium Developer, LLC, and Marlins Stadium Operator, LLC. (9) 2 B. TERMINATION OF PRIOR INTERLOCAL The County and the City agree that the Prior Interlocal shall terminate upon the receipt by the parties of evidence from MSEA that it has terminated the Prior Interlocal and the approval, execution and delivery of this Interlocal by the parties. C. PRIORITY LIEN It is recognized and the parties agree that the outstanding County CDT Bonds, the County CDT Ballpark Bonds to be issued and the obligations of the County secured by a pledge of the CDT Receipts, all as specifically set forth in Exhibit "A", which Exhibit "A" is incorporated in this Interlocal by reference, shall have a first claim on such CDT Receipts prior to any other payments required under this Interlocal. It is agreed by the Parties that after the obligations of Exhibit "A" have been satisfied, the payments required under this Interlocal shall have a priority lien on the CDT Receipts ahead of all other obligations secured by the CDT Receipts. D. DISPOSITION OF THE CDT RECEIPTS 1. Subsequent to the termination of the Prior Interlocal and prior to July 1, 2009, the County shall pay to the City solely from the CDT Receipts an amount equal to $2 million per year for a term commencing upon the effective date of this Interlocal pursuant to Section B above and ending on July 1, 2009 for use by the City solely to fund CDT -eligible projects in accordance with State law. 2. If the Ballpark Project moves forward as evidenced by approval and execution of the Stadium Agreements and such agreements are not terminated by the parties in accordance with Sections 11.1.1 or 11.1.2 of the Construction Administration Agreement„ commencing on July 1, 2009 and ending on June 30, 2039, the County shall remit the CurrentShareto the,City-imaccordancewith.Section 7. 3. If the Stadium Agreements are terminated in accordance with their terms prior to the issuance of the City Parking Bonds, the County shall no longer be obligated to pay the City the Current Share, as set forth in subsection (2) above, and the City shall have no obligation to issue the City Parking Bonds. Instead, the County shall pay to the City solely from the CDT Receipts an amount equal to $2 million per year commencing on the date first day of the month following the termination date of the Stadium Agreements and ending on September 30, 2020 for use by the City solely to fund CDT -eligible projects in accordance with State law. Notwithstanding the foregoing, any payments made by the County to the City of the Current Share that are in excess of those payments due pursuant to this Section shall be credited against future payments due from the County to the City until credited in full. Once all future payments are credited in full, if any payments made by the County to the City of the Current Shareexceed those payments due pursuant to this Section, the City shall reimburse the County such excess amount within 30 days' written notice from the County that such payment is due. 4. If the Stadium Agreements are terminated in accordance with Sections 11.1.1, 11.1.2 or 11.1.4 of the Construction Administration Agreement to the extent the default is caused solely by the Team and the Team Affiliates after the issuance of debt by the City to secure the City Obligations ("City Debt"), the City shall use all bond proceeds and interest eamings on deposit in any funds or accounts established to secure the City Debt, to defease and/or redeem the City Debt on the first call date. If those amounts are insufficient to call 3 and redeem the City Debt (including payment of any redemption premium) on such date, the County shall be obligated to annually remit the Current Share to the City until the City is reimbursed for any deficit attributed to $60 million of the City Debt after the City defeased all the City Debt, provided, however, the County's obligation to remit the Current Share to the City shall cease on June 30, 2039. Notwithstanding the foregoing, if the City elects to recover and is awarded damages against the Team and the Team Affiliates for the amount the County is obligated to remit annually to the City pursuant to the preceding sentence, the County shall not be obligated to pay the City the Current Share upon the City 's collection of such damages from the Team or the Team Affiliate, but shall instead pay to the City solely from the CDT Receipts an amount equal to $2 million' per year commencing on the date of collection of such damages and ending on September 30, 2020 for use by the City solely to fund CDT -eligible projects in accordance with State law. 5. If the Stadium Agreements are terminated in accordance with Section 11.1..4 of the Construction Administration Agreement because the County is a Defaulting Party after the issuance of the City Debt, the City shall use all bond proceeds and interest earnings on deposit in any funds or accounts established to secure the City Debt to redeem the City Debt on the first call date. To the extent those amounts are insufficient to call and redeem the City Debt (including payment of any redemption premium) on such date, the County shall be obligated to annually remit the Current Share to the City until the City is reimbursed for such deficit, provided, however, the County's obligation to remit the Current Share to the City shall cease on June 30, 2039. Notwithstanding the foregoing, if the City elects to recover and is awarded damages against the County which include the amount the County is obligated to remit annually to the City pursuant to the preceding sentence, the County shall not be obligated to pay the City the Current Share upon the City's collection of such damages from the County, but shall instead pay to the City solely from the CDT Receipts an amount equal to $2 million per year commencing on the date of collection of such damages and ending on September 30, 2020 for use by the City solely to fund CDT - eligible projects in accordance with State law. 6 If the Stadium Agreements are terminated in accordance with Section 11.1.4 of the Construction Administration Agreement because of a default (failure to fund) by the City on or after July 1, 2009, the County shall no longer be obligated to pay the City the Current Share and the City shall be obligated to reimburse the County for all payments from the County to the City in excess of $2 million since July 1, 2009. After the County has defeased the County CDT Ballpark Bonds and paid all related costs and expenses in connection with such defeasance, the County shall pay to the City solely from the CDT Receipts an amount equal to $2 million per year ending on September 30, 2020 for use by the City solely to fund CDT -eligible projects in accordance with State law. 7. The County shall pay the annual payments set forth in subsections (1), (2), (3), (4), (5), or (6) above, as the case may be, to the City in equal monthly installments from the CDT Receipts received by the County that month, .until .the .annual payment is paid in full.. If the CDT Receipts received by the County in any year are insufficient to pay the Current Share for that year (each such deficiency, a "Shortfall"), and if in subsequent years the amount of CDT Receipts exceed the Current Share for that year (each such excess amount, a "Surplus"), then the County shall remit such Surplus to the City up to the amount of the Shortfall. In the event the amount of a Surplus in any year is insufficient to pay the Shortfall for the immediately preceding year, then the County shall be obligated to continue to remit any Surplus, in any subsequent year, until all Shortfalls has been paid in full. Such amounts payable for the Shortfall shall be cumulative from year to year. 4 8. The City agrees that the Current Share shall first be pledged to fund the City's Parking Obligation. To the extent the Current Share exceeds the required amounts necessary to pay debt service on the City Parking. Bonds, the City shall use such excess to fund CDT - eligible projects in accordance with State law and in accordance with the terms of this Interlocal. 9. Other than as previously authorized by the Board or as set forth in this Section D, the One - Third CDT share shall be disbursed in accordance with the Act, as determined by the County, for projects qualified pursuant to the Act and located solely within the most populous municipality in the County. E. AUDIT RIGHTS The County shall have the right, without limitation, but not the obligation, to separately audit all accounts, books, records, and the supporting documentation related to the CDT Receipts remitted either directly to the City and the expenditure of any funds on the, the City Parking, debt service on the City Parking Bonds or any other CDT -eligible projects in accordance with State law. Such auditor may be engaged to investigate, inspect and review the operations and activities of the City in connection with this Interlocal. The County shall be responsible for the cost of any separate audits performed at its request. The City shall use its best efforts in assisting the auditor in its duties. Nothing in this Interlocal shall impair the County's existing rights to audit or to investigate past and future acts. Any rights that the County has under this section shall not be the basis for any liability to the County from the City or third parties for such investigation or for the failure to have conducted such investigation. F. ENTIRE AGREEMENT This Interlocal constitutes the sole and only agreement of the County and the City with respect to the CDT Receipts arid correctly sets forth the rights, duties and obligations of each to the other as of its date. Any prior agreements (including the Prior Interlocal), promises, resolutions, negotiations, or representations not expressly set forth in the Interlocal are of no force and effect. G. AMENDMENTS No amendments to this Interlocal shall be binding on the parties unless in writing and executed by the parties. CITY OF I, FLORIDA MIAMI-DADE COUNTY, FLORIDA By: PEDROZ IERNANDEZ City Manager City of Miami 5 By: GEORG. BURGESS County Manager Miami -Dade County A 11 EST: By: APPROVED AS TO FORM AND CORRECTNESS: 6 Ay p 3?!►gtbe Board ��Ofl\ rtta APPROVEb AS TO FORM AND LEGAL SUFFICIENCY: CDT Priority'Commitments Current Bonds Amount Series 1996 PAC and Series 1997 PAC $368,757,228 Series 2005A and 2005E $184,312,247 Existing Obligations Miami Beath American Airlines Arena Cultural Grants Performing Arts Center Trust South Miami -Dade Cultural Center Projects to be Financed (New Bonds) Ballpark (outstanding principal amount) $4500,000` Annual Payment $6,400,000 Annual Payment (increases to $6.5 million in 2022-28) $1,000,000 Annual Payment $1 „700,000 Annual Payment (increases to $2 million in 2012) $770,000 Annual Payment $81 million, but not to exceed $100 million Exhibit A Unused authorization shall be terminated after issuance of bonds `Pursuant to Interlace, Cooperation 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 that is greater than anticipated/projected CDT Receipts. 1,1 "Exhibit B" Annual CDT Payments to the City 2009 2,000,000 2010 3,000,000 2011 3;000,000 2012 3,000,000 2013 3,000,000 2014 3,000,000 2015 3,000,000 2016 4,000,000 2017 4,000,000 2018 4,000,000 2019 4,000,000 2020 4,000,000 2021 5,000,000 2022 5,000,000 2023 5,000,000 2024 5,000,000 2025 5,000,000 2026 6,000,000 2027 6,000,000 2028 6,000,000 2029 6,000,000 2030 6,000,000 2031 8,000,000 2032 8,000,000 2033 8,000,000 2034 8,000,000 2035 8,000,000 2036 8,000,000 2037 8,000,000 2038 8,000,000 City of Miami Legislation Resolution: R-09-0132 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 09-00134 Final Action Date:3/19/2009 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO: (I) EXECUTE AN INTERLOCAL AGREEMENT WITH MIAMI-DADE COUNTY ("COUNTY"), IN SUBSTANTIALLY THE ATTACHED FORM, TO INCREASE THE AMOUNT OF CONVENTION DEVELOPMENT TAX ("CDT") FUNDS PAYABLE BY THE COUNTY TO THE CITY OF MIAMI ("CITY") IN CONNECTION WITH THE DEVELOPMENT OF THE PARKING FACILITIESON THE FORMER ORANGE BOWL SITE (THE "NEW CDT AGREEMENT") AND (II) TERMINATE THE INTERLOCAL COOPERATION AGREEMENT DATED DECEMBER 14, 2004, BY AND AMONG THE COUNTY, THE CITY, AND THE MIAMI SPORTS AND EXHIBITION AUTHORITY ("MSEA"), APPROVED BY THE CITY COMMISSION PURSUANT TO RESOLUTION NO. 04-0750, ADOPTED NOVEMBER 18, 2004, ("MSEA CDT INTERLOCAL"), PROVIDED THAT THE TERMINATION OF THE MSEA CDT INTERLOCAL SHALL BE SUBJECT TO THE CITY AND. THE COUNTY ENTERING INTO THE NEW CDT AGREEMENT AND THE EFFECTIVE DATE OF TERMINATION SHALL BE NO EARLIER THAN JUNE 30, 2009. WHEREAS, pursuant to an Interlocal Cooperation Agreement dated December 14, 2004 (the "MSEA CDT Interlocal") among Miami -Dade County ("County"), the City of Miami ('City") and the Miami SPdrts-and"ExFiibitlon Authd7ity ("MSEA"), the County pays to the City, from Convention Development Tax ("CDT") revenues collected by the County, the sum of $2 million annually; and WHEREAS, the County and the City have agreed to enter into an Interlocal Agreement, in substantially the attached form, to increase the amount of the CDT funds payable by the County to the City to an amount sufficient to satisfy the City's obligation to construct the Parking Facilities related to the Baseball Stadium project on the former Orange Bowl site (the "New CDT Interlocal"); and WHEREAS, it is necessary to terminate the MSEA CDT Interlocal in order to give effect to the New CDT Interlocal; 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 if fully set forth in this Section. Section 2. The City Manager is authorized{1) to execute the New CDT Interlocal, and terminate the MSEA CDT Interlocal; provided that the termination of the MSEA CDT Interlocal shall be subject to the City and the County executing the New CDT Interlocal and further provided that the effective Cily ofJl;auii Pagel of ° Pr;nted:On:=SL12/2D09 File Number: 09-00134 Enactment Number: R-09-01 +2 date of termination shall be no earlier than June 30, 2009. Section 3. The City Manager is further authorized{2} to execute such other documents as may be •needed to implement' this resolution, subject to the approval of the City Attorney. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{3} 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} 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. {3} If the Mayor does not sign this Resolution, it shall become effective at the end of ten 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. __... C'i!p of Puke2nf ,. Printed On: S/12/2009_ bliauii 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 This Agreement, dated as of December 3", 2007, is made and entered into by the City of Miami (the "City"), Miami -Dade County (the "County"), . Southeast Overtown Park West Community Redevelopment Agency (the "SEOPW CRA°) and the Omni Community Redevelopment Agency (the "Omni CRA"). The SEOPW CRA and the OMNI CRA are sometimes referred to herein, collectively, as the "CRAB". RECITALS A. The City, the County and the CRAs (collectively, the "Parties") acknowledge that the following projects (collectively, the "Projects") are of great benefit to the CRAs and the community in general, for reasons which include the reasons set forth below, and are supportive of said Projects: 1. Performing Arts Center (the "PAC"): This project has been, and continues to be a catalyst in attracting development and private investment within the OMNI CRA area as well as downtown Miami. 2. Port Tunnel (the "Port Tunnel"): This project consists of widening of the MacArthur Causeway Bridge, construction of a tunnel between Watson Island and Dodge Island and roadway improvements on . Watson Island and the Port of Miami. It will ensure the economic viability andgrowth of-the_-,P..,ort-of-Miami, the second most important economic generator in the region accounting for over 17,000 jobs and $2.2 billion annually in total economic benefit to the City and- its residents. Further, the Tunnel Project will reduce congestion and improve the quality -of -life of the Omni CRA and SEOPW areas as well as downtown Miami by removing over 5,000 port -bound trucks per day from area streets. 3. Museum Park Project (the "Museum Park"): Museum Park is the City of Miami's urban redesign vision for the park now known as Bicentennial Park, a 29-acre property on Biscayne Bay which serves and will serve the residents of the OMNI CRA, the SEOPW CRA and well as the entire region. This project includes a premier public park anchored by landmark new facilities for the Miami Art Museum (MAM) and the Miami Museum of Science and Planetarium(MMSP), which -will include a branch of the Historical Museum of Southern Florida. The building will be designed around energy -saving, sustainable materials and techniques. The goals of Museum Park include the restoration of the park's waterfront land to public use, revitalization of the OMNI CRA, the SEOPW CRA and surrounding neighborhoods, the building of a first-class educational and cultural resource for the region's residents and visitors, and will strengthen the economy by contributing to tourism, the region's number one industry. Studies indicate that over the course of their first decade, MAM and the MMSP at Museum Park will have a $2 billion economic impact and will create 1,700 jobs in the community annually. 4. Streetcar Project (the "Streetcar"): The Streetcar will provide an energy -efficient and convenient alternative mode of transportation connecting the City's. most densely populated and urbanized areas, including Downtown, Overtown, Omni, Wynwood/Edgewater, Midtown, Design District and the Civic Center/Health District. The Streetcar service will promote mass transit use and connect with Miami -Dade Transit (Metromover; Metrorail and Metrobus). The Streetcar circulator will substantially address the City's need to comply with State Bill 360, the Growth Management Act as a multi -modal project improving mobility and meeting transportation concurrency. 5. Orange Bowl Stadium. (the "New Orange Bowl"): It is contemplated by the City that the New Orange Bowl may be redeveloped into a soccer stadium for a Major League Soccer franchise. It will also include parking, and may include retail, entertainment, park and open spaces and related amenities. The New Orange Bowl will be designed and developed to be compatible with the Baseball Project aesthetically and operationally. This project is intended to bring economic growth and vibrancy to the heart of Little Havana and surrounding corridors and neighborhoods. Funding for and construction of a New Orange Bowl will not commence until Major League Soccer awards Miami an expansion franchise. 6. Baseball Project (the "Baseball Project"): The Orange Bo.wl Site will be developed to include a nevi $515 million first class retractable roof Major League Baseball stadium for theuse of the Florida Marlins. City and the County have been working together to bring professional baseball to the City of Miami and the availability of the Orange Bowl Site offers the perfect opportunity to combine professional baseball with the New Orange Bowl at a completed redeveloped Orange Bowl site with parking, retail, entertainment and related amenities: A major league baseball team will benefit the entire community and region, by, among other things, creating jobs and attracting tourism, providing both a direct and indirect increase in tax revenue. The Baseball Project will serve as an engine for.economic development creating 250 full time and 2,000 part time jobs. In addition, construction of the project is expected to generate approximately 1,700 high paying jobs during the construction period of approximately 29 months. 7. Parking: The Orange Bowl site"will be redeveloped to include at least 6,000 parking spaces to be funded by the City to support the Baseball Project and the New Orange Bowl which will be available for the opening of the Baseball Project. These parking structures are necessary and will benefit the entire community by supporting the economic development created by the aforementioned uses of the Orange Bowl site. B. The Parties agree that the development of the Projects requires the cooperation and commitment of all of the Parties to assist in identifying funding sources, reallocating the use of existing revenues, including TIF Revenues, and expanding the boundaries and extending the terms of the CRAs, all as hereinafter provided. NOW, THEREFORE, in consideration of the foregoing, the Parties agree as follows: 1. Recitals: The recitals are true and correct and are hereby incorporated into and made a part of this Agreement. 2. Agreement: The Parties agree to take all action necessary to accomplish the purposes of this Agreement, as hereinafter set forth, in a prompt and efficient manner. The parties acknowledge that the process of expanding the boundaries and extending the term of the OMNI and SEOPW CRAs, include the preparation and adoption of findings of necessity for the expanded areas and amendments to the corresponding redevelopment plans of the CRAs. The parties agree to cooperate and act expeditiously and in good faith in implementing the steps necessary to accomplish this purpose. 3. The OMNI CRA: The City, the County and the OMNI CRA agree to approve and execute an amendment (the "First•Amendment to OMNI CRA Interlocal') in substantially the form attached hereto as Exhibit "A". The First Amendment to the OMNI CRA Interlocal provides the process the City, the OMNI CRA. and the County will follow to extend the term of the OMNI CRA through 2030 and expand its boundaries to include Watson Island and Bicentennial Park. The City, the County and the OMNI CRA agree to cooperate and act expeditiously so as to present the finding of necessity and the amendment to the redevelopment plan to the Board of County Commissioners within 9 months following the execution of the First Amendment to OMNI CRA Interlocal_ • The City and the OMNI CRA agree to amend the redevelopment plan to include the projects listed below in their proposed amendment to the redevelopment plan. and to propose using the amounts received by the OMNI CRA from the City and the County to fund those Projects required by it to fund in the manner described below. a. PAC (To the County for repayment of PAC Bonds and/or loans: In furtherance of such expeditious utilization of funds for the County's payment of debt service on the Performing Arts Center Bonds and/or Loans, the CRA shall remit to the COUNTY (a) on March 31, 2008 and every March 31st thereafter ending on March 31, 2012, the first $1.43 million of Increment Revenue (as such term is defined in the First Amendment) plus an amount equal to thirty-five percent (35%) of the amount by which the Increment Revenue from the Omni Community Redevelopment Area exceeds $1.43 million; and (b) commencing March 31, 2013 and every March 31 thereafter until March 31, 2027, including any additional time extensions beyond March 31, 2027, an amount equal to the greater of $1.43 million or.thirty-five percent (35%) of the Increment Revenue from the Omni Community Redevelopment Area; provided, however, the amounts to be remitted by the CRA as calculated .in accordance with subsections (a) and (b) shall not exceed $25 million in any fiscal year. The City and County acknowledge that these funds are necessary to provide for the City and County contributions to the Baseball Project. b. . Port Tunnel: $88 million (approximately) to be paid to the City in annual installments commencing upon substantial completion of the Port Tunnel Project through 2030. This amount will fund the City's contribution towards the Port Tunnel project. c. Museum Park: An amount necessary to fund $68 million for capital improvements to the park component of the Project-,.to.be..funded.by.the,OMNI CRA and completed by,the,City by no later than January'2012, and an annual contribution to the park's capital expenditure fund of $2 million, payable commencing on the date of substantial completion of the park component of the Project through 2030. 4. Tourist Development Tax (TDT) and Convention Development Tax (CDT) funds: The Parties acknowledge that the OMNI CRA Amendment will result in an increase in the availability of CDT and TDT revenues for projects other than the PAC, which the parties agree to use for the Baseball Project and the Parking/Balance of Orange Bowl Site, The City .and County agree that the implementation of the OMNI CRA Amendment will permit the County to release • additional sufficient TDT and CDT dollars so that municipal bonds may be issued for the redevelopment of the Orange Bowl site as follows: a. ' The Baseball Project: City: The City will fund $10 million from CDT revenues. County: The County will fund $88 million from TDT revenues and $10 million from tourist taxes (CDT or PST) revenues. b. Parking/Balance of Orange Bowl Site: The City will fund $50 million from CDT revenues. 5.. ...The SEOPW CRA. a. The City and the SEOPW.CRA agree to generate a Finding. of Necessity study to substantiate the expansion of the boundaries of the SEOPW district to include the geographic area described in Exhibit "B" hereto. If the City and the SEOPW CRA each adopt a resolution, supported by data and analysis, which makes a legislative finding that the conditions in the area meet the criteria described in Section 163.340(7) or (8), the City and the SEOPW CRA agree to provide the County with the adopted Finding of Necessity study and resolutions for the Board's review and consideration, as set forth in Section 163.355, Florida Statutes. b. After making the legislative findings and adopting the.Finding of Necessity study, the City and the SEOPW CRA agree to prepare and considera,resolution that approves after a public,heanng„an amendment to the Plan, which amendment shaft (i) be in- the °form of the Amended 2004 Southeast Overtown/Park West Community Redevelopment Plan prepared by Dover, Kohl & Partners, but updated to include the projects proposed for the expanded boundaries; and (ii) extend the life of the SEOPW CRA to March 31, 2030; and (ii) expand the boundaries of the SEOPW District. 1f the City and the SEOPW CRA each adopt a resolution that approves the amendment to the Plan and that recommends to the County their approval of the amendment to the Plan, they agree to provide the County with the adopted amendment for review and consideration by the Board of County Commissioners after a public hearing, as set forth in Section 163.361, Florida Statutes. c. Upon receipt .of the adopted Finding of Necessity and amendment to the Plan the County agrees to review, comment, prepare and recommend for the Board's consideration the Finding of Necessity and amended Redevelopment Plan. The CRA shall report such proposed modification to the boundaries of the redevelopment area to each taxing authority in writing or by oral presentation, or both, as required by Section 163.361(3)(a), Florida. Statutes. The City and the SEOPW CRA agree that, in accordance with the provisions of Section 163.361, Florida Statutes, the Board shall only consider approval of the Finding of Necessity and the amended Plan after the SEOPW CRA has complied with the provisions of Section 163.361(3)(a), Florida Statutes. • d. The City and the SEOPW CRA understand that the process of reviewing the amended Redevelopment Plan will entail mutual cooperation from the County, City and SEOPW CRA, and that delays in the review process may delay when the Board consider the items. The City, the SEOPW CRA and the County agree that the approval of this Agreement by the parties does not constitute approval of those matters in the Finding of Necessity and the amendment to the Plan which require approval by the SEOPW CRA, the City Commission and the Board. Therefore, the parties agree that as a matter of their sovereign power and legislative authority if the SEOPW CRA, the City Commission and/or the Board do not approve a resolution adopting the finding of necessity and/or the amendment to the Plan, the failure to approve such resolution or amendment to the Plan shall not be deemed an event of default under this Agreement and the parties shall not be liable to each other. e. The City, the County and the SEOPW CRA agree that commencing fiscal year .2017 and ending fiscal year 2030, the amount.of.TIE. .Revenues. collected from.the projects listed in Exhibit C budgeted annually for expenditure bythe"SEOPW CRA from the SEOPW CRA trust fund shall not exceed 50% of Increment Revenues collected from •such projects in such fiscal year and deposited in the SEOPW CRA trust fund for such year. The City, the County and the SEOPW CRA agree that the SEOPW CRA shall return the balance of the Increment Revenues (45%) collected from the projects listed in Exhibit C for such year to each taxing authority which paid the increment in the proportion that the amount of the payment of such taxing authority bears to the total amount paid into the trust fund by all the taxing authorities for that year. It is the primary intent of the City and the County that SEOPW CRA tax increment revenues on deposit in the SEOPW Trust Fund will be allocated by the SEOPW CRA towards the development of affordable housing and related infrastructure in the SEOPW CRA district. f. The County agrees that it shall begin to make a $20 million contribution to the City to be applied toward the funding of the Streetcar project upon the later of (I) September 30, 2017 or (ii) the receipt of the requisite approvals for the streetcar project by the State• of Florida and •the MPO: • The County's Streetcar project contribution may be made in a lump sum or in annual installments sufficient to issue tax—exempt municipal bonds with a debt service coverage dictated by the market commencing on the date of substantial completion of the streetcar project. 6. Annual Budget. The County agrees to waive any claims it may have to approve the annual budget for the CRAs for fiscal years prior to the fiscal year commencing October 1, 2008. - 7. Waiver of. Administrative Fee. The County agrees to waive .the 1.5% administrative fee chargeable to the CRAs. 8. Extension of Reverter. The County agrees to place an item on the agenda for the first meeting of the Board of County Commissioners in January 2008, considering an extension of the reverter date of the properties described in Exhibit "D" or a re -conveyance of said properties to the City, if the reverter has already occurred. 9. Time of the Essence: Time is of the essence in the performance of this Agreement. 10. Condition Subsequent: The County, the City and the Florida Marlins, L.P. (the "Team') agree that the funding commitments to the PAC, as set forth in this Agreement and in the First Amendment to OMNI CRA Interlocal, and to -the New Orange. Bowl,-:as�contemplated..herem,,. shall be void unless a binding agreement for the Baseball Project (the "Baseball Stadium Agreement') is executed, containing the following provisions: (i). Total Baseball Stadium cost will not exceed $515 million; (ii) Team's contribution to the Stadium cost shall.not be less than $155 million; (iii) Team will not request more than 6,000 parking spaces at the new Orange Bowl Site; (iv) The Team, the City and the County. shall act in good faith and will be reasonable in negotiating the Baseball Stadium Agreement. 11. Severability: If one or more of the provisions of this agreement shall be held contrary to any provision of law or be held invalid, then such provision or provisions shall be null and void and shall be separate from, and have no effect on, the remaining provisions which shall continue to be legal and valid. IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first above written. Attest: BY: scilla A. Thompson, City Clerk City of Miami Pero r .ndez, City Manager Approved as to Form and Correctness Approved as to Insur. • e ' - •uirements By: Jdr L. Fernandez, City AttornpyV Attest: By: Approved as to Form and Legal Sufficiency: .77 By: ' 4L-t County Attorney C By: LeeAnn Brehm, Director, Risk Management Miami -Dade County Southeast Overtown Park West Community Redevelopment Agency By Omni Community Redevelopment Agency Approved as to form and correctness: . -Jorge L. r°rnauuez CRA General Counsel �r JOINDER Florida Modino.L.P.joins inthe execution ofthis Agreement boacknowledge its agreement to the provisions containodinParagraph1U. Florida Marlins, L,P. t1 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 This First Amendment to Interlocal Cooperation Agreement ("First Amendment") is made and entered into this day of , 2007 by and. among Miami -Dade County, a political subdivision of the State of Florida (the "County"), the City of Miami, a municipal corporation of the State of Florida (the "City") and the Community Redevelopment Agency for the OMNI 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 an Interlocal Cooperation Agreement by and among the County, the City and the CRA (the "Interlocal"), which Interlocal was dated June 24, 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; the Interlocal obligates the CRA to pay the first $1.43 million of tax increment fund revenues collected each year to the County for the payment of the County Debt Service Payment, which obligation ceases when the Performing Arts Center Bonds are no longer outstanding; and WHEREAS., construction costs for.the Performing -Arts Center have escalated and exceeded the estimated budget at the time of the original Interlocal; and WHEREAS, the County has issued additional Performing Arts Center Bonds and has borrowed funds pursuant to one or more loan agreements ("Loans") for the purpose of funding such higher construction costs of the Performing Arts Center; and WHEREAS, the County, the City, and the CRA recognize that the Performing Arts Center has been an enormous catalyst and remains such in attracting significant development and private investment to the City's Omni district; and WHEREAS, the catalytic impact of the Performing Arts Center to the Omni district has contributed to the substantial growth of the Omni district's tax roll which will provide resources for important future projects; and • WHEREAS, the County, the City, and the CRA desire to provide additional tax increment revenues from the CRA for the purpose of paying debt service on all outstanding Performing Arts Center Bonds and Loans and to fund other CRA projects; and WHEREAS, the County, the City, and the CRA agree that the First Amendment to the Omni Community Redevelopment Plan, as supplemented by Addendum I1, was approved by the Board on April 8, 1997; therefore, the term of the Omni District shall expire on September 30, 2027; and WHEREAS, the County, the City, and the CRA acknowledge their interest and the benefits of further extending the life and expanding the boundaries of' the Omni district to, among other things, include infrastructure, the Port Tunnel and Museum Park projects; and WHEREAS, the County, the City, and the CRA acknowledge that, in order to expand the boundaries of the Omni District, it will be necessary to prepare and adopt a finding of necessity for the expanded area and amend the Community Redevelopment Plan for the Omni district (the "Plan"); and WHEREAS, the County, the City and the CRA acknowledge that the steps and corresponding period of time necessary to expand the boundary of the Omni district vary and agree to cooperate, act expeditiously and in good faith in implementing the steps, NOW THEREFORE, THE COUNTY, THE CITY AND THE CRA AGREE AS FOLLOWS: 1. The recitations set forth above are true and correct and adopted as part of this First Amendment. II. Al] terms in capitalized form, unless otherwise defined in this First Amendment, shall have the same meaning as ascribed to them in the Interloca1. III. The Interlocal dated June 24, 1996, attached and made a part of this First Amendment is amended in the following respects: A. Article II, Section C, Project Financing, Subsection 1. is amended and restated to read as follows: The CRA shall administer and manage the Fund as required by law 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 of procedures 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 County for the purpose of paying debt service on the Performing Arts Center Bonds and/or Loans, 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 County's payment of debt service on the Performing Arts Center Bonds and/or Loans, the CRA shall remit to the COUNTY (a) on March 31, 2008 . and every March 31" thereafter ending on March 31, 2012, the first $1.43 million of Increment Revenue (as such term is defined in this paragraph) - plus an amount equal to thirty-five percent (35%) of the amount by which the Increment Revenue from the Omni Community Redevelopment Area exceeds $1.43 million; and'(b) commencing March 31, 2013 and every March 31 thereafter until March 31, 2027, an amount equal to the greater of $1.43 million or thirty-five percent (35%) of the Increment Revenue from the Omni Community Redevelopment Area; provided, however, the amounts to be remitted by the CRA as calculated in accordance with subsections (a) and (b) shall not exceed $25 million in any fiscal year. "Increment Revenue" means all the Increment revenue (as such term is defined in Section 163.340(22) and calculated using ninety-five percent (95%) in the calculation pursuant to Section 163.387(1), Florida Statutes (2006)) from the Omni District (including any expanded boundaries). Exhibit A to this Amendment contains examples of the operation of this clause. The amounts to be remitted by the CRA in accordance with this Section shall be used for the purpose of paying debt service on all Performing Arts Center Bonds • and/or any Loans (the "County Debt Service Payment"). The CRA's last payment to the County of the amounts set forth above shall occur on March 31, 2027. The parties agree that the term of the Omni District and the CRA shall expire on September 30, 2027 and all remaining funds on deposit in the Fund shall be remitted to the applicable taxing authorities as provided in the Act. If the County sells any additional Performing Arts Center Bonds or incurs any additional Loans. with...regard .to. the Performing„Arts .fen. ter,, the COUNTY shall ensure that all documentation relating to such Bonds or Loans shall limit the liability of the CRA to the amounts due from the CRA to the County as provided in this Agreement.. 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. 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. C.' Article I1, Section C, Project Financing, Subsection 4. is amended and restated ..to -read as follows: • The CRA may issue bonds and/or incur indebtedness required to finance the PROJECT provided such bonds and/or indebtedness is subordinate to all Performing Arts Center Bonds and/or Loans; provided, however, such subordinate bonds and/or indebtedness shall mature not later than September 30, 2027. The subordination of bonds and/or indebtedness issued by the CRA referredto in the preceding sentence shall relate to the amount of Increment Revenue reseryed for the COUNTY pursuant to the provisions of Article II, Section C, subsection 1 above. Prior to the issuance of any bonds or the incurrence of any indebtedness, the COUNTY shall review and approve all related documents and agreements. The CRA shall not withhold the payment to the County of the amount of Increment Revenue reserved for the COUNTY pursuant to the provisions of Article 'II, Section C, subsection 1 above for any reason, notwithstanding any other activities, actions, claims, or causes of action related to the PROJECT. • Add Article VI titled Other Provisions to read as follows: A. Amendment to Plan. (a) The City and the CRA agree to generate a Finding of Necessity study to substantiate the expansion .of the boundaries of the Omni district to include a geographic_ area, which will- include Bicentennial Park and Watson Island. If the City and the CRA each adopt a resolution, supported by data and analysis, which makes a legislative finding that the conditions in the area meet the criteria described in Section 163.340(7) or (8), the City and the CRA agree to provide the County with the adopted Finding of Necessity study and resolutions for the Board's review and consideration, as set forth in Section 163.355, Florida Statutes. (b) After making the legislative 'findings and adopting the Finding of Necessity study, the City and the CRA agree to prepare. and consider a resolution that approves, after a public hearing, an amendment to the Plan, which amendment shall (i) extend the life of the CRA to March 31, 2030; and (ii) expand the boundaries of the Omni District; and (iii) to add the Port Tunnel and the Museum Park as projects eligible for tax increment financing. If the City and the CRA each adopt a resolution that approves the amendment to the Plan and that recommends to the County their approval of the amendment to the Plan, they agree to provide the County with • the adopted amendment for review and consideration by the Board of County Commissioners (the "Board") after a public hearing, as set forth in Section 163.361, Florida Statutes. (c) Upon receipt of the adopted Finding of Necessity and amendment to the Plan the County agrees to review, comment, prepare and recommend for the Board's consideration the Finding of Necessity and amended Redevelopment Plan. The CRA shall report such proposed modification to the boundaries of the redevelopment area to each taxing authority in writing or by oral presentation, or both, as required by Section 163.361(3)(a), Florida Statutes. The City and the CRA agree that, in accordance with the provisions of Section 163.361, Florida Statutes, the Board shall only consider approval of the Finding of Necessity and the amended Plan after the CRA has complied with the provisions of Section 163.361(3)(a), Florida Statutes. (d) The City and the CRA understand that the process of reviewing the amended Redevelopment Plan will entail mutual cooperation from the County, City and CRA, and that delays in the review process may delay when the Board consider the items. B. Limitations on Approvals. The City, the CRA and the County agree that the approval of this Agreement by the parties does not constitute approval of those matters in the Finding of Necessity and the amendment to the Plan which require approval by the CRA, the City Commission and the Board. Therefore, the parties agree that as a inatter of their sovereign power and legislative authority if the CRA, the City Commission and/or the Board do not approve a resolution adopting the finding of necessity and/or the amendment to the Plan, the failure to approve such resolution or amendment to the Plan shall not be deemed an event of default under this Agreement and the parties shall not be liable to each other. C. Annual Budget. The County agrees to waive any claims it may have to approve the annual budget for the Omni District for fiscal years prior to the fiscal year commencing October 1, 2008. D. Waiver of Administrative Fee. The County agrees to waive the 1.5% administrative fee chargeable to the Omni District. 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. • VI. The City, the CRA and the County agree that the CRA's funding commitment to the County for 'County Debt Service Payment, as set forth in Section III. A. of this First Amendment, shall be void unless a binding Baseball Stadium Agreement between the County, the City and the Florida Marlins is executed, containing the following provisions: A. The total baseball stadium cost will not exceed $515 million; B. The Florida Marlin's contribution to the stadium cost shall not be less than $155 million; C. -The Florida Marlins will not request more than 6,000parking spaces at the new Orange Bowl site. D. The Florida Marlins, the City and the County shall act in good faith and will be reasonable in negotiating the aforementioned Baseball Stadium Agreement, IN WITNESS WHEREOF, the parties 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. City of Miami, a municipal corporation Miami -Dade County, a political subdivision of the State of Florida of the State of State of Florida By: By: Pedro G. Hernandez George Burgess City Manager City Manager ATTEST: By: By: Priscilla A. Thompson, City Clerk Deputy Clerk Approved as to form and correctness: Approved as to form and legal sufficiency: By: By: Jorge L. Fernandez/0 /) City Attorney r1/ County Attorney Omni Redevelopment District Community Redevelopment Agency, of the City of Miami, a public agency and body corporate created pursuant to Section 163.356, Florida Statutes ("CRA") By: James H. Villacorta, Executive Director ATTEST: By: Priscilla A. Thompson • Clerk of the Board Approved as to form and legal sufficiency: By: Jorge L. Fernandez CRA General Counsel :fit' EXHIBIT "A" TO 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 Assume: Then: EXAMPLE 1 i. Payment is due March 31, 2008. ii. Increment Revenue is equal to $12,000,000. The CRA shallremit to the County the total of: (a) $1,430,000; plus (b) 35% multiplied by ($12,000,000 minus $1,430,000) or 35% multiplied by $10,570,000 (which is an amount equal to $3,699,500). Therefore the amount the CRA shall remit to the County on March 31, 2008 is equal to $1,430,000 plus $3,699,500 or $5,129,500. Assume: Then: EXAMPLE 2 (1) Payment is due March 31, 20]2. (2) Increment Revenue is equal to $15,000,000. The CRA shall remit to the County the greater of: (1) $1,430,000; or (2) 35% multiplied by $15,000,000 (which is an amount equal to $5,250,000). Therefore, the amount the CRA shall remit to the County on March 31, 2012 is equal to $5,250,000. EXHIBIT "B" pROPOSEID SEOPW CRA EXPANDED BOUNDARIES [attached] CLLII�+ rag U. %__-T U'lli� CRA CSd�� 1 .IOI� C�nel0,11C0 uiinu :nTm 6i161115 • 1111. a °ts� WWI§ 1111110 ai11 waistaIrgits 1 1 1 1 1 P . i 1 0 1 1 1e .• II cI I,'II 1.I 1,1 lP ,n�=f : Y �. J�nl tI�e k I ?J» I= 11B 9l l i� i T a AI RIIt II I!� � L. aro ef:‘,fi.ldl8 ORWB VIP ®alt6. IC=`lra Ei _on MIAS . = .n rrialu� Wlilnmi-1G1(1® j6R[ :;tTto =E ..' . •9�,1.�1�8 Y ; ig,'' 01lll d �a a iu1tl1 n8 ua1a 1w1.:1 ► ,"R ,. ' � 1 9 11 I15 111HI1411111;452'�IIII= Lispaciirsis e ` .. Si riling n FR EU Imo Nit EXHIBIT "C" [attached] LARGE SCALE DEVI PMENT REPORT SEOPIV .'. .. ,. is -• ... ••. ..:.°. Type or •me i1 Permit . ,_ .-::._;,LOntimiatlnformatian Address • -... ::-. ..., Description ..'...,-,,,. ..,... Cast (t5?.)_:„' CRA Cenlhuetion Dal (MI . Ral2ir ._,. Dole _ So.tos P•..etr Dote 814ldisi ►....1 Number Pcimm C.O. Dot . C.O. 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SEOtP W , .�. •.7: �:'� •t y .. , 204 637300 .r . t a0 4e0131 •• e• • 7b-M;,y-03 ,u. �PPRO\ D 1 App,orel. _'c•;o, , r :��• . .• .y`v _;., ., .. ,.:, :: .....z„. ., r, s L. 532 NW1 Co+m.. :. , :i. •r'�• ._,. .:,_.•:r .. _.,•. ,. ...:`,>" sod Use:O(Lee'& Ranil 5 :a SEOPhv r.1 • :...,- .:.•:' :r.•. .,1,,.,:..,.•)' 7,a,75Q000 .17 __ 'APPLICATION .1� .Apf esea ,,a- , ) Ise ' r _ • Hasa auldmt 3.11.15P SEorw 27'NE 9sl Street Mee Budding SEOPW 13 000,000 lb-Dec-03 Prtilm 11111111111 sessods (So./yeses Walk) unPA '. .. '.. --,...'z:.'. • '.' •. TAUJ. ..' 249,261 NW'6St:160NW75t; 111 NW ! Si; 2 t1.NW / t st.... Miami URmidentoil & Reud (4 Use: buildiags): %' OP•. SF.IW,• ' 3 • 236.•3,300 hm. ism n LLC u . Mrure Advel.Lej■■I 711 21t1'l st Avon. SEOP/w 200A71.OI5 .•lee Dccbp,a.int Cu 650 NW IttAene 3EOPrW 17,137,700 • tsetse Dore - lope tCa S -a .... ..:.._ _' .. ._...•di a30 NW IssA nue I ._'.. 7 !,_•., 't'. ." e; t •, - • . SEOP/W Y . ..Y. <:,,;Li rTe:,.. Id1,209,600 ao 00 o+,gt . :i a PRELUI INAR► --_-- _.. - t c. SEO/PW 1.761,014,367 - ilCdiOnd to npltted lip. 12•,:. e8dia 6k l+tded' }i i Ito• �Fy hOlbjj N,3=lne� Assumed m be 156m055M trt D6.6616LZix 2010 td be loehded in lirivary7Al 1 MD!. f!\ 2012 *pinilord: Assumed to be competed by Dosoobes 2011 to ba included in lotwry 2012 rntl,for FY 2013 operations Assured lobe canoleted by December 2012 to Ire+nduded in (Amass. 2013 roll,far FY 2014 operstlons Ate aeln-be'iortipletn4by.Dbamb.0 01i"edbe.IDdutted fet �iyYotiroli;fo Toe prelim,ntry for inclusion 258,9e a 400 435,520,325 0 ,1,01S.349,294 18,000,000 Total $2,765,024,567 1of1 EXHIBIT "D" PARCEL "A": CERTAIN LOTS IN BLOCK 36 OF P.W. WHITE'S RE -SUBDIVISION: Lots 1, 2, 3, 6, 7, 8, 9, 10, 11, 14, 15, 16, 17, 18, 19, 22, 23, 24, 26, 27, 30, 31, 32, 33, 34, 35, 38, 39, 40, 41, 42, 43, 46,47 and 48 in Block 36 of P.W. WHITE'S RE - SUBDIVISION, according to the Plat thereof, recorded in Plat Book 'B' at Page 34 of the Public Records of Miami -Dade County, Florida; LESS that portion thereof lying within the. Metropolitan Dade County Metrorail right-of-way which is described as follows: Begin at the Southeast corner of said Block 36; thence run S 87°46'59" W, along the South line of said Block 36, for a distance of 1.53 feet; thence run N 04°44'53" W for a distance of 187.90 feet to a point of intersection with the arc of a circular curve concave to the Southwest, the center of which bears S 82°00'08" W from said point of intersection; thence run Northwesterly along the arc.of said circular curve concave to the Southwest, having a radius of 987.00 feet, through a central angle of 06°39'50", for an arc distance of 114.79 feet to the point of intersection with the North line of said Block 36; thence run N 87°'46'14" E, along the North line of said Block 36, for a distance of 27.71 feet to the Northeast corner of said Block 36; thence run S 02'16'19" E, along the East line of said Block 36, for a distance of 301.01 feet to the Point of Beginning. PARCEL "B": BLOCK 45N OF A.L. KNOWLTON'S MAP OF MIAMI: Lots 1 through 12 inclusive in Block 45N of A.L. KNOWLTON'S MAP OF MIAMI according to the Plat thereof, as recorded in Plat Book 'B' at Page 41 of Public Records of Miami -Dade County, Florida. PARCEL "A": BLOCK 56N OF A.L. KNOWLTON'S MAP OF MIAMI: Lots I through 12 inclusive in Block 56N of A.L. KNOWLTON'S MAP OF MIAMI according to the Plat thereof, as recorded in Plat Book 'B' at Page 41 of Public Records of Miami -Dade County, Florida. ors.Oocumem GLOBAL AGREEMENT 12-18-07 as emcndcd