HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: iecri -
Date: 07/10/2012 Requesting Department: Finance
Commission Meeting Date: 07/26/2012 District Impacted: All
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Convention Development Tax (CDT) Interlocal Amendment
Purpose of Item:
A Resolution authorizing the City Manager to execute and deliverthe First Amendment, in
substantially the attached form, between Miami Dade County and the City regarding the annual
distribution of the CDT proceeds; Approving Annual Grants by OMNI Community Redevelopment
District (OMNI CRA) to the City from legally available CRA revenues in connection with certain
bonds/debt obligations in connection with the Port Tunnel Project.
Law Department
Matter ID No.
Background Information:
See attached additional background information sheet.
Budget Impact Analysis
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total, Fiscal Impact:
Final Approvals
‘SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants
Purchasing
Chief 0G?�C-ptssCl
1
Risk Management
Dept. Director
City Manager
Page 1 of 3
Background Information
• 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, 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
• 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")
• 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")
• 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
• Exhibit "A" to the Interlocal has no provision that allows the County to refinance the County
CDT Bonds to achieve an interest cost savings
• The County and City wish to enter into a First Amendment (in substantially the attached
form) to the Interlocal Agreement to amend Exhibit "A" (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
• 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
Page 2 of 3
• In consideration of the City's agreement to amend the Interlocal, the Board of County
Commissioners on , 2012 pursuant to Resolution No. 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
• The City Commission wishes to authorize the City Manager to execute and deliver the First
Amendment with the County, in substantially the attached form
Page 3 of 3