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HomeMy WebLinkAboutResolution - Miami-Dade CountyLegislative Matter Page 1 of 5 Sunset Provision: No Registered Lobbyist: None Listed Miami -Dade Legislative Item File Number: 141460 601AF� Printable PDF Format 4luderClerk's Official Copy File Number: 141460 Version: 0 File Type: Resolution Status: Adopted Reference: R-616-14 Control: County Commission File Name: FLAGLER STREET RECONSTRUCTION Introduced: 6/19/2014 Requester: Regulatory and Economic Cost: Final Action: 7/1/2014 Resources Agenda Date: 7/1/2014 Agenda Item Number: 8M4 Notes: Title: RESOLUTION WAIVING ADMINISTRATIVE RULES FOR ECONOMIC DEVELOPMENT FUND PROJECT 124 OF BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM AND APPROVING ALLOCATION OF $6,000,000.00 FROM PROJECT 124 TO FLAGLER STREET RECONSTRUCTION AND ECONOMIC DEVELOPMENT TO FUND CERTAIN ECONOMIC DEVELOPMENT PROJECTS Indexes: STREET IMPROVEMENTS Sponsors: Bruno A. Barreiro, Prime Sponsor Jose "Pepe" Diaz, Co -Sponsor Audrey M. Edmonson, Co -Sponsor Dennis C. Moss, Co -Sponsor Xavier L. Suarez, Co -Sponsor Effective Date: Expiration Date: Legislative History Acting Body Date Agenda Action Sent To Due Date Returned Pass/Fail Item Board of County 7/1/2014 8M4 Adopted P Commissioners County Attorney 6/20/2014 Assigned Gerald T. Heffernan County Mayor 6/19/2014 Assigned County 9/3/2014 http://www.miamidade.gov/govactionhnatter. asp?matter=141460&file=true&yearFolder=... 8/26/2014 Legislative Matter Page 2 of 5 REPORT: Attorney RER - Commissioner Barreiro sponsors - Pending July cmte - County Attorney: Gerald Heffernan - Attachments: Project Overview - Note: A waiver will be requestion from July cmte and unto July 1st BCC. County Mayor 6/19/2014 Assigned Jack Osterholt 6/19/2014 Legislative Text TITLE RESOLUTION WAIVING ADMINISTRATIVE RULES FOR ECONOMIC DEVELOPMENT FUND PROJECT 124 OF BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM AND APPROVING ALLOCATION OF $6,000,000.00 FROM PROJECT 124 TO FLAGLER STREET RECONSTRUCTION AND ECONOMIC DEVELOPMENT TO FUND CERTAIN ECONOMIC DEVELOPMENT PROJECTS BODY WHEREAS, Appendix A to Resolution No. R-914-04 (the "Public Infrastructure Resolution"), lists projects eligible for funding from the Building Better Communities General Obligation Bond Program (the "BBC Program") by project number, municipal project location, BCC district, project description, street address, and project funding allocation; and WHEREAS, one of the projects listed in Appendix A to the Public Infrastructure Resolution and approved by the voters for funding is Project No. 124 — Economic Development Fund ("Project 124") with a project description that states "Provide infrastructure improvements to spur economic development and attract new businesses to the community and to create jobs"; and WHEREAS, the goal of Project 124 is to encourage private sector development that will create jobs and cause economic development which will have a long term benefit to the community; and WHEREAS, this Board wishes to approve an allocation of $6,000,000.00 from Project 124 to Flagler Street Reconstruction and Economic Development as recommended by the Mayor upon certain employment and salary benchmarks being met at different intervals, among other requirements, as described in the County Mayor's Memorandum which accompanies this Resolution ("Mayor's Memorandum"); and WHEREAS, the individual Grant Agreement between the County and Flagler Street Reconstruction and Economic Development which incorporates such conditions shall be submitted to the Board for approval in the future; and WHEREAS, this Board wishes to waive the requirement that Project 124 allocations be made to projects with a minimum value of $10,000,000 set forth in the administrative rules of the Building Better Communities General Obligation Bond Program ("Administrative Rules"), NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA that: Section 1. The foregoing recitals and the Mayor's Memorandum are approved and incorporated in this http ://www. miamidade. gov/govaction/matter. asp?matter=141460&file=true&yearFolder=... 8/26/2014 Legislative Matter Page 3 of 5 Resolution. Section 2 The requirement in the Administrative Rules that each Project 124 allocation be a minimum of $10,000,000 is waived and the allocation of $6,000,000.00 from Project 124 to Flagler Street Reconstruction and Economic Development is approved. HEADER Date: September 3; 2014 To: Honorable Chairwoman Rebeca Sosa and Members, Board of County Commissioners From: Carlos A. Gimenez Mayor Subject: Allocation of Economic Development Fund Project 124 to Flagler Street Reconstruction STAFF RECOMMENDATION Recommendation It is recommended that the Board of County Commissioners (Board) adopt the attached resolution allocating $6,000,000.00 of funding from the Building Better Communities General Obligation Bond Program (BBC GOB), Economic Development Fund Project 124 to the Flagler Street Reconstruction project (Project). The resolution directs the Mayor or Mayor's designee to begin negotiating the terms of a grant agreement that will be presented to the Board for approval at a future date. Scope This project is located in District 5, Commissioner Bruno Barreiro's District. While the economic development impacts are expected to accrue primarily to Miami's Downtown area, additional benefits are expected countywide. Fiscal Impact/Funding Source There will be no fiscal impact to the County with the approval of this item, which simply sets a potential allocation for the recommended project and establishes the directive to begin negotiations on grant agreements that must come back to the Board for final approval. Track Record/Monitor Deputy Director of Regulatory and Economic Resources, Josh Gelfman, will monitor the creation and retention of new jobs, average salaries, private investment and any other performance measures as agreed in the respective grant agreements, which would be approved by the Board. MANAGER'S BACKGROUND Background In November 2004, Miami -Dade County voters approved the issuance of $352.182 million in general obligation bonds to, among other things, construct and improve bridges, public infrastructure, and neighborhood improvements as part of the BBC GOB Program. A total of $75 million was allocated towards the Economic Development Fund (EDF) Project 124. The Administrative Rules for the BBC GOB Program that governs the Economic Development Fund were adopted by the Board in Resolution R-668-10 on June 15, 2010. Funding from grant awards under EDF Project 124 must be used for public infrastructure improvements to spur economic development and attract new businesses to the community in order to create jobs. Public infrastructure includes road improvements, water and sewer networks, public parking structures, public facilities and other improvements subject to certain limitations and evaluated http://www.miamidade.gov/govactionlmatter. asp?matter=141460&file=true&yearFolder=... 8/26/2014 Legislative Matter Page 4 of 5 on a case -by -case basis. Ineligible uses of the grant awards from EDF Project 124 include, but are not limited to, working capital, furniture and fixtures, business equipment, and non -capital related expenses. In addition to stimulating private investment and job growth, one of the primary objectives of EDF Project 124 recognized in the Administrative Rules was the strengthening of the economy's capacity for innovation and commercialization of scientific advancements and expanding leadership in local industry clusters such as: Aviation and Aerospace; Financial and Professional Services; Homeland Security and Defense; Information Technology; Life Sciences; and International Trade and Global Commerce. These objectives align with the Beacon Council's One Community One Goal Initiative. The Administrative Rules also recognized that industry clusters were growing or had the potential to emerge in certain strategic areas of the County: namely, the Civic Center/Medical District; Homestead Air Reserve Base; Opa-Locka Executive Airport; Port of Miami; and Kendall Tamiami Executive Airport. Staff conducted evaluations of submitted projects taking into consideration the requirements and objectives of the Administrative Rules, the language in the BBC GOB bond question approved by the voters in 2004 and the information proposed by the applicant on the BBC GOB application. The grant awards are disbursed as reimbursements of eligible expenditures paid by the grantees and approved by the Mayor or the Mayor's Designee in accordance with established administrative rules and the IRS rules governing the tax-exempt status of the General Obligation Bond Program. The disbursement of grant funds are also contingent upon the developer achieving job creation, private investment, average salaries and all other performance measures that have been agreed to in the respective grant agreements. In the event that IRS rules require grant funds to be disbursed before performance milestones can be met, a claw back provision will be included in the grant agreement that allows the County to recover part or all of the grant funds disbursed if performance milestones are not achieved. The City of Miami's Capital Improvement's Department and the Miami Downtown Development Authority (DDA) are working together to reconstruct Flagler Street. The proposed renovations will transform the street into a more pedestrian oriented corridor that acts as a catalyst for economic development and new job creation, significantly benefiting downtown Miami, as well as the broader economy of the County. The corridor extends along Flagler Street from Biscayne Boulevard to NW First Avenue. The proposed reconstruction of Flagler Street is expected to bring additional retail and food service activity along Flagler and adjacent side streets, as well as encourage renovation of office space on floors of existing buildings that are not currently available for rent or are underutilized. Staff estimates that this project will generate approximately 580 new direct jobs within four years after reconstruction is completed, along with an additional 280 jobs from indirect and induced economic effects. The total cost of the reconstruction of Flagler is projected at $12.6 million. The Miami Downtown Development Authority seeks financial support from Fund Project 124 for landscaping features that provide sufficient shading, proper drainage, wider sidewalks, road improvements that better accommodate valet parking, and better lighting. The Administrative Rules adopted on June 15, 2010 by the Board in Resolution R-668-10 set a $10,000,000 minimum grant level for projects seeking funding from Project 124. It is recommended that the Board waive this minimum requirement to allow for the allocation of $6,000,000 for the Flagler Street Reconstruction project. Prior to entering into a grant agreement, a final determination as to the Project's qualification to receive the funds will be made. The grant agreement will be presented to the Board for approval at a future date. If an agreement for the Flagler Street Reconstruction project cannot be finalized, the funding may be reallocated by the Board. If the allocation to this project is greater than the amount of eligible public http://www.miamidade.gov/govaction/matter. asp?matter=141460&file=true&yearFolder=... 8/26/2014 Legislative Matter Page 5 of 5 infrastructure expenditures needed, the difference will be available for reallocation by the Board. Jack Osterholt, Deputy -Mayor Home Agendas I Minutes I Legislative Search I Lobbyist Registration I Legislative Reports 2014 BCC Meeting Calendar I Miami -Dade County Code of Ordinances I ADA Notice Home I Using Our Site I About I Phone Directory I Privacy I Disclaimer E-mail your comments, questions and suggestions to Webmaster Web Site © 2014 Miami -Dade County. All rights reserved. http://www.miamidade. gov/govaction/matter. asp?matter=141460&file=true&yearFolder=... 8/26/2014 "EXHIBIT A" Flagler Street Reconstruction Economic Development Fund Project 124 Inter -local Municipal Agreement Exhibit A, Eligible Capital Costs of the Project Description Cost Estimate* Roadway and Drainage Improvements $1,738,771 Decorative Street and Pedestrian Lighting $500,000 Utilities Relocation $1,000,000 Hardscape and Landscape $2,980,651 Signage and Pavement Marking $75,000 * The sum of Economic Development Fund grant disbursements will not exceed $6,000,000.00.