Resolution Approving, Subject To Certain Conditions Precedent, A Fourth Amendment To The Interlocal Cooperation Agreement (“Fourth Amendment”) By And Among Miami-Dade County, The City Of North Miami, And The North Miami Community Redevelopment Agency (“Ag

Description:

Whereas, The Florida Legislature Enacted The Community Redevelopment Act Of 1969, Which Is Presently Codified In Chapter 163, Part Iii, Florida Statutes (The Act); And Whereas, On July 13, 2004, This Board Adopted Resolution No. R-837-04, Which Among Other Things (I) Found Certain Portions Of The City Of North Miami (The City) To Be A Blighted Area Within The Meaning Of The Act (Redevelopment Area), And (Ii) Delegated To The City, Pursuant To Section 163.410, Florida Statutes, The Power To: (A) Make Findings And Determine The Redevelopment Area To Be A Slum And/Or Blighted Area; (B) Make Findings Of Necessity As To The Rehabilitation, Conservation, And/Or Redevelopment Of The Redevelopment Area; (C) Create A Community Redevelopment Agency And Delegate Powers To The Agency, Or Declare Itself As The Agency With The Power To Exercise Such Powers Assigned To The Agency; And (D) Initiate, Prepare, And Adopt A Plan Of Redevelopment And Any Amendments Thereto, Subject To The Review And Approval Of This Board; And Whereas, On March 18, 2005, The North Miami Community Redevelopment Agency (The Agency) Adopted Resolution No. R-3-2005-1, Which Approved The North Miami Community Redevelopment Plan (The Plan); And Whereas, On March 18, 2005, The City Adopted Resolution No. 2005-R-18, Which Approved The Plan; And Whereas, In Accordance With Resolution No. R-3-2005-1 And Resolution No. 2005-R-18, The Plan Was Transmitted To Miami-Dade County (County) For This Boards Approval; And Whereas, On June 7, 2005, This Board Enacted Ordinance No. 05-109, Which Created A North Miami Community Redevelopment And Revitalization Trust Fund (The Trust Fund), And Provided A Funding Mechanism For Implementing The Plan; And Whereas, Ordinance No. 05-109 Required The County To Contribute An Amount Equal To 95 Percent Of The Tax Increment Funds (Tif) To The Agency; And Whereas, On June 7, 2005, This Board Also Adopted Resolution No. R-610-05, Which Approved The Plan And Interlocal Cooperation Agreement By And Among The County, City And Agency (Interlocal Agreement); And Whereas, On December 19, 2006, This Board Adopted Resolution No. R-1424-06, Which Authorized The First Amendment To The Interlocal Agreement To Allow The Agency To Obtain A Line Of Credit And To Extend The Expiration Date Of The Agency And The Redevelopment Area To October 1, 2016; And Whereas, On October 26, 2016, This Board Adopted Ordinance No. 16-95, Which Amended Ordinance No. 05-109, To Extend The Life Of The Agency To July 13, 2044, Or The Date All Loans, Advances, And Indebtedness, If Any, Are No Longer Outstanding; And Whereas, On December 6, 2016, This Board Also Adopted Resolution No. R-1132-16, Which Authorized A Second Amendment To The Interlocal Agreement And Approved An Amendment To The Plan To Incorporate The New Termination Date Of Agency; And Whereas, On October 3, 2017, This Board Adopted Resolution No. R-882-17, Which Approved A Third Amendment To The Interlocal Agreement To Remove The Requirement That The Boundaries Of The Community Redevelopment Area Be Reduced; And Whereas, Presently The Interlocal Agreement Requires The Agency To Refund The County Any Amount Above $1,000,000.00; And Whereas, The City And The Agency Desire To, And Have Requested That The County Agree To A Fourth Amendment To The Interlocal Agreement (Fourth Amendment) To: Revise The Amount Of The Countys Tif Payment To Be Refunded By The Agency Annually To The County From Any Amount Above $1,000,000.00 To The Amount Above 75 Percent Of The Tif Increment (Tif Increment), With The Tif Increment Being Difference Between: (A) The Amount Of Ad Valorem Taxes Levied Each Year By Each Taxing Authority, Exclusive Of Any Amount From Any Debt Service Millage, On Taxable Real Property Contained Within The Geographic Boundaries Of The Redevelopment Area; And (B) The Amount Of Ad Valorem Taxes Which Would Have Been Produced By The Rate Upon Which The Tax Is Levied Each Year By Or For Each Taxing Authority, Exclusive Of Any Debt Service Millage, Upon The Total Of The Assessed Value Of The Taxable Real Property In The Redevelopment Area As Shown Upon The Most Recent Assessment Roll Used In Connection With The Taxation Of Such Property By Each Taxing Authority Prior To The Effective Date Of This Ordinance No. 05-109; And Whereas, The Fourth Amendment Would Also Require That No Less Than 35 Percent Of The Countys Tif Retained By The Agency Each Year Be Allocated And Used For The Redevelopment Of Northwest 7Th Avenue That Is Located Within The Redevelopment Area, Including Initiatives To Help Revitalize The Nw 7Th Avenue Corridor (The Corridor); Including The Development Of A Mixed-Use Project Identified In The North Miami Community Redevelopment Agency Proposal, A Copy Of Which Is Attached Hereto As Exhibit A And Incorporated Herein By Reference; Septic-To-Sewer Conversions Along The Corridor; Street/Swale Beautification Along The Corridor; And Business Rehabilitation Along North Miami Gateways--143Rd And 119Th Street-- And Along The Corridor; And Whereas, The Fourth Amendment Would Also Revise The Amount Of The Citys Tif Payment To Be Refunded By The Agency To The City; And Whereas, Section 163.387, Florida Statutes Provides That Each Taxing Authority Shall Fund A Community Redevelopment Trust Fund At An Amount Between Not More Than 95 Percent Of The Tif Increment And Not Less Than 50 Percent Of The Tif Increment; And Whereas, Pursuant To The Terms Of The Current Interlocal Agreement, Although The County Is Funding The Trust Fund At 95 Percent Of The Tif Increment In Accordance With Statutory Requirements, The Effect Of The Current Refund Structure Is That The Agency Is Retaining Less Than 50 Percent Of The Tif Increment; And Whereas, Due To The Increasing Need For Affordable Housing And Other Economic Development, The Agency Is In Dire Need Of The Additional Funds Whereby It Can Provide Affordable Housing And Other Redevelopment Benefits To The Residents Of The Redevelopment Area; And Whereas, The $1,000,000.00 Of The Countys Tif That The Agency Currently Retains Is Insufficient For The Agency To Address The Overwhelming Need For Affordable Housing In The Redevelopment Area; And Whereas, In Fiscal Year (Fy) 2022-2023, The Countys 95 Percent Tif Payment To The Agency Was Approximately $6,110,822.00 With The Agency Refunding The Entire Amount Above $1,000,000.00, Or $5,110,822.00, To The County; And Whereas, Had The Agency Been Able To Retain 75 Percent Of The County Tif Increment For Fy 2022-2023 The Agency Would Have Retained $4,824,333.00 Which The Agency Could Have Used To Perform Activities Authorized By Its Plan To Benefit The Residents And Businesses Of The Redevelopment Area; And Whereas, This Board Believes That It Is In The Best Interest Of The Residents And Businesses In The Redevelopment Area To Increase The Amount Of The Tif Increment Retained By The Agency To 75 Percent; And Whereas, Increasing The Amount Of The County Tif Increment Retained By The Agency To 75 Percent Of The County Tif Increment Will Place The Percent Of The Tif Increment Retained By The Agency In Line With The Percentage Of Tif Increment Other Community Redevelopment Agencies Within The County Receive And Retain; And Whereas, Additionally, The City And The Agency Seek Authorization From This Board To Allow The Agency To Obtain A Loan Or Loans, In A Total Amount Not To Exceed $60,000,000.00 (Loan), Which May Be Secured By Tax Increment Revenues, For The Redevelopment Of The Redevelopment Area; And Whereas, Section 163.385 Of The Act And The Interlocal Agreement Require That This Board Approve The Amount, Duration And Purpose Of Such Bonds, Notes Or Other Indebtedness, Including Advances Pledging Or Obligating Tax Increment Revenues, Prior To The Issuance Of Any Such Bond, Note Or Other Form Of Indebtedness Including Advances Pledging Or Obligating Tax Increment Revenues; And Whereas, Section 163.3755 Of The Act Provides That [A] Community Redevelopment Agency In Existence On October 1, 2019, Shall Terminate On The Expiration Date Provided In The Agencys Charter On October 1, 2019, Or On September 30, 2039, Whichever Is Earlier, Unless The Governing Body Of The County Or Municipality That Created The Community Redevelopment Agency Approves Its Continued Existence By A Majority Vote Of The Members Of The Governing Body; And Whereas, On October 1, 2019 The Agencys Plan And The Interlocal Agreement Provided That The Agency Would Terminate On July 13, 2044; And Whereas, Accordingly, In Accordance With Section 163.3755, This Board Desires To Approve The Continued Existence Of The Agency Until July 13, 2044, As Previously Set Forth In Ordinance No. 16-95 And Resolution No. R-1132-16, Now, Therefore, Be It Resolved By The Board Of County Commissioners Of Miami-Dade County, Florida, That: Section 1. The Foregoing Recitals Are Incorporated Herein And Are Approved. Section 2. Subject To The Identification Of Sufficient Funds Or Reduction Of Expenditures In The Adopted Fiscal Year (Fy) 2023-2024 County Budget As Required By Section 3 Below To Address The Decrease In Tif Revenues That The Agency Is Required Annually To Refund The County For The Life Of Such Agency And Any Additional Approvals Required By The City Of North Miamis (The City) City Commission And The North Miami Community Redevelopment Agencys (The Agency) Board Of Commissioners, This Board Approves Of And Authorizes The County Mayor Or County Mayors Designee To Execute The Fourth Amendment To The Interlocal Agreement By And Among Miami-Dade County (The County), The City And The Agency (Fourth Amendment), In Substantially The Form Attached Hereto As Exhibit B And Incorporated Herein By Reference, Subject To The Approval Of The County Attorneys Office For Form And Legal Sufficiency, And Provided That The Effective Date Of The Fourth Amendment Be No Earlier Than October 1, 2023. This Board Further Authorizes The County Mayor Or County Mayors Designee To Exercise Certain Provisions Contained Therein, Including Technical, Non-Substantive Amendments Consistent With This Resolution, And Termination Provisions. Section 3. Pursuant To The Interlocal Agreement, As Amended Herein, Section 163.385, Florida Statutes, And Subject To The Final Approval Of The City And The Agency, This Board Authorizes The Agency To Obtain A Loan Or Loans Secured By Tax Increment Revenues For The Purpose Of Redeveloping The Corridor And Redevelopment Area, And For The Purposes Of Eliminating Slum And Blight In Accordance With The Agencys Redevelopment Plan, Provided, However, In No Event Shall: (I) The Principal Amount Of The Loan Or Loans, In The Aggregate, Exceed $60,000,000.00 (Loans); Or (Ii) The Maturity Date Of Such Loans Be Any Later Than July 13, 2044. The Loans Shall Not Be Deemed To Constitute A Debt, Liability, Or Obligation Of The County, The State, Or Any Political Subdivision Of Each (Other Than The Agency Or The City, If Applicable), Or A Pledge Of The Full Faith And Credit Of The County, The State Of Florida, Or Any Other Political Subdivision, And Be Payable From Any Funds Other Than Legally Available Tax Increment Revenues Of The Agency Or Other Revenues Provided By The City, If Applicable. The County Shall Not Rescind Its Obligation To Make Annual Appropriations To The Agencys Trust Fund In Accordance With The Interlocal Agreement And Applicable Laws, And To Continue To Make Such Appropriations Until The Date The Loans Are No Longer Outstanding. Section 4. This Board Directs The County Mayor Or County Mayors Designee To: (A) Identify Legally Available Funds Or A Reduction In Expenditures Within The County Mayors Proposed Fy 2023-2024 County Budget In An Amount Necessary To Address The Decrease In Tif Revenues That The Agency Is Required Annually To Refund The County For The Life Of Such Agency, (B) Include, In The County Mayors Memorandum Related To Information For The Second Budget Hearing For Fy 2023-2024, All Necessary Amendments To The County Mayors Proposed Fy 2023-2024 Budget To Address Said Decrease In Revenues, And (C) If Such Funds Cannot Be Identified And Allocated For This Purpose Or If A Reduction Of Expenditures Cannot Be Identified For This Purpose, To Include Same In The Report Required By Section 5 Below. Section 5. This Board Directs The County Mayor Or County Mayors Designee To: (1) Prepare A Written Report Relating To The Matters Set Forth In Section 4(C) Of This Resolution; (2) Present The Report To This Board For Its Consideration No Later Than 30 Days From The Effective Date Of This Resolution; And (3) Pursuant To Rule 5.06(J) Of The Board's Rules Of Procedure, Place On An Agenda Of The Full Board Without Committee Review The Completed Report. Section 6. In Accordance With Section 163.3755 Of The Act, This Board Authorizes The Agencys Continued Existence Until July 13, 2044, As Currently Provided In The Interlocal Agreement And The Agencys Community Redevelopment Plan. Section 7. If Any One Or More Provisions Of This Resolution Should Be Contrary To Law Or Invalid Or Ineffective For Any Reason, Such Provision Shall Be Deemed Severable From, And Shall Not Affect The Validity Of, The Remaining Provisions Of This Resolution.