§ 29-6. Tax increment financing for Southeast Overtown/Park West Redevelopment Area.  


Latest version.
  • (a)

    Delegation of exercise of powers. Pursuant to Section 163.410, Florida Statutes, Miami-Dade County will enter into an interlocal agreement with the City of Miami which, when approved by resolution of the Board of County Commissioners, will provide for the delegation of certain specified redevelopment powers to the City of Miami with respect to the Southeast Overtown/Park West Redevelopment Area. All powers not specifically delegated therein shall be reserved exclusively to the Board of County Commissioners.

    (b)

    Appropriation of funds; calculation of increment. The County shall annually pay into the fund a sum equal to the increment in the income, proceeds, revenues and funds of the County derived from, or held in connection with, the community redevelopment project area as may be amended from time to time by the Board of County Commissioners' and the City's undertaking and carrying out of the community redevelopment project plan as may be amended from time to time by the Board of County Commissioners. The increment shall be determined annually and shall be that amount equal to ninety-five (95) percent of the difference between:

    (1)

    That amount of general Countywide operating ad valorem taxes levied each year by the County on taxable real property contained within the geographic boundaries of the community redevelopment project area; and

    (2)

    That amount of general Countywide operating ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for the County upon the total of the assessed value of the taxable real property in the community redevelopment project area, as shown upon the most recent assessment rolls used in connection with the taxation of such property by the County, prior to the effective date of the County's Resolution No. R-1677-82 approving the community redevelopment plan.

    In the event that project plan amendments are approved which expand district boundaries, a new base year as described in (b)(2) above will be assigned for the purpose of calculating incremental revenue from parcels within the expanded boundaries. The new base year will be the year in which such parcels were added by a project amendment approved by the Board of County Commissioners.

    (c)

    Obligation to appropriate; duration of obligation; limitations on bond sales and refunding; accounting requirements for County increment. The County shall annually appropriate to the fund the tax increment due the fund by January first of each year. The County's obligation to annually appropriate to the fund shall commence immediately upon the effective date of this section (ten (10) days after December 21, 1982) and continue until all loans, advances and indebtedness incurred as a result of the community redevelopment project have been paid. In no year shall the County's obligation to the fund exceed the amount of that year's tax increment as determined in subsection (b) of this section. Beginning with the twentieth year after the date of sale of the initial bonding or indebtedness, no new sale of bonds or indebtedness supported by the County's tax increment may occur nor may existing indebtedness so supported be refunded without approval of the Board of County Commissioners. The County's increment contributions are to be accounted for as a separate revenue within the fund but may be combined with other revenues for the purpose of paying debt services.

    (d)

    Review and approval of master bond indenture or other financing instrument or ordinance or resolution authorizing financing instruments; review of subsequent financing instruments to assure compliance with master indenture. The County Commission shall approve the initial master bond indenture and ordinance or resolution authorizing financing instruments and instruments of indebtedness such as bonds or tax anticipation notes as described in Section 163.385, Florida Statutes, as to its provisions relating to refunding, prepayment and redemption, other provisions relating to the governance of financing instruments and instruments of indebtedness, the application of funds necessary to pay costs of necessary residential property acquisition, moving expenses and relocation benefits as provided under the redevelopment plan. Subsequent financing instruments or instruments of indebtedness prepared pursuant to the master indenture shall be reviewed by the County Mayor or Mayor's designee and shall be approved unless he or she determines that the instruments do not conform with the terms of the approved initial master indenture and ordinance or resolution authorizing financing instruments.

    (e)

    Relocation assistance trust fund. Out of the proceeds of each bond sale, there shall be withdrawn, placed in trust, and separately accounted for, such sums as are prescribed in the redevelopment plan to pay the costs of moving expenses and relocation benefits.

    (f)

    Review of financial records; right of audit. The financial records for the fund shall be available for County inspection and the County reserves the right of audit.

    (g)

    Public purpose. This section being for a public purpose and for the welfare of the citizens of Miami-Dade County, Florida, it shall be liberally construed to effectuate the purposes thereof.

(Ord. No. 82-115, §§ 2—8, 12-21-82; Ord. No. 85-9, § 1, 2-5-85; Ord. No. 86-4, § 1, 1-21-86; Ord. No. 86-88, § 1, 11-18-86; Ord. No. 14-107, § 1, 11-5-14)

Editor's note

Ord. No. 82-115, § 10, adopted Dec. 21, 1982, directed codification of said ordinance; inclusion of §§ 2—8 of 82-115 as Code § 29-6 has been at the editor's discretion.

Cross reference

Planning, § 2-104 et seq.; urban renewal, Ch. 30A.