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<br />This proposed settlement agreement with Miami-Dade County may save the City an estimated amount <br />of$201,055.38 (Two Hundred One Thousand Fifty Five Dollars and Thirty Eight Cents) in ad valorem <br />property taxes. Importantly, the City will continue to receive a 50% tax exemption for the property for <br />the 2008 tax year. <br /> <br />The City Attorney's Office believes this proposed settlement agreement strongly inures to the benefit <br />of the City. For this reason, it is recommended that the City Commission approve and adopt the <br />attached Resolution approving the tax settlement agreement with the Miami-Dade County Property <br />Appraiser's Office. <br /> <br />/ Attachment <br />