HomeMy WebLinkAboutComposite Exhibit AComposite Exhibit A:
August 31, 2020, Board of Commissioners of the Midtown CRA
Resolution No. MCRA-R-20-0001, approving and adopting
the Midtown CRA's Proposed Budget for the fiscal year
commencing October 1, 2020 and ending September 30, 2021 in the amount of
$15,279,146.00,
all attachments thereto,
Executive Director's Memorandum,
and required City Budget Form
Midtown
Community Redevelopment Agency
Legislation
MCRA Resolution: MCRA-R-20-0001
File Number: 7795
Midtown CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
Final Action Date: 8/31/2020
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING THE 2021 PROPOSED BUDGET OF THE CRA,
ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF
$15,279,146 FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2020 AND
ENDING SEPTEMBER 30, 2021; DIRECTING THE EXECUTIVE DIRECTOR TO
TRANSMIT A COPY OF THE BUDGET TO THE CITY OF MIAMI AND MIAMI-
DADE COUNTY.
WHEREAS, the Midtown Community Redevelopment Agency ("CRA") is responsible for
carrying out community redevelopment activities and projects within its Redevelopment Area;
and
WHEREAS, as a prerequisite to carrying out the redevelopment activities for Fiscal Year
2020-2021, the Board of Commissioners of the CRA must approve the proposed Tax Increment
Budget ("Budget") for the fiscal year commencing October 1, 2020 ending September 30, 2021;
and
WHEREAS, a copy of the Budget is required to be transmitted to the City of Miami
("City") and Miami -Dade County ("County");
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
approved by reference and incorporated as if fully set forth in this Section.
Section 2. The Board of Commissioners of CRA hereby approves and adopts the
proposed Budget for the fiscal year commencing October 1, 2020 ending September 30, 2021,
attached and incorporated as Exhibit "A".
Section 3. The Executive Director is directed to transmit a copy of the proposed Budget
to the City and the County.
Section 4. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 1 of 2 File ID: 7795 (Revision: A) Printed On: 813112020
File ID: 7795
Enactment Number: MCRA-R-20-0001
APPROVED AS TO FORM AND CORRECTNESS:
Barnaby L. Min, Deputy City Attorney 8/31/2020
City of Miami Page 2 of 2 File ID: 7795 (Revision: A) Printed on: 813112020
File Number: 7795
Revision: A
Midtown
Community Redevelopment Agency
Master Report
Enactment Number: MCRA-R-20-0001
File Type: MCRA
Resolution
File Name: Midtown CRA's Proposed Budget for FY'20-'21
Midtown CRA
1401 N. Miami Avenue
Miami, FL 33136
htto://miamicra.com
Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: Midtown Community
Redevelopment Agency
Introduced: 8/20/2020
Requesting Dept: Midtown Community Redevelopment Agency Final Action Date: 8/31/2020
Title: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING THE 2021 PROPOSED BUDGET OF THE CRA,
ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF $15,279,146
FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2020 AND ENDING
SEPTEMBER 30, 2021; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A
COPY OF THE BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY.
Notes:
Links:
Attachments: 7795 Exhibit A SUB (PDF)
History of Legislative File:
Revision: Acting Body:
Date:
Action:
Result:
Barnaby L. Min
8/21/2020
Approved Form and
Completed
Correctness
Midtown Community
8/31/2020
Meeting
Completed
Redevelopment Agency
Midtown Community
8/31/2020
ADOPTED WITH
Passed
Redevelopment Agency
MODIFICATION(S)
A Barnaby L. Min
8/31/2020
Approved Form and
Completed
Correctness with Modification(s)
A City Clerk's Office
8/31/2020
Rendered
Completed
City of Miami Page 1 of 1 Printed on: 813112020
EXHIBIT A
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
FY 2021
FY 2020
Budget
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
Proposed
Adopted
Variance
Budget
Budget
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
$626,716
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,946
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8,883,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1% out
$98,467
$88,837
$9,630
of FY 2020 TIF revenue)
OTHER CURRENT CHARGES AND OBLIG
$15,180,679
$8,794,867
$6,385,812
TOTAL EXPENDITURES
$15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
17795 Exhibit A SUB
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
OTHER CURRENT CHARGES AND OBLIGATIONS
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (City)
Adjustment (County)
City
FY 2020-2021
878,398,634
(29,281,592)
849,117, 042
849,117
806,661
7,6665
(8,888,517)
(8,889)
(8,444)
7.4365
$6,184,268
(62,794)
$6,121,474
$ 98,467
$ 15,180,679
County
FY 2020-2021
878,398,634
(29,281,592)
849,117,042
849,117
806,661
4,6669
$3,764,607
(8,888,517)
(8,889)
(8,444)
4,6669
(39,408)
$3,725,199 $9,646,673
Q
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
Special Assessments and Tax Increment Revenue
Year
Ending
Series 2014A
Debt Service
TIF Revenue(2)
Net Series
2014A Special
Assessment
11/1/2014
$ 4,767,211(')
$ 3,332,159
$ 1,435,052
11/1/2015
4,694,269
3,365,481
1,328,788
11/1/2016
4,693,294
3,399,135
1,294,158
11/1/2017
4,694,238
3,433,127
1,261,111
11/1/2018
4,696,888
3,467,458
1,229,429
11/1/2019
4,696,138
3,502,133
1,194,005
ll/l/2020
4,696,881
3,537,154
1,159,727
ll/l/2021
4,698,906
3,572,525
1,126,381
ll/l/2022
4,697,106
3,608,251
1,088,856
ll/l/2023
4,696,375
3,644,333
1,052,042
ll/l/2024
4,696,500
3,680,777
1,015,723
ll/l/2025
4,697,625
3,717,584
980,041
ll/l/2026
4,698,625
3,754,760
943,865
ll/l/2027
4,698,000
3,792,308
905,692
ll/l/2028
4,700,375
3,830,231
870,144
ll/l/2029
4,695,500
3,868,533
826,967
ll/l/2030
4,698,000
3,907,218
790,782
ll/l/2031
4,697,375
3,946,291
751,084
ll/l/2032
4,698,250
3,985,754
712,496
ll/l/2033
4,695,250
4,025,611
669,639
ll/l/2034
4,697,875
4,065,867
632,008
ll/l/2035
4,695,625
4,106,526
589,099
ll/l/2036
4,698,000
4,147,591
550,409
ll/l/2037
4,694,500
4,189,067
505,433
Total
$112,792, 005
$ 89,879,874
$ 22,912,931
Series 2014B
Debt Service
$ 1,968,669(3)
1,951,725
1,957,081
1,951,163
1,953,969
1,955,288
1,955,119
1,953,463
1,950,319
1,950,581
1,949,144
1,951,875
1,953,250
1,951,875
1,952,625
1,950,375
1,950,000
1,951,250
1,949,000
1,953,000
1,948,125
1,954,125
1,955,625
1,952,625
$ 46,870,269
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
Total Series
2014 Debt
Service
$ 6,735,880
6,645,994
6,650,375
6,645,400
6,650,856
6,651,425
6,652,000
6,652,369
6,647,425
6,646,956
6,645,644
6,649,500
6,651,875
6,649,875
6,653,000
6,645,875
6,648,000
6,648,625
6,647,250
6,648,250
6,646,000
6,649,750
6,653,625
6,647,125
$159,663,073
Total Net
Special
Assessment
$ 3,403,721
3,280,513
3,251,240
3,212,273
3,183,398
3,149,292
3,114,846
3,079,843
3,039,174
3,002,623
2,964,867
2,931,916
2,897,115
2,857,567
2,822,769
2,777,342
2,740,782
2,702,334
2,661,496
2,622,639
2,580,133
2,543,224
2,506,034
2,458,058
$ 69,783,200
(1) Includes Series 2004A Bonds and Series 2014A Bonds debt serivice.
(2) Assumes actual 2014 Tax Increment Revenue of $3,332,159 with 1% annual growth rate thereafter. For illustrative
purposes only. Actual Tax Increment Revenue amount is dependent upon a number of factors, including future property
values as described above under "Tax Increment Revenues."
(3) Includes Series 2004B Bonds and Series 2014B Bonds debt serivice.
Debt Service Reserve Fund
Separate accounts within the Debt Service Reserve Fund will be maintained under the
Indenture for the benefit of the Series 2014 Bonds. Pursuant to the Indenture, the Series 2014A
Debt Service Reserve Requirement means $1,000,000 and the Series 2014B Debt Service
Reserve Requirement means 50% of the maximum annual debt service of the Series 2014B
Bonds on the date of their original issuance and delivery. Amounts on deposit in the Series 2014
Debt Service Reserve Account will be used to cure any deficiency in the Interest, Principal and
Sinking Fund Accounts for the Series 2014 Bonds.
The maximum annual debt service for the Series 2014A Bonds is $4,700,375.00 and the
maximum annual debt service for the Series 2014B Bonds is $1,957,081.25. The amount of Tax
Increment Revenues received by the District from the Midtown CRA on April 3, 2014, was
$3,332,159, which amount will fluctuate in future years as further described herein. The Tax
Increment Revenues are used solely to pay debt service on the Series 2014A Bonds and reduces
the amount of special assessments collected to pay debt service on the Series 2014A Bonds.
27
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond END OF THIS DOCUMENT.
DEBT SERVICE REQUIREMENTS")
The following table sets forth the approximate debt service requirements for the Series 2014 Bonds:
Aggregate
Year Ending
2014A Bonds
2014A Bonds
2014A Bonds
2014B Bonds
2014B Bonds
Series 2014B
Debt
November 1
Principal(2)
Interest
Total
Principal(2)
Interest
Bonds Total
Service
2014
$ -
$ 1,383,711
$ 1,383,711
$ -
$ 575,206
$ 575,206
$ 1,958,917
2015
1,635,000
3,059,269
4,694,269
680,000
1,271,725
1,951,725
6,645,994
2016
1,705,000
2,988,294
4,693,294
715,000
1,242,081
1,957,081
6,650,375
2017
1,780,000
2,914,238
4,694,238
740,000
1,211,163
1,951,163
6,645,400
2018
1,860,000
2,836,888
4,696,888
775,000
1,178,969
1,953,969
6,650,856
2019
1,940,000
2,756,138
4,696,138
810,000
1,145,288
1,955,288
6,651,425
2020
2,025,000
2,671,881
4,696,881
845,000
1,110,119
1,955,119
6,652,000
2021
2,115,000
2,583,906
4,698,906
880,000
1,073,463
1,953,463
6,652,369
2022
2,205,000
2,492,106
4,697,106
915,000
1,035,319
1,950,319
6,647,425
2023
2,300,000
2,396,375
4,696,375
955,000
995,581
1,950,581
6,646,956
2024
2,400,000
2,296,500
4,696,500
995,000
954,144
1,949,144
6,645,644
2025
2,515,000
2,182,625
4,697,625
1,045,000
906,875
1,951,875
6,649,500
2026
2,645,000
2,053,625
4,698,625
1,100,000
853,250
1,953,250
6,651,875
2027
2,780,000
1,918,000
4,698,000
1,155,000
796,875
1,951,875
6,649,875
2028
2,925,000
1,775,375
4,700,375
1,215,000
737,625
1,952,625
6,653,000
2029
3,070,000
1,625,500
4,695,500
1,275,000
675,375
1,950,375
6,645,875
2030
3,230,000
1,468,000
4,698,000
1,340,000
610,000
1,950,000
6,648,000
2031
3,395,000
1,302,375
4,697,375
1,410,000
541,250
1,951,250
6,648,625
2032
3,570,000
1,128,250
4,698,250
1,480,000
469,000
1,949,000
6,647,250
2033
3,750,000
945,250
4,695,250
1,560,000
393,000
1,953,000
6,648,250
2034
3,945,000
752,875
4,697,875
1,635,000
313,125
1,948,125
6,646,000
2035
4,145,000
550,625
4,695,625
1,725,000
229,125
1,954,125
6,649,750
2036
4,360,000
338,000
4,698,000
1,815,000
140,625
1,955,625
6,653,625
2037
4,580,000
114,500
4,694,500
1,905,000
47,625
1,952,625
6,647,125
Total
64.875. 000
$44,534,305
109.409.305
26970.000
$18,506,806
45.476.806
$154,886J11
Totals may not add due to rounding.
(2) Includes amortization installments.
W.
EXHIBIT A I I SUBSTITUTED
FY 2021
FY 2020
Budget
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
Proposed
Adopted
Variance
Budget
Budget
Revenues
/S626,.716'
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,9
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8, ,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1% out
$88,837
$9,630
of FY 2020 TIF revenue)
/$80,679
OTHER CURRENT CHARGES AND OBLIG
$8,794,867
$6,385,812
TOTAL EXPENDITURES
15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
SUBSTITUTED
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
OTHER CURRENT CHARGES AND OBLIGATIONS
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (City)
Adjustment (County)
City
FY 2020-2021
878,398,634
(29,281,592)
849,117, 042
849,117
806,661
7,6665
(8,888,517
(8,8
( ,444
.4365
$6.1V,268
(62,794)
$6,121,474
$ 98,467
$ 15,180,679
County
2020-2021
878,398,634
(29,281,592)
849,117,042
849,117
806,661
4,6669
(8,888,517)
(8,889)
(8,444)
4,6669
$3,764,607
(39,408)
$3,725,199 $9,646,673
Q
MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Ken Russell Date: File:
and Members of the CRA Board
Subject: Midtown CRA's 2021 Proposed Budget
From: Pieter A. Bockweg : ' /�/ x References:
Executive Director
Enclosures: Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Midtown Redevelopment District Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution, with attachment(s), adopting the
2021 proposed budget of the Midtown Community Redevelopment Agency in the amount of $15,279,146, for the
fiscal year commencing October 1, 2020 ending September 30, 2021. Further directing the Executive Director to
transmit a copy of the 2021 proposed budget to the City of Miami and Miami -Dade County.
JUSTIFICATION:
The Interlocal Agreement requires the Midtown CRA to annually prepare a proposed budget and to amend the
budget so as to reflect the actual tax increment funds received in the fiscal year.
This Resolution fulfills this requirement
FY 2021
FY Z020
Budget
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
Proposed
Adopted
Variance
Budget
Budget
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
$626,716
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,946
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8,883,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1%b out
$98,467
$88,837
$9,630
of FY 2020 TIF revenue)
OTHER CURRENT CHARGES AND OBLIG
$15,180,679
$8,794,867
$6,385,812
TOTAL EXPENDITURES
$15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
OTHER CURRENT CHARGES AND OBLIGATIONS
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (Cfty)
Adjustment (County)
City
FY 2020-2021
878,398.634
(29,281,592)
849,117,042
849,117
806,661
7.6665
$6,184,268
(8,888,517)
(8,889)
(8,444)
7.4365
(62,794)
$6,121,474
$ 98,467
$ 15,180,679
County
FY 2020-2021
878,398,634
(29,261.592)
806,661
4,6669
(8,888,517)
(8,889)
(8,444)
4.8669
$3,764„607
(39,408)
$3,725,199 $9,846,673
0
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
Special Assessments and Tax Increment Revenue
Year
Ending
Series 2014A
Debt Service
TIF Revenue(2)
Net Series
2014A Special
Assessment
11/1/2014
$ 4,767,211(')
$ 3,332,159
$ 1,435,052
11/1/2015
4,694,269
3,365,481
1,328,788
11/1/2016
4,693,294
3,399,135
1,294,158
11/1/2017
4,694,238
3,433,127
1,261,111
11/1/2018
4,696,888
3,467,458
1,229,429
11/1/2019
4,696,138
3,502,133
1,194,005
ll/l/2020
4,696,881
3,537,154
1,159,727
ll/l/2021
4,698,906
3,572,525
1,126,381
ll/l/2022
4,697,106
3,608,251
1,088,856
ll/l/2023
4,696,375
3,644,333
1,052,042
ll/l/2024
4,696,500
3,680,777
1,015,723
ll/l/2025
4,697,625
3,717,584
980,041
ll/l/2026
4,698,625
3,754,760
943,865
ll/l/2027
4,698,000
3,792,308
905,692
ll/l/2028
4,700,375
3,830,231
870,144
ll/l/2029
4,695,500
3,868,533
826,967
ll/l/2030
4,698,000
3,907,218
790,782
ll/l/2031
4,697,375
3,946,291
751,084
ll/l/2032
4,698,250
3,985,754
712,496
ll/l/2033
4,695,250
4,025,611
669,639
ll/l/2034
4,697,875
4,065,867
632,008
ll/l/2035
4,695,625
4,106,526
589,099
ll/l/2036
4,698,000
4,147,591
550,409
ll/l/2037
4,694,500
4,189,067
505,433
Total
$112,792, 005
$ 89,879,874
$ 22,912,931
Series 2014B
Debt Service
$ 1,968,669(3)
1,951,725
1,957,081
1,951,163
1,953,969
1,955,288
1,955,119
1,953,463
1,950,319
1,950,581
1,949,144
1,951,875
1,953,250
1,951,875
1,952,625
1,950,375
1,950,000
1,951,250
1,949,000
1,953,000
1,948,125
1,954,125
1,955,625
1,952,625
$ 66,870,269
Total Series
2014 Debt
Service
$ 6,735,880
6,645,994
6,650,375
6,645,400
6,650,856
6,651,425
6,652,000
6,652,369
6,647,425
6,646,956
6,645,644
6,649,500
6,651,875
6,649,875
6,653,000
6,645,875
6,648,000
6,648,625
6,647,250
6,648,250
6,646,000
6,649,750
6,653,625
6,647,125
$159,663,073
Total Net
Special
Assessment
$ 3,403,721
3,280,513
3,251,240
3,212,273
3,183,398
3,149,292
3,114,846
3,079,843
3,039,174
3,002,623
2,964,867
2,931,916
2,897,115
2,857,567
2,822,769
2,777,342
2,740,782
2,702,334
2,661,496
2,622,639
2,580,133
2,543,224
2,506,034
2,458,058
$ 69,783,200
(1) Includes Series 2004A Bonds and Series 2014A Bonds debt serivice.
(2) Assumes actual 2014 Tax Increment Revenue of $3,332,159 with 1% annual growth rate thereafter. For illustrative
purposes only. Actual Tax Increment Revenue amount is dependent upon a number of factors, including future property
values as described above under "Tax Increment Revenues."
(3) Includes Series 2004B Bonds and Series 2014B Bonds debt serivice.
Debt Service Reserve Fund
Separate accounts within the Debt Service Reserve Fund will be maintained under the
Indenture for the benefit of the Series 2014 Bonds. Pursuant to the Indenture, the Series 2014A
Debt Service Reserve Requirement means $1,000,000 and the Series 2014B Debt Service
Reserve Requirement means 50% of the maximum annual debt service of the Series 2014B
Bonds on the date of their original issuance and delivery. Amounts on deposit in the Series 2014
Debt Service Reserve Account will be used to cure any deficiency in the Interest, Principal and
Sinking Fund Accounts for the Series 2014 Bonds.
The maximum annual debt service for the Series 2014A Bonds is $4,700,375.00 and the
maximum annual debt service for the Series 2014B Bonds is $1,957,081.25. The amount of Tax
Increment Revenues received by the District from the Midtown CRA on April 3, 2014, was
$3,332,159, which amount will fluctuate in future years as further described herein. The Tax
Increment Revenues are used solely to pay debt service on the Series 2014A Bonds and reduces
the amount of special assessments collected to pay debt service on the Series 2014A Bonds.
27
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
DEBT SERVICE REQUIREMENTS")
The following table sets forth the approximate debt service requirements for the Series 2014 Bonds:
Aggregate
Year Ending
2014A Bonds
2014A Bonds
2014A Bonds
2014B Bonds
2014B Bonds
Series 2014B
Debt
November 1
Principal(2)
Interest
Total
Principal(2)
Interest
Bonds Total
Service
2014
$ -
$ 1,383,711
$ 1,383,711
$ -
$ 575,206
$ 575,206
$ 1,958,917
2015
1,635,000
3,059,269
4,694,269
680,000
1,271,725
1,951,725
6,645,994
2016
1,705,000
2,988,294
4,693,294
715,000
1,242,081
1,957,081
6,650,375
2017
1,780,000
2,914,238
4,694,238
740,000
1,211,163
1,951,163
6,645,400
2018
1,860,000
2,836,888
4,696,888
775,000
1,178,969
1,953,969
6,650,856
2019
1,940,000
2,756,138
4,696,138
810,000
1,145,288
1,955,288
6,651,425
2020
2,025,000
2,671,881
4,696,881
845,000
1,110,119
1,955,119
6,652,000
2021
2,115,000
2,583,906
4,698,906
880,000
1,073,463
1,953,463
6,652,369
2022
2,205,000
2,492,106
4,697,106
915,000
1,035,319
1,950,319
6,647,425
2023
2,300,000
2,396,375
4,696,375
955,000
995,581
1,950,581
6,646,956
2024
2,400,000
2,296,500
4,696,500
995,000
954,144
1,949,144
6,645,644
2025
2,515,000
2,182,625
4,697,625
1,045,000
906,875
1,951,875
6,649,500
2026
2,645,000
2,053,625
4,698,625
1,100,000
853,250
1,953,250
6,651,875
2027
2,780,000
1,918,000
4,698,000
1,155,000
796,875
1,951,875
6,649,875
2028
2,925,000
1,775,375
4,700,375
1,215,000
737,625
1,952,625
6,653,000
2029
3,070,000
1,625,500
4,695,500
1,275,000
675,375
1,950,375
6,645,875
2030
3,230,000
1,468,000
4,698,000
1,340,000
610,000
1,950,000
6,648,000
2031
3,395,000
1,302,375
4,697,375
1,410,000
541,250
1,951,250
6,648,625
2032
3,570,000
1,128,250
4,698,250
1,480,000
469,000
1,949,000
6,647,250
2033
3,750,000
945,250
4,695,250
1,560,000
393,000
1,953,000
6,648,250
2034
3,945,000
752,875
4,697,875
1,635,000
313,125
1,948,125
6,646,000
2035
4,145,000
550,625
4,695,625
1,725,000
229,125
1,954,125
6,649,750
2036
4,360,000
338,000
4,698,000
1,815,000
140,625
1,955,625
6,653,625
2037
4,580,000
114,500
4,694,500
1,905,000
47,625
1,952,625
6,647,125
Total
64.875. 000
$44,534,305
109.409.305
26970.000
$18,506,806
45.476.806
$154,886J11
Totals may not add due to rounding.
(2) Includes amortization installments.
W.