HomeMy WebLinkAboutSEOPW-CRA-M-98-0010JUN -29 -20 15.57 FROM:P T MARWICR
DRAFT
ID :305
SOUTHEAST OVERTOWN/PARK WEST
REDEVELOPMENT TRUST FUND OF
THE CITY OF MIAMI, FLORIDA
Financial Statements
September 30, 1997
(With Independent Auditors` Report Thereon)
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independent Auditors' Rcport DRAFT 1
Balance Sheet 2
Statement of Revenue, Expenditures and Changes in Fund Balance 3
Notes to Financial Statements 4-6
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SOUTHEAST OVERTOWN/PARK, WEST
REDEVELO MENT TRUST FUND OF
THE QTY OF MIAMI, FLORIDA
September 30, 1997
Table of Contents
ID.3955776020
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To the Honorable Mayor and
City Commissioners
City of Miami, Florida_
Independent Auditors' Report
DRAFT
We have audited the accompanying balance sheet of Southeast Overtown/Park West
Redevelopment Trust Fluid of the City of Miami, Florida, as of September 30, 1997, and the
related statement of revenue, expenditures and changes in fund balance for the year then ended.
These financial statements are the responsibility of the Southeast Overtown/Park West
Redevelopment Trust Fund of the City of Miami, Florida's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those stan-
dards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements_ An audit also
includes assessing the accounting principles used and significant estimates made by xxxanage-
ment, as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of Southeast Overtown/Park West Redevelopment Trust Fund of the City
of Miami, Florida, at September 30, 1997, and the results of its operations for the year then
ended in conformity with generally accepted accounting principles_
February 23, 1998
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Equity in pooled cash
Cash with fiscal agents
Due from primary government
Note receivable
Unreserved
Total assets
See accompanying notes to financial statements.
SOUTHEAST OVERTOWN/PARK WEST
REDEVELOPMENT TRUST FUND OF
THE CLTY OF EMI, FLORIDA
Asse
Fund Balance
Total fund balance
Balance Sheet
September 30, 1997
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$ 1,388,04()
563,326
363,00()
65.00( )
$ ?.379_,366
2.379366
S 2,379
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SOUTHEAST OVERTOWN/PARK WEST
REDEVELOPMENT TRUST FUND OF
THE CITY OF MIAMI, FLORIDA
Statement of Revenue, Expenditures
and Changes in Find Balance
For the fiscal year ended September 30, 1997
Revenue:
State of Florida revenue sharing $ 300,00( )
incremental revenue taxes 133,636
Contributions from Miami Dade County, Florida 90,056
Land sales 412,387
Interest 67,985
Other 19.914
Total revenue 1.023.978
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Expenditures:
Current:
Utilities 13,77:
Contractual services 7,620
Capital outlay 363,00()
Total expenditures 384,39 .4
Excess of revenue over expenditures 639,391
Other financing sources (uses):
Operating transfers fin primary government 363,00()
Operating transfers to primary government ( > )
Total other financing uses (275,545)
Excess of revenues and other financing sources over
expenditures and other financing uses 364,040
Fund balance at beginning of year 2,015,324
Fund balance at end of year $ 2,379,366
See accompanying notes to financial statements.
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(1)
Notes to Financial Statements
September 30, 1997
ID =3055776020
SOUTBEAST OVERTOWN/PARI( WEST
REDEVELOPMENT TRUST FUND OF
TIM CITY OF MIAMI, FLORIDA
DRAFT
General Description
The Southeast Overtown/Park West Redevelopment Plan ( the "Plan ") was established by the
City of Miami, Florida (the "City ") Resolution 82 -755 on July 29, 1982. The Plan entails the
redevelopment of 200 acres of prime real estate in the Southeast Overtown/Park West
community redevelopment area, adjacent to the central business district, for new residential
and commercial activity.
In conjunction with the Plan, the Southeast Overtown/Park West Redevelopment Trust Fund
of the City of Miami, Florida ( "Trust Fund ") was created under the provisions of Florida
Statute, Section 163.387. The City Commission is also the Board of Commissioners of the
Trust Fund. Miami -Dade County, Florida (the "County ") adopted Resolution 82-1677 and
Ordinance 82 -115 approving a plan and tax increment financing for the Southeast
Overtown/Park West Community Redevelopment Area.
On March 31, 1983, the City authorized by Resolution 83 -187 and Ordinance 9590 an
interlocal cooperation agreement with the County whereby the tax increment revenue assessed
by the patties would be deposited into the Trust Fund to be used in accordance with the
approved budget and for the benefit of the Southeast Overtown/Park West Project The Ci iy
has issued debt for the Plan and is responsible under the inter -local agreement for receipt,
custody, disbursement, accountability, management and proper application of all moneys paid
into the Trust Fund.
(2) Summary of Significant Accounting Policies
A summary of significant accounting policies adhered to in the preparation of the
accompanying financial statements is presented below.
Basis of Accounting
The Trust Fund is accounted for using the modified accrual basis of accounting. Under
the modified accrual basis, revenue is recognized when it becomes susceptible to
accrual; that is, when it becomes both measurable and available to pay liabilities of the
current period. Investment earnings are recorded as revenue when earned since they are
both measurable and available. Expenditures are generally recognized in the accounti eta
period in which the related liability is incurred and expected to be liquidated with
available resources. Capital outlays and debt service payments are considered to be
expenditures_
(1) Pooled Cash and Investments
The Trust Fund's equity is held in the City's accounting system in which cash,
investments and accrued interest are recorded and maintained in a separate group of
accounts. All such cash and investments, including accrued interest, are reflected as
(a)
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REDEVELOPMENT TRUST FUND OF
THE CTTY OF MXAMI. FLORIDA
Notes to Financial Statements
pooled cash and investments. Investments are stated at cost or amortized cost, which
approximates market. All investments consists of U.S. government obligations and
prime commercial paper. Interest income is allocated based upon the approximate pro-
portionate balance of each fund's equity in pooled cash and investments.
Fund Balance
Fund balance represents amounts which have been distributed or are not yet distributable
to the ultimate recipient_ The recipient is the Southeast Overtown/Park West
Redevelopment project and, as such, these funds are not available to the City for its own
disposition. - DRAFT
(3) Note Receivable
On January 9, 1997, the City transferred ownership of various properties to the Trust Fund,
including the property located at 269 N.W. 8th Street, which was sold by the Trust Fund to
Bethel A.M.E. Church, Inc. (the "Church"), a Florida non -profit organization, pursuant to
City Resolution 97 -7.
The Church paid cash of $30,000 and signed a $65,000 purchase money not and mortgage
for the property. The purchase money note and mortgage has an annual interest rate of 6
percent, amortized over thirty (30) years with a balloon payment of $46,729 in the fifteenth
year.
(c
(4) Debi issuance
On November 8, 1990, the City issued $11,500,000 aggregate principal amount of
Community Redevelopment Revenue Bonds, Series 1990, maturing through 201.5,
interest rates ranging from 7.15 percent to 8.5 percent. The net proceeds of the bonds
are to be used in part to:
(i) Refinance the $5,958,400 note made by the City from the Department of Housing
and Urban Development of the United States;
(ii) Reimburse the City for moneys advanced to the Redevelopment Area by the City
in an amount not to exceed $750,000; and
(iii) Finance the acquisition and. clearing of certain real property in the Redevelopment
Area and the construction of certain infrastructure improvements in the
Redevelopment Area in accordance with the Redevelopment Plan_
(b) In fiscal. year 1994, the City obtained a Section 108 loan, secured by U.S. Department
of Housing and Urban Development in the amount of $4300,000. The proceeds of t he
loan were used to assist the retirement of $6,735,000 of the City of Miami Community
Redevelopment Bond Series 1990. Interest is payable on February 1 and August 1,
annually, and principal is payable annually commencing August 1, 2000.
(a)
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In fiscal year 1995, the City obtained a Section 108 loan secured by the U.S.
Department of Housing and Urban Development in the amount of $300.000. The
proceeds of the loan were used to acquire real property at a cost of S246,837 for part of
the development of the historic village located within the Southeast Overtown/Park Wc,t
Redevelopment axca. Interest is payable on February 1 and August 1, annually, and
principal is payable annually commencing on August 1, 2000.
(d) In fiscal year 1995, the City obtained a Section 108 loan secured by U.S. Department
of Housing and Urban Development in the amount of $2,500,000. The proceeds of tile
loan were used to finalize the development of a restaurant/sports bar complex located
within the Southeast Overtown/Park West Redevelopment are Interest is payable can
February 1 and August 1, annually, and principal is payable annually commencing on
August 1. 1998.
(c)
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REDEVELOPMENT TRUST FUND OF
THE CITY OF MIAMI, FLORIDA
Notes to Financial Statements
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