HomeMy WebLinkAboutR-94-0519RESOLUTION NO. i °' rJ 9
A RESOLUTION, WITH ATTACHMENT(S), APPROVING
THE FISCAL YEAR 1993-94 BUDGET FOR THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT TAX INCREMENT TRUST FUND,
ATTACHED HERETO AND MADE A PART HEREOF;
DIRECTING THE CITY MANAGER TO INITIATE THE
NECESSARY STEPS TO OBTAIN APPROVAL OF SAID
BUDGET FROM THE METROPOLITAN DADE COUNTY
BOARD OF COUNTY COMMISSIONERS.
WHEREAS, pursuant to Resolution No. 1677-82 and Ordinance
No. 82-155, the Metropolitan Dade County Board of County
Commissioners created the Southeast Overtown/Park West Community
Redevelopment District ("District"); and
WHEREAS, pursuant to Resolution No. 93-187, the City
Commission approved an Interlocal Cooperation Agreement
("Agreement"), between the City of Miami and Metropolitan Dade
County, for the implementation and day-to-day management of the
District; and
WHEREAS, the Agreement requires the Community Redevelopment
Agency ("CRA") to prepare an annual budget for the District's
trust fund and submit it to all taxing authorities for approval;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
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fi"olution No.
94- 5i9
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The Fiscal Year 1993-94 Budget for the
Southeast Overtown/Park West Community Redevelopment Tax
Increment Trust Fund, attached hereto and made a part hereof, is
hereby approved.
Section 3. The City Manager is hereby directed to
initiate the necessary steps to obtain approval of said Budget
from the Metropolitan Dade County Board of County Commissioners.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 14th day of July 1994.
SttPHEN P. CLA K, MAYOR
ATTE
MATT? HIRAI, CITY CLERK
BUDGETARY REVIEW APPROVAL:
MANOHAR S. SURANA
ASSISTANT CITY MANA ER
REVIEWED AS TO ACCOUNTING AND
TREASURY REQUIREMENTS:
CARLOS GARCIA, DIRECTOR
DEPARTMENT OF FINANCE 9 4 " 519
-2-
94- 519
CITY OF MIAMI
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
Annual Operating Budget
Fiscal Year 1993-94
REVENUES
City of Miami Contributions:
Tax Increment Funds
$361,109
Guaranteed Entitlement Funds
$300,000
Dade County Contributions:
Tax increment Funds
$243,001
Total Annual Revenue
$904,110
FY 1992-93 Fund Balance"
$1,090,410
Courthose Center Sales Proceeds"*
$2,000,000
Funds Available
$3,994,520
EXPENSES
1990 TIF Bonds Debt Service
$1,117,843
Administrative Expenses
$0
7th and 9th Street Malls
Maintenance and Repair
$60,000
Audit Fees
$7,000
Total Annual Expenses
$1,184,843
l
YEAR END BALANCE
$2,809,677
i
Unaudited
*" In lieu of ad valorem taxes
94- 519
CITY OF MIAMI, FLORIDA
3
8
To : Honorable Mayor and Members DATE AM 2 6 I%4 FILE
of the City Commission
SUBJECT : FY 1994 SEOPW Trust
Fund Budget
FROM : CeS REFERENCES City Commission Meeting
City of May 12, 1994
ENCLOSURES:
' r
RECOMMEND TDB Qh
It is respectfully recommended that the City Commission adopt the attached Resolution
approving Fiscal Year 1993-94 Budget for the Southeast Overtown/Park West
Community Redevelopment Tax Increment Trust Fund.
BACKGROUND:
The Department of Development and Housing Conservation recommends the approval
of the attached Resolution for the purpose of establishing an operating budget for the
redevelopment trust fund and satisfying terms and conditions of the Interlocal
Cooperation Agreement ("Agreement") signed by the City and Dade County.
The Agreement requires the Community Redevelopment Agency to adopt an annual
operating budget for the trust fund and seek approval of the taxing authorities
contributing funds to this project,
Attachments:
Proposed Resolution
Proposed Budget