HomeMy WebLinkAboutR-92-0346J-92-332
4/21/92
RESOLUTION NO. 2
A RESOLUTION, WITH ATTACHMENT, APPROVING THE -
ATTACHED FISCAL YEAR 1991-1992 BUDGET FOR THE --
SOUTHEAST OVERTOWN/PARK WEST REDEVELOPMENT
DISTRICT TAX INCREMENT TRUST FUND; INSTRUCT-
ING THE CITY MANAGER TO SEEK APPROVAL OF SAID
BUDGET BY METROPOLITAN DADE COUNTY. =
----------------
WHEREAS, by Resolution No. 1677-82 and Ordinance 82-
155, the Metropolitan Dade County Board of County Commissioners
created the Southeast Overtown/Park West Community Redevelopment
District ("District"); and
WHEREAS, by Resolution No. 83-187, 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 Redevel-
opment Agency ("CRA") to prepare a yearly budget for the
District's trust fund and submit the budget to all taxing author-
ities for approval;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE T
CITY OF MIAMI, FLORIDA:
SECTION 1. The attached Fiscal Year 1992 Budget for
the Southeast Overtown/Park West Redevelopment District Tax
Increment Trust Fund is hereby approved.
-1- CITY C0VWSSI0X . i
IKEETING OF ) -
e9. 6 y P� C tl i 9 EN 7 (sMAY 2 8 1992
0 91 T A i `�" � E Resolution Na
9 2- 346 _r
4 "#
SECTION 2. The City Manager is hereby instructed to
submit said budget to Metropolitan Dade County for approval.
SECTION 3. This Resolution shall become effectiveimmedi-
ately upon its adoption.
PASSED AND ADOPTED this 28th rlav nf
ATTEST:
MATI'Y HIRAI, CITY CL
BUDGETARY REVIEW & APPROVAL:
Men
MANOHAR SU DIRECTOR
DEPARTMENT O UDGET
PREPARED AND APPROVED BY:
LI A K. KEARS
ASSISTANT CITY ATTORNEY
_3_
May . 1992.
FINANCIAL REVIEW & APPROVAL:
cl�-
CAft1jP9 GARCIA, DIRECTOR
DEPARTMENT OF FINANCE
APPROVED AS TO FORM AND
CORRECTNESS:
92-- 346
SOUTHEAST OVERTOFIN/PARK HEST
COMMUNITY REDEVELOPMENT AGENCY
ANNUAL OPERATING BUDGET
FISCAL YEAR 1991-92
REVENUES:
City Contributions:
Tax Increment Funds $758,711
Guaranteed Entitlement Funds $300,000
County Contributions:
Tax Increment Funds $582,431
Fund Balance at end of
Fiscal Year 1990-91* $938,322
Total Annual Revenues 52.579,464
EXPENSES:
1990 TIF Bonds Debt Service $1,118,733
Administrative Expenses $200,000
Professional Services $300,000
9 & 7 Street Malls Security &
Maintenance $85,000
Vacant Property Maintenance $15,000
Audit Fees $5,000
Total Annual Expenses S1,453,733
YEAR END BALANCE S1,125,731
* Unaudited
92- 346
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
TO of the City Commission
4zl�
FROM: Cesar H . Odio
City Manager
i 00 � I 47Nko0\
DATE ' I :i •- 0 19C92 Seop 3g0. 06
FY 1992 Southeast
Su6JECT .Overtown/Park West
Redevelopment Trust
Fund Budget
REFERENCES:
ENCLOSURO. / 14 / 9 2 Commission Mtg .
It is respectfully recommended that the City Commission adopt the
attached Resolution, approving FY 1992 Budget for the Southeast
Overtown/Park West Redevelopment District Tax Increment Trust
Fund.
The Department of Development and Housing Conservation recommends
the approval of the attached Resolution to satisfy the terms of
the Interlocal Cooperation Agreement ("Agreement") signed between
the City and Metropolitan Dade County.
The Agreement requires the Community Redevelopment Agency (City
of Miami) to prepare a budget for the trust funds and seek ap-
proval of the respective taxing authorities contributing funds to
this project.
Attachments:
Proposed Budget
Proposed Resolution
92- 346