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HomeMy WebLinkAboutR-86-0589.1V J-86-610 7/2/86 RESOLUTION NO. t3s___-s8q.1 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA, DESIGNATING AN "ENTERPRISE ZONE" IN THE CITY PURSUANT TO CHAPTER 290, FLORIDA STATUTES; SPECIFYING THE MINIMUM LOCAL PARTICIPATION TO BE CONDUCTED IN THE ENTERPRISE ZONE, IF GRANTED APPROVAL; AND DIRECTING THE CITY CLERK TO FORWARD A CERTIFIED COPY OF THIS RESOLUTION TO THE BOARD OF COMMISSIONERS OF METROPOLITAN DADE COUNTY. WHEREAS, the City Commission of the City of Miami has established that economic and community development of distressed areas is a public purpose and that local residents and the private sector should be assisted in revitalizing such areas; and WHEREAS, the City of Miami desires to participate in the Florida Enterprise Zone Program (Chapter 290, Fla. Statutes) to induce the investment of private resources in productive business enterprises located in distressed areas; and WHEREAS, there exists an area, described below ("affected area"), within the corporate boundaries of the City of Miami which contains a large number of commercial buildings which are deteriorated or deteriorating, as well as a large number of substandard housing units which contribute to ill health and other potential dangers for their residents; and WHEREAS, the rehabilitation and/or redevelopment of the affected area is in the best interest of the public health, safety, morals and welfare of the residents of the City of Miami, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The area outlined by the boundaries listed in Exhibit "A" and illustrated by the map entitled "City of Miami Proposed Enterprise Zone," which are attached to this Resolution and incorporated by reference, is hereby designated as a locally approved enterprise zone pursuant to Section 290.0055, Fla. Stat. 1985). CITY COMMISSION MEETING OF JUL 100 1986 p HSOLUTION No. REMARKS: t Section 2. The City Commission of the City of Miami hereby requests that the Metropolitan Dade County Commission include the areas identified in Exhibit "A" in the area(s) submitted by it for approval from the Secretary of the Department of Community Affairs of the State of Florida pursuant to Section 290.0065, Fla. Stat. (1985), to certify these areas as eligible for the benefits contained in Section 290.0007, Fla. Stat. (1985). Section 3. The City Commission of the City of Miami hereby commits to enact the following program of local participation, contingent upon state approval, within the boundaries of the enterprise zone: The City of Miami shall expend at least forty percent (40%) of its Fiscal Year 1985-1986 allotment of funds awarded under the Community Development Block Grant within the boundaries of the locally designated enterprise zone. Section 4. The City Clerk is hereby directed to forward a certified copy of this Resolution to Richard Brinker, Clerk of the Board of Commissioners of Metropolitan Dade County. PASSED AND ADOPTED this loth day of JULY _ 1986. ATTE "RATTY HARAI, City Clerk PREPARED AND APPROVED BY: Li �- L E. MAXW L s istant City Attorney JEM:cm-s:P015 AVIER L. SUAREZ, Mayor APPRO CO RRE 'TO FORM AND City Attorney -2- V EXHIBIT A BOUNDARY DESCRIPTION City of Miami Portion of Enterprise Zone — 1986 Beginning at the intersection of the Miami City Limits and N.W. 36th Street; East on N.W. 36th Street to N.W. 27th Avenue; South on N.W. 27th Avenue to N.W. 35th Street; East on N.W. 35th Street to N.W. 12th Avenue; South on N.W. 12th Avenue to N.W. 33rd Street; East on N.W. 33rd Street to N.W. llth Court; South on N.W. 11th Court to N.W. 32nd Street; East on N.W. 32nd Street to N.W. llth Avenue; North on N.W. llth Avenue to N.W. 35th Street; East on N.W. 35th Street to N.W. loth Avenue; South on N.W. 10th Avenue to N.W. 34th Street; East on N.W. 34th Street to N.W. 7th Place; South on N.W. 7th Place to N.W. 32nd Avenue; West on N.W. 32nd Street to N.W. 8th Avenue; South on N.W. 8th Avenue to N.W. 29th Terrace; East on N.W. 29th Terrace to N.W. 8th Avenue; South on N.W. 8th Avenue to N.W. 28th Street; West on N.W. 28th Street to N.W. loth Avenue; South on N.W. 10th Avenue to N.W. 24th Street; West on N.W. 24th Street to N.W. 17th Avenue; South on N.W. 17th Avenue to N.W. 23rd Street; West on N.W. 23rd Street to N.W. 25th Avenue; North on N.W. 25th Avenue to N.W. 29th Street; West on N.W. 29th Street to N.W. 27th Avenue; Page 1 of 4 8F-585 , 1 South on N.W. 27th Avenue to N.W. 20th Street; East on N.W. 20th Street to N.W. 14th Avenue; South on N.W. 14th Avenue to Wagner Creek; Southeast on Wagner Creek to N.W. 16th Terrace; East on N.W. 16th Terrace to N.W. 12th Avenue; South on N.W. 12th Avenue to N.W. 14th Street; West on N.W. 14th Street to N.W. 17th Avenue; South on N.W. 17th Avenue to N.W. North River Drive; Northwest on N.W. North River Drive to N.W. 27th Avenue; North on N.W. 27th Avenue to N.W. 20th Street; West on Northwest 20th Street (extended across the Miami River) to Delaware Parkway; Southeast on Delaware Parkway to N.W. 28th Avenue; North on N.W. 28th Avenue to North Fork of the Miami River; East on North Fork of the Miami River to N.W. 27th Avenue; South on N.W. 27th Avenue to N.W. 16th Street Road; Southeast on N.W. 16th Street Road to N.W. 24th Avenue; South on N.W. 24th Avenue to N.W. 15th Street; East N.W. 15th Street to N.W. 23rd Avenue; South on N.W. 23rd Avenue to N.W. 14th Street; East on N.W. 14th Street to N.W. 13th Street; West on N.W. 13th Street to N.W. 22nd Avenue; South on N.W. 22nd Avenue to N.W. llth Street; East on N.W. llth Street to N.W. 19th Avenue; North on N.W. 19th Avenue to N.W. South River Drive; East on N.W. South River Drive to State Road 836; East on State Road 836 to the Miami River; East along the Miami River to N.W. 12th Avenue; Page 2 of 4 86-589,, 1 N 1 South on N.W. 12th Avenue to N.W. 7th Street; East on N.W. 7th Street to N.W. South River Drive; Southeast on N.W. South River Drive to N.W. 8th Avenue; South on 8th Avenue to S.W. 6th Street; East on S.W. 6th Street to S.W. 2nd Avenue; South on S.W. 2nd Avenue to S.W. 7th Street; East on S.W. 7th Street to S.W. 1st Avenue; North on S.W. 1st Avenue to East on S.W. 6th Street to S.W. Miami Avenue Road; Northeast on S.W. Miami Avenue Road to South Miami Avenue; North on South Miami Avenue to S.W. 2nd Street; West on S.W. 2nd Street to Interstate 95; North on Interstate 95 to West Flagler Street; West on West Flagler Street to N.W. North River Drive; Northwest on N.W. North River Drive to N.W. 6th Avenue; North on N.W. 6th Avenue to N.W. 5th Street; West on N.W. 5th Street to N.W. 3rd Avenue• ^' North on N.W. 3rd Avenue to N.W. filth Street; East N.W. lith Street to North Miami Avenue; North on North Miami Avenue to N.E. llth Terrace; East on N.E. llth Terrace to Biscayne Boulevard; §=k North on Biscayne Boulevard to N.E. 39th Street; N West on N.E. 39th Street to Federal Highway; ,r North on Federal Highway to N.E. 42nd Street; A ,rf• West on N.E. 42nd Street to North Miami Avenue; South on North Miami Avenue to N.W. 37th Street; ;3 West on N.W. 37th Street to N.W. 3rd Avenue; Page 3 of 4 86-s8911 1 t North on N.W. 3rd Avenue to Interstate 195; j West on Interstate 195 to Interstate 95; North on Interstate 95 to N.W. 71st Street; East on N.W. list Street to N.E. 2nd Avenue; South on N.E. 2nd Avenue to N.E. 54th Street; East on N.E. 54th Street to FEC Railroad Tracks; North on FEC Railroad Tracks to N.E. 61st Street; East on N.E. 61st Street to N.E. 4th Court; North on N.E. 4th Court to N.E. 79th Street; East on N.E. 79th Street to Biscayne Boulevard; North on Biscayne Boulevard to N.E. 82nd Street; West on N.E. 82nd Street to N.E. 3rd Place; North on N.E. 3rd Place to N.E. 82nd Terrace; West on N.E. 82nd Terrace to N.E. 2nd Street; North on N.E. 2nd Street to Little River Canal; West on Little River Canal to North Miami Avenue; South on North Miami Avenue to North 79th Street; East on N.E. 79th Street to N.E. 2nd Avenue; South on N.E. 2nd Avenue to N.E. 75th Street; East on North 75th Street to Interstate 95; North on Interstate 95 to the Miami City Limits; West and South along the Miami City Limits to the point of beginning; Page 4 of 4 Bs-se9, ) AF 1 / ca-� TO ::C::+ F R O N iw 'SIC. ti. .fir.• ....:: .'.': .'::.':..•:: .': :.'. tttt,;ri•:�i.�1't'ti4Y'•.•fAA.► 5x:''r•''1�,'?1�c�1Y� ''}'�h�: '::::.,.J.'•:::.•:':�::•:.•:::: �., :• ! �i �:.�;i`•:• n v v . 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' ^ i �•�' i E~ S� ff—SZo '�i L -1 r------i ------• r_2ad_..l L�Z._.i��it_._� 5iz UP -7j Eli ,,.rmw 111A& jSYr l �!eo*CT4� 1"q ,Far 7z 9 ii El LA�1h A L- cz AT BOO ! ire r &D gnu ~ R a w' Eii =1 [Tvo rl-LM C)0�lC C Ith 4t T. :I \ 7SAY —TA \ �� \ FRONT PARK —.00 AM �. CITY OF MIAM1, FLORIDA INTER -OFFICE MEMORANDUM TO. Honorable Mayor and Members of the City Commission FROM: Cesar H. Odio City Manager 0 DATE: J U L 1 1986 FILE: SUBJECT Enterprise Zone Boundary Approval REFERENCES: Agenda Item --City ENCLOSURES. Commission Meeting It is recommended that the City Commission approve the Enterprise Zone boundaries for certain areas in the City of Miami, forward this recommendation to the Metro -Dade County Commission, and identify a minimum level of local participation in the Enterprise Zone program, per the attached resolution. This memorandum explains the boundaries, and the rationale for the areas chosen, as well as an explanation of the Enterprise Zone's development incentives. The Florida Enterprise Zone Act (Chapter 290, F.S.) established a state- wide program to provide tax incentives to businesses, principally corporations, which invest in economically distressed areas, or hire residents of such areas (see attachment on Tax Incentives). Given a population cap of approximately 70,000 residents, the proposed Zone has been configured to include lower income neighborhoods in Model City and the Overtown/Civic Center/Little Havana areas, as well as commercial and industrial areas in Allapattah, Wynwood, Edison/Little River, and along the Miami River. Attached is a general description of the program and a map of the neighborhoods proposed for Enterprise Zone Designation. The -Planning Department has worked extensively with the Department of Development to outline the areas which are believed to best benefit from the State program. The City also has the option to add incentives of its own, though no such incentives are proposed at this time. A statement regarding the City's Block Grant expenditures is included in the resolution to satisfy the State's requirement of a minimum level of local participation. These funds are already programmed and will not be affected by this resolution. Attachments 86-58�.1 THE CITY OF MIAMI ENTERPRISE ZONE The Enterprise Zone Program The Florida Enterprise Zone Act provides for development incentives for both residents and businesses in distressed areas officially designated as Enterprise Zones. Corporations who hire residents of an Enterprise Zone, donate to qualified organizations undertaking revitalization projects in the Zone, or invest in new buildings or equipment in the Zone, will gain tax benefits from the State (see attached description of the Enterprise Zone benefits). Approval Process The Zone outlined on the attached map is only the Miami portion of a larger zone which reaches westward from Model City through unincorporated Dade County to southern Hialeah and northward to Opa-Locka. After receiving a favorable resolution from the municipalities, Dade County will forward the proposed Zone to the State. If the municipalities, County, and State all approve the Zone, the designated areas will become eligible for benefits on January 1, 1987. The State legislation provides that a maximum of 11.9% of a jurisdiction's population can reside in the Zone. Since Dade County is making the overall application to the State, the 11.9% limit applies to the County as a whole. The City of Miami can include a larger proportion of its own population. As currently delineated and agreed upon by the City and County staffs, 71,036 persons, or 20.5 percent of the City's population, resided in the Miami portion of the Zone in 1980, the base year used for population counts. The State further requires that at least 40% of the Zone's land area be available for commercial development, and 40% available for residential use. I r 86--58�• � Areas Designated Miami's portion of the Enterprise Zone was delineated to emphasize major lower income residential areas as well as important or distressed commercial and industrial districts. Also taken into consideration were the need for continuity with the Enterprise Zone outside of the City to the west, the land use constraints, and the overall cap on the number of residents within the Zone (see map). From the population concentrations in Model City and Overtown/Wynwood/East Little Havana, the proposed zone is extended to include larger -scale commercial and industrial areas along the Miami River, Seventh Avenue, and 36th Street, as well as in Allapattah and Edison/Little River. Included are the Design Plaza, the Garment Center, the Civic Center, and the Omni/West area. The resulting elongated pattern reflects an attempt to include commercial and industrial districts without exceeding the population cap. The area outlined is approximately 40% residential and 47% commercial and industrial. Summary The Enterprise Zone would serve as one tool for redevelopment of distressed areas. Additionally, either Dade County or the City of Miami may want to add incentives of their own, such as property tax abatements for new businesses. At present, however, the Planning Department and Development Department staffs are not recommending any supplemental local incentives in these areas, but are studying their costs and benefits. The present State program provides opportunities for residents and businesses in these zones, encouraging both employment of City residents and improvement of the City's economic base. 86-589. I TAX INCENTIVES OFFERED UNDER THE NEW ENTERPRISE ZONE ACT The Florida Enterprise Zone Act of 1984 offers substantial tax credits and other benefits to firms, especially corporations, which invest their resources in the distressed areas of the state. These incentives fall into two major categories: 1) State incentives, and 2) Local incentives. This summary identifies the incentives offered by the program, and explains how firms and individuals may take advantage of them. State Incentives: 1. The Community Contribution Tax Credit. This program is designed o encourage private corpora i ons to participate in revitalization projects undertaken by qualified redevelopment organizations. By donating cash or assets to these projects, businesses can help to reverse the trend of deterioration in blighted areas. This program establishes a procedure under which a corporation may receive a tax credit of a 50% of its contributions to an eligible community development project. Chart 1 shows a sample computation of the tax advantage for a corporation based on its marginal tax bracket. In order to measure the impact of this incentive, a private corporation with $220,000 pre-tax income is used as an example. The cost of contributing $10,000 to an ordinary charitable project and to a qualified community revitalization project in an enterprise zone is computed separately. As shown in Chart 1, the net cost of contributing $10,000 to a qualifying project for a private firm, after state and federal taxes, is $2,403. 2. Enterprise Zone Jobs Credit. This program institutes an economic revitalization creation credit against the corporate income tax to businesses located anywhere in Florida which employ residents of enterprise zones. The program offers businesses a significant tax incentive to reduce high unemployment rates in blighted areas. The credit is equal to 25% of wages paid, up to a maximum wage of $1,500 a month, for a period of 24 months. A sample computation of the tax benefit of this program is shown in Chart 2 for the same hypothetical firm. The firm receives a $9,000 tax credit for hiring two employees from enterprise zones, and saves $4,593 after federal and state tax adjustments. 86-585E, 1 Page: 2 3. Enterprise Zone Property Credit. The new or expanded business tax credit program is designea ro—encourage private corporations to participate in the revitalization of economically distressed areas. It provides incentives to firms to establish new businesses or expand or rebuild existing businesses in enterprise zones. The amount of tax credit is set at 96 percent of the school portion of the local ad valorem taxes levied on new or expanded commercial property. A sample computation of the credit is shown in Chart 3, when a firm with a $220,000 pre-tax income invests $800,000 on a new building in an enterprise zone. The firm receives a tax credit of $5,184 and saves $2,651 each year for ten consecutive years. In addition to the three major incentives explained above, in 1984 the Legislature added the following incentives: 1. Sales tax exemption for building materials used in the rehabilitation of commercial real property in enterprise zones; 2. Sales tax exemption for business equipment used in enterprise zones; 3. Sales Tax remittance of $135.00 per month for each full time employee or $65.00 per month for each part time employee. In either case, wages per month for each employee must not exceed $1500.00. This incentive is open to all types of business establishments ( corporations, partnerships, sole proprietorships, etc.). The program allows corporations to choose either the Sales Tax Remittance or the Enterprise Zone Jobs Credit, but not both. 4. Unspecified state regulatory relief in enterprise zones. Optional Local Incentives: The State Legislature also authorized the local governments to offer several local optional incentives as a supplement to the State incentives. These incentives are noted below. 1. The economic development ad 100% of the property taxes of a existing property may be abated local referendum is required to valorem tax exemption. As much new or expanded portion of an up to ten years. However, a initiate the program. 86-589, 1 Page: 3 2. Industrial Revenue Bond financing. The principal incentive provided by revenue bonds is the tax exempt status of the interest paid to the bondholders, which translates into lower borrowing costs and, therefore, reduced debt service or lease payments to the business against whose revenues the bonds are secured. Revenue bonds may be used to finance industrial park development, land acquisition, site preparation, etc. 3. Tax Increment Financing. Negotiable redevelopment revenue bonds may be issued by the local governments to finance undertaking of any community redevelopment project when authorized by resolution or ordinance of the governing body. Tax increment financing is often used by local governments to fund redevelopment efforts in blighted areas. 4. Municipal Utility Tax Exemption. Up to 50 percent of municipal utility taxes of new businesses in an enterprise zone may be abated. 5. Occupational License Tax Exemption. The new enterprise zone program also gives the local governments the authority to abate the occupational license fees up to 50 percent. The new Enterprise Zone program goes into effect on January 1, 1987 and expires on December 31, 1994. 86 -589.1 Chart 1 A sample case for the Community Contribution Tax Credit Program: An Ordinary A Qualifying No Charitable Rehabi l i tati o Contribution Contribution Contribution Florida Net Income ------------ $220,000 ------------ $220,000 ------------ $220,000 Contribution -- (10,000) (10,000) Florida Exemption (5,000) (5,000) (5,000) Taxable Income 215,000 205,000 205,000 Tax at 5.5% 11,825 11,275 11,275 50% Tax Credit -- -- (5,000) Florida Taxes Due $11,825 $11,275 $6,275 Federal Net Income $220,000 $220,000 $220,000 Contribution -- (10,000) (10,000) Florida Tax (11,825) (11,275) (6,275) Taxable Income $208,175 $198,725 $203,725 Federal Tax: 1st $25,000 x 17% $4,250 $4,250 $4,250 2nd $25,000 x 20% 5,000 5,000 5,000 3rd $25,000 x 30% 7,500 7,500 7,500 4th $25,000 x 40% 10,000 10,000 10,000 Remainder at 46% 49,761 45,414 47,714 Federal Taxes Due $76,511 $72,164 $74,464 Cash Required Contribution: None $10,000 $10,000 Federal Taxes $76,511 $72,164 $74,464 Florida Taxes 11,825 11,275 6,275 Total $88,336 $93,439 $90,739 Actual Cost of Contributing $10,000 None $5,103 $2,403 8E-'589;. I Chart 2 A sample case for the Enterprise Zone Jobs Credit Program: Assume 2 employees at $1,500 per month for 12 months. Total Wages = $36,000 Tax Credit = 25% of $36, 000 = $9, 000 Firm that Firm that does not qualify does qualify Florida Net Income ---------------- $220,000 ------------ $220,000 Add Back Credit -- 9,000 Exemption (5,000) (5,000) Taxable Income 215,000 224,000 5.5% Tax 11,825 12,320 Credit -- (9,000) Florida Taxes Due 11,825 3,320 Federal Net Income Florida Taxes Taxable Income Federal Tax: 1st $25,000 x 17% 2nd $25,000 x 20% 3rd $25,000 x 30% 4th $25,000 x 40% Remainder at 46% Federal Taxes Due Total Taxes Payable Savings Realized Savings as Percent of Labor Cost Savings as Percent of Total Tax Bill $220,000 (11,825) $208,175 4,250 5,000 7,500 10,000 49,761 $76,511 $88,336 $220,000 (3,320) $216,680 4,250 5,000 7,500 10,000 53,673 $80,423 $ 83 , 743 $4,593 12.8% 5.2% 86--589. ) Chart 3 A sample case for the Enterprise Zone Property Credit Program: Assuming assessed value of new property = $800,000 Assessed value = $800,000 School portion millage rate = $6.75/$1,000 assessed value School portion ad valorem tax: $6. 75/$1,000*$800,000 = $5,400 Tax Credit = .96 x $5,400 = $5,184 Fi rm without Firm with C redi t C redi t Florida Net Income ------------ $220,000 ----------- $220,000 Add Back Credit -- 5,184 Exemption (5,000) (5,000) Taxable Income 215,000 220,184 5.5% Tax 11,825 12,100 Credit -- (5,184) Florida Taxes Due 11,825 6,916 Federal Net Income $220,000 $220,000 Florida Taxes (11,825) (6,916) Taxable Income 208,175 213,084 Federal Tax: 1st $25,000 x 17% 4,250 4,250 2nd $25,000 x 20% 5,000 5,000 3rd $25,000 x 30% 7,500 7,500 4th $25,000 x 40% 10,000 10,000 Remainder at 46% 49,761 52,019 Federal Taxes Due $76,511 $78,769 Total Taxes Payable $88,336 $85,685 Total Tax Advantage -- $2,651 Cash Value of Credit Received for 10 Years $26, 510 %-58C.1. 1 , AK. ,. ,A I UU �� uuuu July 21, 1986 Mr. Richard P. Brinker, Clerk 240 Dade County Courthouse 73 West Flagler Street Miami, Florida 33130 RE: ENTERPRISE ZONE Dear Mr. Brinker: I)tt'tT1(H)(IfF;F.� G. Enclosed herein please find a copy of Resolution No. 86-589.1. passed and adopted by the City of Miami Commission at its meeting held on July 10, 1986, which is self-explanatory. Please distribute one copy of said resolution to the members of the County Commission. Thank you for your continued cooperation. If you have any questions, please do not hesitate to call. Ve,rV truly yours. tty Hirai City Clerk MH: sl ENC: a/s OFFICE OF THE CITY CLERK / City Hall i 3500 Pan American Dave / P O B,n 330.70E N(,ami F f, nd., >>:: i C': b �,`' . `'� t•. . a I