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HomeMy WebLinkAboutLegislation-SUBTHIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. File Number: 16203 Final Action Date: 07/25/2024 A RESOLUTION OF THE MIAMI CITY COMMISSION COMPUTING A PROPOSED MILLAGE RATE FOR THE DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF MIAMI, FLORIDA ("MIAMI DDA") FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2024 AND ENDING SEPTEMBER 30, 2025; AUTHORIZING THE CEO/EXECUTIVE DIRECTOR TO SUBMIT BOTH SAID PROPOSED MILLAGE RATE OF 0.4505 MILLS AND THE STATUTORILY DEFINED ROLLED BACK RATE MILLAGE RATE OF 0.4262 MILLS TO THE MIAMI-DADE COUNTY PROPERTY APPRAISER AND THE MIAMI-DAE COUNTY TAX COLLECTOR TOGETHER WITH THE DATES, TIMES, LOCATIONS, OR VIRTUAL MEETINGS FORMAT OF THE CITY OF MIAMI'S PUBLIC HEARINGS AT WHICH THE CITY COMMISSION WILL CONSIDER THE PROPOSED MILLAGE RATE, AND THE MIAMI DDA'S TENTATIVE BUDGET FOR SAID FISCAL YEAR. WHEREAS, Section 200.065, Florida Statutes ("Statute"), sets forth requirements for the "Truth in Millage" ("TRIM") notice and requires each taxing authority to establish a proposed millage rate and to determine the statutorily defined rolled -back rate; and WHEREAS, the Statute stipulates that said proposed millage rate and statutorily defined rolled -back rate be submitted to the Miami -Dade County Property Appraiser ("Property Appraiser") and the Miami -Dade County Tax Collector ("Tax Collector"); and WHEREAS, said proposed millage rate will reflect the levy necessary to fund the Downtown Development Authority of the City of Miami, Florida's ("MIAMI DDA") tentative budget other than the portion of the budget to be funded from sources other than ad valorem taxes; and WHEREAS, the Statute defines the "rolled back millage rate" as a millage rate which, with certain specified exclusions, will provide the same ad valorem tax revenue for each taxing authority as was levied during the prior year less the amount, if any, paid or applied as a consequence of an obligation measured by the dedicated increment value; and WHEREAS, the exclusions to the rolled back millage rate are "new construction, additions to structures, deletions, increases in the value of improvements that have undergone a substantial rehabilitation which increased the assessed value of such improvements by at least one hundred (100%), property added due to geographic boundary changes, total taxable value of tangible personal property within the jurisdiction in excess of one hundred fifteen percent (115%) of the previous year's total taxable value, and any dedicated increment value"; and WHEREAS, the proposed millage rate submitted to the Property Appraiser and the Tax Collector is not binding but is necessary for the purpose of preparation of TRIM notices; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated herein as if fully set forth in this Section. Section 2. The MIAMI DDA's rolled back rate is 0.4262 mills. Page 1 of 2 16203 Legislation -SUB THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. Section 3. The proposed millage rate for the MIAMI DDA for the Fiscal Year beginning October 1, 2024 and ending September 30, 2025 is 0.4505 mills, which is 5.7% more/less than the rolled back rate. Section 4. The CEO/Executive Director is hereby authorized i to submit forthwith the rolled back rate and the proposed millage rate for the MIAMI DDA to the Property Appraiser and to the Tax Collector together with the dates, times, locations, or virtual meetings format at which the City Commission will hold public hearings to consider the proposed millage rate, the MIAMI DDA's tentative budget, tentative millage, final millage, and final budget for said fiscal year as follows: First Public Budget Hearing on Saturday, September 7, 2024 at 10:00 A.M. in the City Commission Chambers at City Hall, 3500 Pan American Drive, Miami, Florida, or at such other time, date, location, as otherwise allowed by Florida laws. Second Public Budget Hearing on Thursday, September 26, 2024 at 5:05 P.M.in the City Commission Chambers at City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida, or at such other time, date, location, as otherwise allowed by Florida laws. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: 572 lea C) L,J C:D ' The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to, those prescribed by applicable City Charter and City Code provisions. z If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. Page 2 of 2 City of Miami Legislation Resolution File Number: 16203 SUBSTITUTED City Hall 3500 Pan American Driv Miami, FL 33133 www.miamigov.co Final Actio ' ate: A RESOLUTION OF THE MIAMI CITY COMMISSION COMPUTING A PROP! ED MILLAGE RATE FOR THE DOWNTOWN DEVELOPMENT AUTHORITY O. HE CITY OF MIAMI, FLORIDA ("MIAMI DDA") FOR THE FISCAL YEAR BEGINNI OCTOBER 1, 2024, AND ENDING SEPTEMBER 30, 2025; AUTHORIZING THE C F EXECUTIVE OFFICER/EXECUTIVE DIRECTOR OF THE MIAMI DD i 0 SUBMIT SAID PROPOSED MILLAGE RATE AND STATUTORILY DEFINED aOLLED-BACK RATE TO THE MIAMI-DADE COUNTY PROPERTY APPRAISE' , ND TAX COLLECTOR TOGETHER WITH THE DATES, TIMES, AND L• ATIONS OF THE PUBLIC HEARINGS AT WHICH THE CITY COMMISSION W CONSIDER THE PROPOSED MILLAGE RATE, THE TENTATIVE BUDGET, E TENTATIVE MILLAGE, FINAL MILLAGE, AND FINAL BUDGET FOR ' E MIAMI DDA FOR SAID FISCAL YEAR. WHEREAS, Section 200.065, Florida Statutes (" .tute"), sets forth requirements for the "Truth in Millage" ("TRIM") notice and requires each ta, g authority to establish a proposed millage rate and to determine the statutorily defined . led -back rate; and WHEREAS, the Statute stipulates that s rolled -back rate be submitted to the Miami -Da Appraiser") and the Miami -Dade County Ta WHEREAS, said proposed milla Downtown Development Authority of t other than the portion of the budget WHEREAS, the Statute with certain specified exclusio authority as was levied duri s consequence of an oblige . n proposed millage rate and statutorily defined County Property Appraiser ("Property ollector ("Tax Collector"); and rate will reflect the levy necessary to fund the City of Miami, Florida's ("MIAMI DDA") tentative budget be funded from sources other than ad valorem taxes; and fines the "rolled back millage rate" as a millage rate which, , will provide the same ad valorem tax revenue for each taxing the prior year less the amount, if any, paid or applied as a measured by the dedicated increment value; and WHEREAS, th, exclusions to the rolled back millage rate are "new construction, additions to structur-., deletions, increases in the value of improvements that have undergone a substantial rehabi ' tion which increased the assessed value of such improvements by at least one hundred (1 I .%), property added due to geographic boundary changes, total taxable value of tangible per.onal property within the jurisdiction in excess of one hundred fifteen percent (115%) of t previous year's total taxable value, and any dedicated increment value"; and Colle EREAS, the proposed millage rate submitted to the Property Appraiser and the Tax r is not binding but is necessary for the purpose of preparation of TRIM notices; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF IAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated herein as if fully set forth in this Section. SUBSTITUTED Section 2. The MIAMI DDA's rolled back rate is 0.4262 mills. Section 3. The proposed millage rate for the MIAMI DDA for the Fiscal Year beginning October 1, 2024, and ending September 30, 2025, is 0.4505 mills, which is 5.70% more than the rolled back rate. Section 4. The Chief Executive Officer/Executive Director is hereby authorized submit forthwith the rolled back rate and the proposed millage rate for the MIAMI DD o the Property Appraiser and to the Tax Collector together with the dates, times, and locons at which the City Commission will hold public hearings to consider the proposed mill •e rate, the tentative budget, tentative millage, final millage, and final budget for the MIAMI ► IA for said fiscal year as follows: First Public Budget Hearing on Saturday, September 7, 024, at 10:00 A.M. in the City Commission Chambers at City Hall located at 3500 Pan A rican Drive, Miami, Florida, or at such other time, date, location, as otherwise allowed by Flora laws. Second Public Budget Hearing on Thursday, September 26, 2024, at 5:05 P.M.' the City Commission Chambers at City Hall located at 3500 Pan American Drive, Miami, F ida, or at such other time, date, location, as otherwise allowed by Florida laws. Section 5. This Resolution shall become effective imm- .lately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: 40 tylfge . Wyj ng Ill, C ty -ttor -yam— 7116/2� 4 e herein authorization is further subject to compliance with all legal requirements that may be posed, including but not limited to, those prescribed by applicable City Charter and City Code provisions. z If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission.