HomeMy WebLinkAboutMCRA 2020-08-31 Agenda PacketCity of Miami
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Meeting Agenda
Monday, August 31, 2020
10:00 AM
(OR THEREAFTER)
Virtual Regular Meeting
City Hall
3500 Pan American Drive
Miami, FL 33133
Midtown Community Redevelopment Agency
Ken Russell, Chair, District Two
Joe Carollo, Vice Chair, District Three
Alex Diaz de la Portilla, Board Member, District One
Manolo Reyes, Board Member, District Four
Keon Hardemon, Board Member, District Five
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MIDTOWN CRA OFFICE ADDRESS:
1401 N. Miami Avenue, 2"d Floor, Miami 33136
Phone: (305) 679-6868
www.miamicra.com
Midtown Community Redevelopment Agency
Meeting Agenda August 31, 2020
CALL TO ORDER
APPROVING THE MINUTES OF THE FOLLOWING MEETING(S)
1. MIDTOWN COMMUNITY REDEVELOPMENT AGENCY - REGULAR
MEETING - SEP 12, 2019 12:00 PM
MCRA RESOLUTION(S)
1. MCRA RESOLUTION
7795 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH
ATTACHMENT(S), ACCEPTING AND APPROVING THE 2021 PROPOSED
BUDGET OF THE CRA, ATTACHED AND INCORPORATED AS EXHIBIT "A",
IN THE AMOUNT OF $15,279,146 FOR THE FISCAL YEAR COMMENCING
OCTOBER 1, 2020 AND ENDING SEPTEMBER 30, 2021; DIRECTING THE
EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE BUDGET TO THE
CITY OF MIAMI AND MIAMI-DADE COUNTY.
ADJOURNMENT
Midtown Community Redevelopment Agency Page 2 Printed on 8/20/2020
Midtown Board of Commissioners Meeting
August 31, 2020
1.1
MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Ken Russell
and Members of the CRA Board
From:
Pieter A. Bockweg
Executive Director
Date: August 21, 2020 File: 7795
Subject: Midtown CRA's Proposed Budget for
FY '20-'21
Enclosures: 7795 Exhibit A
BACKGROUND:
It is recommended that the Board of Commissioners of the Midtown Redevelopment
District Community Redevelopment Agency ("CRA") approve and adopt the attached
Resolution, with attachment(s), adopting the 2021 proposed budget of the Midtown
Community Redevelopment Agency in the amount of $15,279,146, for the fiscal year
commencing October 1, 2020 ending September 30, 2021. Further directing the
Executive Director to transmit a copy of the 2021 proposed budget to the City of Miami
and Miami -Dade County.
JUSTIFICATION:
The Interlocal Agreement requires the Midtown CRA to annually prepare a proposed
budget and to amend the budget so as to reflect the actual tax increment funds
received in the fiscal year.
This Resolution fulfills this requirement.
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1.1
City of Miami
Legislation
Midtown CRA Resolution
Midtown CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 7795 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING THE 2021 PROPOSED BUDGET OF THE CRA,
ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF
$15,279,146 FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2020 AND
ENDING SEPTEMBER 30, 2021; DIRECTING THE EXECUTIVE DIRECTOR TO
TRANSMIT A COPY OF THE BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE
COUNTY.
WHEREAS, the Midtown Community Redevelopment Agency ("CRA") is responsible for
carrying out community redevelopment activities and projects within its Redevelopment Area;
and
WHEREAS, as a prerequisite to carrying out the redevelopment activities for Fiscal Year
2020-2021, the Board of Commissioners of the CRA must approve the proposed Tax Increment
Budget ("Budget") for the fiscal year commencing October 1, 2020 ending September 30, 2021;
and
WHEREAS, a copy of the Budget is required to be transmitted to the City of Miami
("City") and Miami -Dade County ("County");
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
approved by reference and incorporated as if fully set forth in this Section.
Section 2. The Board of Commissioners of CRA hereby approves and adopts the
proposed Budget for the fiscal year commencing October 1, 2020 ending September 30, 2021,
attached and incorporated as Exhibit "A".
Section 3. The Executive Director is directed to transmit a copy of the proposed Budget
to the City and the County.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
VICTORIA MENDEZ, GENERAL COUNSEL
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EXHIBIT A
1.1.a
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2021
Proposed
Budget
FY 2020
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
$626,716
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,946
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8,883,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2020 TIF revenue)
$98,467
$88,837
$9,630
OTHER CURRENT CHARGES AND OBLIG
$15,180,679
$8,794,867
$6,385,812,
TOTAL EXPENDITURES
$15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
Attachment: 7795 Exhibit A (7795 : Midtown CRA's Proposed Budget for FY'20 '21)
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1.1.a
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
$ 98,467
OTHER CURRENT CHARGES AND OBLIGATIONS $ 15,180,679
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (City)
Adjustment (County)
City
FY 2020-2021
878,398,634
(29,281,592)
County
FY 2020-2021
878,398,634
(29,281,592)
849,117, 042 849,117,042
849,117
806,661
7.6665
(8,888,517)
(8,889)
(8,444)
7.4365
$6,184,268
(62,794)
$6,121,474
849,117
806,661
4.6669
(8,888,517)
(8,889)
(8,444)
4.6669
$3,764,607
(39,408)
$3,725,199 $9,846,673
Attachment: 7795 Exhibit A (7795 : Midtown CRA's Proposed Budget for FY'20 '21)
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