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Home My WebLink AboutMCRA 2021-09-13 Agenda PacketCity of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Meeting Agenda Monday, September 13, 2021 10:00 AM (OR THEREAFTER) 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 Jeffrey Watson, Board Member, District Five MIDTOWN CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2nd Floor, Miami 33136 Phone: (305) 679-6868 www.miamicra.com Midtown Community Redevelopment Agency Meeting Agenda September 13, 2021 CALL TO ORDER APPROVING THE MINUTES OF THE FOLLOWING MEETING(S) 1. MIDTOWN COMMUNITY REDEVELOPMENT AGENCY - REGULAR MEETING - AUG 31, 2020 10:00 AM MCRA RESOLUTION(S) 1. MCRA RESOLUTION 9553 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), ACCEPTING AND APPROVING 2022 PROPOSED BUDGET OF THE CRA, ATTACHED AND INCORPORATED AS EXHIBIT "A," IN THE AMOUNT OF $20,638,418, FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2021 AND ENDING SEPTEMBER 30, 2022 RESPECTIVELY; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF EACH BUDGET TO THE CITY OF MIAMI AND TO MIAMI-DADE COUNTY. ADJOURNMENT Midtown Community Redevelopment Agency Page 2 Printed on 8/31/2021 Midtown Board of Commissioners Meeting September 13, 2021 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 31, 2021 File: 9553 Subject: Midtown CRA's Proposed Budget for FY '21-'22 Enclosures: 9553 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 2022 proposed budget of the Midtown Community Redevelopment Agency in the amount of $20,638,417, for the fiscal year commencing October 1, 2021 and ending September 30, 2022. Further directing the Executive Director to transmit a copy of the 2022 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. Packet Pg. 3 1.1 City of Miami Legislation Midtown CRA Resolution Midtown CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 9553 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), ACCEPTING AND APPROVING 2022 PROPOSED BUDGET OF THE CRA, ATTACHED AND INCORPORATED AS EXHIBIT "A," IN THE AMOUNT OF $20,638,418, FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2021 AND ENDING SEPTEMBER 30, 2022 RESPECTIVELY; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF EACH BUDGET TO THE CITY OF MIAMI AND TO 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 2021-2022, the Board of Commissioners of the CRA must approve the proposed Tax Increment budget for the fiscal year commencing October 1, 2021, ending September 30, 2022; and WHEREAS, pursuant to an Interlocal Agreement, as amended, of which the CRA is a party to, a copy of each budget is required to be transmitted to the City of Miami and Miami - Dade County; 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 approved by reference and incorporated as if fully set forth in this Section. Section 2. The Board of Commissioners of the CRA hereby approves and adopts the 2022 proposed budget for the fiscal year commencing October 1, 2021 and ending September 30, 2022. Section 3. The Executive Director is directed to transmit a copy of the CRA's 2022 proposed budget to the appropriate officials of the City of Miami and of Miami -Dade County. Section 4. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: VICTORIA MENDEZ, GENERAL COUNSEL Packet Pg. 4 1.1.a MIDTOWN CRASPECIAL REVENUE FUND BUDGET FY 2022 Proposed Budget FY 2021 Adopted Budget Budget Variance Revenues ADVALOREM TAXES - CITY OF MIAMI $7,131,696 $6,121,474 $1,010,222 ADVALOREM TAXES - MIAMI DADE COUNTY $4,340,640 $3,725,199 $615,441 2021's CARRYOVER FUND BALANCE $9,166,082 $5,432,473 $3,733,609 TOTAL REVENUES $20,638,418 $15,279,146 $5,359,272 Expenditures INTERFUND TRANSFER (Administration - 1% out of FY 2022 TIF revenue) $114,723 $98,467 $16,256 OTHER CURRENT CHARGES AND OBLIG $20,523,694 $15,180,679 $5,343,015 TOTAL EXPENDITURES $20,638,417 $15,279,146 $5,359,271 REVENUE LESS EXPENDITURES $0 $0 $0 Attachment: 9553 Exhibit A (9553 : Midtown CRA's Proposed Budget for FY'21 '22) 1 Packet Pg. 5 1.1.a INTERFUND TRANSFER $ 114,723 Available funds for administration In fiscal year 2022, (1% of total TIF collected $11,472,335) OTHER CURRENT CHARGES AND OBLIGATIONS $ 20,523,694 Funds to be used to satisfy the annual debt obligation incurred by the CDD relating to the construction of the Plaza and Parking Garage. 2022's 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 2021-2022 1,020,493,166 (29,281,592) County FY 2021-2022 1,020,493,166 (29,281,592) 991,211,574 991,211,574 991,212 941,651 7.6665 (12,158, 848) (12,139) (11,560) 7.5365 991,212 941,651 4.6689 $7,219,167 {12,168,848) (12,169) (11, 560) 4.6669 (87,472) $4,394,591 (53,951) $7,131,696 $4,340,640 811,472,335 Attachment: 9553 Exhibit A (9553 : Midtown CRA's Proposed Budget for FY'21 '22) 2 Packet Pg. 6 1.1.a 2014A Amorll Izallon Schedule Sern1•Anntia I *Rased on Districts schedule and 2014A band amorltlzatlen schedule *P1, 38) I7ate Principal Interest 'Payment Payment • Total Pmt • 11/1/20141,389, 711 1,383, 711 rY2015 5/1/2015 1,5351_000 1,547,00E 3,182,006 4,565,717 2 930,717 11/1/2015 1,512,263 1,512,263 FY 2016 3/1/2016 1,705,000 1,512,263 3,217,2.61 4,729,525 3 024 525 11/1/2016 1,476,031 1,475,031 FY 2017 5/1/2017 1.,780,000 1,475,031 3,256,031 4,732,063 2,952,063 11/1/2017 1,4313,206 1,438,206 FY 2018 5/1/2018 1,800,000 1,438,206 3,298,206 4,736,413 2,876,413 11/1/201.8 1,398,661 1,398,681 FY 2019 5/1/2019 1,940,000 1,398,681 3,338,681 4,737,363 2 797,363 11/1/2019 1,357,456 1,357,456 FY 2020 5/1/2020 2,025,000 1,357,456 3,382,456 4,739,913 2,714 913 12/1/2020 AY... 1,314,425 1,314,425 .Nav/May • (FY - May/Nav Prinrlpral.+ (FY-OS Interests • ' Interest) FY 2.021 5/1./2021. 2 115,000 1,291,953 ' 11/1/2021 1,291,953 FY 2022 5/1/2022 2,205,000 1,246,053 11/1/2022 1,246,053 FY Z023 +/1/7023 2,300,000 1,193,188 11/1/2023 1,,198,188 FY2024 5/1/2074 2 400,000 1,148,250 11/'1/2024 FY707S 5/1/2023 2, 51,5,000 '1,148,250 1,091,913 3,406,951 4,721,378 �1,291,953 3,451,05'3 4,743,006 2,606,378 2,538,006 3,498,183 4,744,241 2,444,241 1.,198,1813 3,548,250 4,746,438 2,346,438 1,14E3,250 3,606,613 4,754,563 2 239 563 1,246,053 May/Nov (I3ond Yew' Nlny/Nov .t3ond'Year 11/1. (Per Band - Principal 'i• p5 Interest) Interest) 2014 1,383, 711 1,383,711 2015 4,694,269 3,059,269 2016 4,693,294 2,988,294 2017 4,694,236 2,914,238 2018 4,696,883 2,836,888 2019 4,696,138 2,756,138 2020 4,696,881 2,671,881 2.021 4,698,906 2,583,906 2027-... 4,697,106 2,492,106 2023 4,690,375 2,.395,375 2024 1,696,500 7.,296,500 11/1/2025 FY7026 5/1/2075 2,645,000 1,091,813 1,091,313 1,026,813 3,671,813 ,v63,..1.25 2,118,125 -al./1/2076 1,026,813 1,026,813 FY2027 5/1/2027 2,780,000 959,000 3,739,000 4,765,813 1,985,613 .� 11/1/2027 959,000. 959,000 FY2,028 5/1/2023 2,925 000 387,663 • 3,81.2,688 4,771,688 1,646,688 11/1/2028 887,638 867,688 IY 2029 5/1/2029 3,070,000 11/1/2029 FY 2030 5/1/2030 3,230,000 11,/1/'1.030 812,750 81.2, 750 734,000 73 4,000 3,882,750 4,770,438 1,700 438 812,750 3,964,000 4,776,750 1,546,750 734,000 2025 4,697,625 2,182,525 2026 4,698,625-2,053,67.5 2027 4,698,000 1,928,000 2025 4,700,375 1,775,375 2029 4,695,500 1,625,500 2030 ..... 4,69 a, 0[l0 1, 4 6f3,000- FY2031 5/1/2031 L395,000 651,188 4,046,188 47F0, i88 1.3 5188, 11/1/2031 651,188 651,188 2031 �-- 4,697,375 ®, 1,302,375 I&Y2032 5/1/2032 3 570,000 564,1.25 4,134,125 4,785,313 1,21.5,313 11/1/2032 564,125 564,125 2032 4,693,250 1,128,250 FY 2033 5/1/2033 3,750,000 472,625 4,222,625 4E786,750 I. 036 750 1.:1./1/2033 472,625 472,625 2033 __ 4,695,250 945,250 FY2034 5/1./2034 3,945,000 375,438 4„321,433 /1,794,053 649,063 11/1/2034 376,438 375,438 2034 4__,597,1375 752,8/5 F72095 5/1/2035 4,145,000 775,313 1,42,0,313 4,796,750 551,750 11/1/2035 275,313 275,313 2035 4,695,625 560,625 FY2036 5/1/2036 4,360,000 159,000 4,529,000 4,804,313 444,313 11/1/2036 169,000 1.69,000 2036 4,593,000. 338,0000 IN2037 5/1/2037 4,580,000 114,500 4,694,500 4,863,500 283,540 7.037 4,694,500 'I,075, , ,409,3 109,409,304 N N >- u- L O as CO rn O O 0 U a O M rn 4- w 1r) rn 4- t v 4- Packet Pg. 7 Source: Midtown Miami Community Development District Series 2014A and 2014B Bond 1.1.a Special Assessments and Tax Increment Revenue Year Series 2014A Ending Debt Service 11./1/2014 11/1/2015 11/1/2016 11/1/2017 11/1/2018 11/1/2019 1 1/ 1 /2020 11/1/2021 1 1/ 1 /2022 11/1/2023 11/1/2024 11/1/2025 11/1/2026 11/1/2027 11/1/2028 11/1/2029 1 1/ 1 /2030 11/1/2031 11/1/2032 11/1 /203 3 11/1/2034 11/1/2035 11/1/2036 11/1/2037 Total $ 4,767,211u) 4,694,269 4,693,294 4,694,238 4,696,888 4,696,138 4,696,881 4,698,906 4,697,106 4,696,375 4,696,500 4,697,625 4,698,625 4,698,000 4,700,375 4,695,500 4,698,000 4,697,375 4,698,250 4,695,250 4,697,875 4,695,625 4,698,000 4,694,500 $112,792,805 Net Series 2014A Special TIP Revenue(2) Assessment $ 3,332,159 $ 1,435,052 3,365,481 1,328,788 3,399,135 1,294,158 3,433,127 1,261,111 3,467,458 1,229,429 3,502,133 1,194,005 3,537,154 1,159,727 3,572,525 1,126,381 3,608,251 1,088,856 3,644,333 1,052,042 3,680,777 1,015,723 3,717,584 980,041 3,754,760 943,865 3,792,308 905,692 3,830,231 870,144 3,868,533 826,967 3,907,218 790,782 3,946,291 751,084 3,985,754 712,496 4,025,611 669,639 4,065,867 632,008 4,106,526 589,099 4,147,591 550,409 4,189,067 505,433 $ 89,879,874 $ 22,912,931 Series 2014B Debt Service (1) (2) (3) $ 1,968,669t31 1,951,725 1,957,081 1,951,163 1,953,969 1,955,288 1,955,119 1,953,463 1,950,319 1,950,581 1,949,144 1,951,875 1,953,250 1,951,875 1,952,625 1,950,375 1,950,000 1,951,250 1,949,000 1,953,000 1,948,125 1,954,125 1,955,625 1,952,625 $ 46,8/0,269 Total Series Total Net 2014 Debt Special Service Assessnent $ 6,735,880 $ 3,403,721 6,645,994 3,280,513 6,650,375 3,251,240 6,645,400 3,212,273 6,650,856 3,183,398 6,651,425 3,149,292 6,652,000 3,114,846 6,652,369 3,079,843 6,647,425 3,039,174 6,646,956 3,002,623 6,645,644 2,964,867 6,649,500 2,931,916 6,651,875 2,897,115 6,649,875 2,857,567 6,653,000 2,822,769 6,645,875 2,777,342 6,648,000 2,740,782 6,648,625 2,702,334 6,647,250 2,661,496 6,648,250 2,622,639 6,646,000 2,580,133 6,649,750 2,543,224 6,653,625 2,506,034 6,647,125 2,458,058 5159,663,073 5 69,783,2.00 Includes Series 2004A Bonds and Series 2014A Bonds debt serivce, Assumes actual 2014 Tax Increment Revenue of $3,332,159 with 1% annual growth rate thereafter, For illustrative purposes only, Actual Tax increment Revenue amount is dependent upon a number of factors, including future property values as described above under "Tax Increment Revenues," includes Series 2004B Bonds and Series 2014B Bonds debt serivice, Debt Service Reserve Fund Separate accounts within the Debt Service Reserve Fund will be maintained under the Indenture for the benefit of the Series 2014 Bonds. Pursuant to the Indenture, the Series 20.14A Debt Service Reserve Requirement means $1,000,000 and the Series 2014B Debt Service Reserve Requirement means 50% of the maximum annual debt service of the Series 2014B Bonds on the date of their original issuance and delivery. Amounts on deposit in the Series 2014 Debt Service Reserve Account will be used to cure any deficiency in the Interest, Principal and Sinking Fund Accounts for the Series 2014 Bonds. The maximum annual debt service for the Series 2014A Bonds is $4,700,375.00 and the maximum annual debt service for the Series 2014B Bonds is $1,957,081.25. The amount of Tax Increment Revenues received by the District from the Midtown CRA on April 3, 2014, was $3,332,159, which amount will fluctuate in future years as further described herein. The Tax Increment Revenues are used solely to pay debt service on the Series 2014A Bonds and reduces the amount of special assessments collected to pay debt service on the Series 20 ] 4A Bonds, 27 Attachment: 9553 Exhibit A (9553 : Midtown CRA's Proposed Budget for FY'21 '22) Packet Pg. 8 Source: Midtown Miami Community Developmlent District Series 2014A and 2014B Bond DEBT SERVICE REQUIREMENTS") The following table sets forth the approximate debt service requirements for the Series 2014 Bonds: Year Ending 2014A Bonds November 1 Principait'-} 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total 1,635,000 1,705,000 1,780,000 1,860,000 1,940,000 2,025,000 2,115,000 2,205,000 2,300,000 2,400,000 2,515,000 2,645,000 2,780,000 2,925,000 3,070,000 3,230,000 3,395,000 3,570,000 3,750,000 3,945,000 4,145,000 4,360,000 4,580.000 $64,875,000 2014A Bonds Interest $ 1,383,711 3,059,269 2,988,294 2,914,238 2,836,888 2,756,138 2,671,881 2,583,906 2,492,106 2,396,375 2,296,500 2,182,625 2,053,625 1,918,000 1,775,375 1,625,500 1,468,000 1,302,375 1,128,250 945,250 752,875 550,625 338,000 114,500 $44,534,305 2014A Bonds Total $ 1,383,711 4,694,269 4,693,294 4,694,238 4,696,888 4,696,138 4,696,881 4,698,906 4,697,106 4,696,375 4,696,500 4,697,625 4,698,625 4,698,000 4,700,375 4,695,500 4,698,000 4,697,375 4,698,250 4,695,250 4,697,875 4,695,625 4,698,000 4,694,500 $109.409,305 Totals may not add due to rounding. (2) includes amortization installments_ 6 '6d le 13ed 2014B Bonds Principal(') 680,000 715,000 740,000 775,000 810,000 845,000 880,000 ' 915,000 955,000 995,000 1,045,000 1,100,000 1,155,000 1,215,000 11,275,000 1,340,000 1,410,000 1,480,000 1,560,000 1,635,000 1,725,000 1,815,000 1,905,000 $26,970,000 38 2014B Bonds Series 2014B Interest Bonds Total $ 575,206 $ 575,206 1,27I,725 1,951,725 1,242,081 1,957,081 1,211,163 1,951,163 1,178,969 1,953,969 1,145,288 1,955,288 1,110,119 1,955,119 1,073,463 1,953,463 1,035,319 1,950,319 995,581 1,950,581 954,144 1,949,144 906,875 1,951,875 853,250 1,953,250 796,875 1,951,875 737,625 1,952,625 675,375 1,950,375 610,000 1,950,000 541,250 1,951,250 469,000 1,949,000 393,000 1,953,000 313,125 1,948,125 229,125 1,954,125 140,625 1,955,625 47,625 1.952.625 $18 506 806 $45,476.806 Aggregate Debt Service $ 1,958,917 6,645,994 6,650,375 6,645,400 6,650,856 6,651,425 6,652,000 6,652,369 6,647,425 6,646,956 6,645,644 6,649,500 6,651,875 6,649,875 6,653,000 6,645,875 6,648,000 6,648,625 6,647,250 6,648,250 6,646,000 6,649,750 6,653,625 6,647,125 $154,886.111 Attachment: 9553 Exhibit A (9553 : Midtown CRA's Proposed Budget for FY'21-'22)