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Home My WebLink AboutMCRA 2023-09-09 Agenda PacketCity of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Meeting Agenda Saturday, September 09, 2023 10:00 AM (OR THEREAFTER) City Hall 3500 Pan American Drive Miami, FL 33133 Midtown Community Redevelopment Agency Joe Carollo, Vice Chair, District Three Alex Diaz de la Portilla, Board Member, District One Sabina Covo, Board Member, District Two Manolo Reyes, Board Member, District Four Christine King, Board Member, District Five MIDTOWN CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2"d Floor Miami, FL 33136 Phone: (305) 679-6868 www.miamicra.com City of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Omni CRA Meeting Agenda Saturday, September 09, 2023 10:00 AM (OR THEREAFTER) City Hall 3500 Pan American Drive Miami, FL 33133 Midtown Community Redevelopment Agency Joe Carollo, Vice Chair, District Three Alex Diaz de la Portilla, Board Member, District One Sabina Covo, Board Member, District Two Manolo Reyes, Board Member, District Four Christine King, Board Member, District Five ************************* MIDTOWN CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2"d Floor Miami, FL 33136 Phone: (305) 679-6868 www.miamicra.com Midtown Community Redevelopment Agency Meeting Agenda September 9, 2023 CALL TO ORDER APPROVING THE MINUTES OF THE FOLLOWING MEETING(S): 1. MIDTOWN COMMUNITY REDEVELOPMENT AGENCY - REGULAR - SEP 13, 2022 9:30 AM MCRA RESOLUTION(S) 1. MCRA RESOLUTION 14464 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), ACCEPTING AND APPROVING 2024 PROPOSED BUDGET OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY, ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF $13,436,326 FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2023 AND ENDING SEPTEMBER 30, 2024 RESPECTIVELY; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF EACH BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY. ADJOURNMENT Midtown Community Redevelopment Agency Page 2 Printed on 8/17/2023 Midtown Board of Commissioners Meeting September 9, 2023 1.1 MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Vice Chair Joe Carollo Date: August 14, 2023 and Members of the CRA Board From:Anthony Balzebre III Executive Director File: 14464 Subject: Midtown CRA's Proposed Budget for FY '23-'24 Enclosures: 14464 Exhibit A BACKGROUND: It is recommended that the Board of Commissioners of the Midtown Community Redevelopment Agency approve the attached Resolution adopting the proposed Midtown CRA Tax Increment Fund Budget for the Fiscal Year commencing October 1, 2023 and ending September 30, 2024, and directing the Executive Director to transmit copies of the Budget to the City of Miami and Miami -Dade County. JUSTIFICATION: The Midtown CRA is required to annually prepare a proposed budget and transmit the budget to the City of Miami and Miami -Dade County. This resolution fulfills that 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: 14464 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), ACCEPTING AND APPROVING 2024 PROPOSED BUDGET OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY, ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF $13,436,326 FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2023 AND ENDING SEPTEMBER 30, 2024 RESPECTIVELY; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF EACH 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 2023-2024, the Board of Commissioners of the CRA must approve the proposed Tax Increment budget for the fiscal year commencing October 1, 2023 ending September 30, 2024. WHEREAS, pursuant to an Interlocal Agreement, as amended, which the CRA is a party to, a copy of each budget is to be transmitted to the City of Miami and Miami -Dade 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 2024 proposed budget for the fiscal year commencing October 1, 2023 ending September 30, 2024 respectively as well as approves the executive director's base salary and effective date on October 1, 2023. Section 3. The Executive Director is directed to transmit a copy of each 2024 proposed budget to the City of Miami and 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 EXHIBIT A 1.1.a MIDTOWN CRA SPECIAL REVENUE FUND BUDGET FY 2024 Proposed Budget FY 2023 Adopted Budget Budget Variance Revenues ADVALOREM TAXES - CITY OF MIAMI $8,369,430 $7,465,708 $903,721 ADVALOREM TAXES - MIAMI DADE COUNTY $5,066,896 $4,566,702 $500,194 2023's CARRYOVER FUND BALANCE $0 $15,882,606 $ (15,882,606) TOTAL REVENUES $13,436,326 $27,915,017 (14,478,690.90) Expenditures INTERFUND TRANSFER (Administration - 1% out of FY 2023 TIF revenue) $134,363 $120,324 $14,039 OTHER CURRENT CHARGES AND OBLIG $13,301,963 $27,794,693 (14,492,730.26) TOTAL EXPENDITURES $13,436,326 $27,915,017 (14,478,691.00) REVENUE LESS EXPENDITURES $0 $0 ($0) Attachment: 14464 Exhibit A (14464 : Midtown CRA's Proposed Budget for FY'23 '24) 1 Packet Pg. 5 1.1.a INTERFUND TRANSFER $134,363 Available funds for administration in fiscal year 2024. (1% of total TIF collected $13,436,326) $ 134,363 $ (40,000) Salary of Executive Director $ (3,060) FICA $ (8,400) Fringe Benefits $ 82,903 Available for Other Administrative Expenditures OTHER CURRENT CHARGES AND OBLIGATIONS $13,301,963 Available funds to be used to cover the annual debt obligation and carryover shortfall of past debt service obligations (CDD's debt issued/Construction of Parking Garage and Plaza) over available TIF revenues in past years. 2024's TIF COMPUTATION Multiply By 95% City Operating Millage - Current Year County Operating Millage - Current Year Gross Avalere (City) Gross Avalere (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 County FY 2023-2024 FY 2023-2024 1, 235, 287, 921 $1, 235, 287, 921 (29, 281, 592) (29, 281, 592) 1,206,006,329 $1,206,006,329 1,206,006 1,145, 706 7.5539 (39,147, 608) (39,148) (37,190) 7.6665 $8, 654, 549 (285,119) $1,206,006 $1,145, 706 $5 -$39,147,608 -$39,148 -$37,190 $5 $5,240,459 (173,563) $8,369,430 $5,066,896 $13,436,326 Attachment: 14464 Exhibit A (14464 : Midtown CRA's Proposed Budget for FY'23 '24) 2 Packet Pg. 6