HomeMy WebLinkAboutMCRA-R-08-0003City of Miami
Legislation
MCRA Resolution: MCRA-R-08-0003
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-01050 Final Action Date: 11/3/2008
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENTS,
AUTHORIZING PAYMENT, IN AN AMOUNT NOT TO EXCEED $1,114,409, TO THE
MIDTOWN MIAMI COMMUNITY DEVELOPMENT DISTRICT, IN ACCORDANCE
WITH THE SECOND AMENDMENT TO THE INTERLOCAL AGREEMENT DATED
MAY 28, 2004; AUTHORIZING REIMBURSEMENT, IN AN AMOUNT NOT TO
EXCEED $81,708, TO THE CITY OF MIAMI FOR COSTS INCURRED IN THE
FORMATION AND OPERATION OF THE CRA; APPROVING AND ADOPTING THE
CRA'S AMENDED TAX INCREMENT FUND BUDGET FOR THE FISCAL YEAR
COMMENCING OCTOBER 1, 2008 AND ENDING SEPTEMBER 30, 2009;
DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE
AMENDED BUDGETS TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY;
FUNDS TO BE ALLOCATED AS FOLLOWS: $1,114,409 FROM THE MIDTOWN
TAX INCREMENT FUND, "OTHER CURRENT CHARGES AND OBLIGATIONS,"
ACCOUNT CODE NO. 10000.920101.549000.0000.00000; AND $81,708 FROM
GENERAL OPERATING FUND, "INTERFUND TRANSFERS," ACCOUNT CODE
NO. 10030.920101.891000.0000.00000.
WHEREAS, the Midtown Community Redevelopment Agency ("CRA") is responsible for
carrying out community redevelopment activities and projects in accordance with its Redevelopment
Plan ("Plan"); and
WHEREAS, the Board of Commissioners, by Resolution No. CRA-R-08-0001, passed and
adopted on September 3, 2008, approved the CRA's FY '09 Tax Increment Fund and General
Operating Budgets; and
WHEREAS, on September 23, 2008, the City of Miami ("City"), Miami -Dade County
("County"), the Midtown Miami Community Development District ("CDD") and the CRA executed a
Second Amendment to the Interlocal Agreement dated May 28, 2004 ("Second Amendment"); and
WHEREAS, the Second Amendment provides that the tax increment revenues being held by
the CRA for years 2005, 2006, and 2007 shall be paid to the CDD within thirty (30) days of the
execution of the Amendment; and
WHEREAS, the Second Amendment further provides for reimbursement, in an amount not to
exceed $81,708, to the City for costs incurred in the formation and operation of the CRA; and
WHEREAS, it is necessary to amend the CRA's Tax Increment Fund Budget to reflect the
payments to be made to the CDD, and to reflect the County's revised estimate of tax increment fund
revenue; and
City of Miami
Page 1 of 2 File Id: 08-01050 (Version: 1) Printed On: 12/7/2010
File Number: 08-01050 Enactment Number: MCRA-R-08-0003
WHEREAS, the Board of Commissioners wishes to authorize the payments to the CDD and
the City in accordance with the Second Amendment, and to approve and adopt the CRA's Amended
Tax Increment Fund Budget for the Fiscal Year commencing October 1, 2008 and ending September
30, 2009;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
MIDTOWN COMMUNITY REDEVELOPMENT AGENCY 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 as if fully set forth in this Section.
Section 2. Payment of tax increment fund revenues for years 2005, 2006, and 2007, in an
amount not to exceed $1,114,409, to the Midtown Miami Community Development District, in
accordance with the Second Amendment to the Interlocal Agreement dated May 28, 2004 is
authorized.
Section 3. Reimbursement, in an amount not to exceed $81,708, to the City of Miami for
costs incurred in the formation and operation of the CRA is authorized.
Section 4. The attached Amended Tax Increment Fund Budget for the Fiscal Year
commencing October 1, 2008 and ending September 30, 2009 is approved and adopted.
Section 5. The Executive Director is directed to transmit a copy of the budget to the City of
Miami and Miami -Dade County.
Section 6. Funds are to be allocated as follows: $1,114,409 from Midtown Tax Increment
Fund, "Other Current Charges and Obligations," Account Code No.
10000.920101.549000.0000.00000; and $81,708 from General Operating Fund, "Interfund
Transfers," Account Code No. 10030.920101.891000.0000.00000.
Section 7. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 08-01050 (Version: 1) Printed On: 12/7/2010