HomeMy WebLinkAboutMCRA-R-08-0003 cover memo•
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Midtown Board of Commissioners Meeting
October 27, 2008
Item # 1
MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: October 17, 2008 File: 08-01050
and Members of the CRA Board
Subject: Resolution Authorizing Payment to the
Midtown CDD, Reimbursement to City of
Miami, and Amendment of CRA Tax
Increment Fund Budget for Fiscal Year 2009.
From: James H. Villacorta r?� References:
Executive Director./
Enclosures: Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Midtown Community Redevelopment Agency
("CRA") approve and adopt the attached Resolution authorizing payment, in an amount not to exceed
$1,114,409 to the Midtown Miami Community Development District, authorizing reimbursement, in an amount
not to exceed $81,708, to the City of Miami ("City") for costs incurred in the formation and operation of the CRA,
and adopting the CRA's Amended Tax Increment Fund Budget for the Fiscal Year 2009.
The Board of Commissioners, by Resolution No. MCRA-R-08-0001, passed and adopted on May 22, 2008,
authorized the execution of the Second Amendment to the Interlace' Agreement between the City, Miami -Dade
County ("County"), the Midtown Miami Community Development District ("District") and the CRA.
On September 23, 2008, the City, the County, the District, and the CRA executed the Second Amendment to
the Interlocal Agreement dated May 28, 2004 ("Second Amendment"). 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. 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.
JUSTIFICATION:
The CRA is under a contractual obligation to make the payments to the CDD and the City. The amendment of
the CRA's Tax Increment Budget is necessary to reflect the payments to the CDD, and to reflect the County's
revised estimate of tax increment fund revenue.
FUNDING: 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.
JHV/pk