HomeMy WebLinkAboutMCRA-R-08-0003 LegislationI,C"1 •111
City of Miami
Legislation
MCRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
ww w.miamigov.com
File Number: 08-01050 Final Action Date:
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 Printed On: 10/16/200,4
File Number: 08-01050
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
0 Tax Increment Fund Budget for the Fiscal Year commencing October 1, 2008 and ending September
30, 2009;
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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 $31,708 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.
APPROVED AS TO FORM AND C.Of EECTNESS:
JULIE O. BRU
GENERAL COUNSEL
City of :Viand
Page 2 of 2 Printed On: 10/16/2008
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Community Redevelopment Agency
Midtown Miami
Tax Increment Fund
Fiscal Year 2009
MIDTOWN MIAMI SPECIAL REVENUE FUND BUDGET
FY 2008
Approved
Budget -
Midtown
Special
Revenue
FY 2009
Approved
9/3/2008
Budget -
Midtown
Special
Revenue
FY 2009
Amended
Budget -
Midtown
Special
Revenue
Revenues
ADVALOREM TAXES - CITY OF MIAMI
478,364
2,098,387
2,098,387
ADVALOREM TAXES - MIAMI DADE COUNTY
300,103
1,332,561
1,322,881
MISC - INTEREST
MISC - NET INCREASE IN FAIR VALUE
CARRYOVER FUND BALANCE
367,971
1,115,409
1,114,409
OTHER NON -OPERATING
20,000
TOTAL REVENUES
1,166,438
4,546,357
4,535,677
Expenditures
ACCOUNTING AND AUDIT
7,000
7,000
7,000
PROFESSIONAL SERVICES - APPRAI
PROFESSIONAL SERVICES - LEGAL
PROFESSIONAL SERVICES - OTHER
OTHER CONTRACTUAL SERVICES
CONSTRUCTION IN PROGRESS
OTHER GRANTS AND AIDS
INTERFUND TRANSFER (Administration - 1% out
of TIF revenue in FY 2009)
27,354
34,309
34,213
INTERFUND TRANSFER (Transfer to City of Miami
General Fund)
OTHER CURRENT CHARGES AND OBLIG
4,494,464
BUDGET RESERVE
1,132,084
4,505,048
TOTAL EXPENDITURES
1,166,438
4,546,357
4,535,677
REVENUE LESS EXPENDITURES
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