HomeMy WebLinkAboutMCRA-R-10-0004 Cover Memo 10-14-2010Midtown Board of Commissioners Meeting
October 14, 2010
MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Francis Suarez Date: October 4, 2010 File: 10-01202
and Members of the CRA Board
det)
From: James H. Villacorta n
Executive Director
Subject: Resolution Approving the DDR Miami Ave,
LLC Application for an Ad Valorem Tax
Exemption.
References:
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
The attached Resolution approves the application of DDR Miami Ave, LLC ("DDR") for an ad valorem tax
exemption, pursuant to Section 56-112 of the Code of the City of Miami.
DDR has applied, with the City of Miami, for an ad valorem tax exemption for its business operated within the
Midtown Community Redevelopment Area. The tax exemption will only apply to DDR's tangible personal
property. Because revenue paid into the CRA's redevelopment trust fund is derived solely from ad valorem
taxes assessed upon the real property within the CRA boundary, this exemption does not impact the Midtown
CRA.
JUSTIFICATION:
Section 56-112(f) of the Code of the City of Miami requires that applicants for an ad valorem tax exemption on
tangible personal property for businesses within a community redevelopment area obtain CRA Board approval
of their application prior to the City's grant of the tax exemption.
FUNDING: NO FISCAL IMPACT