HomeMy WebLinkAboutMCRA-R-20-0001 Exhibit A SUBEXHIBIT A
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2021
Proposed
Budget
FY 2020
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
$626,716
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,946
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8,883,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2020 TIF revenue)
$98,467
$88,837
$9,630
OTHER CURRENT CHARGES AND OBLIG
$15,180,679
$8,794,867
$6,385,812,
TOTAL EXPENDITURES
$15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
7795 Exhibit A SUB
1
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
$ 98,467
OTHER CURRENT CHARGES AND OBLIGATIONS $ 15,180,679
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (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
FY 2020-2021
878,398,634
(29,281,592)
County
FY 2020-2021
878,398,634
(29,281,592)
849,117, 042 849,117,042
849,117
806,661
7.6665
(8,888,517)
(8,889)
(8,444)
7.4365
$6,184,268
(62,794)
$6,121,474
849,117
806,661
4.6669
(8,888,517)
(8,889)
(8,444)
4.6669
$3,764,607
(39,408)
$3,725,199 $9,846,673
2
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
Special Assessments and Tax Increment Revenue
Year
Ending
Series 2014A
Debt Service
TIF Revenue(2)
Net Series
2014A Special
Assessment
11/1/2014
11/1/2015
11/1/2016
11/1/2017
11/1/2018
11/1/2019
11/1/2020
11/1/2021
11/1/2022
11/1/2023
11/1/2024
11/1/2025
11/1/2026
11/1/2027
11/1/2028
11/1/2029
11/1/2030
11/1/2031
11/1/2032
11/1/2033
11/1/2034
11/1/2035
11/1/2036
11/1/2037
Total
$ 4,767,211(»
4,694,269
4,693,294
4,694,238
4,696,888
4,696,138
4,696,881
4,698,906
4,697,106
4,696,375
4,696,500
4,697,625
4,698,625
4,698,000
4,700,375
4,695,500
4,698,000
4,697,375
4,698,250
4,695,250
4,697,875
4,695,625
4,698,000
4,694,500
$112,792,805
$ 3,332,159
3,365,481
3,399,135
3,433,127
3,467,458
3,502,133
3,537,154
3,572,525
3,608,251
3,644,333
3,680,777
3,717,584
3,754,760
3,792,308
3,830,231
3,868,533
3,907,218
3,946,291
3,985,754
4,025,611
4,065,867
4,106,526
4,147,591
4,189,067
$ 89,879,874
$ 1,435,052
1,328,788
1,294,158
1,261,111
1,229,429
1,194,005
1,159,727
1,126,381
1,088,856
1,052,042
1,015,723
980,041
943,865
905,692
870,144
826,967
790,782
751,084
712,496
669,639
632,008
589,099
550,409
505,433
$ 22,912,931
(1)
(2)
(3)
Series 2014B
Debt Service
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
Total Series
2014 Debt
Service
Total Net
Special
Assessment
$ 1,968,669(3) $
1,951,725
1,957,081
1,951,163
1,953,969
1,955,288
1,955,119
1,953,463
1,950,319
1,950,581
1,949,144
1,951,875
1,953,250
1,951,875
1,952,625
1,950,375
1,950,000
1,951,250
1,949,000
1,953,000
1,948,125
1,954,125
1,955,625
1,952,625
$ 46,870,269
6,735,880
6,645,994
6,650,375
6,645,400
6,650,856
6,651,425
6,652,000
6,652,369
6,647,425
6,646,956
6,645,644
6,649,500
6,651,875
6,649,875
6,653,000
6,645,875
6,648,000
6,648,625
6,647,250
6,648,250
6,646,000
6,649,750
6,653,625
6,647,125
$159,663,073
Includes Series 2004A Bonds and Series 2014A Bonds debt serivce.
Assumes actual 2014 Tax Increment Revenue of $3,332,159 with 1% annual growth rate thereafter.
purposes only. Actual Tax Increment Revenue amount is dependent upon a number of factors, includm
values as described above under "Tax Increment Revenues."
Includes Series 2004B Bonds and Series 2014B Bonds debt serivce.
Debt Service Reserve Fund
$ 3,403,721
3,280,513
3,251,240
3,212,273
3,183,398
3,149,292
3,114,846
3,079,843
3,039,174
3,002,623
2,964,867
2,931,916
2,897,115
2,857,567
2,822,769
2,777,342
2,740,782
2,702,334
2,661,496
2,622,639
2,580,133
2,543,224
2,506,034
2,458,058
$ 69,783,200
For illustrative
mg future property
Separate accounts within the Debt Service Reserve Fund will be maintained under the
Indenture for the benefit of the Series 2014 Bonds. Pursuant to the Indenture, the Series 2014A
Debt Service Reserve Requirement means $1,000,000 and the Series 2014B Debt Service
Reserve Requirement means 50% of the maximum annual debt service of the Series 2014B
Bonds on the date of their original issuance and delivery. Amounts on deposit in the Series 2014
Debt Service Reserve Account will be used to cure any deficiency in the Interest, Principal and
Sinking Fund Accounts for the Series 2014 Bonds.
The maximum annual debt service for the Series 2014A Bonds is $4,700,375.00 and the
maximum annual debt service for the Series 2014B Bonds is $1,957,081.25. The amount of Tax
Increment Revenues received by the District from the Midtown CRA on April 3, 2014, was
$3,332,159, which amount will fluctuate in future years as further described herein. The Tax
Increment Revenues are used solely to pay debt service on the Series 2014A Bonds and reduces
the amount of special assessments collected to pay debt service on the Series 2014A Bonds.
27
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
DEBT SERVICE REQULREMENTSw
The following table sets forth the approximate debt service requirements for the Series 2014 Bonds:
Year Ending 2014A Bonds 2014A Bonds 2014A Bonds
November 1 Principal(2) Interest Total
2014 $ - $ 1,383,711 $ 1,383,711
2015 1,635,000 3,059,269 4,694,269
2016 1,705,000 2,988,294 4,693,294
2017 1,780,000 2,914,238 4,694,238
2018 1,860,000 2,836,888 4,696,888
2019 1,940,000 2,756,138 4,696,138
2020 2,025,000 2,671,881 4,696,881
2021 2,115,000 2,583,906 4,698,906
2022 2,205,000 2,492,106 4,697,106
2023 2,300,000 2,396,375 4,696,375
2024 2,400,000 2,296,500 4,696,500
2025 2,515,000 2,182,625 4,697,625
2026 2,645,000 2,053,625 4,698,625
2027 2,780,000 1,918,000 4,698,000
2028 2,925,000 1,775,375 4,700,375
2029 3,070,000 1,625,500 4,695,500
2030 3,230,000 1,468,000 4,698,000
2031 3,395,000 1,302,375 4,697,375
2032 3,570,000 1,128,250 4,698,250
2033 3,750,000 945,250 4,695,250
2034 3,945,000 752,875 4,697,875
2035 4,145,000 550,625 4,695,625
2036 4,360,000 338,000 4,698,000
2037 4,580,000 114,500 4,694,500
Total $64,875.000 $44,534,305 $109,409,305
(1) Totals may not add due to rounding.
(2) Includes amortization installments.
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
Aggregate
2014B Bonds 2014B Bonds Series 2014B Debt
Principal(2) Interest Bonds Total Service
$ $ 575,206 $ 575,206 $ 1,958,917
680,000 1,271,725 1,951,725 6,645,994
715,000 1,242,081 1,957,081 6,650,375
740,000 1,211,163 1,951,163 6,645,400
775,000 1,178,969 1,953,969 6,650,856
810,000 1,145,288 1,955,288 6,651,425
845,000 1,110,119 1,955,119 6,652,000
880,000 1,073,463 1,953,463 6,652,369
915,000 1,035,319 1,950,319 6,647,425
955,000 995,581 1,950,581 6,646,956
995,000 954,144 1,949,144 6,645,644
1,045,000 906,875 1,951,875 6,649,500
1,100,000 853,250 1,953,250 6,651,875
1,155,000 796,875 1,951,875 6,649,875
1,215,000 737,625 1,952,625 6,653,000
1,275,000 675,375 1,950,375 6,645,875
1,340,000 610,000 1,950,000 6,648,000
1,410,000 541,250 1,951,250 6,648,625
1,480,000 469,000 1,949,000 6,647,250
1,560,000 393,000 1,953,000 6,648,250
1,635,000 313,125 1,948,125 6,646,000
1,725,000 229,125 1,954,125 6,649,750
1,815,000 140,625 1,955,625 6,653,625
1,905,000 47,625 1,952,625 6,647,125
$26.970,000 $18,506,806 $45.476,806 $154,886,111
38
EXHIBIT A
SUBSTITUTED
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2021
Proposed
Budget
FY 2020
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
$626,716
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,9, .
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8,: '. ,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2020 TIF revenue)
$98 ' .7
$88,837
$9,630
OTHER CURRENT CHARGES AND OBLIG
$15 80,679
$8,794,867
$6,385,812,
TOTAL EXPENDITURES
.15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
1
SUBSTITUTED
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
$ 98,467
OTHER CURRENT CHARGES AND OBLIGATIONS $ 15,180,679
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (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
FY 2020-2021
878,398,634
(29,281,592)
County
2020-2021
878,398,634
(29,281,592)
849,117, 042 849,117,042
849,117
806,661
7.6665
(8,888,517)
(8,8
(.,444)
.4365
$6.1: ,268
(62,794)
$6,121,474
2
849,117
806,661
4.6669
(8,888,517)
(8,889)
(8,444)
4.6669
$3,764,607
(39,408)
$3,725,199 $9,846,673