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HomeMy WebLinkAboutMCRA-R-21-0001 Exhibit AMIDTOWN CRASPECIAL REVENUE FUND BUDGET FY 2022 Proposed Budget FY 2021 Adopted Budget Budget Variance Revenues ADVALOREM TAXES - CITY OF MIAMI $7,131,696 $6,121,474 $1,010,222 ADVALOREM TAXES - MIAMI DADE COUNTY $4,340,640 $3,725,199 $615,441 2021's CARRYOVER FUND BALANCE $9,166,082 $5,432,473 $3,733,609 TOTAL REVENUES $20,638,418 $15,279,146 $5,359,272 Expenditures INTERFUND TRANSFER (Administration - 1% out of FY 2022 TIF revenue) $114,723 $98,467 $16,256 OTHER CURRENT CHARGES AND OBLIG $20,523,694 $15,180,679 $5,343,015 TOTAL EXPENDITURES $20,638,417 $15,279,146 $5,359,271 REVENUE LESS EXPENDITURES $0 $0 $0 1 INTERFUND TRANSFER $ 114,723 Available funds for administration In fiscal year 2022, (1% of total TIF collected $11,472,335) OTHER CURRENT CHARGES AND OBLIGATIONS $ 20,523,694 Funds to be used to satisfy the annual debt obligation incurred by the CDD relating to the construction of the Plaza and Parking Garage. 2022's 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 2021-2022 1,020,493,166 (29,281,502) County FY 2021-2022 1,020,493,166 (29,281,592) 991,211,574 991,211,574 991,212 041,651 7.6665 (12,158, 848) (12,159) (11,560) 7.5365 991,212 941,651 4.6689 $7,219,167 {12,168,848) (12,169) (11, 560) 4.6669 (87,472) $4,394,591 (53,951) $7,131,696 $4,340,640 $11,472,335 2 2014A Amor11lza1Ion Schedule Sernl•Anntra I *Rased on Districts schedule and 2014A band arnorltlzatlan schedule *P1, 38) Date Principal Interest 'Payment Payment • Total Pmt • 11/1/2014 1,383, 711 1,383, 711 rY2015 5/1/2015 1,6351_000 1,547,00E 3,182,005 4,565,717 2 930,717 11/1/2015 1,512,263 1,512,263 FY 2010 3/1/2015 1,705,000 1,512,263 3,217,2.61 4,729,525 3 024 525 11/1/2016 1,476,031 1,475,031 FY 2017 5/1/2017 1.,780,000 1,476,031 3,256,031 4,732,063 2,952,063 11/1/2017 1,438,206 1,438,20E FY 2018 5/1/2018 1,800,000 1,438,206 3,298,206 4,736,413 7,876,413 11/1/2018 1,398,661 1,398,681 FY 2019 5/1/2019 1,940,000 1,398,681 3,338,681 4,737,363 2 797,363 11/1/2019 1,357,456 1,357,456 FY2020 5/1/202D 2,025,600 1,357,456 3,382,456 4,739,913 2,714 913 13/1/2020 AY.... 1,314,42.5 1,314,425 .No/May • • (FY - May/Nav Principal.* (F-Y-0S Inter est Interest) rY 7.021 5/1./2021. 2 115,000 1,291,953 ' 11/1/2021 1,291,953 FY 2022 5/1/2027 2,205,000 1,240,053 11/1/2022 1,246,053 FY2023 5/1/2023 2,300,000 1,193,188 11/1/2023 1,,198,188 FY2024 5/1/2024 2 400,000 1,148,250 11/'1/2024 FY 2025 5/1/2025 2, 51,5,000 '1,148,250 1,091,913 3,406,951 4,721,378 1,291,953 3,451,05'3 4,743,006 2,606,378 2,538,006 3,498,188 4,744,241 2,444,241 :1.,198,188 3,548,250 4,746,438 2,346,438 1,148,250 8,606,313 4,754,563 2 239 563 1,246,053 May/Nov (I3ond Ve•ar Nlny/Nov .t3ond'Year 11/1. (Per Band - Principal 'r• 05 Interest) Interest) 2014 1,383, 711 1,333,711 2015 4,694,269 3,059,269 2016 4,693,294 2,988,294 2017 4,694,238 2,914,238 2016 4,696,883 2,836,888 2019 4,696,138 2,756,138 zOZO 4,696,881 2,671,881 2.021 4,698,906 2,583,906 2022- 4,697,106 2,492,106 2023 4,690,375 2,.396,375 2024 1,696,500 7.,296,500 11/1/2025 FY 2026 5/1/2026 2,645,000 1,091,813 1,091,313 1,026,813 3,671,813 4 763,125 2,118,125 11./1/2026 1,026,813 1,026,8.13 FY2027 5/1/2027 2,780,000 939,000 3,739,000 4,765,813 1,985,613 - 11/1/2027 959,000. 959,060 FY2028 5/1/2023 2,925 000 887,633 • 3,81.2,688 4,771,688 1,846,688 11/1/2028 887,688 887,688 IY 2029 5/1/2029 3,070,000 11/1/2029 PY 2030 5/1/2030 3,230,000 ii/1/zo3o 812,750 81.2, 750 734,000 73 4,000 3,882,750 4,770,438 1,700 438 812,750 3,964,000 4,776,750 1,546,750 734,000 2025 4,697,625 2,182,525 2026 4,696,675-2,053,67.5 2.027 4,698,000- 1,928,000 2025 4,700,375 1,775,373 2029 4,695,500 1,625,500 2032 ..... 4,698,000 1, 46�3,000" FY 2031 5/1/2031 L395,000 651,188 4,046,188 4,7F30, i88 1.,385 ,188 11/1/2031 651,188 651,188 2031 �� 4,697,375 ®� 1,302,375 FY2032 5/1/2032 3 570,000 564,125 4,134,12.5 4,785E313 1,21.5,313 11/1/2032 564,125 564,125 2032 4,698,250 1,128,250 FY 2033 5/1/2033 3,750,000 472,625 4,222,625 4E786,750 1 036 750 1.:1./1/2033 47'2,625 472,625 2033 __ 4,695,250 945,250 FY2034 5/1./2034 3,945,000 376,438 4,321,438 4,794,063 B49,063 11/1/2034 376,438 376,43a 2034 4,697,1375 752,875 P72095 5/1/2035 4,145,000 275,313 1,42,0,313 4,796,750 651,750 11/1/2035 275,313 275,313 2035 4,695,625 550,625 1:Y2036 5/1/2030 4,360,000 159,006 4,529,000 4,804,313 444,313 11/1/2036 169,000 1.69,000 2036 4,598,000. 338,0000 IN2037 5/1/2037 4,580,000 114,500 4,694,500 4,a63,500 233,500 7.037 4,694,500 , ., ,409,3 109,409,304 Source: Midtown Miami Community Development District Series 2014A and 2014B Bond Special Assessments and Tax Increment Revenue Year Series 2014A Ending Debt Service 11./1/2014 11/1/2015 11/1/2016 11/1/2017 11/1/2018 11/1/2019 1 1/ 1 /2020 11/1/2021 1 1/ 1 /2022 11/1/2023 11/1/2024 11/1/2025 11/1/2026 11/1/2027 11/1/2028 11/1/2029 1 1/ 1 /2030 11/1/2031 11/1/2032 11/1 /203 3 11/1/2034 11/1/2035 11/1/2036 11/1/2037 Total $ 4,767,211u) 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 Net Series 2014A Special TIP Revenue(2) Assessment $ 3,332,159 $ 1,435,052 3,365,481 1,328,788 3,399,135 1,294,158 3,433,127 1,261,111 3,467,458 1,229,429 3,502,133 1,194,005 3,537,154 1,159,727 3,572,525 1,126,381 3,608,251 1,088,856 3,644,333 1,052,042 3,680,777 1,015,723 3,717,584 980,041 3,754,760 943,865 3,792,308 905,692 3,830,231 870,144 3,868,533 826,967 3,907,218 790,782 3,946,291 751,084 3,985,754 712,496 4,025,611 669,639 4,065,867 632,008 4,106,526 589,099 4,147,591 550,409 4,189,067 505,433 $ 89,879,874 $ 22,912,931 Series 2014B Debt Service (1) (2) (3) $ 1,968,669t31 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 $ 46,8/0,269 Total Series Total Net 2014 Debt Special Service Assessnent $ 6,735,880 $ 3,403,721 6,645,994 3,280,513 6,650,375 3,251,240 6,645,400 3,212,273 6,650,856 3,183,398 6,651,425 3,149,292 6,652,000 3,114,846 6,652,369 3,079,843 6,647,425 3,039,174 6,646,956 3,002,623 6,645,644 2,964,867 6,649,500 2,931,916 6,651,875 2,897,115 6,649,875 2,857,567 6,653,000 2,822,769 6,645,875 2,777,342 6,648,000 2,740,782 6,648,625 2,702,334 6,647,250 2,661,496 6,648,250 2,622,639 6,646,000 2,580,133 6,649,750 2,543,224 6,653,625 2,506,034 6,647,125 2,458,058 5159,663,073 5 69,783,2.00 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, For illustrative purposes only, Actual Tax increment Revenue amount is dependent upon a number of factors, including future property values as described above under "Tax Increment Revenues," includes Series 2004B Bonds and Series 2014B Bonds debt serivice, Debt Service Reserve Fund 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 20.14A 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 20 ] 4A Bonds, 27 Source: Midtown Miami Community Developmlent District Series 2014A and 2014B Bond DEBT SERVICE REQUIREMENTS") The following table sets forth the approximate debt service requirements for the Series 2014 Bonds: Year Ending 2014A Bonds November 1 Principait'-} 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total 1,635,000 1,705,000 1,780,000 1,860,000 1,940,000 2,025,000 2,115,000 2,205,000 2,300,000 2,400,000 2,515,000 2,645,000 2,780,000 2,925,000 3,070,000 3,230,000 3,395,000 3,570,000 3,750,000 3,945,000 4,145,000 4,360,000 4,580.000 $64,875,000 2014A Bonds Interest $ 1,383,711 3,059,269 2,988,294 2,914,238 2,836,888 2,756,138 2,671,881 2,583,906 2,492,106 2,396,375 2,296,500 2,182,625 2,053,625 1,918,000 1,775,375 1,625,500 1,468,000 1,302,375 1,128,250 945,250 752,875 550,625 338,000 114,500 $44,534,305 2014A Bonds Total $ 1,383,711 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 $109.409,305 Totals may not add due to rounding. (2) includes amortization installments_ 2014B Bonds Principal(') 680,000 715,000 740,000 775,000 810,000 845,000 880,000 ' 915,000 955,000 995,000 1,045,000 1,100,000 1,155,000 1,215,000 11,275,000 1,340,000 1,410,000 1,480,000 1,560,000 1,635,000 1,725,000 1,815,000 1,905,000 $26,970,000 38 2014B Bonds Series 2014B Interest Bonds Total $ 575,206 $ 575,206 1,27I,725 1,951,725 1,242,081 1,957,081 1,211,163 1,951,163 1,178,969 1,953,969 1,145,288 1,955,288 1,110,119 1,955,119 1,073,463 1,953,463 1,035,319 1,950,319 995,581 1,950,581 954,144 1,949,144 906,875 1,951,875 853,250 1,953,250 796,875 1,951,875 737,625 1,952,625 675,375 1,950,375 610,000 1,950,000 541,250 1,951,250 469,000 1,949,000 393,000 1,953,000 313,125 1,948,125 229,125 1,954,125 140,625 1,955,625 47,625 1.952.625 $18 506 806 $45,476.806 Aggregate Debt Service $ 1,958,917 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 $154,886.111