HomeMy WebLinkAboutCRA-R-06-0008 Cover MemoSEOPW & Omni Board of Director Meeting
February 23, 006
Item #5
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
Chairman Johnny L. Winton
and Members of the CRA Board
Date: February 17, 2006 06-00197
Subject: Resolution for Children's Trust
Frank K. RolJason References:
Executive Director
Enclosures: Supporting Documentation;
Legislation
RECOMMENDATION:
It is recommended that the attached Joint Resolution of both the Southeast Overtown/Park West and Omni
Redevelopment District Community Redevelopment Agencies (CRAs) be approved and adopted authorizing the
Executive Director to enter into the attached Agreement with The Children's Trust, Miami -Dade County, an
independent special taxing district for the purpose of establishing the use of incremental tax revenues to be
derived from the imposition of half -mil tax levied by the Trust against real property located within the CRAs'
redevelopment areas (the "Trust Revenues").
JUSTIFICATION:
On September 10, 2002, the voters of Miami -Dade County approved a new half -mil tax for the purpose of
funding improvements to children's health, development and safety and promoting parental and community
responsibility for children. As a result, The Children's Trust was established. In order for the Trust to receive
the money generated by the additional half mil tax within the CRA areas, it is necessary for the Board of
Directors to enter into the attached Agreement. Without this Agreement, The Children's Trust may not collect
their half -mil levy on the increased property values within the CRA areas. As an example, if this Resolution is
approved, the Children's Trust would collect an additional $89,000.00 from the SEOPW CRA and an additional
$156,000.00 from the Omni CRA for Fiscal Year '06 as a result of their half -mil levy. In addition, on October 7,
2003, the Miami -Dade County Board of Commissioners adopted Ordinance No. 03-210 (copy attached) which
requires as a condition precedent to the Board's consideration of any 1) approval of Interlocal Agreements, 2)
approval of any annual budget for expenditure of TIF, 3) approval of any amendments to redevelopment plans
including expansion of boundaries or extension of the life of a CRA, that municipalities, in their sole discretion,
exempt The Children's Trust from the provisions of Chapter 163 for the term of the collection of The Children's
Trust ad valorem tax, including any extension of the original tax levy which is approved by the voters of Miami -
Dade County.
FINANCIAL IMPACT: None
FKR/eh