HomeMy WebLinkAboutCRA-R-08-0067 Cover Memo•
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SEOPW & Omni Boards Of Commissioners Meeting
December 15, 2008
Item # 3
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: December 5, 2008 File: 08-01465
and Members of the CRA Board
Subject: Resolution Authorizing Payment of Certain
FY 2008 TIF Revenues Collected by the
CRA to The Children's Trust.
From: James H. VillacortReferences:
Executive Direct()
Enclosures: Supporting Documentation;
Legislation
BACKGROUND:
It is recommended that the Boards of Commissioners of the Southeast Overtown/Park West and Omni
Redevelopment District Community Redevelopment Agencies ("CRAs") approve and adopt the attached Joint
Resolution authorizing payment of certain FY 2008 tax increment revenues collected by the CRAs, in an amount
not to exceed $662,144, to The Children's Trust, Miami -Dade County, an independent special taxing district
("Trust").
Establishment of the Trust was approved by the voters of Miami -Dade County on September 10, 2002 for the
purpose of funding improvements to children's health, development, and safety. The Trust is funded by the levy
of a half -mil tax on nonexempt real property. Florida's Community Redevelopment Act requires taxing
authorities to pay increment income generated within a community redevelopment area to the community
redevelopment agency.
On October 7, 2003, the Board of County Commissioners of Miami -Dade County adopted Ordinance No. 03-
210, which required, as a condition precedent to the Board's consideration of any matter concerning a
community redevelopment agency, that municipalities, in their sole discretion, exempt the Trust from the
provisions of Florida's Community Redevelopment Act.
The Boards of Commissioners of the CRAs, by Resolution No, CRA-R-06-0008, passed and adopted on March
9, 2006, authorized the Executive Director to execute an agreement between the CRAs, the City of Miami,
Miami -Dade County, and the Trust which provides for payment to the Trust of the increment revenues
generated within the Redevelopment Areas by the Trust's half -mil levy, provided that the funds are not needed
by the CRAs for debt service.
JUSTIFICATION:
On August 6, 2007, the Trust, the CRAs, the City of Miami, and Miami -Dade County entered the lnterlocal
Agreement authorized by Resolution No. CRA-R-06-0008 ("lnterlocal Agreement"). Section 2 of the Interlocal
Agreement provides that the CRAs will "remit to the Trust ... all of the Trust Revenues that are not needed for
debt service on ... existing debts of the CRAs." This Resolution satisfies the CRAs' contractual obligation.
FUNDING: $215,813 from SEOPW Tax Increment Fund, "Other Current Charges and Obligations," Account
Code No. 10050.920101.549000.0000.00000, and $446,331 from Omni Tax Increment Fund, "Other Current
Charges and Obligations," Account Code No. 10040.920101.549000.0000.00000.