HomeMy WebLinkAboutCRA-R-10-0004 Cover Memo 2-11-2010SEOPW & Omni Boards of Commissioners Meeting
February 11, 2010
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Marc D. Sarnoff
and Members of the CRA Board
Date: February 1, 2010 File: 09-01411
Subject: Resolution Authorizing Payment of FY
2009 TIF Revenues Collected by the
CRA to The Children's Trust.
From: James H. Villacort References:
Executive Director
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 FY 2009 tax increment revenues collected by the CRAs, in an amount not to exceed
$782,373, 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 the Florida 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 Interlocal
Agreement authorized by Resolution No. CRA-R-06-0008 ("Interlocal 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: $251,439 from SEOPW Tax Increment Fund, "Other Current Charges and Obligations,"
Account Code No. 10050.920101.549000.0000.0000, and $530,934 from Omni Tax Increment Fund, "Other
Current Charges and Obligations," Account Code No. 10040.920101.549000.0000.00000.