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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.