HomeMy WebLinkAboutMemo - Proposed DDA Millage Rate 07-28-11M IAMI IA
DO NiO'd'N DEVELOP'IENT AUTiiOFnY
Memorandum
To: The honorable M /•j]yor an y�(y1{embers of the City Commission.
From: ,lyce . Robertson, Executive Director
Date:
Subject:
Re:
July18, 2011
Proposed DDA Millage Rate for FY 2011-2012
For July 28, 2011 City Commission Meeting
Recommendation.
It is respectfully requested that the City Commission approve the .attached Resolution establishing
the FY 2011-2012 millage rate for the Miami Downtown Development Authority ("DDA") of the
City of Miami, Florida.
Background
In 1980, the State of Florida Legislature enacted 1-louse Bill-4D entitled "Truth in Millage" ("TRIM
BILL"), which has been incorporated into the Florida Statutes under Section 200. The TRIM BILL
also stipulates that the proposed millage rate be submitted to the Property Appraiser and Tax
Collector and included in the City's tax notices mailed to property owners.
The City Commission is authorized under Chapter 14 of the City of Miami Code to levy an
additional ad valorem tax on all real and personal property in the Downtown Development District,
not to exceed one-half (.5) mill, for the purpose of' financing the operations of the Miami Downtown
Development Authority. This millage rate has been the same since the inception of the DDA in
1965. The proposed Millage rate for the DDA for the Fiscal Year beginning October 1, 2011.and
ending September 30, 2012 is .5 mill, which is 4.6 % more than the roll back rate of 0.478.
The Miarni City Commission mist also establish the dates and times of the first and second public
hearings in connection with the DDA FY 2011-2012 proposed millage rate and budget. As in past
years, the DDA's public hearings should be scheduled -for the same dates as 'the City's.
AMR/rnsr
Attachments
cc: Julie O. Bru, City Attorney (via email)
Veronica Xiques, Assistant City Attorney (via email)
Elvi Gallastegui, Agenda Office (via email)
Miami Downtown Development Authority
200 S. Biscayne Boulevard, Suite 2929
Wachovia Financial Center
Miami,Florida 33131
Tel: 305.579.6675
Fax: 305.371.2423
Web: www.miamidda.com