HomeMy WebLinkAboutPre-LegislationSoutheast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-24-0055
File Number: 16572 Final Action Date:9/7/2024
A RESOLUTION OF THE BOARD OF COMMISSIONERS ("BOARD") OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGENCY ("SEOPW CRA"), WITH ATTACHMENTS, APPROVING AND
ADOPTING THE PROPOSED GENERAL OPERATING AND TAX INCREMENT
FUND BUDGET ("BUDGET") OF THE SEOPW CRA, ATTACHED AND
INCORPORATED HEREIN AS EXHIBIT "A," IN THE AMOUNT OF ONE
HUNDRED MILLION FOUR HUNDRED SIXTY-SIX THOUSAND TWO HUNDRED
SEVENTY-EIGHT DOLLARS AND ZERO CENTS ($100,466,278.00) ("FUNDS"),
FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2024 AND ENDING
SEPTEMBER 30, 2025 ("FY 2024 - 2025"); FURTHER AUTHORIZING THE DE -
ALLOCATION OF FUNDS IN THE AMOUNT OF ONE MILLION ONE HUNDRED
ONE THOUSAND THREE HUNDRED FIVE DOLLARS AND ZERO CENTS
($1,101,305.00), ATTACHED AND INCORPORATED HEREIN AS EXHIBIT "B";
FURTHER AUTHORIZING THE COMPENSATION OF THE EXECUTIVE
DIRECTOR FOR FY 2024 - 2025 AND DIRECTING THE EXECUTIVE DIRECTOR
TO TRANSMIT A COPY OF SAID BUDGET TO THE CITY OF MIAMI AND MIAMI-
DADE COUNTY; PROVIDING FOR INCORPORATION OF RECITALS AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW
CRA") is responsible for carrying out community redevelopment activities and projects within its
Redevelopment Area in accordance with the 2018 Southeast Overtown/Park West Redevelopment Plan
Update (the "Plan"); and
WHEREAS, as a prerequisite to carrying out redevelopment activities for the fiscal year
commencing October 1, 2024 and ending September 30, 2025 ("FY 2024 - 2025"), it is required that the
SEOPW CRA's Board of Commissioners ("Board") approve and adopt the annual General Operating and
Tax Increment Fund Budget ("Budget"), attached and incorporated herein as Exhibit "A"; and
WHEREAS, pursuant to Interlocal Agreements, a copy of the SEOPW CRA's Budget is required
to be transmitted to the City of Miami and Miami -Dade County; and
WHEREAS, all the expenses included in the Budget are in accordance with local and state law,
Interlocal Agreements, and the Plan; and
WHEREAS, the Board finds that authorizing this Resolution would further the SEOPW CRA's
redevelopment goals and objectives; and
WHEREAS, the Board wishes to approve and adopt the SEOPW CRA's Budget for FY 2024 -
2025, as set forth in Exhibit "A," in the amount of One Hundred Million Four Hundred Sixty -Six
Thousand Two Hundred Seventy -Eight Dollars and Zero Cents ($100,466,278.00) ("Funds");
WHEREAS, the Board wishes to de -allocate funds in the amount of One Million One Hundred
One Thousand Three Hundred Five Dollars and Zero Cents ($1,101,305.00), as set forth in Exhibit "B";
City of Miami Page 1 of 2 File ID: 16572 (Revision:) Printed On: 9/17/2024
File ID: 16572 Enactment Number: CRA-R-24-0055
WHEREAS, the Board wishes to approve the Executive Director's compensation, effective in FY
2024 - 2025.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The SEOPW CRA's Budget, in the amount of One Hundred Million Four
Hundred Sixty -Six Thousand Two Hundred Seventy -Eight Dollars and Zero Cents ($100,466,278.00), for
FY 2024 - 2025, as set forth in Exhibit "A", is hereby approved and adopted.
Section 3. The Board hereby approves the de -allocation of funds in the amount of One
Million One Hundred One Thousand Three Hundred Five Dollars and Zero Cents ($1,101,305.00), as set
forth in Exhibit "B."
Section 4. The Board further approves the compensation of the Executive Director,
effective in FY 2024 - 2025.
Section 5. Sections of this Resolution may be re -numbered or re -lettered, and corrections of
typographical errors which do not affect the intent may be authorized by the Executive Director, or the
Executive Director's designee, without need of public hearing, by filing a corrected copy of same with the
City of Miami City Clerk.
Section 6. The Executive Director is directed to transmit a copy of said Budget to the City
of Miami and Miami -Dade County, including any and all necessary documents, and all -in forms
acceptable to the Counsel.
Section 7. This Resolution shall become effective immediately upon its adoption and
signature by the City Mayor.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
1J' e B�[ ounsel 8/27/2024
City of Miami Page 2 of 2 File ID: 16572 (Revision:) Printed on: 9/17/2024
Exhibit "A"
SEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET
FY 2025
PROPOSED
BUDGET
FY 2024
PROPOSED
BUDGET
BUDGET
VARIANCE
REVENUES
CITY OF MIAMI - TAX INCREMENT (ORIGINAL BOUNDARIES)
$26,900,684
$25,078,551
$1,822,133
MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES)
$17,261,802
$15,183,020
$2,078,782
CITY OF MIAMI - TAX INCREMENT (EXPANDED BOUNDARIES)
$1,720,577
$1,796,294
($75,717)
MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES)
$1,10'8,226
$1,087,565
$20,661
CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION)
$2,072,829
$2,860,199
($787,370)
MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION)
$1,339,640
$1,731,732
($392,092)
Total 2025 TIF Revenuo $50,403,758
2024 ESTIMATED CONTRIBUTION FROM THE CHILDREN TRUST FUND
$2,017,387
$1,824,080
$193,307
2024 ESTIMATED NON TIF FUND BALANCE
$4,833,515
$0
$4,833,515
2024 ESTIMATED FUND BALANCE
$43,211,618
$57,127,599
($13,915,981)
TOTAL REVENUE
$100,466,278
$106,689,040
;($6,222,762)
REDEVELOPMENT EXPENDITURES
PROFESSIONAL SERVICES - LEGAL
$200,000
$217,725
($17,725)
ACCOUNTING AND AUDIT
$45,000
$35,000
$10,000
PROFESSIONAL SERVICES - OTHER
$768,709
$645,263
$123,446
OTHER CONTRACTUAL SERVICES
$1,500,000
$1,021,242
$478,758
DEBT SERVICE PAYMENT
$4,502,500
$4,508,000
($5,500)
INTERFUND TRANSFER
$15,967,569
$21,978,434
($6,010,865)
LAND
$2,000,000
$16,435,000
($14,435,000)
CONSTRUCTION IN PROGRESS
$1,641,657
$1,019,181
$622,476
OTHER GRANTS AND AIDS
$63,943,606
$54,683,645
$9,259,961
TOTAL REDEVELOPMENT EXPENDITURES
$90,569,041
$100,543,491 'I
($9,974,450)
REGULAR SALARIES (19 staff members)
$2,333,188
$1,902,158
$431,030
FICA TAXES
$178,489
$145,515
$32,974
LIFE AND HEALTH INSURANCE
$270,921
$245,921
$25,000
RETIREMENT CONTRIBUTION
$428,684
$387,177
$41,507
FRINGE BENEFITS
$55,700
$50,800
$4,900
OTHER CONTRACTUAL SERVICE
$500,000
$120,230
$379,770
TRAVEL AND PER DIEM
$65,000
$45,000
$20,000
UTILITY SERVICE
$70,000
$69,000
$1,000
INSURANCE
$310,625
$170,538
$140,087
OTHER CURRENT CHARGE
$180,000
$87,579
$92,421
SUPPLIES
$20,000
$20,000
$0
OPERATING SUPPLIES
$10,000
$10,000
$0
SUBSCRIPTION M EMBERSHIP/TRAINING
$15,000
$15,000
$0
MACHINERY AND EQUIPMENT
$3,000
$3,000
$0
ADVERTISING
$60,000
$45,000
$15,000
RENTAL AND LEASES
$647,000
$79,000
$568,000
POSTAGE
$2,000
$2,000
$0
REPAIR/MAINTENANCE - OUTSIDE
$2,000
$2,000
$0
INTERFUND TRANSFER
$65,000
$65,000
$0
TOTAL ADMINISTRATIVE EXPENDITURES
$5,216,607
$3,464,918
$1,751,689
Revenue Shortfall Reserve
FY 2016 Carryover Fund Balance (Surplus)
$240,000
$240,000
$0
FY 2017 Carryover Fund Balance (Surplus)
$272,270
$272,270
$0
FY 2018 Carryover Fund Balance (Surplus)
$321,755
$321,755
$0
FY 2019 Carryover Fund Balance (Surplus)
$309,727
$309,727
$0
FY 2023 Carryover Fund Balance (Surplus)
$748,087
$748,087
$0
FY 2024 Carryover Fund Balance (Surplus)
$788,792
$788,792
$0
FY 2025 BUDGET RESERVE
$2,000,000
$0
$2,000,000
TOTAL REVENUE SHORTFALL RESERVE
) $4,680,631
$2,680,631
$2,000,000
TOTAL FUND BALANCE
) $100,466,278
$106,689,040
($6,222,762)
$0
2025 TIF Revenue $50,403,758
2025 Administrative Expenditures $5,216,607
• Administrative Exp / 2025 TIF Revenue 10.35%
2025 Budget Reserve
$4,680,631
Total 2025 Budget $100,466,278
• 2025 Budget Reserve / Total 2025 Budget 5%
$0
$0
Exhibit "]3"
De -allocation of funds
It
1
Description
Category
Resolution No
Award '
Amount
Actual
Remaining
Balance
Dreamers Breaking Barriers, LLC
To underwrite costs associated
with the operation of the All
Star Detailing Services training
and second -chance pilot
program located at 1490 NW
3rd Avenue, Miami, FL
22-0013
$75,000
r.
$74,972
$28
2
Girl Power Rocks, Inc
To assist with providing a safe
space for 30 at -promise
females.
23-0020
$74,202
$73,810
$392
3
Grant to Florida Film House
International, Inc
To underwrite costs associated
with the operation of the lst
Take Youth Program
22-0029
$100,000
$99,153
$847
4
Grant to Florida Film House
International, LLC
To underwrite costs associated
with the production of the 2022
Urban Film Festival
22-0030
$25,000
$23,295
$1,705
5
Dreamers Breaking Barriers, LLC /
Funding in the amount of
$100,000.00 derives from the City
of Miami - Grants Department
To underwrite costs associated
with the operation of the All
Star Detailing Services training
and second -chance pilot
program located at 1490 NW
3rd Avenue, Miami, FL
20-0030
$150,000
$148,243
$1,757
6
CyeurbanTV,com
To underwrite costs associated
with the production of a media
community internet
broadcasting station,
22-0023
$63,000
$60,670
$2,330
7
Grant to Florida Film House, LLC
To underwrite costs associated
with the operation of the 1st
Take Youth Program
20-0025
$158,200
$154,787
$3,413
8
Mt. Zion Developments - Church
located at 301 NW 9th St.
40 years certification and roof
replacement.
22-0002
$350,000
$345,146
$4,854
9
Grant to Peoples Drug Store Inc.
For the rehabilitation of
"People's Bar-B-Que" a full
service bar-b-que restaurant
located at 360 NW 8th Street,
Miami, FL 33136.
22-0014
$40,000
$30,744
$9,256
10
Grant to Black Archives History and
Research Foundation of South
Florida, Inc.
To underwrite costs associated
with the continued operation
and programming of the Lyric
Theater, On 4/28/2022, a
renewal in the amount of
$2.8M was approved ($700K
per year).
18-0043
22-0012
$3,800,000
$3,790,284
$9,716
11
Norwood Consulting Inc.
To underwrite costs associated
with producing cultural
programming and art
exhibitions at the Historic Ward
Rooming House
20-0023
$125,000
$113,314
$11,686
12
Grant to Black Archives History and
Research Foundation of South
Florida, Inc.
Security Upgrades
22-0038
$21,047
$0
$21,047
13
Twin Homes Affordable Housing
Project
Affordable housing project
located at 1900 NW 2nd Ct,
Miami FL
19-0009
$750,000
$721,534
$28,466
1
14
Grant to Transition, Inc.
To underwrite costs associated
with providing workforce
readiness training and job
placement services.
22-001.7
$200,000
$164,110
$35,890
15
Urgent Inc
To support a one-year period
for the January 2023-
December 2023 Summer
Youth Program
22-0053
$100,000
$50,171
$49,829
16
Suited for Success, Inc / Funding is
for two (2)years.
Training and other employment
support$380,000
services for job
seekers from the
redevelopment area.
21-0020
$326,830
$53,170
17
New Washington Heights
Community Development
Conference, Inc.
To underwrite costs associated
with the production and
operation of "Folk. Life Fridays"
in the redevelopment area.
20-0028
$150,000
$94,341
$55,659
18
Norwood Consulting Inc. / Funding
covers for two (2) years.
_
To underwrite costs associated
with producing cultural
programming and art
exhibitions at the Historic Ward
21-0023
22-0045
$300,000
$241,822
$58,178
19
Liberty City Community
Revitalization Trust
To underwrite costs associated
with the Youth Employment
23-0038
$60,000
$0
$60,000
20
Grant to Miami Dade College for
Hospitality Institute
For the operation of the
hospitality institute in FY 2022-
2023. This commitment is for
22-0025
$225,000
$138,047
$86,953
21
Hospitality Employees
Advancement & Training, Inc.
CHEAT")
Hospitality and Culinary Arts
training program $150K-
2022/$200K-2023
22-0011
$350,000
$257,356
$92,644
22
23
Grant to Transition, Inc.
To underwrite costs associated
with providing workforce
readiness training and job
placement services.
23-0008
$292,060
$194,745
$97,315
New Washington Heights
Community Development
Conference, Inc.
in
To underwrite costs associated
with the production and
operation of "Folk Life Fridays"
the redevelopment area.
23-0007
$287,000
$106,364
$180,636
$235,535
24
Parking lot improvements
10th
Parking lots owned by the CRA
at 262 NW 10th St, 250 NW
St and 345 NW 10th St.
16-0033
$260,000
$24,465
$$, .5,591 AL2_ 2,91 1 1 3411
2