HomeMy WebLinkAboutComposite Exhibit AComposite Exhibit A:
August 31, 2020, Board of Commissioners of the Midtown CRA
Resolution No. MCRA-R-20-0001, approving and adopting
the Midtown CRA's Proposed Budget for the fiscal year
commencing October 1, 2020 and ending September 30, 2021 in the amount of
$15,279,146.00,
all attachments thereto,
Executive Director's Memorandum,
and required City Budget Form
Midtown
Community Redevelopment Agency
Legislation
MCRA Resolution: MCRA-R-20-0001
Midtown CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 7795 Final Action Date: 8/31/2020
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING THE 2021 PROPOSED BUDGET OF THE CRA,
ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF
$15,279,146 FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2020 AND
ENDING SEPTEMBER 30, 2021; DIRECTING THE EXECUTIVE DIRECTOR TO
TRANSMIT A COPY OF THE BUDGET TO THE CITY OF MIAMI AND MIAMI-
DADE COUNTY.
WHEREAS, the Midtown Community Redevelopment Agency ("CRA") is responsible for
carrying out community redevelopment activities and projects within its Redevelopment Area;
and
WHEREAS, as a prerequisite to carrying out the redevelopment activities for Fiscal Year
2020-2021, the Board of Commissioners of the CRA must approve the proposed Tax Increment
Budget ("Budget") for the fiscal year commencing October 1, 2020 ending September 30, 2021;
and
WHEREAS, a copy of the Budget is required to be transmitted to the City of Miami
("City") and Miami -Dade County ("County");
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
approved by reference and incorporated as if fully set forth in this Section.
Section 2. The Board of Commissioners of CRA hereby approves and adopts the
proposed Budget for the fiscal year commencing October 1, 2020 ending September 30, 2021,
attached and incorporated as Exhibit "A".
Section 3. The Executive Director is directed to transmit a copy of the proposed Budget
to the City and the County.
Section 4. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 1 of 2 File ID: 7795 (Revision: A) Printed On: 8/31/2020
File ID: 7795 Enactment Number: MCRA-R-20-0001
APPROVED AS TO FORM AND CORRECTNESS:
Barnaby I_. Min, Deputy City Attorney 8/31/2020
City of Miami Page 2 of 2 File ID: 7795 (Revision: A) Printed on: 8/31/2020
Midtown
Community Redevelopment Agency
Master Report
Enactment Number: MCRA-R-20-0001
Midtown CRA
1401 N. Miami Avenue
Miami, FL 33136
http://miamicra.com
File Number: 7795 File Type: MCRA
Resolution
Revision: A
File Name: Midtown CRA's Proposed Budget for FY'20-'21
Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: Midtown Community
Redevelopment Agency
Introduced: 8/20/2020
Requesting Dept: Midtown Community Redevelopment Agency Final Action Date: 8/31/2020
Title: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING THE 2021 PROPOSED BUDGET OF THE CRA,
ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF $15,279,146
FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2020 AND ENDING
SEPTEMBER 30, 2021; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A
COPY OF THE BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY.
Notes:
Links:
Attachments: 7795 Exhibit A SUB (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Barnaby L. Min 8/21/2020 Approved Form and Completed
Correctness
Midtown Community 8/31/2020 Meeting Completed
Redevelopment Agency
Midtown Community 8/31/2020 ADOPTED WITH Passed
Redevelopment Agency MODIFICATION(S)
A Barnaby L. Min 8/31/2020 Approved Form and Completed
Correctness with Modification(s)
A City Clerk's Office 8/31/2020 Rendered Completed
City of Miami Page 1 of 1 Printed on: 8/31/2020
EXHIBIT A
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2021
Proposed
Budget
FY 2020
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
$626,716
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,946
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8,883,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2020 TIF revenue)
$98,467
$88,837
$9,630
OTHER CURRENT CHARGES AND OBLIG
$15,180,679
$8,794,867
$6,385,812,
TOTAL EXPENDITURES
$15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
7795 Exhibit A SUB
1
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
$ 98,467
OTHER CURRENT CHARGES AND OBLIGATIONS $ 15,180,679
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (City)
Adjustment (County)
City
FY 2020-2021
878,398,634
(29,281,592)
County
FY 2020-2021
878,398,634
(29,281,592)
849,117, 042 849,117,042
849,117
806,661
7.6665
(8,888,517)
(8,889)
(8,444)
7.4365
$6,184,268
(62,794)
66,121,474
849,117
806,661
4.6669
(8,888,517)
(8,889)
(8,444)
4.6669
$3,764,607
(39,408)
$3,725,199 69,846,673
2
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
Special Assessments and Tax Increment Revenue
Year
Ending
Series 2014A
Debt Service
TIF Revenue(2)
Net Series
2014A Special
Assessment
Series 2014B
Debt Service
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
Total Series
2014 Debt
Service
Total Net
Special
Assessment
11/1/2014
11/1/2015
11/1/2016
11/1/2017
11/1/2018
11/1/2019
11/1/2020
11/1/2021
11/1/2022
11/1/2023
11/1/2024
11/1/2025
11/1/2026
11/1/2027
11/1/2028
11/1/2029
11/1/2030
11/1/2031
11/1/2032
11/1/2033
11/1/2034
11/1/2035
11/1/2036
11/1/2037
Total $112,792,805
$ 4,767,211(1) $
4,694,269
4,693,294
4,694,238
4,696,888
4,696,138
4,696,881
4,698,906
4,697,106
4,696,375
4,696,500
4,697,625
4,698,625
4,698,000
4,700,375
4,695,500
4,698,000
4,697,375
4,698,250
4,695,250
4,697,875
4,695,625
4,698,000
4,694,500
3,332,159 $ 1,435,052
3,365,481 1,328,788
3,399,135 1,294,158
3,433,127 1,261,111
3,467,458 1,229,429
3,502,133 1,194,005
3,537,154 1,159,727
3,572,525 1,126,381
3,608,251 1,088,856
3,644,333 1,052,042
3,680,777 1,015,723
3,717,584 980,041
3,754,760 943,865
3,792,308 905,692
3,830,231 870,144
3,868,533 826,967
3,907,218 790,782
3,946,291 751,084
3,985,754 712,496
4,025,611 669,639
4,065,867 632,008
4,106,526 589,099
4,147,591 550,409
4,189,067 505,433
$ 89,879,874 $ 22,912,931
$ 1,968,669(3) $
1,951,725
1,957,081
1,951,163
1,953,969
1,955,288
1,955,119
1,953,463
1,950,319
1,950,581
1,949,144
1,951,875
1,953,250
1,951,875
1,952,625
1,950,375
1,950,000
1,951,250
1,949,000
1,953,000
1,948,125
1,954,125
1,955,625
1,952,625
$ 46,870,269
6,735,880
6,645,994
6,650,375
6,645,400
6,650,856
6,651,425
6,652,000
6,652,369
6,647,425
6,646,956
6,645,644
6,649,500
6,651,875
6,649,875
6,653,000
6,645,875
6,648,000
6,648,625
6,647,250
6,648,250
6,646,000
6,649,750
6,653,625
6,647,125
$159,663,073
(1) Includes Series 2004A Bonds and Series 2014A Bonds debt serivce.
(2) Assumes actual 2014 Tax Increment Revenue of $3,332,159 with 1% annual growth rate thereafter.
purposes only. Actual Tax Increment Revenue amount is dependent upon a number of factors, includin
values as described above under "Tax Increment Revenues."
(3) Includes Series 2004B Bonds and Series 2014B Bonds debt serivice.
Debt Service Reserve Fund
$ 3,403,721
3,280,513
3,251,240
3,212,273
3,183,398
3,149,292
3,114,846
3,079,843
3,039,174
3,002,623
2,964,867
2,931,916
2,897,115
2,857,567
2,822,769
2,777,342
2,740,782
2,702,334
2,661,496
2,622,639
2,580,133
2,543,224
2,506,034
2,458,058
$ 69,783,200
For illustrative
g future property
Separate accounts within the Debt Service Reserve Fund will be maintained under the
Indenture for the benefit of the Series 2014 Bonds. Pursuant to the Indenture, the Series 2014A
Debt Service Reserve Requirement means $1,000,000 and the Series 2014B Debt Service
Reserve Requirement means 50% of the maximum annual debt service of the Series 2014B
Bonds on the date of their original issuance and delivery. Amounts on deposit in the Series 2014
Debt Service Reserve Account will be used to cure any deficiency in the Interest, Principal and
Sinking Fund Accounts for the Series 2014 Bonds.
The maximum annual debt service for the Series 2014A Bonds is $4,700,375.00 and the
maximum annual debt service for the Series 2014B Bonds is $1,957,081.25. The amount of Tax
Increment Revenues received by the District from the Midtown CRA on April 3, 2014, was
$3,332,159, which amount will fluctuate in future years as further described herein. The Tax
Increment Revenues are used solely to pay debt service on the Series 2014A Bonds and reduces
the amount of special assessments collected to pay debt service on the Series 2014A Bonds.
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT
END OF THIS DOCUMENT.
DEBT SERVICE REQUIREMENTSw
The following table sets forth the approximate debt service requirements for the Series 2014 Bonds:
Year Ending 2014A Bonds
November 1 Principal(2)
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
Total
1,635,000
1,705,000
1,780,000
1,860,000
1,940,000
2,025,000
2,115,000
2,205,000
2,300,000
2,400,000
2,515,000
2,645,000
2,780,000
2,925,000
3,070,000
3,230,000
3,395,000
3,570,000
3,750,000
3,945,000
4,145,000
4,360,000
4,580,000
$64,875,000
2014A Bonds 2014A Bonds
Interest Total
$ 1,383,711 $ 1,383,711
3,059,269 4,694,269
2,988,294 4,693,294
2,914,238 4,694,238
2,836,888 4,696,888
2,756,138 4,696,138
2,671,881 4,696,881
2,583,906 4,698,906
2,492,106 4,697,106
2,396,375 4,696,375
2,296,500 4,696,500
2,182,625 4,697,625
2,053,625 4,698,625
1,918,000 4,698,000
1,775,375 4,700,375
1,625,500 4,695,500
1,468,000 4,698,000
1,302,375 4,697,375
1,128,250 4,698,250
945,250 4,695,250
752,875 4,697,875
550,625 4,695,625
338,000 4,698,000
114,500 4,694,500
$44,534,305 $109,409,305
2014B Bonds
Principal(2)
(1) Totals may not add due to rounding.
(2) Includes amortization installments.
2014B Bonds Series 2014B
Interest Bonds Total
Aggregate
Debt
Service
$ - $ 575,206 $ 575,206 $ 1,958,917
680,000 1,271,725 1,951,725 6,645,994
715,000 1,242,081 1,957,081 6,650,375
740,000 1,211,163 1,951,163 6,645,400
775,000 1,178,969 1,953,969 6,650,856
810,000 1,145,288 1,955,288 6,651,425
845,000 1,110,119 1,955,119 6,652,000
880,000 1,073,463 1,953,463 6,652,369
915,000 1,035,319 1,950,319 6,647,425
955,000 995,581 1,950,581 6,646,956
995,000 954,144 1,949,144 6,645,644
1,045,000 906,875 1,951,875 6,649,500
1,100,000 853,250 1,953,250 6,651,875
1,155,000 796,875 1,951,875 6,649,875
1,215,000 737,625 1,952,625 6,653,000
1,275,000 675,375 1,950,375 6,645,875
1,340,000 610,000 1,950,000 6,648,000
1,410,000 541,250 1,951,250 6,648,625
1,480,000 469,000 1,949,000 6,647,250
1,560,000 393,000 1,953,000 6,648,250
1,635,000 313,125 1,948,125 6,646,000
1,725,000 229,125 1,954,125 6,649,750
1,815,000 140,625 1,955,625 6,653,625
1,905,000 47,625 1,952,625 6,647,125
$26,970,000 $18,506,806 $45,476,806 $154,886,111
38
EXHIBIT A
SUBSTITUTED
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2021
Proposed
Budget
FY 2020
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
$626,716
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,9, .
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8,: '. ,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2020 TIF revenue)
$98 ' .7
$88,837
$9,630
OTHER CURRENT CHARGES AND OBLIG
$15 80,679
$8,794,867
$6,385,812,
TOTAL EXPENDITURES
.15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
1
SUBSTITUTED
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
$ 98,467
OTHER CURRENT CHARGES AND OBLIGATIONS $ 15,180,679
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (City)
Adjustment (County)
City
FY 2020-2021
878,398,634
(29,281,592)
County
2020-2021
878,398,634
(29,281,592)
849,117, 042 849,117,042
849,117
806,661
7.6665
(8,888,517)
(8,8
(.,444)
.4365
$6.1: ,268
(62,794)
$6,121,474
2
849,117
806,661
4.6669
(8,888,517)
(8,889)
(8,444)
4.6669
$3,764,607
(39,408)
$3,725,199 $9,846,673
MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Ken Russell Date: File:
and Members of the CRA Board
From: Pieter A. Bockweg
Executive Director
Subject: Midtown CRA's 2021 Proposed Budget
References:
Enclosures: Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Midtown Redevelopment District Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution, with attachment(s), adopting the
2021 proposed budget of the Midtown Community Redevelopment Agency in the amount of $15,279,146, for the
fiscal year commencing October 1, 2020 ending September 30, 2021. Further directing the Executive Director to
transmit a copy of the 2021 proposed budget to the City of Miami and Miami -Dade County.
JUSTIFICATION:
The Interlocal Agreement requires the Midtown CRA to annually prepare a proposed budget and to amend the
budget so as to reflect the actual tax increment funds received in the fiscal year.
This Resolution fulfills this requirement.
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2021
Proposed
Budget
FY 2020
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$6,121,474
$5,494,758
$626,716
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,725,199
$3,388,946
$336,253
2020's CARRYOVER FUND BALANCE
$5,432,473_
$0
$5,432,473
TOTAL REVENUES
$15,279,146
$8,883,704
$6,395,442
Expenditures
INTERFUND TRANSFER (Administration - 1% out'
of FY 2020 TWF revenue)
$98,467
$88,837
$9,630
OTHER CURRENT CHARGES AND OBLIG
$15,180,679
$8,794,867
$6,385,812
TOTAL EXPENDITURES
$15,279,146
$8,883,704
$6,395,442
REVENUE LESS EXPENDITURES
1
INTERFUND TRANSFER
Available funds for administration in fiscal year 2021. (1% of total TIF collected)
$ 98,467
OTHER CURRENT CHARGES AND OBLIGATIONS $ 15,180,679
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2021 TIF COMPUTATION
Multiply By 95°1°
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (Cfty)
Adjustment (County)
City County
FY 2020-2021 FY 2020-2021
878,398,634 878,398,634
(29,281,592) (29,281,592)
849,117,042 849,117,042
849,117
806,661
7.6665
(8,888,517)
(8,889)
(8,444)
7.4365
$6,184,268
(62,794)
$6,121,474
849,117
806,661
4.6669
(8,888,517)
(8,889)
(8,444)
4.6669
$3,764,607
(39,408)
$3,725,199 $9,846,673
2
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
Special Assessments and Tax Increment Revenue
Year
Ending
Series 2014A
Debt Service
TIF Revenue(2)
Net Series
2014A Special
Assessment
Series 2014B
Debt Service
Total Series
2014 Debt
Service
Total Net
Special
Assessment
11/1/2014
11/1/2015
11/1/2016
11/1/2017
11/1/2018
11/1/2019
11/1/2020
11/1/2021
11/1/2022
11/1/2023
11/1/2024
11/1/2025
11/1/2026
11/1/2027
11/1/2028
11/1/2029
11/1/2030
11/1/2031
11/1/2032
11/1/2033
11/1/2034
11/1/2035
11/1/2036
11/1/2037
Total $112,792,805
$ 4,767,211(1) $
4,694,269
4,693,294
4,694,238
4,696,888
4,696,138
4,696,881
4,698,906
4,697,106
4,696,375
4,696,500
4,697,625
4,698,625
4,698,000
4,700,375
4,695,500
4,698,000
4,697,375
4,698,250
4,695,250
4,697,875
4,695,625
4,698,000
4,694,500
3,332,159
3,365,481
3,399,135
3,433,127
3,467,458
3,502,133
3,537,154
3,572,525
3,608,251
3,644,333
3,680,777
3,717,584
3,754,760
3,792,308
3,830,231
3,868,533
3,907,218
3,946,291
3,985,754
4,025,611
4,065,867
4,106,526
4,147,591
4,189,067
$ 89,879,874
$ 1,435,052
1,328,788
1,294,158
1,261,111
1,229,429
1,194,005
1,159,727
1,126,381
1,088,856
1,052,042
1,015,723
980,041
943,865
905,692
870,144
826,967
790,782
751,084
712,496
669,639
632,008
589,099
550,409
505,433
$ 22,912,931
$ 1,968,669(3) $
1,951,725
1,957,081
1,951,163
1,953,969
1,955,288
1,955,119
1,953,463
1,950,319
1,950,581
1,949,144
1,951,875
1,953,250
1,951,875
1,952,625
1,950,375
1,950,000
1,951,250
1,949,000
1,953,000
1,948,125
1,954,125
1,955,625
1,952,625
$ 46,870,269
6,735,880
6,645,994
6,650,375
6,645,400
6,650,856
6,651,425
6,652,000
6,652,369
6,647,425
6,646,956
6,645,644
6,649,500
6,651,875
6,649,875
6,653,000
6,645,875
6,648,000
6,648,625
6,647,250
6,648,250
6,646,000
6,649,750
6,653,625
6,647,125
$159,663,073
(1) Includes Series 2004A Bonds and Series 2014A Bonds debt serivce.
(2) Assumes actual 2014 Tax Increment Revenue of $3,332,159 with 1% annual growth rate thereafter.
purposes only. Actual Tax Increment Revenue amount is dependent upon a number of factors, includin
values as described above under "Tax Increment Revenues."
(3) Includes Series 2004B Bonds and Series 2014B Bonds debt serivice.
Debt Service Reserve Fund
$ 3,403,721
3,280,513
3,251,240
3,212,273
3,183,398
3,149,292
3,114,846
3,079,843
3,039,174
3,002,623
2,964,867
2,931,916
2,897,115
2,857,567
2,822,769
2,777,342
2,740,782
2,702,334
2,661,496
2,622,639
2,580,133
2,543,224
2,506,034
2,458,058
$ 69,783,200
For illustrative
g future property
Separate accounts within the Debt Service Reserve Fund will be maintained under the
Indenture for the benefit of the Series 2014 Bonds. Pursuant to the Indenture, the Series 2014A
Debt Service Reserve Requirement means $1,000,000 and the Series 2014B Debt Service
Reserve Requirement means 50% of the maximum annual debt service of the Series 2014B
Bonds on the date of their original issuance and delivery. Amounts on deposit in the Series 2014
Debt Service Reserve Account will be used to cure any deficiency in the Interest, Principal and
Sinking Fund Accounts for the Series 2014 Bonds.
The maximum annual debt service for the Series 2014A Bonds is $4,700,375.00 and the
maximum annual debt service for the Series 2014B Bonds is $1,957,081.25. The amount of Tax
Increment Revenues received by the District from the Midtown CRA on April 3, 2014, was
$3,332,159, which amount will fluctuate in future years as further described herein. The Tax
Increment Revenues are used solely to pay debt service on the Series 2014A Bonds and reduces
the amount of special assessments collected to pay debt service on the Series 2014A Bonds.
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Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
DEBT SERVICE REQUIREMENTSw
The following table sets forth the approximate debt service requirements for the Series 2014 Bonds:
Year Ending 2014A Bonds
November 1 Principal(2)
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
Total
1,635,000
1,705,000
1,780,000
1,860,000
1,940,000
2,025,000
2,115,000
2,205,000
2,300,000
2,400,000
2,515,000
2,645,000
2,780,000
2,925,000
3,070,000
3,230,000
3,395,000
3,570,000
3,750,000
3,945,000
4,145,000
4,360,000
4,580,000
$64,875,000
2014A Bonds 2014A Bonds
Interest Total
$ 1,383,711 $ 1,383,711
3,059,269 4,694,269
2,988,294 4,693,294
2,914,238 4,694,238
2,836,888 4,696,888
2,756,138 4,696,138
2,671,881 4,696,881
2,583,906 4,698,906
2,492,106 4,697,106
2,396,375 4,696,375
2,296,500 4,696,500
2,182,625 4,697,625
2,053,625 4,698,625
1,918,000 4,698,000
1,775,375 4,700,375
1,625,500 4,695,500
1,468,000 4,698,000
1,302,375 4,697,375
1,128,250 4,698,250
945,250 4,695,250
752,875 4,697,875
550,625 4,695,625
338,000 4,698,000
114,500 4,694,500
$44,534,305 $109,409,305
2014B Bonds
Principal(2)
(1) Totals may not add due to rounding.
(2) Includes amortization installments.
2014B Bonds Series 2014B
Interest Bonds Total
Aggregate
Debt
Service
$ - $ 575,206 $ 575,206 $ 1,958,917
680,000 1,271,725 1,951,725 6,645,994
715,000 1,242,081 1,957,081 6,650,375
740,000 1,211,163 1,951,163 6,645,400
775,000 1,178,969 1,953,969 6,650,856
810,000 1,145,288 1,955,288 6,651,425
845,000 1,110,119 1,955,119 6,652,000
880,000 1,073,463 1,953,463 6,652,369
915,000 1,035,319 1,950,319 6,647,425
955,000 995,581 1,950,581 6,646,956
995,000 954,144 1,949,144 6,645,644
1,045,000 906,875 1,951,875 6,649,500
1,100,000 853,250 1,953,250 6,651,875
1,155,000 796,875 1,951,875 6,649,875
1,215,000 737,625 1,952,625 6,653,000
1,275,000 675,375 1,950,375 6,645,875
1,340,000 610,000 1,950,000 6,648,000
1,410,000 541,250 1,951,250 6,648,625
1,480,000 469,000 1,949,000 6,647,250
1,560,000 393,000 1,953,000 6,648,250
1,635,000 313,125 1,948,125 6,646,000
1,725,000 229,125 1,954,125 6,649,750
1,815,000 140,625 1,955,625 6,653,625
1,905,000 47,625 1,952,625 6,647,125
$26,970,000 $18,506,806 $45,476,806 $154,886,111
38