HomeMy WebLinkAboutMemo - Omni CRAOMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Damian Pardo Date September 7th ,2024
and Board Members
Isiaa Jones
Executive Director
BACKGROUND:
R
Subject. The Omni CRA General Operating and
Tax Increment Fund Budget
References:
Enclosures: Exhibit "A"
The Omni Redevelopment District Community Redevelopment Agency ("CRA") has developed
a proposed budget of Seventy -Three Million, Six Hundred Fifty Thousand and Four Hundred
Seven Dollars and Zero Cents ($73,650,407.00) for the fiscal year beginning October 1, 2024,
and ending September 30, 2025. This budget is essential for advancing the CRA's mission to
revitalize blighted areas within its jurisdiction, as per the guidelines outlined in Florida Statutes
Chapter 163, Part III, and its 2019 Redevelopment Plan.
The budget allocates resources to key initiatives that address the conditions of slum and blight.
These initiatives include affordable housing development, infrastructure improvements, and
economic development programs, all of which are critical to increasing property values and
enhancing the quality of life for residents within the redevelopment area. Approval of this budget
will ensure the continued progress of revitalization efforts, driving the transformation of the Omni
CRA district into a vibrant and economically sustainable community.
JUSTIFICATION:
The Omni CRA is required to annually prepare and transmit its budget to the City of Miami and
Miami -Dade County, attached and incorporated as Exhibit "A". The attached Resolution fulfills
this requirement.
BUDGET SUMMARY
The 2025 budget amounts to $$73,650,407.00 and includes the following revenue sources:
• $16,184,693.00 — County TIF
• $25,246,061.00 — City TIF
• $139,181.00 — Transfer from Midtown CRA for Administration
• $100,000.00 — Rent Income
• $1,980,073.00 — Non-TIF Revenue Fund
• $1,601,953.00 — Children's Trust Contribution
• $28,398,446.00 — 2024 Carryover Fund Balance
The Agency's administrative expenditure of $2,902,563.00 includes employee salaries and
fringes and represent ten percent of total budgeted expenditures, satisfying the 20 percent cap
for administrative costs allowed by the Interlocal Agreement.
Operating expenses total $70,747,844.00 and include:
• Affordable/Workforce housing projects ($8,543,075)
• A reserve for grants and aid/affordable housing ($10,691,503)
• Other grants and projects such as arts, culture, infrastructure, and quality of life
($8,264,307)
• Reserve for Land Acquisition ($5,000,000)
• Construction in Progress ($1,519,628)
• Debt Service payment on the $25 million loan ($2,813,062)
• Transfer to MAX Miami LLC relating to economic incentive agreement ($812,500)
• Reserve for a transfer to the County for payment of debt service for the Adrienne Arsht
Center/Performing Arts ($14,500,764)
• Reserve for a transfer to the City for payment of debt service for the Port Tunnel
($3,992,662)
• Reserve for a transfer to the City for improvements to Maurice Ferre Park ($2,000,000)
• Reserve for Midtown CRA's Administrative Expenditures ($139,181)
• Reserve for activities to be funded with non TIF revenue funds ($1,980,073)
• Reserve for Security Deposit (Leases) and Property Taxes — ($708,651)
• Reserve for a transfer to the Children's Trust ($1,601,953)
• Contractual Services ($1,430,000)
• Revenue Shortfall Reserve for future years ($6,750,485)
The "OMNI" is bound to comply with the requirements of Chapter 163.370, Part III "Community
Redevelopment." Therefore, the "Budget" was prepared by considering the following eligible
activities as mandated:
1. Administrative and overhead expenses directly or indirectly necessary to implement a
community redevelopment plan adopted by the agency.
2. Expenses of redevelopment planning, surveys, and financial analysis, including the
reimbursement of the governing body or the community redevelopment agency for such
expenses incurred before the redevelopment plan was approved and adopted.
3. The acquisition of real property in the redevelopment area.
4. The clearance and preparation of any redevelopment area for redevelopment and
relocation of site occupants within or outside the community redevelopment area as
provided in s. 163.370.
5. The repayment of principal and interest or any redemption premium for loans, advances,
bonds, bond anticipation notes, and any other form of indebtedness.
6. All expenses incidental to or connected with the issuance, sale, redemption, retirement,
or purchase of bonds, bond anticipation notes, or other forms of indebtedness, including
funding of any reserve, redemption, or other fund or account provided for in the
ordinance or resolution authorizing such bonds, notes, or other forms of indebtedness.
7. The development of affordable housing within the community redevelopment area.
8. The development of community policing innovations.
9. Expenses that are necessary to exercise the powers granted under s. 163.370, as
delegated under s. 163.358.
10. On the last day of the fiscal year of the community redevelopment agency, any money
that remains in the trust fund after the payment of expenses pursuant to subsection (6)
for such year shall be:
(a) Returned to each taxing authority that paid the increment in proportion to the
amount of the payment of such taxing authority bears to the total amount paid
into the trust fund by all taxing authorities for that year;
(b) Used to reduce the amount of any indebtedness to which increment revenues
are pledged;
(c) Deposited into an escrow account for the purpose of later reducing any
indebtedness to which increment revenues are pledged; or
(d) Appropriated to a specific redevelopment project pursuant to an approved
community redevelopment plan. The funds appropriated for such project may not
be changed unless the project is amended, redesigned, or delayed, in which
case the funds must be reappropriated pursuant to the next annual budget
adopted by the board of commissioners of the community redevelopment
agency