HomeMy WebLinkAboutSubstitution Memo from Miami DDAM IAM I DDA
DOWNTOWN DEVELOPMENT AUTHORITY
To: Arthur Noriega V.
City of Miami
City Manager
Miami Downtown Development Authority
200 S. Biscayne Boulevard - Suite 2929
Miami, Florida 33131
MEMORANDUM
From: Christina Crespi
Downtown Development Authority of the City of Miami (Miami DDA)
CEO/Executive Director
Date: September 25, 2024
Re: Substitution Second and Final Budget Public Hearing Item File ID: 16450
The resolution previously submitted regarding the Downtown Development Authority of
the City of Miami (Miami DDA) must be amended to reflect the millage numbers.
The current language reads:
"RESPONSE: 5.7% INCREASE (0.4505 IS THE FINAL MILLAGE RATE, 0.4262 IS THE
ROLLBACK RATE).
Will be changed to:
"RESPONSE: 1.17% INCREASE (0.4312 IS THE FINAL MILLAGE RATE, 0.4262 IS
THE ROLLBACK RATE)."
Upon approval, the revised resolution will be forwarded to the Agenda Office for
distribution to the Mayor and all Commissioners.
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AGENDA ITEM SUMMARY FORM
FILE ID: 16450
Date: August 1, 2024 Requesting Department: Downtown Development Authority of the City of Miami
Commission Meeting Date: September 26, 2024 District Impacted:
Type: ❑Resolution ['Ordinance ['Emergency Ordinance ® Discussion Item
['Other
Subject: Discussion of final millage rate and final budget for the Downtown Development Authority of
the City of Miami ("Miami DDA").
Purpose of Item:
Discussion of final millage rate and final budget for the Downtown Development Authority of the City
of Miami ("Miami DDA").
Background Information:
Discussion of final millage rate, as approved at the September 7th, 2024, City Commission Meeting,
and final budget for the Miami DDA.
1.17% current year tentative rate as a percent change of rolled -back rate:
0.4312 is the tentative millage rate, 0.4262 is the rollback rate.
Budget Impact Analysis
® Yes ❑ No Is this item related to revenue?
❑ Yes ® No Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
111 Yes ® No Is this Item funded by bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Does the item require approval from the following departments?
❑ Grants
❑ Procurement
❑ Risk
Executive Director
Final Approvals
(SIGN AND DATE)
09/24/2024
*all other approvals will be done through Accela
Page 1 of 1
SECOND AND FINAL BUDGET PUBLIC HEARING ITEM
DISCUSSION OF FINAL MILLAGE RATE AND FINAL BUDGET FOR THE DOWNTOWN
DEVELOPMENT AUTHORITY OF THE CITY OF MIAMI (MIAMI DDA).
PERCENTAGE INCREASE IN MILLAGE RATE OVER ROLLED BACK RATE;
RESPONSE: 1.17% INCREASE (0.4312 IS THE FINAL MILLAGE RATE, 0.4262 IS THE
ROLLBACK RATE).
CITY COMMISSION LISTENS AND RESPONDS TO CITIZENS COMMENTS REGARDING THE
FINAL MILLAGE RATE AND EXPLAINS THE REASONS FOR THE INCREASE OVER THE
ROLL BACK RATE.
ACTIONS BY THE CITY COMMISSION:
1. AMEND THE FINAL BUDGET, IF NECESSARY
2. RECOMPUTE THE FINAL MILLAGE RATE, IF NECESSARY
3. ADOPT THE FINAL MILLAGE RATE
4. ADOPT THE AMENDED FINAL BUDGET
5. CITY COMMISSION ADOPTS AS IS
Received and approved,
CHRISTINA M. CRESPI
CEO/EXECUTIVE DIRECTOR
DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF MIAMI