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Home My WebLink AboutMCRA 2017-09-19 Agenda PacketCity of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Meeting Agenda Thursday, September 14, 2017 * *This meeting has been rescheduled to Tuesday, September 19, 2017 12:00 PM Commission Chambers 3500 Pan American Drive Miami, FL 33133 Midtown Community Redevelopment Agency Francis Suarez, Board Member, Chair Frank Carollo, Board Member, District 3 Ken Russell, Board Member, District 2 Keon Hardemon, Board Member, District 5 Wifredo Gort, Board Member, Vice Chair ************************* OMNI and MIDTOWN CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2"d Floor, Miami 33136 Phone: (305) 679-6868 www.miamicra.com Midtown Community Redevelopment Agency Meeting Agenda September 14, 2017 CALL TO ORDER RESOLUTIONS 1. MCRA RESOLUTION 2769 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVLEOPMENT AGENCY ("MIDTOWN CRA"), WITH ATTACHMENT(S), ACCEPTING AND ADOPTING THE MIDTOWN CRA'S AMENDED BUDGET FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2016 AND ENDING SEPTEMBER 30, 2017; FURTHER DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE AMENDED BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY. 2. MCRA RESOLUTION 2767 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), APPROVING AND ADOPTING THE CRA'S PROPOSED GENERAL OPERATING BUDGET AND TAX INCREMENT FUND BUDGET FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2017 AND ENDING SEPTEMBER 30, 2018; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF EACH BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY. ADJOURNMENT Midtown Community Redevelopment Agency Page 2 Printed on 8/28/2017 Midtown Board of Commissioners Meeting September 14, 2017 1.1 MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Francis Suarez Date: August 8, 2017 and Members of the CRA Board T y From: Pieter A. Bockweg Executive Director File: 2769 Subject: Midtown CRA Amended General Operating & Tax Increment Budget for FY 2017 Enclosures: 2769 Exhibit BACKGROUND: It is recommended that the Board of Commissioners of the Midtown Redevelopment District Community Redevelopment Agency ("CRA") approve the attached Resolution, with attachment(s), adopting the amended Midtown CRA's General Operating Budget and Tax Increment Fund Budget, for the Fiscal Year commencing October 1, 2016, and ending September 30, 2017, and further directing the Executive Director to transmit a copies of the Budget to the City of Miami and Miami -Dade County. JUSTIFICATION: The Midtown CRA is required to annually prepare a proposed budget and transmit same to the City of Miami and Miami -Dade County. This Resolution fulfills this requirement. Packet Pg. 3 1.1 City of Miami Legislation Midtown CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 2769 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVLEOPMENT AGENCY ("MIDTOWN CRA"), WITH ATTACHMENT(S), ACCEPTING AND ADOPTING THE MIDTOWN CRA'S AMENDED BUDGET FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2016 AND ENDING SEPTEMBER 30, 2017; FURTHER DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE AMENDED BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY. WHEREAS, the Board of Commissioners of the Midtown Community Redevelopment Agency ("Midtown CRA"), by Resolution No. MCRA-R-16-0002 passed and adopted on September 8, 2016, approved and adopted the Midtown CRA's Special Revenue Fund Budget for the fiscal year commencing October 1, 2016 and ending September 30, 2017; and WHEREAS, it is necessary to amend the budget to reflect the actual tax increment funds received in the 2016-2017 Fiscal Year; and WHEREAS, the Board of Commissioners wishes to approve and adopt the Midtown CRA's amended Budget for the fiscal year commencing October 1, 2016 and ending September 30, 2017; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE MIDTOWN 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 Board of Commissioners of the Midtown CRA hereby approve and adopt the amended Midtown CRA's General Operating Budget and Tax Increment Fund Budget for the Fiscal Year commencing October 1, 2016 and ending September 30, 2017. Section 3. The Executive Director is directed to transmit a copy of each amended budget to the City of Miami and Miami -Dade County. Section 4. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: VICTORIA MENDEZ, GENERAL COUNSEL Packet Pg. 4 MIDTOWN CRASPECIAL REVENUE FUND BUDGET FY 2017 Amended Budget Revenues ADVALOREM TAXES - CITY OF MIAMI $3,193,873 ADVALOREM TAXES - MIAMI DADE COUNTY $1,949,322 TOTAL REVENUES $5,143,195 Expenditures INTERFUND TRANSFER {Administration -1% out of FY 2018 TIF revenue) $51,432 OTHER CURRENT CHARGES AND ()BUG $5,091,763 TOTAL EXPENDITURES $5,143,195 REVENUE LESS EXPENDITURES - 2769 : Midtown CRA Amended General Operating & Tax Increment Budget for FY 2017) Attachment: 2769 Exhibit 1 Packet Pg. 5 1.1a INTERFUND TRANSFER Available funds for administration in fiscal year 2017. (1% of total TIF collected) $ 51,432 OTHER CURRENT CHARGES AND OBLIGATIONS $ 5,091,763 Funds to be used for the payment of principal and interest on the bonds. Attachment: 2769 Exhibit (2769 : Midtown CRA Amended General Operating & Tax Increment Budget for FY 2017) 2 Packet Pg. 6 J Midtown Board of Commissioners Meeting September 14, 2017 1.2 MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Francis Suarez Date: August 4, 2017 and Members of the CRA Board T y From: Pieter A. Bockweg Executive Director File: 2767 Subject: Midtown CRA's Proposed General Operating & Tax Increment Fund Budget for FY'17-'18 Enclosures: 2767 Exhibit 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 proposed Midtown CRA's General Operating Budget and Tax Increment Fund Budget, for the Fiscal Year commencing October 1, 2017, and ending September 30, 2018, and further directing the Executive Director to transmit a copy of each 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 transmit same to the City of Miami and Miami -Dade County. This Resolution fulfills this requirement. Packet Pg. 7 1.2 City of Miami Legislation Midtown CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 2767 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), APPROVING AND ADOPTING THE CRA'S PROPOSED GENERAL OPERATING BUDGET AND TAX INCREMENT FUND BUDGET FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2017 AND ENDING SEPTEMBER 30, 2018; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF EACH 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 2017-2018, the Board of Commissioners of the CRA must approve the proposed General Operating Budget and Tax Increment Fund Budget for the Fiscal Year commencing October 1, 2017 and ending September 30, 2018; and WHEREAS, pursuant to an Interlocal Agreement, as amended, which the CRA is a party to, a copy of each budget is to be transmitted to the City of Miami and Miami -Dade County; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE MIDTOWN 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 Board of Commissioners of CRA hereby approves and adopts the proposed General Operating Budget and Tax Increment Fund Budget for the Fiscal Year commencing October 1, 2017 and ending September 30, 2018. Section 3. The Executive Director is directed to transmit a copy of each budget to the City of Miami and Miami -Dade County. Section 4. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: VICTORIA MENDEZ, GENERAL COUNSEL Packet Pg. 8 1.2.a MIDTOWN CRA SPECIAL REVENUE FUND BUDGET FY 2018 Proposed Budget Revenues ADVALOREM TAXES - CITY OF MIAMI $4,072,446 ADVALOREM TAXES - MIAMI DADE COUNTY $2,555,958 TOTAL REVENUES $6,628,404 Expenditures INTERFUND TRANSFER (Administration - 1% out of FY 2018 TIF revenue) $66,284 OTHER CURRENT CHARGES AND OBLIG $6,562,120 TOTAL EXPENDITURES $6,628,404 REVENUE LESS EXPENDITURES - Attachment: 2767 Exhibit (2767 : Midtown CRA's Proposed General Operating & Tax Increment Fund Budget for FY'17-'18) 1 Packet Pg. 9 1.2.a INTERFUND TRANSFER $ 66,284 Available funds for administration in fiscal year 2018. (1% of total TIF collected) OTHER CURRENT CHARGES AND OBLIGATIONS $ 6,562,120 Funds to be used for the payment of principal and interest on the bonds. 2018 TIF COMPUTATION Multiply By 95% City Operating Millage - Current Year County Operating Millage - Current Year Gross Advalorem (City) Gross Advalorem (County) City Operating Millage (ESTIMATED) County Operating Millage (ESTIMATED) Adjustment By Value Adjustment Board Divided By 1000 Multiply By 95% City Operating Millage (ESTIMATED) County Operating Millage (ESTIMATED) Adjustment (City) Adjustment (County) City FY 2017-2018 608,607,380 (29,281,592) 579,325,788 579,326 550,359 7.4365 (2,822,743) (2,823) (2,682) 7.5710 $4,092,748 (20,302.44) County FY 2017-2018 608,607,380 (29,281,592) 579,325,788 579,326 550,359 4.6669 (2,822,743) (2,823) (2,682) 4.6669 $2,568,473 (12,514.79) $ 4,072,446 $ 2,555,958 $ 6,628,404 Attachment: 2767 Exhibit (2767 : Midtown CRA's Proposed General Operating & Tax Increment Fund Budget for FY'17 '18) 2 Packet Pg. 10