HomeMy WebLinkAboutMCRA 2022-09-13 Agenda PacketCity of Miami
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Meeting Agenda
Tuesday, September 13, 2022
9:30 AM
(OR THEREAFTER)
City Hall
3500 Pan American Drive
Miami, FL 33133
Midtown Community Redevelopment Agency
Ken Russell, Chair, District Two
Joe Carollo, Vice Chair, District Three
Alex Diaz de la Fortilla, Board Member, District One
Manolo Reyes, Board Member, District Four
Christine King, Board Member, District Five
MIDTOWN CRA OFFICE ADDRESS:
1401 N. Miami Avenue, 2"d Floor
Miami, FL 33136
Phone: (305) 679-6868
www.miamicra.com
Midtown Community Redevelopment Agency Meeting Agenda September 13, 2022
CALL TO ORDER
APPROVING THE MINUTES OF THE FOLLOWING MEETING(S)
1. MIDTOWN COMMUNITY REDEVELOPMENT AGENCY - REGULAR - SEP
13, 2021 10:00 AM
MCRA RESOLUTION(S)
1. MCRA RESOLUTION
12442 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH
ATTACHMENT(S), ACCEPTING AND APPROVING 2023 PROPOSED
BUDGET OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY,
ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF
$27,915,017, FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2022
AND ENDING SEPTEMBER 30, 2023 RESPECTIVELY; 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 8/31/2022
Midtown Board of Commissioners Meeting
September 13, 2022
1.1
MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Ken Russell
and Members of the CRA Board
From:Anthony Balzebre III
Executive Director
Date: August 31, 2022 File: 12442
Subject: Midtown CRA's Proposed Budget for
FY '22-'23
Enclosures: 12442 Exhibit A
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 2023 proposed budget of the Midtown
Community Redevelopment Agency in the amount of $27,915,017, for the fiscal year
commencing October 1, 2022 ending September 30, 2023. Further directing the
Executive Director to transmit a copy of the 2023 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.
Packet Pg. 3
1.1
City of Miami
Legislation
Midtown CRA Resolution
Midtown CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 12442 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING 2023 PROPOSED BUDGET OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY, ATTACHED AND INCORPORATED AS
EXHIBIT "A", IN THE AMOUNT OF $27,915,017, FOR THE FISCAL YEAR
COMMENCING OCTOBER 1, 2022 AND ENDING SEPTEMBER 30, 2023
RESPECTIVELY; 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
2022-2023, the Board of Commissioners of the CRA must approve the proposed Tax Increment
budget for the fiscal year commencing October 1, 2022 ending September 30, 2023.
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:
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 2023
proposed budget for the fiscal year commencing October 1, 2022 ending September 30, 2023.
Section 3. The Board of Commissioners of CRA hereby ratifies and adopts the current
compensation package of the executive director earned since September 13, 2021.
Section 4. The Executive Director is directed to transmit a copy of each 2023
proposed budget to the City of Miami and Miami -Dade County.
Section 5. This Resolution shall become effective immediately upon its adoption
APPROVED AS TO FORM AND CORRECTNESS:
VICTORIA MENDEZ, GENERAL COUNSEL
Packet Pg. 4
1.1.a
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2023
Proposed
Budget
FY 2022
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$7,465,708
$7,131,696
$334,012
ADVALOREM TAXES - MIAMI DADE COUNTY
$4,566,702
$4,340,640
$226,062
2022's CARRYOVER FUND BALANCE
$15,882,606
$9,166,082
$6,716,524
TOTAL REVENUES
$27,915,017
$20,638,418
$7,276,600
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2023 TIF revenue)
$120,324
$114,723
$5,601
OTHER CURRENT CHARGES AND OBLIG
$27,794,693
$20,523,694
$7,270,999
TOTAL EXPENDITURES
$27,915,017
$20,638,418
$7,276,600
REVENUE LESS EXPENDITURES
$0
$0
$0
Attachment: 12442 Exhibit A (12442 : Midtown CRA's Proposed Budget for FY '22- 23)
1
Packet Pg. 5
1.1.a
INTERFUND TRANSFER $ 120,324
Available funds for administration in fiscal year 2023. (1% of total TIF collected $12,032,411)
OTHER CURRENT CHARGES AND OBLIGATIONS
Funds to be used to satisfy the annual debt obligation incurred by the CDD
relating to the construction of the Plaza and Parking Garage.
2023's 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 2022.2023
1, 090, 972, 617
(29,281,592)
1,061,691,025
1,061,691
1,008,606
7.5539
(21,035,351)
(21,035)
(19,984)
7.6665
$7,618,912
(153,204)
$ 27,794,693
County
FY 2022-2023
1,090,972,617
(29,281,592)
1,061,691,025
1,061,691
1,008,606
4.6202
(21,035,351)
(21,035)
(19,984)
4.6669
$4,659,964
(93,261)
$7,465,708 $4,566,702 $12,032,411
Attachment: 12442 Exhibit A (12442 : Midtown CRA's Proposed Budget for FY '22- 23)
2
Packet Pg. 6
1.1.a
2014A Amorlllutlon Schedule 5crnl•Annua I
"Based on 0IstrIets schedtiI and 2014A bond amorltIzatIon schadule *P8, 38)
_P. r---' May/Nov
•. .NO/May ,.
Mny�Nav (Bond's r May/Nc,.v
• Princlp8l interact (FY • • •
Y pata payment Payment Total Pmt Prinelpol.r (FY- L)S .0and'Year 11/1. (Per Bonk(-
'• Interest ) ' intvrostJ • Prineipal.1. 05 Interest)
., r. Interest;)
4'��
_
11/ 1/2014 1,383,711 1,3833,7 1� 2014 1,3,33,711 1,383,711
FY2015 5/1/2015 1,6313,000 1,547,00E ,3,4.82,006, .4,565,717 2,930,717 +gym*
11/1/2015 1,512,263 1,512,203 2016 4,694,269 3,059,269
FY 2016 5/1/2016 1,705,000 1,512,263 3,217,263 4,729,525 33024,525
11/1/2016 1,476,031 1,476,031 2016 4,663,294 2,988,294
FY 2017 5/1/2017 1.,780,000 1,476,031 3,2.56,081 4,732,063 29321068
11/1/2017 1,438,206 1,438,206 2017 4,694,238 2,914,238
FY2019 5/1/2018 14360,000 1,438,206 3,293,206 4,730,413_ 2,876,413
11/1/201.8 1,398,681 1,393,681 2018 4,696,888 2,836,P89
FY 2019 5/1/20199 1940,000 1398 681 3,338,081 4,737,363 7, 797 363
11/1/2019 1,357,456 1,357,456 2019 7,696,138 2,756,13'8
FY 2020 5/1 2020 2,025,000 1,357356 3,3824456 4,739,913 2 714 91.3 , .
__
11/1,J2020 � � 1,314,47.5 1,374,425 2020 4,696,881 2,671,881
FY 2021 5/1./202,1 2115 000 1,291,953 3,406,953 0,721,378 2 606 378
' 11/1/2021 1,'291,953 1,291,953 2021 4,698,906 2,583,906
FY2022 8/1/2022 2t205,000 1,2.46,053 3,451.,053 4,743,006 2,538,006
w..
-W1,1/1/2022 1,246,053 1,246,053 2022 4,697406 2,4'52,106
FY2023 2,300,000 1199,188 3,4983188 4 ,241 2,444,241
_5/1/2023 ., _
�.. _� 1.1/1/2023 1,:193,188 1.,198,108 2023 4,69 ,375 2,796,375
FY202.4 5/1/202.4 22400,000 1,148,250 3,548,250 4,746,438 2,346,438
11/1./2024 1,148450 17143,250 2024 4,696,500 2,296,500
FY207..5 5/1/2023 2,51,5,000 1,091,813 3,606,313 4,754,563 2.123PJ.aG3..
11/1/2025 �. 1.,091,313 1,091,313 2025 4,697,625 2,182,527
FY2026 5/1/2026µ 7 645,000 1.,026,813 3,671,833 4763,1.25 2,118,125
.',T_ 11/1J2026 1,026,813 1,026,8.1'3 2020 4,698,625 2,0537625
FY2027 5/1/2027 2,780000 959,0000 3,739,000 4,765,887.3 1,985,313
w.. .
„' 11./1/2027 959,000. 959,000 2027 4,698,000W 1,978,000'
1:Y7,07.8 5/1/202 2,928,000 887,66118 3,812,688 4,771,688 1,846,688
MW 11/1/2028 88'7,688 887,688 2026 4,700,375 1,775,375
FY2029 3,070,000 812,750 3,8F12,750 4,770,438 1,700 433 ..w
_5/1/2029
,�-~µ 11/1./2029 81,2,750 812,750 2029 4,695,500 1,625,500
FY2030 5/1/2030 3 230,090 734,000 3,964,000 4,776,750 1,3461750
1.1/1%1.030 734,000 734,000 2010 4,698,OR 1,46U0Q
FY2031, 5/1/2031 3395,000 651,1884,046,188 4,780,188 1,3135
�
"'emu• - -11/1/2031 651,188651,1138 2031 4,097,375 1,302,375
11Y7.032 5/1/2032 3,570,000 564,125 4,134,125 44785,313 1 .5,333
WV 564,125 564425 2032 4,698,250 1,123,7.50
FY1033 3,750,000 472,625 4,222,625 4J86,750 1,0:367
_5/1/2033_
µ ,_ 1.1./1/2033 w M 472,625 472,625 2033 4,695,250 945,250
F12034 5/1.0.034 3,915,000 37S,438 4,321,438 4,794,1)63 ,..13491.063
11/1/2034 876,438 376,438 2034 4,697,1375 752755
PY2035 5/1/2035 4,145,000 7,75,313 1,4200313 4,796,750 651,750
..11/1/2035 27'i,313 2,75,3'13 2095 4,695,67.5 550,67,5
FY2036 5/1/2036 4,360,000 169,000 4,5'29,000 4,804,313 444,313
- 11./1/2036 169,000 .1.69,000 2036 4,698,000 3313,000
1Y2037 5/1/2037 4,580,000 1'1.4,500 4,694,500 4,363,500 2133,500 2037 4,694,500
61,075,000
44,534,304
109,409,304
109,109,304
Attachment: 12442 Exhibit A (12442 : Midtown CRA's Proposed Budget for FY '22- 23)
Packet Pg. 7
Source: Midtown Miami Community Development District Series 2014A and 2014E Bond
1.1.a
Special Assessments and Tax Increment Revenue
Net Series
Year Series 2014A 2014A Special
Ending Debt Service TIF Revenue(z) Assessment
I I./1/2014
11/1/2015
11/1/2016
11/1/2017
11/1/2018
11/1/2019
I1/1/2020
11/1/2021
1 1 / 1 /2022
11 / 1 /2023
11/ 1 /2024
11/1/2025
11/1/2026
11 / 1 /2027
I I / I /2028
II/I/2029
11/1/2030
I I/I/2031
11/1/2032
11/1/2033
11/1/2034
11 / 1 /2035
11/1/2036
1 1./ 1 /2037
—. Total
$ 4,767,211111 $ 3,332,159 $ 1,435,052
4,694,269 3,365,481 1,328,788
4,693,294 3,399,135 1,294,158
4,694,238 3,433,127 1,261,111
4,696,888 3,467,458 1,229,429
4,696,138 3,502,133 1,194,005
4,696,881 3,537,154 1,159,727
4,698,906 3,572,525 1,126,381
4,697,1.06 3,608,251 1,088,856
4,696,375 3,644,333 1,052,042
4,696,500 3,680,777 1,015,723
4,697,625 3,717,584 980,041
4,698,625 3,754,760 943,865
4,698,000 3,792,308 905,692
4,700,375 3,830,231 870,144
41,695,500 3,868,533 826,967
4,698,000 3,907,218 790,782
4,697,375 3,946,291 751,084
4,698,250 3,985,754 712,496
4,695,250 4,025,61 1 669,639
4,697,875 4,065,867 632,008
4,695,625 4,106,526 589,099
4,698,000 4,147,591 550,409
4,694,500 4,1.89,067 505,433
$1 12,792,805 $ 89 87'- 87 ' $ 22,112,931
(1)
(2)
(3)
Includes Series 2004A Bonds and Series 2014A Bonds debt serivice,
Assumes actual 2(114 Tax Increment Revenue of $3,332,159 with
purposes only, Aetual Tax Increment Revenue amount is dependent
values as described above under "Tax Increment Revenues,"
includes Series 2004B Bonds and Series 2014B Bonds debt serivice,
Debt Service Reserve Fund
Series 2014B
Debt Service
Total Series Total Net
2014 Debt Special
Service Assessment
$ 1.,968,669(3) $
1,951,725
1,957,081
1,951,163
1,953,969
1,955,288
1,955,1 19
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
�I ,952,625
$ 46,870,269
6,735,880 $ 3,403,721
6,645,994 3,280,513
6,650,375 3,251,240
6,645,400 3,212,273
6,650,856 3,183,398
6,651,425 3,149,292
6,652,000 3,114,846
6,652,369 3,079,843
6,647,425 3,039,174
6,646,956 3,002,623
6,645,644 2,964,867
6,649,500 2,931,916
6,651,875 2,897,115
6,649,875 2,857,567
6,653,000 2,822,769
6,645,875 2,777,342
6,648,000 2,740,782
6,648,625 2,702,334
6,647,250 2,661,496
6,648,250 2,622,639
6,646,000 2,580,133
6,649,750 2,543,224
6,653,625 2,506,034
6,647,125 2 458,058
$159,663,073 $ 69,783,200
1% annual growth rate thereafter, For illustrative
upon n number of factors, including future property
Separate accounts within the Debt Service Reserve Fund will be maintained under the
Indenture for the benefit of the Series 20.14 Boncls, Pursuant to the Indenture, the Series 20.14A
Debt Service Reserve Requirement means $ I,000,000 and the Series 2014B Debt Service
Reserve Requirement means 50% of the maximum annual debt service of the Series 20I4B
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,
27
Attachment: 12442 Exhibit A (12442 : Midtown CRA's Proposed Budget for FY '22- 23)
Packet Pg. 8
n
cp
cc
Source: Midtown Miami Community Development District Series 2014A and 2014B Bond
DEBT SERVICE R QUTRENIEEN'TS(''
The following table sets forth the approximate debt service requirements for the Series 2014 Bonds:
Year Ending
November 1
2014A Bonds
Principals')
2014A Bonds 2014A Bonds
Interest Total
2014 $ - $ 1,383,711
2015 1,635,000 3,059,269
2016 1,705,000 2,988,294
2017 1,780,000 2,914,238
2018 1,860,000 2,836,888
2019 1,940,000 2,756,138
2020 2,025,000 2,671,881
2021 2,115,000 2,583,906
2022 2,205,000 2,492,106
2023 2,300,000 2,396,375
2024 2,400,000 2,296,500
2025 2,515,000 2,182,625
2026 2,645,000 2,053,625
2027 2,780,000 1,918,000
2028 2,925,000 1,775,375
2029 3,070,000 1,625,500
2030 3,230,000 1,468,000
2031 3,395,000 1,302,375
2032 3,570,000 1,128,250
2033 3,750,000 945 250
2034 3,945,000 752,875
2035 4,145,000 550,625
2036 4,360,000 338,000
2037 4.580.000 114.500
Total $64.875,000 $44.534 305
2014B Bonds
Principal`"
$ 1,383,711
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
$109.409 305
(') Totals may not add due to rounding.
(2) includes amortization installments_
680,000
715,000
740,000
775,000
810,000
845,000
880,000
915,000
955,000
995,000
;1,045,000
1,100,000
1,155,000
1,215,000
11,275,000
1,340,000
11,410,000
1,480,000
1,560,000
1,635,000
11,725,000
1,815,000
1.905.000
$26.970,000
38
2014B Bonds Series 2014B
Interest Bonds Total
$ 575,206
1,27I,725
1,242,081
1,211,163
1,178,969
1,145,288
1,110,119
1,073,463
1,035,319
995,581
954,14 /1
906,875
853,250
796,875
737,625
675,375
610,000
541,250
469,000
393,000
313,125
229,125
140,625
47.625
$18.506 806
$ 575,206
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
$45 476.806
Aggregate
Debt
Service
$ 1,958,917
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
6,649,8 75
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
$154 886.111
Attachment: 12442 Exhibit A (12442 : Midtown CRA's Proposed Budget for FY '22- 23)