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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)