HomeMy WebLinkAboutMCRA 2024-09-26 Agenda PacketCity of Miami
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Meeting Agenda
Thursday, September 26, 2024
10:00 AM
(OR THEREAFTER)
City Hall
3500 Pan American Drive
Miami, FL 33133
Midtown Community Redevelopment Agency
Joe Carollo, Vice Chair, District Three
Miguel Angel Gabela, Board Member, District One
Damian Pardo, Board Member, District Two
Manolo Reyes, Board Member, District Four
Christine King, Board Member, District Five
MIDTOWN CRA OFFICE ADDRESS:
1401 N. Miami Avenue, 2nd Floor
Miami, FL 33136
Phone: (305) 679-6868
www.miamicra.com
Midtown Community Redevelopment Agency
Meeting Agenda September 26, 2024
CALL TO ORDER
APPROVING THE MINUTES OF THE FOLLOWING MEETING(S)
1. MIDTOWN COMMUNITY REDEVELOPMENT AGENCY - REGULAR - SEP 9,
2023 10:00 AM
MCRA RESOLUTION
1. MCRA RESOLUTION
16531 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH
ATTACHMENT(S), ACCEPTING AND APPROVING THE 2025 PROPOSED
BUDGET OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY,
ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF
$18,838,550.00 FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2024
AND ENDING SEPTEMBER 30, 2025; DIRECTING THE EXECUTIVE
DIRECTOR TO TRANSMIT A COPY OF THE BUDGET TO THE CITY OF
MIAMI AND MIAMI-DADE COUNTY.
ADJOURNMENT
Midtown Community Redevelopment Agency Page 2 Printed on 9/18/2024
Midtown Board of Commissioners Meeting
September 26, 2024
1.1
MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Vice Chair Joe Carollo Date: September 18, 2024
and Members of the CRA Board
From:Anthony Balzebre III
Executive Director
16531
Subject: Midtown CRA's Proposed Budget for
FY '24-'25
Enclosures: 16531 Exhibit A
BACKGROUND:
It is recommended that the Board of Commissioners of the Midtown Community Redevelopment
Agency approve the attached Resolution adopting the proposed Midtown CRA Tax Increment
Fund Budget for the Fiscal Year commencing October 1, 2024 and ending September 30, 2025,
and directing the Executive Director to transmit 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 the budget to
the City of Miami and Miami -Dade County. This resolution fulfills that requirement.
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1.1
City of Miami
Legislation
Midtown CRA Resolution
Midtown CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 16531 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING THE 2025 PROPOSED BUDGET OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY, ATTACHED AND INCORPORATED AS
EXHIBIT "A", IN THE AMOUNT OF $18,838,550.00 FOR THE FISCAL YEAR
COMMENCING OCTOBER 1, 2024 AND ENDING SEPTEMBER 30, 2025;
DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE 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
2024-2025, the Board of Commissioners of the CRA must approve the proposed Tax Increment
budget ("Budget") for the fiscal year commencing October 1, 2024 ending September 30, 2025
("Fiscal Year"); and
WHEREAS, the Budget is in the total amount of eighteen million, eight hundred thirty-
eight thousand, five hundred fifty dollars and zero cents ($18,838,550.00) for the Fiscal Year;
and
WHEREAS, pursuant to the 2005 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 Budget for the Fiscal Year commencing October 1, 2024, and ending
September 30, 2025, attached and incorporated herein as Exhibit "A", is approved and adopted.
Section 3. The Executive Director is directed to transmit a copy of the 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:
76-d-r
K.
GEORGE K. WYSONG III, GENERAL COUNSEL
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EXHIBIT A
1.1.a
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2025
Proposed
Budget
FY 2024
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$8,478,964
$8,369,430
$109,534
ADVALOREM TAXES - MIAMI DADE COUNTY
$5,439,165
$5,066,896
$372,269
2024's CARRYOVER FUND BALANCE
$4,920,421
$0
$4,920,421
_
TOTAL REVENUES
$18,838,550
$13,436,326
$5,402,224
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2025 TIF revenue)
$139,181
$134,363
$4,818
OTHER CURRENT CHARGES AND °BUG (Note1)
$18,699,369
$13,301,963
$5,397,406
TOTAL. EXPENDITURES +
$18,838,550
$13,436,326
$5,402,224
REVENUE LESS EXPENDITURES
$0
$0
$0
Note 1
1) Contribution towards Midtown CDD's Debt Service $4,697,626
2) FY 2025's anticipated transfer to the City Of Miami $5,448,793
3) FY 2025's anticipated transfer to the County $3,632,529
4) FY 2024's owed transfer to the City of Miami $4,920,421
$18,699,369
1
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