HomeMy WebLinkAboutOMNI CRA 2020-08-31 Agenda PacketCity of Miami
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Omni
CRA
Meeting Agenda
Monday, August 31, 2020
10:00 AM
(OR THEREAFTER)
Virtual Regular Meeting
City Hall
3500 Pan American Drive
Miami, FL 33133
OMNI Community Redevelopment Agency
Alex Diaz de la Portilla, Chair, District One
Joe Carollo, Vice Chair, District Three
Ken Russell, Board Member, District Two
Manolo Reyes, Board Member, District Four
Keon Hardemon, Board Member, District Five
OMNI and MIDTOWN CRA OFFICE ADDRESS:
1401 N. Miami Avenue, 2"d Floor, Miami 33136
Phone: (305) 679-6868
www.miamicra.com
OMNI Community Redevelopment Agency
Meeting Agenda August 31, 2020
CALL TO ORDER
OMNI CRA RESOLUTION(S)
1. OMNI CRA RESOLUTION
7797 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT 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, 2020
AND ENDING SEPTEMBER 30, 2021; DIRECTING THE EXECUTIVE
DIRECTOR TO TRANSMIT A COPY OF THE BUDGET TO THE CITY OF
MIAMI AND MIAMI-DADE COUNTY.
ADJOURNMENT
OMNI Community Redevelopment Agency Page 2 Printed on 8/21/2020
OMNI Board of Commissioners Meeting
August 31, 2020
1.1
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Alex Diaz de la Portilla
and Members of the CRA Board
Date: August 21, 2020 File: 7797
Subject: Approving Omni CRA's General
Operating Budget & Tax Increment
Fund Budget for FY '20-'21
From: Jason Walker Enclosures 7797 Exhibit A
Executive Director
BACKGROUND:
It is recommended that the Board of Commissioners of the Omni Redevelopment
District Community Redevelopment Agency ("CRA") approve and adopt the attached
resolution, with attachment(s), adopting the proposed Omni CRA's General Operating
Budget and Tax Increment Fund Budget, for the fiscal year commencing October 1,
2020, and ending September 30, 2021, 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 OMNI CRA to annually prepare a proposed
budget and transmit same to City of Miami and Miami Dade County
This Resolution fulfills this requirement.
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1.1
Omni
CRA
City of Miami
Legislation
OMNI CRA Resolution
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 7797 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT 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, 2020 AND ENDING SEPTEMBER 30,
2021; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE
BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY.
WHEREAS, the Omni Redevelopment District 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 Fiscal Year 2020-2021 redevelopment
activities, the Board of Commissioners must approve the CRA's proposed General Operating
Budget and Tax Increment Fund Budget ("Budget") for the Fiscal Year commencing October 1,
2020 and ending September 30, 2021 ("Fiscal Year"); and
WHEREAS, the CRA's Budget is in the total amount of $62,856,996.00 for the Fiscal
Year; and
WHEREAS, unused portions of line items 3 and 23 of the Fiscal Year 2019-2020 Budget
will be rolled over to the CRA's Fiscal Year Budget; and
WHEREAS, a copy of the Budget is required to be transmitted to the City of Miami
("City") and Miami -Dade County ("County");
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE OMNI REDEVELOPMENT DISTRICT 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 Budget for the Fiscal Year, attached and incorporated as Exhibit "A", is
approved and adopted.
Section 3. The Executive Director is directed to transmit a copy of the budget to the City
and the County.
Section 4. This Resolution shall become effective immediately upon its adoption
APPROVED AS TO FORM AND CORRECTNESS:
City of Miami Page 2 of 3 File ID: 7797 (Revision:) Printed On: 8/21/2020
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VICTORIA MENDEZ, GENERAL COUNSEL
City of Miami Page 3 of 3 File ID: 7797 (Revision:) Printed On: 8/21/2020
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EXHIBIT A
1.1.a
OMNI TAX INCREMENT FUND BUDGET
FY 2021
PROPOSED
BUDGET
FY 2020
ADOPTED
BUDGET
BUDGET
VARIANCE
REVENUES
CITY OFMIAMI- TAXINCREMENT
$18,726,124
$16,975,009
$1,751,115
MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES)
$11,401,481
$10,465,562
$935,919
CITY OF MIAMI -TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES)
$650,015
$531,687
$118,328
MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES)
$395,021
$327,756
$67,265
Total TIF Revenues $31,172,641
2020 FUND BALANCE LOAN SERIES 2018 A and 2018 8 (Funds held by Bank United)
$11,767,372
$11,755,752
$11,620
TRANSFER FROM MIDTOWN CRA (Administration)
$98,467
$88,837
$9,630
RENT INCOME
$80,000
$101,481
-$21,481
2020 CHILDREN TRUST CONTRIBUTION
$1,246,906
$1,132,001
$114,905
2020 ESTIMATED FUND BALANCE (It Includes the $4,552,500 - Reimbursement from Lean
$18,491,610
$12,667,306
$5,824,304
Series 2018A)
TOTAL'REVENUE '
$62,85096
:: $54,045,391
T8,811,605
RE$EVELOpMENTEXPENDITuRES .
ACCOUNTING AND AUDIT
$15,000
$15,000
$0
PROFESSIONAL SERVICES - OTHER
$325,920
$603,384
-$277,464
OTHER CONTRACTUAL SERVICES
$300,000
$638,692
-$338,692
INTERFUND TRANSFER (Debt Service)
$7,045,140
$7,046,026
-$886
INITEREUN0 TRANSFER (Grant)
$2,059,406
$2,501,723
-$442,317
OTHER CURRENT CHARGE
$10,910,424
$9,905,005
$1,005,419
OTHER GRANTS AND AIDS
$37,401,708
$28,633,639
$8,768,069
ADMINISTRATIVE EXPENDITURES
REGULAR SALARIES
$913,640
$842,540
$71,100
FICA TAXES
$69,893
$64,454
$5,439
LIFE AND HEALTH INSURANCE
$120,000
$90,000
$30,000
RETIREMENT CONTRIBUTION
$50,000
$50,000
$0
FRINGE BENEFITS
$54,500
$54,500
$0
OTHER CONTRACTUAL SERVICE
$130,000
$90,000
$40,000
TRAVEL AND PER DIEM
$30,000
$30,000
$0
UTILITY SERVICE
$20,300
$20,300
$0
INSURANCE
$115,000
$104,166
$10,834
OTHER CURRENT CHARGE
$216,867
$199,596
$17,271
SUPPLIES
$10,000
$10,000
$0
OPERATING SUPPLIES
$10,000
$10,000
$0
SUBSCRIPTION MEMBERSHIP
$17,000
$17,000
$0
MACHINERY AND EQUIPMENT
$6,000
$24,000
-$18,000
ADVERTISING
$30,000
$30,000
$0
RENTAL AND LEASES
$3,600
$3,600
$0
POSTAGE
$2,000
$2,000
$0
REPAIR/MAINTENANCE - OUTSIDE
$2,000
$2,000
$0
INTERFUND TRANSFER
$18,000
$18,000
$0
Total Administrative EKpendxure: g1,81a,9oo
RESERVE FOR MIDTOWN ADM EXPENDITURES
$98,467
$88,837
$9,630
RESERVE FOR SECURITY DEPOSIT- MEC
$125,000
$125,000
$0
RESERVE FOR SECURITY DEPOSIT - 1401 GROUP LLC
$40,000
$40,000
$0
RESERVE FOR CAPITAL EXPENDITURES
$1,311,442
51,280,659
$30,783
RESERVE -BILLBOARD (INCOME GENERATED)
$80,322
$0
$80,322
RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC
$209,867
$192,596
$12,271
RESERVE FOR LOAN PROCEEDS SERIES 2019 A & 3
$47,500
$47,500
$0
RESERVE FOR UNSOLICITATED PROPOSALS
$50,000
$50,000
$0
2019 BUDGET RESERVE {Budget Surplus)
$28,893
$95,702
-$66,809
2020 BUDGET RESERVE
$249,298
$1,119,471
-$870,173
2021. BUDGET RESERVE
$739,809
$0
$739,809
TWA i ND BALANCE'..
$62,856,996
$54,045,391
$B,$11,605
The Agency's obligation with respect to Museum Park under the Global Interlace! Agreement are the subject of ongoing discussion between the City and
the Agency. The Interlace/Agreement Obligations include the amounts payable in accordance with the original terms of the Global interlocal Agreement
and/or such other amount as shall be determined by the resolution of such ongoing discussions (but in no event shall exceed the amounts payable under
the original terms of the Gfobot tnterl000! Agreement with respect to Museum Park.)
A)
B)
2021 TIF Revenue
2021 TIF Rev for Affordable Housing
% 2021 Budget for Affordable Housing
$31,172,641
$3,117,264
10%
2021 TIF Revenue $31,172,641
2021 Administrative Expenditures $1,818,800
% Administrative Exp / 2021 TIF Revenue 6%
Budget Reserve (2019, 2020 and 2021) $1,018,p00
Total 2021 Budget $62,856,996
% 2021 Budget Reserve / Total 2021 Budget 1.62%
Attachment: 7797 Exhibit A (7797 : Approving Omni CRA's General Operating Budget & Tax Increment Fund Budget for FY'20 '21)
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