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Home My WebLink AboutOMNI CRA 2022-09-22 Agenda PacketCity of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com 14414 Omni CRA Meeting Agenda Thursday, September 22, 2022 9:30 AM (OR THEREAFTER) 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 Christine King, Board Member, District Five ************************* OMNI CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2"d Floor Miami, FL 33136 Phone: (305) 679-6868 www.miamicra.com OMNI Community Redevelopment Agency Meeting Agenda September 22, 2022 CALL TO ORDER OMNI CRA RESOLUTION(S) 1. OMNI CRA RESOLUTION 12465 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, 2022, AND ENDING SEPTEMBER 30, 2023; 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 9/19/2022 OMNI Board of Commissioners Meeting September 22, 2022 1.1 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Alex Diaz de la Portilla Date: September 19, 2022 and Members of the CRA Board From: H. Bert Gonzalez Executive Director File: 12465 Subject: Approving Omni CRA's General Operating Budget & Tax Increment Fund Budget for FY '22-'23 Enclosures: 12465 Exhibit A 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 1,2022, and ending September 30, 2023, 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. Packet Pg. 3 1.1 Omni C R A City of Miami Legislation OMNI CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 12465 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, 2022, AND ENDING SEPTEMBER 30, 2023; 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 2022-2023 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, 2022, and ending September 30, 2023 ("Fiscal Year"); and WHEREAS, as part of the approval of the Fiscal Year Budget, the CRA hereby deobligates the unused portion of the funds allocated to Revran S Maharanie Lincoln for the property located at 175 NW 14th Street as previously authorized by CRA Resolution No. CRA- R-17-0033; and regarding the removal of the requirement for tables; and WHEREAS, the CRA's Budget is in the total amount of $80,460,567.00 for the Fiscal Year; and WHEREAS, as part of the Budget, the Executive Director of the CRA shall receive an annual salary of Two Hundred Thousand Dollars. This adjustment does not increase the total "Regular Salary" budget amount authorized for the previous year; 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 Executive Director's salary is adjusted to reflect an annual amount of Two Hundred Thousand Dollars as stated herein. Section 3. The Budget for the Fiscal Year, attached and incorporated as Exhibit "A", is approved and adopted. City of Miami Page 2 of 3 File ID: 12465 (Revision:) Printed On: 9/19/2022 Packet Pg. 4 1.1 Section 4. The Executive Director is directed to transmit a copy of the budget to the City and the County. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: VICTORIA MENDEZ, GENERAL COUNSEL City of Miami Page 3 of 3 File ID: 12465 (Revision:) Printed On: 9/19/2022 Packet Pg. 5 EXHIBIT A 1.1.b OMNI TAX INCREMENT'FUND BUDGET' FY 2023.!-, PROPOSED' BUDGET .,--�„- FY2022 ADOPTED BUDGET .:. BUDGET -; VARIANCE REVENUES CITY OF MIAMI -TAX INCREMENT $18,777,937 $18,191,428 $586,509 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $11,488,327 $11,070,284 $418,043 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $1,174,451 $923,665 $250,786 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $718,388 $562,155 $156,233 Total TIF Revenues $32,159,103 2020 FUND BALANCE LOAN SERIES 2018 A and 2018 B (Funds held by Bank United) $9,840,547 $11,786,890 ($1,946,343) TRANSFER FROM MIDTOWN CRA (Adminlstratlon) $120,324 $114,723 $5,601 RENT INCOME Fire House Market ($14,400/month) $172,800 $100,000 $72,800 2023 CHILDREN TRUST CONTRIBUTION $1,256,759 $1,150,560 $106,199 2022 ESTIMATED FUND BALANCE $36,911,034 $22,631,839 $14,279,195 TOTALREVENUE . :: $80460,567 $66 531 544 $13,929,623 REDEVELOPMENT EXPENDITURES - - ACCOUNTING AND AUDIT $26,700 $15,000 $11,700 PROFESSIONAL SERVICES - OTHER (Available funds for consulting agreements for specific perlod of time)' $425,920 $425,920 $0 OTHER CONTRACTUAL SERVICES (Available funds for service agreements for limited time frame to be provided on as needed basis) $637,987 $300,000 $337,987 INTERFUND TRANSFER (Debt Service) $2,817,970 $2,815,196 $2,774 INTERFUND TRANSFER (Grant) $812,500 $812,500 $0 OTHER CURRENT CHARGE $0 $0 $0 OTHER GRANTS AND AIDS $38,499,833 $38,322,960 $176,873 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $930,000 $1,058,540 ($128,540) FICA TAXES $71,145 $77,857 ($6,712) LIFE AND HEALTH INSURANCE $130,000 $130,000 $0 RETIREMENT CONTRIBUTION $50,000 $50,000 $0 FRINGE BENEFITS $13,200 $54,500 ($41,300) OTHER CONTRACTUAL SERVICE $140,000 $140,000 $0 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $20,300 $20,300 $o INSURANCE $115,000 $115,000 $0 OTHER CURRENT CHARGE $234,763 $236,617 ($1,854) SUPPLIES $10,000 $10,000 $0 OPERATING SUPPLIES $10,000 $10,000 $0 SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERY AND EQUIPMENT $25,000 $6,000 $19,000 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 Expenditures $1,852,008 a '_ ,.;c,^ • RESERVE FOR 2007 GLOBAL AGREEMENT (TUNNEL) $4,084,633 $4,084,633 $0 2023's RESERVE FOR 2007 GLOBAL AGREEMENT (35 % PAC) $11,255,686 $0 $11,255,686 2022's RESERVE FOR 2007 GLOBAL AGREEMENT (35 % PAC) $10,761,636 $10,761,636 $0 2023's RESERVE FOR INTERLOCAL CHILDREN'S TRUST $1,256,759 $1,150,560 $106,199 PAYMENT TO CITY OF MIAMI FOR MAURICE FERRE PARK $2,000,000 $3,000,000 ($1,000,000( Total Reserve tor Obligations with other Governm, $29,358,714 RESERVE FOR MIDTOWN ADM EXPENDITURES $120,324 $114,724 $5,600 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 (Fund, collected $1,691,232plus 2023srrre House Market Rent $172,800) $1,864,032 $1,354,349 $509,683 RESERVE -BILLBOARD (RENT COLLECTED) $284,273 $0 $284,273 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $227,763 $229,617 ($1,854) RESERVE FOR UNSOLICITATED PROPOSALS $25,000 $0 $25,000 Total Reserve for Other $2,686,392 2019 BUDGET RESERVE (Budget Surplus) $28,893 $28,893 $0 2020 BUDGET RESERVE $406,671 $406,671 $0 2021 BUDGET RESERVE $532,471 $532,471 $0 2022 BUDGET RESERVE $654,760 $0 $654,760 2023 BUDGET RESERVE $1,719,748 $0 $1,719,748 Total Unrestrlcrted Reserve $3,342,543 TOTAL FUND BALANCE - 4 :' 'r $80,460,567 $66,531,544 $13,929,023 So So So A) B) C) 2023 TIF Revenue 2023 TIF Rev for Affordable Housing 2023 Budget for Affordable Housing $32,159,103 $3,215,910 10% 2023 TIF Revenue $32,159,103 2023 Administrative Expenditures $1,852,008 Administrative Exp / 2023 TIF Revenue 6% Budget Reserve (2019, 2020, 2021 and 2023) $3,342,543 Total 2023 Budget $80,460,567 2023 Budget Reserve / Total 2023 Budget 4.15% Attachment: 12465 Exhibit A Packet Pg. 6