HomeMy WebLinkAboutCRA-R-22-0037 MemorandumSEOPW Board of Commissioners Meeting
September 22, 2022
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: September 15, 2022
and Members of the CRA
Board File: 12599
From: James McQueen
Executive Director
Subject: SEOPW CRA General Operating
and Tax Increment Fund Budget.
Enclosures: File # 12599 Exhibit A
BACKGROUND:
The attached resolution of the Board of Commissioners of the Southeast Overtown/Park West
Community Redevelopment Agency ("SEOPW CRA") approve the attached proposed SEOPW
CRA General Operating and Tax Increment Fund Budget ("Budget"), in the amount of
$92,443,744, for the fiscal year commencing October 1, 2022, and ending September 30, 2023,
and directing the Executive Director to transmit copies of the Budget to the City of Miami and
Miami -Dade County.
JUSTIFICATION:
The SEOPW CRA is required to annually prepare a proposed budget and transmit the budget to
the City of Miami and Miami -Dade County. See attached Exhibit "A". The attached Resolution
fulfills that requirement.
BUDGET SUMMARY
The 2023's budget amounted to $92,443,744.
The budget included the following revenue sources:
$16,262,379 - County TIF
$26,583,954 - City TIF
$47,957,143 — 2022's carryover funds
$1,640,268 - Children's Trust contribution
TIF revenues increased in the amount of $7,699,747 in comparison to FY 2022 due to the
following reasons:
1) Folio # 01-0106-030-1015 (5 Plaza LLC) added to the Tax Roll — Preliminary assessed taxable
value $249,300,000 (represent $3,035,003 m TIF revenue roughly)
2) MWC and Global (2007) projects increased in the amount of $1,365,940 and $2,781,767 in
preliminary assessed taxable value respectively.
The Agency's administrative expenditures of $3,013,715 includes employee salaries and fringe
and represents seven percent (7%) of total budgeted expenditures, which is less than the 20
percent cap for administrative costs allowed by the Interlocal. Additionally, this proposed budget
represents an increase of 9% in the salary of the executive director. This increase addresses
inflation, the cost of living, and merit.
Operating expenses total $89,430,029 and include:
$42,675,178 for Grants and Aid including:
• Affordable/Workforce housing projects ($13,711,476)
• MWC and Soleste economic incentive payments ($5,194,387)
• Job creation and economic development projects and grants ($5,603,032)
• A reserve for grants and aid/affordable housing ($15,956,123)
• Other grants and projects such as arts, culture, infrastructure, and quality of life ($2,210,161)
$24,707,971 for interfund transfer including:
• Refund to the County and City for the Global Agreement ($9,712,775)
• Debt service payment/reserves ($4,510,625)
• Contribution to the Tri-Rail project ($8,000,000)
• Grant to City for Construction of Gibson Park debt service ($844,303)
• Disbursement to the Children's Trust ($1,640,268)
$14,000,000 for purchase of land
$2,762,313 for Professional and Contractual Services
$1,376,842 for Construction in Progress
$3,907,725 for revenue shortfall reserve for future years
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: September 22, 2022
CRA Section:
Approved by:
Approval:
1
Executive Director 9/15/2022
Miguel A Valentin, :,lance Off;cer 9/15/2022
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-22-0037
File Number: 12599 Final Action Date:9/22/2022
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW
CRA") WITH ATTACHMENT(S), APPROVING AND ADOPTING THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY'S ("SEOPW
CRA") PROPOSED GENERAL OPERATING AND TAX INCREMENT FUND BUDGET,
ATTACHED AND INCORPORATED AS EXHIBIT "A" IN THE AMOUNT OF
$92,443,744, FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2022, AND
ENDING SEPTEMBER 30, 2023; PROVIDING FOR INCORPORATION OF RECITALS
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("SEOPW CRA") is responsible for carrying out community redevelopment activities and
projects within its Redevelopment Area in accordance with the 2009 Southeast Overtown/Park
West Redevelopment Plan (the "Plan"); and
WHEREAS, as a prerequisite to carrying out redevelopment activities for the fiscal year
commencing October 1, 2022, and ending September 30, 2023 ("FY 2022-2023"), it is required
that the SEOPW CRA's Board of Commissioners approve and adopt the annual General
Operating and Tax Increment Fund Budget ("Budget"), attached and incorporated as Exhibit
"A"; and
WHEREAS, pursuant to Interlocal Agreements, a copy of the SEOPW CRA's budget is
required to be transmitted to the City of Miami and Miami -Dade County; and
WHEREAS, all the expenses included in the Budget are in accordance with state law,
Interlocal Agreements, and the Plan; and
WHEREAS, the Board of Commissioners wish to approve and adopt the SEOPW CRA's
Budget for FY 2022-2023 as set forth in Exhibit "A", in the amount of $92,443,744;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION 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 Southeast Overtown/Park West Community Redevelopment Agency's
General Operating and Tax Increment Fund Budget, in the amount of $92,443,744, for the fiscal
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year commencing October 1, 2022, and ending September 30, 2023, as set forth in Exhibit "A",
is hereby approved and adopted.
Section 3. The Executive Director is directed to transmit a copy of said budget to the
City of Miami and Miami -Dade County.
Section 4. The Board of Commissioners of the SEOPW CRA hereby ratifies and
adopts the current compensation of the Executive Director earned since November 18, 2021.
Section 5. The Board of Commissioners of the SEOPW CRA hereby authorizes a
merit, inflation, and a cost -of -living increase of 9% in the compensation of the Executive
Director effective on October 1st, 2022.
Section 6. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
Br Counsel
9/15/2022
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