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Home My WebLink About12776 Submittal-OMNI CRA-EMail on History of TIFGonzalez, Humberto Submitted into the public record in connection with Item NA.1 on 10/13/2022 Todd B. Hannon Clerk of the Board From: Sent: To: Cc: Subject: Attachments: Follow Up Flag: Flag Status: Valentin, Miguel A Tuesday, July 19, 2022 12:09 PM Gonzalez, Humberto Llop-Noy, Frances Requested information History of TIF and PAC Payments .pdf Follow up Flagged BEFORE THE 2007's GLOBAL AGREEMENT On July 7, 1987, the County approved the establishment of the Miami OMNI CRA pursuant to Resolution R-825- 87. Between 1987 and 1990 virtually no redevelopment activity took place due to some uncertainty between the City and the County regarding the appropriate tax increment base year. Nevertheless, on November 6, 1990, the County designated the Performing Arts Center ("PAC") project as the catalytic project for the redevelopment of the OMNI Area, and approved a financing plan, which earmarked $11,767,000 from projected OMNI tax increment bond proceeds. This action by the County required a second amendment to the original OMNI Redevelopment Plan, requiring both City and County approval. Bear in mind that OMNI Redevelopment plan was first adopted by the City in 1986 ("1986 OMNI Redevelopment Plan"), and later modified and adopted by the County on July 7, 1987 ("1987 Amended OMNI Redevelopment Plan", the 1987 Plan). In 1992, the County requested to have the 1987 Plan amended once again to incorporate the PAC project as the catalytic project for the OMNI area, including the PAC financing plan. In response to the County's request, the County, the City and the CRA entered into an Interlocal Agreement, dated June 24, 1996, which provided the County with the first $1.43M in TIF revenues from the CRA to generate the $11.9 million in capital bond proceeds required to finance the PAC. The first TIF payment took place in 1999 in the amount of $445,469.00. AFTER THE 2007's GLOBAL AGREEMENT On December 31, 2007, the County, City and CRA entered into the "2007 Interlocal Agreement" which sets forth new requirements. This "2007 Interlocal Agreement" entails that OMNI CRA must commit to the following obligations: A) Contribution of $88M towards the Port Tunnel. B) Contribution of $2M for capital improvements to the Museum Park annually. C) Contribution to the PAC project (35% of the annual increment revenues). BRIFT SUMMARY OF THE SPREADSHEET 1 (z1 7(40 svbm i {61- 00101 C�9 - Emui l on 4-1 1s-fovl o.6 flF To date the County has contributed to the OMNI CRA the amount of $111,578,123. To date the OMNI CRA has paid the County relating to the repayment of the PAC bonds the amount of $91,598,839 (Note: tally does not include 2022's payment) in addition to the streetscape improvements around the PAC in the amount of $5,054,255.24 totaling $96,653,094.24 (87% of the TIF received from the County). In conclusion, almost all TIF revenue paid by the County is returned to the County. Miguel A. Valentin CPA Finance Officer SEOPW Community Redevelopment Agency 819 NW 2nd Ave., 3rd floor, Miami, FL 33136 Phone: (305) 679-6810 El Submitted into the public record in connection with Item NA.1 on 10/13/2022 Todd B. Hannon Clerk of the Board 2 i Original Omni CRA Tax Increment Revenue History FY1986 - FY2022 Expanded Fiscal Year City :' '..County City ., Courtly,`='.'- Total by Year PAC Payment % of PAC Payment 1986 : . . 1987 :: ., 1988, -; , ._ 1989 -- :.- - - 1990 I 1991 - ---•. - - - 1992 - . r ;' - - - 1993 _- - - 1994 4 1996 - _ :: - - - 1997 406,838 -. : ;'. ^, 406,838 r - - 1998 473,844 319,318: - r.=z.7' 793,162 - - 1999 448,869 ::.. 264,906 - - 713,775 445,469 62% 2000 517,336 ` • '317.382 - - - '- 834,718 1,104,733 132% 2001 1 624,295 .._ _ 393,449. - ' - -s 1,017,744 1,017,744 100% 2002 1,015,786 • 618663': - :- : _ 1,634,449 1,430,000 87% 2003 2,014,417 ''".. 1,344,103' - :'- _ - , 3,358,520 1,430,000 43% 2004 2,451,649 - ,'•. 2,046,392.: - :-( ": 4,498,041 1,430,000 32% 2005 3,920,483 '•::2281,562; - 6,202,045 1,430,000 23% 2006 5,372,708- .. ' -..''3,689,181_' - •',`- 9,061,889 1,430,000 16% 2007 5,221,593 : - ; 5,288;712 ` :;::; - ' 11,510,305 1,430,000 12% 2008 7,444,383 .:. 5,098,682- - -' 12,543,065 5,341,862 43% 2009 , 8,925,576 . c-: , 5,597.32>1.: _ -, 14,522,904 6,444,520 44% 2010 8,238,547 .. =: 5,195,407` - ,- "_ 13,433,954 5,631,384 42% 2011 5,335,988 3,852,638 - ; ... - ^-•-.':' 9,189,626 4,145,869 45% 2012 : 2,764,458 '• 1,760,167_ - ",`-:_.r. 4,524,625 2,513,119 56% 2013 5,947,771 3,650,900- - - " : 9,698,671 3,360,169 _ 35% 2014 6,730,834 4,175796' - ; ._: ;: 10,906,630 3,817,321 1 35% 2015 7,300,751 4,886,593 ' - 't '•: 12,187,344 4,265,570 35% 2016 8,551,169 5,700.780- - =-' - 14,251,949 4,988,182 35% 2017 . 10,574,483 6,457,941- 240,252 '..142,633' 17,415,309 6,095,358 35% 2018 10,735,670 6,749,406 ' 312,667 :. • - 193,354. 17,991,097 6,296,884 35% 2019 11,525,122 7,092,694; 386,218' '• 237;876% 19,241,910 6,734,669 35% 2020 ; 16,975,009 ., - .,-10,465,562 531,687 • 327;755: 28,300,014 9,905,005 35% 2021 18,728,431,. -.:: 11,401,482 - 649,299 395',02V 31,174,233 _ 10,910,982 35% 2022 18,191,428 v, .. 11,070,284: 923.654 - - -562 155. 30,747,531' $171,438,438 $109,719,328- $3,043,787 $1,858;795 ' $286,060,348 $ 91,598,839 Total Miami Bade County Payments to the CRA $111;578123 . Percentage of PAC Payment ($91,598,839) 82% Note: This percentage does not factor in the 2022's PAC Payment Submitted into the public record in connection with Item NA.1 on 10/13/2022 Todd B. Hannon Clerk of the Board 1Uiver4cle angov n_ oornaisersiNIAvafentirtDacuments1CRA TIF Revenue PrrjedionCRA TIF Revenue Projection Submitted into the public record in connection with Item NA.1 on 10/13/2022 Todd B. Hannon Clerk of the Board Annually On -going Programs CRA Owned Streetlight Maintenance for the SUPERBLOCK Landscape Maintenance of CRA Owned Properties Maintain and enhance the MEC's Movie Studios and Operations ther Accomplishments The OMNI CRA Administration has committed to create a destination location for the local residents and visitors to enjoy fine foods, wine and entertainment. With this thought in mind, the National Historic Firehouse #2 (FH2) building offered a unique and exciting venue for such a place. A respected Hospitality Company is in the construction stages to fulfill the need for a Restaurant attraction. The experienced local Hospitality Group, will use the first floor of the FH2 which has approximately 5,400 square feet. The anticipation and completion of a totally new Restaurant venue within the FH2 building is expected to be completed by year's end. This further enhances our vision to heighten the area's visual attractiveness to businesses and residents by creating opportunities for new development through improvements to the public realm. Created by; Gonzalez, Humberto & Mustafa, Patricia Submitted into the public record in connection with Item NA.1 on 10/13/2022 Todd B. Hannon Clerk of the Board Quality of Life Initiatives Miami Access Tunnel (MAT) The Omni CRA has a commitment for funding the debt service of the $50 million plus interest to approx. $70 million as the City of Miami's contribution to the Miami Access Tunnel (MAT) project The MAT project is destined to provide increase accessibility to freight ingress and egress to the Port of Miami. The tunnel will allow 18 wheeler Tractor Trailers to have direct access to the port. This will minimize the amount of infrastzucture damage that these trucks cause and will relieve traffic congestion in the area making it much safer for visitors and residents to get around. Construction Stage: Completed Land Acquisitions The OMNI CRA has purchased additional land for $140,000 from FDOT for a portion of FDOT's Parcel #117 adjoining the south part of the MEC's facility southernmost wall to enhance operations of the MEC Movie Studios. Created by; Gonzalez, Humberto & Mustafa, Patricia Submitted into the public record in connection with Item NA.1 on 10/13/2022 Todd B. Hannon Clerk of the Board Museum Park Project Museum Park Project - Consists of Museum Components, which will house the Perez Art Miami Museum (PAMM) and the Frost Museum of Science (FMOS) on approximately 8 acres in Bicentennial Park (Wk/a Museum Park) and a Park Component, to be developed by the City of Miami on the rest of the site, consisting of approximately 21 acres. The Omni CRA has allocated and spent approximately $14M in Phase 1. Environmental Remediation & Miscellaneous Building Demolition - The Omni CRA earmarked $2 million in funding for the environmental remediation of soils located at the site of the new museum facilities as well as managed the demolition of two abandoned building structures within the Museum Park plan area. These projects, located within the Omni CRA boundary are the beginning efforts in providing the ground work for the new Museum Park Project. Museum Park Baywalk (CRA-CIP) and Infrastructure - As part of the efforts to create Museum Park, the CRA in conjunction with the City of Miami has allocated $46,500 in matching funds from Florida Inland Navi tion District (FIND} for the development of the Baywalk. The Baywalk encompasses 4,000 feet of decorative walkways which includes landscaping, lighting, benches and trash receptacles along the eastern boundary of the park fronting Biscayne Bay. Construction Stage: On -Going Special Funding Grant - The OMNI CRA • provided to the Perez Art Miami Museum (PAMM) a grant in the amount of $ 1Million Dollars to enhance the PAMM's Community Programs for local Residents, Students and Visitors. The GRANT will help and assist to support the PAMM's educational and outreach programs. Such as: PAMM in the Neighborhood PAMM after school studios Brick times Brick PAMM Teens Art 2 Go Performance, Film and Video Programs Created by; Gonzalez, Humberto & Mustafa, Patricia Submitted into the public record in connection with Item NA.1 on 10/13/2022 Todd B. Hannon Clerk of the Board Project Updates SFRTA Funding Amount, Reimbursement of Project Costs. The CRA agrees to provide SFRTA with funds in an amount not to exceed Three Million Seven Hundred Fifty Thousand and No Dollars ($3,750,000.00) for eligible costs, as outlined herein, incurred for the design, construction, and financing of the Improvements (the "Funds"). The CRA shall disburse the Funds to SFRTA in the manner set forth in Section 5. The CRA shall incur no liability for any costs in excess of the Funds unless there has been a duly authorized increase approved by the Board of Commissioners of the CRA. In the event the actual costs of the Improvements are less than the Estimated Cost, all remaining funds shall remain with the CRA and the CRA shall have no further responsibility regarding any other reimbursement of project costs. Historic Preservation The Miami Woman's Club Baywalk (Grant-CRA) The Omni CRA isproviding grant funds in the It i1111 11 1 amount of $250K, which are matching grants by Florida Inland Navigation District (FIND) to help design and construct a Baywalk in the area behind the historic Miami Women's Club to allow the public access to the waterways. Construction Stage: Ongoing Tr 'ty Cathedral 40-Year ecertification Grant The CRA allocated $1 million in grant funds towards the rehabilitation of the historic Trinity Cathedral. The restoration is specific to the 40-year recertification required by Miami -Dade County and included complete structural rehabilitation, roofing, life safety and electrical upgrades. Construction Stage: Completed Created by; Gonzalez, Humberto & Mustafa, Patricia