HomeMy WebLinkAboutCRA-R-23-0043 MemorandumSEOPW Board of Commissioners Meeting
September 28, 2023
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: October 2, 2023
and Members of the CRA
Board File: 14724
From: James McQueen
Executive Director
Subject: SEOPW CRA General Operating
and Tax Increment Fund Budget.
Enclosures: File # 14724 - Exhibit A
File # 14724 - Exhibit B
BACKGROUND:
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
proposed general operating and tax increment fund budget of the SEOPW CRA ("Budget"), in
the amount of One Hundred Six Million, Six Hundred Eighty -Nine Thousand Forty Dollars and
Zero Cents ($106,689,040.00) ("Funds"), for the fiscal year commencing October 1, 2023, and
ending September 30, 2024, and directing the Executive Director to transmit copies of the
Budget to the City of Miami and Miami -Dade County as Exhibit "A". The Board of
Commissioners of the SEOPW CRA hereby approves the de allocation of funds in the amount of
One Million, Two Hundred Seventy -Six Thousand One Hundred and Ninety Dollars and Zero
Cents $1,276,190.00, as set forth in Exhibit "B".
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.
The Board of Commissioners of the SEOPW CRA hereby approves the de allocation of funds in
the amount of $1,276,190.00, as set forth in Exhibit "B".
BUDGET SUMMARY
The 2024's budget amounted to $106,689,040.00
The budget included the following revenue sources:
$18,002,317.00 - County TIF
$29,735,044.00 - City TIF
$57,127,599.00 — 2023's carryover funds
$1,824,080.00 - Children's Trust contribution
The Agency's administrative expenditures of $3,464,918.00 include employee salaries and
fringes and represent seven percent (7%) of total budgeted expenditures, which is less than the
20 percent cap for administrative cost allowed by the Interlocal. Additionally, this proposed
budget contemplates a budgeted salary of the executive director in the amount of $253,363.73,
effective on October 1st, 2023.
Operating expenses total $103,224,122.00, and include:
$54,683,645.00 for Grants and Aid including:
• Affordable/Workforce housing projects ($8,397,090.00)
• MWC and Soleste economic incentive payments ($6,141,838.00)
• Job creation and economic development projects and grants ($9,648,244.00)
• A reserve for grants and aid/affordable housing ($23,440,353.00)
• A reserve for grants derived from the FDOT Settlement ($2,081,332.00)
• Other grants and projects such as arts, culture, infrastructure, and quality of life ($4,974,788.00)
$26,486,434 for interfund transfer/debt service payment including:
• Refund to the County and City for the Global Agreement ($10,707,299.00)
• Debt service payment/reserves ($4,508,000.00)
• Contribution to the Tri-Rail project ($8,000,000.00)
• Enhanced Policing Services ($600,000.00)
• Grant to City for Construction of Gibson Park debt service ($847,056.00)
• Disbursement to the Children's Trust ($1,824,080.00)
$16,435,000.00 for purchase of land
$1,919,230.00 for Professional and Contractual Services
$1,019,181.00 for Construction in Progress
$2,680,632.00 for revenue shortfall reserve for future years
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: September 28, 2023
CRA Section:
Approved by:
Approval:
1
Executive Director 9/21/2023
Miguel A Valentin, :,lance Off;cer 9/21/2023
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-23-0043
File Number: 14724 Final Action Date:9/28/2023
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 PROPOSED
GENERAL OPERATING AND TAX INCREMENT FUND BUDGET OF THE SEOPW
CRA, ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF ONE
HUNDRED SIX MILLION, SIX HUNDRED EIGHTY-NINE THOUSAND, FORTY
DOLLARS AND ZERO CENTS ($106,689,040.00) ("FUNDS"), FOR THE FISCAL
YEAR COMMENCING OCTOBER 1, 2023, AND ENDING SEPTEMBER 30, 2024 ("FY
2023-2024"); FURTHER AUTHORIZING THE DE -ALLOCATION OF FUNDS IN THE
AMOUNT OF ONE MILLION TWO HUNDRED SEVENTY SIX THOUSAND ONE
HUNDRED NINETY DOLLARS AND ZERO CENTS ($1,276,190.00), ATTACHED AND
INCORPORATED AS EXHIBIT "B" ATTACHED AND INCORPORATED HEREIN;
FURTHER APPROVING THE COMPENSATION OF THE EXECUTIVE DIRECTOR
FOR FY 2023-2024; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A
COPY OF SAID BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY;
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 2018 Southeast Overtown/Park West Redevelopment Plan
Update (the "Plan"); and
WHEREAS, as a prerequisite to carrying out redevelopment activities for the fiscal year
commencing October 1, 2023, and ending September 30, 2024 ("FY 2023-2024"), 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 finds that authorizing this Resolution would further the
SEOPW CRA redevelopment goals and objectives; and
WHEREAS, the Board of Commissioners wish to approve and adopt the SEOPW CRA's Budget
for FY 2023-2024 as set forth in Exhibit "A", in the amount of $106,689,040.00;
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE SOUTHEAST OVERTOWN/PARK WEST 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 Southeast Overtown/Park West Community Redevelopment Agency's
General Operating and Tax Increment Fund Budget, in the amount of $106,689,040.00, for the fiscal year
commencing October 1, 2023, and ending September 30, 2024, as set forth in Exhibit "A", is hereby
approved and adopted.
Section 3. The Board of Commissioners of the SEOPW CRA hereby approves the de -allocation
of funds in the amount of $1,276,190.00, as set forth in Exhibit "B".
Section 4. The Board of Commissioners of the SEOPW CRA hereby approves the
compensation of the Executive Director effective in fiscal year 2023-2024.
Section 5. Sections of this Resolution may be renumbered or re -lettered and corrections of
typographical errors which do not affect the intent may be authorized by the Executive Director, or the
Executive Director's designee, without need of public hearing, by filing a corrected copy of same with the
City of Miami City Clerk.
Section 6. The Executive Director is directed to transmit a copy of said budget to the City of
Miami and Miami -Dade County including any and all necessary documents, and all -in forms acceptable
to the General Counsel.
Section 7. This Resolution shall become effective immediately upon its adoption and
signature by the Mayor.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
V ce Br i ounsel 9/21/2023
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