HomeMy WebLinkAboutOMNI CRA 2024-09-07 Agenda PacketCity of Miami
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
1ita
Omni
C R A
Meeting Agenda
Saturday, September 07, 2024
10:30 AM
(OR THEREAFTER)
City Hall
3500 Pan American Drive
Miami, FL 33133
OMNI Community Redevelopment Agency
Damian Pardo, Chair, District Two
Joe Carollo, Vice Chair, District Three
Miguel Angel Gabela, Board Member, District One
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 7, 2024
CALL TO ORDER
APPROVING THE MINUTES OF THE FOLLOWING MEETING(S):
1. OMNI COMMUNITY REDEVELOPMENT AGENCY - REGULAR MEETING -
JUL 25, 2024 9:30 AM
OMNI CRA RESOLUTION(S)
1. OMNI CRA RESOLUTION
16538 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,
2024, AND ENDING SEPTEMBER 30, 2025; 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 8/27/202-1
OMNI Board of Commissioners Meeting
September 7, 2024
1.1
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Damian Pardo
and Members of the CRA Board
Isiaa Jones
Executive Director
Date: August 22, 2024
File: 16538
Subject: Approving Omni CRA's General
Operating Budget & Tax
Increment Fund Budget for FY
'24 '25
Enclosures: 16538 Exhibit A
BACKGROUND:
The Omni Redevelopment District Community Redevelopment Agency ("CRA") has developed
a proposed budget of Seventy -Three Million, Six Hundred Fifty Thousand and Four Hundred
Seven Dollars and Zero Cents ($73,650,407.00) for the fiscal year beginning October 1, 2024,
and ending September 30, 2025. This budget is essential for advancing the CRA's mission to
revitalize blighted areas within its jurisdiction, as per the guidelines outlined in Florida Statutes
Chapter 163, Part III, and its 2019 Redevelopment Plan.
The budget allocates resources to key initiatives that address the conditions of slum and blight.
These initiatives include affordable housing development, infrastructure improvements, and
economic development programs, all of which are critical to increasing property values and
enhancing the quality of life for residents within the redevelopment area. Approval of this budget
will ensure the continued progress of revitalization efforts, driving the transformation of the Omni
CRA district into a vibrant and economically sustainable community.
JUSTIFICATION:
The Omni CRA is required to annually prepare and transmit its budget to the City of
Miami and Miami -Dade County, attached and incorporated as Exhibit "A". The attached
Resolution fulfills this requirement.
BUDGET SUMMARY
The 2025 budget amounts to $73,650,407.00 and includes the following revenue sources:
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• $16,184,693.00 — County TIF
• $25,246,061.00 — City TIF
• $139,181.00 — Transfer from Midtown CRA for Administration
• $100,000.00 — Rent Income
• $1,980,073.00 — Non-TIF Revenue Fund
• $1,601,953.00 — Children's Trust Contribution
• $28,398,446.00 — 2024 Carryover Fund Balance
The Agency's administrative expenditure of $2,902,563.00 includes employee salaries and
fringes and represent ten percent of total budgeted expenditures, satisfying the 20 percent cap
for administrative costs allowed by the Interlocal Agreement.
Operating expenses total $70,747,844.00 and include:
• Affordable/Workforce housing projects ($8,543,075)
• A reserve for grants and aid/affordable housing ($10,691,503)
• Other grants and projects such as arts, culture, infrastructure, and quality of life
($8,264,307)
• Reserve for Land Acquisition ($5,000,000)
• Construction in Progress ($1,519,628)
• Debt Service payment on the $25 million loan ($2,813,062)
• Transfer to MAX Miami LLC relating to economic incentive agreement ($812,500)
• Reserve for a transfer to the County for payment of debt service for the Adrienne Arsht
Center/Performing Arts ($14,500,764)
• Reserve for a transfer to the City for payment of debt service for the Port Tunnel
($3,992,662)
• Reserve for a transfer to the City for improvements to Maurice Ferre Park ($2,000,000)
• Reserve for Midtown CRA's Administrative Expenditures ($139,181)
• Reserve for activities to be funded with non TIF revenue funds ($1,980,073)
• Reserve for Security Deposit (Leases) and Property Taxes — ($708,651)
• Reserve for a transfer to the Children's Trust ($1,601,953)
• Contractual Services ($1,430,000)
• Revenue Shortfall Reserve for future years ($6,750,485)
The Omni CRA shall comply with the requirements of Chapter 163.370, Part III "Community
Redevelopment." Therefore, the "Budget" was prepared by considering the following eligible
activities as mandated:
1. Administrative and overhead expenses directly or indirectly necessary to implement a
community redevelopment plan adopted by the agency.
2. Expenses of redevelopment planning, surveys, and financial analysis, including the
reimbursement of the governing body or the community redevelopment agency for such
expenses incurred before the redevelopment plan was approved and adopted.
3. The acquisition of real property in the redevelopment area.
4. The clearance and preparation of any redevelopment area for redevelopment and
relocation of site occupants within or outside the community redevelopment area as
provided in s. 163.370.
5. The repayment of principal and interest or any redemption premium for loans, advances,
bonds, bond anticipation notes, and any other form of indebtedness.
6. All expenses incidental to or connected with the issuance, sale, redemption, retirement,
or purchase of bonds, bond anticipation notes, or other forms of indebtedness, including
funding of any reserve, redemption, or other fund or account provided for in the
ordinance or resolution authorizing such bonds, notes, or other forms of indebtedness.
City of Miami Page 2 of 5 File ID: 16538 (Revision:) Printed On: 8/26/2024
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7. The development of affordable housing within the community redevelopment area.
8. The development of community policing innovations.
9. Expenses that are necessary to exercise the powers granted under s. 163.370, as
delegated under s. 163.358.
10. On the last day of the fiscal year of the community redevelopment agency, any money
that remains in the trust fund after the payment of expenses pursuant to subsection (6)
for such year shall be:
(a) Returned to each taxing authority that paid the increment in proportion to the
amount of the payment of such taxing authority bears to the total amount paid
into the trust fund by all taxing authorities for that year;
(b) Used to reduce the amount of any indebtedness to which increment revenues
are pledged;
(c) Deposited into an escrow account for the purpose of later reducing any
indebtedness to which increment revenues are pledged; or
(d) Appropriated to a specific redevelopment project pursuant to an approved
community redevelopment plan. The funds appropriated for such project may not
be changed unless the project is amended, redesigned, or delayed, in which
case the funds must be reappropriated pursuant to the next annual budget
adopted by the board of commissioners of the community redevelopment
agency.
City of Miami Page 3 of 5 File ID: 16538 (Revision:) Printed On: 8/26/2024
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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: 16538 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, 2024, AND ENDING SEPTEMBER 30,
2025; 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 2024-2025 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, 2024, and ending September 30, 2025 ("Fiscal Year"); and
WHEREAS, the CRA's Budget is in the total amount of seventy-three million, six
hundred fifty thousand, four hundred seven dollars and zero Cents ($73,650,407.00) for the
Fiscal 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 Budget for the Fiscal Year commencing October 1, 2024, and ending
September 30, 2025, 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:
7.6r1c x 4frst,'
GEORGE K. WYSONG III, GENERAL COUNSEL
City of Miami Page 4 of 5 File ID: 16538 (Revision:) Printed On: 8/26/2024
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Exhibit A
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1.1.a
OMNI TAX INCREMENT FUND BUDGET
.. .,
FY 2025
PROPOSED
BUDGET
.....
FY 2024
ADOPTED
BUDGET
BUDGET
VARIANCE,
REVENUES
CITY OF MIAMI- TAX INCREMENT
$23,653,239
$21,570,698
$2,082,541
MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES)
$15,160,791
$13,184,684
$1,976,107
CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES)
$1,592,823
$1,402,595
$190,228
MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES)
$1,023,902
$857,378
$166,524
Total TIF Revenues $41,430,754
TRANSFER FROM MIDTOWN CRA (Administration)
$139,181
$134,363
$4,818
RENT INCOME MEC ($8,333/Month)
$100,000
$100,000
$0
2025's ESTIMATED CHILDREN TRUST CONTRIBUTION
$1,601,953
$1,434,138
$167,815
2024's FUND BALANCE (NON TIF REVENUE SOURCES -FUNDS DERIVE FROM RENT COLLECTIONS)
$1,980,073
$0
$1,980,073
2024's ESTIMATED FUND BALANCE
$28,398,446
$24,015,373
$4,383,073
TOTAL REVENUB ' `
$73,650,407
-$62,699,229
$10,951,178
REDEVELOPMENTEXPENDITURES'.
ACCOUNTING AND AUDIT
$30,000
$26,700
$3,300
PROFESSIONAL SERVICES - OTHER (Available funds for consulting agreements for specific period
of time)
$700,000
$500,920
$199,080
OTHER CONTRACTUAL SERVICES (Available funds for service agreements for limited time frame
to be provided on as needed basis)
$700,000
$711,097
($11,097)
INTERFUND TRANSFER (Debt Service)
$2,813,062
$2,817,239
($4,177)
INTERFUND TRANSFER (Grant)
$812,500
$812,500
$0
LAND
$5,000,000
$0
$5,000,000
CONSTRUCTION IN PROGRESS
$1,519,628
$0
$1,519,628
OTHER GRANTS AND AIDS
$27,498,885
$22,641,072
$4,857,813
ADMINISTRATIVE EXPENDITURES°
REGULAR SALARIES
$1,415,220
$886,800
$528,420
FICA TAXES
$108,264
$67,840
$40,424
LIFE AND HEALTH INSURANCE
$110,000
$80,000
$30,000
RETIREMENT CONTRIBUTION
$195,000
$50,000
$145,000
FRINGE BENEFITS
$4,800
$4,800
$0
OTHER CONTRACTUAL SERVICE
$140,000
$140,000
$0
TRAVEL AND PER DIEM
$50,000
$30,000
$20,000
UTILITY SERVICE
$20,300
$20,300
$0
INSURANCE
$430,000
$219,518
$210,482
OTHER CURRENT CHARGE
$259,378
$249,378
$10,000
SUPPLIES
$7,000
$7,000
$0
OPERATING SUPPLIES
$10,000
$10,000
$0
SUBSCRIPTION MEMBERSHIP
$10,000
$10,000
$0
MACHINERY AND EQUIPMENT
$60,000
$25,000
$35,000
ADVERTISING
$15,000
$15,000
$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
$60,000
$60,000
$0
Total Adminlstrative Expenditures $2,902,563
2025's RESERVE FOR 2007 GLOBAL AGREEMENT (TUNNEL)
$3,992,662
$4,084,633
($91,971)
2025's RESERVE FOR 2007 GLOBAL AGREEMENT (35 % PAC)
$14,500,764
$12,955,374
$1,545,390
2025's RESERVE FOR INTERLOCAL CHILDREN'S TRUST
$1,601,953
$1,434,138
$167,815
PAYMENT TO CITY OF MIAMI FOR MAURICE FERRE PARK
$2,000,000
$5,000,000
($3,000,000)
Total Reserve for Obligations with Other Government $22,095,379
Agencies
RESERVE FOR MIDTOWN ADM EXPENDITURES
$139,181
$134,363
$4,818
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 (Funds collected $1,980,073)
$1,980,073
$1,988,410
($8,337)
RESERVE- BILLBOARD (RENT COLLECTED)
$284,273
$284,273
$0
RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC
$234,378
$234,378
$0
RESERVE FOR UNSOLICITATED PROPOSALS
$25,000
$25,000
$0
Total Reserve for Other $2,827,906
2019 BUDGET RESERVE
$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
$654,760
$0
2023 BUDGET RESERVE
$3,108,217
$3,108,217
$0
2024 BUDGET RESERVE
$1,764,101
$2,269,883
($505,782)
2025 BUDGET RESERVE
$255,372
$0
$255,372
Total Revenue Shortfall Reserve $6,750,485
TOTAL: FUND BALANCE " '. ..: ,
$73,650407
$62,699,228
:. $10,951,178
$o
$0
$o
A)
B)
C)
2025 TIF Revenue
2025 TIF Rev for Affordable Housing
% 2025 Budget for Affordable Housing
$41,430,754
$4,143,075
10%
2025 TIF Revenue $41,430,754
2025 Administrative Expenditures $2,902,563
%Administrative Exp / 2025 TIF Revenue 7%
Budget Reserve (2019-2025) $6,750,485
Total 2025 Budget $73,650,407
% 2025 Budget Reserve / Total 2025 Budget 9%
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