HomeMy WebLinkAboutMCRA 2025-09-13 Agenda PacketCity of Miami
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Meeting Agenda
Saturday, September 13, 2025
10:00 AM
(OR THEREAFTER)
City Hall
3500 Pan American Drive
Miami, FL 33133
Midtown Community Redevelopment Agency
Joe Carollo, Vice Chair, District Three
Miguel Angel Gabela, Board Member, District One
Damian Pardo, Board Member, District Two
Ralph "Rafael" Rosado, Board Member, District Four
Christine King, Board Member, District Five
MIDTOWN CRA OFFICE ADDRESS:
1401 N. Miami Avenue, 2"d Floor
Miami, FL 33136
Phone: (305) 679-6868
www.miamicra.com
Midtown Community Redevelopment Agency
Meeting Agenda September 13, 2025
CALL TO ORDER
APPROVING THE MINUTES OF THE FOLLOWING MEETING(S)
1. MIDTOWN COMMUNITY REDEVELOPMENT AGENCY - REGULAR - SEP
26, 2024 10:00 AM
MCRA RESOLUTION
1. MCRA RESOLUTION
18028 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH
ATTACHMENT(S), ACCEPTING AND APPROVING THE PROPOSED 2026
BUDGET OF THE CRA, ATTACHED AND INCORPORATED AS EXHIBIT "A",
IN THE AMOUNT OF $15,776,289.00 FOR THE FISCAL YEAR
COMMENCING OCTOBER 1, 2025 AND ENDING SEPTEMBER 30, 2026;
DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE
BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY.
ADJOURNMENT
Midtown Community Redevelopment Agency Page 2 Printed on 8/28/2025
Midtown Board of Commissioners Meeting
September 13, 2025
1.1
MIDTOWN COMMUNITY REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Vice Chair Joe Carollo Date: August 27, 2025
and Members of the CRA Board
From: Erica T. Paschal Darling
Assistant City Manager/CFO
File: 18028
Subject: Midtown CRA's Proposed Budget for
FY '25-'26
Enclosures: 18028 Exhibit A
BACKGROUND:
It is recommended that the Board of Commissioners of the Midtown Community Redevelopment
Agency approve the attached Resolution adopting the proposed Midtown CRA Tax Increment
Fund Budget for the Fiscal Year commencing October 1, 2025, and ending September 30,
2026, and directing the Executive Director to transmit copies of the Budget to the City of Miami
and Miami -Dade County.
JUSTIFICATION:
The Midtown CRA is required to annually prepare a proposed budget and transmit the budget to
the City of Miami and Miami -Dade County. This resolution fulfills that requirement.
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1.1
City of Miami
Legislation
Midtown CRA Resolution
Midtown CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 18028 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING THE PROPOSED 2026 BUDGET OF THE CRA,
ATTACHED AND INCORPORATED AS EXHIBIT "A", IN THE AMOUNT OF
$15,776,289.00 FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2025 AND
ENDING SEPTEMBER 30, 2026; DIRECTING THE EXECUTIVE DIRECTOR TO
TRANSMIT A COPY OF THE BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE
COUNTY.
WHEREAS, the Midtown 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 the redevelopment activities for Fiscal Year
2025-2026, the Board of Commissioners of the CRA must approve the proposed Tax Increment
budget ("Budget") for the fiscal year commencing October 1, 2025, ending September 30, 2026
("Fiscal Year"); and
WHEREAS, the Budget is in the total amount of Fifteen Million, Seven Hundred Seventy -
Six Thousand, Two Hundred Eighty -Nine Dollars and Zero Cents ($15,776,289.00) for the
Fiscal Year; and
WHEREAS, pursuant to the 2005 Interlocal Agreement, as amended, which the CRA is
a party to, a copy of each budget is to be transmitted to the City of Miami and Miami -Dade
County;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
approved by reference and incorporated as if fully set forth in this Section.
Section 2. The Budget for the Fiscal Year commencing October 1, 2025, and ending
September 30, 2026, attached and incorporated herein as Exhibit "A", is hereby approved and
adopted.
Section 3. The Executive Director is directed to transmit a copy of the Budget to the
City of Miami and Miami -Dade County.
Section 4. This Resolution shall become effective immediately upon its adoption
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APPROVED AS TO FORM AND CORRECTNESS:
7161c X ili",-:
GEORGE K. WYSONG III, GENERAL COUNSEL
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EXHIBIT "A"
1.1.a
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2026
Proposed
Budget
FY 2025
Adopted
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$8,737,881
$8,478,964
$258,917
ADVALOREM TAXES - MIAMI DADE COUNTY
$5,600,452
$5,439,165
$161,287
2025's CARRYOVER FUND BALANCE
$1,437,957
$4,920,421
-$3,482,464
TOTAL REVENUES
$15,776,289
$18,838,550
-$3,062,261
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2026 TIF revenue)
$143,383
$0
$143,383
OTHER CURRENT CHARGES AND OBLIG
$14,606,093
$18,699,369
-$4,093,276
(Note 1)
2026's BUDGET RESERVE
$1,026,813
$139,181
$887,632
TOTAL EXPENDITURES
$15,776,289
$18,838,550
-$3,062,261
REVENUE LESS EXPENDITURES
$0
$0
$0
Note 1
1) Contribution towards Midtown CDD's Debt Service
2) FY 2026's estimated transfer to the City Of Miami
3) FY 2026's estimated transfer to the County
Note 2
$4,763,125
$5,905,781
$3,937,187
$14,606,093
1) Funds to be used towards the payment of debt service $1,026,813
due on 11/1/2026.
Attachment: 18028 Exhibit A (18028 : Midtown CRA's Proposed Budget for FY'25- 26)
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1.1.a
OTHER CURRENT CHARGES AND OBLIGATIONS $14,606,093
Available funds to be used to cover the annual debt obligation (CDD's debt issued/Construction of
Parking Garage and Plaza). Remaining balance will be returned to the taxing authorities
proportionally.
2026's TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Avalere (City)
Gross Avalere (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (City)
Adjustment (County)
City County
1, 380, 981, 666 1,380,981,666
(29,281, 592) (29, 281, 592)
1,351,700,074 1,351,700,074
1,351,700
1,284,115
7.1364
(62,847,269)
(62,847)
(59,705)
7.1364
1,351,700
1,284,115
4.5740
$9,163,959
(62,847,269)
(62,847)
(59,705)
4.5740
-$426,078
$5, 873, 542
-$273,090
$ 8,737,881 $ 5,600,452 $ 14,338,333
Attachment: 18028 Exhibit A (18028 : Midtown CRA's Proposed Budget for FY'25- 26)
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