HomeMy WebLinkAboutCRA-R-26-0007 MemorandumOMNI Board of Commissioners Meeting
February 12, 2026
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Damian Pardo
and Members of the CRA Board
�r^m Carlos I. Suarez
Executive Director
Date: February 4, 2026
File: 18893
Subject: Approve Amended FY 2025-
2026 General Operating & Tax
Increment Fund Budgets
Enclosures: 18893 Exhibit A
BACKGROUND:
The Second Amendment to the Interlocal between the City of Miami, Miami -Dade County, and
the Omni Redevelopment District Community Redevelopment Agency ("CRA"), executed and
effective May 8, 2025, required the CRA to remit to the Miami -Dade County One Million Four
Hundred Thirty Thousand Dollars and Zero Cents ($1,430,000.00) for payment of the
Performing Arts Center Construction Bond Debt Service. While the funding was available in the
CRA's General Operating Budget and Tax Increment Fund Budget ("Budget") for the Fiscal
Year commencing October 1, 2025, and ending September 30, 2026, adopted by the CRA on
July 24, 2025, this required payment was not specifically identified in a separate line item. This
budget amendment separates the PAC bond payment but does not increase the overall budget
appropriation. The budget amendment is time sensitive as the budget must be approved by
Miami -Dade County and the payment must be remitted by March 31, 2026.
JUSTIFICATION:
The Second Amendment to the Interlocal agreement requires annual funding of the PAC Bond
Debt Service in the amount of One Million Four Hundred Thirty Thousand Dollars and Zero
Cents ($1,430,000.00), through September 30, 2027, payable by March 31 st of each calendar
year.
BUDGET SUMMARY:
SEE ATTACHED EXHIBIT
i
Omni
CRA
City of Miami
Legislation
OMNI CRA Resolution
CRA-R-26-0007
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 18893 Final Action Date:2/12/2026
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"),
WITH ATTACHMENT(S), ACCEPTING AND ADOPTING THE CRA'S AMENDED
GENERAL OPERATING BUDGET AND TAX INCREMENT FUND BUDGET IN THE
TOTAL AMOUNT OF SEVENTY-THREE MILLION, SIXTY FOUR THOUSAND TWO
HUNDRED EIGHTY NINE DOLLARS AND ZERO CENTS ($73,064,289.00) FOR THE
FISCAL YEAR COMMENCING OCTOBER 1, 2025, AND ENDING SEPTEMBER 30,
2026, ATTACHED AND INCORPORATED HEREIN AS EXHIBIT "A"; DIRECTING THE
EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE AMENDED BUDGET TO
THE CITY OF MIAMI AND MIAMI-DADE COUNTY; PROVIDING FOR THE
INCORPORATION OF RECITALS AND AN EFFECTIVE DATE.
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, on July 24, 2025, as a prerequisite to carrying out Fiscal Year 2025-
2026 redevelopment activities, the Board of Commissioners, by Resolution No. CRA-R-25-
0046 approved and adopted the CRA's General Operating Budget and Tax Increment Fund
Budget ("Budget") for the Fiscal Year commencing October 1, 2025, and ending September
("Fiscal Year"); and
WHEREAS, the CRA's approved and adopted Budget is in the total amount of
Seventy -Three Million, Sixty -Four Thousand, Two Hundred Eighty Nine Dollars and Zero
Cents ($73,064,289.00) for the Fiscal Year; and
WHEREAS, on October 22, 2021, the Board of Commissioners of the CRA adopted
Resolution No. CRA-R-21-0033, which authorized the Executive Director to execute the
Second Amendment to the Interlocal Agreement between the City of Miami ("City"), Miami -
Dade County ("County"), and the CRA, executed and effective May 8, 2025, requiring the
CRA to remit to Miami -Dade County One Million Four Hundred Thirty Thousand Dollars and
Zero Cents ($1,430,000.00) for payment of the Performing Arts Center Construction Bond
Debt Service ("PAC Debt Service"); and
WHEREAS, although the funding for the required PAC Debt Service payment was
included within the Fiscal Year 2025-2026 Budget adopted by the CRA, the payment was
not separately identified as its own line item; and
WHEREAS, it is necessary to amend the Budget as it will segregate and designate
the PAC Debt Service payment as a separate line item without increasing the total Budget
appropriation for Fiscal Year 2025-2026; and
WHEREAS, a copy of the amended Budget is required to be transmitted to the City
City of Miami Page 2 of 3 File ID: 18893 (Revision:) Printed On: 2/24/2026
and 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 amended Budget for the Fiscal Year commencing October 1, 2025,
and ending September 30, 2026, attached and incorporated as Exhibit "A", is accepted and
adopted.
Section 3. The Executive Director is directed to transmit a copy of the amended
Budget to the City and the County.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
R
r ter.
ORG247 WYSON III. ENERAL COUNSEL
City of Miami Page 3 of 3 File ID: 18893 (Revision:) Printed On: 2/24/2026