HomeMy WebLinkAboutBack-Up DocumentsOMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
City Commis ion Chair Christine King Date: February 26, 2026
and City Commissioners
Subject: Omni CRA General Operating and Tax
Increment Fund Budget Amendment
Carlos I. Suarez References:
xecutive Director
6.._
BACKGROUND:
Enclosures: 2026 Amended Budget Detail
The Second Amendment to the lnterlocal 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),
througb September 30, 2027, payable by March 31" of each calendar year.
BUDGET SUMMARY:
SEE ATTACHED EXHIBIT