HomeMy WebLinkAboutCRA-R-26-0041 MemorandumSEOPW Board of Commissioners Meeting
September 10, 2026
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: September 4, 2026
and Members of the CRA
Board File: 19811
From: James McQueen
Executive Director
Subject: Approve and Adopt General
Operating and Tax Increment Fund
Budget, FY 2026-27
Enclosures: File # 19811 - Exhibit A -
SEOPW CRA Budget
File # 19811 - Exhibit B -
SEOPW CRA
Performance Analysis
Report
File # 19811 - Exhibit C -
De -obligation of Funds
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 SEOPW
CRA's proposed General Operating and Tax Increment Fund Budget ("Budget"), attached and
incorporated herein as Exhibit "A," in the amount of Two Hundred Seventy -Two Million Seven Hundred
Sixty -Three Thousand Five Hundred Twenty -One Dollars and Zero Cents ($272,763,521.00), for the
fiscal year commencing October 1, 2026, and ending September 30, 2027 ("FY 2026-2027"), further
approving the Executive Director's FY 2026-2027 compensation, effective October 1, 2026, accepting the
SEOPW CRA's Performance Analysis Report, attached and incorporated herein as Exhibit `B," in
accordance with Section 189.0694, Florida Statutes, deallocating One Million Sixty Thousand Eight
Hundred Eighty -Four Dollars and Zero Cents ($1,060,884.00), associated with certain projects and
activities, as more specifically set forth in Exhibit "C," attached and incorporated herein, and directing the
Executive Director to transmit a copy of the adopted Budget to the City of Miami ("City") and Miami -
Dade County ("County"), Florida.
The SEOPW CRA is requesting the Board of Commissioners of the SEOPW CRA to approve the Budget,
as well as its Performance Analysis Report, which outlines goals and objectives achieved by the SEOPW
CRA, and performance measures and standards used by the SEOPW CRA in FY 2026-2027. The
SEOPW CRA has established this report in compliance with Section 189.0694, Florida Statutes.
The Budget contemplates a ten percent (10%) salary increase in the Executive Director's compensation,
effective October 1, 2026.
Furthermore, as part of the approval of the Budget, the SEOPW CRA wishes to deallocate funds
associated with certain projects and activities, as more specifically set forth in Exhibit "C." Said funds
have been re -allocated in the 2026-2027's budget.
It is recommended that the Board of Commissioners of the SEOPW CRA approve and adopt the attached
Resolution, approving and adopting the proposed Budget, further approving the compensation of the
Executive Director for FY 2026-2027, accepting the SEOPW CRA's Annual Performance Report, and
approving the de -allocation of the Funds associated with certain projects and activities, which is to be re-
allocated in the FY 2026-2027 Budget. Upon its adoption, the Executive Director shall transmit a copy of
the Budget to the City and the County.
JUSTIFICATION:
Pursuant to Section 163.387, Florida Statutes, and the Interlocal Agreement(s), the SEOPW CRA is
bound to annually prepare and transmit a proposed budget to the City and County.
Lastly, Section 189.0694, Florida Statutes, requires special districts, such as the SEOPW CRA, must
establish goals and objectives for programs and activities undertaken by the [SEOPW CRA], and identify
performance measures in furtherance thereof:
s. 189.0694, Florida Statutes:
(1) Beginning October 1, 2024, or by the end of the first full fiscal year after its
creation, whichever is later, each special district must establish goals and objectives
for each program and activity undertaken by the district, as well as performance
measures and standards to determine if the district's goals and objectives are being
achieved.
(2) By December 1 of each year thereafter, each special district must publish an
annual report on the district's website describing:
a. The goals and objectives achieved by the district, as well as the performance
measures and standards used by the district to make this determination.
b. Any goals or objectives the district failed to achieve.
BUDGET SUMMARY:
The proposed General Operating and Tax Increment Fund ("TIF") Budget amount is $272,763,521.00,
which includes the following revenue sources:
$24,189,462.00
Miami -Dade County ("County") TIF
$37,583,867.00
City of Miami ("City") TIF
$6,412,945.00
Non-TIF Revenue Fund
$2,487,907.00
The Children's Trust Fund Contribution
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$122,471,951.00
Carryover Balance of Bond Proceeds -Series 2025
$79,617,389.00
FY 2026's Carryover Fund Balance
A. Administrative expenses total $6,223,676.00, which includes employee salaries (including the
Executive Director's compensation), fringes, and other related operating expenses, and which
represents ten and eight hundredths percent (10.08%) of total budgeted expenditures, satisfying the
twenty percent (20%) cap for administrative costs allowed by Section 163.387, Florida Statutes, and
the Interlocal Agreement(s).
B. Operating expenses total $111,390,419.00, which includes:
$81,368,486.00 for Other Grants and Aid, including:
• MWC and Avanti economic incentive payments ($10,816,055.00);
• Housing Subsidy Agreements ($8,031,005.00);
• A reserve for Eligible Activities under Chapter 163 ($24,760,289.00);
• 2025-2026's Innovation Crime Reduction and Intervention Programming Initiative
($1,274,973.00); and
• Other grants and projects such as affordable/workforce housing, arts, culture, infrastructure, job
creation and quality of life ($36,486,164.00).
$8,349,496.00 for Interfund Transfer, including:
• Refund to the County for the Global Agreement ($5,000,000.00)
• Grant to City for Construction of Gibson Park debt service ($861,589.00)
• Disbursement to the Children's Trust ($2,487,907.00)
$14,208,575.00 for Debt Service payment/reserves
$2,500,000.00 for Purchase of Land/Infrastructure
$4,236,715.00 for Professional and Contractual Services
$727,146.00 for Construction in Progress
Reserve for designated purposes, totaling $154,649,427.00, and include:
• $122,471,951.00 — Reserve for capital projects to be financed with the Bond Proceeds -Series
2025.
• $21,840,166.00 — Reserve for the development of affordable housing projects at 60% AMI.
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• $6,412,945.00
is meant
— Reserve for projects funded with the Non-TIF Revenue Source. This reserve
to underwrite redevelopment expenditures that are not eligible under s.
163.387 (6)(c) - (7).
• $1,424,365.00 — For maintenance (Operating Expenses) of the Agency's owned/rental
properties (79
• $2,500,000.00
boundaries
properties)
— For policing initiatives within the SEOPW CRA's Redevelopment Area
$500,000.00 for Budget Reserve.
The Budget was prepared by taking into consideration the following eligible activities' below, as
specified under Section 163.387 (6)(c) and (7), Florida Statutes, respectively:
s. 163.387, Florida Statutes:
(6)(c) The annual budget of a community redevelopment agency may provide for
payment of the following expenses:
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 form 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 form of indebtedness.
7. The development of affordable housing within the community redevelopment
area.
1 Any redevelopment project/activity expenditures apart from what is mentioned in this section will be funded from
Non-TIF revenue sources.
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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.
(7) On the last day of the fiscal year of the community redevelopment agency, any money which
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 which paid the increment in proportion that the
amount of 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.
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: September 10, 2026
CRA Section:
Brief description of CRA Agenda Item:
N/A
Project Number (if applicable):
YES, there are sufficient funds in Line Item:
Account Code:
Amount:
NO (Complete the following source of funds information):
Amount budgeted in the line item: $
Balance in the line item: $
Amount needed in the line item: $
Sufficient funds will be transferred from the following line items:
ACTION
ACCOUNT NUMBER
TOTAL
Project No./Index/Minot Object
From
$
To
$
From
$
To
$
Comments:
Approved by:
Ja
Approval:
Executive Director 9/3/2026
Miguel A Valentin, i Farce Ofifcer �- 9/3/2026
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-26-0041
File Number: 19811 Final Action Date:9/10/2026
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 SEOPW CRA'S
PROPOSED GENERAL OPERATING AND TAX INCREMENT FUND BUDGET
("BUDGET"), ATTACHED AND INCORPORATED HEREIN AS EXHIBIT "A," IN THE
AMOUNT OF TWO HUNDRED SEVENTY-TWO MILLION SEVEN HUNDRED SIXTY-
THREE THOUSAND FIVE HUNDRED TWENTY-ONE DOLLARS AND ZERO CENTS
($272,763,521.00), FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2026, AND
ENDING SEPTEMBER 30, 2027 ("FY 2026-2027"); FURTHER APPROVING THE
EXECUTIVE DIRECTOR'S FY 2026-2027 COMPENSATION, EFFECTIVE OCTOBER
1, 2026; ACCEPTING THE SEOPW CRA'S PERFORMANCE ANALYSIS REPORT,
ATTACHED AND INCORPORATED HEREIN AS EXHIBIT "B," IN ACCORDANCE
WITH SECTION 189.0694, FLORIDA STATUTES; DEALLOCATING ONE MILLION
SIXTY THOUSAND EIGHT HUNDRED EIGHTY-FOUR DOLLARS AND ZERO CENTS
($1,060,884.00) ASSOCIATED WITH CERTAIN PROJECTS AND ACTIVITIES, AS
MORE SPECIFICALLY SET FORTH IN EXHIBIT "C," ATTACHED AND
INCORPORATED HEREIN; AND DIRECTING THE EXECUTIVE DIRECTOR TO
TRANSMIT A COPY OF THE ADOPTED BUDGET TO THE CITY OF MIAMI ("CITY")
AND MIAMI-DADE COUNTY ("COUNTY"), FLORIDA; PROVIDING FOR THE
INCORPORATION OF RECITALS AND AN EFFECTIVE DATE.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW
CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is
responsible for carrying out community redevelopment activities and projects within its Redevelopment
Area in accordance with the 2018 Updated Southeast Overtown/Park West Community Redevelopment
Plan ("Plan"); and
WHEREAS, pursuant to Section 163.387, Florida Statutes, as a prerequisite to carrying out
redevelopment activities for the fiscal year commencing October 1, 2026, and ending September 30, 2027
("FY 2026-2027"), the SEOPW CRA Board of Commissioners must approve and adopt the SEOPW
CRA's proposed General Operating and Tax Increment Fund Budget ("Budget"), attached and
incorporated herein as Exhibit "A"; and
WHEREAS, pursuant to Section 189.0694, Florida Statutes, special districts, such as the SEOPW
CRA, must establish goals and objectives for programs and activities undertaken by the [SEOPW CRA],
and identify performance measures in furtherance thereof; and
WHEREAS, all the expenditures included in the SEOPW CRA's proposed Budget are in
accordance with local and state law(s), Interlocal Agreement(s), and the Plan; and
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WHEREAS, certain projects and activities, with prior board approval(s), have been completed or
have been re -prioritized, and there are remaining balances which could be used to fund other community
redevelopment activities and projects within the Redevelopment Area; and
WHEREAS, the Board of Commissioners wishes to approve and adopt the SEOPW CRA's
proposed Budget for FY 2026-2027, attached and incorporated herein as Exhibit "A," in the amount of
Two Hundred Seventy -Two Million Seven Hundred Sixty -Three Thousand Five Hundred Twenty -One
Dollars and Zero Cents ($272,763,521.00); and
WHEREAS, the Board of Commissioners wishes to approve the Executive Director's
compensation for FY 2026-2027, effective October 1, 2026; and
WHEREAS, the Board of Commissioners wishes to accept the SEOPW CRA's Performance
Analysis Report, attached and incorporated herein as Exhibit "B," finding that the report has been
submitted in compliance with Section 189.0694, Florida Statutes; and
WHEREAS, the Board of Commissioners wishes to deallocate the remaining balances associated
with those certain projects and activities, as set forth in Exhibit "C," attached and incorporated herein, in
the amount of One Million Sixty Thousand Eight Hundred Eighty -Four Dollars and Zero Cents
($1,060,884.00); and
WHEREAS, pursuant to Section 163.387, Florida Statutes, and the Interlocal Agreement(s), a
copy of the SEOPW CRA's Budget is required to be transmitted to the City of Miami ("City") and
Miami -Dade County ("County"), Florida; and
WHEREAS, the Board finds that authorizing this Resolution would further the SEOPW CRA's
redevelopment goals and objectives;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as fully set forth in this Section.
Section 2. The SEOPW CRA's FY 2026-2027 Budget, attached and incorporated herein as
Exhibit "A," in the total amount of Two Hundred Seventy -Two Million Seven Hundred Sixty -Three
Thousand Five Hundred Twenty -One Dollars and Zero Cents ($272,763,521.00), is hereby approved and
adopted.
Section 3. The Board of Commissioners hereby further approves the Executive Director's
compensation for FY 2026-2027, effective October 1, 2026.
Section 4. The funds associated with those projects and activities, as more specifically set
forth in Exhibit "C," amounting in One Million Sixty Thousand Eight Hundred Eighty -Four Dollars and
Zero Cents ($1,060,884.00), are hereby deallocated.
Section 5. The SEOPW CRA is hereby in compliance with Section 189.0694, Florida
Statutes.
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Section 6. The Executive Director is hereby authorized' and directed to transmit a copy of
the FY 2026-2027 Budget to the City and the County, including any and all necessary documents, all in
forms acceptable to Counsel.
Section 7. 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 Clerk.
Section 8. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
e B ounsel
9/3/2026
Z The herein authorization is further subject to compliance with all legal requirements that may be imposed,
including but not limited to those prescribed by applicable state law, City Charter and City Code provisions, as
adopted by the SEOPW CRA.
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