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RESOLUTION APPOINTING BOARD OF COUNTY COMMISSIONERS AS COMMUNITY REDEVELOPMENT AGENCY FOR THE WEST PERRINE COMMUNITY REDEVELOPMENT DISTRICT; RESERVING RIGHT TO RETAIN CERTAIN POWERS AND DELEGATE ONLY LIMITED POWERS TO ANY BOARD APPOINTED OTHER THAN PURSUANT TO SECTION 163.357, FLORIDA STATUTES

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WHEREAS, on May 11, 2004, this Board adopted Resolution No. R-646-04 (Exhibit A), which directed the County Manager to prepare a finding of necessity study for the West Perrine area which is generally described as the area bounded on the North by SW 168th Street, on the East and Southeast by State Road 5 (US-1), and on the West and Southwest by State Road 821 (The Homestead Extension of Florida�s Turnpike); and

WHEREAS, The Curtis & Kimball Company prepared a finding of necessity study that found that one or more slum or blighted areas, as defined in Chapter 163, Part III, Florida Statutes (�Act�), exist in the West Perrine Redevelopment Area (the �Finding of Necessity Report�); and

WHEREAS, the Board accepted the Finding of Necessity Report when it adopted Resolution No. R-212-05 (Exhibit B), on March 1, 2005; and

WHEREAS, the Board finds that there is a need to appoint itself as the Community Redevelopment Agency (�CRA� or �Agency�) for the West Perrine Community Redevelopment District at this time in order to approve a community redevelopment plan and undertake redevelopment of the West Perrine Community Redevelopment Area; and

WHEREAS, the Board wishes to exercise all the powers provided in Part III of Chapter 163 of Florida Statutes; and

WHEREAS, the Board desires to limit the exercise of those broad powers to an Agency appointed pursuant to Section 163.357, Florida Statutes; and

WHEREAS, the Board wishes to retain certain powers and delegate others provided in the Statutes if a citizens board were appointed to become the CRA; and

WHEREAS, the Board desires to accomplish the purposes outlined in the memorandum from the County Manager, a copy of which is attached hereto and is incorporated by reference herein, for the reasons delineated therein; and

WHEREAS, the Board wishes to appoint itself as the CRA to carry out the purpose of the Act,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board appoints itself to serve as the Community Redevelopment Agency for the West Perrine Community Redevelopment Agency for the West Perrine Community District, pursuant to Section 163.357, Florida Statutes; and reserves the right to retain certain powers and delegate only limited powers to any board appointed other than pursuant to Section 163.357.

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Date:

To: Honorable Chairman Bruno A. Barreiro
and Members, Board of County Commissioners

From: George M. Burgess
County Manager

Subject: Appointing Board of County Commissioners as the Board of the West Perrine Community Redevelopment Agency

STAFF RECOMMENDATION

It is recommended that the Board of County Commissioners (�BCC�) serve as the Board of the West Perrine Community Redevelopment Agency (the �Agency�) in order to adopt the West Perrine Community Redevelopment Plan (the �Plan�) and undertake redevelopment of the West Perrine Community Redevelopment Area (the �Area�) in accordance with the Plan. It is also recommended that if a citizens board is later appointed, the BCC reserves the right to retain certain powers and delegate only limited powers.

STAFF RECOMMENDATION

This resolution is part of a series of legislative items that, if approved, will result in the creation of the West Perrine Community Redevelopment Agency. The purpose of the creating the Agency is to encourage redevelopment in the West Perrine Area in accordance with the Plan. The funding mechanism used to redevelop the Area will have a distinctive impact on Commission District 9 and an overall countywide impact, since ad valorem revenues are transferred into a fund which restricts the use of revenues that could otherwise be used for countywide and unincorporated municipal services.

..Fiscal Impact/Funding Source

The Agency's primary revenue source will be generated through the incremental growth of ad valorem revenues beyond an established base year, Tax Increment Financing (TIF), as defined in Section 163.387 of the Florida State Statutes. It is projected that the first 10 years of tax increment revenues will amount to $15.69 million, based on an annual average growth rate in taxable values of 5.8 percent and a contribution by the County of 95 percent. It is projected that $162.1 million of tax increment revenues will be generated over 30 years. The duration of the County�s obligation to contribute TIF revenues is set at 10 years, but can be extended, if the Board subsequently approves any Agency financing instrument, that 1) commits the tax increment revenues for an extended period of time to ensure that the Agency aggressively work toward implementing their Redevelopment Plan, or 2) absent a financing instrument the Board approves an extension of up to 30 years, in 10 year increments.

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This resolution does not provide for contracting with any specific entity.

MANAGER'S BACKGROUND

On May 11, 2004, the BCC adopted R-646-04, directing the County Manager to prepare a Finding of Necessity (FON) study for the West Perrine area, in order to substantiate that the area is in need of redevelopment and meets Florida State Statutes� requirements to create a Community Redevelopment Area (CRA). On March 1, 2005, the BCC adopted R-212-05, accepting the FON study for the West Perrine area which demonstrated the existence of slum and blight; and substantiated that the area meets the State�s requirements to create a CRA. The creation of the Agency will encourage redevelopment of the Area in accordance with the Agency�s Redevelopment Plan and provide for the elimination of slum and blight as prescribe in part 3 of chapter 163 of Florida Statutes.

As previously mentioned, the Agency's primary revenue source will be generated through the incremental growth of ad valorem revenues beyond an established base year, Tax Increment Financing (TIF), as defined in Section 163.387 of the Florida State Statutes and other financing sources. The Agency will have authority to pursue public funding through grants, and private revenue through loans, contribution, disposal of any real property, mortgages, bond anticipation notes, and bond issues backed primarily by TIF revenues.

The 2006 preliminary taxable value of the Area properties is $435.45 million. Future growth of this taxable value will result from new construction, improvements and reassessments. It is projected that growth coupled with the implementation of the Plan will increase the Area�s taxable value to over $627.92 million for the first five years, and over $801.41 million by the first 10 years.

To date, the County has incurred reimbursable expenses in the amount of $91,500 on behalf of the West Perrine CRA comprised of $23,500 for the cost of the FON study and $68,000 for the cost of the Redevelopment Plan. Once the Trust Fund is created, the Trust Fund will reimburse the County for these expenses.

..Additional Information

A resolution approving the Plan and an ordinance approving the creation of the West Perrine Redevelopment Trust Fund is on this same agenda. However, this resolution must be adopted as the first in the series related to West Perrine so that the CRA Board can adopt the Redevelopment Plan prior to the BCC on the date of the public hearing.




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Cynthia W. Curry
Senior Advisor to the County Manager