Miami-Dade Legislative Item
File Number: 111207
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File Number: 111207 File Type: Resolution Status: Adopted
Version: 0 Reference: R-534-11 Control: Board of County Commissioners
File Name: MIDTOWN CRA FY 2009-10 Introduced: 5/31/2011
Requester: Office of Strategic Business Management Cost: Final Action: 7/7/2011
Agenda Date: 7/7/2011 Agenda Item Number: 8L1B
Notes: Title: RESOLUTION APPROVING THE BUDGET FOR FISCAL YEARS 2009-10 AND 2010-11 FOR THE MIDTOWN MIAMI COMMUNITY REDEVELOPMENT AGENCY
Indexes: NONE
Sponsors: Audrey M. Edmonson, Prime Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 7/7/2011 8L1B Adopted P

Internal Mgmt. & Fiscal Responsibility Committee 6/14/2011 3R Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Jess McCarty read the foregoing proposed resolution into the record. Hearing no questions or comments, the Committee proceeded to vote on the foregoing proposed resolution as presented.

County Attorney 6/1/2011 Assigned Terrence A. Smith 6/2/2011

County Manager 5/31/2011 Assigned County Attorney 7/7/2011
REPORT: OSBM--PENDING COMMITTEE-COMMISSIONER EDMONSON SPONSOR- CAO- T. SMITH

County Attorney 5/31/2011 Assigned Jennifer Glazer-Moon

Legislative Text


TITLE
RESOLUTION APPROVING THE BUDGET FOR FISCAL YEARS 2009-10 AND 2010-11 FOR THE MIDTOWN MIAMI COMMUNITY REDEVELOPMENT AGENCY

BODY
WHEREAS, The Interlocal Cooperation Agreement between Miami-Dade County, Florida (the “County”), the City of Miami (the “City”) and the Midtown Miami Community Redevelopment Agency (the “Agency”), adopted June 7, 2005 (R-626-05) requires that the City and Agency transmit its adopted annual budget to the Board of County Commissioners of Miami-Dade County, Florida (the “Board”) for approval; and

WHEREAS, this Board desires to approve the Agency’s adopted annual budget for Fiscal Year 2009-10 for the Midtown Miami Community Redevelopment Area in the form attached hereto as Exhibit 1 and incorporated herein by reference; and

WHEREAS, this Board desires to approve the Agency’s adopted annual budget for Fiscal Year 2010-11 for the Midtown Miami Community Redevelopment Area in the form attached hereto as Exhibit 2 and incorporated herein by reference; and

WHEREAS, this Board desires to accomplish the purpose outlined in the accompanying memorandum, a copy of which is incorporated herein by this reference,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:

Section 1. The matters contained in the foregoing recitals are incorporated in this resolution by reference.

Section 2. This Board approves the Agency’s adopted budget for Fiscal Year 2009-10 related to the Midtown Miami Community Redevelopment Area in the form attached hereto as Exhibit 1.

Section 3. This Board approves the Agency’s adopted budget for Fiscal Year 2010-11 related to the Midtown Miami Community Redevelopment Area in the form attached hereto as Exhibit 2.

HEADER
Date:

To: Honorable Chairman Joe A. Martinez
and Members, Board of County Commissioners

From: Alina T. Hudak
County Manager

Subject:FY 2009-10 and FY 2010-11 Budget for the Midtown Miami Community Redevelopment Agency
..Recommendation
It is recommended that the Board of County Commissioners (BCC) adopt the attached resolution approving the Midtown Miami Community Redevelopment Agency’s (CRA) FY 2009-10 and FY 2010-11 budgets for the Midtown Miami Community Redevelopment Area (Area). The CRA’s budgets include revenues and expenditures of $3,901,446 (FY 2009-10) and $1,595,022 (FY 2010-11).

Scope of Agenda Item
This resolution provides the appropriation of tax increment funds derived from the Area. The Area lies within County Commission District 3.

Fiscal Impact / Funding Source
The CRA’s main revenue source is 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 Florida State Statutes. County tax increment revenue was $1,508,569 in FY 2009-10 and $694,862 in FY 2010-11.

The County will continue to make annual payments to the CRA, based on each respective year’s growth of ad valorem revenues over the base year, through 2037 when the CRA will sunset.

Track Record / Monitor
This resolution does not provide for contracting with any specific entity. The resolution approves the CRA’s FY 2009-10 and FY 2010-11 budgets.

BODY
On March 1, 2005, the BCC approved the establishment of the CRA when it declared the Area to be slum and blighted pursuant to Resolution R-213-05. The BCC approved the CRA’s Community Redevelopment Plan R 626-05 (Plan) and funded the Plan when it enacted Ordinance No. 05-108 (Trust Fund). An Interlocal Agreement by and among Miami-Dade County, the City of Miami, the Midtown Community Development District and the Midtown CRA was approved by the BCC on June 7, 2005. The Interlocal Agreement requires the CRA to submit an annual budget for County approval. The Second Amendment to the Interlocal Agreement was approved by the BCC on July 17, 2008, removing the requirements of Certificates of Occupancy which allowed the CRA to make payments to the Midtown Miami Community Development District (CDD) for debt service on the parking garage and public plaza that were completed.

FY 2009-10 Budget
It is recommended that the BCC approve the CRA’s FY 2009-10 budget of $3,901,446 which was approved by the CRA on March 11, 2010, and the City on March 25, 2010. The budget includes revenue sources of County Tax Increment Revenues ($1,508,569) and City Tax Increment Revenues ($2,392,877).

Administrative expenditures total $38,984, including a payment to the City of Miami of $35,484 and accounting and auditing services of $3,500. These expenses represent one percent of total tax increment revenues in accordance with the Second Amendment to the Interlocal Agreement for the Midtown Miami Project.

Operating expenditures total $3,862,462 and consist of a transfer to the CDD to pay for annual debt service payments on the 2004A series bonds issued for the parking garage structure in the Midtown Miami development. These payments began on January 15, 2009, after execution of the Second Amendment to the Interlocal Agreement.

The FY 2009-10 budget was presented to the BCC on October 5, 2010 (Exhibit 1) and was deferred at the request of the CRA along with the budgets for the OMNI and Southeast Overtown/Park West CRA budgets to make amendments. The Midtown CRA FY 2009-10 budget was not subsequently amended by the CRA or City.

FY 2010-11 Budget
It is recommended that the BCC approve the CRA’s FY 2010-11 budget of $1,595,022 which was approved by the CRA on February 28, 2011, and the City on March 24, 2011. The budget includes revenue sources of County Tax Increment Revenues ($694,862) and City Tax Increment Revenues ($900,160).

Administrative expenditures total $18,950, including a payment to the City of Miami of $15,950 accounting and auditing services of $3,000. These expenses represent one percent of total tax increment revenues in accordance with the Second Amendment to the Interlocal Agreement for the Midtown Miami Project.

Operating expenditures total $1,576,072 and consist entirely of a transfer to the CDD to pay for annual debt service payments on the 2004A series bonds issued for the parking garage structure in the Midtown Miami development. These payments began on January 15, 2009, after execution of the Second Amendment to the Interlocal Agreement.

The Tax Increment Financing and Coordinating Committee reviewed the CRA’s budget on May 9, 2011 and unanimously recommended it for BCC approval.




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