TITLE
RESOLUTION APPROVING THE FISCAL YEAR 2025-2026 BUDGET IN THE TOTAL AMOUNT OF $280,997,692.00 FOR THE SOUTHEAST OVERTOWN PARK WEST COMMUNITY REDEVELOPMENT AGENCY AND THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AREA

BODY
WHEREAS, the Interlocal Cooperation Agreement between Miami-Dade County, Florida (�County�), the City of Miami (�City�), and the Southeast Overtown/Park West Community Redevelopment Agency (�Agency�), and section 163.387, Florida Statutes, require the Agency to transmit its adopted annual budget to this Board for approval; and

WHEREAS, on September 11, 2025, the Agency adopted Resolution CRA-R-25-0047 approving the Agency�s Fiscal Year 2025-26 budget; and

WHEREAS, on September 25, 2025, the City adopted Resolution R-25-0409, which also approved the budget; and

WHEREAS, the Agency and its counsel have determined that all expenditures associated with the attached budget are allowable under the Agency�s community redevelopment plan, the Interlocal Cooperation Agreement and chapter 163, part III, Florida Statutes; and

WHEREAS, this Board desires to approve the Agency�s Fiscal Year 2025-26 budget totaling $280,997,692.00 for the Southeast Overtown/Park West Community Redevelopment Area; and

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

Section 2. This Board approves the Southeast Overtown/Park West Community Redevelopment Agency�s and the Southeast Overtown/Park West Community Redevelopment Area�s Fiscal Year 2025-26 budget in the total amount of $280,997,692.00, in substantially the form attached hereto as Exhibit 1 and incorporated herein by reference.

HEADER
Date:

To: Honorable Chairman Anthony Rodriguez
and Members, Board of County Commissioners

From: Daniella Levine Cava
Mayor

Subject: Southeast Overtown/Park West Community
Redevelopment Agency FY 2025-26 Budget

STAFF RECOMMENDATION
Executive Summary
As mandated by Section 163.387, Florida Statutes and the Interlocal Cooperation Agreement (interlocal) between Miami-Dade County (County), the City of Miami (City) and the Southeast Overtown Park West Community Redevelopment Agency (Agency), annual budgets and any amendments to the budget, requires approval from the Board of County Commissioners (Board), as the governing body of all community redevelopment agencies in the County. Specifically, Section 163.387, Florida Statutes, requires a community redevelopment agency created by a municipality to submit its annual budgets and amended budgets to the Board within 10 days after the adoption of such budget or amended budget. This item seeks approval of the fiscal year (FY) 2025-26 budget totaling $280,997,692 for the Agency and the Southeast Overtown Park West Community Redevelopment Area (redevelopment area).

Recommendation
It is recommended the Board adopt the attached resolution approving the Agency�s FY 2025-26 budget for the redevelopment area in the amount of $280,997,692 as required by the interlocal.

Scope of Agenda Item
The redevelopment area is located within County Commission Districts 3 and 5, which are represented by Commissioner Keon Hardemon and Commissioner Vicki L. Lopez, respectively.

Fiscal Impact / Funding Source
The Agency�s revenue source is tax increment financing (TIF), which is generated through the incremental growth of ad valorem revenues beyond an established base year, as defined in section 163.387, Florida Statutes. For FY 2025-26, the County TIF payment into the Agency�s trust fund (trust fund) is $22,188,418 and the City�s TIF payment is $34,618,589.

The County will continue to make annual payments to the Agency based on each year�s growth of ad valorem revenues over the base year until both the Agency and the redevelopment area sunset on March 31, 2042. The budget also includes bond proceeds in the amount of $173,265,830, a contribution from the Children�s Trust Fund in the amount of $2,252,986, an estimated $44,644,511 carryover from prior years and non-TIF revenue in the amount of $4,027,358.

Delegation of Authority
This item does not delegate any authority to the County Mayor or County Mayor�s designee.

Track Record / Monitor
This item does not provide for contracting with any specific entity. The resolution approves the Agency�s and the redevelopment area�s FY 2025-26 budget.

Background
On January 20, 1981, the Board adopted Resolution No. R-39-81, which established the boundaries of the redevelopment area and declared the redevelopment area to be slum or blighted. On December 21, 1982, the Board approved the establishment of the Agency by adopting the Agency�s community redevelopment plan (plan), through Resolution No. R-1677-82, and the funding of the plan when it enacted Ordinance No. 82-115, which created the Agency�s trust fund. The interlocal was approved by the Board on March 31, 1983, requiring the Agency to submit an annual budget for County approval. 2On July 21, 2009, the Board approved a finding of necessity which expanded the redevelopment area and amended plan which extended the life of the Agency until March 31, 2030. On June 16, 2012, the Board approved the issuance of up to $50,000,000 in debt for needed capital projects in the Agency�s plan (Resolution No. R-516-12). Further, the Board adopted Resolution No. R-480-13, which amended Resolution No. R-516-12, to allow the Agency to issue up to $60,000,000 in debt.

On July 7, 2022, the Board adopted Resolution No. R-654-22, which approved an amendment to the interlocal and waiver of several prior resolutions (Resolution Nos. R-1382-09; R-871-11; R-599-15 and R-499-16). Most notably, the resolution approved an extension of life through March 31, 2042, wherein the County will contribute 95 percent of the TIF to the trust fund through the life of the Agency and waive the 1.5 percent administrative fee.

Fiscal Year 2025-26 Budget
On September 11, 2025, the Agency�s FY 2025-26 budget totaling $280,997,692 was adopted by the Agency through Resolution CRA-R-25-0047 and on September 25, 2025, by the City through Resolution No. R-25-0409 (Both included as Attachment 1). The budget includes revenue sources of $22,188,418 in County TIF, $34,618,589 in City TIF, $44,644,511 in carryover funds, $173,265,830 in Bond Series 2025A proceeds, $4,027,358 in non-TIF revenue balance and a Children�s Trust contribution of $2,252,986.

The Agency�s administrative expenditures of $6,709,741 include employee salaries and fringes and represent 2.38 percent of total budgeted expenditures, satisfying the 20 percent cap for administrative costs allowed by the interlocal.

Operating expenses total $95,769,235 and include:

� $65,349,255 for Grants and Aid
� $7,803,168 for Interfund transfers
� $14,207,725 for debt service payment/reserves
� $2,500,000 for purchase of land/infrastructure
� $5,704,354 for professional and contractual services
� $204,733 for construction-in-progress

Reserve for designated purposes total $178,318,716
� $155,737,781 reserve for capital projects to be funded with Bond Series 2025A issuance
� $14,053,577 reserve for development of affordable housing
� $4,027,358 reserve for projects funded with non-TIF revenue
� $2,000,000 reserve for maintenance of Agency-owned properties
� $2,500,000 reserve for policing initiatives within the CRA boundary


The Agency�s projects are budgeted on a cash basis and are not started until all project funding is in place. The budget also includes a reserve of $200,000. All expenditures are detailed in Exhibit 1 to the resolution.

Attachment

____________________________
Carladenise Edwards
Chief Administrative Officer