HomeMy WebLinkAboutCRA-2021-002-009 CRA Budget FY 2021-2022CRA RESOLUTION NO. 2021-002-009
A RESOLUTION OF THE CITY OF MIAMI GARDENS, FLORIDA,
COMMUNITY REDEVELOPMENT AGENCY (“CRA”), ADOPTING A
BUDGET FOR THE CITY OF MIAMI GARDENS CRA AND MAKING
APPROPRIATIONS FOR THE FISCAL YEAR 2021-2022.
WHEREAS, the City Council of the City of Miami Gardens, Florida (“City
Council”) has adopted a Community Redevelopment Plan for the Miami Gardens CRA;
and
WHEREAS, the CRA has examined the proposed appropriations and estimated
revenues for the implementation and carrying out of the Plan for Fiscal Year 2021-2022;
and
WHEREAS, the CRA now wishes to adopt the attached Fiscal Year 2021-2022
Operating Budget for the Miami Gardens District of the CRA,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF MIAMI GARDENS, FLORIDA COMMUNITY REDEVELOPMENT AGENCY:
Section 1: That the foregoing “WHEREAS” clauses are ratified and confirmed as
being true and correct and are incorporated in this Resolution.
Section 2: That it approves and adopts the attached Fiscal Year 2021-2022
Operating Budget for the Miami Gardens CRA.
Section 3: That the attached Fiscal Year 2021-2022 Operating Budget is
adopted based on preliminary projections of Fiscal Year 2021-2022 revenues and
expenses; the CRA may amend the Budget when final information is available and
as may be otherwise advisable from time to time during the fiscal year.
Section 4: This Resolution shall take effect immediately upon its final passage.
PASSED AND ADOPTED BY COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI GARDENS AT ITS SPECIAL MEETING HELD ON SEPTEMBER
22, 2021.
DocuSign Envelope ID: 26B747CC-E35A-4298-B22A-203FAA1887FD
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CRA RESOLUTION 2021-002-009
ATTEST: MIAMI GARDENS, FLORIDA
COMMUNITY REDEVELOPMENT
AGENCY
________________________________ ________________________________
MARIO BATAILLE, BOARD SECRETARY RODNEY HARRIS, CHAIR
PREPARED BY: SONJA K. DICKENS, CRA ATTORNEY
SPONSORED BY:
Moved by: Vice Chair Leon
Seconded by: Board Member Stephens
VOTE: 7-0
Chairperson Rodney Harris X (Yes) ____ (No)
Board Member Shannon Campbell X (Yes) ____ (No)
Board Member Shannan Ighodaro X (Yes) ____ (No)
Board Member Linda Julien X (Yes) ____ (No)
Board Member Reggie Leon X (Yes) ____ (No)
Board Member Robert Stephens, III X (Yes) ____ (No)
Board Member Katrina Wilson X (Yes) ____ (No)
DocuSign Envelope ID: 26B747CC-E35A-4298-B22A-203FAA1887FD
Exhibit A
(FY 2021-22 begins October 1, 2021)
FY 21-22
Proposed
Revenues Budget
Municipal Tax Increment Revenue @ 75%827,381
County Tax Increment Revenue @ 75%556,681
Revenue Total 1,384,062
Expenditures
County Administrative Charge @ 1.5%8,350
Contribution to SMART Plan @ 25% of County TIR 139,170
Reserves - Miami Gardens Performing Arts Center 1,236,542
Miami Gardens
Community Redevelopment Agency
FY 2021-22 Proposed Budget
City of Miami Gardens
Agenda Cover Memo
Meeting: Community Redevelopment Agency Board - Sep 22
2021
21-165
Department
City Manager's Office
Sponsored By
City Manager
Agenda Item Title
A RESOLUTION OF THE CITY OF MIAMI GARDENS, FLORIDA, COMMUNITY
REDEVELOPMENT AGENCY (“CRA”), ADOPTING A BUDGET FOR THE CITY OF
MIAMI GARDENS CRA AND MAKING APPROPRIATIONS FOR THE FISCAL YEAR
2021-2022.
Staff Summary
Background
Miami Gardens Community Redevelopment Plan was approved by the Miami Gardens
Community Redevelopment Agency (CRA) Board and Miami Gardens City Council in
July 2019. The CRA Plan addresses the NW 27th Avenue CRA Study Area. The intent
of the CRA and Plan is to build a destination that will attract visitors, create jobs, and
support the local economy. Specifically, the Plan prioritizes a catalyst project, the Miami
Gardens Performing Arts Center.
The CRA is a dependent taxing district. Its main source of funding derives from Tax
Increment Financing (TIF). TIF funds are derived from the value of property values
within the CRA boundary after the base year, 2019. Note, this is not an additional tax,
but a portion of the existing property taxes in that area. The revenue generated from
TIF will first be used to build the Miami Gardens Performing Arts Center specified in the
approved Community Redevelopment Plan.
Revenues
The fiscal year's funding sources are derived from the projected Miami Gardens Tax
Increment Revenue (TIR) and the projected Miami-Dade County Tax Increment
Revenue (TIR). The preliminary taxable value for the MGCRA is $531,730,993.
MGCRA difference, The $372,687,355. was year value taxable base (2019)
$159,043,638, is the increment value.
Municipal TIR: Using the Increment Value of $159,043,638 divided by $1000 x the City's
millage rate of 6.9363 x .75, FY 2022 will yield revenue of $827,381.
County TIR: Using the Increment Value of $159,043,638 divided by $1000 x the
County's millage rate of 4.6669 x .75, FY 2022 will yield revenue of $556,681.
The total Tax Increment Finance Payment to MGCRA will be $1,384,062.
Expenditures
Proposed Fiscal Year 2022 expenditures reflect an allowable administrative fee to
Miami-Dade County as outlined in the 2019 Interlocal Agreement. Also, per this 2019
Interlocal Agreement, Section V, the MGCRA will contribute twenty-five percent (25%)
of the County’s portion to the Transportation Fund in support of the North Corridor
Project of the Strategic Miami Area Rapid Transit Plan (SMART Plan). The remaining
funds will be placed in reserves to support the future Miami Gardens Performing Arts
Center, per the MGCRA Plan.
Fiscal Impact
For Fiscal Year 2022, the Miami Gardens Community Redevelopment Agency will have
a projected budget of $1,384,062.
Recommended Action
That the Board approves the Fiscal Year 2022 Miami Gardens Community
Redevelopment Agency budget, as set forth in Exhibit A.
Attachments
Resolution 2021 - CRA BUDGET FY 2021-2022
FY22 Miami Gardens CRA Budget