HomeMy WebLinkAboutCRA-2022-002-011_-_FY_2022-2023_CRA_Budget_-_Adopted_-_PdfRESOLUTION NO. CRA-2022-002-011
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF MIAMI GARDENS,FLORIDA,
APPROVING THE FISCAL YEAR 2023 MIAMI GARDENS
COMMUNITY REDEVELOPMENT AGENCY BUDGET, AS SET
FORTH OFADOPTION FOR “A”; EXHIBITIN PROVIDING
REPRESENTATIONS;REPEALING ALL RESOLUTIONS IN
CONFLICT; PROVIDING A SEVERABILITY CLAUSE;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, Miami Gardens Community Redevelopment Plan was approved by
the Miami Gardens Community Redevelopment Agency (MGCRA) Board and Miami
Gardens City Council in 2019, and
WHEREAS, the CRA Plan addresses the NW 27th Avenue CRA Study Area, and
WHEREAS, the intent of the CRA and Plan is to build a destination that will attract
visitors, create jobs, and support the local economy, and
WHEREAS, the Plan prioritizes a catalyst project, the Miami Gardens Performing
Arts Center, and
WHEREAS, the MGCRA's main source of funding derives from Tax Increment
Financing (TIF), and
WHEREAS, TIF funds are a result of the added value of property values within the
CRA boundary after the base year, 2019, and
WHEREAS, this is not an additional tax, but a portion of the existing property taxes
in that area, and
WHEREAS, the revenue generated from TIF will be used to build the Miami
Gardens Performing Arts Center specified in the approved Community Redevelopment
Plan, and
WHEREAS, TIF funds can also cover administrative costs, and
WHEREAS, Fiscal Year 2023 funding sources are derived from the projected
Miami Gardens Tax Increment Revenue (TIR) and the projected Miami-Dade County Tax
Increment Revenue (TIR), and
WHEREAS, for 2022, the preliminary taxable value for the MGCRA is
$621,920,653, and
WHEREAS, MGCRA base year taxable value (2019) was $372,687,355, and
Resolution No. CRA-2022-002-011
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WHEREAS, the difference, $249,233,298, is the increment value, and
WHEREAS, Municipal TIR: using the Increment Value of $249,233,298 divided by
$1000 x the City's millage rate of 6.9363, and budgeting at seventy-five percent (75%) of
this amount for FY 2023 will yield revenue of $1,296,569, and
WHEREAS, County TIR: using the Increment Value of $249,233,298 divided by
$1000 x the County's millage rate of 4.6202 x .75, for FY 2023 will yield revenue of
$863,632.
WHEREAS, as a result of a 2020 reduction adjustment of $216,775, the final
FY2023 revenue from Miami-Dade County will be $646,856.00,
WHEREAS, the Total Tax Increment Finance Payment to MGCRA will be
$1,943,424.00, and
WHEREAS, Staff recommends that the CRA Board approves the Fiscal Year 2023
Miami Gardens Community Redevelopment Agency budget, as set forth in Exhibit “A”,
NOW THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF MIAMI GARDENS, AS FOLLOWS:
Section 1. ADOPTION OF REPRESENTATIONS: The foregoing Whereas
paragraphs are hereby ratified and confirmed as being true, and the same are hereby
made a specific part of this Resolution.
Section 2. DESIGNATION: The Community Redevelopment Agency of the City
of Miami Gardens hereby approves the Fiscal Year 2023 Miami Gardens Community
Redevelopment Agency budget, as set forth in Exhibit “A”.
Section 3. EFFECTIVE DATE: This Resolution shall take effect immediately upon
its final passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS AT ITS REGULAR MEETING HELD ON SEPTEMBER 28, 2022.
________________________________
RODNEY HARRIS, MAYOR
ATTEST:
________________________________
MARIO BATAILLE, CMC, CITY CLERK
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PREPARED BY: SONJA KNIGHTON DICKENS, CITY ATTORNEY
SPONSORED BY: CAMERON D. BENSON, CITY MANAGER
Moved by: Vice Chair Leon
Seconded by: Board Member Campbell
VOTE: 7-0
Chair Harris Yes
Vice Chair Leon Yes
Board Member Campbell Yes
Board Member Ighodaro Yes
Board Member Julien Yes
Board Member Stephens, III Yes
Board Member Wilson Yes
Page 3 of 3Resolution No. CRA-2022-002-011
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