HomeMy WebLinkAboutCRA-2023-002-013_-_CRA_2024_Budget_-_Adopted.docxRESOLUTION NO. CRA-2023-002-013
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF MIAMI GARDENS, FLORIDA,
APPROVING THE FISCAL YEAR 2024 MIAMI GARDENS
COMMUNITY REDEVELOPMENT AGENCY BUDGET, AS SET
FORTH IN EXHIBIT “A”; PROVIDING FOR ADOPTION OF
REPRESENTATIONS; 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 properties 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 allocated to build the Miami Gardens
Performing Arts Center specified in the approved Community Redevelopment Plan, and
WHEREAS, TIF funds can also cover administrative operational costs, and
WHEREAS, Fiscal Year 2024 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 2023, the preliminary taxable value for the MGCRA is
$713,348,984, and
WHEREAS, MGCRA base year taxable value (2019) was $372,687,355, and
WHEREAS, the difference, $340,661,629, is the increment value, and
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WHEREAS, Municipal TIR: using the Increment Value of $340,661,629 divided by
$1000 x the City's millage rate of 6.9363 and budgeting at seventy-five percent (75%) of
this amount for FY 2024 will yield revenue of $1,772,198, and
WHEREAS, County TIR: as a result of a 2021 reduction adjustment of $97,587,
the final FY 2024 revenue from Miami-Dade County will be $1,071,052 ,and
WHEREAS, Carryover fund balance from FY 2023 equals $3,711,125, and
WHEREAS, the Total Tax Increment Finance Payment to MGCRA will be
$6,554,375, and
WHEREAS, Projected FY 2024 expenditures reflect professional services
estimated at $9,175 and an allowable administrative fee to Miami-Dade County as
outlined in the Interlocal Agreement ($16,066), and
WHEREAS, per the Miami-Dade County Interlocal Agreement, twenty-five percent
(25%) of the County's portion of the CRA revenue is transmitted to Miami-Dade County
to support the Northern Corridor of the SMART Plan ($267,763).
WHEREAS, The remaining funds will be placed in reserves to support the future
Miami Gardens Performing Arts Center ($6,261,371).
WHEREAS, For Fiscal Year 2024, the Miami Gardens Community Redevelopment
Agency will have an adopted budget of $6,554,375.
WHEREAS, Staff recommends, the Board approves the Fiscal Year 2024 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 2024 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 BOARD OF THE CITY OF MIAMI GARDENS
COMMUNITY REDEVELOPMENT AGENCY AT ITS SPECIAL MEETING HELD ON
SEPTEMBER 13, 2023.
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________________________________
RODNEY HARRIS, MAYOR
ATTEST:
________________________________
MARIO BATAILLE, CMC, CITY CLERK
PREPARED BY: SONJA KNIGHTON DICKENS, CITY ATTORNEY
SPONSORED BY: CAMERON BENSON, CITY MANAGER
Moved by: Board Member Leon
Seconded by: Board Member Julien
VOTE: 7-0
Chair Harris Yes
Vice Chair Wilson Yes
Board Member Campbell Yes
Board Member Ighodaro Yes
Board Member Julien Yes
Board Member Leon Yes
Board Member Stephens, III Yes
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