HomeMy WebLinkAboutCRA-2025-004-023_-_FY_2026_Miami_Gardens_Community_Redevelopment_Agency_Budget_-_Adopted.docxRESOLUTION NO. CRA-2025-004-023
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF MIAMI GARDENS, FLORIDA,
APPROVING THE FISCAL YEAR 2026 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 2026 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 2025, the preliminary taxable value for the MGCRA is
$963,905,912, and
WHEREAS, MGCRA base year taxable value (2019) was $372,687,355, and
WHEREAS, the difference, $591,218,557 is the increment value, and
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WHEREAS, Municipal TIR: Using the Increment Value of $591,218,557 divided by
$1000 x the City's millage rate of 6.9363 and budgeting at seventy-five percent (75%) of
this amount for FY 2026 will yield $3,075,652, and
WHEREAS, taking into account prior years reduction adjustments of $40,189, will
yield revenue of $3,035,463, and
WHEREAS, County TIR: The revenue from Miami-Dade County will be
$2,001,673, and
WHEREAS, Interest proceeds are estimated at $100,000 for the fiscal year, and
WHEREAS, Carryover fund balance from FY 2025 is $8,353,891, and
WHEREAS, Projected FY 2026 expenditures CRA operating expenses ($9,175),
professional services and infrastructure improvements related to the Miami Gardens
Performing Arts Center (combined estimated of $2.3M) and an allowable administrative
fee to Miami-Dade County as outlined in the Interlocal Agreement ($30,025), 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 ($500,418), and
WHEREAS, the remaining funds will be placed in reserves to support the future
Miami Gardens Performing Arts Center ($10,651,409), and
WHEREAS, Miami Gardens Community Redevelopment Agency expenses are in
accordance with the approved MGCRA Plan and State law, and
WHEREAS, For Fiscal Year 2026, the Miami Gardens Community Redevelopment
Agency will have an adopted budget of $13,491,027, and
WHEREAS, Staff recommends, City Council approves the Fiscal Year 2026 Miami
Gardens Community Redevelopment Agency Budget, as set forth in Exhibit “A”,
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL 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. AUTHORIZATION: The City Council of the City of Miami Gardens
hereby approves the Fiscal Year 2026 Miami Gardens Community Redevelopment
Agency Budget, as set forth in Exhibit “A”.
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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 24, 2025.
________________________________
RODNEY HARRIS, MAYOR
ATTEST:
________________________________
MARIO BATAILLE, CMC, CITY CLERK
PREPARED BY: SONJA KNIGHTON DICKENS, CITY ATTORNEY
SPONSORED BY: CAMERON BENSON, CITY MANAGER
Moved by: Councilman Leon
Seconded by: Councilwoman Julien
VOTE: 7-0
Mayor Harris Yes
Vice Mayor Stephens, III Yes
Councilwoman Baskin Yes
Councilman Leon Yes
Councilwoman Powell Yes
Councilwoman Wilson Yes
Councilwoman Julien Yes
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