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Home My WebLink AboutCRA-2026-003-026_-_FY_2027_CRA_Budget_-_Adopted_-_PdfRESOLUTION NO. CRA-2026-003-026 A RESOLUTION OF THE MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY OF MIAMI GARDENS, FLORIDA, APPROVING MIAMI2027 GARDENS FISCALTHE YEAR COMMUNITY REDEVELOPMENT AGENCY BUDGET, AS SET FORTH IN EXHIBIT “A”; AUTHORIZING THE CITY MANAGER TO SUBMIT SUPPORTING FISCAL YEAR 2027 DOCUMENTS AND REPORTS TO MIAMI-DADE COUNTY; PROVIDING FOR ADOPTION OF REPRESENTATIONS; PROVIDING AN EFFECTIVE DATE. WHEREAS, the 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 CRA Plan aims 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 Revenues (TIR), and WHEREAS, TIR 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 TIR is allocated to build and operate the Miami Gardens Performing Arts Center specified in the approved Miami Gardens Community Redevelopment Plan, and WHEREAS, TIR funds can also cover administrative costs; and WHEREAS, Fiscal Year 2027 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 2026, the preliminary taxable value for the MGCRA is $1,012,636,164; and Resolution No. CRA-2006-003-026 Docusign Envelope ID: A1C474CF-314D-8B76-8029-302771ADCF3E WHEREAS, MGCRA base year taxable value (2019) was $372,687,355; and WHEREAS, the difference, $639,948,809 is the increment value, and WHEREAS, calculating the Municipal TIR by using the Increment Value of $639,948,809 divided by $1000 x the City's millage rate of 6.9363 and budgeting at seventy-five percent (75%) of this amount for FY 2027 will yield $3,329,158; and WHEREAS, taking into account prior years' reduction adjustments of $128,237 will yield revenue of $3,200,921; and WHEREAS, the Miami-Dade County TIR will be $2,110,781; and WHEREAS, Interest proceeds are estimated at $100,000 for the fiscal year; and WHEREAS, Carryover Fund Balance from FY 2026 is $7,145,071, and WHEREAS, projected FY 2027 expenditures include CRA operating expenses at $9,175, professional services and infrastructure improvements related to the Miami Gardens Performing Arts Center (combined estimated at $3.3M), and an allowable administrative fee to Miami-Dade County as outlined in the Interlocal Agreement of $31,662; 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 ($527,695); and WHEREAS, the remaining funds will be placed in reserves to support the future Miami Gardens Performing Arts Center ($8,688,241); and WHEREAS, Miami Gardens Community Redevelopment Agency expenses are in accordance with the approved MGCRA Plan and State law; and WHEREAS, for Fiscal Year 2027, the Miami Gardens Community Redevelopment Agency will have an adopted budget of $12,556,773; and WHEREAS, Staff recommends that City Council approve the Fiscal Year 2027 Miami Gardens Community Redevelopment Agency Budget, as set forth in Exhibit “A”; and WHEREAS, the City Manager is authorized to submit supporting Fiscal Year 2027 budget documents and reports to Miami-Dade County, NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF THE MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY, AS FOLLOWS: Page 2 of 5Resolution No. CRA-2006-003-026 Docusign Envelope ID: A1C474CF-314D-8B76-8029-302771ADCF3E 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 Board of the Miami Gardens Community Redevelopment Agency hereby approves the Fiscal Year 2027 Miami Gardens Community Redevelopment Agency Budget, as set forth in Exhibit “A”; and authorizes the City Manager to submit supporting Fiscal Year 2027 budget documents and reports to Miami-Dade County. Section 3. EFFECTIVE DATE: This Resolution shall take effect immediately upon its final passage. PASSED AND ADOPTED BY THE BOARD OF THE MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY AT ITS SPECIAL MEETING HELD ON SEPTEMBER 23, 2026. ________________________________ RODNEY HARRIS, CHAIR ATTEST: ________________________________ MARIO BATAILLE, MMC, CITY CLERK PREPARED BY: SONJA KNIGHTON DICKENS, CITY ATTORNEY SPONSORED BY: CAMERON BENSON, CITY MANAGER Moved by: Board Member Powell Seconded by: Board Member Julien VOTE: 7-0 Chair Harris Yes Vice Chair Stephens, III Yes Board Member Baskin Yes Board Member Wilson Yes Board Member Powell Yes Board Member Porter Yes Page 3 of 5Resolution No. CRA-2006-003-026 Docusign Envelope ID: A1C474CF-314D-8B76-8029-302771ADCF3E Board Member Julien Yes Page 4 of 5Resolution No. CRA-2006-003-026 Docusign Envelope ID: A1C474CF-314D-8B76-8029-302771ADCF3E Community Redevelopment Agency FY 2026 - 2027 Proposed Budget (FY 2026-27 begins October 1, 2026) FY 2025-26 FY 2025-26 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Budget Budget Budget Budget Budget REVENUES Amended Actual Variance Adopted Forecasted Forecasted Forecasted City Tax Increment Revenue (TIR)3,035,463 3,035,463 (0)3,200,921 3,380,696 3,563,254 4,407,510 County Tax Increment Revenue (TIR)2,001,673 2,001,673 -2,110,781 2,224,763 2,344,900 2,485,360 Carryover from prior year 8,353,891 7,913,855 440,036 7,145,071 --- Rental Revenue ---- New Bonds Issues (net of Cap interest)---- Approp/ Retain Earnings ---- Interest earnings 100,000 100,000 -100,000 100,000 100,000 100,000 Revenue Total 13,491,027 13,050,991 440,036 12,556,773 5,705,459 6,008,154 6,992,870 EXPENDITURES Administrative Expenditures: Employee salary and fringe ---- Contractual services ---- Insurance ---- Audits and studies ---- Printing and publishing ---- Marketing ---- Advertising and notices ---- Travel (includes Educational Seminars)---- Rent/lease costs ---- Office equipment and furniture ---- Other Administrative Expenses ------- (A)Subtotal Admin Expenditures ------- County Administrative Charge at 1.5%30,025 30,025 -31,662 33,371 35,174 37,280 County Reimbursement of Advances ------- (B) Subtotal Admin Expenditures & County Charge 30,025 30,025 -31,662 33,371 35,174 37,280 Operating Expenditures: Employee salary and fringe ---- Contractual services 2,000,000 4,034,783 (2,034,783)2,000,000 500,000 -- Insurance ---- Audits and studies 9,000 -9,000 9,000 9,000 9,000 9,000 Printing and publishing ---- Marketing 175 175 -175 175 175 175 Legal services/court costs ---- Land/building acquisitions ---- Public Safety/Community Policing ---- Infrastructure improvements 300,000 1,340,519 (1,040,519)1,300,000 Architect/ Engineer Fees ---- Debt service payments ---- Building Construction and Improvement ----4,606,722 5,377,580 6,325,075 Grant Programs ---- Redevelopment grants - commercial ---- Capital Projects ---- County SMART TIF Contribution 500,418 500,418 -527,695 556,191 586,225 621,340 Debt Issuance Costs ---- Other Operating Expenses (attach list)---- (C) Subtotal Operating Expenditures 2,809,593 5,875,895 (3,066,302)3,836,870 5,672,088 5,972,980 6,955,590 (D)Reserve 10,651,409 -10,651,409 8,688,241 Expenditure Total (B+C+D)13,491,027 5,905,920 7,585,107 12,556,773 5,705,459 6,008,154 6,992,870 Cash Position (Rev-Exp)(0)7,145,071 (7,145,071)(0)0 -- Redevelopment Projects List FY 2025-26 FY 2025-26 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Budget Budget Budget Budget Budget Projects:Adopted Actual Variance Adopted Forecasted Forecasted Forecasted Miami Gardens Performing Arts Center 12,960,584 5,375,477 7,585,107 11,997,416 5,115,897 5,386,755 6,334,250 Total Projects 12,960,584 5,375,477 7,585,107 11,997,416 5,115,897 5,386,755 6,334,250 Page 5 of 5Resolution No. CRA-2006-003-026 Docusign Envelope ID: A1C474CF-314D-8B76-8029-302771ADCF3E