SEOPW CRA FY 2025-26 BUDGET

Intergovernmental and Economic Impact Committee · 2026-06-10 · resolution

This legislative matter concerns the approval of the Fiscal Year 2025-2026 budget for the Southeast Overtown Park West Community Redevelopment Agency and the Southeast Overtown/Park West Community Redevelopment Area. The total budget is $280,997,692.00. The budget includes various revenue sources such as Tax Increment Financing (TIF) from Miami-Dade County and the City of Miami, bond proceeds, a contribution from the Children's Trust Fund, and carryover funds. Operating expenses include grants and aid, interfund transfers, debt service payments, land/infrastructure purchases, professional and contractual services, and construction-in-progress. Reserves are allocated for capital projects, affordable housing, non-TIF funded projects, maintenance of Agency-owned properties, and policing initiatives. The Intergovernmental and Economic Impact Committee forwarded this item to the Board of County Commissioners (BCC) with a favorable recommendation. The BCC is the governing body responsible for approving the annual budgets of community redevelopment agencies. The redevelopment area is located within County Commission Districts 3 and 5. The Agency's administrative expenditures are within the allowed cap. The document states that the Agency's projects are budgeted on a cash basis and are not started until all project funding is in place. No specific contractors are mentioned as this item is a budget approval.