The most significant topic of the meeting revolved around the proposed budget for fiscal year 2023-24. The Executive Director presented the amended budget, highlighting key achievements and financial allocations. Notably, the CRA had secured $52 million in debt financing and received a top-tier rating from S&P Global. Funding accomplishments included 24 residential projects totaling $553,000, with an additional $625,000 encumbered for 22 more projects. The CRA also funded seven small businesses with $475,000 and supported two large developments adding 408 housing units, 44 of which were designated as affordable.

During the budget workshop, there was a discussion about the increase in professional services funding, which rose from $362,000 to $400,000. This increase was attributed to heightened economic development initiatives and a restructuring of debt service payments. Additionally, the agency confirmed that trolley services were covered under an interlocal agreement with the city, with predetermined fiscal year allocations.

Staffing changes were another focal point, with a $200,000 increase in employee salaries due to the addition of two new staff members, merit increases, and cost-of-living adjustments. This led to scrutiny of various capital project expenditures, particularly the allocation of $900,000 for incentive programs, which remained below the desired million-dollar mark for the second consecutive year. It was noted that to meet the needs of the business owners in the pipeline, an allocation of at least $1.5 million would be necessary, indicating a funding gap of approximately $600,000.

Housing initiatives were a concern, with the agency aiming to assist 25 properties annually at $10,000 each. However, current funding only permitted support for 16 properties. A proposal to increase the housing initiative budget to $750,000 was suggested, but the allocated amount was only $510,000. Concerns were raised about the affordability of necessary repairs, such as roofs costing around $22,000 to $23,000. Members emphasized the need for adequate funding for these programs.

The meeting also touched on the importance of proper communication regarding available funds and the status of applications for funding. It was noted that in previous years, the city had successfully funded all applicants when additional funding was available, which had not been the case recently. The lottery system used to allocate housing funds was discussed, with applications opening in November and the lottery occurring just before Thanksgiving. The need often exceeded the available funds, leading to discussions about reconsidering allocations based on the number of applicants.

A debate arose around the potential to amend the budget to reallocate unused funds. It was argued that the agency had $3.8 million from previous years that had not been utilized and could be redirected towards housing initiatives and commercial grants. The need for proactive measures and communication about unspent funds was highlighted.

Another discussion point was the need for new guidelines to attract restaurants and businesses to North Miami. A proposal was made to increase commercial incentives from $900,000 to $1.5 million to enhance the appeal for new businesses. Members expressed urgency in determining how to allocate loan funding, which included a proposed allocation of $17 million for various projects, including mixed-use development, land acquisition, and multifamily rehabilitation. Differing opinions on allocation percentages were discussed, with a consensus leaning towards $10 million for mixed-use development, $10 million for multifamily rehab, and $5 million for land acquisition.

The meeting also involved a five-year revenue forecast. This growth was attributed to the conclusion of certain payments related to previous projects, which would free up funds for future initiatives. One member emphasized the need for affordable housing, advocating for a target closer to 20% affordability in future developments.

As the meeting progressed, new offerings for fiscal year 2025 were mentioned, including land acquisition, launching a multifamily rehab program, a pilot program for single-family home builders, and improvements on the West Dixie Corridor. Regular programs for residential rehabilitation and commercial grants were also set to continue. Public engagement was requested regarding submissions for property disposal guidelines, with seven of nine submissions meeting the required standards for review.