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North Miami CRA previews amended FY24–25 budget, proposes $1M West Dixie façade pilot and expanded housing aid
Summary
At a budget workshop, North Miami CRA staff reported a roughly $57 million projected carryover, higher interest earnings driven by new loan proceeds, proposed a $1 million block‑by‑block façade pilot for West Dixie, and asked the board whether to fund an additional 12 residential rehab lottery applicants.
The North Miami Community Redevelopment Agency on Wednesday reviewed an amended FY24–25 budget that reflects a larger-than-expected carryover and proposed spending priorities, including a $1 million pilot for façade improvements on West Dixie Highway and continued investment in housing and commercial programs.
The agency’s Executive Director (S5) told the CRA board the fiscal year produced an unanticipated carryover increase of about $1.2 million and interest earnings of $578,300, up from an estimate of $200,000. “We have the $52,000,000 worth of loan money that we didn't have before,” the Executive Director said, noting that the higher cash balance is generating more interest and allows the agency to reallocate funds toward housing and commercial projects while presenting a balanced amended budget.
The presentation named several bond‑funded projects supported by the Redevelopment Revenue Bond Series 2024, including Nomi Square (Nomi Village), Cloud Pepper Parks redevelopment, and mixed‑use developments the Executive Director summarized at the workshop.…
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