North Miami Beach
- Economic Development Activity Assessment
- Evaluation of Historical Requisites for Employment
- Redevelopment Activity Assessment
- Review of Financial Projections and Budget
- Preparation of Annual Report
- Job Descriptions & Advertising Recommendations
Finance Action Plan, CRA Compliance, Financial Operations & Organizational Structure
The Strategic Finance Action Plan is intended to provide a structured and proactive approach to guide CRA activity over an extended period of time. The Action Plan portion of the document outlines specific redevelopment projects and programs, and the Finance Plan provides the associated funding sources and uses. The Finance Plan also creates a transparent financial document that clearly demonstrates the investments the CRA intends to make year after year. The Plan can be divided into distinct geographic boundaries within the CRA, thereby creating targeted redevelopment areas which accomplish two main goals; first, the districts are given a defined vision and investment plan that private sector investors, stakeholders, business owners and residents can support and participate in; second, by defining the future vision for an area, the CRA is better positioned to market and promote the area, which leads to business attraction and redevelopment. The goal is to increase the city’s tax base and promote economic growth.
The North Miami Beach Strategic Finance Action Plan was based on a review of the existing CRA activities and budgets that were in place as of February 2020. Some of the current initiatives underway were retained; however, additional investments were proposed for projects that would begin to lay the foundation for solid redevelopment to occur, mainly through capital improvements. The Executive Director position was vacant at the time of the development of the Plan, which the City Administration addressed to ensure there would be dedicated staff to implement the Strategic Finance Action Plan.
RMA presented the proposed Strategic Finance Action Plan to the Redevelopment Advisory Board and to the Community Redevelopment Agency Board explaining the benefits of a long-term approach to redevelopment. During both instances, the Boards unanimously agreed the Strategic Finance Action Plan would be formally adopted and act as a guide for future redevelopment within the CRA. The action items in the matrix at the end of the document provide both short-term and long-term initiatives which are currently being implemented.