002-2007 Requested Information - City Center Redevelopment Agency
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MIAMI BEACH
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city of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miQffiibec;u::hA:gov
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MEMORANDUM
002-2007
FROM:
Matti H. Bower, Commissioner
Jorge M. Gonzalez, City Manager \ ~
February 12, 2007 U . ~ 0
RECEIVED
2001 FIB 12 PM~: 53
CITY CLU;;';-S OFF ICE
TO:
DATE:
SUBJECT: Requested Information - City Center Redevelopment Agency
Pursuant to your request, please find below additional information with regard to the City
Center Redevelopment Agency.
For the FY 2006/07 - 2010/11 Capital Improvement Plan, a number of projects were
programmed and approved by the City Commission on September 21,2006. As ofthat date,
approximately $20.7 million in funds were appropriated prior to, but were not yet complete.
The first year of the Capital Plan, adopted as the the FY 2006/07 Capital Budget,
appropriated an additional $20.9 million for on-going projects. This $42 million in
appropriations for on-going projects included funding for the following:
. New beach front restrooms at 21 Street;
. Completion of Collins Park, including streetscape improvements and the renovation
of the Rotunda;
. Neighborhood Right of Way Improvements, including water, sewer, and Stormwater
infrastructure, in the City Center portion of the Flamingo Park neighborhood;
. Implementation of City Wayfinding Signage throughout the City Center RDA;
. The Little Acorn Theatre/Carl Fisher Clubhouse;
. The Collins Canal Project along Dade Boulevard;
. Streetscape improvements on both the east (Collins to Washington) and west
(Lennox to Alton) portions of Lincoln Road;
. Alleyway Improvements;
. Traffic and transportation improvements including crosswalks, pedestrian countdown
signals, etc.;
. Upgrading tree wells along Lincoln Road;
. Planning and design for the Multi-Purpose Parking Facility; and
. Planning and design for the right-of-way streetscape improvement projects in the
Historic and Commercial Districts.
Since that time, the following projects and amounts are proposed to be added to this fiscal
year:
. $5,326,710- Accelerating funding through construction for 1100 block Lincoln Road
with associated street closure;
. $3,500,000 - Accelerating funding for the New World Symphony (NWS) Design
Fees and soft costs for garage and park;
. $13,700,000 - Washington Avenue Properties
In the future years of the CIP, an additional $36 million is projected to be appropriated in
2007/08 for the completion of these projects, in addition to $48.7 million for the New World
Symphony project, split between a proposed $13.7 million in FY 2008/09 with the balance of
$35 million in FY 2009/10. $5 million has also been added to the projection for the $23rd
Street Bridge project in FY 2008/09.
The addition of the projects noted above places considerable pressure on the City Center
RDA for purposes of commitment in the next few years. I have attached an updated set of
projections for the City Center funds through FY 2010/11. The financial projections have
been updated to reflect the latest estimates for new construction impacts. All other
assumptions remain the same as previously distributed to the Commission in October 2006.
If the City intends to pursue all of these projects as scheduled, it is likely that some sort of
financing will be necessary. The City may elect to provide advance funding from parking
revenues in lieu of issuing debt. Any debt issued must be approved by Miami-Dade County.
The City Center RDA is presently scheduled to exist through 2026.
I hope this responds to your questions. Please feel free to contact me if you need additional
information or any clarification.
Attachment
C: Mayor and Commission
Jose Smith, City Attorney
CITY CENTER
ASSESSED VALUES
FEBRUARY 2007
0- - _ _ FINAL FY 04 VoI_.. Cclunllr'- of mIIIlgo_ 5.720 to "'1'
CMB mIIIIge of 7.112 pM; 0.112 for c.plUII ReneweI & lIe;1 1 L ~..,.
V'EndIng
BoIoV_ _Value
1892 292,'72,271
1894
1891
1991
1897
1891
1999F
2000 F
2OO1F
2002 F
2Oll3 F
2Oll4 F
2001 F
2006 P
2007 P
2OO7P PlUj
~-
~~' ...t_~~ ~"
2OIl8 P
2llOllP
2010P
2011 P
373,316.447
470.779,626
481.677.161
487.342.509
631.364,163
609.832.411
884,141,474
1.1l21,1I66,290
1,lfKl,'79.m
1,302,031,339
1,427,844,410
1,633.196,919
2,270,496,203
3,003.161,939
3,003,161.939
-
3.114.417,216
3,287,101,603
3,433.251,71'
3,641,920,629
~-~~
~~.
2006 P
2llOllP
2010P
2011P
'~r:i\?'>/
%
60,744.176 27.6%
97,413.179 26.1%
20.897.915 4.4%
1,664.928 1.2%
34.1l22.074 6.8%
76.467.868 14.8%
284,313.023 46.6%
127.922.816 14.3%
147.811.0187 14.4%
132.466.162 11.3%
125.809,071 9.7%
201,314,149 14.4%
637.300.244 39.0%
733.066.736 32.3%
733.066,736 24.4%
-~..(]r Ir11l!2'~1I1'"
150.851.319 5.0%
133.066.341 4.2%
141.750.112 4.4%
408.685,114 11.9%
CMII
CcIny
8.238 7.269
7.143 7.289
7.496 6.828
7.496 8..
7.496 8.023
7.496 6.023
7.496 ..809
7.389 '.761
7.299 '.713
7.299 '.889
7.299 '.1l69
7.425 5.931
7.461 5.838
7.374 ..m
7.374 1.618
~,:J!l"~
7.374 5.615
7.374 '.61'
7.374 1.61.
3,220.833.364
3.470.991.888
3,731.320.160
4,011,169.623
:,'.;.:i't';,*;,~j:k.t';,~iPW;;;::\~1,nJ;:J,!<f;t't1d):'~;":~'
225.267.441 7.'% 7.374
242.162,504 7.5% 7.374
260,324.682 7.5% 7.374
279.649.043 7.5% 7.374
1.618
1.81'
1.61'
8.818
i;-iJff.:?,{i;:,
~i;:1J;{$:'''::':)i;':;,t'~'s<h~~;:'R:2;*l$.tW2{:
3.394.029.'11 390.413.172
3.838.253.341 441 ,223,836
4,333.838.263 488.182.838
4.897.234.999 163.289.717
:i';X~&;j'j?JKJ.i;::;:~m2::>:
13.0% 7.374
13.0% 7.374
13.0% 7.374
13.0% 7.374
'.818
1.81.
'.818
'.618
::=:: r:::E::L-::'~
2OIl8 P
2llOllP
2010P
2011 P
2J8I2OO7
,i' :::Yt0i;;::;0;{<
ll9I%
;,):;;qr:\!,i,,::;JfJ
91%
91%
91%
96%
;7::?:?;:-,;j:?j
91%
91%
85%
85%
CMII
91%
85%
91%
96%
85%
91%
91%
85%
91%
91%
85%
85%
85%
85%
85%
$831.912
$1,209.268
$1.418.436
$1.418.793
$1.701.189
$2,260.177
$4,285,638
$8.126.961
$8,081,214
$8.999.667
$7.872.034
$9.466.446
$14,017.026
$18.891.324
$18.891.324
85%
91%
91%
96%
20.048.063
20,960.406
22.001.430
24.884.281
20,!l6ll,390
22.268.811
24.089._
26,048,890
21.728.638
24.817,144
26,310.267
32.267,044
COIlnIy
"".117
$1.234.006
$1.291.117
$1.216.426
$1 ,366,334
$1.811,315
$3,319.612
$3.888.019
$4.75&.827
85.647.482
$8.437.817
$7.558.768
$10.964.143
$14,873,189
$14,461.118
1'.268.797
1',975.723
18.763.191
18.933.113
15.662,711
16.854,506
18,343.143
19.131.928
16.143,648
18,897,147
21.857.113
24.162.422
TOlII
31.313.879
38,916.130
38.764,620
43.797.
38.232.141
39.220.317
42.432.607
41,881,618
38,270.167
43,71'.080
48.967.379
16.819.466
L..o Cily
R&R
so
SO
SO
SO
SO
SO
SO
SO
SO
SO
SO
$160.473
$341.964
$488.731
$488.731
$494.813
$817.824
$143,024
$813.682
$107.660
$149,149
$894,160
$842.941
$138,242
$812,130
$888.731
$798,146
CITY CENTER PROJECTED REVENUES
M OF OCTOBER 2006
-....
CIty Tex Increment
County Tax Increment
~Tax(SO%ot1%Tax)
Sub-1Ot8l
$18.522.593
$14.461,118
$2,978,500
$35.ll62 211
$19.553.270
$15,285,797
$3.097 840
$37.918.708
$20,4&2,582
$15,975,723
$3.221.546
$39,858 851
$21.458,406
$18,783.191
$3,350407
$41 582 004
$24.250.569
$18,933,113
$3 484,424
$46.868.105
$104,247,420
$81.388,941
$18,132,517
$201.768.879
RewmMe
City Tax Increment $18.522,593 $20,081,710 $21.716,262 $23.494.904 $25,406,945 $109.202.414
County Tax InctllII\ent $14,461,118 $15,682.751 $18.954,506 $18,343,143 $19,835.928 $85,257,448
Resort Tax (50% of 1% Tax) $2,978,500 $3,097,840 .221,546 $3.350,407 $3 494 424 $16,132.517
To1al $35ll62,211 $38.822,101 $41.892.313 $45,168455 $48.727.298 $210,582,376
Re..n....
CIty Tex Il1Cl8II1ent $18,522,593 $21.190,396 $24,205,014 $27,611.532 $31,460,898 $122.990,434
Counly Tax Inaement $14,461,118 $16,543,948 $18.897,547 $21,557,113 $24,582,422 $96.022,146
Resort Tex (SO% of 1% Tax) $2.978,500 $3 097 840 $3.221.546 $3.350,407 $3,484 424 $16.132,517
ToI8I $35.ll62.211 $40.831.985 $46 324,108 $52,519.052 $59,507.744 $235,145 096
21612007
CITY CENTER
RECURRING EXPENDITURES
50YR TOTAL
Recurring ExpencI_
CIly & County Admin Fees $994,756 $1.022,286 $1,046.575 $1,073,174 $1.147,755 $5,284,545
Debt Service $10.013,387 $10,045,145 $10,051,253 $10.081,759 $10.088,289 $50.279,833
Comrnunl1y PoIIc:1ng $2,864,588 $2.851,088 $3.050,862 $3.264.208 $3.492,702 $15.323.224
Capital Projecl8 Maintenance $2,314,713 $2 861 920 $3,061 208 $3 620,389 $7.153,448 $18 821.878
Total $15,867.422 $18580437 $17,209 697 $18.039 530 $21,8&2,194 $69 709 81
F...... V.... 2OOeI07 2007108 2G08/Oll 2OOtI10 2010111 50YR TOTAL
Recurring ExpencIItuNs
CIly & County Admin Fees $994,756 $1.035,867 $1,080,082 $1.127,571 $1.178,643 $5,418,898
Debt Selvice $10,013,387 $10.045.145 $10,051,253 $10,081.759 $10.088,289 $50,279,833
Comrronl1y Policing $2,864,588 $2.851.088 $3.050,862 $3.264.208 $3,492.702 $15.323,224
Capital Projacta Maintenance $2.314,713 $2,861 920 $3.061,208 $3,820 389 $7,153.448 $18,821,878
Total $15,1187,422 $18 594 017 $17,243184 $18093,927 $21,923,082 $69,841 833
Fl8ceI V.... 2008107 2007108 2G08/Oll 2001I10 2010111 5-YR TOTAL
Recurring Expendltu...
City & County Admin Fees $994.756 $1,066,015 $1,146,538 $1.237.530 $1,340,350 $5,785.189
Debt Service $10,013,387 $10,045,145 $10,051,253 $10.081,759 $10,088,289 $50,279,833
Convnunlly Policing $2.864,588 $2.851.088 $3,050,862 $3.264,208 $3,492.702 $15,323.224
Capital Projecls Maintenance $2 314 713 $2.861,920 $3 061,208 $3 620.389 $7 153 448 $18821.678
Total $151187.422 $16.824,166 $17,309 861 $18.203,886 S22 084,789 $90 .924
2l6I2OO7
ctTY CENTER CAPITAL IMPROVEMENT PLAN FY 2OOtI07. FY 201ll111
FIlIcIII Year 2OOeI07 2007108 2008109 2008110 2010111 50YR TOTAL
Ptan",",J\p~~
ColIinI Park Ge~ 52,728._ 514,055,000 516,783.992
CoHIns PIc ArlIChId","" Feature $285,000 $285.000
CommerdaI ROW Imlll. $9.441,273 $9.441.273
_ DI8t. ROW Imlll. $6,012,357 $9.012,357
W8Il AveIBay ReI ROW Imps. 5714,000 5714,000
CoI.... C-*1.andIcIpIng 51,600,000 51,600,000
CIubI1ouIe/UtII Acorn Theatre $480,000 $3,120.000 $4,000.000
Uncoln RdJCoIIns to Wu/mgIon $949,467 515.720 5965.167
Uncoln RdILennoxlD AlIDll 55.876.710 $5.876.710
~y ImprovementS $600,000 $600.000
WUl8 R8c8plIdet/DIspenMnI $50.000 $50,000
8Ike _ & SIgnage $57.750 $57,750
Tra1lIc Calming & ~ Imlll. 578.!500 578,500
DlrKt _ Wiring Replacoment 530,000 $30,000
Tree Web PIlot Project $2S2,733 $252.733
Beachlront_ 572.009 $72.009
New Wortd Symphony"
DeIIgn F... for G818g8 & Park $3.500.000 S3.~.OOO
G8t8ge $13,710,135 513,710.135
Park & Inlrulructure 518.000.000 $18.000.000
Gran_ $15,000.000 515.000,000
TOPA Walk & LawnI $2.000.000 52.000.000
W88hingtlln Ave Properties 513.700.000 $13.700,000
23nlStrwt BrIdge $5.000,000 $5.000,000
wtl-Purpose Munlc:lpel Pkg Fac. 513.163,606 $13.163.806
To1lII ea..... Budaat end CIP $43,424.767 $35,758.350 $18.710.135 $35.000,000 SO 5132.893,252
10% ContIngency -Fu1J..r8 Plan Veers $3.575,635 51,871,014 $3,500,000 TBD $6,946.849
To1lIICIPPlus $43,424,767 $39.334185 $20,581,149 $38.500,000 SO 5141,840,101
Ch8nges from AdapIed CIP HlghIighted in Red
__ timing lor IJnooIn RdIl8nnox to AllDn end project nc:r- of SO.8M
$15M req_ grant lor NWS end eccel8r8l8d ilndlng for d8s91-
52M --..Iilndlng for TOPA Walk & LawnI
SSM MW funding for 23nl _ Bridge
$13.1M MWfundlng fa, ec:qulsltion ofWllhinlDnAvenue Properties
. Actual future V_ lIDDfDDriaIions will be subi8d. to flnaI with the New Work! SvmDhonv
2l6I2OO7
CITY CENTER
FINANCIAL SUMMARY
IIegInnlng a.tance $26,302,340 $3.930,758 ($13.067.157) ($10.198,151) ($24,175.678) $26.302,340
_n_ $35,982.211 $37,916.706 $39,659.851 541.562.004 546.666,105 $201,768.878
_Earnings $1.078.396 51 000 000 $1,000,000 $1.000.000 51.000.000 55.078.396
Sub-lDtal $37.040,607 $38.916,706 $40.659,851 542,s&2.004 547,668,105 $206.847.274
RKurring Expendlluru $15,987,422 $16.580,437 $17,209.697 $18,039.530 S21 ,892.194 $89,709,280
Net """AwlllbleFor
547,315.525 $26,267.028 $10382997 $14.324.322 $1.600 $143,440,334
TolII CIP Pl... Conti.,.cy 543.424,767 $39,334.185 $20.581,149 $38,100,000 SO $141,840.101
Endl ....""" $3,930.758 $13,067,157 $10,198111 $24,175,678 $1.600.234 $1.600,234
FI8cllIY.., 2010111
IlegInnlng Be_ $26.302,340 $3,930,758 ($10,195.608) ($762.311 ) ($3,947.144) $26,302.340
- $35.982.211 $40,831,985 546.324.106 $52,519,012 559.507,744 $235,145.098
I....... Earnlnga 51.078.396 51.000.000 51.000.000 51 000 000 51.000 000 $5.078 396
Sub-llll8l $37.040.607 541,831,985 547,324,106 $53.519.012 560,507,744 $240.223.494
RecurrIng Expe- $15,987,422 $16.624.168 $17.309,681 $16,203,886 $22,084.789 $90.209.923
A or
P 547,355,525 S29.138,sn 519.818,838 $34,552,856 $34.475,810 5176.315.911
Total CIP Plu. Contingency 543.424.767 $39,334.185 $20,581.149 $38.500.000 SO $141,840.101
E.... Be"""" $3,930 7SS $10195,608 $762.311 $3,947.144 $34,475.810 $34.476.810
21612007
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