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607-2014 RDA Reso RESOLUTION NO. 607-2014 A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, RECOMMENDING APPROVAL BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, FOLLOWING A DULY NOTICED PUBLIC HEARING PURSUANT TO SECTION 163.361(2), FLORIDA STATUTES, AMENDMENTS TO THE MIAMI BEACH CITY CENTER/HISTORIC CONVENTION VILLAGE REDEVELOPMENT AND REVITALIZATION AREA (CITY CENTER RDA) PLAN, AN APPROVED REDEVELOPMENT PLAN UNDER THE PROVISIONS OF SECTION 163.360, FLORIDA STATUTES (THE PLAN); SAID AMENDMENTS: (A) INCORPORATING THE CITY'S PROPOSED CONVENTION CENTER RENOVATION AND EXPANSION PROJECT; AND (B) PROVIDING FOR AN EXTENSION OF THE CITY CENTER RDA AT A NINETY FIVE PERCENT (95%) TAX INCREMENT UNTIL THE EARLIER OF MARCH 31, 20449 OR THE DATE AGENCY INDEBTEDNESS IS NO LONGER OUTSTANDING; FURTHER APPROVING AND AUTHORIZING THE CHAIRMAN AND SECRETARY TO EXECUTE A THIRD AMENDMENT, BY AND AMONG MIAMI-DADE COUNTY (COUNTY), THE CITY, AND THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA), TO THE NOVEMBER 16, 1993 INTERLOCAL COOPERATION AGREEMENT, AS AMENDED (THE INTERLOCAL AGREEMENT), RELATED TO THE CITY CENTER RDA AND BY WHICH THE COUNTY ORIGINALLY DELEGATED TO THE CITY CERTAIN REDEVELOPMENT POWERS CONFERRED TO THE COUNTY UNDER PART III, CHAPTER 163, FLORIDA STATUTES (THE COMMUNITY REDEVELOPMENT AGREEMENT ACT OF 1969 OR THE ACT); AND WHICH AMENDMENT, AMONG OTHER TERMS, EXTENDS THE TERM OF THE CITY CENTER RDA, AS PROVIDED IN THE AFORESTATED PLAN AMENDMENT, AND ADDS AN ADDITIONAL MEMBER TO THE GOVERNING BOARD OF THE AGENCY, WHO SHALL BE THE MIAMI-DADE COUNTY COMMISSIONER OF COUNTY COMMISSION DISTRICT 5, PURSUANT TO SECTION 163.357(d) OF THE FLORIDA STATUTES. WHEREAS, the City of Miami Beach, Florida ("City") adopted Resolution No. 93- 20721 on February 12, 1993, and Miami-Dade County(the "County") adopted Resolution No. R-317-93 on March 30, 1993, approving the City Center/Historic Convention Village Redevelopment and Revitalization Plan (the "Plan") for the project area commonly called "City Center/Historic Convention Village Redevelopment and Revitilization Area" (the "City Center RDA" or the "Redevelopment Area"); and WHEREAS, the City enacted Ordinance No. 93-2836 on February 24, 1993, and the County enacted Ordinance No. 93-28 on April 27, 1993, creating a trust fund ("Fund") to fund improvements in the Redevelopment Area; and WHEREAS, the County and the City also approved and entered into an Interlocal Cooperation Agreement ("Interlocal Agreement"), executed on November 16, 1993, by which the County delegated to the City certain redevelopment powers granted by Part III of Chapter 163, Florida Statutes including, but not limited to, the implementation of the Plan; and WHEREAS, the Mayor and the City Commission adopted Resolution No. 2014-28644 on June 27, 2014, approving a proposed Memorandum of Intent ("MOI"), the terms of which were also endorsed by the County Mayor; and WHEREAS, subject to approval of final agreements by the City Commission and the Miami-Dade County Board of County Commissioners, the terms of the MOI memorialized the City and County's commitment to amend the Plan; amend the Interlocal Agreement to, among other things, permit the Miami Beach Redevelopment Agency (the "Agency" or "RDA") to issue bonds and extend the life of the City Center RDA; and to provide for an ongoing adequate operating and maintenance subsidy for the Miami Beach Convention Center, in addition to the existing $4.5 million per year that the City currently receives from Convention Development Taxes; and WHEREAS, the Agency recommends the proposed Plan amendment, attached and incorporated as Exhibit "A" hereto, to (1) incorporate the Miami Beach Convention Center Renovation and Expansion Project (the "Project"); (2) incorporate the financing of the Project, including the funding of operating and maintenance costs therefor; and (3) extend the time certain for completing all redevelopment projects financed by increment revenues until the earlier of March 31, 2044 or the date Agency indebtedness is no longer outstanding; and WHEREAS, the Agency finds that with respect to the Plan amendments: (i) a feasible method continues to exist for the location of families who will be displaced from the Redevelopment Area in decent, safe, and sanitary dwelling accommodations within their means and without undue hardship to such families, as the amendments do not contemplate displacement of residents; (ii) the Plan continues to conform to the general plan of the County and the City as a whole; (iii) the Plan continues to give due consideration to the utilization of community policing innovations, and to the provision of adequate park and recreational areas and facilities that may be desirable for neighborhood improvement, with special consideration for the health, safety, and welfare of children residing in the general vicinity of the site covered by the Plan; (iv)the Plan will continue to afford maximum opportunity, consistent with the sound needs of the City as a whole, for the rehabilitation or redevelopment of the community redevelopment area by private enterprise; and WHEREAS, the Agency further recommends the execution of the Third Amendment to the Interlocal Agreement, attached and incorporated as Exhibit "B" hereto, to, in pertinent part: (i) authorize the Agency to issue bonds and incur debt, in an aggregate principal amount not to exceed $430,000,000.00, secured by tax increment revenues of the Agency to, among other purposes, fund a portion of the Project; (ii) extend the time certain for completing all redevelopment projects financed by increment revenues until the earlier of March 31, 2044 or the date Agency indebtedness is no longer outstanding; (iii) provide an exemption for The Children's Trust, an independent special taxing district, from the requirements of Section 163.387(2)(a) of the Florida Statutes, with respect to the pledging of annual tax increment revenues attributable to The Children's Trust, commencing on the earlier of (i) the date the Agency's bonds outstanding as of November 1, 2014 are no longer outstanding, or(ii) March 31, 2023; (iv)add an additional member to the governing board of the RDA, who shall be the Miami-Dade County Commissioner of County Commission District 5, pursuant to Section 163.357(d) of the Florida Statutes, and who shall be vested with the same rights, duties and obligations as any other Agency commissioner; and WHEREAS, upon approval by the Agency and the City, respectively, the Plan amendment and the Third Amendment to the Interlocal Agreement will be transmitted to the County, for consideration and approval by the Board of County Commissioners. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman and Members recommend approval by the Mayor and City Commission, of amendments to the Miami Beach City Center/Historic Convention Village Redevelopment and Revitalization Area (City Center RDA) Plan, an approved Redevelopment Plan under the provisions of Section 163.360, Florida Statutes (the Plan); said amendments: (a) incorporating the City's proposed Convention Center Renovation And Expansion Project; and (b) providing for an extension of the City Center RDA at a ninety five percent (95%) tax increment until the earlier of March 31, 2044, or the date Agency indebtedness is no longer outstanding; further approve and authorize the Chairman and Secretary to execute a Third Amendment, by and among Miami-Dade County (County), the City, and the Miami Beach Redevelopment Agency (RDA), to the November 16, 1993 Interlocal Cooperation Agreement, as amended (the Interlocal Agreement), said Third Amendment attached and incorporated as Exhibit"B" to this Resolution. PASSED and ADOPTED this r day of AkeAkic , 2014. ATTEST: ��• '9 * INCORP ORATED: Rafael E. Granado, Secretary , =�� P 'I' L,O P,,thairperson T:\AGENDA\2014\July\TCED\RDA Plan and Interlocal Amendment Reso.doc APPROVED AS TO FORM &LANGUAGE &FOR EXECUTION "_'L 0 :(— 16 Z n,"Omo L.—i City Attomey � Date K REDEVELOPMENT AGENCY ITEM SUMMARY Condensed Title: A Resolution Of The Miami Beach Redevelopment Agency, Recommending Approval By The Mayor And City-Commission Of The City Of Miami Beach,Florida,Amendments To The Miami Beach City Center/Historic Convention Village Redevelopment And Revitalization Area Plan(City Center RDA), An Approved Redevelopment Plan Under The Provisions Of Section 163.360, Florida Statutes (The Plan); Said Amendments: (A) Incorporating The City's Proposed Convention Center Renovation And Expansion Project;And(B)Providing For An Extension Of The City Center RDA At A Ninety Five Percent (95%) Tax Increment Until The Earlier Of March 31, 2044, Or The Date Agency Indebtedness Is No Longer Outstanding; Further Approving And Authorizing The Mayor And City Clerk To Execute A Third Amendment, By And Among Miami-Dade County (County), The City, And The Miami Beach Redvelopment Agency (RDA), To The November 16, 1993 Interlocal Cooperation Agreement, As Amended (The Interlocal Agreement), Related To The City Center RDA And By Which The County Originally Delegated To The City Certain Redevelopment Powers Conferred To The County Under Part Iii,Chapter 163,Florida Statutes(The Community Redevelopment Agreement Act Of 1969"Or The"Act");And Which Amendment,Among Other Terms,Extends The Term Of The City Center RDA As Provided In The Aforestated Plan Amendment. Key Intended Outcome Supported: Expeditiously Upgrade The Convention Center To Be Smart, Modern, Energy Efficient And Which Fits Local Context, Including Walkabilit Supporting Data(Surveys, Environmental Scan,etc.):The 2014 Community Satisfaction Survey reported that over half of businesses(56%) claimed that the Miami Beach Convention Center added to the success of their business.Six in ten businesses(61%)support improvements of at least$300 million for the Miami Beach Convention Center. Item Summa /Recommendation: On January 26, 1993,Miami-Dade County(the"County")adopted Resolution No.R-14-93,which among other things(i)found the area in the City of Miami Beach(the"City")bounded on the East by the Atlantic Ocean,on the North by 24th Street,on the West by West Avenue,and on the South by 14th Lane(the"City Center Redevelopment Area"or"Redevelopment Area")to be a"blighted area"within the meaning of Part I I I of Chapter 163, Florida Statutes, and(ii)delegated to the City of Miami Beach, pursuant to Section 163.410, Florida Statutes, certain powers conferred upon the County Commission as the governing body of Dade County by Part II I of Chapter 163,Florida Statutes,with regard to the Redevelopment Area,so that the City Commission,either directly or through its duly designated community redevelopment agency,could exercise such powers. On February 3, 1993, the City adopted Resolution No. 93-20709, which established a community redevelopment agency(the"Miami Beach Redevelopment Agency"or the"Agency"),and declared the members of the City Commission as the members of the Agency. Subsequently,on February 12,1993, the City adopted Resolution No.93-20721,which adopted the Agency's City Center/Historic Convention Village Redevelopment and Revitalization Area plan (the"Plan")for the redevelopment and revitalization of the Redevelopment Area. County and City Administrations negotiated and conceptually(in pertinent part)agreed to the following items pertaining to the RDA: (i) amend the Plan; and (ii) amend the Interlocal Agreement to, among other things, extend the life of the Redevelopment Area to March 31,2044; and (iii) authorizes the issuance of tax increment revenue bonds in one or more series by the RDA in an amount not to exceed$430,000,000 for purposes of refunding current outstanding debt, funding eligible community redevelopment project costs, including the Miami Beach Convention Center(Convention Center) renovation, and any reserves and costs of issuance; (iv) provide for an ongoing adequate operating and maintenance subsidy for the Miami Beach Convention Center, in addition to the existing $4.5 million per year and annual year-end revenue sharing that the City currently receives from Convention Development Taxes through 2048; (v) provide for ongoing funding of City operations in the RDA; (vi) establishes that from FY 2014-15 through FY 2021-22,any funding not used for debt service and operating expenses will go into a fund to be used for shortfalls and eventually prepayment of debt; (vii) establishes that from FY 2022-23 until FY 2043-44,the County will receive a refund of City Center Agency operating expenses based on its proportion of revenues contributed to the Trust Fund; and (viii) any remaining funding will be used to extinguish debt early. The City Commission, pursuant to Resolution No. 2014-28644 adopted on June 27, 2014, approved a Memorandum of Intent (the "MOI"), memorializing the aforementioned.The County Mayor has committed to promote and recommend the components of the MOI,subject to final legal review by the County approval and approval by the Board of County Commissioners.The MOI provides that the conceptual terms and conditions contained therein, including the preceding terms, are subject to further actions and approvals to be taken, respectively, by the Board, the City Commission, and the Agency. Accordingly, in furtherance of same, the County, City, and the Agency desire to further amend the Interlocal Agreement. The City Commission,at its October 29,2014 meeting,adopted amendments to the Trust Fund Ordinance which extended the period of funding of the Trust Fund. Advisory Board Recommendation: Financial Information: Source of Funds: Amount Account 1 OBPI Total Financial Impact Summary: See above summary. City Clerk's Office Legislative Tracking: Max Sklar,Tourism, Culture, and Economic Development Director Sign-Offs: RD Coordi ator Assistant D' ctor Executive Director AGE A ITEM he MIAMIBEACH DATE 1915 •2015 MIAMSEACH City of Miami Beath, 1700 Convention Center Drive,Miami Beach, Florida 33139,www.miamibeachfl.gov REDEVELOPMENT AGEN Y MEMORANDUM TO: Chairperson and Members of the Miami each Re velopment Agency FROM: Jimmy L. Morales, Executive Director DATE: November 19, 2014 SUBJECT: A RESOLUTION OF THE CHAIRMA AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, RECOMMENDING APPROVAL BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDMENTS TO THE MIAMI BEACH CITY CENTER/HISTORIC CONVENTION VILLAGE REDEVELOPMENT AND REVITALIZATION AREA PLAN (CITY CENTER RDA), AN APPROVED REDEVELOPMENT PLAN UNDER THE PROVISIONS OF SECTION 163.360, FLORIDA STATUTES (THE PLAN); SAID AMENDMENTS: (A) INCORPORATING THE CITY'S PROPOSED CONVENTION CENTER RENOVATION AND EXPANSION PROJECT; AND (B) PROVIDING FOR AN EXTENSION OF THE CITY CENTER RDA AT A NINETY FIVE PERCENT (95%) TAX INCREMENT UNTIL THE EARLIER OF MARCH 31, 2044, OR THE DATE AGENCY INDEBTEDNESS IS NO LONGER OUTSTANDING; FURTHER APPROVING AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A THIRD AMENDMENT, BY AND AMONG MIAMI-DADE COUNTY (COUNTY), THE CITY, AND THE MIAMI BEACH REDVELOPMENT AGENCY (RDA), TO THE NOVEMBER 16, 1993 INTERLOCAL COOPERATION AGREEMENT, AS AMENDED (THE INTERLOCAL AGREEMENT), RELATED TO THE CITY CENTER RDA AND BY WHICH THE COUNTY ORIGINALLY DELEGATED TO THE CITY CERTAIN REDEVELOPMENT POWERS CONFERRED TO THE COUNTY UNDER PART III, CHAPTER 163, FLORIDA STATUTES (THE COMMUNITY REDEVELOPMENT AGREEMENT ACT OF 1969" OR THE "ACT"); AND WHICH AMENDMENT, AMONG OTHER TERMS, EXTENDS THE TERM OF THE CITY CENTER RDA AS PROVIDED IN THE AFORESTATED PLAN AMENDMENT. ADMINISTRATION RECOMMENDATION Adopt the Resolution. BACKGROUND On January 26, 1993, Miami-Dade County (the "County") adopted Resolution No. R-14- 93, which among other things (i) found the area in the City of Miami Beach (the "City") bounded on the East by the Atlantic Ocean, on the North by 24th Street, on the West by West Avenue, and on the South by 14th Lane (the "City Center Redevelopment Area" or "Redevelopment Area") to be a "blighted area" within the meaning of Part III of Chapter 163, Florida Statutes, and (ii) delegated to the City of Miami Beach, pursuant to Section 163.410, Florida Statutes, certain powers conferred upon the County Commission as the Redevelopment Agency Memorandum Redevelopment Plan and Interlocal Amendment November 19, 2014 Page 2 of 5 governing body of Dade County by Part III of Chapter 163, Florida Statutes, with regard to the Redevelopment Area, so that the City Commission, either directly or through its duly designated community redevelopment agency, could exercise such powers. On February 3, 1993, the City adopted Resolution No. 93-20709, which established a community redevelopment agency (the "Miami Beach Redevelopment Agency" or the "Agency"), and declared the.members of the City Commission as the members of the Agency. Subsequently, on February 12, 1993, the City adopted Resolution No. 93- 20721, which adopted the Agency's City Center/Historic Convention Village Redevelopment and Revitalization Area plan (the "Plan") for the redevelopment and revitalization of the Redevelopment Area. On February 24, 1993, the City enacted Ordinance 93-2836, which created a City Center/Histor i c Convention Village Redevelopment and Revitalization Trust Fund the "Fund" or "Trust Fund") and provided a funding mechanism for implementing the Plan. The County, on March 30, 1993, adopted Resolution No. R-317-93, which among other things (i) adopted the Plan, and (ii) approved the Interlocal Cooperation Agreement, between the County and the City, dated and executed on November 16, 1993 (as amended, the "CRA Interlocal Agreement"). The County and the City then approved and entered into the Interlocal Cooperation Agreement, executed on November 16, 1993 (as amended by the First Amendment (defined below) and by the Second Amendment (defined below), the "Interlocal Agreement"), by which the County delegated to the City certain redevelopment powers granted by the Act, including but not limited to the creation of the Redevelopment Area and implementation of the Plan. The County and the City adopted Resolution No. R- 889-03 and Resolution No. 2003-2537, respectively, approving an amendment to the Plan to incorporate the development and implementation of community policing initiatives. The Board, through Resolution No. R-889-03, and the City Commission, through Resolution No. 2003-25241, also approved an amendment to the Interlocal Agreement ("First Amendment") to delegate to the City the power to implement the community policing initiatives. The Board, through Resolution No. R-958-05, and the City Commission, through Resolution No. 2004-25560, also approved a second amendment to the Interlocal Agreement ("Second Amendment") whereby (i) the County, City, and Agency agreed that the Agency would remit one and one-half percent (1.5%) of the Tax Increment Revenue paid to the Agency for said fiscal year to the County to defray administrative costs for oversight and processing Agency related items, after debt service and all other obligations related to the bonds or future indebtedness issued by the Agency and approved by the County was satisfied for the fiscal year, and (ii) the County approved the Agency's issuance of refunding bonds in an amount not to exceed a principal amount of $101,090,000.00 to refinance all or a portion of the outstanding principal amount of bonds issued with respect to the Redevelopment Area. Section 163.361, Florida Statutes, provides that the "governing body" of the Redevelopment Agency may amend the Redevelopment Plan from time to time, upon recommendation of the Agency. The 332-acre City Center/Historic Convention Village Redevelopment and Revitalization Area (City Center RDA) was established in 1993, in order to provide the funding Redevelopment Agency Memorandum Redevelopment Plan and Interlocal Amendment November 19, 2014 Page 3 of 5 mechanism to foster the development of new convention hotel development within proximity of the Miami Beach Convention Center and to establish the necessary linkages between the City's many core area civic, cultural and entertainment uses in order to create the fabric of a true urban downtown. Since its success in attracting two convention-quality hotels, the Redevelopment Agency has been focusing its efforts on a number of initiatives including enhanced innovative community policing and upgrading the area's infrastructure, alleviating traffic and parking congestion and encouraging the production and presentation of arts and cultural activities in the area. In 2003, the Redevelopment Agency amended its Redevelopment Plan for City Center to specifically address these objectives in the context of the New World Symphony's expansion plans involving the 17th Street surface lots and the resulting impact to the Convention Center and neighboring businesses in addition to new or enhanced policing initiatives in the area. County and City Administrations negotiated and conceptually (in pertinent part) agreed to the following items pertaining to the RDA: (i) amend the Plan; and (ii) amend the Interlocal Agreement to, among other things, extend the life of the Redevelopment Area to March 31, 2044; and (iii) authorize the issuance of tax increment revenue bonds in one or more series by the RDA in an amount not to exceed $430,000,000 for purposes of refunding current outstanding debt, funding eligible community redevelopment project costs, including the Miami Beach Convention Center (Convention Center) renovation, and any reserves and costs of issuance; (iv) provide for an ongoing adequate operating and maintenance subsidy for the Miami Beach Convention Center, in addition to the existing $4.5 million per year and annual year-end revenue sharing that the City currently receives from Convention Development Taxes through 2048; (v) provide for ongoing funding of City operations in the RDA; (vi) establish that from FY 2014-15 through FY 2021-22, any funding not used for debt service and operating expenses will go into a fund to be used for shortfalls and eventually prepayment of debt; (vii) establish that from FY 2022-23 until FY 2043-44, the County will receive a refund of City Center Agency operating expenses based on its proportion of revenues contributed to the Trust Fund; and (viii) provide that any remaining funding will be used to extinguish debt early. The City Commission, pursuant to Resolution No. 2014-28644 adopted on June 27, 2014, approved a Memorandum of Intent (the "MOI"), memorializing the foregoing, the terms of which were endorsed by the County Mayor, subject to final legal review by the County and approval by the Board of County Commissioners. The MOI provides that the conceptual terms and conditions contained therein, including the preceding terms, are subject to further actions and approvals to be taken, respectively, by the Board, the City Commission, and the Agency. Accordingly, in furtherance of same, the County, City, and the Agency desire to further amend the Interlocal Agreement. Redevelopment Agency Memorandum Redevelopment Plan and Interlocal Amendment November 19, 2014 Page 4 of 5 The City and the Agency have prepared an amendment to the Plan (the "Plan Amendment"), to incorporate (1) the Miami Beach Convention Center Renovation and Expansion Project, including all necessary improvements to and expansion of the Convention Center and surrounding area (the "Project"); (2) the financing of the Project, including the funding of operating and maintenance costs thereof; and (3) extend the time certain for completing all redevelopment projects financed by increment revenues and retiring all outstanding indebtedness to a date no later than March 31, 2044. The Redevelopment Agency's objective over the next five years shall focus on the planning and implementation of capital projects associated with, but not limited to the Master Plan for the expansion of the Convention Center, upgrading streetscapes and related infrastructure throughout City Center and parking facilities, The RDA shall also continue to fund public service enhancements provided for under the Community Policing Program as well as ensure the on-going maintenance of capital assets funded with TIF. A majority of the capital enhancements set forth in the Redevelopment Plan and the 2003 Amendment, have been completed and/or are currently underway, including the City Center Right-of-Way improvements, the City Hall Expansion Garage, the Collins Park improvements and the development of the 17th Street surface lots into the New World Campus. Redevelopment Agency(RDA) Interlocal Agreement Subsequently, the City and County administrations have negotiated the terms of a third amendment to the City Center RDA (the Third Amendment), which will extend the life of the from FY 2022-23 to FY 2043/44 at the 95 percent (95%) tax increment funding level. This allows the CRA to fund, through the issuance of CRA bonds, the additional funding needed for construction costs of the new and expanded Convention Center and to fund $36 million of previously approved City Center RDA capital projects, provide increased operating and maintenance expenses for the Convention Center, as well as City Center RDA administrative costs, community policing, and capital project maintenance within the RDA. However, after FY 2022/23, when the existing RDA would have expired, City returns a pro-rata share of administrative costs, community policing, and capital project maintenance to the County. The $36 million of previously planned City Center projects include $20 million programmed in the City's adopted Capital Improvement Plan for the Lincoln Road Improvement from Washington Avenue to Lenox Avenue, which will be based on the Lincoln Road Master Plan currently underway, $3.25 million programmed for the second half of the funding for the Bass Museum Interior Expansion Project, and $12 million programmed for Improvements to 17th Street and Connectors to Lincoln Road. These are all projects in the City's adopted Capital Improvement Plan, which are not part of the Convention Center Project. The issuance of City Center RDA Bonds will be done through a public offering of debt. The marketplace will dictate the debt service coverage and debt service reserve requirements for those bonds (for a total estimated bond issuance of approximately $430 million, including refunding of approximately $70 million of existing bonds, which will have a direct impact on how long those bonds will be outstanding. Since the expansion of the City Center RDA is only for the purposes of providing funding for the Convention Center expansion, providing funding for previously approved City Center projects, and providing an adequate additional operating and maintenance subsidy for the facility, both Redevelopment Agency Memorandum Redevelopment Plan and Interlocal Amendment November 19, 2014 Page 5 of 5 the County and City administrations agree to recommend that the CRA would not need to seek prior approval of each year's budget from the Board of County Commissioners before borrowing money, advancing funds or incurring indebtedness. However, County and City administrations agree that representation by one County Commissioner on the RDA Board would be appropriate. Accordingly, the Third Amendment also includes a provision which allows the Board of County Commissioners the right, in its sole and absolute discretion, to appoint a member of the Agency, who shall be the Commissioner of County Commission District 5, and such Commissioner shall be vested with the same rights, duties and obligations as any other Agency commissioner. Pursuant to an existing Convention Development Tax (CDT) Interlocal agreement, the City currently receives a flat $4.5 million per year from Convention Development Taxes to operate and maintain the Convention Center, plus an annual year-end revenue share based on CDT exceeding collection amounts that increase each year. The Third Amendment will allow for an additional annual operating and maintenance subsidy starting at $1 million in 2017 and growing to $4 million by 2021, which will then escalate at 4 percent or Consumer Price Index (CPI) annually (whichever is less) starting in 2026 over the life of the Convention Center, funded either through RDA funds or through Convention Development Taxes, depending on the availability of the latter. That funding will remain in place until 2048. Finally, once the current) existing debt is refinanced, the Third Amendment exempts the Y Y 9 Children's Trust, an independent taxing district, with respect to the pledging of annual tax increment revenues attributable to The Children's Trust, to conform with the general exemption provided to The Children's Trust in Section 2-1742 of the Miami-Dade County Code. Redevelopment Agency(RDA) Plan Amendment The attached Resolution also amends the City Center/Historic Convention Village Redevelopment Plan to include the renovation and expansion of the Convention Center and related operating and maintenance, upgrading streetscapes and related infrastructure throughout City Center and associated parking facilities. The Third Amendment also extends the life of the district from FY 2022/23 to March 31, 2044. The Third Amendment also replaces page 42 of the 2002 Plan Amendment to address the Convention Center renovation and expansion. The plan amendments are attached for your review as Exhibit "A." The City Commission, at its October 29, 2014 meeting, adopted amendments to the Trust Fund Ordinance which extended the period of funding of the Trust Fund. Convention Development Tax(CDT) Interlocal Agreement An amendment to the Convention Development Tax (CDT) Interlocal Agreement consistent with the terms of the negotiated MOI is a separate item on this agenda. CONCLUSION As such, the Administration recommends adopting the Amendment to the City Center Redevelopment Plan and Interlocal Agreement. JLM/KGB/MS Attachment T:\AGENDA\2014\November\TCED\RDA\RDA Plan and Interlocal Amendment memo.doc I EXHIBIT "A" Pacre 17 of the original 1993 plan is hereby deleted in its entirety and replaced with the following: Formatted:Font:(Default)Times New Roman It is „tieip tea that ta* nr revenues will initially be geneF teal slowly. As public improvements spur additional private investment, increments will grow, allowing bonds to be issued in an amount necessary to fund the $6-5-.6581 million ffegiaffi shat-e outlined abeve.To raise the$ 581 million in bonds will require a commitment of approximately$6-.6 25 million annually in tax increments until the earlier of March 31, 2044, or the date Agency Indebtedness is no longer outstanding.over a 30.,e.,..pefied The Agency will prepare and adopt a resolution authorizing the issuance of bonds and defining their terms. Such a resolution must be adopted prior to the sale of the bonds. The bonds shall be marketed in accordance with statutory requirements. The Agency may issue Redevelopment Revenue Bonds for the following purposes: a. To pay for site improvements, project improvements and supporting facilities constructed at the Agency's expense and to pay for all other expenditures made by the Agency for or in connection with the project. b. With the consent of the applicable governing body,to pay all or part of the value of land and the cost of the installation and construction of any building, facility, structure, or other improvement which is publicly owned either within or without the project area to the extent that such buildings, facilities, structures, or other improvements are of benefit to the project area. C. Reimbursement to the City of Miami Beach for monies expended or advanced. d. For any other purposes pennitted by law and authorized by the Agency. Any bond, note or other form of indebtedness pledging increment revenue shall mature no later than the maximum period allowed by applicable law. 402. 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I. .1• f .3 1 � - -r _ _ I}; 1 1. _ .- _ r'. _ - _ - _ - N 9..1, - - - - _ - - THIRD AMENDMENT TO THE INTERLOCAL COOPERATION AGREEMENT This Third Amendment to the Interlocal Agreement ("Third Amendment"), made this day of , 2014 ("Effective Date"), by and among Miami-Dade County, a political subdivision of the State of Flori da (hereinafter referred to as the "County"), the City of Miami Beach, a municipal corporation under the laws of the State of Florida (hereinafter referred to as the "City"), and the Miami Beach Redevelopment Agency, a public agency and body corporate created pursuant to Section 163.356, Florida Statutes (hereinafter referred to as the"Agency"). WHEREAS, the Miami-Dade County Board of County Commissioners (the "Board") adopted Resolution No. R-317-93 on March 30, 1993, approving, among other things, the City Center/Historic Convention Village Redevelopment and Revitalization Plan (the "Plan") and delegated certain powers conferred on the Board by Part III, Chapter 163, Florida Statutes (the "Act"), to implement the Plan to the Mayor and City Commission of the City of Miami Beach (the "City Commission"), all for the project area commonly called "City Center/Historic Convention Village Redevelopment and Revitalization Area" (such Area previously referred to in the Interlocal Agreement described below, as the "Project" and herein referred to as the "Redevelopment Area"); and WHEREAS, the Board also enacted Ordinance No. 93-28 on April 27, 1993, which among other things, established a trust fund ("Fund" or "Trust Fund") to fund improvements in the Redevelopment Area; and WHEREAS, the County and the City also approved and entered into the Interlocal Cooperation Agreement, executed on November 16, 1993 (as amended by the First Amendment 4299801/2/MIAMI (defined below) and by the Second Amendment(defined below), the"Interlocal Agreement"), by which the County delegated to the City certain redevelopment powers granted by the Act, including but not limited to the creation of the Redevelopment Area and implementation of the Plan; and WHEREAS, the County and the City adopted Resolution No. R-889-03 and Resolution No. 2003-2537, respectively, approving an amendment to the Plan to incorporate the development and implementation of community policing initiatives; and WHEREAS, the Board, through Resolution No. R-889-03, and the City Commission, through Resolution No. 2003-25241, also approved an amendment to the Interlocal Agreement ("First Amendment") to delegate to the City the power to implement the community policing initiatives; and WHEREAS, the Board, through Resolution No. R-958-05, and the City Commission, through Resolution No. 2004-25560, also approved a second amendment to the Interlocal Agreement ("Second Amendment") whereby (i) the County, City, and Agency agreed that the Agency would remit one and one-half percent (1.5%) of the Tax Increment Revenue paid to the Agency for said fiscal year to the County to defray administrative costs for oversight and processing Agency related items, after debt service and all other obligations related to the bonds or future indebtedness issued by the Agency and approved by the County was satisfied for the fiscal year, and (ii) the County approved the Agency's issuance of refunding bonds in an amount not to exceed a principal amount of $101,090,000.00 to refinance all or a portion of the outstanding principal amount of bonds issued with respect to the Redevelopment Area; and WHEREAS, the County, City and Agency also desire to amend the Convention Development Tax ("CDT") Interlocal Agreement from 1996, as amended (the "1996 CDT 2 Interlocal Agreement") to, among other things, allow for the use of CDT revenues to pay for the operations and maintenance and debt service for the Convention Center Project (as such project is hereinafter defined); and NOW, THEREFORE, for and in consideration of the premises and the mutual covenants recorded herein, the County, the City and the Agency agree as follows: A. The recitations set forth above are true and correct and adopted as part of this Third Amendment. B. Paragraph III "City Responsibilities," subparagraph C, "Project Financing," sub- subparagraph 3, of the Interlocal Agreement is hereby amended to read as follows: 3. The City shall prepare and submit for County approval at the beginning of each County fiscal year the Project budget in a format approved by the County. The Board waives Section 3 of County Resolution No. R-871-11 requiring the Agency to submit timely budgets for approval by the Board prior to the Agency borrowing money, advancing funds or incurring indebtedness proposed to be repaid from or secured by the Agency's Tax Increment Revenues. C. Paragraph III "City Responsibilities", subparagraph C, "Project Financing," of the Interlocal Agreement is hereby amended to add the following sub-subparagraphs 6, 7 and 8, respectively: 6. The Board has approved and authorized pursuant to Resolution No. , adopted on , the issuance by the Agency of bonds pledging Tax Increment Revenue from time to time, in an aggregate principal amount not to exceed $430 million, and maturing not later than March 31, 2044, in one or more series (without regard to the year(s) of issuance, the "2015 Bonds"), which will provide funds for the following purposes only: a. the amount necessary to refund the outstanding Tax Increment Revenue Bonds, Taxable Series 1998A, Taxable Series 2005A and Series 2005B (collectively, the"Outstanding Bonds"); b. approximately $275 million to fund a portion of the design, development and construction of the Convention Center 3 project, (which project is currently estimated to cost a total of$582 million and is more fully described in Exhibit "A', attached hereto and incorporated herein by this reference (the "Convention Center Proj ect"); C. approximately $36 million for the ancillary Redevelopment Area capital projects, which are more fully described in Exhibit `B," attached hereto and incorporated herein by this reference; and d. All costs of issuance and debt service reserves associated with the 2015 Bonds. 7. The parties agree that any Tax Increment Revenue shall be used in accordance with this Agreement. Any Tax Increment Revenue not used in accordance with this Agreement shall be refunded by the Agency to the taxing authorities in the same percentage as it was contributed, but solely from available Tax Increment Revenues after satisfying all obligations on, or related to, Agency Indebtedness (as hereinafter defined). 8. In addition to the 2015 Bonds, the City also plans to issue City of Miami Beach Resort Tax Revenue Bonds and Parking Revenue Bonds to complete the financing required for the Convention Center Project. D. Paragraph V, "Board Approval," of the Interlocal Agreement is hereby amended to read as follows: Any approval required by the Board as to the annual budget, amendments to the Plan, or amount, duration and purpose of bonds, notes or other indebtedness for the Redevelopment Area shall not be unreasonably withheld, conditioned, or delayed, or adversely affect any matters previously approved either in a previous annual budget or pursuant to any previously approved bond, note or other form of indebtedness pledging or obligating Tax Increment Revenues. E. The Interlocal Agreement is amended to add the following Paragraph: 4 VII. Extension of Taxing Authorities' Payments. Except as specifically set forth herein, the obligation of each taxing authority to deposit into the Trust Fund pursuant to the Act solely for the uses authorized in the Amended Plan and this Interlocal Agreement is extended until the earlier of March 31, 2044, or the date Agency Indebtedness (as defined below) is no longer outstanding. F. The Interlocal Agreement is amended to add the following Paragraph: IX. Tax Increment District Extension The City and Agency represent that as of the Effective Date the only indebtedness pledging Tax Increment Revenues that remains outstanding are the Outstanding Bonds. The City and the Agency covenant and agree that the City or Agency, as the case may be, shall not issue any additional indebtedness, other than the 2015 Bonds, pledging Tax Increment Revenue unless and until such indebtedness has been authorized by the Board. The Outstanding Bonds, the 2015 Bonds and any additional indebtedness pledging Tax Increment Revenues authorized by the Board are collectively referred to in this Agreement and defined as the "Agency Indebtedness." The Agency, within ten (10) days after the maturity and payment or defeasance of all Agency Indebtedness, shall give written notice to the taxing authorities that all Agency Indebtedness has been defeased or has matured and been paid (the "Defeasance Notice"). The terms "defeasance" or "defeased," as used in this Agreement with respect to Agency Indebtedness, shall mean the legal release of the lien on the Tax Increment Revenues through the establishment of an irrevocable escrow in an amount sufficient to pay, when due, the Agency Indebtedness being refunded. The City, Agency and the County agree that the taxing authorities' obligation to contribute to the Fund will cease as of the date of the Defeasance Notice. The Agency shall distribute all revenues remaining in the Fund at that time only as provided and in the order of priority set forth in Paragraph XII of this Interlocal Agreement to the extent any of the required distributions set forth in such section remain unpaid for such fiscal year, with any revenues that remain after payment of all such amounts to be distributed to each taxing authority in the proportion that the amount of contribution by such taxing authority bears to the total amount contributed by all taxing authorities for that fiscal year. The Agency shall remit such revenues to the taxing authorities no later than thirty (30) days from the date of the Defeasance Notice. The parties agree that upon final distribution of all revenues in the Fund, the Redevelopment Area and tax increment district shall be 5 deemed terminated and the Agency will sunset and cease to exist as of such date. G. - The Interlocal Agreement is amended to add the following Paragraph: X. Miami-Dade County' or Other Taxing Authority Representation As required in Section 1 of County Resolution No. R-1382-09 and Section 2 of County Resolution R-871-11, and as provided in Section 163.357(1)(d) of the Florida Statutes, the Board shall have the right, in its sole and absolute discretion, to appoint a member of .the - Agency, who shall be the Commissioner of County Commission District 5, and such Commissioner shall be vested with the same rights, duties and obligations as any other Agency commissioner. Said membership on the Agency's board of commissioners shall be considered an additional duty of office as prescribed by Section 163.357(1)(d) of the Florida Statutes. Such appointment by the Board shall be immediate and will become part of the Agency's board of commissioners without further action from the Agency required. H. The Interlocal Agreement is amended to add the following Paragraph: 6 XI. The Children's Trust Exemption The County, the City and the Agency agree that pursuant to Section 2-1742 of the Code of Miami-Dade County, The Children's Trust, an independent special taxing district, shall be exempt from the provisions of Section 163.387(2)(a) of the Florida Statutes, commencing the earlier of March 31, 2023, or the date that the Outstanding Bonds are defeased or mature and are paid. If required, the parties further agree to negotiate and execute an amended interlocal agreement with The Children's Trust to codify the terms and condition of such exemption. Annual Tax Increment Revenues attributable to The Children's Trust shall not be pledged by the Agency toward the repayment of the 2015 Bonds or any new indebtedness pledging Tax Increment Revenues approved by the Board. Until such time as The Children's Trust is exempt from the provisions of Section 163.387(2)(a) of the Florida Statutes, the provisions of the Interlocal Agreement among the City, Agency and County as adopted by the Board on July 27, 2004 (Resolution No. R-973-04), as fully described in Exhibit C, apply to the distribution of the Tax Increment Revenues attributable to The Children's Trust. I. The Interlocal Agreement is amended to add the following Paragraph XII. Distribution of Trust Fund Revenues All Tax Increment Revenues shall be deposited in the Trust Fund as required by law, and the parties agree that all funds in the Fund shall be distributed annually, only as provided and in the order of priority as set forth below: A. Beginning Fiscal Year 2014-15, to pay the first $500,000 in current expenses and debt service, reserve deposits and other costs and obligations associated with the Outstanding Bonds until such time as the Outstanding Bonds have been refunded or are no longer outstanding. B. Beginning Fiscal Year 2014-15, to remit to The Children's Trust the legally available portion of Tax Increment Revenues attributable to The Children's Trust until exemption, or until such time as the Outstanding Bonds have been refunded or are no longer outstanding. C. Beginning Fiscal Year 2014-15, to pay debt service, reserve deposits and other costs and obligations associated with the 2015 Bonds and.any other Agency Indebtedness. 7 D. In addition to the annual funding that the City currently receives from Convention Development Taxes, pursuant to Section II.A.1 of the 1996 CDT Interlocal Agreement, beginning in FY 2017-18, and ending the earlier of the termination or expiration of the taxing authorities' obligation to appropriate Tax Increment Revenues to the Fund, or the date that the Convention Center is no longer in operation as a publicly owned convention center, the Agency shall remit to the City a Convention Center operating and maintenance subsidy in the annual amounts for such years set forth below. For FY 2017-18, the amount of the annual subsidy is equal to $1 million. This amount will increase by $750,000 each fiscal year thereafter until it equals $4 million in FY 2021-22. For FY 2022-23, through and including FY 2024-25, the annual subsidy will remain equal to $4 million. Beginning FY 2025-26, and ending the earlier of the termination or expiration of the taxing authorities' obligation to appropriate the Tax Increment Revenues to the Fund or the date that the Convention Center is no longer in operation as a publicly owned convention center, the annual subsidy shall equal the prior fiscal year's annual subsidy adjusted by the lesser of the Miami Urban Area CPI to be calculated using the Miami Fort Lauderdale All Urban Consumers CPI from July to June for the prior year or 4 percent annually. The City and the Agency agree that such funds shall only be used to fund operating and maintenance costs of the Convention Center. Notwithstanding and prevailing over any provision to the contrary herein, if the County grants CDT funds to the Agency or the City pursuant to Section II.A.3 of the CDT Interlocal for the purpose of funding Convention Center operating and maintenance costs such amount referred to as (the "CDT Grant"), the annual subsidy payment to be funded with increment revenues pursuant to the prior paragraph shall be reduced by an amount equal to the CDT Grant. E. Beginning FY 2023-24, and until the earlier of March 31, 2044, or the termination or expiration of the taxing authorities' obligation to appropriate the Tax Increment Revenues to the Fund, the Agency agrees to grant to the County an amount equal to the County's proportionate share of the total payments expended by the Agency in the prior fiscal year for Administration, Community Policing, 8 and Capital Project Maintenance (defined below). Such grant shall be paid to the County by March 31 of each year and shall be based on the previous year's expenses for Administration, Community Policing, and Capital Project Maintenance. The amount granted annually shall be calculated as follows: The County's share of total Tax Increment Revenues deposited into the Trust Fund for that particular year divided by the total Tax Increment Revenues collected from all taxing authorities and deposited in the Trust Fund for that particular year, multiplied by the amount of expenses paid by the Agency in the previous fiscal year for Administration, Community Policing and Capital Project Maintenance. F. Beginning in FY 2014-15, and ending on the earlier of termination or expiration of the taxing authorities' obligation to appropriate Tax Increment Revenue to the Fund, Tax Increment Revenues shall fund the Agency's expenses for Administration, Community Policing, and Capital Project Maintenance, defined to include only those categories listed in the Agency's FY 2013-14 adopted budget approved by the Board pursuant to County Resolution No. R-512-14, a copy of which is attached hereto as Exhibit D and is incorporated herein by this reference. For fiscal year 2014-15, the use of Tax Increment Revenues for such expenses shall not exceed $11.721 million which has been adjusted for CPI as defined below, of which $11.251 Million is the aggregate amount budgeted for these items, as referenced in Exhibit D plus an additional $200,000 for Capital Project Maintenance (which shall not be used for maintenance of the Pennsylvania Avenue Shops and Garage). Beginning fiscal year 2015-16, the use of Tax Increment Revenues to fund the Agency's expenses for Administration, Community Policing, and Capital Project Maintenance shall not exceed the prior fiscal year's distribution for such expenses of $11.721 million, adjusted by the lesser of the Miami Urban Area CPI or 3 percent annually to be calculated using the Miami Fort Lauderdale All Urban Consumers CPI from July to June for the prior year. Additionally the Agency will pay the County an administrative fee based on 1.5 percent of the County's Tax Increment Revenue contribution in that year. The Agency will also pay the City 9 1.5 percent of the City's Tax Increment Revenue contribution in that year. G. In FY 2014-15 and FY 2015-16, respectively the Agency will reimburse the City for the Bass Museum and Lincoln Road prior project costs of $1,288,032.62 in FY 2014-15, and $1,286,464.26 in FY 2015-16. H. Beginning FY 2014-15 and ending on the earlier of March 319 2023, or the termination or expiration of the taxing authorities' obligation to appropriate Tax Increment Revenue to the Trust Fund, the Agency shall, within ninety (90) days from the conclusion of each fiscal year, deposit any unencumbered amounts on deposit in the Trust Fund and all available revenues remaining after distribution of Tax Increment Revenues in the order, priority and amounts set forth in Sections A through G above, into a fund to be used for the purposes of financing any shortfalls associated with the payment of the expenses as listed in Section F above. Such deposits to such fund shall only be made if it will not negatively affect the exclusion from gross income, for federal income tax purposes, of interest on any tax- exempt Agency Indebtedness. All other remaining revenues will be used to extinguish Agency Indebtedness early, but not prior to FY 2023-24, to the extent such Agency Indebtedness is subject to prepayment or redemption prior to maturity at such time or, if such Agency Indebtedness is not then subject to prepayment or redemption prior to maturity, to establish an escrow for the prepayment or redemption prior to maturity of such Agency Indebtedness at such time as the Agency Indebtedness is subject to prepayment or redemption prior to maturity; provided, however, that such escrow shall only be established if it will not negatively affect the exclusion from gross income, for federal tax purposes, of interest on any such tax-exempt Agency Indebtedness. The City and the Agency agree not to issue Capital Appreciation Bonds or similar debt that does not pay interest on a current basis. The City and the Agency also agree that any Agency Indebtedness pledging Tax Increment Revenues issued for the purposes set forth herein shall include a call provision allowing such Agency Indebtedness to be called no later 10 than ten (10) years after initial issuance. If the Agency Indebtedness is not subject to repayment or redemption prior to maturity, and an escrow cannot be established, then the Agency shall distribute annually any revenues remaining on deposit in the Fund after distribution as set forth in Sections A through G above, to the taxing authorities in the proportionate manner as it was deposited. I. Beginning FY 2023-24, and ending on the earlier of March 31, 2044, or the termination or expiration of the taxing authorities' obligation to appropriate Tax Increment Revenues to the Fund, the Agency shall, within ninety (90) days from the conclusion of each fiscal year, use any unencumbered amounts on deposit in the Trust Fund and all available revenues remaining after distribution of Tax Increment Revenues in the order, priority and amounts set forth in Sections A through G above to extinguish Agency Indebtedness early, to the extent such Agency Indebtedness is subject to prepayment or redemption prior to maturity at such time or, if such Agency Indebtedness is not then subject to prepayment or redemption prior to maturity, to establish an escrow for the prepayment or redemption prior to maturity of such Agency Indebtedness, at such time as the Agency Indebtedness is subject to prepayment or redemption prior to maturity; provided, however, that such escrow shall only be established if it will not negatively affect the exclusion from gross income, for federal tax purposes, of interest on any such tax-exempt Agency Indebtedness. The City and the Agency agree not to issue Capital Appreciation Bonds or similar debt that does not pay interest on a current basis. The City and the Agency also agree that any Agency Indebtedness pledging Tax Increment Revenues issued for the purposes set forth herein shall include a call provision allowing such Agency Indebtedness to be called no later than ten (10) years after initial issuance. If the Agency Indebtedness is not subject to prepayment or redemption prior to maturity, and an escrow cannot be established, then the Agency shall distribute annually any Tax Increment Revenues remaining on deposit in the Fund after distribution as set forth in 11 Sections A through G above to the taxing authorities in the proportionate manner as it was deposited. J. The Interlocal Agreement is amended to add the following Paragraphs: XIV. Inspector General Review A. Independent Private Inspector General Reviews Pursuant to Miami-Dade County Administrative Order 3-20, the County has the right to retain the services of an Independent Private Sector Inspector General (hereinafter "IPSIG"), whenever the County deems it appropriate to do so. Upon written notice from the County, the Agency shall make available to the IPSIG retained by the County, all requested records and documentation pertaining to this Third Amendment for inspection and reproduction. The County shall be responsible for the payment of these IPSIG services, and under no circumstance shall the Agency incur any charges relating to these IPSIG services. The terms of this provision herein, apply to the Agency, its officers, agents, employees, Subcontractors and assignees. Nothing contained in this provision shall impair any independent right of the County to conduct an audit or investigate the operations, activities and performance of the Agency in connection with this Third Amendment. The terms of this Article shall not impose any liability on the County by the Agency or any third party. B. Miami-Dade County Inspector General Review According to Section 2-1076 of the Code of Miami-Dade County, as amended by Ordinance No. 99-63, Miami-Dade County has established the Office of the Inspector General which may, on a random basis, perform audits on all County agreements, throughout the duration of said agreements, except as otherwise provided below. Nothing contained above shall in any way limit the powers of the Inspector General to perform audits on all County agreements including, but not limited to, those agreements specifically exempted above. The Miami-Dade County Inspector General is authorized and empowered to review past, present and proposed County and Agency contracts, transactions, accounts, records, agreements and programs. In addition, the Inspector General has the power to subpoena witnesses, administer oaths, require the production of records and monitor existing projects and programs. Monitoring of an existing project or program may include a report concerning whether the project is on time, within budget and in conformance with plans, specifications and applicable law. The Inspector General is empowered to analyze the necessity of and reasonableness of 12 proposed change orders to a contract. The Inspector General is empowered to retain the services of independent private sector inspectors general (IPSIG) to audit, investigate, monitor, oversee, inspect and review operations, activities, performance and procurement process, including but not limited to project design, specifications, proposal submittals, activities of the Agency, its officers, agents and employees, lobbyists, County staff and elected officials to ensure compliance with contract specifications and to detect fraud and corruption. Upon written notice to the Agency from the Inspector General or IPSIG retained by the Inspector General, the Agency shall make all requested records and documents available to the Inspector General or IPSIG for inspection and copying. The Inspector General and IPSIG shall have the right to inspect and copy all documents and records in the Agency's possession, custody or control which, in the Inspector General's or IPSIG's sole judgment, pertain to performance of the contract, including, but not limited to original estimate files, change order estimate files, worksheets, proposals and agreements form and which successful and unsuccessful Subcontractors and suppliers, all project- related correspondence, memoranda, instructions, financial documents, construction documents, proposal and contract documents, back-charge documents, all documents and records which involve cash, trade or volume discounts, insurance proceeds, rebates, or dividends received, payroll and personnel records, and supporting documentation for the aforesaid documents and records. K. All provisions of the Interlocal Agreement, other than the provisions specifically amended herein, remain in full force and effect. [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 13 IN WITNESS WHEREOF, the parties have executed this Third Amendment as of the date first written above. CITY OF MIAMI BEACH MIAMI-DADE COUNTY By: By' Carlos A. Gimenez Philip Levine Mayor ayor ATTEST ATTEST By: By: City Clerk Deputy Clerk MIAMI BEACH REDEVELOPMENT Approved for form and legal sufficiency AGENCY By: By: Philip Levine Assistant County Attorney Chairman Attest: By: City Clerk Approved for form and legal sufficiency City Attorney 14 Exhibit,"A" Convention,Center.Proj ect -Convention Center Renovation and Expansion _ The Convention Center _Project will modernize..and upgrade the Convention Center facility and surrounding area to be more competitive. within the trade/consumer show and convention industries. The project to reconstruct, construct, reconfigure, modernize and expand the Convention Center and related/accessory facilities including the siting of private lodging facilities near or adjacent to the_facility may include;.:but.not be limited to: redesign and reconstruction of the convention center building and site; upgrading media, communications, and other area technology; alterations to on and off site parking;.on site and off site aesthetic improvements; expansion/addition or reconfiguration of,facilities.:to include a ballroom or similar amenities; operation and maintenance .of facilities for a period during and after construction, location or relocation of other area facilities directly.:related�to the Convention`Center and/or its ability to attract additional users. - '` A-1 Exhibit`B" $36 Million Ancillary Projects City of Miami Beach Redevelopment Agency List of Ancillary Projects Bass Museum Interior Space Expansion: Renovation of Bass Museum interior to increase programmable space by 47% Estimated Cost: $3,750,000 Convention Center Lincoln Rd Connectors & 17th St N. Improvement Penn Ave to Wash: Enhance the pedestrian experience from the Convention Center complex to Lincoln Road along Drexel Avenue, Pennsylvania Avenue and Meridian Avenue. Work to consist of new lighting, sidewalk reconstruction, street furnishings, landscaping, healthy tree fertilization systems, road reconstruction, cross walk enhancements. Improvements to 17th Street from Pennsylvania Avenue to Washington Avenue will consist of landscaping, irrigation, pedestrian lighting and sidewalk replacement. Estimated Cost: $12,000,000 Lincoln Rd / Washington Ave to Lenox Ave: Refurbishment of Lincoln Road pedestrian mail from Washington Avenue to Lenox Avenue. Work to consist of new lighting, refurbishing pedestrian surfaces, street furnishings, healthy tree fertilization systems, milling and resurfacing pavement surfaces and cross walk enhancements. Estimated Cost: $20,000,000 A-2 _ , . -11 t, . - - `.y .. - ` , , r Exhibit«C» - - . , - ,,. - T _. - Children's Trust us6rheal , ' . . - I ) f f_ _. �; ---J. ,j'%f' ,� ,O "4QA,�A -- . -� - - ,,i Q TV n", -.1--,-"'.:Il-�.,'I.."�"I'_.:I--,.�,- .,L - - r -�.. "., Wit,-' r. i I - i i - ? f _ _ .1 - — .tl r "� l Wn i,' _ - _ i - _ -� - _ t t _4 1 _ i I -_".;I­_, t r, 1,,1.s t - ?' _ _ �• . 1 - .. 1 J e. t .*�- -L. - 1 '.I 1 i { �,. C - s- -,, t .7 t L- - - r r- -j Qf 3 - ..\, �' 'L 147-.v l - f' I-.f, TI .s}l Tt - -, .� -J' 1 ,y f ix t - -I. 4'.: ?.. � � %:T y T t :1 1. -'' -f - 7 _ - „ . f 1 „ 4 'Z? -1. n 1 �� '� -- - I - _ { T - ti- , - ; _ _ J f 1 _ _ _ .: - - - - _ .� .- . - _ - - t j. 11 is , _ .�;. c - - - -..- 1 a� - J S_ x'f -ST£ Z , { _ '-I F +� ... - - - -- -. ti - . ..:i 1] .. _ a _ i % 7 F .♦ } ' 1 J l F r y - .. T ; , -a o - - - Yt- r '.R.:_1! - _ °} ti B 1 . F� - - _:' - { , �P,, -_. _, ._- INTERLOCAL AGREEMENT AMONG CITY OF MIAMI BEACH, MIAMI BEACH REDEVELOPMENT AGENCY, MIAMI-DADE COUNTY,FLORIDA THE CHILDREN'S TRUST, This Interlocal Agreement ("Agreement") is among the City of Miami Beach, Florida, (the "City"), the Miami::Beach<Redevelopment Agency (the "CRA"), Miami- Dade County, Florida (the"County") and The Children's Trust, Miami-Dade County (" The Trust"), an independent special taxing district, for the purpose of establishing the use of tax increment revenues to be derived from the imposition of a half mill tax levy by The Trust against real property located within the jurisdictions of the CRA (the "Trust Revenues"), WHEREAS, The Trust was established as a result of a county-wide referendum in which the electors of the County approved the creation of The Trust and its imposition of a not to exceed half mill tax levy against all non-exempt real property in Miami-Dade County for the purpose of funding improvements to children's health, development and safety and promoting parental and community responsibility for children who reside in Miami-Dade County; and WHEREAS, Chapter 163, Part III, Florida Statutes, also known as the Community Redevelopment Act of 1969 (the "Act"), provides for the creation of community redevelopment agencies and governs the use of moneys in the redevelopment trust funds created in accordance with the Act(each,a"Fund"); and , WHEREAS, the City Commission accepted a delegation of powers from 'the Miami-Dade County Board of Commissioners (the "Board"), found a need for and created the CRA to have jurisdiction over all of its community redevelopment districts, declared members of the City Commission to be the members of the Agency, granted the Agency the power to exercise certain powers permitted by the Act to the extent delegated by the Board to the Agency and directed the initiation, preparation and adoption of community redevelopment plans by the Agency for its two community redevelopment districts known as City Center/Historic Convention Village and South Pointe ("CRA Districts"); and WHEREAS, the CRA has various series of community redevelo went revenue bonds currently outstanding.in the aggregate principal amount of V;I fF_t z f P-a (the "Bonds") issued under certain bond resolutions (the "Bond Resolutions") to which the CRA has pledged all current and future tax increment revenues the CRA is entitled to receive pursuant to. the Act from all non-exempt taxing authorities including tax increment revenues from.any additional tax levies created subsequent to the issuance of the Bonds such as The Trust Revenues; and 2 �s 1 WHEREAS, the City has pledged certain City revenues to the holders of the Bonds as a additional security for the Bonds; and WHEREAS; as an independent special taxing district, The Trust is eligible to share in any tax increment-revenues not budgeted for a particular use and remaining at the end of the CRA's fiscal year in the Fund established for each CRA community redevelopment district; and WHEREAS, the Board enacted Ordinance No. 03-210 (the "Ordinance") with an effective date of October '17,1003 that established a policy that before the Board will consider any matter concerning a community redevelopment agency, including the approval of an annual CRA-budget, a governing body such as the City shall first exempt The Trust pursuant to the Act from having to deposit its Trust Revenues with the community redevelopment agency; and WHEREAS,the City is unable to obtain review of its matters, including the CRA budget, by the Board because it cannot comply with the Ordinance without violating the CRA's pledges to the holders of the Bonds that requires all present and future tax increment revenues from each CRA District to be available for the repayment of debt service on the Bonds relating to such CRA District; and WHEREAS, the City, the CRA and the County wish to assist The Trust and to effectuate the will of the electorate by agreeing to remit The Trust Revenues to The Trust pursuant-to the provisions of this Agreement; and WHEREAS, approximately ten percent (10%) of the ad valorem tax revenue collected in Miami-Dade County is from residents of the City and; WHEREAS, The Trust collects approximately $6 million in ad valorem tax revenues from the residents of the City which is ten percent (10%) of the ad valorem tax revenue it collects and; WHEREAS,there are children and families who reside in the City and are in need of the services described in The Trust's Strategic Framework 2003-2007 and-there are a number of agencies which may provide quality services to these children and families if provided financial assistance; and WHEREAS, in exchange for the City's and the CRA's cooperation, The Trust will make funds available for children's programs within the City in the amount of The Trust Revenues annually upon the conditions set forth in this Agreement; and WHEREAS, the City,the CRA, the County and The Trust desire to enter into this Agreement in order to establish their cooperation and,agreement with respect to the use of The Trust Revenues, ' . 3 - NOW THEREFORE,the parties agree as follows: Section 1. The recitals above are incorporated in Section I of this Agreement. Section 2. The City, the CRA and the County agree that the CRA shall: (i) use The Trust Revenues for debt service on, and other obligations relating-to, the Bonds under the applicable Bond Resolutions only after all other tax increment revenues under the applicable Bond Resolutions have been exhausted for such purpose; and (ii) remit to The Trust on the last day of the CRA's fiscal year, all of the Trust Revenues that are not needed- for debt service on, and other obligations relating to, the Bonds under the applicable Bond Resolutions and are eligible to be refunded pursuant to the Act, and the applicable Bond Resolutions. Section 3. The Trust will make available funds in the amount-of Trust Revenues annually for programs and services to children and families within the-City, through a competitive process, to the City and/or agencies and organizations that provide said_programs and services within.the City. However, in order to receive funding, the City and/or agency or organization must provide a program or service that falls within The Trust's funding priorities and quality standards. The City and/or. agency or organization is in no way restricted from participating in, and shall not be prejudiced by, any and all other competitive funding opportunities offered by The Trust. Section 4. This Agreement shall be effective upon execution by all parties and shall continue for as long as The Trust is in existence and can levy ad valorem taxes. Section 5. This Agreement is made in the State of Florida and shall be governed according to the laws of the State of Florida. Proper venue for this Agreement shall be Miami-Dade County, Florida. Section 6. Any alterations, variations,modifications, extensions or waivers of provisions of this Agreement shall only be valid when they have been reduced to writing, duly approved and signed by both parties and attached to the original of this Agreement. Section 7. This Agreement is signed in four (4) counterparts, and each counterpart shall constitute an original of this Agreement. Section 8. This Agreement contains all the terms and conditions agreed upon by the parties. No other Agreement, oral or otherwise, regarding the subject matter of this Agreement shall be deemed to exist or bind any of the parties hereto. If any provision of this Agreement is held invalid or void,the remainder of this Agreement shall not be affected thereby if such remainder would then continue to conform to the terms and requirements of applicable law. i IN WITNESS WHEREOF,the parties have caused this Agreement to be executed by their respective and duly authorized officers as of the day and year first above written. (SEAL) ATTEST: oDavid BEACH, FLORIDA obert P archer,City Clerk ermer, Mayor ATTEST: Zh. an REDEVELOPMENT AGENCY I� �1 Secretary ATTEST: MIAMI-DARE COUNTY,FLORIDA Ar, 6,MtrY.r{k Signatge of Autt orized Representative �+ 4 _{ V 0�V/ffrp��s DA c� � 7-Y ! Q Print Name and Title s v O C-1 G ! R� *l�4gegYoff ATTEST: THE CHILDREN'S TRUST,MIAMI DADE COUNTY •� r Valria C. Screen, Secretary Modesto E. Abe y, P esident 0 APPROVED AS TO FORM&LANGUAGE &FOR EXECUTION l� City Attom Sr Date vc' c afr°, ^r - , . " �.' ,.�1�1�_..;.. ' �::' ­�_: .I . . -i-'�., ,-�� . ' - '' - ; . I � I�. .. I � "-"'-- , "', .- ._ ��7-� : '. , r _._' - � :_�,�. .''.. '..',004. . "'.' 0 �-1 _:�1.1 - I ��- " . �'_ �- _. .:. .. . - - � . �'. Exhibit«D» , ,. ' . Resolution IVo. R 51,2 14 s s .3',. t . r r - Cit: Center FY 20 i 3 14 Budget � ; Y _ -, :, f i - - _ti _ t 41 7 r. ; t - J�- , i. i;- _ i t Y v _ L �- I Y 1 - r j tiom. A I t' 1-1 v. f.I * ( r v - .. , .. , 11 11` „i.� _ - "- -,� - - r : ,,,ell.j _ j -r 1 - t r , -.1• - J, ``,: - o - « Ir. _f w . r- 1- S r - r -r lr,- I. tl ... n ` J. r k _ �'. i y _t _, "r r A 1 - �. -. t, t i. - - J - t,'. �. - G _ - C - -. �, - J `n '1 -i - _ 4 - V , y +. .- �'( [ 1 I f ?1 li. l 7"!S. 11 .. .l - , ),' v % A�p v A i oil 91� , i-_ _ . z -4;^ , y Vol,1v - n _ . -t'v 1. r. a _ :a Jft �l. } ' Z ` .. ` �p ji r ry , U' tf 11 } H-' �=I '11 - ..fir 'r -.. _ 4 _ ��r.. .. I _l: f - 'r+ r, 4- � t t _ 1; r } e //� V r f ,I. _ O Cory ez RK OF Bow. � Off' OUNW C�oi SSI0NIERS IAA -DARE COUNTY.FLORIDA MEMORANDUM Agenda Item No. g(G)(1) TO: Honorable Chairwoman Rebeca Sosa DATE: June 3,2014 and Members,Board of County Commissioners I FROM: R. A. Cuevas, Jr. SUBJECT: Resolution approving Miami County Attorney Beach City Center Community Redevelopment Agency Fiscal Year 2013-14 budget Resolution No. R-512-14 i The accompanying resolution was prepared by the Office of Management and Budget and placed I on the agenda at the request of Prime Sponsor Finance Committee. R. A. C evas, County Attorney RAClsmm 1 i MIAMiPAD ' Memorandum :Date: June 3,2014 Td: Honorab.16-Chairwoman Rebeca,Sosa and Mernbefs,.Board of'Courit 5' missioriers .From:. .Carlos A. Gimenez Mayor 'Subject: FY 201314 Budget for the Mian-ri ch City Center Community'fRedevelopment Agency. I Rect)m mendation It is recommended that:fhe Board:of County Commissioners (Board) -consider approving. the Miarn Beach 0ity-Center--Community Redevelopment.-Agency's (Agency's) FY 201:3-14 ,budget for the City Center Community.Redevelopment-Area(Area). Scope of-Agenda Iterrt The:Area lies-within Commission District 5,which'is represented by Corrtmissioner Bruno A. Batreiro.. Fiscal impact/:Funding Source. The Agency's- revenue source is tax. increment financing (Ti.F), which. is -generated through tho incremental'growth of ad valorem revenues beyond an established base year, -as defined in Section 1.61387 of the-Florida State Statutes. County and.City of Wilarrtl Beach' (City).tax.increment..revonues. deposited Into.the trust-fund for FY 2013-14 total$15,910,000..and'$19;840,000; respectively,. The County-will contirtiue to. make annual payments to the Agency, based:on each respective year's growth of ad valorem revenues.over the base year,through 2023., when.the Agency will sunset.. 'Track Record I Monitor: This resolution doses not. provide for contracting with, any .specific.entity. Thee resolution approves,.the Agency's FY-2013-14 budget.. Backsiround On:.January 226, 1:993, the-Board approved the establishment.of the.Agency*hen it declared the-Area to he slum-and blighted pursuant to.:resolution R-14-03°. The,Board approved the Agency's.Community Redavalopment_flan (.Plan) and its funding when it enacted Resolution R-317-93.and Ordinance 93-28, respe..ctively, An Interiocal Agreement timong the County, the City% and the Agency and the Plan.were approved by the B:aa.-rd on Maroh.-30, 1:093, requiring the agency to submit an.anmal:budget for Q.ounty approval, FY 2013-14 Budcte# The Agency's.Fly 2.013-14:budget Is.$43;00.0,0004'which'was approved by the.Agency o.n .8eplembet- 30, 2013. The budget includes revenue. sources- of County TiF Revenues. ($1..,918.,00..0), City 'OF Revenues. (.$'1-.9;540,000), Resort Tax ContribUtiOnS(.$5,386,00D)I .a%. mill levy to.be set aside fo.r,the Children's Trust($-1.,831,600), and interest earnings.{.$25MO). Adniinistrat'ive expenditures for the Agency.'t operations, including the City:Adm.iriistrative Charge for general oversight ($283,000), total $2,244,000 and. represent approximately five percent of total budgeted expenditures, excluding the 1.6 percent County Administrafive Charge ($239000), which Is less than the:20:percent:allowed in the Interlocal Agreement, 2 Honorable Chairwoman Rebeca Sosa and Members, Board of County Commissioners Page 2 Operating expenditures total $39,791,000 and are broken down as follows: • $18,443,000 for Capital Projects including: • Collins Park Parking Garage ($12,242,000); . • Bass Museum Interior Space Expansion and Capital Contribution ($4,797,000); • Euclid Avenue Improvements at Lincoln Road ($69,000); • City Center—Various sidewalk and street improvements Commercial District($326,000); • Lincoln Road Master Plan Study ($500,000); • City Center Legal Fees ($350,000); and • Agency's Capital Fund Balance Shortfall ($2,390,000). • Additionally, the capital project fund credit of $2,231,000 is a result of projects that were underspent and closed out. • $9,922,000 for debt service Including: • Series 2005 Bonds and the combined debt service on the Parity Bonds($8,550,000); • Sunshine State Loan for the reconstruction/renovation of Lincoln Road ($825,000); and • Loans for the Bass Museum Project ($547,000). • $305,000 to Pennsylvania Avenue garage and shops to offset operational costs. • $4,195,000 for community policing that includes ten police officers, two sergeants, two public safety aides, a crime analyst and a part-time lieutenant providing community policing exclusively within the Agency seven days a week. • $5,095,000 for maintenance of Agency capital projects constructed with TIF funds (Lincoln Road, Beachwalk Project, and Collins Park facilities). • $1,831,000 as the Children's Trust Remittance, The Agency's budget includes a contingency reserve of$384,000. The Agency's FY 2012-13 expenditures created an initial unaudited fund balance deficit of $341,237. Therefore, it is accounted for in FY 2013-14 ($342,000). The Agency is in the process of auditing the current fiscal year and believes there will be no deficit. 1 � f Edward Ma u , Deputy Mayor Attachments Mayor03514 3 I MEMORANDUM (Revised) TO: Honorable Cba4voman Rebeca Sosa DATE: June 3, 2014 and Members,Board of County Commissioners i FROM: R A.C W.Jr. SUBJECT: Agenda Item No. g(G)(1) . County Attorney 'lease note any items checked. 9-Day Rule"for committees applicable if raised 6 weeks required between first reading and public hearing 4 weeks notification to municipal officials required prior to public hearing Decreases revenues or increases expenditures without balancing budget Budget required Statement of fiscal impact required Ordinance creating a new board requires detailed County Mayor's report for public hearing No committee review Applicable legislation requires more than a majority vote(Le.,2J3's 315's ,unanimous )to approve Current information regarding funding source,index code and available balance,and available capacity(if debt is contemplated)required 4 ' . i Approved Mayor Agenda Item No. g(G)(1) Veto 6-3-14 Override RESOLUTION-NO. R-512-14 RESOLUTION APPROVING MIAMI BEACH CITY CENTER COMNIUNITY REDEVELOPMENT AGENCY FISCAL YEAR 2013-14 BUDGET WHEREAS, the Interlocal Cooperation Agreement between Miami-Dade County, Florida (the "County"), City of Miami Beach (the "City"), and the City Center Community Redevelopment Agency(the"Agency"),approved on March 30, 1993,requires that the City and Agency transmit its adopted annual budget to the Board of County Commissioners of Miami- Dade County,Florida(the`Board")for approval;and WHEREAS,the Agency and its counsel have determined that all expenditures associated with the attached budget are allowable under the Redevelopment Plan, Interlocal Agreement and Florida State Statute;and WHEREAS, this Board desires to approve the Agency's adopted annual budget for Fiscal Year 2013-14,for the City Center Community Redevelopment Area(the`Budget"),-in the form attached hereto as Exhibit 1,and incorporated herein by reference;and WHEREAS,this Board desires to accomplish the purpose outlined in the accompanying memorandum,a copy of which is incorporated herein by this reference, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD 'OF COUNTY COMIOHSSIONERS OF MIAMI-DARE COUNTY, FLORIDA, that the Board approves the Agency's annual adopted budget for fiscal year 2013-14,related to the City Center Community Redevelopment Area. 5 Agenda Item No. 8(G)(1) Page No.2 The foregoing resolution was offered by Commissioner Lyn&Bell j who moved its adoption. The motion was seconded by Commissioner Jose "Pepe" D iaz and upon being put to a vote,the vote was as follows: Rebeca Sosa,Chairwoman aye Lynda Bell,Vice Chair aye Bruno A. Barreiro absent Esteban L.Bovo,Jr. aye Jose"Pepe" Diaz aye Audrey M.Edmonson aye Sally A. Heyman aye Barbara J. Jordan aye Jean Monestime aye Dennis C. Moss absent Sen. Javier D. Souto aye Xavier L. Suarez aye Juan C. Zapata absent The Chairperson thereupon declared the resolution duly passed and adopted this P day of June, 2014. This resolution shall become effective ten (10) days after the date of its adoption unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this Board. MIAMI-DADS COUNTY,FLORIDA BY ITS BOARD OF COUNTY COMMISSIONERS G®MJW ,A HARVEY RUVIN,CLERK Z -.- GOUNry Chr10opher A ripwa �.* By: Deputy Clerk Approved by County Attorney as to form and legal sufficiency. S g Y David Stephen Hope • s i MIAM] BEACH, . . pity of M16 WW 13each,1700.Coti"Wian-CMter Drh%Wdml Peach,FWdo 33I�4,.wrvw^1gObeachH4PV ' Miami Beach Redevelopment Agency TO:'(305)673-?577,Flu!1305)6737063 November 6,2013 Mr Jproe M.Fernandez .Program Coordi,nator i GK4 of MAhagenie.nt a Budgget' I- NWN i Stre't, 22"a Floor- ., N�iarni, IjL 3392$ • RE: City Center Redevelopment Area -.FY 2014114 Budget Submittal Dear Mr. Fernandez: Enclosed is-the-Miami Beach Rt3dpvelopthentAgeney s Resolution packages�adopting the FY 2013114 operating and capital Budgets In the. -County's preferred format -todether With our status report. The .Budget was adapted. by -the RDA Board -on September 30, 201.3. It should be noted that the most current year-end Financial Statements, dated September 30, 2012, Have already beers forwarded to the.County and are also ava llable-on line. The Financial'Statements for 2013 will be available as of Marob 30,2014. Pleate advise as to-the County''schedule for-reviewing-and.approving the enolosed 8409T. in-the meantime, should you have any questions, please do not.hesitate to bontact me. SiC�cerefy; Kathie Brooks Assistant Director KGOWAS;GPH �r�.clQSUr-�s G: Jitiiimy Morales,Executive Director Max Sklar,Redevelopmenf.Coordinator John Woodruff,013P)Director +Geoigetts Denials,Senior M&8-Analpt F1lNF04ALLtRDA%RDA Budgetwi.3-141F.Y 13 to Budget TransmRtal Request County)doc We owcowdod to provldtng mAd puW servile.artd sdf*to Q#who Ave.work and play in ow vibrant tropkat."fic commmk" 7 i AGENCY MIAMI BlEACH REDEVELOPMENT FY 2013114 PROPOSED BUDGET (AS ADOPTED ON.-SEPTEMBER 30, 2013) CITY CENTER REDEVELOPMENT-AREA Afflif U,/ ;f • �:�;fig. -- -.,.. �,�� ��7?. •� ��� �L_'�`'` .. - :�,. lZA IS n f• AWN. �3''�� + •.tom f �' F= ' 1 45 ' i i :Submitted By: The Miami Beach:kedevelopment Agency 1700 Conventao­n Genter.Drive Namf Beach, F133139' 8 .11/fIAMI Beach Redevelopment Agency .Adopted.Annual Budget:for Cety Center FY 20-1-3/14 Content SECTION Budget Narrative. 1 And Annual'Project Area Status Report 1=Y 201.3114Operating Budget as adapted by-tbe ROA Board'on 09/30/13(00unty Format} 2 FY.2013114 Operating Budget as adopted by the RDA Board:on 09/30/13 (RDA Format) 3 Capital Projiaat Summary and Five-Year Plan. 4 Capital Maintenance Summary 5 Community Policing Budget 0 Grgan'rzatiohal Chart. . 7 Adopted FY 2013114 RD'A Oper-ating Budget Resolution packages 8 FY 20.13/14 Operating Budgetas adopted on 08130/13 - FY 2013114 Capital Budget:adopted on 09/30/13 Adopted'rY 2012M3 RDA Operating Budget Amendment Package .Adopted.on 7117113 9 Financial Report- Fiscal Year ended September"3d,�0.1:2,.prepared by ROM MoGladrey: 9 MIAMI BEACH REVEL PMENT AQENCY CITY CENTER REDEVELOPMENT AREi4 F 2013/14 OPERA'T[I BUDGET AND STATU - RE00R`f. rr� r.m.o•.riir + M"Iss-lun/Purl2ose Statement To assure coritinued econdMia'viabilfty vof the City Center Redevelopment Area and the pity as A shole; through :the Impletrentotion of the ob ectiues and protects -dogned in the Redevelopment Plan and the-amendment thereto. a To Inour minitrim relocation and.condemnation. •. To lhvolva community residents.m the redevelopment.process.. s To establish° tha necessary linkages to tie in the Convention'Cent®r, area hotels, cultural amenities,4riteitafnmot,residential acid busing§.s uses in the.*dlstrtck, + To enhance diversity cif fdrrn.aind aativity through the use of.established-planning.and design prInclples. • To create-:g trafge syf6m to serve local and through trafffc.needs. l To recoortiZe'the histortp structures and.de6ignaodns Althin the historlc districts and facflita#��eveioprrier�t accordtn�iy, Status Retocs The 332}acre City Center/Historic Convention lfillage RedauBlgpn r f.. t►d. exit I�zation. Area (CC1HCVRRA or City Center) was estabiiMed in 19939 In ordor to provide .tha. 'Wr Ing mechanists to taster the development. of. new conaerdtiori hotel development within ptoxhity of:ft Miami ®each Convention Center and to establish the necessary linkages between. the pity's many core area civic, cultural-and entertainment uses In order to. create t.0 fabric of:a true.urbarf downtown. t Since ft icrptlan, the City Cuter Redevelopment Area:has undergone dynamic change through a cornbination 6f.publio. .and private.Investmet.t inWatives� Exciting prajeots.Which have transf6rtned'the.Brea.ihcludo; s 'Two convention-quafity hotels, both of °Which were the result.. of -pu c/private partnerships between the Redevelopment Agency (RQA) and the respective Developers r the 800-toots.Loews.Miami.Beach Hotel and the 48 room Royel Palm 10 Crowne Plaza'Hotel,.the lattter of wliloh had the distinction Qf-being'the.first African- C Ametioarr owned hots in the United.States; • The development Of °an 800-sp4ce public parking--garage: (Anci�:or �arage�-to accbmmoda:W the parkin naeft-for the: Lpaws.�iilami Bch Hotel, the Crowme Plaza,Hotel Arid other servltb',and i tai(bu finesses`in.fie areas. A $24 million overhaul of*Lincoln Road, partially funded-writh the participation of businesses on Lincoln Road; 1 • An.aWarct wlinning.Beachwalk.'extending from.2'i st 8treet = �' to Lum(nus Park, r omprising an At-grade,, landscaped pedestrian walkway; • Implementation of a Cultural:Arta Gampua Wster laian , for the area east. of the Miami .Beach Convention Center, which includo .a now regional library; the headquarters of the Miami City Ballet;the expansion and venovatica. of• .the, Bass Museum of .Art, the r97.. landscaplho -of Collins POrk,:.including.the restoration.of. the Rotunda: and. extensive stre8tscape ImprpIvements throughout the area: • The cvmpletiah of the much heralded New World Campus,. including-the new estate- F. of-the ert Gehry-designed liead�uarter.s , facility,for the. New'World S.ymphan udind two publicly-funded components, lhci. ng. a $1 _Million.muriicipa�l_ Cehr�rx#esigned parking garage and a $21 Million World- class parts. � �. 2 I i i I . 1 i Other Important' projects Include the: 650- :spadd-tvixed-use-parking facility built on the surface: parking lot on tl.e.west side of-City Hall, -which includes 3:5;000 square. feet of munic al office .space::the implel entetion of major :street. and infrastructure irnprovernents throughout City Center,. valued at niore than $26- Million; and the acquieftion and renovation of three. multi- . family buildings (Barulay; Allen House; The Landoh House) to maintain, the stock .of affordable housing in the area: Tax increment Financing l(TIF) through the .sale.of bonds has- been .a major tool-for flnandng redevelopment activities. To date,- four b.orld.lsgues have a.cUrted'in City Centar one Iri 1994 far.$25 million, -to -acquire -land for the hotel-developrheht initiatives; one In-1996, in the amount of $43';2 ffiiHion to fund.cantraoWl obligations aid:capital improvements related to the Loews Hotel'arid Crowne Plaza Hotel projects; one in 7998, :In. the amount of $38.2 million to firfance capitai expenditures related -to the rznventlon hotel projects, -the- Cultural Campus. project and to repay the $21:9 `million debt obligation to the City; -and the most recent, which occurred in 2005, in the amount of $80.7 allion to refinance :the .outstanding debt service on prior bond Issues. The City -and' Redevelopment Agency's commitment. to :upgrading and improving the area's ihfrastructure,- addressing parking and,circulation Issued, and facilitating . new development has fueled -sigriifioant ,nova prtvate- sector'investment In the area;.evidenced by more than $900 'Million In new building permit. activity since the - area's inception. work Flan . Sihoe its-success In attracting two-covention-quality hotels,-the Rodevelopment Agency- has been focusing Its efforts-on.a number of initiatives.aimed at.upgrading the area's Infrastructure, streets and parks, alleviating trafflo- -and parking congestion and encouraging-the production and preseratatiQn of:alts and cxaltt.�ra1.activities in the `ea.. In 2003,.-the Redevelopment Agency amended its.Redevelopment Plan for City Center to spe.(4 ally .address :these. objeOvbs in the -context of the New World -Symphony's expansion �pland. involvin' :the 1714 Sfreet:surface lots and the resulting impact to the Convention Center:and businesses In the area. 1'o this arid, the kedevelopment Agenoy% mission is to 0ordina#e, inipletnent and fund the Plan's-objectives artd to compliment the City's established vision:. • Cleaner and safer; 3 12 i • 6e�iufif.UUi:a]ndvibr_an#;� . . • Mature,stable-residential corypunity-vulth vmell Improved infrastructure • -Culluret, -phtertonment and.tau sin Capital; end: Intemotionaal center for Innovation Gitlre `bsin �While • �Aexintl rig vdf� .fo out'o.i0r Oliy far the w.dollars.paid. The iedffOlvpi' nt.Agency's otileotiVe over the next five ysarc-.shall .focus-on. the. planmfng and Itnpfemeh1ation of capitol projects associated wh,. but.not.ilrnite0 to the Master Plan for the expansion of the Convention Center; upgrading.etreotscapes.-and related Infirastructdre throughout: City Center and Increasing the. Inventory of parking faclllties, Including.the pending co nstruction of a near 45p-space pa[;cing gara9e to be located-on*:23ro-street and.Collins.Aveouej designed by-world.-renowned architect Zeilhe Hadid., The RDA.shall also continue'to fund public seruIce-enhanooinants.pirovlded for under.the Owmanity Policing Program as well as.ensure the.on-going x0,01 tensnae:of rapltal assets funded with TIF, It should .be noted that'that a majodty.of the capital erihartcemenis set-forth in the Redovelopment Plan and tiie.20Q2 ACnehdRlerlt thereto, fi v" een.completed-and/or are currently:underway; including.the City-Center Right-of. V1f y.lp proVpiner�te,the City Hall.Expansion Garage,:ths.Cotilrts Park.improvements'and th6-.Wiofepment.of.tho wth Street surface lots into the New World Carripu$. ud -get Hinhli-Ohts • Based.on-the.01-3 Certificate of Taxable Value from the Proped. Appraiser's Ofrice, the rerminary value of property In.City Center'is actually projected.to.Incresse by -7.3%.aver 201.2-4.Marking fhe-third year In a rowa,-values seem to'be*'back on the rise, foitou�ig .#a�rro. ea of decline. However, as In previous yeeKS, the City has receliced `r&' denb6:from the County,.advising of ithe�finalization of:the tax roll for thy.prior_year; which in the case-of FY,�2011/12 reflects a:slight.decrease from the preliminary vatuation for the Some }teat and will result in. .a corresponding adjustment/redUction'l. TIF revenues totaling $168,000 for 201 /14 vs $3.6 million for 2012/13. * Additional sources of revenue lhelude an estimated $5.4 Million in Resod.Tex contributloms, a Y mill levy in the amount of $1.8 Mfllton, tp be s+st aside'for the Children's Trust pursuant ton lntetiooal .Agcaerrtent; dated August 1.6., 2004 betwaan the RDA, the City­.of Miami Beach and Miami-bade County;. and an estimated$25,000 In Interest Income. Prof yreiaGted expenses account fqr,appro4mately$23 Billion which tndludes'$4 R. Million to bo allocated for community Volloing Initiatives tin City Center to continue to pioAdd-6nhanceflevels of°staffing drnd,services throughout the area,and$5 Million for maintenance of:RDA capital projects: On-going and Planned capital.projects in City Center are projected.to account for$16.4 Million In the FY.2013/14 Budget,and genererly :include allocaEtions- for' cons truc dh Of' 'the Co1l.ins 'Park Gera a. City/Convention Center Right-of-Way..Storm. Water Improvements, Lihmin toad Master Plan and improvements to Ebolld Avenue. An additional $67,000'Is being . proposed for capital renewal and replacement projects; Including repairs and 4 13 maintenance to the Colony Theater. Additionally, $305,000, In transfers' to the- { Pennsylvania Avenue Shops and Garage are budgeted to offset the, City's costs Ossociated with the:retail and parking operations. • Administrative Expenses total $1.9 'Million, comprising. ® management 'fee of -$1,198000 which Is allocated to the General Fund to pay for direct and Indirect.staff' support-far the RDA; approximately $650,000 set aside for on-going planning and consulting work related to the Convehtlon Center expansion master plan;- and x$25,000 for capital renewal and replacement projects under'$25000. it should be noted that the Management Fee allocation. is reflective of actual cf#y resources applled to the operafion -of the RDA, as supported by the RSM McGladrey Cost 3 Allacatton Study, dated July 20, 2009: It should further_lam noted that Administrative and Operating.expenses.only account for.less than three percent (3%) off the.total budget, which is well below the 204A-threshold level established (arid permitted) in the Interlooal Agreement between the City-and the County. • They current combined debt service on the 2005 Series Qonds and the parity Bonds accounts for appt ximately. $$.55 Billion ($8.4) Million annually. City -Center also ontiriues assuming,dept geivfce payments on the portion:of the Gulf Breeze Loan used to pay for the: Bass Museum expansion and renovation,.and the portion of-the Sunshine State Loan Program used for Lincoln Road. iMproverrients, which collectively account for approximately$1.,3 Million. a Reserve line- Item expenditures include those items that, pursuant to the .existing Bond Covenants, may only be expended once.the annual debt service obligations have beer. met. These include the County's administrative fees,.equivalent to 1,5°/0 of Its respective TIF payment; .and -the cdrresponding contribution to the City's General Fund, equivalent to-1.5% of the City's shard of.its T1F payment; and the remittance of the .mill tax levy back to the Childran's Trust. S 14 i 4 ri ca go of s to io W-0 t!f r g§ go co �. ti(4 b r r V of L� r 9�QO NN r Oi P1Vre a�0' �. �����IDr I.r r r � W �► ,� ��� .rte. �8�6 W Y{ r � �� �a.r !�f�+ .�+c`I� � �y � • . C4: cm .s N /4 N M S v p n r t.N�Q r .C} V 1 `3 aY7 gCC� i t0 1 1 QW m m Yt �r .�. � . , . }� • � � 7+ 8 rE L.I IJ r+ LL�. mi Jill $ BD F yi o�p, 15 I MlaihA Beach:RedpvelopmentAgency .City Center kedevel4men�Area Proposed FY 2043114 Operating-Budget PY 131U Rudge#ed 'FY 10111. F1(11112. FY-2017113 .PraPaed Variance - Aotuai Actual Adopted. Bridget- From FY 12113 .Reve.[lues and Other Soui�as oftnconie Tax Irrcrerirerrt-city . 10;377,818 $ 18,937,693 '$ 18,188,000 $ 1tfi.934,000 74e,000 'Prof Adjus(ment to City Inlxement (iA16,726). (1,758;457) (.,871*,00D) (94,000) V17,00V Tax Ificremerlt-:Coun1y 18;047,879 14,291,236 14,818,000: 14,092,000 10 174,6bb: 'Rroj Mus6rient to County Increment 0.262,384) (11367;157) (1,836,000) (74,000) 1;502.000 50%Gentribution from Resort Tax 4,492,076 4,025,188 44684,006 513861000 702,004, ,iA MIN'chtdreri!s?iust*Contrlbudon 4,474,83U 1,AMA4. 1,676,000: 11011000 7RWADQ Inferesi Income 9,291 8,278 13,000 25,000 12,000' Fund Balance Reallocmlidn:(Noh-TIF) - - - Fund Balam Renewal eAd Rep18C8menl - 01hor IncbMeJAdjtistm9ntg: - 5;496.. - - TCITAL.REVENUES -$ 37,683 781 $- 35,924,961 S' 36;7711000 43,000,00.0 $ 6;22N000 AdmirflOperWho.ExPows Management fee tsaWes 9.benetils) $ 94.1,624 $ 952;880 4: '976,000. $ 1,046,000 $ .67.000: Salaries arrd t3eneff[s $5901 $0,000 1651000 90,000 Advertising&'prootion - 40,000 6A.000 m Pddtdge,0.dnling-&Mailing. Bt - 3,000: 3,000 b�-aupplW&egdlMant 9,648 2,269: 4,000 4,OO.D: - mer opera ft 1,000 ii00u. meelings&Conference$ 12 - 1,000 1.00D Ddea&subscaptlons 788 795 2,000 2,000 - i.ioences•S Taxes ` Audit fees. 20;280 20,260' 8,000 21,000 12.00D. P:rofesslonal 4 related fees •50,031 175,373 241,000 629,000 "388,000. ftepalrs and'Malntenanoe - 31,489. 98,000 25,000 (73,000): Miscellaneous expenses ti,tl00 33,838 .717,,000 27 ODO'.. 20 000 Total Adrnlnf0paralinp Expenses .$ 1.028,244 $ 1,276,614 $ :1,446,000 S' 1,86,000 519,000 'Aroject Expense* ►omrrlunlly.Polioing 1W-112 4 $ 2.7640-374 $ 3,411,728; 6: 3;741,000 $ 4,195,000 $ 44,00a Capital Projects Nlalntenance: " $ - Property Mgmt:168.9864 900,358 1,013,473 .$J,149,000 1.176,000 93,000 Sariltatiom,16B-9965 2,092,146 2,5.60;468 #2,693,000 3,020,000 427',000 -Oreehapacet 168-9980 F06,242 .57831000 832,000. 69,000 Riy11S Projiso ncofn PaikGomplox.COrd ngenay - _ ` NINS Project.,Grant-1641d 15,000,000 Transfer to-Penn-Garage Parking 78 622 48,801 .405,0.00 3ONQW (100.000) Transfer to-Penn Garage ROW 26,446 347,112 Transfer to Renewal and Replacement - - 705,fl00 $67;000 (636,000): transfer to-Capitet Projects 136758 13.541,301 14,238,000 18443,000 4,205;000. Total Project Expenses $ 21,075,706 $ 21,429,123 $: 23;588,000 $ 28;038,000 $ 4,450;000 Reserve and Debt.Servlac 0411gatiorls Debt Service Coat-2005+Partly Bonds $ 8,393,254 $ 8,548,106: 3: 8,4-16,000 3 8,654;000' $. 136;204 Currern Debt Service-'Unccln Rd-Prajeot 1.094,170 1.103,366 $785,000 8257;000' 40.QOD Current Debt Service-Ban Museum 505, 69 602,740 '503,QDD 547;00D' 441000 Reserve.4or.Caunly Admin roe 221.,782 103,861 198;000 239,000 .41,00 Reaerye.for OMB Corildbullon 2830.1. 248,7-19 -281,0.00 283; 22,000 Reserve for Cf lldrWa Trust ConlribuUb;n 1.4x.4,880 1,481,004 07600 031,06b, 266,000 Reserve for.Collins.PvA*Patkinp Cafagw - 1,45t,8.23 . Repayment-Prier Yr Fund Balance 2;Q46,240 - - 342,000 342,000 Reserve for Future Projects 384,000 304,000 Total RQSeNs and Debt Service $ 14,889,679 13,629,624. $ 11,737,002 S 93, 01,000 6 1,284;000 TOTAL EXPENSES AND:OBLIGATIONS .3 0,991,628 $ 601236,361 S 30,771,000 43,000.000 $: 6,7?.8,000 REVENUES-FXPENSES S 872,153 $ -(3401400) $. t 16 -Proposed FY 201:3114 Anchor Shops anti Parking Garage Qp6ratin$.Btrdget FY 13114 FY 90111: FY11H2 FY 2012M3 Proposed. Variance :Revenues: Actual -Actual A gd 2md Budd et i Parking Operations $ 2;368,000 $ 3,079,821 S 1.049.0 PO 9,3301000 $. $1,000 t'kela)i L9@sing 71.4,1&0- 19%Q16 $70g,01D 847,000 139;000 We'rost hooted Cash 39,216 13,897 828,000 18;000. (800) $,7$3000 $ o0D 12XOTALMMU98 36 S,708,734 $ PQ Gperatirip ftpgmas: Parkipg-Oparations $ 1,652+90 $ 9,(0496 $ 2,Q25-000 $ 2,078,000 $ .53,000 -Garage Use-Fft(Tb..loews'j! 471,m 440,241 .463,b00 607',000 44,000 (3ar6ge.Repairs and Maintenance - - 37;000 31;000 AOVI;Leesing.Properly MMagementfob .78,917 62;619 62,000 (62,000)° Ceasing.ROpetr&t+Ratntenanca 32;.00d $x,0.0(? 'Reidi Intern Service Charges 86,274 88,909 451tfQ0 IWO (18,000) Refali Operations Depred4flon 55,308 55,398: -65,000 55,000 - Management Foe to General Fund 189,074 1$6,740. 223000 294,000 '1,060 Parking OperaiionS Marageemant Fep 189,074 198,740 223,000 224;000 1r000 Retail Leasing Management Foe to•GF - 1.4-1000 10,000. (4,000] Transfer to Renewal and RepMcem»nt 182,000 220,000 .88400 11•ansfer.to-Capitai.Pro)ects Reserve tor-Future Ctipilat-Pa#1 ng-Operattoris - 923A2 398,606 72.660 (286,000) Reserve for•Fuiure Capital-.Retall Operations 378000 .7411000 36610DQ TOTAL EXPENSES .$ 04642;420 $ 2,309,942 $ 3,783.00 S 8,695!000 -4• 212,000- REVENUES=EXPENSES $ 08;94A $ 1,398,782 $ $ $ Proposed FY 2013114 Pennsylvania Ave Shops.and Garage Operating Budget FY'1311.4 FY I 6 FYI 1112 pY 2MA3 Proposed vadonco Revenues:. Actual Actual Aldopled Bud et ' Paddri9'Operations $ 478,683 $ 818,961 t 520,000.4 00.0, 00 S 1 W,00.0 'Retan Leasing 147;123 574,1000 45000 (24,pop) Raul j Tj*-isfer from RDA Operalictis 347412 - - ! Parking Tranefer;f'rom RDA Operatlons 02,G70. 346,000 405.000 355,0511 (ii.D0000) Mteresi Pooled Cash - .492 1 tOTAL REVENUES 5, 600;1183 $ 409,6118 1x499;000 $ 1,51.1,060 S 12,000 *parting Eacpenses: Parking.Operations Expenditures $ 300,727 $ 7238020 $ MAW $ 822;{100 $ 20,000 Parking AdminfBase Fee 73,768 46,368 '63.006 66,000 2,�0 Garage Ground Lease 23,652 23,652 23;0.00 23;000 Parking Dow Rent. 23,552 .0,1402 $2300 23;400 iAddt9(Percenlage Rent $0 - Garage Maridganienf Fee, - r,6,692 7,604 $47,000 61,00: 14,000 Retail Addloonal.0ase:kent. $218,000 228;000 (40,000). Retelf base Rent $278,448 :61,000 138,000 1B5,000- RetatiMmin Fee - 11,137 - - Deprecialion Leasing Commissions - 303,400 Admin Fea'(OFy. - .3,8.64 $53;006 6t000, (2,000.) Cpntingency- - $192100Q 134 MQ .58000 TOTAL EXPENSES 898,047 $ 1r461,e41i $ 11499,00.0 .$ 1,911;000 $ 92;000. REVENUES-EXPEi1ISES $ 982,806: I l i • , , , 17 f I I � i I 1 -OW OF MIAMI®EAJN R.DEVELOPMENTAGENCY , 014-"to CAPITAL PLAN-NNMNM SUMMARY Fumo Q PRb,WT%we fadrianti 2013H4 •2miol 2611m8 -*MT linvoQ faro total " cTity gOnlolr RtiA�tp11a1.Fuad tOV41R" t�l k open T wmw.Dimwm 1 snow b :0 0 0 ,0 b 9�l,B00 p4alige.Tr T7ut 8tla�tCanogs Sei4 F#r4dd7 0 0- .0 0 o a IG�0.� 7IO4D twst�l�afn 11ih61 1eetfQgrdiliilfpi�i+e�ioAre�11 0 0. 0 b A. 8 �,OOO.CGO ?AW4� rnniiarnr 2ul ec Rm"l!on coft Rimes and R 1 to es o 0 0 :0 0. b 11a,Oo ptstlnrod 400 olo*Urtta 0 0 0 W,000 i�Nsd(f.Y!kY A yVmRest FWmpmmmPhl A00 0' 0 0 4 o A 900,000, pwaaihp�p "mmm Q Pab R*Oaoa eed 201l.00D' a 0, 0 d 0 0 ooa 000 .01=rlmNw "1000 0 n a .0 0. p .z6,000 r biba •bb 'IboaloUutm 91DOW kftWl ox Rapes 300" 0 A o A o' G Jl.1i98 mdtitaiieeitl esa.:h±u J' to f 42,bN 0 0 b .0 vnabatsatOt ®easplwOsumt�m�eralsrR�acan�t 6tt7s+ o 0 0 0 nn*esa5pr (leis 1�us4wn itaas PmteA mil. 69.226 0 0 0 a' o b ems irtpbasihun 71�sMusvwaHVACflophlaemeN 64,ars •0 0 o b 0 0 64Ass tratbeeepOr Besg'Muemon Hyd+aultc( rRvpfe�te 6B,12i 0 Q f1 0 0 0 r4mbailatlr ObidM!►seNmds9enf4episoeittegl ?7,911 0 0 0 D• 0. 0 2t,9T1 o1w a•rt+x fluest ,ntf+ Vim► 4 3,76000D V&D-M 0 0 d 0 -%*NUW e,.s w uosdron� air, «. si ovo 0 0 o a D o bTA10 a.wxtw*p blas4'.6 waft Waww SW A P!sw4t6R �,4ad a a b o 0 o sti;�za a rso e o ' 40 0 096 ' •aaobat>pWrl ,saadust�snoll �,ers o. •0 0. •b 'o. o :8eab2e p0a1i0c9prk 13Z�t1QPatt@np�:pltelBf 3360 0 •a o o. o 0 3?760 plc4blapp'ha '&'* lapa"ftpi,aseb 9,000. 0 0 0 0 4 &000 itacarkd OmlFhhet'Clwoh0uf864edorMRadoal 9;1.120 0 D 0 0 :D 0 om.. ! 1=01ods .26.793 0 .0 0 .0 Q 0 mMGaTandr iR1.600 0: A. P 0- (F 9 �4 1 ci 1i►1+amli bmxw. atatc l 8pA►s 17.M,sr9. 42AI m o- o .0 0 0 )6.}B9.8iQ iM*& Q*cemeteabtWFaoa 0 3so,000• o o b o 0 1 -rwictkMb My GatW4Wnmmeu.%jBM 13".842 apm 0. 0 a o t! 1saS6ed2 , 0. 0 n o: b R teas tpl 1: a@urayandaws esyalea, 4si;ew o a. o o' :o o .431" 6: GoBaisCptml teaib�.Pa+Jeq 3. oco tti :6 0 D 0 0 f 000 swaeaUpar lrm Park Mdiaty 0np►ovaatonts 4.000,000 '0 0 0 D 0' 0 4;000pOb wftftamp perk paApyO QptagO 184MAY--1 12,24X= 0 D 0 :0 0 16,720yi frarolotbo Oli ww vmwi r ccasasei Lb9s Ntpleoe 0 40,D00 d 0 j irseofarini Cotony7loeal4►HoMA4 0 77.000: 0 0 .0 :0 0 xTAAO oteaiiBfil toiQlTaaler8pgou til�ftelraT�l moo o. e. o 0 o b 904000 natWMKlr ca wwwon Woom 04 owwwo+m Q 0' 0 0 .0 0' 10,ODD.l�O t0A00A0P wawa crosvmu. 44 00 0 8 0 b 0 0 ZI,000 � pgoieulo>t tlaturasQi*P+�p�OdWeOeq o .0 •0 A It .a 1t.!00@tCOD 13,t00A0Q I lensdint(gtt 0?reelay8fgas1n:9�eCtRpCenta{$BaIV 106298 0 0 0 D 0 Q 1okm wirtAaAtbpa R*AV tse pb6ihoai..l0d Paris 0 m.m- 0. '0. 0 Q 0 0 7b'T;90D R Gowen aww ulwqAAwaa ww win 75,7'1'9 o b• o u o 0 73,725 svimtlnoo0l uvohnd od{"e ca"a wwwown 2616,683 b n o 0 0 0 9,619,89$ t i i 18 t ppotwhm Lk=kRdtai Lktc(oldt34 nkct p LlnCO Rd.UNFOKhta PUM LmdMAp 8515 0 R a 0• Q 0 th .VatWK LWAn clod L'eiidWM FY 1,1 0 0 loom o(itlmb tkwOnRoedLgdADAWelbimpoOMW A 0 0 0 Mao easm".top LOxx in Road Mta4wpmn" 0 ROAM. 0. 0 D 0' 0 80D= mv.wrmd ialsa�BoadlM1l fb nAVmlBnmct►re a b tO,ObD,O� towa000' o° 0 0 7a0000m Omar kt e.P aae t k aaDu Auoa�+s INN" d 0' 0 0. o q tasAoO eeatinetwtnlr Mmi cwvfi»oi&BtLlghtRlp}-RSR sxa6s o R a o o a son nmmtba r :ModCkyB&IMtedCnaieRdd4t8R 0 0 0 0 60AP ecea�sbtaar Al9amt e1 FIMAtaea SW AM ?Y4,a60 ef0t -M&OCWt d Repo m"ftaR SkOt 0 a o Q 4 0 OR!41 idA[!al .Poo-wanC"WiWinb^ �1t Pb 1' 60.000 6 0 0 0. 0 0 �9:OQD agent Poranptva�4.(tiegrWoetdl�p+ mq}tea. �7.OSl136' 0 0 -0. 0 0 b it."in ppaP�� Ptete LotPeA Oazaper 0 0 0 0' a 0 TA p00 "AOO* SIN Reamw.'ttzftAv@W@ILhD[nitd MOM 68;000 0 Q 0 0 0 488,620, pp�ta�eace 0 a Baoora6.6olgd�lOOfCor 1,58,662 0 0 A o 1,z46x metiaa6m T�+.� .x,000 0 O 0 0 0 76,000 ewpwattmw 4vdetRveeWa�&eY 760,OQ6 0' 0 0 a 0 41 7 .000 �iraat 7lMAs4 t impo s)No qao t0MOQO o 0. 96. A00 �t4 ,oao 463. RDA•AfthorQUASaPRO 6vaRatap AW W 46f a AV ltep a ftbed•R&% 68020 0 0 0 •0 0 0 68;020 plan@ok ArobwOLMpaEl.G03 <R8plpr At" ' 0 4 0 0 9Sl,OR3 emanohmp JtnattDrtia*ege Re and tlpfcept ?]l1,OOD 0 0• 0 00,006 nagrt o Awwoam90RodlRe hpt-R&R 45.846 0 0 0 b' 0 tl A44 a �nQ Ntetairg4,6trpehea►t�peiudjr b 76;000 :o o a o o zaoop ' :asel<or® Ardw Shw Fap SyMOU RCOMPari 7aAgG 0 0' 0 .0 0' d 76,0es psw,FN4ar CWWChi&RticAbft> 17?;000 0 0 O A• 0 1T too ppefp ;oet' Pas►en Foal t1 ataeTdPes X000 0 R 0 0 0 a 2R* aqudvcadx Revpcpi6coar�t�gaPtdsnn. 0 aAM0 0 0 •0 0• Bum: t WAN 486.a00 a 8 0 d o iA=J.4tlB 487 #ttpd�WFennowase i! 0 "Afttroar .CIftOd ChOa TOWAllon S'yoiam 40,Qb0 b 0 4 0' 6 ,7OA0 'Raveriva con w Ev Plo"I es;�0 a V 0 •0 a 0 ss,4oa alp: Opaoo 0 0 t i l 19 i i CINOFM)AMI.WCH AttachmeftA REb6tfEEOP1►RENY 14t3ENLll 20U1.CAPIT4st113CET-FUpU1nG*SVWW RY :go city calftenDACephWFund TWO]PMW3 --. ."Moudramp :0111n0prkP.. -.-Garap Q pitcbassphl Bass Muswm interior Space Expinsiori 3,750,000h ;pwssuc MW Ra rjre-E14d¢0100 et uOri°R'd. �, I :tw3trchvb9b CkyCenter Cornmerdal bkl 090' Rvtsllpernp Wicoln'Road Msstec•Plan Study. sw po; sai$9401e city Center#&Legal FM 950, : 17,37 . ' �tansfr3rs ta•[a.Pltal. bass Museum PreAous Cdpkal•ShQA FeU 1,046,78,5 RAACbpital Fond$alance 5hortfaiF 2A9kl2B- r tabsCltuC4h er.9ArrediftolandpaUaWforc losedgKtptojeus 23 Transfdo to-Opital Pr.*c", 18,449,000 I ' s ' • 1 t i 4 ' o • f , ib 1 i f , 20 . g g " 8, 9` 0880 8.8 ogoo8%oo , E . o :$ ° o v r i mQ o Ct CD N IA f� O r R+ iy E o O0 o 0 o c O b pp a Oo O � , A 1 O A CJ W_ m 9 O C :C CJ to d va , IR M N a ON- :E C b S Go8r-.00�.l8h �07 •o 8 .. pd. ppa 9p p � 99 oS;8 .O 3 : 888 C;�. Q °_•. �j N �t ocV • S SO O � � g ' O in .- 'p C!#� ®. O N ��. s 4 a o O0.'O0�.pO�T:O; °4. O O a D Oo. pp.o g S -o B.Oo o7 0 0o8 ppoo ' o 10 V U7 r M �V �• O 'a0, -O e8 'C 9 b o Q, 00 o.O O O C7 O. O CDP O CO O K ( .t a�0 • O a m .F+ b N [lq +r e- tq r4? Ifj of y r. e4 r U CL m M � o M r. o CL Or r gin M. p to p c � p m C gc,► 41 (3 e CO) 5 ea . �.. c Fm LL U zz '4 asp �. .0 = ;rZ5 4 w x 3:.1 . 0 o D a l- C� OG O p _ a to p cif Cj to. T O r M •M M m r ~ N to r �- r t- r r o 0 0 0 r� o a a gC) 8Soo � SS 00' t50 S . °o oa:o C4 r c0�s ° e� N a d a": v e S a a IC. fo• �° .`8 8 S o. o o c S � $� S g q- o C Vft V a N ° b m Act CL c' vi Li a Cl Bm o o 22 f I good 0: doh' d oo a 4 $ N iK- 4S Is. 0. S 3: � S �o CD d. .0 0 v o ;F ' b�p o Q �+ �,. •� � mil. �. A 4� � � O cr t� o. oa o 0 0 od d a Q Q'h .o W.W dad d c a o O o.IL Y C � 0 •Va. cn, Cp CC) Lo Cwh N C4. c , i -in t a U APO J-15 1 SSr #b � S8 AD .Q a I t O �a lot d+ F b 0'LIL Ila c,T ! .Q N H c IL ti- 24 AR . �. � $ .g. . o IC,52 ..- . 9d 4o � f o m C o.-c..o n__._... .' s �j t`f � gis � o r r tiaPofl � rn gut 1 b3j g 1°n t m 9 Jo r r •� 4ti Q q S OA S Q O O ZZ p :° O �: o o C o ° $ ui o vs q ui co r.t7 Q Of O r. C $ ° $ g $ g C� y La (9 o CL o j m a _ R 19 Am� wo � S r All�• 8r $ti. $ g ,8•$ 8S8:888aa'8•.8: • 9888 88• MMaS'8.So 8 8 8 .� - a • 121 cl clr 8 A A $.� 8 Ro..R g8. s a'a po� aa e�n cap . : zh000 co M ap db d000 o o a a,ac5o o ��jjpp d b C O a S S O O O 0 O C O S C, �C cw o o e� d. c' o c rt .ar a Est Ck r to: r Ca,r M. 7- N A' a' B:S'8S,S8 :8 8.$ x888 .0. �°Q• :$ ooc ao. CS,0 ocd .gera � sg HS gN � � .C; ogcy w02C4 t� e�p" r-. o0ot. rco aD Q � M � r r'� r P � •- � �- � Z t :am �', SS8 S-S8c4i, 8: 8 S-SS•S S $ $ °o $ 8S °o, `8' 8 S LID r t0 h+ VD, Pz o ti u? C4 r av N M. t i d O O Q O C ¢ 8:8 O '� ,S S Q O O CI:O r G d C *44 C;, YC rig 8-8 t I i N to � w w AT. CIO u, � a Ca E0� v1 �•. F NO O EEL w 0L col IL IV O IM i a 8 82 v 9 CP lip% cl) cm q A .C> At § rj 8 Cni C31 . 's. -00 13• O. t 10 %- CO. Ira Ja& 711 IL 27 II r � p CIO V Ilk aft ft- AE U FI!. V . I\ • f • f 0 i s . C Q i .. e i 28 RESOLMON NO, -698-2013 LVTION, 13M WNIF THE MANI BEACH! REDEV15LOPMENT AGENCY ADOPTING .. AND-APPROPRIATING THE OPUtOM .BUDGET-FOR:THE _. CITE'GAITER RgpO01 @L®PARENT AREA,"EANCHOKSHOPS- ANC PARIONG GARAGE AND THE PENNSYLVANIA AVXNUE-. SHOPS ANDPPARKING GARAGE FOR FISCAL YEAR-201$114 -WHEREAS,-the proposed Ctr Center RedevelophiaiitArea Sudgot has been.prepaared to coincidowith the overaff City budget process;and w�I AS, proposed City Center Radaveloprnent•Area.budget reflects.,800 ipated donstawQoh pi . sts in oddWoo to opoeting and debt service cysts fQr -the figoal year.; and 'I keft v the proposed budgets:for the Anchor Shops sand.Parking Garage and:they lgenn$ylvAnIkAvenue Shops and Garage halve boeri Included as.separate schedules.to the City co r;tQr RedevelopMen.t. ®ra Budget,.t t[ea cig projected r±ev+ nue nd aperetirag expenses fcrthe fisoW ye0;and WHERM, the Exew ive'0lrootor recommends approval.-of the proposed Fiscal Year 2013/14-budgets for the Qity:Center Rodeveloprn.Qnt Area; as-well as for the Anchor Shops and Parkirio Garage.girth tha penhsyivarila-AveAU0-$hops-and G;prggs;and IN.oW, REIDNE IT�t11�ISLE .SX X 'ON 0. ANIe N1ENfBEiZ .. i OP tHE(U111A11d16 EEACH RE©E LQPMENT G I CY;:that the Chal.rparsor phd Membasi$.her by r adopt iind.appropdates than operating budgot for`the City Canter RedsWoprmi rit Ae'ea,the Anchor i Shopp and Paddri#Garage and the Pshnsylvarda Aivenuo Shops and Garage for Fiscal Year j I 2a13114,:m(ditawc a i � I 'City Center'Redevelopment Area "3.,0.00.,000. Anchor Garage Parking Operpttons op.. a Anchor Garag®Retail.Operations $357,000 Penny vahl>a Avenue Garage Parking Operations $0811060 Perirwylvanla AvWua G.arago Retell Oporailorrs $590.000 R i Bg �j �a @�{�w /� r PASS D AND A DOPTEO THIS SEPTEMIEE'R Se DAB OF 20130 I . r � f tR SORB 1 Z. '. ATTEST: $r WCORP i APPROVIW AS TO FMM LANGUAGE 8JEGARY AFOR ... Q14. j KBMS: de ant an I. Dfa • T:IA�fOA�?AtSlSeplerobet�BSRD IiBtfQ(iETRE30.:tOt�i�oadoo . .. �1 i I 29 i MAW BEACH.-REDEV OPMENT AGENCY:inn SUMMARY Corkdansod Title: A,ftllotuttoi>!.of tha CAW rp MW std-Mo—MOers-of Me MIS W.B8.9h.Reoevelopm ant Agerioyadaptin9:8A0-Wropf SAN I � t�operating budgets for Ole-Gty_Cwritar Rede+retopment:Area,;�ti1a�d•►ar Shope and'Parking'-Garage and the iPenn Averiuet d;sGare a of t esr.20.13114, l Xey Int6need Otitcorrte.Sup Ot"ted:._. ...::. . ....... t Wp_*ath.o C[Vs f®W del palth.and maintain ovmQ band:ruing :u�PotdnB D �(slurrr�y�s,�vir9nr�s�ata1..'Si�i_9i,e�,��, . . of lie clo Key-1htO6de4-Woorrle$*tc Anthm welt-ideai!gn6d:arid-wall m9IntWriacl CV1tal projssats and IntMabVeUre. !n,l eeping 4h GIs 8 �pAPr4xlmeteiy! ht dr i0.6 mWon.of the 13oftet for City 1 :Canbsrls being allocated.towaids depitel-1 endlturosin6luding new-capltai projects;ren$wal alai roplaostnent,and I rMir fenance RDA:" tat triir$etructu .. Item. trfla....letriendatdon: _ a - -The'pr sas d bu etfor die City Centel`Redevel. Ment A�for Flscat Yoor 9013114 bas'been 8re}dW Wiricido op op. Pte.. WIC+Lhe siVarall City budgat prdsss,ar►d is b. . gre&e�ted tb assstst ici pt±ovtdin a compr8hensls 4vetvle►w of thti dld4t,Ads tis rt'ally,the ieveriii :er1d$icpen$es assadat d wifki the bperatis ns o thssr., for sSho ,end Parld g afage a$W®If ash the:panrtsyhiaNa�tvectlfet shops andalgo are presdnted as'�parate.sattedules sti as tb eliminate any percepts that prsmceeds from the Pacilt/s operations are pooled with T!F and *er Trust Fgnd rs�veriuesc Based an ithe°761$sCssrtitlCadc�1 of.T ucal fe:Value from qte PraipartytApprs�dse�`s U(firo,:ths3:prallmioRi3r vs�lusl of rapeW in Olty Cantdr is.projs�ated to two"d�7;3°�ov'r::2012: }jouJetiar;ae Iii ptevidus yea t�;the:�ty(� t�s�hted camasFtiinden #torn'the County.edvlslhp of the flrtalizatMo of the tax Poll for file prloryear;irvlilch�the dash'O PY 2011112,redeots a slight decrease'from the prolhWnary valuation for the same year and-will resutt.ln a 4msponding adjus.tmentlreduotionln TIF revenues totaling$1 eQ;000.:for2043114vs$$.01ni11lon fvr:�i F113.Addigoifai sources of` r8vme Include o0ostimated.$6,4 ml(lion In Resort Tax contribukovi a 14 MID 16W In the.atnwint of$1.$0111kM,tq$B: sset.saslde for the Chtldtssr►'s Trustppursuent to an interiopai.Aore ftaht,dated Augus140,2909 W.oeli.the IRD&the City of Miami Bleach and MIAMI l-Dade Coimfjr,and'an estimated$26,0001n Interest income.The proposed FY2a13M4 City Center RedeYQlPprnentAhea Budget ot:$43�OR0,OQ01s$a4, 01s�ss.thari the proped. udet.racarnrnende;d by ' itie ace001 Ve Dlrectior an.Septarim s3r'tt,2b1'I,.This iledte .$re$dik±af.a reiCluctlpq In the CiVM,a coinage rato of 4276!ty tho'Ma and CartCnil ton.tlit Its urorlt 9h :f'lst<1 '�epts r>ll#i6 3.2013. Y ' In Omar to address the oxisting and future Wlpatfor$ of:the-Re,.develdpmdnt.ArGO,-3t.�Is.reW..=Onded,vmt,*6. RedeVelopm®nt.ggency adopt:the attaG�etf Ftssatuttan wtticF�establishes ttte.operadng.budgete for the Ply CoOter Reilevslopmorrt Area,the A�trhor Shops and R�rislnQ Ga rage and the Pan nsylvanla Avenue.Shops and Garage for FY i 2043144. Advisoy Board Reaomntandation; N.k Financdal Infon�natlon: soy.rte.o� Amount _ Acsunt Funda: 4. $43;000;ODO City Centelr:Redevaloprnent Area Fund 2 $ 3,990.000- NOW-Sh000And"no 0*000 00 0606(14 61"'Bi l"000 Panri* Wr to Merwe Shops and Garage. porattdns: .013pi otei $48,806,C1OQ i Pinancial.104 act$Umm l Ofty.Cterk s. ce Lealdigive trackln Max Sklar,Georije to.Daniels send.John Waodndf ' �uaaet AWeliaritcuve diK wr . . Director A Dyes (RDA -. j W46tor ' MAS " KGB JLM T: 1 Se�ptea:+bet$ et. 13,;1 sumidoa. MIAMIBEACH BA Vik' i _ I AMI BE ACH--. Gr of f►&mi Uock 1 '00 Cgnverfim Cater Oft,-Mam[Bwh-,Fw.*33134;.www.mipr�u'beaQLww RPOEVE.LOPMENT A0EI' CY-MEMORANDUM 'To Chairperson and Mermbers ofthe Miami ach Rede lopment Agency FROW AWY L.MorAea,9kedUtMe Dit8di0ir DATE; SgAeix dr30;2013 SUBJECT: A RESOLUTION*OF THE.CHA.IRPERO . AND MEMBERS OF THE.MIAMI BEACH REDEVEL OPMEt4T`Ai3ENQY, OPTIN .ANa APPROPRIATING THE �CP.ERA'tiN� BUDGETS F'OR TH9:+CI`t'Y CENTER.REDEVELOPANP-NTARENTHE AhiCN4R.sHOP3 .RANI]PARKING GARAGE AND THE PENINSYLVANIANENtUE SHOPS AND OARAQE FOR FISCAL YEAR 2013114. �IwI�IISrRA-irt®�������EN Adopt the Resolution. � N L`Y 1 t The-proposed.budgat for the City Center:Rsdevelopment Area(RDA)for Fiscal bear.2013/14 has beak"Pre",Md to.eoinoide with tt ovefatl tty budget ptOCa9;s,,attld is begin presented Cods+to aeslst in 6mVld1ng-a corriprehi hsive,oVervier Qf fha-districL-.Please refer to Atte.chrrlent:A for th& proposed budget detsiils;. Rsvenu" Uased on .thO 2013 Certlficat ari of Taxable Valua-from;the Property Appraiser's 00.M the prelhinary:vat n.... Center is:projactod:#p inCr ise by7::3%over 2.012o notking the thlyd yedr.In.a r�o"olues havo imreaadd;values se?em td-be.back orr the nee;toltcwingtw6 years of dieicine.HQweyr,aa'trii proves y8e1c5,ttie�Gity figs icely®si cbrxespndnr; fti the:L�uhty, advising-of tho finalization of the tax MI for the:prxor'year,which in the dag#of#Y-2011/112 a. Wight decrease from the prelirrilhary valdatiori for the same year and will result In-a.owwspondhV ®dji,�etmen#/reductlon itr T1F revenues totol(ng$1.58.0Q0 for201 V14 vi rsus' 3. mliiionfru Q12J13. Add i06net apuri s of Oyotu*l olude an oarmtod$5.4 m1111oh in ResottYax�n4ri tons;> %mlh IeU�r"in the aunfi of$ :,t3 tl�Ion;by bs eat aside for the Cbilren's TrustufsuenttA,®r�lti#ertooal mea dated August"16,2004 aetwsen the FDA;the City of Atlierrxl Eeeoit and Miami-Dade ownty;grid era eetitnated$25,00a in West income. :. ,i�rperrc�tvre�s Project-restated expenses accoUht for approArnately$26 miiiiort,which includes .2 rhffio.n to be allomted for corn murrlty.policing Initlattyes.In the.City venter b continue providing enhanced Iedels of staf ing end services throughout tl1e area,and $0 tniiilon for maintenance W—RDA capital i RfWabdr 34 2013 �te�l9vetopr�nt pganc�r� dum - BitWONyOWWftw.FY20j304 plecte.On-go ft and planned capital projea10 In-the- y Center.ara'proj&*;lto accountfors-W mlli1.6h;In thO FY 2643114 Budgat; -and inalWe.allbcatlons fir�n�txuc�ori st-the�oilirtia Nit Garage,they Bass Museum'Interior Expansion and Lincoln Road:Master Plan Study. This-also include!s$1.556 million.asktransferto:cover prior oaattal fund'balance defi dts. , An 00' is bein�,........ d for. ft�renewal end.mplaceamant ro octs;including 8P p P repairs entf inalntertat�oe to oettatn tft -owned projects and faollitlesi Induding.theAnchor 0M.0.8. and Colony Theater.Additionally, 400 In transfers to ilia. nsytvania Avenue Shops and earage.era budgeted to abet the ftDRa toste essaclatedwIth the.ketall and parking:-operationa.- AdminiSt OVei Expohses total$21'rtiUigtr,ronrprls .a management:fee of:$1,043,006 wh1ch Is alloaateO-6 the-General Fund to-pay-for direct'and-Indirapt s#0support for the ROA;$61,000 for actuel rating{expanses;approximetely$ ,0p0:sataslde foron•.going ptanr ng.end consulting. woricrefated.to the CarWentiori Center expatnOon masterplan;-60d.$26,000 foreaphai.renewal:arid teplbeemerit projects undar$26,000, it should lbe ndted.drat the.Mansgemar►t:Fee a1loc�tion 1s re ffect -of aotual city resources-applied to.the-ap"oo of the.RDA,-as-sup the RSM MoO.Iadmy Cost Aligootloh.:Study,:dated Jufy:2p,'2000: lt�hould fudhef be.noted that-Admirdstrativa and pera ng axp0npft only'4c0urlt for less.then four percent.�4. of tha total budgat,which is -well below the 20%threshold level established' m 6 Int66datA-rementbetween t t the Glty and the County. The current combined debt seNlce on the.2005 Series-Oonds and the Parity Bonds sob iunts-fdr appro mately$54 million annually..City Center also continues assurning debtsarvipe payMorits-on -the portion of the Qulf Breeze Loan used to pay for the Bass,Muaeum expanslon eind tenaVa oh, and the-pardon of the-SunaNne State Loan:Program used for Lincoln Road Improvemdrtts,'whlch collecively=count for:approximately$1.3 million. Reserve-the.(tent expenditure 'Ilnelude.thoso.tiems thpt,pursuant to the e�xistf_n0 t3Qnd.,OMn'ant$, .may my 6o.exF�hllstoove.erlded�or tote.inn ual:deb�;l3ervice�cs6ligsitiot�Rave been cnet.Thesettar�ucia.ti>e 4 : Countya. adm fees, b lyaleM to '1.:5%-of Its. .respective T1F:.payment; snit the torrespondino canttlbuffon to tlie'Mts Genera{Fund,eViVelent to share oaf b "TIF payrnent;..and the.-remIttance'of the K MIR#ax lawback10 the Chlidren's.Trust, the.teverlues and®xpensea assopiated with.operations of the newly opened 1?Qdnt Avania_Avenue ttpa and °Garage and the Anchor` Shops end':Parkina Gsrpga are presented as. separote AD ed.4lcs.in..orddr to ellrrllnate.any pamption that prabeeds'frOm the facilities' operaE(ons are .pooled with T10 and other Trust Fund.revenues: I �fi�S artafl��tkfng[age . Garage revenues at the Anchor Garage are pro ee#ed at sa pp wOr $ Oxp$jsog,(inOpOin,Opp atlon,contraptual.ravenue4h01ng obiigadons wIlth'Loews and.gans_ra1 fund ac�Iriinlsft l�;fees};.ot a pr6.x-W teiy$2.6 rt1lkh oif. was.of$72#00t2.'The Anchor WWI, operatios. is exp�c ed_to der ri #e. B57&OO;D In r6v.enue.�,_inQlu ng irtto esE, _vyttf ;.cpeti t�Q �ekpensas ass_6 latedwith the rata((rr�anagerrtent convict,talated relyr humable expanditure�.,.snd depreciaflon tdtallno'$1 16,000, as well asp' "ected reserves of$N1,000. Pennsylvania Avenue'Shops-and Garage In oopi§1deradnn of the fact that tbo.Pennsylvania Avenue Shops and Geroge was built Oy the RDA on C 4owned pr4p�ertY,tide-operation of the faolilly h. bw structured in the forts cif.a ON.U nd t tease between the Clgr end the RDA,providing terms for both the C3arego and Detail openatlarrs. UT I SeptethUr 30,2013 t4� erb/optt�eelt ggarloY A�eMov M Operating®edger W'0Ny COW€r FY k013114 RO-3 ofS € The gage-ope;tatlons indlude base rent artd an Administrative fee, consistent With that of Ithe -Art�chor'Garay;Parkin �a pi rationetfed,. rtd neveriue.shbrinybebt&bnthe Cftyyettdthe RDA.The Recall operations alsq Include base rent and an adrritnlstraitive fee,as wed as:a rill tease.'rate { based firi.2010 retail.ma*et bap rates.The retail operations also Include revenue sharing between the:City ehd the RDA. . 1 Base4 on-e timates oaf the garageiA current- aria ri � 'resuits,wind takin� I�Zto ednsideratfan the s � Pe �� �.. � 9 succes�sfui ikon of h I•�se agreement_mAth PoWi 1,LLC:;for the eottee still specs, the WARY Is:arctic pated to generate$1,#z0t?,O.OQ In revenues in FY 2013/14,gom.rising$:856;a0a In par�Idp revenues and$550,000.tn to tl I me, :However,eln the f�oltlty is still.anitoip®tee 10 operst�e-at o tasq.ouring.FY201:3/14,the RDA plans to subside ibsaperations through a trdna��of $$05,000 to the paricing operations. Expenses for the facility are budget®d at-$1.15 MillMn, comprd, ing$ 04000 In direct apQra, poais f01r the.9arog and.$6!1,000 to ipeseePgtelated oblIg.a..o.n4. CONCLUSIgn The proposed FY 2013114 City,Center Redevelopment Area Budget Qf$43,000.,000 is$94;000 its than--the proposed budget raoommended"by the Executive Difectoron September 91,.2011, This del sa Is.a result of-a. reduction In the citywide.millage, We-of ,0275. by the Mayor and Cwmissloh at Its wotkshop held September 23,2011 This Hilage reduction decreases the-TIF revettuse paid to the Ofy,Center RedovelopmentArea by the,Cityof Maml Seach. Thleneductlon in revenues was offset by a reduction lh the expenditure line"Reserve for FUture Capital Projecte i in order to -eddnass the existing-'and fixture obligations In the Redevelopment Area; it. is rewrnrnended that the Redevelopment Ag.ency adoptthe attached Resolution,whIleh establishes Die operating budgets for the fifty Conte' Radevelopittent Area, thb Andh6r.Shoot and Parkl'N 0a�rag ' and the Pennsylvania Avenue Shops and.Garage for FY2013t14.. 1 y JLWKq6/M$1 - Attachmerit T.'IAO�IDA1�0191�ept�nber 301ttDA eudget n��D13 44.dx i I i I I 1 . 1 t i l4 IWW beach Redevalopmettt AQenay My centerRadsvetopment Aten Oroposed FY 2M$H4 000'fOfko Budget FY 13111 pidgew -FY:10111 WIM Of M711$ prmpo08d. 11srt� Atli atoatail !Ogg .:tram, o:P'Y 42118 Rwomm-8ndr 00ter loui+c"of facoltle +18.StT,e1B 18,�7,on 18.1 ;pp0 19,634,000 $ T46,000 Prej Aqualment Immmeat .(1A75,?A) :t1,766,45Tj (1,871'.W) (KVDQ) 1.7Tr.00 Tau rl WWNM i vamps iflmr.879 1.4,29i,29s 14 18,000 1.6,992,008 '1,174,000 Fro)A*Aft""to tylt*e Wd .(iAAS4)- (1,3 Am (11eeaM (T MY 1,552,000 60 Cacw n tom Re9tttec 4432 7 , � . 5 $ 8 3 '112 Mil q~61140 won 1.47` 030 1.451.004 1,05,b00 1.831,006 258.00 Mdereat lnoorne. 4.291 e,270 i3,GQ0 2$,0001 12,000 fund.Bslan�Relt Oon:(Mc*11F) •Futta�lan0e�anewel�nd,l�l6cemeat• . OtherlMaonfe/. •..�trt�eritst. IS.teO .� 'i'QTJ11 MM 37^114" 1 S " t :120 lidpdNdporafln0 i�pe�es. _ . A�aris0em�tt('ee°(epTeri�. be ) 041,67E S 952.680 SY0.bAO t 1.04000 � 8T,Q00 .8sm"am BB oft 0%"I �os,000 166;000 :80:000 ddve l&pmyoD n A - 90,000 Wom. .mate0e,ptlnft&Inslag 8t W S 000 Aobo.- - +D sae BuppHO 'a e4ttlFment 2,846 2;288 4,400 4,000 i 00 ropolk"_ ... . 1.000 9.�0 Meetlr"s coret+er►oes 12 1;000 11000 . DUSO&subso"O'no 78$ 745 2,OOD ;t.4dD - tteeaaes�TouteB AuOt feett 20,280 .20,2001 9.000 21,0100 12,004 pedw1ai018.rf��,1ete U" 58,431 1..774543377 -241,000- fAQ0. 8 ,000 MlaarteQUJ$ xpet4aes 000 83938 7'40b 011 20000 Tots!Adm Oisregn9 r�oo >i 1,028,244 6 1 .. .1 �8 4 ,90. 5 ;98 6,0@0 Pr*dt EspBmes. CoMmo*Afift 1W124 ; -2;754,374 -6 3,411 M i $,74irM 4 4,105.000 $ 434.0op capes!Pr".t!�mp"apm . prop"Morn, ! 4 99Q.S5>1 1,Qt3,4T3 31,1431„000 "1;1'$.,000 03,900 'Sanwor;16-,ages 2,0921146 2AMN 62,5e3,0W 3.a2o.Dob 4zroar oisenspaaai iee:ege6 500,242 $763.006 esz om 69,400 MS Projectll.Mak Perk Compl*C"npnoy' NW$ aJoel:drard n AId 16,ODa,C40 - . Towor tc 00013at60e Paftiq 76,022 48,801. 40StODD- ."Ow. (100,000) 6o t'ena`Oa ge Ratan :20,448 347,118 - - Tmm tier lo Renswet sad RepWcemma - - ;rR5Ap0. 387',OE (928,000) Traaew to f apm1 pr4o b3 136, 13,641'301.. 14 oi* A40.060. 4.206.00D Ta1a1 PtoJeot Estes 51,1176,? 6 '2 ;12.3 $'' .29, ,000 $ .... M0301mol 6 MOAB Raw"and Debt ewe*011100atons 'Debt WOO Goat-•2006.4 Padtyl smal. $ 413931M X IM-105 S. 4,416,000 41 .8;660,040 $ 136,000 dwmt Debt service-uncoln.Rd pnVect 1,064;174 1,103.$88 $745.809 425.0001 ;OM owrent Dom sorVloe-soft Museum 60500 602;748 80,;000, 547.000. 44MO 'Reagan tot OmmV A&nln Fee 221.783 14061 ioo.000 239,000 41,0W Roma for CMB.CODI&Udm 263;531 148,7'(9' 201700 '2 xQ 22.00 ROOM forGhlldreOThWCoMbullon - '1,47400 1.4QIP4 IA74-M 1,831.400 138►000 AeaW"for Copno-Parts Paklflo.Gareo - 1AS1,823 - • Rep pyA*nWdor Yr Fund Ba shoo 2;046.24$ - - 342,400 344000 Romm for Futum*,oleo _ .. - 1B$b . . .364AW. ><otet 9cesarv®ame tic>6ar+�t 'sees►� $ 1�,5Ze,82�t 71,7,Aoa .#< 13,0 ,tea -'1.282,000 TOTAL EzPl�ORS."0OUGA'rtotts �R 0 s so,zsa.3s1 s W71,aoo 8 43poQ0000 s 84m,m REVlENUE9*.ERPEN - 0721103 $ 4310 $ i "oW FV 20131U Andrew Shape and Parking Garage OpaAffinp 001.16t EFY W14- FY�g1.11 bY4i1 -FY:W ft. i'o*omd Wamm: { 0lavarrr�s: AcmW.. Ac l ua1 . Paitilsi8 moons s Z34B.. 8, .8�1 :OaR. ;��a.aa0. _.. . at Pmd tree"` IiAllS0. 8113016 I1708jO W Mete po8�0ash — S gig 43,8i 112 &1100 II.W.Ape 2.Q?8.a00 a Pedcirpb DpOt�tohs � 1.x;@4.1 � 1;2�1.87�. � 2�t5� :� . !Uwe 04.01.is p Lam) �71,'@t8 !�40,�i �, �t991?', 4N4f.ODQ darts m O0 M81At8 ate RpW tsseing ptrq�tueanara��ai i�a.stt e?:at># 3j ROMP tea r$t�atetreac�: RewintawsorykeChmm 96.274 6.109 85,tmD 10,OOD (18.00oy. ' Rig pig pw 651998 :W,000 gum ° t e�neid t=e8tat tianatol IFuW 'd 9,Q74 /66 740 2 0. mww 1r Poft OpOralloris Mowsomellt-Foo '109,074 180:740 #;bOR. , ?8 1.00Q R®1�11 trgagln�l. ref ttt to(tP - 14M.M 1D M. X4.000) 7 raneter,4mRsmwW w*Re0 tw;t;; 38,00 1fHn8fer.toCepl�lPrrta" (286.o0a3 tmrve forF&m pia.P*.��re 223,+0 8,06. , . Resma for nitre CUPIW-Retell opsmuip s S78 0 741 00 �5 ODD TOTAL t:Xp 20 6 .Ii,. $........ S,�;Oao $ 21$000 p V itiE9aLXPtfiI$t�$ >f SM048 Proprted FCC 200114 Peonayld lay Aver ftops and-Garape-Opbraling BUdadt Fv1S14 FY IW11 Ming FV 2012NS Orapaed Vartsm Revandai: /ldnal Aaiiiel . Adoaftel Rod , perwhp dpbmom Mimi ; .0 S aw.000 ,tom ' Retalt Lsq�1v.. - 'f41;1it8 874.t}Q¢ 56QU000 (24,11.00) ReW Transfer from RDA Open whi 841',112 - pau ina'irans trom.ROAOpe,ra ms 1aaoa4 396:140 9!>6;t>00 �sa�. (100,00D) i tbtA4-RRVEJg8 Pump ,4$958 $ t4"two l Aii;000. . 12.D00 i• . Otwnrttng lxpmmm,,: PO, $22;000 S. $ 20.0D0.i Perift opaiallana E"ndkues� $ 301XTRT t 723.029 5 'eln:Q00.. I Paiklrtg AdmK"sb Fee 78,786 6060 2.000 :0"9 OWWWANwe 23;662 ?3.562 23,E 25.000 - 'fiailthi Bess Real 23M 23,562 $9SI 0 ZION ° Addfflft"ntap pant - - I► irlent AA a W.00. 441 $1.00p 14,E Refett gitdfypn�awes Rant gt502 78;aaa. 220.000 (40.000) i .Retail babe REA. - 627'8.698. Sl Ab0 11865000 85,000 Reid AdmI F l!g1t13T - ' LIOHBIr�g�Gtr1A1T99ltNr9 ` ,$ .Q�. iti,ono -Adratn Am(C41 134 orfo Can - tDT �t�iBES 49a.04T # IA Ot # ! t.5tt,000 S. 1$50D Misr) f s i j • I ' REDEVELOPMENT AGENCY ITEM SUMMARY A reioMian of e CWrp ar M of tho ma w Bch ne&%Wopment Agericy.-adopgng an- IfnE d relott eyCa t Budefor Fscalea �FY�.2t31Appr t 14 and . .®d tl:�:C_.. . i Ifi--raveme�nt Plan FY2Q'13f 1��.2�1 /t8 nsur :tiva[[dee :d quality on E[pro eGts—hmft6 Common '�Usfgcclion ytith Ofty Seruicbs ! Supoorf6ng Data .urve ,Enviranrn6nWbl:. etc.•lased dh the 2012-camroultity�iinrey; by Ya norm!?064 canal pr were i�ighly tatcd by 4+ :E esid tip and businesses.. On the 2012 aurv►ey,am- ,erfd-otiiture-Were deilt�tsd as servir�es.��►e dty should strive not to reduce; SW WgabUit�tofpules pl�rkI% uras oae,of the fpcbM.tdenRfied;ss`k0.ydriw6m.-of overall eapsfa lon.lsvels, IteM'Summary/ReicOmmen-daMorc, Tko Cillwas.cmated-as a plan for pro�scls that re4WO bonifican caplial lnvestr.t prld:is intended. ee-i E3&A. off dA statement of ubllc r ardlri ion range pl�ysicai develo�Ment In:ttia r.of P. IY e8 8- P .: riorittes far gh®EJpconti ear Mierhl Beach and fhp Miami Bench Rt7A;-estaEbf l$htng'pr..:. rtf! Y. R.11 :..FY 2013194-�2D171'18.. T 11tat.pear-of the CtP.is recommended for approval.as tha��2d'f0114 Capital : Ss,rdgel: Ttte Froposed. Center RDA Capita[B.udsetforfV 2013114 therefore.totals-$16.054 mliliowand the' i Pmppood FY 2013114.Capital.13udget for the.RDA Anchor Garage tdia(s$485;O0O.'Cite FY 200114 j proposed.,Geplial Sud et inrdudes�app.rop nations for the.c onstruction of ftWi[ns Park.Gawge;.the Bash YVlaseum idleflot �Enslatl;improvements to'Eucl d-Aueriue,City Center 09 and unodin Road k4ster Plan Study, 1 Ad4lt o.y Baa . 0niMertciat.Idn :.06 4 lty 1D;2013,the PropcoW.Ca>altal..udgetand updated Capital timprovemeni Plan-were diwtissW 4t mid+vt(.rtgs of the.Finerrce and CttyWo.p!r J cis-Committda and the proposed Ceplta[Bud$at and C1P re eots.the*funftg rworrimendations from that moetin . 'E f in anoia l irtfarmafion: Source of Amoutlt Account. 4 $16 964 aa0. Ckyopnldr'RDA. .- . WYJ „ $ 4661-0pq 'RDA Ano.hor Gauge i t?pPi Tel. $IIIA30. D ! Firtahcial t�aox�u�reterY.: - City lark a Ofte Lou lala$ivEs train in ax-Sklar eor a Daniels and lotto Woodruff , RDA ,. Ruda#plre�or Assi9tanfDlhe6lor Exe a Direr y 1 r �4: fU(AS J + KbEl JLM i _ TflAGENDAW 315epiembiw=RDA CaptW Svdgsi Summary 13,,14AOC AGENDAIMIN E E E i 1 i MIAMIBEACH' .. 36 E ..W....s'°u'--dfii►YiSe`:.sr•��� � x•swe. _ _. ---._ . . .a i ! RESOLUTION:NOa .899.20'13 A'RESOLUTION OFT HE-CHAIRPERSON AND MEMBMS-OF THE Mrs BEACH-REDEVELOPMENT AGENCY,ADOPTING AND APPROPRIATING THE MIAMI BEACH REDEVELOPMENT AGENCY CAPITAL BUDGE'T.FOR FISCAL YEAR TYj 2013114- AND ADOPTING THE ".P1TAL IMPROVE MM.T PLAN V01t.2013114 THROUGH-20iZM8. WH.ENEAS-f-he.20'13/14—2017/.1.8 Capital Improvement Man(DIP)fortheMleml Beach Redeva[bp IitA envy(R®A).is afVe yearplan for public improvements and capi#ai®xwditures by the RDA;:and WHEREAS.,this document Is an official statement.af.publio.policy regarding long-tangs. ph foal davelapmerit In the City of Miami Beach;-and WKREAS,the Proposed Capital Budget for FY 20113114 itemizes project funds to'be committed during the upcoming Ilscol•year detailing expenses forproject components which Include. -architect and engineer,construction,-equipmorrt;AIt In Pualio Piacest.and other project cos*.and. tifPHEREA&, on July 10, 2413 fundtdg heads for the F1C 2013/14 P opos d Capltal a Budget and CIP.were chscussed at a meeting of the City of Miami Beach Finance and Citywide •Pmjgcte Commiftee and the funding recommendations are reflected;and VMEREAs,.the proposed RDA Capital'Sudget,for FY 2013/14 totals$17,304,000, � including$67,000 to Renewal and Replacomont projects;wind I -WHEREAS, ..the_propos®d Anchor, Garage Capital Budget for. FY 2013114 totals 4485,0D0,'Including$220.,060 In.ReheWal and Replacement projects and WHEREAS,a acpy-of the proposed projects to be appropriated with the FY.2013114 j Capital Budget and.Ifie CIP for F1'2013114.through_2017/18 are provided 6nAt echment"K hereto, NOW, THEREFORE,.BE IT RESOLVED,BY THE CHAIRPERSON AND MEMBERS OF TIME MIAMI BEACH.REDEVLOPMENTAGENCY,that the Chairperson end Members herebyadopt and. appropriate,the:Miami Beach IHDA-.Capital B.udoet for.FY?013/14 and the:CtP for FY:20i 3114 th ough 2017!18, PASSED.AND ADOPTED THIS 3e DAY OF SEPTERIBE X01 f ' � cHAiRPMON At a w.n. i;l1T Ri APPROVED JAS TO FdRM&lAeCUAGE SECRETARY I , Tiu059DA%W13mba 36WA Capl'W 04d. a _�f 26 �F� GU`C"!QN isat ks 144,lit' ed pment Apn enerel counsel i �..n.ew..a«.. ...�....a...�..�_.. ----------.......... i MIAMI.-BEACH i ctry�d 14;qmi Beach,t7�Q�anyentian Ctsn�r Drm�Miami Bench,hori&3313 ,uMw.minrolbeochA.gov Ta: Chairperson Matt! Herrera Bower and embets of a Miami Beach RedeveloprnentAgency .�.. FROM- .Jimn L.Morclles;E�tect&e director � .�- T •RATE, Sepfernber'30,Z03 .0 MEMBER$ OF BEACH REDEV"PNOENTAOEN61Y,-ADOPT� OANPAPPROP�RIATINOINE MIAMI BEACR RED LOPI1 F_NTA6ENt�Y CA' P1 rAL B.UDOET FOR FlRCAL: YEAR{M 20`1.3fl.4 AND ADOPTING Y1.45CAPITAL IMPROVEMENT T PLAIN.FOIE FY'a0731114—:2017118 ANINMUMON R9QQL1IM§N=gN Adopt the ReWutlon, "BACKGROUND t 'Planning,for oap[iai ImproVemente Is an'ongoii�g process;ag needs change wfthih the Redi0y*prri6ht 01.6tad ettDA"j.,capltol pro. can's and°p-di s must be adjusted-'The capital i :Im provement Plan 'CIP nerves-is the. ilma lan' rd' idol for sterna deli ldent f y i priorltizing and.asslgning funds to crltloal GPty and RDA capitof development,improvements"and .associated needs. Vhd RDA capltpl:improvftent plan.prpgwp:began in the.spring'When all departments'are � aslced.tp prapare'cepitW improvaineiit�ipdat®s grid requests on.the depar�aerifa origoing and I a ► i -'proposed capital.pnitects. Individual depadments prepare submittals da'n-fi.fying potential fcindlo$ $ourc s and.reau> stln . dfmitment of funds for ti-i i'lr r®spsctive projects. The proposed dboumai t'la revie o.by'.the.City Nlarpger,snd uporvopprpvai,]a submitt'to the Finance►"end i�itywide Projects CoMmMee:and the Ciy•Comrniss on/tedeveldpment Agency board for11hal approval andA- dopdon. The.' IP was xeateo as a filer :lot probe s that egliire slgnifir nt c pltal Investrnerit and is Intend to$erve..l�s.:an.tiff diet stlster lent.i f public p�aRoy regarding"[otiEg�tacve p�Ysloat development:in this Gtfy of Mlaml Beach. 'The GiP sspaclfes and 4"trlbes-the City's.lcepitel project plan.and.estr�iishes priorities for the.upoorriing tive:y�aar period. Individual projects Wthin neighborhood areas.have been c6mbined to create apacl{a&e of projects-that address the neighhoftod' needs for Infrastructure upgrades, Waffic flog, onhanolstnents,etc. Thls oiti prehehslve.approar rriii�Imit disruptiona and gpoerates costs eavings. The projeats address rnahy inbeft In. -ditferarit areas.of the Oily: Including: neighborhood enhancements such as: iandscapIng, sideinralk resforaUon, tra t~ic caltrifing, Ilghting,parking,water and sewer system irnproverrdents,drainage Irnprovernents and roadway resurfacing/reoonstructlon;perk renovation and upgrades;and•construction or renovation oaf public�cilities. i - I . city CoMrtse 00lwernotandum RasoltORAd*P((hgFY207319+ 0604I.Budget and FY20t3114—20,17/18 C1POr:(he RDA Sept"W30,2013 -Page 2 The Admi016tr4tlan is-' ro$err Rg the proposed FY2013114 Capital Budget and the updatad CP .... ..for: Y'20� 14"201'7/1$r-folloWing g comprehensive review of the.C1P to inaure th tflla Plan acourateVrel'lects alt project budgets;funding sources and c*mmitments,for adoption by-the City Cornmisstoa. ANALYSIS . Capitat Improveoient Plan: The-W2013/14-a 9017118 CIP for the City of:Miami SeaGh:snd the RDA:Ie a.five.year plan for- publlc4�aprovements'and'�apitat expend'"ft:by the City and thei R�lA; This document is an 0mclal stater�enf of polio policy-regarding long-range physlol eveloprnert#.in a Cffy•of. M�ier6l'Sacich and.the RDA. 'The appr.0vad Ceipltal-Impraveroent Dion has bign updated to include prQjactsthat ti�ili•be actiWe duitng� 201�f i�.��.Q171'98. Th6 Plan has been updated to Include addltt`neilfunding sourWatAt have becorine evRillable, , changes to projact..6ming,.and.othar sdjustmants to 00901ng projects As.thoy.havo become better-defined. Certain adjustments. have been made to .reflect projects that have been f rownfigur,e d,ne.Uffad;combined with.or se arated froth otheir�irojecta.and/or pf jedlgroupinge and.are the result of a tornprehensive rOview of the program to Insure that out plan accurately 4 rdects all.project budgets,funding sources and commitreWnts. !! Available Capital Futiding Ir Rased an tho 90'13 Caroled•TAxAk llaluo of the City Centel-Redevelopment.Area(RDA), propeity values have risen 7.3V6 for PY 209 3/1.4.Net-'of.'opersUhg.posts,�e..RDA rill g®nerete i $�fa 417.304 million to avalleble funding for capltal projects In the City. Center 11DA.. Proposed RDA Capital Budget The Dity OenW RDA FY 2013114 renewal:and re placement:projects total$67,004. to add ian, the Clay Centtdr RD'.FY 2X1 X11.4 Ixai?osed Cap.al:gudget of.$' '!7.237 million IhdlUdes- I 112.2 rnlliton:in fandloo1or the const(uattan of the Collins Psik..Carsge,$3.,76:rn1lliQti for the Bass t�Ht. ®em IntaitoP xpanalon, 69,004forthe E cllt;i:Auahi a tmpraVemef fs;$ 2$,OOdfar the Gltynr p. $350.000 Lapel Fees sassoglated with oeriiinq lineation on the I Ce tdr�9A ro act.Rand$T 0 000 for the Lini iln fled Master plan Stu ;'fhe'A�nehor n o R _. dy Shops and:Parking gags Fund,which Is separate baoauss it Is not part-Of the Tax increment funding of the RDA,has*proposed capital.projects of$240,0.00 for Mo(se 11 of the up9we to the 8.ated parking r�etreriva'00*0l system and$25,000 W a garage structural engineering ; -study, It 01'96 Ilas ham-2013/14 renewal Und reptkc6merit needs totalir[g� 0,000 end$206,000 forcapital pr+ojects-In thi.Andhor 0imige, •COkOLUSIOW 1 The Adrnlnit"t m.reedrnmend_s adoption.of t4®'9tt801ted Re$*Mlon,Whiph"tsbligh the CaRital:gadget for the RDA for tY 2013114 end the Capital IrnprQVt3menf:Program four FY 2a'1.3J9 JLAA/ { MIAGLNW201neptember=Mcspast b4ptmemo iti4.doc- I • . 39 { p as Uomia'kdt b4UW(oMW Isom a o 0 .0 0 o uocao. rmMKmfp LWO Ad.M4FoAatntM&LwdsW 62~aia '0 0 0 0 0 •0 Wt3 pkouwe Croft"iom cwr4.FY13 a a 0 0 a o tKm ObN dls. UnWn Rpad LW#Qt POOM M pauh M' 62.8Q0 0 0 ti D. 0 o VAIP iwe2amp Lk=M Road MaiWt i[w Mudy p d0.0P0 0 0 0 0 0 now aap VaWah LftaM-r Rdl m AutoLenkAve a 0 10.000,00D tamocm .0 0 o aoAOggod pmmdpnr 'mt azi P*d 2t st a cw,u A,rucdw ,2s oaq A 0 0 .0 0 A 1s6.ODD anaapt�emir aaaaa c r etr�► u��t pttteR 62.aes 0 0 0 a a 0 62AS ltaware�exar lAtmnl .t�aLad6,4CndAeReatRBFt WAYS A 0 0 0 0 0' SUN tm�ataNwr t9a[Nt.'d2B�Ct.RaeAlz+ma3jis�tBR 2a8,26o 0 0 0 0 0 0 urkttoo v �M4_W(ddadRe �tBR es�9t 0 b 0 o a 0 oe,�ei mrp�uoit tawr tan oaa t4o�n pat ttsn0o 0 4 0 0 n o' "IWO m Pen�pprarda0iewwa�8raiph )t 4�,oa0.,�s o 0 0 o a o i2,gLs,tas P�P�Ou P Lot Parking oaeg4. 0 0 0• 0 0 0 7p,00it,000 7p.000;OQ0 p WmiAvpr A -BMW Aft LP W Lkuotn rim <16,6Z0 Am 0 0 0 0 0 tpS,dld imbdM* Sear4&Bdmdca QWWMnt CW'Cof 108,88? 0 0 4 0 0 afd4adwp th"b ftmpmo& 7,s�Agib tl 0 0 0 0 II tad00 IMWMUM -W4#AvwWftPWGfWWQMWP now 0 0 0 0 b 0 la0.d00 dam: s�aeaP iaots o00 0,76000 T0p0eo0it .0 0 �.e6ovop xf�.00 0 40 ROA*PAchor Oars"Fond t tv�nu c ac Rapt earn t asizo 0 .0 o c o o '"aid ttiepa{pa>t ARCbot¢eeepeFJere�da.Roptpmnt-Q&R. 9#TA.9S. a Q 0 0 0 •0 -Jpms are�ne4np Aa�WrRepat�d llpk�pt 0 2MAM 0 0 0 0 D09D rtahnatic Afid c 0ete ►tlootltt card'-ti8q 96 BA6 0 0 b 0 0 ti5.648 voobdoa A! tiar8gQ8tNGU!efEtipSWdy 4) 26.0" •0 0 Q 0 0 O�,OOq IJi i abd►a� Mdror6 ft�.9yste+i►� X945 0' a 0 0 0 0 75.145 1 pgwcfirQa. Gases Cbeulifnt4vkioatam vZoo 0 .0 0 0 0 o it�aQ, pQCpeytooc p" mm rof�4t ftw . OND. 0 0 0 0 4 10 teo ma �gots4aepY Ra+nertuo Conual Eqp Fhau+a 0. .240.0" 0 0 0 0 :0 X44000 8tuatc +103moa 4e6po0 0 a a 0 0 t.Rsm s aer auoa4sr Pam auaQe p osk: gmtdcmqTw ywws"wm 2000 0 .a o a o a X0,000 � �gdtercdpt. RsQeii Mtrot t:rjp'6aee t 89AOO. 0 0' 0 0 0 0 6♦t d60 Sam ae,000 0 0 •0 9 0 d -0 IWO T ' ff` f { r 40 E t — RE404 PTION Nth.. 596-2013 i A RESOLUTION OF'THE CHAIRPERSON AND EiVIBE�S MIAMI BEACH RE.oEW51.013MENT A.�.s...E:NCY ADOPTING AND APP�ROPRIATIING THE. RST AMEND�I NIT TQ The opekATINo. --- _ BUDGET�QFt TtiF.C� Y-CENTER REDE'VF�OPMP- T Afte&.FOR ._.. _._. _ .. - - --_ FISCAL YEAR 2.012113: WHEREAS,the:Clty tenter Re velomont Atea_OOdget'for Fiscal Veer 2012113 was adapted on Sep tefntier 97. -9t2 via Res©lotion.Na.56&�2a12•;and j WHEREAS, the. proposed City Center Redevelopment Area. Budget reflects anticipated c onstructbon project-costs in..addioon.to-operating.end:de4t seNic'e posts for the fiscal year, arid' 'WHEREAS,the'Redevelopment Agency.adopted Resaluf cih No,59$-.;2013 on JUhe :5, .20'i 3, etfing :a pupl�a-hearing to .consider the flra# q.meitictment to.tho FY 201211,3 ! operating bird*for th®City Center Redevelopment.•Area;and -iA HEiZEAS,the administration;eca amends adopting qnd appropriating th 6 First I i Amendment to the RDA Budget tore lect Increa5e:expei�di#Ores r"f ativd-t6 the Cariventi6n i tenter• n'hancement and'Expansion Pro at and reai estate taxes asscciat® with 340 23A street,which wlll:be offaet wlth tn. ased resort.tax revenue,as Wallas funds es ro�Ned for the 20.11 reel estate taxes for 340-23 O stroet, � NOW,THEREFORE, BE IT DULY RESOLVED BY THE-CH AIRi�BRSC�N AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENTAOFROY,that the•Ohairperson and Members of the Miami,Beach.Redevelopment Agency hereby adopt and appropriate We fist aMehdment'to tho op'er�it n b.udgetfor.the City Center Rsdevelopn�en#Area,for �i��cal.Year 20121t3f apptoptiatirtg an addttsonal28,720. i , Original Adopted:Budget $36;771,000 Proposed:Amer i Refit $6010000 Proposed Amended Budget. $37{340;000 -PASSED AND ADOPTE'D THIS 17T"DAY OF JULY,.2 13. ".;i. c AIRPERS N ATTeST:- [NCO D E z p: f S �sRE'T`ARY '•j:.....r• :APPROVED T4 r:�'1�+�i31liAy QiHDAF�etArrren�aeM 241-4 &IAN.. 2 d ktl 'R EMC fflON 1 ' ! me Date , 41 MA.W BEACH REDEVELOPMENT AGENCY ITEM SUMMARY Condensed Titre: A:Resolution 4f The�Cheirperson Arid MWER0.Of The Miami Beach Radavelowent Agency Adopting And { Appropt Q.The.first Arnendrn*.To.The OperOng Budget Far The City Center Redevetopment Area,for fl Yeai'20i213, K e intended:out_Q6_0 a$ii . buried: Inrprxave tlx:C ft na�ii a tleei ►td ri air�talrt ouetali.txxnd toOn9. uppor"ho Qatelsor a s.0vi ental Soon,etc,p WA. Item sUMma 1Rs04rnrniendetl. .rt: - Tlie'eud mt�otwi—a y0diiitef V, �'MdotAtea' bA fotFlscai ei�r1612. 3was .rciueiton5 mbar 9 .. .) .. fly. 21,20' 12 until the 3dbptior(.Qf f tesaltl l Nd..6- .0�1?;.7he�. dvsloprnentAgelitt 040.dR - 0011an.Not:505- �Q432nrt;Iona S,2013;ssttI a publta hearing. can0lder%a first amendmenit.to the FY 2012113 opomong budge#for:tEia City Ceritet RedevetoprpehE-AMa.: !be-amarrdiTient.to 1110 aperafifig lwd901WCtly Conter.Redevalopfifit-Area fabOn9 do"eto.eddress-Incre3.&ed expenses attributed lothe agreement with Strategic Advbory Group(84%,,which is for an amount not to exceed. $824;9 3:41 through June�201�4..The Redeve lopmentAgencybudgetiedi260,6,66 In the FY2012113 budgeta$ai plaoaholder:tp. rKt.thlegc�eRttpr]gfitip r►gQ4figttt!g Dr<ft app�+pYg.pha'a:6.af San#sadt. Therefore,an Hdditionel amount aaRpro>.matety.$75;OQ0 Is.re of .toy fund ftie,�remain109 parfian of SAG's agreement: 1 Addltlonai legal services are else entiaipated.frbtn oldsslde cptiribel to draft the development eigreament gmund Wises, as viell-as other relatad oahtradts Feg6W for the f406606n Center Erihancemerit.and.E9panslon IaroJect► The i fevetop.:n�ent Agency also experier d unantf cl ated expenses assoclated.WK i the pa. ent of tea[estate takes for the*P'erty'looeited at3+40 23�Six`eet.'This properly.'Was pui�chasad 66- Ar�teltl kn R vierd kcal Wale: Oompnhy(Amerfoan f Wlera)for the development of.the Co.uriq:Park Garage. 7'ha 0.Ity entered into-afaddrig Pern ft'Agteeme4with Amedcain Riviera for it$eor�fted Uae-of the surface-parking tb%atthis tocatlon, Putsuant. to-$salon-of.the Agreement;Americon Rivlera.l$raqulydd16 payafi real esfate.taxes:thetara Imposed against the property.However,real estate takes' ere not pafd for-2011 arid.2012,witldh.r qutrsd the Redbueloptiiant Agency to pay-the taws and:Proceed#Q:issue Atneflcen Riviera a Notice of Terml. I.M. C � - ! These ex thsas ere off fide ,144.49;u�rhiclivuare escrowed at closing for204'I a taxes far tl}e pe prop:.�Y p� p��perty 1QCaited at 3 40 23 treat. Additiorialty`Resort Tax.govehQo.Is projected ta,its$5,221.,Q48 which is $5371048 more.tftan the b dgeta l antotmt.of$4�6 4,QQ0.These-additional revenues.will be.used to cover the.real estate taxes for 340 2f Street and additional consutftng an legal:expense for the Oonventlan sinter Enhancement nd anelon Pr 8 Advisa y Board Recommendation: N.A. fk.a n-OW Information: $ourca of Amount Accoupt. Funds: r $4001000 168,1985-000312(Professional rvices) 2 $129,000 166-1985,00D:368(PropeiEjr Ta3es) 3. .3111,000 Repayment—PdiorYr Fund Balance. 4 ($;71. 0) Redaction of Opet'aftg Exp$nses oBfq Tatar $5096 vDD financlal Impact'Summary;,The amendment is to ad rasa irccreseed expense$which will:be-offset'vAth i Incr6as6d neeart.tats revenue. city C1erre of t_oe. jalative Traakin Max Sutler ,6118 RD, Budget' A69110ant Lxecutive d afa _1t t Di * � r A MO r 013I Loy 1MA ndM 2-13:Stimm oQ i !::j j AGENDA ITEM t r MIAM]BEACH *7-17—I.3 42 i � I MAMjBEACH. , Cltr I .ir :s ,1700 cnae,+tton C.. Osr Drive.[►air akwh;:Fi Qs3t 4,www,mioa�tbenc�,d.gov I - REDEVROP1..VCENT AGENCYMEMORANDUM TQ Chairperson and Nlsmbera:of the Mtsmi dh R 'eveloprnentAgency I MOW Jimmy:L+Morales,Executive Oiretor I r pA-Te; July 17,:201 PUBLIC HIRING I - susJEcr; .A RESOLUTION OF THR CHAIRP'E. N AND MEMBERS OF THE MIAMI BEACH I EVELOPMM" AGENCY ADOPTiNC- SAND APPROPRIATING 'THE. FIRST I AMENDMW NT TO THE OPER A'I'NG' EllQCiwT FOR YNE� CITY CENTER r IREpEVEIAPWNT At$.EA,FOR r[SCALYEAR 2612M3: I D11, 't '6�IOId:I;FtCtI EIN®A'C'f E1N Adopt the Reaolution. KEY.INTENDED OUTGOW-SUP P't3RTEO i Improve the.Clty's financial Health and maintain overall bond rating: ANA ors 'The bud et for`the G Center Redevelopment Area RDA for Fiscal Year 2012113 was approved i 8 � p � (RDA) Q i an September 27,:2012-with:the adoption of Resolution No,585-20'I.2; ' 'City Center Redevelopment Area revenue sources include City and County Tax Encrernent;Resort Tax contributions; a % mill, levy set aside for the Children's Trust pursuant to an. Intarlacl Agreement,dated August 1B.,2004-between the RDA,the City of Miami Beach 4rtd Miamt-Trade, County;acid an ostimate interest income. , I :City Center RedsvelopmentArea:expenses Include commurdty pdidng Inttiatives in CltV Centerto -continue to provide enhanced lovels of staffing'and ser0pos throughout the area,capital projects. and maintenance of RDA capital ects.,Administrative enses com iii a:managementfee P projects. �?� 0 . 'allocated to the General Fund to.pay fbr..direct-and Indtrect staff support.for the RDA;operating expensed;&set aside for on-going planning and consulting work:related to the Convention Center f expanslon.plaster plan;-capital tonewal and replacement;projeots under$25,000. The City Center Redevelopment Area also annually assumes the combined debt-cervloe on the f 2005 Series Bonds and the Parity Bonds ac ounts fQr approxirnartely$0.4 Mllllon annuadiy. Olt, Center also-congnues assuhiing debt service paymehts on the portion-of the Gulf.Breeae Loan used. to pay for the-13ass MuseUrn expansion and renovadon,.andtheportion.of the ftnshlne State Loan Program used for Lincoln Road improvements I 'the Redetvelaprnent Agency edopted'kesoluilon No.595-2013 oil.June 5,201S;setting a pdbllc t hearing to+consider the first amendroarit tb-ftte FY 201.2113 operating budget'for.the City Center Redevelopment Area. The amendffiont to the.operating budget.for City Center'Redevelopment 43 AW AmenMenl to die FY2412(1.3 Ope�GnB 8udgef forClly( nlerRedavelopment Aran derby i1',2013 ! i ! -2 oft ; j Area is being done to addressincreased expenses relating to the Convent im Center Enhonc oment and Expansion Project,.which 41 be.offset.w+th Increased resort tax reveh4e.. Increased expenses-are attributed to the agrearnent with StrategleAdviso t, tot SAC),which-19 for an srYivtin# riot to=pxoeed $824,143.41 through June 24'!4: The Redev. meat e . �Y 1 budgeted 254,QOD:.1" too'"=iP 2012'1'.$ budget as.a pfameholder-to fund .agreement prior to negofiating and approving phase Il of SAG's c�onfxacf~ Therefore, an additional amourrt of approximately,$75,000.Is required,to-fund the retnalning podion:.of SAT's agreement: Additional legal services are-itso:oMolpated froth`outsidecounsel to draft the-dovalopment agreement ground . loam,as well as other`related:contrary required for the Convention Center enhancement and Expansion Project, The RedeveloprhentAgMny also ekparleno d unantic' tad expensos assocWPd AthAhepayment of rise!estate taxes for the property located.at:840;23 Street the.site of the proposed;Coflfns Perk Gaage: AS yoU.rasy recall; this property-was purchased frorn.AAmorican Rlv -Real.'Estato i3ompain (Atherficen:.Riuiere)for the:davelaptrient of the Collins P Garage: M part of the purchase agreement with Anied"n,Riviera the-CI eht®r®d info.a 1?arking.PQrtnit.Agreementwlth { Armdcan:Riviera for Its continued use of tote-eurface parking'lots-at.this lop-. .. .Pursuant to f Section 0 of the Agreement,Am®rlcan 91viet'd is.required to.pay all,real estate takes that are Imposed.against:the prop%rty. However;real estate taxes we(e not paid for 2111.atid.201 2..,Which required the Redevelopment Agoncy to pay the taxes and proceed to.issue American.Rlvierb a i Notice of Termination. American Riviera.made a.settlement offer which Was rejected, The.City ' Attorney's Office and ihe-Adminlstration continua to negotiations fora sWerhent: c These exWses-tire off-set by fUnds-$24,.1 o4AR-,-wt is h W06-eaer6wed at closlog for 2011:0.ropoorty !' taxes for the property located et 340 23rd.Strest Additionally,.Resort To ftvanue Is pibjected#o. be$5,221;848-which Is$437,848 more then the budgete d�aniountof'$4,G84ib6d.These-Additional. revenues will be used to cover the real estate taxee-for 340 23`�Street and additiQtAl cotisuitl�.g end' legal expense.for the Convention Center Enhancement and Expansion Peo)edt. Attached es-Exhiblt"A!is e-sunm eery of ROA:budgetwhich-rdfleats the original adoptod budget anO j thepropased amended.budget. � I, :CONgL.US�fQM The Esc tine-Director i fecotnmends adopting the Resofutfon. i AMI /MS/. T.-%GMDAM13UuIY MDA F1ratk ondment2oim3 Memo.doa y r f I i s 1 1 44 ;MJQ d B"Ch RedaYMOPYrtdlti Agbaby _ C1gr Center RedntapmerttAma Fl(2013114 Proposed Oper0tiag Budget PYM2113 FY20IM3. IP o.t. Met Adodtetl AfSBt�deO Variance ReVorkas.=a Qlttar.ptttu+ A of totem Tax lwenmtt c CRY(n.Yti6345A20 19,188,000 i 10,188,bOd S ' 10.djuatirfarPr(�rYAaflr�i�lit{2? S (1�B7t,0�) f (t�Ti3O� 3. i Tax kaomwd- IM.111400 14.818,ObQ S. 14,6181000 9 - A�ualmenx forPriotYaecMa ttenf{s) (t.�9d,oaD) S 0."ai.0 0).S . 66%Oom bAn ttm Rowel tat idiwM1 0 a 9B14QD) htt4illOtd(dren'aTtustConlon(4),188.96950 $ /.714000 (0lgreelifieomx tdbr•SO"11d5 S •1 11,09 Asi .S 'TWO Nod-Belencelopocation:(Aeon-TIF) S - S - S • Fund Mnos RDOMt airel iteplaodMW- S • 0 S. Qtirer.lp.c*t ala► t4!4!I .f S10Q S = S Sd.1.04 S. 24,t0a TO7'A[.RE1l8N.UH .00T, ,351` 9 1 ;067 Adihlnloper U tigRmpenW(180=1898) j :A+lanagernarittae(801ar .6 ttalfe>itaj 166(1004.822)' $ 1,0+11,000 $ 1;041,D00 S + 1Vlaga84mpnt tee 8 8,QD0. A (91000) i .50400 and 1leneW S 4,* 3 Restage, ►¢8 Mai 188.321. $ - 01400 9u 8 4 e0114r►ertt 16@•3418 sag $. 2M 2;000 3 00mr Opemft 186 1341 I Taxf3fi 168ta88 $. '128,790 A 128.720 409*000M low,K, NleetUsgt 11,coaferenc@a 18.868 6 S •- .PiofDMbhW&related MA 168.-312. >) .906,000 4 0.59 D fi 4pQ,000 Repairs rli maintee0 m 188342 S 90.000 6 88,OD0 8 Mistibneovs:efcpense9'(1nt3vc :268(502208,343) _$ 47.000 3 .47AN •8 1:oW AdminlOpaMUnp EVoo.t9s. S 1.44f,0D0. s 1,.0611729• A 521;72$ �ro)eet.Frtpettaeaa -CenUiusti POac4-10-11p4 $ 0,741ADO 5,741.00 8 - Pma)ecW"tenaric : pfop"AAfinagemea► 188.9884 >; 5,1431; 0 .S .1.10 dgD. 8, tfrn(taltoa:le mes a ;t P . .. '9A.", . a 1 gteanf gi-.le8-iw E 763.00a S 704;48e S (88;691) Sut~To l Cep Pro)fdlti Matiiftpl c -4M9,OOR S 4,440%169 S 16"31) UMflro JeclUkolh Park CoVltxtontingenty 8 i S Tomfer(pPetintl►er"A'hav IM-1"".9481 S 408A0d ffi 40540 t - TFambf to Pam comgO Rem1!146-1996. ool - 1 TtaaefertoCapit��je):168.1965•QD046t 9 34.94�R00 S 14,943ADD E Trenaterto Qap11a1 Rerie+�l6 Replabetaent(e) 3 BQ�.tiD6 . Ttagsler toCaptfai{8j S 1Ds;G6o T6tei Projeot Expeam E 59,680,900 0,6*M S i68,931) Reeom wd De14 SeMao 6h4atloqp b - pebtServke cot-2=,+1►piAib6nits"160-w S 8.4i5,QOb S %44,000 6 Cfufad 1744 Senft-1lncWn Rd Mod m i8M $ ""51600 S 785,000 s Dditnt DW SB IW!'Bass Naaaft(8)188-80 403AW x03,000 • i R"webt.Cou*AdaiMfie(9}10&363 i98,g00 490,000 •Re omo tot*a ContdtyWoo(16)16 53 $ 281, 10 ; 16:4000 I�esecvetarCti6dran'u7iu8f¢ot�ibu�4ti{11)fe$•8(c3 � .i,szsA40 8 •i,�'ig4os 0 t4s85f Rmme for CoUhs ft Pa►,li1!t$Oare9R ftepa�tment-PrfptYrfl'>ht!8�nca � S 1'tt,b65 S 111.055 -Ubi Rai mo etid Debtt0nike t 1.1,YSr pOII i 11;$m9,48$ i 108,4b9 i TOTAL:OilPa+iM AA1D aeuoAIIDNS aQ,>�1,t1oo S 3t aap ssi 6$51,3" REVMUFS--.EXPRND.f M.M 8 - 0. I 45 i -