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675-2022 RDA RESOLUTION NO. 675-2022 A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF "THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FINAL OPERATING BUDGETS FOR THE MIAMI BEACH REDEVELOPMENT AGENCY CITY CENTER REDEVELOPMENT AREA, THE ANCHOR SHOPS AND PARKING GARAGE, THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND THE COLLINS PARK PARKING GARAGE FOR FISCAL YEAR 2023. WHEREAS, on November 16, 1993, Miami-Dade County ("County') and the City approved and entered into an Interlocal Agreement, by which the County delegated to the City certain redevelopment powers, including but not limited to the creation of the City Center Redevelopment Area and implementation of the City Center Redevelopment Plan; and WHEREAS, the First Amendment to the Interlocal Agreement, approved by the County, through Resolution No. R-889-03, and approved by the City, through Resolution No. 2003-25241, delegated to the City the power to develop and implement community policing initiatives; and WHEREAS, the Second Amendment to the Interlocal Agreement, approved by the County, through Resolution No. R-958-04, and approved by the City, through Resolution No. 2004-25560, allowed the Miami Beach Redevelopment Agency (the "Miami Beach RDA" or "RDA") City Center Redevelopment Area to refund certain bonds and provided for an annual fee of one and one-half percent to be paid to the County and City annually to defray administrative costs after debt service and all other obligations related to the bonds or future indebtedness was satisfied for the fiscal year; and WHEREAS, the Third Amendment to the Interlocal Agreement, approved by the County, through Resolution No. R-1110-14, and approved by the City, through Resolution No. 2014- 28835, among other things, required that the use of tax increment revenues to fund the Miami Beach RDA's expenses for administration, community policing, and capital projects maintenance shall not exceed the prior fiscal year's distribution for such expenses, adjusted by the lesser of the Miami Urban Area CPI, or 3%, annually to be calculated using the Miami Fort Lauderdale All Urban Consumers CPI from July to June for the prior year; and WHEREAS, the Fourth Amendment to the Interlocal Agreement, approved by the County, through Resolution No. R-644-18, and approved by the City,through Resolution No. 2018-30288, provided for the following: 1) added expenditures to the authorized expenditures of the Miami Beach RDA; 2) allowed the Miami Beach RDA to reimburse the City$6,914,221 for construction delays and damages to the Convention Center renovation and expansion project resulting from Hurricane Irma in Fiscal Year(FY)2018; 3)allocated additional funding in an amount up to $20.0 million to fund the Lincoln Road project, previously authorized as part of the Third Amendment, for a total project amount of up to $40.0 million for the Lincoln Road project; 4)distributes to both the County and the City, beginning in FY 2018, and continuing through FY 2023, an annual reimbursement based on each entity's proportionate share of expenditures for administration, community policing, and capital projects maintenance; 5) requires that both the County and the City set aside $1.5 million of the annual reimbursement for beach renourishment that can be utilized to leverage State or Federal funding for beach renourishment projects; and 6) utilizes any excess revenues, after the foregoing distributions, for the early prepayment of debt, as originally stipulated in the Third Amendment to the Interlocal Agreement; and WHEREAS, the Fifth Amendment to the Interlocal Agreement, approved by the County, through Resolution No. R-256-22, and approved by the City,through Resolution No. 2022-32014, provided in material part that: (1) until FY 2023, the County shall set aside $1.5 million per year of the excess Trust Fund revenue payments received from the City Center RDA for the purpose of funding beach renourishment for any beaches within Miami-Dade County, as opposed to only beaches within or adjacent to the City of Miami Beach, at the County's sole discretion; and (2)the City Center RDA shall distribute $27.1 million to the City for the limited purpose of funding and reimbursing the City for the remaining project costs in connection with the Convention Center Project, including payments to the Contractor pursuant to the Final Settlement Agreement approved by the City Commission on September 30, 2021 through Resolution No. 2021-31870; and WHEREAS, the City Center RDA budget has been prepared to coincide with the overall City budget process; and WHEREAS, the City Center RDA budget reflects anticipated project costs in addition to operating and debt service costs for FY 2023; and WHEREAS, the budgets for the Anchor Shops and Garage, the Pennsylvania Avenue Shops and Garage, and the Collins Park Parking Garage have been included as separate schedules to the City Center RDA budget, reflecting projected revenues and operating expenditures for FY 2023; and WHEREAS, the Executive Director of the Miami Beach RDA recommends approval of the operating budgets for the City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage for FY 2023. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairperson and Members of the Miami Beach Redevelopment Agency hereby adopt the final operating budgets for the City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage for FY 2023 as outlined below and further detailed in the attached Exhibit"A." City Center Redevelopment Area $67,487,000 Anchor Garage Parking Operations $2,875,000 Anchor Garage Retail Operations $1,253,000 Pennsylvania Avenue Garage Parking Operations $946,000 Pennsylvania Avenue Garage Retail Operations $314,000 Collins Park Parking Garage $1,305,000 PASSED AND ADOPTED this 28th day of September, 2022. ATTEST: '•.IPICORP ORATED Dan Gelber, Chain person .. $r, ',`4'' APPROVED AS TO Rafael E. G nado, Secretary "s �.. FORM & LANGUAGE FOR EXECUTION SEP 2 9 2022 ci. % City Attorney Date Redevelopment Agency - RDA 2. MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Alina T. Hudak, Executive Director DATE: September 28,2022 SUBJECT:A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY,ADOPTING THE FINAL OPERATING BUDGETS FOR THE MIAMI BEACH REDEVELOPMENT AGENCY CITY CENTER REDEVELOPMENT AREA, THE ANCHOR SHOPS AND PARKING GARAGE, THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND THE COLLINS PARK PARKING GARAGE FOR FISCAL YEAR 2023. RECOMMENDATION The Administration recommends that the Chairperson and members of the Miami Beach Redevelopment Agency (the "Miami Beach RDA") adopt the attached Resolution which establishes the final budgets for the Miami Beach RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and Collins Park Parking Garage for Fiscal Year(FY)2023. BACKGROUND/HISTORY On January 26,1993, Miami-Dade County adopted Resolution No. R-14-93, which, among other things, found the area of Miami Beach 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 to be a "blighted area" within the meaning of Part III of Chapter 163, Florida Statutes, and 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 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 November 16, 1993, the County and the City entered into an I nterlocal Agreement, by which the County delegated to the City certain redevelopment powers, including but not limited to the creation of the Redevelopment Area and implementation of the Redevelopment Plan. The First Amendment to the Interlocal Agreement, approved by the Miami-Dade Board of County Commissioners (`BCC"), through Resolution No. R-889-03, and approved by the City Commission, through Resolution No. 2003-25241, delegated to the City the power to develop and implement community policing initiatives. Page 458 of 508 The Second Amendment to the Interlocal Agreement, approved by the BCC, through Resolution No. R-958-04, and approved by the City, through Resolution No. 2004-25560, allowed the Miami Beach RDA to refund certain bonds and provided for an annual fee of one and one-half percent to be paid to the County and City annually to defray administrative costs after debt service and all other obligations related to the bonds or future indebtedness was satisfied for the fiscal year. The Third Amendment to the I nterlocal Agreement, approved by the BCC, through Resolution No. R-1110-14, and approved by the City Commission, through Resolution No. 2014-28835, among other things, allowed the Miami Beach RDA to issue $430 million in bonds to refund existing debt and partially fund the Miami Beach Convention Center (MBCC) expansion and renovation project; required that the use of tax increment revenues to fund the Miami Beach RDA's expenses for administration, community policing, and capital projects maintenance would not exceed the prior fiscal year's distribution for such expenses, adjusted by the lesser of the Miami Urban Area CPI or 3% annually to be calculated using the Miami Fort Lauderdale All Urban Consumers CPI from July to June for the prior year; and stipulated that any remaining funding would be used to retire debt early. The Fourth Amendment to the I nterlocal Agreement, approved by the BCC, through Resolution No. R-644-18, and approved by the City Commission, through Resolution No. 2018-30288, provided for the following: 1. Added certain expenditures to the authorized expenditures of the City Center Redevelopment Area 2. Allowed the City Center Redevelopment Area to reimburse the City$6,914,221 for construction delays and damages to the Convention Center renovation and expansion project resulting from Hurricane Irma 3. Included proposed funding in an amount up to $20 million to fund the Lincoln Road project, previously authorized as part of the Third Amendment, for a total project amount of up to $40 million for the Lincoln Road project 4. Distributed to both the County and the City, beginning in FY 2018 and continuing until FY 2023, a reimbursement based on each entity's proportionate share of previous year expenses for administration, community policing, and capital maintenance, and required that both set aside $1.5 million of the annual reimbursement for beach renourishment that could be utilized to leverage State or Federal funding for beach renourishment projects 5. Utilized any excess revenues, after the foregoing distributions, for the early prepayment of debt, as originally stipulated in the Third Amendment to the Interlocal Agreement The Fifth Amendment to the Interlocal Agreement, approved by the BCC, through Resolution No. R- 256-22, and approved by the City Commission, through Resolution No. 2022-32014, provided in material part that: 1. Until FY 2023, the County shall set aside $1.5 million per year of the excess Trust Fund revenue payments received from the City Center RDA for the purpose of funding beach renourishment for any beaches within Miami-Dade County, as opposed to only beaches within or adjacent to the City of Miami Beach, at the County's sole discretion 2. The City Center RDA shall distribute $27.1 million to the City for the limited purpose of Page 459 of 508 funding and reimbursing the City for the remaining project costs in connection with the Convention Center Project, including payments to the Contractor pursuant to the Final Settlement Agreement approved by the City Commission on September 30, 2021 • through Resolution No. 2021-31870 The FY 2023 budget for the Miami Beach RDA has been prepared to coincide with the overall City budget process and is being presented to assist in providing a comprehensive overview of the City Center Redevelopment Area as set forth in the attached Exhibit A. ANALYSIS CITY CENTER RDA ANALYSIS II Revenues and Expenditures Based on the 2022 Certification of Taxable Value provided by the Miami-Dade County Property Appraiser's Office on July 1, 2022, property values in the City Center RDA increased by 0.8%, or $45.4 million, over the 2021 Certification of Taxable Value to $6.0 billion. For FY 2023, the City portion of the tax increment totals $31.7 million, and the County portion of the tax increment totals $25.1 million. However, as in previous years, the City has received correspondence from the County advising of the finalization of the tax roll for the prior year, which in the case of 2020, reflects a decrease from the preliminary valuation for the same year and will result in a corresponding adjustment/reduction of tax increment revenues totaling a combined $2.7 million for FY 2023. Additional sources of revenue include an estimated $102,000 in interest income and the use of approximately $13.3 million of prior year excess Miami Beach RDA Trust Fund revenues in accordance with the 4th Amendment to the City Center Redevelopment Area Interlocal Agreement that is recommended to be allocated as follows for FY 2023: 1. $5.9 million reimbursement to Miami-Dade County for year six (FY 2023) of six of the annual reimbursement equal to the County's proportionate share of prior year administration, community policing, and capital projects maintenance expenses incurred in the prior year 2. $1.5 million to be set aside for beach renourishment 3. $5.9 million contribution to the City's Fleet Management Internal Services Fund for replacement of General Fund vehicles in FY 2023 with cash instead of debt financing Project-related expenditures for FY 2023 account for approximately$12.8 million, which include$5.1 million allocated for community policing initiatives in the City Center Redevelopment Area to continue to provide enhanced levels of staffing and services throughout the area, and $7.7 million for maintenance of existing projects. There is no additional funding for ongoing and/or planned capital projects in the FY 2023 operating budget due to the extension of the Miami Beach RDA for the recently completed renovation and expansion of the MBCC. Administrative expenditures account for $886,000, which include a management fee of $606,000 allocated to the General Fund for direct and indirect staff support, $22,000 for annual audit fees, and $258,000 for internal services expenditures. The budget also includes $21.7 million in debt service payments to cover annual debt service costs Page 460 of 508 related to the Convention Center bonds issued in 2015, as well as$14.0 million set aside for additional debt service coverage. Funds set aside for additional debt service over and above the annual debt service payment may be used to finance any potential shortfalls in the Miami Beach RDA budget or pay down the Convention Center bonds early, but not prior to FY 2024. Other expenditures include those items that, pursuant to the existing bond covenants, may only be expended once the annual debt service obligations have been met. These include a $4 million transfer to the MBCC Fund for F Y 2023; $359,000 for the County's administration fee, which is equivalent to 1.5% of the County's respective FY 2023 tax increment payment; and $453,000 contribution to the City, which is equivalent to 1.5% of the City's respective FY 2023 tax increment payment. REDEVELOPMENT AREA SHOPS AND GARAGES The revenues and expenditures associated with operations of the City Center Redevelopment Area Shops and Garages are presented as separate schedules in order to eliminate any perception that proceeds from the facilities' operations are pooled with tax increment financing (TIF) and other City Center Trust Fund revenues. Anchor Shops and Parking Garage Revenues and expenditures at the Anchor Garage are projected at approximately$2.9 million for FY 2023. Revenues are primarily derived from attended parking, monthly permits, and valet parking revenues operations totaling approximately$2.9 million, combined.An additional $20,000 is projected in interest income and other miscellaneous revenues for FY 2023. Operating expenditures, which include a contractual revenue-sharing obligation with the Loews, General Fund administrative fees, and a budgeted subsidy to the Pennsylvania Avenue Garage Fund, total approximately$2.9 million. Revenues and expenditures at the Anchor Shops are projected at approximately $1.3 million for FY 2023. Revenues are derived primarily from retail leasing and common area maintenance operations totaling approximately $1.2 million, as well as an additional $19,000 projected in interest income for FY 2023. Operating expenditures, which include General Fund administrative fees and a budgeted subsidy to the Pennsylvania Avenue Shops, total approximately$1.3 million for FY 2023. It is important to note that the Anchor Garage and Shops funds are not constrained by the stipulations of the Miami Beach RDA City Center Redevelopment Area Interlocal Agreement. _Pennsylvania Avenue Shops and Parking Garage Revenues and expenditures at the Pennsylvania Avenue Garage are projected at $946,000 for FY 2023. Revenues are primarily derived from transient parking and monthly permits operations totaling $819,000, combined. An additional $4,000 is projected in interest income for FY 2023, as well as a budgeted subsidy from the Anchor Garage Fund of $123,000 to fully fund anticipated garage operations. Operating expenditures, which include General Fund and Parking administrative fees, as well as capital expenditures for renewal and replacement projects under$25,000, total $946,000. Revenues and expenditures at the Pennsylvania Avenue Shops are projected at approximately $314,000 for FY 2023. The retail component of this facility comprising approximately 7,655 square feet is occupied by Moonlighter Fablab, Inc., which is a non-profit organization that serves as a Science, Technology, Engineering, Arts and Math (STEAM) education center, co-working space, Page 461 of 508 and digital fabrication lab. Revenues from operations are nominal (base rent of$1.00 per year) based on the current lease agreement, therefore, requiring an annual budgeted subsidy from the Anchor Shops of$314,000 for FY 2023 to fund operations. Operating expenditures, which include a General Fund management fee, total $314,000 for FY 2023. Similar to the Anchor Garage and Shops. the Pennsylvania Avenue Garage and Shops funds are not constrained by the stipulations of the Miami Beach RDA City Center Redevelopment Area Interlocal agreement. _Collins Park Parking Garage During FY 2021, operations of the Collins Park Garage commenced. The facility is a seven-story structure comprised of a six-level parking garage with approximately 513 parking spaces, as well as approximately 15,000 square feet of retail space on the ground level. Revenues and expenditures at the Collins Park Parking Garage for FY 2023 are projected at approximately$1.3 million. Revenues are derived primarily from transient parking and monthly permit revenues totaling approximately$1.3 million, as well as an additional $2,000 from interest income for FY 2023. Operating expenditures, which include General Fund and Parking administrative fees, total $1.3 million for FY 2023. SUPPORTING SURVEY DATA N/A FINANCIAL INFORMATION N/A CONCLUSION The FY 2023 Miami Beach RDA budget totals $67.5 million. The Anchor Parking Garage and Shops budgets total $4.1 million, combined. The Pennsylvania Avenue Parking Garage and Shops budgets total $1.3 million, combined, and the Collins Park Parking Garage budget is $1.3 million. In order to address the existing and future obligations of the Miami Beach RDA, it is recommended that the Miami Beach RDA Board adopt the attached Resolution, which establishes the final budgets for the City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage for FY 2023. Applicable Area Citywide Is this a "Residents Right Does this item utilize G.O. to Know" item, pursuant to Bond Funds? City Code Section 2-14? Yes No Strategic Connection Organizational Innovation- Ensure strong fiscal stewardship. Page 462 of 508 Legislative Tracking Economic Development ATTACHMENTS: Description ❑ Exhibit A- FY2023 RDA Operating Budget Page 463 of 508 EXHIBIT A Miami Beach Redevelopment Agency City Center Redevelopment Area Operating Budget FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Prop to Revenues and Other Sources of Income Actuals Actuals Adopted Proposed FY 2022 Mop Tax Increment-City 32,468,034 32,174,218 31,123,000 31,660,000 537,000 Proj Adjustment to City Increment (1,266,155) (1,063,324) (1,318,000) (1,487,000) (169,000) Tax Increment-County 26,428,954 26,189,600 25,185,000 25,133,000 (52,000) Proj Adjustment to County Increment (1,053,362) (866,225) (1,075,000) (1,212,000) (137,000) Interest Income 522,746 272,879 429,000 102,000 (327,000) Fund Balance/Retained Earnings 12,477,439 12,517,919 12,904,000 13,291,000 387,000 Other Income/Adjustments: (14,022) (155,755) 0 0 0 TOTAL REVENUES $ 69,563,634 $ 69,069,312 $ 67,248,000 $ 67,487,000 $ 239,000 Admin/Operating Expenditures Management Fee 602,000 537,000 564,000 606,000 42,000 Audit fees 21,000 21,000 22,000 22,000 0 Internal Services 147,000 173,000 332,000 258,000 (74,000) Total Admin/Operating Expenditures $ 770,000 $ 731,000 $ 918,000 $ 886,000 $ (32,000) Project Expenditures Community Policing: Police 4,729,926 4,630,142 4,969,000 4,880,000 (89,000) Code Compliance 168,744 178,165 - 259,500 200,500 (59,000) Capital Projects Maintenance: Property Mgmt. 1,377,102 1,537,366 1,865,000 1,930,000 65,000 Sanitation 4,243,537 4,467,798 3,789,500 4,364,500 575,000 Greenspace 567,638 771,255 1,006,000 922,000 (84,000) Parks Maintenance 298,663 329,915 484,000 507,000 23,000 Total Project Expenditures $ 11,385,610 $ 11,914,640 $ 12,373,000 $ 12,804,000 $ 431,000 Reserves,Debt Service and Other Obligations Debt Service Cost 21,683,597 21,706,729 21,715,000 21,732,000 17,000 Reserve for County Admin Fee 380,634 379,851 362,000 359,000 (3,000) Reserve for CMB Contribution 468,028 466,663 448,000 453,000 5,000 Reserve for County Reimbursement: Transfer to County Reimbursement 3,996,439 3,951,919 4,291,000 4,443,000 152,000 Transfer to County Beach Renourishment Fund 1,500,000 1,500,000 1,500,000 1,500,000 0 Reserve for City Reimbursement: Transfer to General Fund 4,414,000 4,414,000 0 0 0 Transfer to Beach Renourishment Fund 1,500,000 1,500,000 1,500,000 1,500,000 0 Transfer to Fleet Management Fund 1,067,000 1,152,000 5,613,000 5,848,000 235,000 Transfer to Convention Center 2,500,000 3,250,000 4,000,000 4,000,000 0 Set-aside for Debt Payoff 19,898,325 18,102,511 14,528,000 13,962,000 (566,000) Total Reserves,Debt,&Other Obligations $ 57,408,024 $ 56,423,673 $ 53,957,000 $ 53,797,000 $ (160,000) TOTAL EXPENDITURES AND OBLIGATIONS $ 69,563,634 $ 69,069,312 $ 67,248,000 $ 67,487,000 $ 239,000 SURPLUS/(GAP) $ 0 $ 0 $ 0 $ 0 $ 0 EXHIBIT A Anchor Garage and Anchor Shops Operating Budget Anchor Parking Garage FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Prop to Revenues: Actuals Actuals Adopted Proposed FY 2022 Adop Valet Parking 145,768 137,986 325,000 362,000 37,000 Monthly Permits 414,937 374,570 509,000 566,000 57,000 Attended Parking 1,189,332 1,607,046 2,312,000 1,927,000 (385,000) Interest Income 180,661 41,551 22,000 19,000 (3,000) Misc./Other 519 1,549 0 1,000 1,000 TOTAL REVENUES $ 1,931,218 $ 2,162,701 $ 3,168,000 $ 2,875,000 $ (293,000) Expenditures: Operating Expenditures 1,894,534 1,701,281 2,423,000 2,316,000 (107,000) Transfer Out to Penn Garage 0 295,000 27,000 123,000 96,000 Internal Services 170,000 373,000 368,000 412,000 44,000 Capital 0 0 0 24,000 24,000 Contingency/Reserve 0 0 350,000 0 (350,000) TOTAL EXPENDITURES $ 2,064,534 $ 2,369,281 $ 3,168,000 $ 2,875,000 $ (293,000) Revenues Less Expenditures $ (133,316) $ (206,579) $ 0 $ 0 $ 0 Anchor Shops FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Prop to Revenues: Actuals Actuals Adopted Proposed FY 2022 Mop Retail Leasing 502,204 270,087 406,000 1,077,000 671,000 Capital&Maintenance 69,913 28,083 44,000 157,000 113,000 Interest Earned 145,836 41,079 22,000 19,000 (3,000) Miscellaneous 55 13 0 0 0 Fund Balance/Retained Earnings 0 0 40,000 0 (40,000) TOTAL REVENUES $ 718,008 $ 339,263 $ 512,000 $ 1,253,000 $ 741,000 Expenditures: Operating Expenditures 128,825 99,362 152,000 221,000 69,000 Transfer Out to Penn Shops 281,000 321,000 323,000 314,000 (9,000) Internal Services 80,000 91,563 37,000 38,000 1,000 Contingency/Reserve 0 0 0 680,000 680,000 TOTAL EXPENDITURES $ 489,825 $ 511,925 $ 512,000 $ 1,253,000 $ 741,000 Revenues Less Expenditures $ 228,183 $ (172,662) $ 0 $ 0 $ 0 COMBINED REVENUES-EXPENDITURES $ 94,867 $ (379,241) $ 0 $ 0 $ 0 EXHIBIT A Pennsylvania Avenue Garage and Pennsylvania Avenue Shops Operating Budget Pennsylvania Avenue Parking Garage FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Prop to Revenues: Actuals Actuals Adopted Proposed FY 2022 Mop Transient 504,619 210,295 511,000 483,000 (28,000) Monthly 268,800 221,585 303,000 336,000 33,000 Miscellaneous 431 280 0 0 0 Interest Income 26,072 5,634 3,000 4,000 1,000 Transfer In from Anchor Garage 0 295,000 27,000 123,000 96,000 TOTAL REVENUES $ 799,921 $ 732,794 $ 844,000 $ 946,000 $ 102,000 Expenditures: Operating Expenditures 863,070 871,486 730,000 789,000 59,000 Internal Services 59,000 137,000 114,000 133,000 19,000 Capital 0 0 0 24,000 24,000 TOTAL EXPENDITURES $ 922,070 $ 1,008,486 $ 844,000 $ 946,000 $ 102,000 Revenues Less Expenditures $ (122,149) $ (275,692) $ 0 $ 0 $ 0 Pennsylvania Avenue Shops FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Prop to Revenues: Actuals Actuals Adopted Proposed FY 2022 Mop Retail Leasing 39,625 1 0 0 0 Interest Earned 1,270 0 0 0 0 Transfers In from Anchor Shops 281,000 321,000 323,000 314,000 (9,000) TOTAL REVENUES $ 321,895 $ 321,001 $ 323,000 $ 314,000 $ (9,000) Expenditures: Operating.Expenditures 321,732 333,165 321,000 312,000 (9,000) Internal Services 0 0 2,000 2,000 0 TOTAL EXPENDITURES $ 321,732 $ 333,165 $ 323,000 $ 314,000 $ (9,000) Revenues Less Expenditures $ 163 $ (12,164) $ . 0 $ 0 $ 0 COMBINED REVENUES-EXPENDITURES $ (121,986) $ (287,856) $ 0 $ 0 $ 0 EXHIBIT A Collins Park Garage Operating Budget Collins Park Garage FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Prop to Revenues: Actuals Actuals Adopted Proposed FY 2022 Mop Transient 0 668,674 816,000 1,063,000 247,000 Monthly 0 88,719 190,000 240,000 50,000 Miscellaneous 0 55 0 0 0 Interest Income 0 908 0 2,000 2,000 TOTAL REVENUES $ 0 $ 758,356 $ 1,006,000 $ 1,305,000 $ 299,000 Expenditures: Operating Expenditures 0 675,031 1,006,000 1,302,000 296,000 Internal Services 0 0 0 3,000 3,000 TOTAL EXPENDITURES $ 0 $ 675,031 $ 1,006,000 $ 1,305,000 $ 299,000 Revenues Less Expenditures $ 0 $ 83,325 $ 0 $ 0 $ 0 *Collins Park Garage operations commenced during FY 2021. CITY CENTER REDEVELOPMENT AGENCY MIAMI BEACH REDEVELOPMENT AGENCY City Center Redevelopment Area fl�Mt,�rpy'rL4' Tfy•--® t ;L rPLLn`.". -� $-m}}� �J�n' �"Y. 111—., 1 , 7.1 introv,i _,a r 11 4 41 • ..„_...i.:„,,,, : • ..,F----t .Z.,_--,,---.-9 W " b� tAp�+HpC�tayt 61..-_---7i ri,f "..."--':',;, . —1 ��" l P 1413itti i c ifri P^� � r t� L fir.. ( ' 1 ra "4614g gi. •,...i, ' >ry i ' k �' n . • ` • i ''-'1‘.-I- rr.-:-OtWi i?LI' ---;12-1-V-V rrit--;7i iti!r,r"' • 41 , C-4,,,,c ' ...-.1.w.it-ir -e,„. -W-i,h9 7 mar 1` � ,ll r. ,, : \--,-- : n:-C "• li x 7 \ , a ,sr 4r,z,.-ti* -11' _.r. ,,,c,\„alar ` —' yam' L{ a�r Y l� J1 it,._,;:"..1.._1,' .' ,. '41 7 `P Submitted By: The Miami Beach Redevelopment Agency a :pl.- 1700 Convention Center Drive Miami Beach, FL 33139 *Shaded green areas represent City parks 407 CITY CENTER REDEVELOPMENT AGENCY MIAMI BEACH REDEVELOPMENT AGENCY Chairman and Board Directors (Mayor and City Commission) { Secretary Executive Director General Counsel ( 1 Finance Director Economic Development Director 1 Capital Improvements (CIP) Office/ Procurement/ Planning / Building / Public Works /Management BACKGROUND BACKGROUND CONT'D On March 20,1996, the Mayor and City Commission adopted additional funding up to $20 million for the Lincoln Road project Resolution No. 96-21927 authorizing the creation of an Interlocal (previously authorized as part of the Third Amendment) for a total Agreement between the City and Miami-Dade County with respect project amount of up to $40 million for the Lincoln Road project; 3) to the Convention Development Tax(levied and collected pursuant to distribute to both the County and the City, beginning in FY 2018, section 212.0305, Florida Statutes), the Performing Arts, and other and continuing until FY 2023, an annual reimbursement based on issues. This agreement was amended in 2014 via Resolution No. each entity's proportionate share of expenditures for administration, 2014-28836,which extended the term of the City Center RDA to the community policing, and capital projects maintenance; 4) require earlier of March 31, 2044 or the date the Agency's indebtedness that both the County and the City set aside$1.5 million of the annual approved by the County was no longer outstanding. Beginning FY reimbursement for beach re-nourishment that could be utilized to 2016 and each year thereafter, the use of tax increment revenues leverage State or Federal funding for beach re-nourishment projects; to fund the Miami Beach Redevelopment Agency's expenditures and 5) utilize any excess revenues, after the foregoing distributions, for administration, community policing, and capital projects for the early prepayment of debt, as originally stipulated in the Third maintenance shall not exceed the prior fiscal year's distribution for Amendment to the Interlocal Agreement. such expenditures, adjusted by the lesser of the Miami Urban Area Consumer Price Index(CPI)or 3%annually to be calculated using the The Fifth Amendment to the RDA Interlocal Agreement was approved Miami Fort Lauderdale All Urban Consumers CPI from July to June for by Miami-Dade County in March 2022, allowing for$29.1 million the prior year. This agreement was amended a fourth time in 2018 in excess RDA Trust Fund revenues to be accessed by the City to via Resolution No. 2018-30288, to 1) allow the Redevelopment fund the City's financial obligation related to the Final Settlement Agency to reimburse the City $6,914,221 for construction impacts Agreement for the MBCC expansion and renovation project. to the Miami Beach Convention Center (MBCC) renovation and expansion project resulting from Hurricane Irma; 2) provide 408 CITY CENTER REDEVELOPMENT AGENCY MIAMI BEACH REDEVELOPMENT AGENCY MISSION/PURPOSE STATEMENT STATUS.REPORT AND ACCOMPLISHMENTS CONT'D • To assure continued economic viability of the City Center • A $20 million overhaul of Lincoln Road, partially funded with Redevelopment Area and the City as a whole, through the the participation of businesses on Lincoln Road implementation of the objectives and projects defined in the Redevelopment Plan and the amendment thereto • An award-winning Beachwalk extending from 21st Street to Lummus Park, comprising an at-grade, landscaped pedestrian • To incur minimum relocation and condemnation walkway • To involve community residents in the redevelopment process • Implementation of a Cultural Arts Campus Master Plan for the area east of the MBCC, which includes a new regional library, • To establish the necessary linkages to tie in the Miami Beach the headquarters of the Miami City Ballet, the expansion and Convention Center (MBCC), area hotels, cultural amenities, renovation of the Bass Museum of Art, the re-landscaping entertainment, residential and business uses in the district of Collins Park, including the restoration of the Rotunda and extensive streetscape improvements throughout the area • To enhance diversity of form and activity through the use of established planning and design principles • Completion of the much-heralded New World Campus, including the state-of-the-art Gehry-designed headquarters • To create a traffic system to serve local and through traffic needs facility for the New World Symphony and two publicly-funded components, including a$15 million municipal Gehry-designed • To recognize the historic structures and designations within the parking garage and a $21 million world-class park historic districts and facilitate development accordingly • Renovation and expansion of the Miami Beach Convention STATUS REPORT AND ACCOMPLISHMENTS Center as outlined below The 332-acre City Center/Historic Convention Village Redevelopment • An 800-room voter approved MBCC Hotel,to be branded as a and Revitalization Area (CC/HCVRRA or City Center) was Grand Hyatt with early work initiated in Summer 2022 established in 1993 in order to provide the funding mechanism to • Completion of two Convention Center Parks (Collins Canal foster the development of new convention hotel development within Park and Pride Park), complementing the MBCC renovations, proximity of the Miami Beach Convention Center (MBCC) and to establish the necessary linkage between the City's many core area public art collection, and cultural institutions while serving as a civic, cultural,and entertainment uses in order to create the fabric of sustainable resource for the community a true urban downtown. • Renovation of 100 year old Carl Fisher Clubhouse & Annex Since its inception, the City Center Redevelopment Area has to be managed by MBCC management firm Spectra and the undergone dynamic change through a combination of public and selection of Centerplate as the food and beverage operator— private investment initiatives. holistically leveraging the ability of the MBCC to market and sale a "Convention Center Campus" that serves residents, Exciting projects which have transformed the area include: businesses,visitors and tourists • Two convention-quality hotels, both of which were the result of Other important projects include the 650-space mixed use parking public/private partnerships between the Redevelopment Agency facility built on the surface parking lot on the west side of City Hall, (RDA) and the respective Developers - the 800-room Loews which includes 35,000 square feet of municipal office space; the Miami Beach Hotel and the 425-room Royal Palm Crowne implementation of major street and infrastructure improvements Plaza Hotel, the latter of which had the distinction of being the throughout City Center, valued at more than $26 million; and the first African-American owned hotel in the United States; acquisition and renovation of three multi-family buildings (Barclay, Allen House,The London House) to maintain the stock of affordable • The development of an 800-space public parking garage housing in the area. (Anchor Garage) to accommodate the parking needs for the Tax Increment Financing (TIF) through the sale of bonds has been a Loews Miami Beach Hotel, the Crowne Plaza Hotel and other service and retail businesses in the area; major tool for financing redevelopment activities.To date, four bond issues have occurred in City Center: one in 1994 for $25 million, to acquire land for the hotel development initiatives;one in 1996, 409 CITY CENTER REDEVELOPMENT AGENCY MIAMI BEACH REDEVELOPMENT AGENCY STATUS REPORT AND ACCOMPLISHMENTS CONT'D WORK PLAN CONT'D in the amount of $43.2 million to fund contractual obligations 1972, the MBCC hosted more than 45,000 delegates during the and capital improvements related to the Loews Hotel and Crowne Republican and Democratic National Conventions. Plaza Hotel projects;one in 1998, in the amount of$38.2 million to finance capital expenditures related to the convention hotel projects, Originally built in 1957, the MBCC encompassed 108,000 square the Cultural Campus project and to repay the $21.5 million debt feet. In 1968, an additional 130,500 square feet of exhibit obligation to the City; and another which occurred in 2005, in the space was added, with additional support facilities subsequently amount of $80.7 million to refinance the outstanding debt service constructed in 1974. In 1986, as the demand for exhibition on prior bond issues. On December 15, 2015, the Redevelopment space increased, the facility underwent a $92 million renovation Agency issued $286,245,000 in Tax Increment Revenue and and doubled the size of its footprint. In 1989, a master plan was Revenue Refunding Bonds, Series 2015A, and $35,850,000 in Tax also developed for the convention center complex, which included Increment Revenue Refunding Bonds,Taxable Series 2015B. over$50 million in upgrades, including complete renovations of all restrooms, full carpet replacement, and installation of a state-of-the- The City and Redevelopment Agency's commitment to upgrading art telecommunications and networking infrastructure. and improving the area's infrastructure, addressing parking and circulation issues, and facilitating new development has fueled Since the 1989 MBCC renovation, significant changes have taken significant new private-sector investment in the area, evidenced by place in the convention and tradeshow industry. The number more than $600 million in new building permit activity since the of events, attendance, and space needs have increased on an area's inception. annual basis industry-wide. The economic impact of conventions and tradeshows has also increased over time. Many cities have WORK PLAN responded to this industry growth by increasing the size of their convention centers and by adding amenities such as increased The Redevelopment Agency (RDA) mission is to coordinate, meeting space, additional parking, general session space, various implement and fund the Redevelopment Plan (Plan) goals and to technological amenities, and related features in an effort to address focus on a number of initiatives aimed to upgrade area infrastructure, industry trends. streetscapes, parks,traffic and parking management and encourage the inclusion of arts and cultural activities. The 2003 amended Plan Changes in how a competitive hotel package and cultural offerings for City Center specifically addressed these objectives including,but are viewed by event planners has also led to significant development not limited to,the New World Symphony expansion plans to connect in areas adjacent to convention centers. In major markets throughout with the 17th Street municipal lots, potentially positively impacting the country, large headquarter hotels have been developed, and foot traffic to the MBCC and area businesses. efforts to create walkable restaurant/retail environments surrounding convention centers have also been undertaken.The primary objectives The RDA objective over the next few years is to focus on the planning of the Master Plan project include improvements to the MBCC and and implementation of capital projects associated with,but not limited redevelopment of the surrounding area that are supported by market to, the Convention Center District Master Plan for the expansion of demand and are necessary to facilitate the ability of the MBCC to the Convention Center District, upgrading streetscapes and related attract high impact conventions and tradeshows in an increasingly infrastructure throughout City Center. The RDA will also continue to competitive environment. fund public service enhancements provided under the Community Policing Program as well as ensure the on-going maintenance of AreportpreparedbyConventionSports&Leisure(CSL)commissioned capital assets funded with Tax Increment Financing (TIF).To date,the by the Greater Miami Convention and Visitors Bureau (GMCVB) majority of the capital enhancements set forth in the Redevelopment determined that the MBCC serves as the region's convention center Plan and the 2002 Amendment thereto, have been completed and/ given its geographic draw, and no new facility should be planned or are currently underway. elsewhere in Miami-Dade County. The report further determined that improvements to the MBCC, including the multi-purpose ballroom, Miami Beach Convention Center Renovation and Expansion would increase its marketability and attract high-end conventions. The Miami Beach Convention Center(MBCC) has been a significant The expansion and renovation of the existing MBCC included an contributing factor in the economic impact of Miami Beach and the expansion to 1.4 million square feet, the re-orientation of the four greater Miami-Dade County for more than fifty years. MBCC served exhibit halls, facade modifications, two separate loading docks on as the site where Muhammad Ali (formerly known as Cassius Clay) opposite ends of the building with 32 dock spaces,site improvements defeated Sonny Liston for his first Heavyweight Championship of the along the canal and roadways, the addition of a Grand Lobby, World in 1964.In 1968,the MBCC hosted the Republican National 1 Grand Ballroom and 4 junior ballrooms, including the rooftop Convention with more than 20,000 delegates and thereafter, in 'Sunset Vista Ballroom', 10,000 square foot production kitchen, 410 CITY CENTER REDEVELOPMENT AGENCY MIAMI BEACH REDEVELOPMENT AGENCY WORK PLAN CONT'D WORK PLAN CONT'D 1.61 miles of fiber optic cabling and 480 miles of copper wiring to In 2019, the City also launched the conversion of the Municipal support IT communications, 84 meeting rooms with free Wi-Fi, and Parking Lot to the west of the MBCC into a 5 acre park. Named 800 parking spaces located on the roof. The new MBCC re-orients "Pride Park" by the citizens of Miami Beach in November 2019,the the halls in an East/West direction with the primary access from reimagined park includes public art—"Bent Pool",a public restroom, Convention Center Drive, with Washington Avenue also serving as and embedded electrical systems to provide for event activations that a secondary means of entry. should mitigate damage to the greenspace and paths.In June 2020, a "Juneteenth" commemorative tree was planted in Pride Park to The MBCC project included substantial improvements to the north celebrate the contributions of Miami Beach's Black community. of the property. An addition was made to the northern portion of the property featuring an enclosed ground floor parking area and Though 2020 events included the Super Bowl NFL Experience in a truck loading and delivery area, a multi-story Grand Ballroom, the MBCC, with record-breaking attendance, the impact of the two outdoor patios spaces with views of the beautified 3.8 acres of COVID-19 pandemic resulted in the cancellations of the majority Collins Canal Park that spans along Collins Canal and features the of events. Accordingly, the Convention Center was repurposed as restored historic Carl Fisher Clubhouse.This addition created a new a State of Florida Alternate Care Facility until October 2020 and internalized loading area and includes two helix ramping entrance COVID-19 mobile and walk-up testing site continues to occupy accesses to the roof level parking.The Washington Avenue elevation Convention Center Drive and the Municipal Parking Lot to the south is now predominately pedestrian in nature with visitor drop-off and of the MBCC. cab cueing areas. The streetscape modifications include a green edge along the avenue with native shade trees to promote a more In FY 2019, the City restructured the financial terms with the MBCC pedestrian friendly experience. Food and Beverage vendor, Centerplate, to provide for the City to receive 95%of the net operating profits of the catering and food and Convention Center Drive is now the main access point for beverage(F&B)operations(after payment of all operating expenses), vehicular access and for the visitor and shared ride drop-off areas. and (2) extended the term of the City's agreement with Centerplate Modifications included a new median along Convention Center for an a additional two years. In FY 2020,the City issued an RFP for Drive and 19th Street creating a more sophisticated streetscape and the food and beverage operations of the Carl Fisher Clubhouse with a more celebrated boulevard experience. The Collins Canal Park Annex and Centerplate was determined to be the only responsive walk has been substantially improved and creates a softer northern and responsible proposers. In FY 2021, the Centerplate agreement edge to the MBCC, with a continued path starting at the Holocaust was further amended to provide for the City to receive a profit sharing Memorial, continuing through the Botanical Gardens, into Collins distribution of 83% and reduced the management fee to 4%. The Canal Park and ending at the Bass Museum and Collins Park to amendment also created a co-terminus expiration date of September connect multiple green spaces across multiple city blocks. 30, 2026 that includes a force majeure period of approximately eighteen (18) months due to COVID-19. In addition, Centerplate The project also included sizable Art in Public Places installations agreed to invest up to $750,000 in capital improvements designed including pieces by six internationally recognized artists such as to increase the Carl Fisher Clubhouse & Annex appearance and Ellen Harvey, Sarah Morris and Joseph Kosuth, with a 'budget of operation. $7.1M, this collection is the largest collection of single curated public art in the United States. In February 2021, the MBCC resumed hosting events. A total of 17 events were held in FY 2021 including Florida Supercon, the On July 25, 2018, the Mayor and City Commission approved Jewelry International Showcase, and the American Society of Resolution 2018-30438 which called for a special election, on Plastic Surgeons Convention. After Art Basel and Design Miami's November 6, 2018,for the purpose of submitting to the electorate of virtual presentations in FY 2021, both shows returned to in-person the City of Miami Beach,a ballot question regarding a 99-year lease presentations in FY 2022 at the MBCC Campus. of a 2.6-acre property to MB Mixed Use Investment, LLC, requiring the construction/operation of an 800-room hotel connected to the With final completion for the MBCC expansion and renovation Convention Center per Resolution 2018-30425. On November 6, project anticipated for FY 2022,the MBCC is scheduled to welcome 2018, the citizens of the City of Miami Beach voted to include a new and repeat business in FY 2023 and beyond, utilizing all four MBCC hotel on the property adjacent to the MBCC, located at the exhibit halls. The MBCC team is prepared to confront the impact northeast corner of 17th Street and Convention Center Drive. The of COVID-19, and has adjusted to new social distancing, safety, development of the hotel has been approved by the Design Review sanitation, and security policies and best practices. Board and is currently under development. 411 CITY CENTER REDEVELOPMENT AGENCY MIAMI BEACH REDEVELOPMENT AGENCY WORK PLAN CONT'D WORK PLAN CONT'D As a result, the MBCC received the Global Biorisk Advisory Council In FY 2022, a new five (5) year destination marketing agreement (GBAC) gold standard rating. The City, together with MBCC between the GMCVB and the City was finalized to include a base management company OVG360 (formerly Spectra), food and fee to the GMCVB comprised of ten percent of the two percent beverage operator Sodexo Live (formerly Centerplate), and the City Resort Tax, an incentive fee up to $2,000,000 based on the Greater Miami Convention and Visitor Bureau (GMCVB), continue GMCVB's ability to achieve performance metrics, and a 120-lay to strategize and explore new avenues to market and sell the MBCC notice for termination for convenience clause. The new agreement and promote the MBCC as a convention center of choice and best in sets the stage for an expanded scope of services that include, but class.This new direction is an opportunity to reimage the center and not limited to: MBCC sales, public relations, marketing/branding, explore innovative and,creative revenue streams that can augment research services, reputation management, and more. any reduction and/or increase of tourism activity and resort tax collections. 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On December 15, 2015, the value of property in City Center increased by 0.8%over 2021 Redevelopment Agency (RDA) issued $286,245,000 in Tax to$6.0 billion.The City portion of the tax increment totals$31.7 Increment Revenue and Revenue Refunding Bonds, Series million and $25.2 million for the County's portion of the tax 2015A,and$35,850,000 in Tax Increment Revenue Refunding increment. However,as in previous years, the City has received Bonds, Taxable Series 2015B. The Series 2015A bonds were correspondence from the County advising of the finalization of used, together with certain other legally available monies of the tax roll for the prior year,which in the case of 2020, reflects the Agency to (i) provided for the current refunding of all the a decrease from the preliminary valuation for the same year outstanding Series 2005E bonds, (ii) financed certain costs and will result in a corresponding adjustment/reduction of TIF of acquiring and constructing renovations to the Miami Beach revenues totaling a combined $2.7 million for FY 2023. Convention Center and certain other improvements, and (iii) paid costs of issuance of the Series 2015 bond and refunding • Additional sources of revenue include an estimated $102,000 the outstanding Series 2005B bonds. The Series 2015E (i) in interest income. provided for the advance refunding of all the outstanding Series 1998 bonds, (ii) provided for the current refunding of • Use of approximately$13.3 million from prior year excess RDA all the outstanding Series 2005A bonds, and (iii) paid costs Trust Fund revenues pursuant to the 4th Amendment of the RDA of issuance of the Series 2015E bonds and refunding the Interlocal Agreement to be allocated as follows for FY 2023: outstanding Series 1998A bonds and the outstanding Series $5.9 million reimbursement to Miami-Dade County for year six 2015A bonds, including the portion of the premium allocable (FY 2023) of six of the annual reimbursement equal to Miami- to the Series 2015E bonds for the reserve policy. Dade County's proportionate share of prior year administration, community policing,and capital projects maintenance expenses • $14.0 million is budgeted as a set-aside for debt service to incurred in the prior year; $1.5 million to be set aside for beach provide a reserve over and above the annual required debt renourishment; and $5.9 million to be transferred to the Fleet service payment that can be used to finance any potential Management Fund for replacement of General Fund vehicles shortfalls in the RDA fund or pay down the Convention Center in FY 2023. bonds early, but not prior to FY 2024. • Project-related expenditures account for approximately $12.8 • Other line-item expenditures include those items that, pursuant million, which includes $5.1 million allocated for community to the existing Bond Covenants,may only be expended once the policing initiatives in City Center to continue to provide annual debt service obligations have been met. These include enhanced levels of staffing and services throughout the area a $4.0 million transfer to the Miami Beach Convention Center and $7.7 million for maintenance of RDA projects. There is no Fund;$359,000 for the County's administrative fees,which are additional funding for ongoing and planned capital projects in equivalent to 1.5%of the County's respective TIF payment;and City Center in the FY 2023 budget due to the RDA extension for the corresponding $453,000 contribution to the City's General the renovation and expansion of the Miami Beach Convention Fund, which is equivalent to 1.5%of the City's TIF payment for Center. FY 2023. • Administrative expenditures total $886,000, which include a management fee of $606,000 allocated to the General Fund to pay for direct and indirect staff support; $22,000 for annual auditing fees;and $258,000 for internal services expenditures. 413