484-2004 RDA Reso
RESOLUTION NO. 484-2004
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY
ADOPTING AND APPROPRIATING THE OPERATING
BUDGETS FOR THE SOUTH POINTE AND CITY CENTER
REDEVELOPMENT AREAS FOR FISCAL YEAR 2004/05.
WHEREAS, the proposed South Pointe and City Center Redevelopment Area
budgets have been prepared to coincide with the overall City budget process; and
WHEREAS, the proposed South Pointe and City Center Redevelopment Area
budgets reflect anticipated construction project costs in addition to operating and debt
service costs for the fiscal year.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Board hereby
adopts and appropriates the operating budgets for the South Pointe and City Center
Redevelopment Areas for Fiscal Year 2004/2005, attached as Exhibit "A" hereto.
PASSED AND ADOPTED THIS SEPTEMBER 28TH DAY OF 2004.
ATTESi:
~rP~
SECRETARY
JMG:CMC:kob
APPROVED AS TO
FORM & LANGUAGE
& FOR ECUTION
T:\Agenda\2004 \Sep28\RDA_ Budget_ Reso.doc
9'~ 3-(Jf
Miami Beach Redevelopment Agency
Proposed Budget FY 2004105
City Center Redevelopment Area
Rev09f08104
Revenues and Other
Sources of Income
Opening Balance
968 Series Bond Funds
98B Bond Funds
Tax Increment - City
Tax Increment - County
50% Contribution from Resort Tax (1%)
1/2 Mill Children's Trust Contribution
Interest Income
Loews Hotel Rent Revenue
Loews Incentive Rent
Royal Palm Ground Lease
Anchor Garage Operations (1)
Anchor Shops Lease Revenue (2)
Other Operating Transfers In
Fund Balance Re-allocation
Total Revenue
Operating
Fund
$0
$0
$0
$9,456,445
$7,602,091
$2,519,500
$633,493
$55,683
$83,333
$0
$270,000
$1,516,085
$652,100
$0
$1,871,694
$24,660,424
Admin/Operating Expenses
Operating
Fund
Management fee
Advertising & promotion
Postage & mailing
Printing
Office supplies & equipment
Meetings & conferences
Dues & subscriptions
Audit fees
Professional & related fees
Miscellaneous expenses
Total Admin/Operating Expenses
Projects
Anchor Garage ops incl sales & prop taxes
Anchor Garage Facility Use/Usage Fee (3)
Anchor Shops mgt fee & related exp
Community Policing
Repayment of Lincoln Road Capital Costs (4)
Capital Projects Maintenance
Repayment of Bass Museum Capital Costs (5)
Beachwalk project
Street-ends (17th. 18th & 20th Streets)
Rotunda
Lincon Rd (Washington-Collins Ave)
Cultural Campus/Library Streetscape
Collins Park
Colony Theater
Lincoln Road Lighting & Fountains
-Convention Ctr. Expansion Garage
West Ave Improvements
Washington Ave ROW Improvements
16th Street Drainage
City Center Streets capes
Wayfinding Signage
Flamingo par1<. "A" Utilities Imp
Projects Contingency Fund
Total Project Costs:
Transfers, Reserves and Debt Service Payments
Debt Service Cost. 96B & 98B Bonds
Current Debt Service. Lincoln Rd Project (6)
Current Debt Service. Bass Museum (7)
Reserve for County Admin Fee (8)
Reserve for CMS Admin Fee (9)
Reserve for Children's Trust Contribution (10)
Reserve for Millage/Capital Replacement(11)
Transfer County TIF to - Debt Svc Fund
Transfer to - Debt Svc Fund
Transfer to - Construction Funds
Total Transfers Reserves & Debt Service Payments
Total Expenditures & Transfers
Excess (Deficiency):
Note'1 Prior to deductions fro sales tax and Easement Agreement Profit Sharing
Note #2 Retail lease revenue, net of Management Fee & related expenses
Note'tll3 Difference due between Facility Use and Facility Usage Fee
Note #4 Repayment of Lincoln Road capital costs. accumulated principal & interest
Note #5 Repayment of Bass Museum capital costs - accumulated principal & interest
Note #6 Payment of Lincoln Road current debt seNice on Sunshine Slate loan
Note #7 Payment of Bass Museum current debt service on Gulf Breeze Loan
Note #8 County admin fee 0 1.5% of County's increment revenue
Note #9 CMB Admin Fee@ 1.5% of City's increment revenue
Note #10 112 mill Children's Trust Contribution
Note .11 ReseNe for proposed Capital Replacement Program
Debt
Service
$0
$0
$0
$0
$7,602,091
$0
$0
$0
$0
$0
$0
$0
$0
$4,688,630
$0
$12,290,721
Debt
Service
Construction
Fund
$0
$336,744
$4,245,676
$0
$0
$0
$0
$187,256
$0
$0
$0
$0
$0
$ 794,586
$0
$5,564,262
Construction
Fund
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Rev 09/08/04
Revenues and Other
Sources of Income
Opening Balance
Tax increment- City
Tax increment - County
1/2 Mill Children's Trust Contribution
Marina Rental + Percentage Rent
Marina - Construction Rent Credit
Portofino Locallmpacts
Interest Income
Operating Transfers In
Capital Project Funds
Fund Balance Carryover
Total Revenue
Operating Expenses
Management Fee
Advertising & Promotion
Postage & Mailing
Printing
Office Supplies & Equipment
Meetings & Conferences
Dues & Subscriptions
Audit Fee
Professional & Related Fees
Miscellaneous Expenses
Total Operating Expenses
MIAMI BEACH REDEVELOPMENT AGENCY
Proposed Budget 04/05
South Pointe Redevelopment Area
Operating
Fund
11,766,831
9,459,423
682,331
233,549
72,000
99,000
45,286
22,358,420
Operating
Fund
414,000
2,500
6,000
2,500
5,000
2,000
1,000
63,000
4,000
$500,000
151,147
2,101,127
12,500
$2,264,774
134,797
176,502
682,331
199,679
9,459,423
8,940,914
$19,593,646
$22,358,420
($0)
Debt
Service
18,424,125
Debt
Service
18,424,125
$18,424,125
$18,424,125
$0
Construction
Fund
9,459,423
23,788
8,940,914
18,424,125
Projects/Obligations
DEP Submerged Land Lease
Community Policing Program
Capital Projects' Maintenance
South Pointe Pier
Alaska/Baywalk
Beach Master Plan
South Pointe Streetscape
South Pointe Park (P&R)
Washington Park (P&R)
6th Street (Washington Ave)
Wayfinding Signage
Potamkin Site
Lummus Park
The Courts/Cobb:
1 st -2nd Streetscape
Library
Flamingo Neighborhhood Imp
Portofino Settlement:
Portofino Local Impacts to eMS
Pump Station Removal
SSDI-S Yacht Club:
Real Estate Taxes (City Unit)
CAM
SSDI-S Murano:
Real Estate Taxes (City Unit)
CAM
SSDI-N Murano Grande:
Real Estate Taxes (Clly Unit)
CAM
SSDI-N ICON:
Lease/Capital Improvements
Real Estate Taxes (City Unit)
CAM
Legal Fees
Other Projects (Including CIP Utilities Improvements)
Total Project Costs
Transfers and Debt Service Payments
Debt Service Cost
Reserve for County Admin Fee (1)
Reserve for CMB Admin Fee (2)
Reserve for Children's Trust Contribution (3)
Reserve for Millage/Capital Replacement(4)
Transfer County TIF to - Debt Svc Fund
Transfer to - Debt Svc Fund
Transfer to Construction Fund
Total Transfers
Total Expenditures & Transfers
Excess (Deficiency)
18,424,125
Construction
Fund
$0
$0
250,000
200,000
4,300,000
1,000,000
150,000
1,000,000
239,440
1,500,000
130,000
300,000
75,000
1,000,000
99,000
1,000,000
27,563
84,000
27,563
27,563
646,344
176,000
6,491,652
$0 18,424,125
$0
$18,424,125
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REDEVELOPMENT AGENCY
COMMISSION ITEM SUMMARY
m
Condensed Title:
A resolution of the Chairman and Members of the Miami Beach Redevelopment Agency adopting and
appropriating operating budgets for South Pointe and City Center Redevelopment Areas for Fiscal Years
2004/05.
Issue:
Should the RDA Board adopt the proposed operating budgets for South Pointe and City Center
Redevelopment Areas for Fiscal Year 04/05?
Item Summary/Recommendation:
The proposed budgets for South Pointe and City Center Redevelopment Areas for Fiscal Year 04/05 have
been prepared to coincide with the overall City budget process, and are being presented to assist in
providing a comprehensive overview of the two districts.
In order to address the existing and future obligations in the two Redevelopment Areas, it is recommended
that the Redevelopment Agency adopt the attached resolution which establishes operating budgets for
South Pointe and City Center Redevelopment Areas for FY 2004/05.
Advisory Board Recommendation:
IN/A
Financial Information:
Source of Amount .... Account .. Approved
Funds: 1
D 2
:t
4
Finance Dept. Total
Ci Clerk's Office Le islative Trackin
Christina M. Cuervo/Kent O. Bonde
Si n-Offs:
Department Director
Assistant City Manager
City Manager
L
T:\AGENDA\2004\Sep0804\RDA\RDABudget.SUM.doc
AGENDA ITEM
DATE
3A
?-;J.g-oc;
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.miamibeachfl.gov
REDEVELOPMENT AGENCY MEMORANDUM
From:
Chairman David Dermer and
Members of Miami Beach Redevelopment Agency
Jorge M. Gonzalez ~~
Executive Director (f v
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY, FLORIDA, ADOPTING AND
APPROPRIATING THE OPERATING BUDGETS FOR SOUTH POINTE AND
CITY CENTER REDEVELOPMENT AREAS FOR FISCAL YEARS 2004/05
Date: September 28, 2004
To:
Subject:
RECOMMENDATION
Adopt the Resolution.
ANALYSIS
The proposed budgets for South Pointe and City Center Redevelopment Areas for Fiscal
Year 04/05 have been prepared to coincide with the overall City budget process, and are
being presented today to assist in providing a comprehensive overview ofthe two districts.
Three schedules are included respectively for City Center and South Pointe. These include
the proposed budget for FY 2004/05, a capital cost projection and a forecast of tax
increment growth in each of the two areas.
City Center
The tax increment in City Center continues to grow steadily as new hotel, residential and
commercial developments come on line. This trend is supported by an estimated 10%
percent increase in property values for FY 2003/04 and an estimated 9% increase for FY
2004/05.
Total revenues for FY 2004/05 are estimated at $24.7 Million, comprising $17.05 Million in
tax increment revenue; $2.5 Million in resort tax contributions; a Y2 mill levy in the amount
of $633,493, to be set aside for the Children's Trust pursuant to an Interlocal Agreement,
dated August 16, 2004 between the RDA, the City of Miami Beach and Miami-Dade
County; approximately $2.4 Million in operating income derived from the ground lease
revenues from the Loews and Royal Palm Hotels, retail lease revenues from the Anchor
Shops and parking garage revenues from the Anchor Garage; $243,000 in interest income;
and a fund balance reallocation of $1.9 Million.
It should be noted that on July 30, 2004, pursuant to Section 36.2(b) of the Lease
Agreement between the RDA, the City of Miami Beach and MB Redevelopment, Inc.,
dated September 20, 1996, Loews confirmed its intent to exercise its purchase option to
buyout the City/RDA's interest in the land and improvements, including the public areas
and the hotel. Loews also remitted a prepayment of $19,852,303 based on a purchase
September 28, 2004
Redevelopment Agency Memorandum
Operating and Capital Budgets for South Pointe and City Center for FY 2004/05
Page 2 of 6
price of $28,009,178, as calculated by Loews pursuant to the formula set forth in Section
36.2(b)(i)(y)(1) of the Lease Agreement. The exercise/closing date has been set for
December 2,2004. Consequently, the proposed budget only reflects two months of rent for
Loews and no incentive rent.
Pursuant to the security (pledged funds) provisions in the 1998 series bond documents,
Administrative Expenses remain capped at $500,000, comprising a $414,000 management
fee which is allocated to the General Fund to pay for direct and indirect staff support for the
RDA and $86,000 for actual operating expenses. It should be noted that the Administrative
fee accounts for less than 1.9 percent of total expenditures.
During the course of the 2003/04 RDA budget approval process by Miami-Dade County,
the County requested that each Community Redevelopment Area (CRA) include a 1.5%
administrative fee to defray the County's costs in connection with its oversight of the CRAs
(based on the County's annual Tax Increment Revenue (TIF) contribution in their
respective budgets). Due to the fact that the existing bond covenants pledge all current
and future increment for the repayment of outstanding bond obligations, the RDA can only
remit the administrative fee at the end of the Fiscal Year, provided that the debt service
and other obligations relating to the bonds have been met. The RDA budgets were
subsequently modified to include a reserve expenditure line item for the administrative fee,
which is calculated against the County's share of the TIF payment. In addition, Chapter
163.387(7)(a) Florida Statutes provides that the City and the County are eligible to share
on a proportionate basis in any TIF Revenues not budgeted for a specific use and
remaining at the end of the CRA's fiscal year in the Trust Fund. Based on this provision,
the City was able to negotiate allocating 1.5% of the County's share of the TIF payment
back to the county to defray their costs and 1.5% of the City's share of the TIF payment as
a contribution back to the City.
On May 5, 2004, the City Commission and the RDA Board adopted separate resolutions,
authorizing the execution of an interlocal agreement between the City of Miami Beach, the
RDA and Miami-Dade County, which serves to document the terms by which the City and
the County receive their respective administrative fees. The reserve line items for FY
2004/05 comprise $108,330 for the County and $141,847 for the City.
Additionally, on October 17, 2003, the Board of County Commissioners enacted Ordinance
No. 03-210, whereby any future requests by municipalities and/or community
redevelopment agencies relating to community redevelopment plans, including, but not
limited to, approval of annual budgets, would require all Community Redevelopment
Agencies, in their sole discretion, to exempt the Children's Trust Ad Valorem % mill tax levy
from collection into the Redevelopment Trust Fund. As in the case of the Administrative
Fee, the existing bond covenants preclude the RDA from remitting revenues generated by
the % mill tax levy until the end of the Fiscal Year, provided that the debt service and other
obligations relating to the bonds have been met. Consequently, a reserve expenditure line
item has also been added for the Children's Trust, which in FY 2004/05 has been
estimated at $633,493. On January 14, 2004, the City Commission and the RDA Board
adopted separate resolutions, authorizing the execution of the lnterlocal Agreement
September 28, 2004
Redevelopment Agency Memorandum
Operating and Capital Budgets for South Pointe and City Center for FY 2004/05
Page 3 of 6
between the City of Miami Beach, the RDA, Miami-Dade County and the Children's Trust,
which serves to document the terms by which the Trust receives its share of revenues
generated by the Y2 mil tax levy. The Interlocal also provides that in exchange for the City
and CRA's cooperation, the Trust will make available funds in the amount of Trust Fund
Revenues generated from the CRA districts, for eligible service providers and children's
programs within the City of Miami Beach, without limiting the ability to access other
Children's Trust programs.
Pursuant to a determination by bond counsel, TIF funds may be used to maintain projects
constructed utilizing TIF funding. As such, a line item has been added for capital projects
maintenance in the amount of $1.9 Million, specifically to fund maintenance and
infrastructure repairs along Lincoln Road and the Beachwalk. In addition, a reserve line
item is being proposed to fund capital/infrastructure replacement and renewal throughout
the City Center Area on an as needed basis. The line item is being funded by adding the
amount of debt service millage reduction (0.126 mills) to the general operating millage,
generating an estimated $160,473 for City Center.
Tax Increment Financing (TIF) through the sale of bonds has been a major tool for
financing redevelopment activities. To date, three bond issues have occurred in City
Center: one in 1994 for $25 million, to acquire land for the hotel development initiative;
one in 1996, in the amount of $43.2 million to fund contractual obligations and capital
improvements related to the Loews Hotel and African-American Hotel projects; and, one
in 1998, in the amount of $38.2 million to finance capital expenditures related to the
convention hotel projects, the Cultural Campus project and to repay the $21.5 million
debt obligation to the City. It should be noted that when the bond issues were done
initially, Resort Tax was used as a secondary pledge to pay the debt service. Due to
steady increase in tax increment coupled with the income stream from the Loews Hotel
ground lease and operation of the Anchor Shops and Parking, the RDA has been able to
repay Resort Tax funds used to pay existing debt service obligations from the 1993 and
1996 bond issues, for a total of $2.4 Million. Current debt service on the 96B and 98B
bonds accounts for approximately $9.9 million annually.
In FY 2004/05, City Center will make its final annual payment to the City in the amount of
$1.1 Million, for repayment of capital costs on Lincoln Road, which also includes interest,
calculated against a principal amount of $11.5 million, (borrowed from the Gulf Breeze
Loan Pool). City Center will also continue assuming debt service payments on the portion
of the Gulf Breeze loan used to pay forthe Bass Museum expansion and renovation, in the
amount of $506,885. These payments were previously made from water, sewer, storm
water, gas and resort tax proceeds. Additionally, TI F will continue to be utilized to address
much needed infrastructure improvements in the area, including but not limited to
streetscape, landscaping and parking.
September 28, 2004
Redevelopment Agency Memorandum
Operating and Capital Budgets for South Pointe and City Center for FY 2004/05
Page 4 of 6
A total of $2.6 Million is being allocated towards the Community Policing Program in FY
2004/05, representing an increase of approximately $440,000 from FY 03/04, which
includes certain additional enhancements including, but not limited to, sanitation and code
enforcement initiatives, graffiti eradication and private security patrols.
On-going and planned capital projects in City Center for FY 2004/05 are projected to
account for approximately $5.6 Million and generally include the following:
· Completion of the Beachwalk project, connecting Lummus Park with the
terminus of the existing wooden boardwalk at 23rd Street;
· Implementation and construction coordination of the street-end
improvements to 17'h, 18th and 20th Streets, to be undertaken as part of
and in conjunction with the Beachwalk project;
· Design and construction of streetscapes throughout City Center;
· Collins Park area improvements; including demolition of the old library,
renovating and extending Collins Park to the ocean, rehabilitation of the
Rotunda, streetscape improvements and under-grounding of utilities;
· Washington Avenue right-of-way improvements;
· Planning and design of the City Hall expansion parking garage;
· Implementation of new wayfinding signage;
· Completion of Colony Theater renovation.
Additionally, the RDA continues to coordinate with CIP on planning, budgeting for and
implementing infrastructure improvements throughout City Center.
South Pointe
Property values in South Pointe continue to experience rapid growth as new luxury
residential developments including but not limited to, Murano Grande, Bentley Bay,
Continuum Phase I, The Cosmopolitan/Courts, and Bentley Beach projects come online.
Property values experienced a 42% increase in FY 2003/04 and are projected to increase
32% in FY 2004/05.
Total Revenues in FY 2004/05 have been projected at $22.3 Million, comprising $21.1
Million in TIF revenue; the Y2 mill levy in the amount of $682,331, set aside for the
Children's Trust; approximately $306,000 in operating income derived from the marina
rental, $99,000 in Portofino local impact fees, and $45,000 in interest income.
September 28, 2004
Redevelopment Agency Memorandum
Operating and Capital Budgets for South Pointe and City Center for FY 2004/05
Page 50f6
No change is proposed in Administrative/operating expenses, which will remain at
$500,000. As in the case of City Center, $414,000 comprises the management fee which
is allocated to the General Fund to pay for direct and indirect staff support for the RDA and
$86,000 is for actual operating expenses.
As in the case of City Center, the same reserve expenditure line items have been included
in South Pointe's proposed budget for FY 2004/05 and are calculated as follows:
· Administrative Fee (1.5%): County's share: $134,796 - City's Share $176,502.
· Children's Trust: $682,331
· Proposed Capital Replacement Millage: $199,679
A total of $2.1 Million is being budgeted for community policing in FY 2004/05, representing
an increase of approximately $650,000 over FY 2003/04, which in addition to a
neighborhood policing approach will include sanitation, code enforcement and graffiti
removal initiatives.
Capital expenditures in FY 2004/05 are projected at approximately $18.4 Million and will
generally include the on-going multi-phase South Pointe streetscape improvements;
planning and design of South Pointe Park and Washington Park improvements;
implementation of new way-finding signage; and on-going obligations relative to the
SSDI/Portofino developments.
During the next fiscal year, the Redevelopment Agency will undertake the following
initiatives in South Pointe:
· Continue to work with the CIP Office on multi-phase streetscape improvements,
including new water, storm water and drainage systems, milling and surfacing of
roadways, construction of new sidewalks, landscaping, irrigation and new street
lighting;
· Coordinate with CI P and the Parks Department to update and implement the South
Pointe Park Master Plan; Facilitate the opening of a new library in South Pointe;
· Continue the Courts of South Beach project and related streetscapes;
· Coordinate G.O. Bond projects within the district, including the design, construction
and installation of an art piece for the Washington Avenue and 3rd Street Plaza
together with Art in Public Places;
· Coordinate post-construction maintenance and operations of City parking facilities in
Murano, Yacht Club at Portofino and Murano Grande with developer and Miami
Beach Marina;
· Coordinate implementation of RDA's obligations pursuant to Settlement Agreement
involving Alaska, Goodman and Hinson parcels, dated July 28, 2004;
· Facilitate funding for CIP-managed construction of a booster pump station on Alton
Road, currently under design by CDM Engineering and Zyscovich, Inc. Architects;
· Coordinate with the Police Department in the implementation of community policing
initiatives.
September 28, 2004
Redevelopment Agency Memorandum
Operating and Capital Budgets for South Pointe and City Center for FY 2004/05
Page 6 of 6
It should be noted that on September 30, 2005, South Pointe Redevelopment Area
officially sunsets. However, in accordance with certain provisions set forth in the First
Amendment to the Interlocal Agreement between Miami-Dade County and the City, dated
June 21,1996, and as amended on April 24, 2001, and March 16,2004, respectively, from
2005 and 2020, the City and the County shall annually appropriate an amount equal to
50% of the respective incremental citywide and countwide property tax revenue generated
within the former boundaries of the South Pointe Redevelopment Area, (payable from non-
ad valorem revenue sources), to fund projects within that same geographic area.
Recommendation
In order to address the existing and future obligations in the two Redevelopment Areas, it is
recommended that the Redevelopment Agency adopt the attached resolution which
establishes operating budgets for South Pointe and City Center Redevelopment Areas for
FY 2004/05
JMG/C~/KOB
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