486-2004 RDA Reso
RESOLUTION NO.
486-2004
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY ESTABLISHING A
CITY CENTER CAPITAL RENEWAL AND REPLACEMENT FUND
TO PROVIDE A DEDICATED SOURCE OF FUNDING FOR CITY
CAPITAL RENEWAL AND REPLACEMENT PROJECTS THAT
EXTEND THE USEFUL LIFE OF THE ASSETS WITHIN THE CITY
CENTER DISTRICT; ESTABLISHING A PROCEDURE FOR
ANNUAL APPROPRIATION OF FUNDS; ESTABLISHING A
PROCEDURE FOR THEIR USE; AND ADOPTING THE FISCAL
YEAR (FY) 2004/05 BUDGET FOR THE FUND, IN THE AMOUNT
OF $160,473.
WHEREAS, the City has a significant infrastructure investment in the City Center
District; and
WHEREAS, annual capital renewal and replacement needs compete for resources
with other needs with the result that capital renewal and replacement needs may be
deferred; and
WHEREAS, bond rating agencies, (Fitch, Moody's, and Standard & Poor's) view
capital renewal and replacement policies as a significant criteria in assessing a
government's credit worthiness; and
WHEREAS, on September 92004, the Mayor and City Commission tentatively
adopted the proposed millage rate of 7.425 mills which included 0.126 mills dedicated for
capital renewal and replacement; and
WHEREAS, the additional 0.126 mills will result in an additional $160,473 to the FY
2004/05 City Center Redevelopment Area Operating Budget.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY as follows:
1. A dedicated City Center Capital Renewal and Replacement Fund is hereby
established to be used for projects that extend the useful life of the assets within the
City Center District.
2. The City Center Capital Renewal and Replacement Fund shall be funded annually,
commencing in FY 2004/05, through a transfer from the City Center Redevelopment
Area Operating Budget.
3. The initial annual transfer from the City Center Redevelopment Area Operating
Budget to the City Center Capital Renewal and Replacement Fund for FY 2004/05,
shall be in the amount of $160,473.
4. In subsequent years, the Fund will be increased by, at a minimum, the amount
which would represent the value of the debt service millage reduction resulting from
growth in the assessment value of the tax base in the City Center District. It is
expected that this increase should not result in a total combined millage rate greater
than in the preceding fiscal year.
5. Any appropriation of project specific allocations from the City Center Renewal and
Replacement Fund shall be approved by the Chairman and Members of the Miami
Beach Redevelopment Agency.
6. Interest earnings that accrue in the City Center Capital Renewal and Replacement
Fund shall be included in the subsequent appropriations for the Fund.
7. Changes among project specific appropriations may be authorized by the City
Manager to the extent that no new projects are added and the total annual
allocation is not exceeded.
8. During a fiscal year, changes to the total allocation and changes to the list of
projects to be funded from the City Center Capital Renewal and Replacement Fund
shall require authorization by a majority of the Miami Beach Redevelopment Agency
members. Excess project specific appropriations not required will be available for
re-appropriation in following years.
9. Project specific appropriations that are not expended in a given year shall remain in
the City Center Capital Renewal and Replacement Fund for the life of the project.
10. The Miami Beach Redevelopment Agency hereby adopts the Budget for the City
Center Capital Renewal and Replacement Fund for FY 2004/05 as follows:
$160,473
$160,473
Reserves
Total Ex enditures
PASSED AND ADOPTED THIS 28th DAY 0
~~r~
CITY CLERK
Resolution No. 486-2004
APPROVED AS TO
FORM & LANGUAGE
& FOR CUTION
CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
m
Condensed Title:
A Resolution of the Chairman and Members of the Miami Beach Redevelopment Agency establishing a
City Center Capital Renewal And Replacement Fund to provide a dedicated source of funding for capital
renewal and replacement projects that extend the useful life of the assets within the City Center District;
establishing a procedure for annual appropriation of funds; establishing a procedure for their use; and
ado tin the Fiscal Year FY 2004/05 bud et for the Fund, in the amount of $160,473.
Issue:
Shall the Redevelopment Agency adopt the attached resolution which establishes a dedicated source of
funding, budget and a procedure for the use of the City Center Capital Renewal And Replacement Fund?
Item Summary/Recommendation:
Adopt the Resolution.
Advisory Board Recommendation:
I
Financial Information:
Amount to be expended:
Source of Amount ~ceou!1t , ,... Approved
Funds: 1
$160,473 FY 2004/05 City Center
Redevelopment Area Operating
Budget generated by the additional
millaae of 0.126
IjJ 2
..3
4
Total
Si n-Offs:
Department Director
Assistant City Manager
City Manager
c
AGENDA ITEM .~C
DATE r-~ g...O~
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:l\ci.miami-beach.fl.us
COMMISSION MEMORANDUM
TO:
Mayor David Dermer and
Members of the Miami Beach Redevelopment
Agency
FROM: Jorge M. Gonzalez () QIL~
City Manager ~ - ~ ·
DATE: September 28, 2004
SUBJECT: A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY ESTABLISHING A CITY CENTER
CAPITAL RENEWAL AND REPLACEMENT FUND TO PROVIDE A
DEDICATED SOURCE OF FUNDING FOR CITY CAPITAL RENEWAL AND
REPLACEMENT PROJECTS THAT EXTEND THE USEFUL LIFE OF THE
ASSETS WITHIN THE CITY CENTER DISTRICT; ESTABLISHING A
PROCEDURE FOR ANNUAL APPROPRIATION OF FUNDS;
ESTABLISHING A PROCEDURE FOR THEIR USE; AND ADOPTING THE
FISCAL YEAR (FY) 2004/05 BUDGET FOR THE FUND, IN THE AMOUNT
OF $160,473.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANALYSIS
Consistent with the proposed budget for the General Fund, the proposed budget for the
Miami Beach Redevelopment Agency includes a $160,473 appropriation dedicated for
capital renewal and replacement of City Center District assets. On September 92004, the
Mayor and City Commission tentatively adopted the proposed millage rate of 7.425 mills
which included 0.126 mills dedicated for capital renewal and replacement. The additional
0.126 mills will result in an additional $160,473 to the FY 2004/05 City Center
Redevelopment Area Operating Budget. Consistent with the General Fund appropriation, it
is recommended that the use of the additional $160,473 be restricted to future year capital
renewal and replacement projects that extend the useful life of the assets within the City
Center District and transferred to the City Center Capital Renewal and Replacement Fund.
The Administration is proposing the following restrictions and guidelines to ensure the
funds are appropriated exclusively for capital renewal and replacement to supplement
existing City Center Redevelopment Area maintenance expenditures:
. Establishment of a dedicated City Center Capital Renewal and Replacement
Fund to be used for projects that extend the useful life of the assets within the
City Center District. The City Center Capital Renewal and Replacement Fund
shall be funded annually, commencing in FY 2004/05, through a transfer from
the City Center Redevelopment Area Operating Budget. The initial transfer from
the City Center Redevelopment Area Operating Budget to the City Center
Capital Renewal and Replacement Fund shall be in the amount of $160,473.
. In subsequent years, the Fund will be increased by, at a minimum, the amount
which would represent the value of the debt service millage reduction resulting
from growth in the assessment value of the tax base in the City Center District. It
is expected that this increase should not result in a total combined millage rate
greater than in the preceding fiscal year.
. Any appropriation of project specific allocations from the City Center Renewal
and Replacement Fund shall be approved by the Chairman and Members of the
Miami Beach Redevelopment Agency.
. Interest earnings that accrue in the City Center Capital Renewal and
Replacement Fund shall be included in the subsequent appropriations for the
Fund.
. Changes among project specific appropriations may be authorized by the City
Manager to the extent that no new projects are added and the total annual
allocation is not exceeded.
. During a fiscal year, changes to the total allocation and changes to the list of
projects to be funded from the City Center Capital Renewal and Replacement
Fund shall require authorization by a majority of the Miami Beach
Redevelopment Agency members. Excess project specific appropriations not
required will be available for re-appropriation in following years.
. Project specific appropriations that are not expended in a given year shall
remain in the City Center Capital Renewal and Replacement Fund for the life of
the project.
The Administration recommends adoption of the budget for the City Center Capital
Renewal and Replacement Fund for FY 2004/05 as follows:
$160,473
$160,473
BACKGROUND
The City of Miami Beach has and continues to make significant infrastructure investments
throughout the City along with the infrastructure investments made by the Miami Beach
Redevelopment Agency in the City Center District. To ensure that these projects are
funded and addressed when needed, it is essential to establish a separate capital
replacement and renewal fund with a dedicated source of funding.
JMG