595-2013 RDA Resolutions RESOLUTION NO 595-2013
A RESOLUTION SETTING A PUBLIC HEARING TO CONSIDER A
RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY ADOPTING AND
APPROPRIATING THE FIRST AMENDMENT TO THE OPERATING
BUDGET. FOR THE CITY CENTER REDEVELOPMENT AREA, FOR
ADDITIONAL REVENUE IN FISCAL YEAR 2012/13.
WHEREAS, the City Center Redevelopment Area Budget for Fiscal Year 2012/13
was adopted on September 27, 2012 via Resolution No. 588-2012; and
WHEREAS, the proposed City Center Redevelopment Area Budget reflects
anticipated construction project costs in addition to operating and debt service costs for
the fiscal year; and
WHEREAS, the proposed budgets for the Anchor Shops and Parking Garage and
the Pennsylvania Avenue Shops and Garage have been included as separate schedules to
the City Center Redevelopment Area Budget, reflecting projected revenues and operating
expenses for the fiscal year; and
WHEREAS, the Executive Director recommends adopting the Resolution setting a public
hearing to adopt and appropriate a First Amendment to the RDA Budget to reflect increase
expenditures relative to the Convention Center Enhancement and Expansion Project,
which will be offset with increased resort tax revenue.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRPERSON AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY,that the Chairperson
and Members hereby set a public hearing to consider a resolution of the Chairperson and
Members of the Miami Beach Redevelopment Agency adopting and appropriating the first
amendment to the operating budget for the City Center Redevelopment Area, for additional
revenue in Fiscal Year 2012/13.
PASSED AND ADOPTED THIS 5T" DAY OF JU E, 2013.
RPERSON
ATTEST: ;:; , a. .�
INCORPI(ORATED::
ECRETARY �"9�, '•..._...•,. °� �y
APPROVED AS TO
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&FOR EXECUTION
24 13
vet pment Agen at
Gen ral Counsel
MIAMI BEACH REDEVELOPMENT AGENCY ITEM SUMMARY
Condensed Title:
A Resolution of the Chairperson and Members of the Miami Beach Redevelopment Agency setting a public
hearing to consider a resolution adopting and appropriating the first amendment to the operating budget for the
-City Center Redevelopment Area, for additional revenue in Fiscal Year 2012/13.
Key Intended Outcome Supported:
Fthe City's overall financial health and maintain overall bond rating
ing Data(Surveys, Environmental Scan, etc.):
Item Summa /Recommendation:
The budget for the City Center Redevelopment Area(RDA)for Fiscal Year 2012/13 was approved on September
27, 2012 with the adoption of Resolution No. 588-2012.
City Center Redevelopment Area expenses include community policing initiatives in City Center to continue to
provide enhanced levels of staffing and services throughout the area, capital projects and maintenance of RDA
capital projects.Administrative Expenses comprising a management fee allocated to the General Fund to payfor
direct and indirect staff support for the RDA;operating expenses;aset aside for on-going planning and consulting
work related to the Convention Center expansion master plan; capital renewal and replacement projects under
$25,000.
The City Center Redevelopment Area also annually assumes the combined debt service on the 2005 Series
Bonds and the Parity Bonds accounts for approximately $8.4 Million annually. City Center also continues
assuming debt service 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
improvements.
The revenues and expenses associated with operations of the Pennsylvania Avenue Shops and Garage and the
Anchor Shops and Parking Garage are also included in the City Center Redevelopment Area.
The amendment to the operating budget for City Center Redevelopment Area is being done to address increased
expenses relating to the Convention Center Enhancement and Expansion Project, which will be offset with
increased resort tax revenue.
Advisory Board Recommendation:
N.A.
Financial Information:
Source of Amount Account
Funds: 1
2
3
OBPI Total
Financial Impact Summary:The amendment to the operating budget for City Center Redevelopment Area is
being done to address increased expenses relating to the Convention Center Enhancement and Expansion
Project, which will be offset with increased resort tax revenue.
City Clerk's Office Legislative Tracking:
Max Sklar, Ext. 6116
Sign-Offs:
RDA Budget Assistant Executive
C ordinator Director Director JRDQ I Director RDA
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IM ! V 1 I A MSEACH AGENDA ITEM � g
� DATE 65-1
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® AA I A/0 I B EAC H
City of Miami Beach, 1700 Convention Center Drive,Miami Beach, Florida 33139,www.miamibeachfl.gov
REDEVELOPMENT AGENCY MEMORANDUM
TO: Chairperson and Members of the Miami each Re velopment Agency
FROM: Jimmy L. Morales, Executive Director
DATE: June 5, 2013
SUBJECT: A RESOLUTION SETTING A PUBLIC H :-ARING TO CONSIDER A RESOLUTION OF THE
CHAIRPERSON AND MEMBERS OFT 4E MIAMI BEACH REDEVELOPMENT AGENCY
ADOPTING AND APPROPRIATING THE FIRST AMENDMENT TO THE OPERATING
BUDGET FOR THE CITY CENTER REDEVELOPMENT AREA, FOR ADDITIONAL
REVENUE IN FISCAL YEAR 2012/13.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
KEY INTENDED OUTCOME SUPPORTED
Improve the City's financial health and maintain overall bond rating.
ANALYSIS
The budget for the City Center Redevelopment Area(RDA)for Fiscal Year 2012/13 was approved on
September 27, 2012 with the adoption of Resolution No. 588-2012.
City Center Redevelopment Area revenue sources include City and County Tax Increment, Resort Tax
contributions; a'/z mill levy 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; and an estimate
interest income.
City Center Redevelopment Area expenses include community policing initiatives in City Center to
continue to provide enhanced levels of staffing and services throughout the area, capital projects and
maintenance of RDA capital projects.Administrative Expenses comprising a management fee allocated
to the General Fund to pay for direct and indirect staff support for the RDA; operating expenses; aset
aside for on-going planning and consulting work related to the Convention Center expansion master
plan; capital renewal and replacement projects under$25,000.
The City Center Redevelopment Area also annually assumes the combined debt service on the 2005
Series Bonds and the Parity Bonds accounts for approximately$8.4 Million annually. City Center also
continues assuming debt service 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 improvements.
The revenues and expenses associated with operations of the Pennsylvania Avenue Shops and
First Amendment to the FY 2012113 Operating Budget for City Center Redevelopment Area
June 5, 2013
Page 2 of 2
Garage and the Anchor Shops and Parking Garage are also included in the City Center
Redevelopment Area.
The amendment to the operating budget for City Center Redevelopment Area is being done to address
increased expenses relating to the Convention Center Enhancement and Expansion Project,which will
be offset with increased resort tax revenue.
CONCLUSION
The Executive Director recommends adopting the Resolution and setting the public hearing.
JLM/KGB/MS/
T:WGENDA\201Wune 5\RDA First Amendment 2012-13 Memo.doc