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596-2013 RDA Reso
RESOLUTION NO. 596-2013 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 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 Redevelopment Agency adopted Resolution No. 595-2013 on June 5, 2013, setting a public hearing to consider the first amendment to the FY 2012/13 operating budget for the City Center Redevelopment Area; and WHEREAS, the Administration recommends adopting and appropriating the First Amendment to the RDA Budget to reflect increase expenditures relative to the Convention Center Enhancement and Expansion Project and real estate taxes associated with 340 23' Street, which will be offset with increased resort tax revenue, as well as funds escrowed for the 2011 real estate taxes for 340 23rd Street. 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 and appropriate the first amendment to the operating budget for the City Center Redevelopment Area, for Fiscal Year 2012/13, appropriating an additional $528,729. Original Adopted Budget $36,771,000 Proposed Amendment $ 569,000 Proposed Amended Budget $37,340,000 PASSED AND ADOPTED THIS 17TH DAY OF JULY, 2 13. `� ... t� ? / ' Z22 t-'o a CHAIRPERSON ATTEST: ' INCORP ORATED SECRETARY • ......(�•TV\ N APPROVED AS TO T:wGENDA\2013\Ju1y 17\RDA First Amendment 2012-1 >> O9M&LANGUAGE JL FOR EXECUTION Ci V. ome �_ Date MIAMI BEACH REDEVELOPMENT AGENCY ITEM SUMMARY Condensed Title: 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 Fiscal Year 2012/13. Key Intended Outcome Supported: Improve the City's overall financial health and maintain overall bond rating i Supporting Data(Surveys, Environmental Scan,etc.): N/A 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. The Redevelopment Agency adopted Resolution No.595- 2013 on June 5, 2013, setting a public hearing to consider the first amendment to the FY 2012/13 operating budget for the City Center Redevelopment Area. The amendment to the operating budget for City Center Redevelopment Area is being done to address increased expenses attributed to the agreement with Strategic Advisory Group(SAG),which is for an amount not to exceed $324,943.41 through June 2014. The Redevelopment Agency budgeted$250,000 in the FY 2012/13 budget as a placeholder to fund this agreement prior to negotiating and approving phase II of SAG's contract. Therefore, an additional amount of approximately $75,000 is required to fund the remaining portion of SAG's agreement. Additional legal services are also anticipated from outside counsel to draft the development agreement ground leases, as well as other related contracts required for the Convention Center Enhancement and Expansion Project. The Redevelopment Agency also experienced unanticipated expenses associated with the payment of real estate taxes for the property located at 340 23rd Street. This property was purchased from American Riviera Real Estate Company(American Riviera) for the development of the Collins Park Garage. The City entered into a Parking Permit Agreement with American Riviera for its continued use of the surface parking lots at this location. Pursuant to Section 8 of the Agreement,American Riviera is required to pay all real estate taxes that are imposed against the property. However, real estate taxes were not paid for 2011 and 2012, which required the Redevelopment Agency to pay the taxes and proceed to issue American Riviera a Notice of Termination. These expenses are off-set by funds$24,104.49,which were escrowed at closing for 2011 property taxes for the property located at 340 23rd Street. Additionally, Resort Tax Revenue is projected to be $5,221,848 which is $537,848 more than the budgeted amount of$4,684,000.These additional revenues will be used to cover the real estate taxes for 340 23rd Street and additional consulting and legal expense for the Convention Center Enhancement and Expansion Project. Advisory Board Recommendation: N.A. Financial Information: Source of Amount Account Funds: 1 $400,000 168-1985-000312 (Professional Services) 2 $129,000 168-1985-000368 (Property Taxes) 3 $111,000 Repayment—Prior Yr Fund Balance 4 ($71,000) Reduction of Operating Expenses OBPI Total $569,000 Financial Impact Summary: The amendment is to address increased expenses which will be offset with increased resort tax revenue. City Clerk's Office Legislative Tracking: Max Sklar, Ext. 6116 Sign-Offs: RD Budget Assistant Executive Jrditatov Dir pptpr A 4rectgr RDA D 013Wuly 1 ARDA Wmiindmen 2-13 Summ oc MIAMIBEACH' AGENDA ITEITEM DATE ? !? 1 MIAMI BEACH 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 R evelopment Agency FROM: Jimmy L. Morales, Executive Director DATE: July 17, 2013 PUBLIC HEADING SUBJECT: A RESOLUTION OF THE CHAIRPER N 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 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 '/2 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; a set 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 Redevelopment Agency adopted Resolution No. 595-2013 on June 5, 2013, setting a public hearing to consider the first amendment to the FY 2012/13 operating budget for the City Center Redevelopment Area. The amendment to the operating budget for City Center Redevelopment First Amendment to the FY 2012113 Operating Budget for City Center Redevelopment Area July 17, 2013 Page 2 of 2 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. Increased expenses are attributed to the agreement with Strategic Advisory Group(SAG),which is for an amount not to exceed $324,943.41 through June 2014. The Redevelopment Agency budgeted $250,000 in the FY 2012/13 budget as a placeholder to fund this agreement prior to negotiating and approving phase II of SAG's contract. Therefore, an additional amount of approximately $75,000 is required to fund the remaining portion of SAG's agreement. Additional legal services are also anticipated from outside counsel to draft the development agreement ground leases, as well as other related contracts required for the Convention Center Enhancement and Expansion Project. The Redevelopment Agency also experienced unantici ated expenses associated with the payment of real estate taxes for the property located at 340 23 Street the site of the proposed Collins Park Garage. As you may recall, this property was purchased from American Riviera Real Estate Company (American Riviera) for the development of the Collins Park Garage. As part of the purchase agreement with American Riviera the City entered into a Parking Permit Agreement with American Riviera for its continued use of the surface parking lots at this location. Pursuant to Section 8 of the Agreement, American Riviera is required to pay all real estate taxes that are imposed against the property. However, real estate taxes were not paid for 2011 and 2012,which required the Redevelopment Agency to pay the taxes and proceed to issue American Riviera a Notice of Termination. American Riviera made a settlement offer which was rejected. The City Attorney's Office and the Administration continue to negotiations for a settlement. These expenses are off-set by funds$24,104.49,which were escrowed at closing for 2011 property taxes for the property located at 340 23rs Street. Additionally, Resort Tax Revenue is projected to be$5,221,848 which is$537,848 more than the budgeted amount of$4,684,000. These additional revenues will be used to cover the real estate taxes for 340 23rd Street and additional consulting and legal expense for the Convention Center Enhancement and Expansion Project. Attached as Exhibit"A"is a summary of RDA budget which reflects the original adopted budget and the proposed amended budget. CONCLUSION The ExpTtive Director recommends adopting the Resolution. WV JLM/K /MS/ T:WGENDA\2013Uu1y 17\RDA First Amendment 2012-13 Memo.doc Miami Beach Redevelopment Agency City Center Redevelopment Area FY 2013/14 Proposed Operating Budget Preliminary 03/22/13 FY 2012113 FY 2012/13 Budget Budget Adopted Amended Variance Revenues and Other Sources of Income Tax Increment-City(1)168-345920 $ 19,188,000 $ 19,188,000 $ Adjustment for Prior Year Increment(2) $ (1,871,000) $ (1,871,000) $ - Tax Increment-County(1)168-311400 $ 14,818,000 $ 14,818,000 $ - Adjustment for Prior Year Increment(3) $ (1,636,000) $ (1,636,000) $ - 50%Contribution from Resort Tax:168-(381100&381400) $ 4,684,000 $ 5,221,848 $ 537,848 '1/2 Mill Children's Trust Contribution(4)168-345950 $ 1,575,000 $ 1,570,405 $ (4,595) Interest Income: 168-8000-361145 $ 13,000 $ 25,000 $ 12,000 Fund Balance Reallocation:(Non-TIF) $ - $ - $ - Fund Balance Renewal and Replacement $ - $ - $ - Other Income/Adjustments:168-365100 $ - $ 24,104 $ 24,104 TOTAL REVENUES $ 36,771,000 $ 37,340,357 $ 569,357 Admin/Operating Expenses(168-1985) Management fee(salaries&benefits) 168(100&322) $ 1,041,000 $ 1,041,000 $ - Management fee $ 3,000 $ (3,000) Salaries and Benefits $ 4,000 $ (4,000) Postage,printing &mailing 168-321 $ 1,000 $ 1,000 $ - Office supplies&equipment 168-341&323 $ 2,000 $ 2,000 $ - Other Operating 168/343 $ - $ - Taxes 168/368 $ - $ 128,729 $ 128,729 Meetings&conferences 168-363 $ - $ - Dues&subscriptions 168-361 $ - Professional&related fees 168-312 $ 250,000 $ 650,000 $ 400,000 Repairs&Maintenance 168-342 $ 98,000 $ 98,000 $ - Miscellaneous expenses(Int Svcs) 168(502,508,343) $ 47,000 $ 47,000 $ - Total Admin/Operating Expenses $ 1,446,000 $ 1,967,729 $ 521,729 Project Expenses Community Policing 168-1124 $ 3,741,000 $ 3,741,000 $ - Capital Projects Maintenance: Property Management:168-9964 $ 1,143,000 $ 1,143,000 $ Sanitation:168-9965 $ 2,593,000 $ 2,593,000 $ - Greenspace:168-9966 $ 763,000 $ 704,169 $ (58,831) Sub-Total Cap Projects Maintenance: $ 4,499,000 $ 4,440,169 $ (58,831) NWS Project/Lincoln Park Complex Contingency $ - $ - NWS Project-Grant-in-Aid $ - $ - Transfer to Penn Garage Parking 168-1985-000491 $ 405,000 $ 405,000 $ - Transfer to Penn Garage Retail 168-1985-000491 $ - $ - Transfer to Capital(6)168-1985-000491 $ 14,943,000 $ 14,943,000 $ - Transfer to Capital Renewal&Replacement(6) $ 503,000 Transfer to Capital(6) $ 198,000 Total Project Expenses $ 23,588,000 $ 23,529,169 $ (58,831) Reserve and Debt Service Obligations $ - Debt Service Cost-2005+Parity Bonds 168-50 $ 8,415,000 $ 8,415,000 $ - Current Debt Service-Lincoln Rd Project(7)168-50 $ 785,000 $ 785,000 $ - Current Debt Service-Bass Museum(8)168-50 $ 503,000 $ 503,000 $ - Reserve for County Admin Fee(9)168-353 $ 198,000 $ 198,000 $ - Reserve for CMB Contribution(10)168-353 $ 261,000 $ 261,000 $ - Reserve for Children's Trust Contribution(11)168-353 $ 1,575,000 $ 1,570,405 $ (4,595) Reserve for Collins Paris Parking Garage $ - $ - $ - Repayment-Prior Yr Fund Balance $ - $ 111,055 $ 111,055 Total Reserve and Debt Service $ 11,737,000 $ 11,843,459 $ 106,459 TOTAL EXPENSES AND OBLIGATIONS $ 36,771,000 $ 37,340,357 $ 569,357 REVENUES-EXPENDITURES $ - $ 0 I i 18NE THURSDAY,.JUNE-27;2013 NE ._----- -MIAMIBEACH CITY OF MIAMI BEACH 7. NOTICE OF PUBLIC`HEARINGS NOTICE IS HEREBY given that public hearings will be held by the Mayor and City Commission of the-Lity of.Miami Beach;Florida;in the Commission Chambers;3rd Floor,City Hall,-1700 Convention Center Drive;Miami Beach,Florida,on Wednesday,July 17,2013 to consider the following, ; 10:00 a.m. - \ 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 j _Redevelopment Area,.For Fiscal Year 2012/13. Inquiries may be directed to-the Tourism and Cultural Development Department at(305).673-7577. i 10.15 a.m. ; Ordinance Amending Miami Beach City Code Chapter..38-Entitled "Elections,"..By'Including Reference To Applicable Statutory,Provisions Of Florida.Election Code;Correcting Typographical Errors; Amending .City -Code Section. 38-4 To Provide For. Commission Canvassing Of Election Returns On The first Business.Day.Immediately-Following The County Supervisor Of Election's Issuance Of_Final election Returns And Confirming Authorization Of Emergency Comm_ ission Action.Taken At Any Commission Meeting Occurring Between General Election Date And.Acceptance Of Final Run-Off Election Returns;Amending City Code Section 38-6 By Establishing The Number Of Days For-Early Voting.Relative To.City-General,Run-Off And Special Elections Upon City Commission Auth©rization-Of:Early VotingfAnd Authorizing`City Commission: To Change Early Voting-Schedule For Elections-Not-Held_.In Conjunction With County-Or- State Elections;And Creating City Code Section:8B-7 Entitled."Petitions"Establishing Information To Be Provided By,Petition Circulators And Persons'Signing Initiative,-Referendum_ And/Or Recall.Petitions _ j. Inquiries may be directed to the City Attorney's Office eat(305)673-7470.- 10:30 a.m. Ordinance.Amending The. Code':=0f.The City Of..Miami Beach, By Amending Chapter 2,:Entitled "Administration, By Ame-ndin�`Article ill;Entitled"Agencies,:Boards And Committees-"By Amending Division 1.,Entitled.Gene.rally, By'Amending.Section 2-22,Entitled"General Requirements,"To Provide Procedures For The 01.Iing:,Of Special Vacancies On The Board Of Adjustment,Planning-Board,Design Review Board,An'd Historic Preservation.Board;By Amending-Section 2-24,Entitled"Termination--0f r Office Of Agency, Board And'Committee.Members;"'To.Am_end The Exception Provisions To Include Special Vacancies Filled-Pursuant.To Section 2722(21): Inquiries may be directed.to the City Attorney's-Office at(305)673-7470. INTERESTED PARTIES are invited to app Oar this meeting,or-be represented by.an agent,onto express I their views.in writing addresse d,to the G.ity_Commission,c/o the_City.CIerk,1700 Convention.Center Drive, 1st Floor,City Hall,'Miami Beach,Florida 33.139 mCopies of these items are available for public inspection i during normal business hours in-the CityClerk's Office,1700 Convention Center Drive,1st Floor,Eity Hall, -'Miami Beach,`Florida 33139.-.This meeting-or.any-of the items herein may:be continued,and under such circumstances additional legal notice.will not be provided: ,. Rafael E.Granado;City-Clerk. City of Miami Beach Pursuant to-Section 286.0105,Fla.Stat,,the Cityhereby advises the public that:if a person.decides to appeal any decision made by the City Commission with respect to any matter considered at its meeting or its hearing,such.person most ensure that.a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based.This notice does not constitute.consent'bythe City for`the-introduction' or admission of otherwise inadmissible or irrelevant evidence,.nor does it.authorize challenges or appeals.:not otherwise allowed by law. To request this material in accessible format,sign Janguage interpreters,.information:-on-access for persons with disabilities and/or-any accommodation to review any document or.participate in any City-sponsored proceeding,please contact us five days in advance at(305)673=7411(voice)or TTY Users may also call-the Florida Relay Service at 711: f Ad#787