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435-2002 RDA Reso RESOLUTION NO. 435-2002 A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY ADOPTING AND APPROPRIATING THE OPERATING BUDGET FOR THE FIRST THREE MONTHS (75 DAYS) OF THE FISCAL YEAR 2002/03, FOR THE OPERATION OF THE PARKING COMPONENT OF THE ANCHOR SHOPS AND PARKING AT SOUTH BEACH, SAID PARKING COMPONENT TO BE OPERATED BY QUlK PARK OF FLORIDA, INC., UNTIL EXPIRATION OF THE FINAL TERM OF THE GARAGE FACILITY AGREEMENT BETWEEN THE AGENCY AND QUIK PARK, ON DECEMBER 14, 2002; AND, TO THE EXTENT THAT A NEW GARAGE FACILITY AGREEMENT HAS NOT BEEN EXECUTED BY DECEMBER 14, 2002, AUTHORIZING QUIKPARK TO CONTINUE OPERATING THE PARKING COMPONENT AT THE DISCRE1JON OF THE CITY MANAGER, UNTIL SUCH TIME THAT A NEW AGREEMENT HAS BEEN EXECUTED. WHEREAS, pursuant to the terms of the Garage Facility Management Agreement between the Redevelopment Agency (RDA) and Quik Park of Florida, Inc., Quik Park must submit for approval by the RDA, a proposed annual budget for the operation of the Anchor Garage; and WHEREAS, due to the fact the Garage Facility Management Agreement (Agreement) between the RDA and Quik Park is due to expire on December 14, 2002, Quik Park has only submitted a budget for the first three months of the fiscal year; and WHEREAS, Quik Park's revenue projections for the three month period, commencing October 1 through December 31, 2002, are anticipated to increase by approximately 16 percent from actual revenues realized for the same period in FY 2001/02, from $404,403 to $469,255; and WHEREAS, Quik Park's operating expenses for the same three month period, are estimated at $138,473, reflecting a 2 percent increase over actual expenses incurred during the same period in FY 2001/02; and WHEREAS, since the Agreement does not provide for a second renewal option, the City's Finance and Citywide Project Committee, at its May 20, 2002, meeting, considered the options of transferring the operation of the facility to the City's Parking Department, or proceeding with a competitive bid process; and WHEREAS, the Finance and Citywide Projects Committee voted to pursue a competititve bid process, involving the issuance of a Request for Proposals Proposals (RFP), to which the City could respond as part of a competitive public-private management bid process; and .. WHEREAS, to the extent that the bid process and/or contract negotiations have not produced a new management agreement by the time Quik Park's contract expires, a letter agreement shall be structured for the City Manager's approval, providing for Quik Park to operate the Anchor Garage on a day-to-day basis under the same terms and conditions. BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Board hereby adopts and appropriates the operating budget for the first three months of the Fiscal Year 2002/03, for the operation of the parking component of the Anchor Shops and Parking Garage, as submitted by Quik Park of Florida, Inc., until expiration of the Final Term ofthe Garage Facility Agreement between the Agency and Quik Park, On December 14, 2002. PASSED AND ADOPTED THIS 25TH DAY OF SEPTMBER, 2002. ATTEST: .~rp~ SECRETARY JMG/CMC/kob T:\AGENDA\2002\sep25\RDA\Quik Park Budget Res 02 03.doc APPROVED M 10 FORM&LANGUAGI & FOR EXECUTION '~ REDEVELOPMENT AGENCY COMMISSION ITEM SUMMARY ~ Condensed Title: A Resolution of the Chairman and Members of the Miami Beach Redevelopment Agency adopting and appropriating the operating budget for the first three months of FY 2002/03, submitted by Quik Park of Florida, Inc., for the operation of the parking component ofthe Anchor Shops and Parking Garage; and, to the extent that a new Garage Facility Agreement is not executed by the expiration of Quik Park's Agreement on December 14, 2002, authorizing Quik Park to continue operating the facility at the discretion of the City Manager, until such time that a new Agreement is executed. Issue: Pursuant to the terms of the Garage Facility Management Agreement between the Redevelopment Agency (RDA) and Quik Park of Florida, Inc., Quik Park must submit for approval by the RDA, a proposed annual budget for the operation of the Anchor Garage. However, due to the fact the Garage Facility Management Agreement between the RDA and Quik Park is due to expire on December 14, 2002, Quik Park has only submitted a budget for the first three months of the fiscal year. Item Summa IRecommendation: It is recommended that the Budget for FY 02/03, representing 75 days of operations by Quik Park, be approved and adopted. To the extent that the bid process and/or contract negotiations have not produced a new management agreement by the time Quik Park's contract expires, a letter agreement shall be structured for the City Manager's approval, providing for Quik Park to operate the Anchor Garage on a day- to-day basis under the same terms and conditions, until such time that a new management agreement is a roved. At that oint, the new 0 erator shall submit a bud et for the balance of the fiscal ear. Advisory Board Recommendation: IN/A Financial Information: Source of Funds: Anchor Garage Revenue Finance Dept. Ci Clerk's Office Le islative Trackin Christina M. Cuervo/Kent o. Bonde T:\AGENDAI2002\SEP2502\RDAIQPBudgel.SUM.doc AGENDA ITEM . g E. DATE 9 -r1S-0 2- MIAMI BEACH REDEVELOPMENT AGENCY CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139 www.ci.miami-beach.fl.us To: From: Subject: MEMORANDUM Chairman and Members of the Miami Beach Redevelopment Agency Date: September 25, 2002 Jorge M. Gonzalez l' 1/L/ Executive Director rflv 0 A RESOLUTION F THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY ADOPTING AND APPROPRIATING THE OPERATING BUDGET FOR THE FIRST THREE MONTHS (75 DAYS) OF THE FISCAL YEAR 2002/03, FOR THE OPERATION OF THE PARKING COMPONENT OF THE ANCHOR SHOPS AND PARKING AT SOUTH BEACH, SAID PARKING COMPONENT TO BE OPERATED BY QUIK PARK OF FLORIDA, INC., UNTIL EXPIRATION OF THE FINAL TERM OF THE GARAGE FACILITY AGREEMENT BETWEEN THE AGENCY AND QUIK PARK, ON DECEMBER 14, 2002; AND TO THE EXTENT THAT A NEW GARAGE FACILITY AGREEMENT HAS NOT BEEN EXECUTED BY DECEMBER 14, 2002, AUTHORIZING QUIK PARK TO CONTINUE OPERATING THE PARKING COMPONENT AT THE DISCRETON OF THE CITY MANAGER, UNTIL SUCH TIME THAT A NEW AGREEMENT HAS BEEN EXECUTED. ADMINISTRATION RECOMMENDATION: Adopt the Resolution. ANALYSIS Pursuant to the terms of the Garage Facility Management Agreement between the Redevelopment Agency (RDA) and Quik Park of Florida, Inc., Quik Park must submit for approval by the RDA, a proposed annual budget for the operation of the Anchor Garage. However, due to the fact the Garage Facility Management Agreement between the RDA and Quik Park is due to expire on December 14, 2002, Quik Park has only submitted a budget for the first three months of the fiscal year. Since the Agreement does not provide for a second renewal option, the City's Finance and Citywide Project Committee, at its May 20, 2002, meeting, considered the options of transferring the operation of the facility to the City's Parking Department, or proceeding with a competitive bid process. The Committee voted to pursue the latter option, which would involve the issuance of a Request for Proposals (RFP), to which the City could respond as part of a competitive public-private management bid process. As a result of extensive research required to evaluate the requirements ofthe managed competition, the RFP is being issued this month and proposals are due 30 days thereafter. AGENDA ITEM DATE September 25, 2002 RDA - Commission Memorandum Quik Park Page 20(2 FY02/03 Budaet Quik Park's revenue projections for October through December, 2002, are anticipated to increase by approximately 16 percent from actual revenues realized for the same period in FY 2001/02, from $404,403 to $469,255. Transient revenue is expected to account for 60 percent of total revenue, which is consistent with year-to-date figures for the first 10 months of FY 2001/02. Revenues derived from monthly account holders and valet operations at the Loews and Royal Palm hotels, are anticipated to account for 22 percent and 18 percent respectively. Operating expenses for October through December, 2002, are estimated at $138,473, reflecting a 2 percent increase over actual expenses incurred during the same period in FY 2001/02. It should be noted, that Quik Park has been able to maintain operating expenses at or slightly below forecast during the extent of the last fiscal year. The net operating profit before other expenses (including debt service and the facility usage payment), has been estimated at $330,782 for the month, reflecting a 23 percent increase over last year's actual net operating profit for the same three-month period. It is recommended that the Buget for FY 02/03 as presented in Exhibit A, representing 75 days of operations by Quik Park, be approved and adopted. To the extent that the bid process and/or contract negotiations have not produced a new management agreement by the time Quik Park's contract expires, a letter agreement shall be structured for the City Manager's approval, providing for Quik Park to operate the Anchor Garage on a day- to-day basis, at the discretion of the City Manager, until such time that a new management agreement is approved. At that point, the new operator shall submit a budget for the balance of the fiscal year. JMG/~rar T:\AGENDA\2002\SEP2502\RDA\Quik Park Budget MEMO 0203.doc attachments ANCHOR GARAGE Q-4 FORECAST 2002 OCT NOV DEC Total REVENUE 4 5 4 TRANSIENT 95,769.00 97,821.00 MONTHL Y 35,870.00 32,200.00 VALIDATION 26,577.00 25,383.00 ROYAL PALM 500.00 1,900.00 MIAMI EVENT GROSS REVENUE $158,716.00 $157,304.00 $183,524.00 NET OF TAX (6.5%) 149,029.11 147,703.29 172,323.00 CARD DEPOSITS 150.00 10.00 40.00 NET REVENUE 149,179.11 147,713.29 172,363.00 PAYROLL 15,780.00 16,200.00 15,950.00 PAYROLL TAXES 1,361.00 1,397.00 1,376.00 WORKERS COMPo 1 , 11 8.00 1,148.00 1 ,130.00 HEALTHIWELFARE 176.79 176.79 176.79 UNIFORMS 212.28 265.35 212.28 TICKETS 830.00 SIGNAGE TELEPHONE 180.00 180.00 UTILITIES 4,200.00 3,900.00 R&M 8,000.00 CONTRACTS 1,744.00 1,744.00 PROF. SERVICES 600.00 600.00 LICENSE SECURITY 9,820.60 12,275.75 9,820.60 SANITATION 205.11 205.11 205.11 · LIABILITY INS 1,876.00 1,876.00 1,876.00 COURIER SERVICE 532.00 532.00 532.00 WATER 262.83 262.83 262.83 SEWER 378.33 378.33 378.33 STORM WATER 312.00 312.00 312.00 SUPPLIES 275.00 250.00 250.00 MISC. MANAGEMENT FEE 3,333.33 3,333.33 3,333.33 TOTAL EXPENSES $ 51,197.27 $ 45,036.49 $ 42,239.27 PROFIT (LOSS) $ 97,981.84 $ 102,676.80 $130,123.73 t December 2001 MONTHL Y OPERA TING STA TEMENT Anchor Garage CURRENT MONTH YEAR TO DATE REVENUE ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE TRANSIENT 90,622.54 65,618.00 25,004.54 216.659.16 187,893.00 28,766.16 MONTHLY 35,300.47 47,500.00 (12,199.53) 106,311.27 142,500.00 (36,188.73) VALIDATION 27,854.46 31,214.00 (3,359.54 ) 81,062.91 77,677.00 3,385.91 ROYAL PALM - 16,465.00 (16,465.00) 40,974.00 (40,974.00) NET OF TAX (6.5%) $ 153,777.47 160,797.00 $ (7,019.53) $ 404,033.34 449,044.00 $ (45,010.66) CARD DEPOSITS 160.00 160.00 370.00 370.00 Total Revenue $153,937.47 $160,797.00 -$6,859.53 $404,403.34 $449,044.00 -$44,640.66 EXPENSES PAYROLL 16,356.88 16,489.00 (132.12) 46.463.02 53,590.00 (7,126.98) PAYROLL TAXES 1,162.43 1,692.00 (529.57) 3,987.28 5,499.00 (1,511.72) WORKERS COMPo 1,138.44 1,148.00 (9.56) 3,233.83 3,731.00 (497.17) HEALTH I WELFARE 176.79 244.00 (67.21 ) 494.47 793.00 (298.53) UNIFORMS 264.00 (264.00) 467.33 858.00 (390.67) TICKETS 778.56 778.56 2,094.42 1,440.00 654.42 SIGNAGE - 80.94 500.00 (419.06) TELEPHONE 387.39 165.00 222.39 727.68 495.00 232.68 UTILITIES 3,939.75 3,800.00 139.75 12,443.79 11,400.00 1,043.79 R&M 686.76 100.00 586.76 1,341.96 300.00 1.041.96 CC '"')ACTS 2,987.93 3,692.00 (704.07) 7,664.24 11,076.00 (3,411.76) Ph SERVICES 1,951.22 367.00 1,584.22 5,748.52 1,137.00 4,611.52 LICENSES - 1,650.00 - 1,650.00 SECURITY 10,691.50 9,688.00 1,003.50 31,763.10 31,486.00 277.10 SAN IT A TICN 483.74 175.00 308.74 646.26 525.00 121.26 LIABILITY INS 1,876.00 884.00 992.00 5,628.00 2,469.00 3,159.00 COURIER SERVICE 524.83 518.00 6.83 1,565.04 1,679.00 (113.96) WATER - - 175.00 (175.00) SEWER - - 300.00 (300.00) STORM WATER - 527.74 250.00 277.74 SUPPLIES 910.16 350.00 560.16 1,756.98 1,050.00 706.98 MiSe, 50.00 (50.00) - 150.00 (150.00) !MANAGEMENT FEE 2,500.00 3,333.33 (833.33) 7,500.00 9,999.99 (2,499.99) ITOT AL EXPENSES $ 46,552.38 $ 42,959.33 $ 3,593.05 $ 135,784.60 $ 138,902.99 $ (3,118.39) PROFIT (LOSS) $ 107,385.09 $117,837.67 $ (10,452.58) $ 268,618.74 $ 310,141.01 $ (41,522.27) (-) ADVANCEMENT $ 17 ,519.31 $ 17,519.31 $ 50,414.40 $ 50,414.40 TOTAL DUE !aUIK PARK $ 29,033.07 $ 29,033.07 $ 85,370.20 $ 85,370.20 QUlK PARK' 444 BRICKELL AVENUE SUITE 650 . MIAMI, FLORIDA' 33131 . PH: (305) 604-6048 . FAX (305) 604-1722 l.