436-2002 RDA Reso
RESOLUTION NO.
436-2002
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY TO
ADOPT THE OPERATING AND CAPITAL BUDGETS FOR
THE SOUTH POINTE AND CITY CENTER
REDEVELOPMENT AREAS FOR FISCAL YEAR 2002/03.
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 the operating budgets for the South Pointe and City Center Redevelopment Areas
for Fiscal Year 2002/2003, attached as Exhibit "A" hereto.
PASSED AND ADOPTED THIS SEPTEMBER 26TH DAY OF 2002.
ATTEST:
~~~~
. . sEeR ARY
APPRICM!DM1O
FORMalANC'lJMll
a FOREXIiCUTION
~
Miami Beach Redevelopment Agency
Proposed Budget FY 2002103
City Center Redevelopment Area
Revenues and Other Operating Debt Construction
Sources of Income Fund Service Fund
Opening Balance $0 $0 $0
96 B Series Bond Funds $0 $0 $4,173,075
98B Bond Funds $0 $0 $5,786,319
Tax Increment - City $7,400,204 $0 $0
Tax Increment - County $5,959,764 $5,959,764 $0
50% Contribution from Resort Tax (1%) $1,900,000 $0 $0
Interest Income $0 $0 $169,910
Loews Hotel Rent Revenue $500,000 $0 $0
Royal Palm Ground Lease $490,000 $0 $0
Anchor Garage Operations (1) $1,950,000 $0 $0
Anchor Shops Lease Revenue (2) $586,816 $0 $0
Other Operating Transfers In $0 $9,168,650 $ 1,450,725
Fund Balance Carryover $0 $0 $0
Total Revenue $18,786,784 $15,128,414 $11,580,029
Operating Debt Construction
Operating Expenses Fund Service Fund
Management fee 414,000
Advertising & promotion 3,000
Postage & mailing 3,000
Printing 3,000
Office supplies & equipment 5,000
Meetings & conferences 2,000
Dues & subscriptions 1,000
Audit fees 4,000
Professional & related fees 50,000
Miscellaneous expenses 15,000
Total Operating Expenses $500,000 $0 $0
Operating Debt Construction
Projects Fund Service Fund
Anchor Garage ops incl sales & prop taxes 770,525
Anchor Garage Facility Use/Usage Fee (3) 166,000
Anchor Shops mgt fee & related exp 82,000
Community Policing
Repayment of Lincoln Road Capital Costs (4) 3,450,000
Repayment of Bass Museum Capital Costs (5) 1,150,000
Beachwalk project 3,600,000
Colony Theater 1,800,000
Rotunda 500,000
Street-ends (17th, 18th & 20th Streets) 700,000
16th Street improvements 500,000
17th Street Master Plan 500,000
Allocation for Streetscape, Water, Sewer & other Utility
Improvements by CIP Office 3,980,029
Total Project Costs: $1,018,525 $4,600,000 $11,580,029
Operating Debt Construction
Transfers and Debt Service Payments Fund Service Fund
Debt Service Cost - 96B & 98B Bonds 9,077,689
Current Debt Service - Lincoln Rd Project (6) 1,631,738
Current Debt Service - Bass Museum (7) 508,107
Transfer County TIF to - Debt Svc Fund 5,959,764
Transfer to - Debt Svc Fund 9,168,650
Transfer to - Construction Funds 1,450,725
Total Transfers $17,268,259 $10,528,414 $0
Total Expenditures & Transfers $18,786,784 $15,128,414 $11,580,029
Excess (Deficiency): $0 $0 $0
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 #3 Difference due between Facility Use and Facility Usage Fee
Note #4 Repayment of Lincoln Road capital costs - accumulated principal & interest
Note tIS Repayment of Bass Museum capital costs - accumulated principal & Interest
Note #8 Payment of Lincoln Road current debt service on Sunshine State Loan
Note #7 Payment of Bass Museum current debt service on Gulf Breeze Loan
9/1012002 3:54 PM
ccbudget02_03_Prop Sheel1
RDA City Center -10 YEAR BUDGET - Period: 2003-2013
---- ,
RDA City Center Budget y.., End 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL
----
FIocaI y_ FY 01.02 FY 02.03 FY 03.04 FY 04.05 FY 05.01 FY 08.07 FY07.08 FY 08.09 FY 09.10 FY 10-11 FY 11.12 FY 12.13
--- -
OPERATIONS
1. AnclIor Shops
Revenues
RenIaIlnmme 5n,770 586,818 586,818 586,818 849,759 892.119 892.119 692,119 692,119 692,119 692,119 692,119 ',827,810
Obligations
M~ Fee &....- Expenses - (82,000) (82,000) ~ (82,000) (82,000) (82,000) (82,000) ~ (82,000) (82,0001 (82,000) (82,000) (984,000)
Total AnclIor - 480,770 104,111 104,111 104,111 517,75_ 110,11_ 110,11_ 110,11_ 110,11_ 110,11_ 110,11_ 110,11_ 1,843,110
2. AnclIor Garage
Revenues
T.... Rec8Il>IS 1,&27,325 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 1,950,000 23,377,325
ObllgaUons
_tax (117,830) (119,014) (119,014) (119,014) (119,014) (119,014) (119,014) (119,014) (119,014) (119,014) (119,014) (119,014) (1,428,785)
Properly Tax (325,511) (32S,511) (32S,511) (32S,511) (32S,511) (325,511) (32S,511) (325,511) (325,511) (32S,511) (325,511) (32S,511) (3,008,132)
QuIk Part< (317,000) (328,000) (328,000) (328,000) (328,000) (328,000) (328,000) (328,000) (328,000) (328,000) (328,000) (328,000) (3,903,000)
FacIIly Fee - (184,000) (188,000) (188,000) (188,000) (188,000) (188,000) (188,000) (188,000) (188,000) (188,000) (188,000) (188,000) (1,990,000)
Total AnclIor Gara! - 1,003,184 1,013,475 1,013,475 1,013,475 ,013,475 1,013,475 1,013,475 1,013,475 1,013,475 1,013,475 1,013,475 1,013,475 12,151,401
3. Loews
Revenues
~ Ground Lease 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 8,000,000
L.oews PIlI'COIUQ8 Rent
ObllgaUons - 500,000 1,000,000
Total Loews - 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 SOD,OOO 500,000 500,000
4. Royal Palm
Revenues
ROP RoyoI Palm HoIeI 180,838 490,000 490,000 490,000 490,000 490,000 490,000 490,000 490,000 490,000 490,000 490,000 5,570,838
RDP RoyoI Palm (1""'- Rent)
ObllgaUons
Royal Palm HoIeI Projec:I
E_ RemedlaIIon (250,000) (250,000)
Legal F_ - ~ (75,000)
Total Royal Palm (144,1121 480,000 480,000 480,000 480,000 480,000 480,000 480,000 480,000 480,000 480,000 480,000 5,245,838
_ - ObIIgaUons -
- - - -
."'" Street Master Plan (270,0001 500,0001 . . . . - . . (770,000]
nlty Policing n P1opoHd . (1,500,000' (1,500,000' 1,500,000' (1,500,0001 (1,500,000' (1,500,000) (1,500,000) (1,500,000) (1,500,000' [1,500,000' [15,000,0001
I at Cultural ea_ 5OOIOOO~ - - - . . - . . . . (500,0001
-
Hllmprovements 500,000' - . - . . . . . . (500,0001
- -
, Theater (1.415.l!OO: 800,!,OO' . . . . . . . (3,215,0001
-
go Pack.. A. Utilities Improvmttn1s by clP omce . . (400,000' (400,000' (408,145' . . . . . . (1 ,208,145'
- -
nUon Center Stonnwater ImprcJvJn< CIP 0flIce - . - - . (3,800,000' . . . . . . (3,800,000
- -
- - - - - -
TOTAL OPERATIONS ANNUAL - 108,291 - 108,291 182,289 (2,181,4061 ~94 1.113,594 1,113,594 1,113,594 1,113,594 ~ .5,247,111
- - - - - -
ANNUALOVE~ruNDE~ 13, 1,114,974 7 12,899,795 18.067 20,984,984 22,555.737 24.195~ 25,914,307
-
1/1012002 3:53 PM Cly ConIIr c.- _ 10VR IIUDClET
TOTAL
2013
-
FY 12.13
2012
11-12
2011
10-11
2010
FY 09-10
2009
FY 08~9
~A ~nter -10 YEA...!!.!!!.DGE~od: ~013
2003 2004 2006 2007 2008
-- ---
FY 02~3 FY 03004 FY 05.0& FY 06~7 FY 07~8
2005
FY~5
FY
FY
2002
FY 01~2
V.rEnd
..- v_
42,808
(4,800,000)
(150,000)
(550,000)
5,300,000
(1._.4II)
(20,110)
(1,043,OIIOl
(20,411)
(1,022,t35)
(20,085)
(1.003,25e)
(11,171)
(113.H5l
(11.301)
(ll5,021)
(11,1211
(148,4811
(11,_)
(121,2141
(11,171)
(IM"11)
(11.473)
(l73,-)
14.11$7
3,242,170
13,481
(1,000,000) (3,800,000)
(150,0II0l
-----=- (550,000)
(l,ooo.OIIOl (4,300.0II0l
3,242,870 '173,888:
4, 173,1I7J
_,m
2.00%
BOND FUNDS
1116B Nontu - 8lIglnnlng Balance
_._1-
Obl.......,..
- project
CIIy CerUr -,-,2Olh SlreeI
Slnlel Ends-171h1181h_
TolII Obli
1l1l18B Nontax . Endina Balance
RDAC
1,505,021
1,084,311'
5,-._
141,070
1,063,4"'
5.453,411
138,304
1,043,000
5,315,117
135,512
1,022,135'
5.171._
132,133
1,003,256
5.0441,_
130,327
4,111,335
127,771
165,028:
4.781,514
125'-
148,481
4,II3,21II
122,110
.
128,214'
4,_,_
120,_
.
108,811
5,220,_
111,041
5,tI02,-
115,728
5,781,311
11,780
(1,800,000)
1,800,000'
(800,000)
(IOO,OIIOl
3,8~81O
(800,000)
(100,000)
4,538,127
2.00%
1118B Nontax . 8lIglnnlng Balance
_.1_1-
Oblltatlo..
CUIt\nl Campus Leo'" Fees
Cultural Campus Acquisition
Collins Part< Improvements
CUIILr.l1 Center Other
TolII Obli
1998B Nontax . Endina Balance
578,856
25,368,812
136,766,825
111,700.449
274,412,743
5,735~&30
71,395 74,985 78,713
2,226.153 2,270,878 2,318,089
14,132,930 14,941,013 15,789,499
11.551,865 12.212,369 12.905,_
27,112,343 21._,022 31,_.111
5,511,784
.
5,450,711
(4,140,000)
(880,000)
(91,028,368i
(4,559,266)
(4,449,817)
(10,726,139)
(12,823,557)
(128..,147]
148,025,715
(414.000)
(88,000)
(9,072,823)
(503,355)
(884,819)
(414,000)
(88,000)
(9,075,970)
(502,748)
(888,881
(414,000)
(88,000)
(9,073,8011)
(505,851)
(888,511)
10,147,1711
17,034,314
5,312,528
87,_
2.182,503
13,363,321
10.922.814
28,531,140
(414,000)
(66,000)
(9.078,118)
(508,531)
(872,118)
110,154,143]
15,581,717
5,178,888
84,757
2,139,709
12,830,374
10,323,717
25, 15e,557
(414,000)
(66,000)
(9,075,204)
(508,108)
(871,423)
110,152,7351
14,205,822
5,044,10.
81,873
2,097,754
11,932,323
9,753,149
23,144,_
(414,000)
(88,000)
(9,072.899)
(508,443)
(872,239)
10,151,511'
12,813,318
4,113,&30
58,737
2,058,821
11,267,511
9,209.751
22.512,_
(414,000)
(88.000)
(9,076,825)
(508,230)
(872,188)
10,155,223]
11,837,317
4,788,108
55,940
2,016,295
10,634,358
8,692,229
21._,122
53,276
1,976,780
9,880,091
7,912,237
11,122,384
8,017,m
48,022 40,323 50,739
2.248,063 1,900,000 1,936,000
6,418,507 7,400,204 8,578,887
5.248.309 5,959,784 7.010.348
13,t5I,lI1 15,301,211 17,575,772
5,883,oil
5.00%
2.00%
TAX INCREMENT & RESORT TAX FUNDS
-....
I_Income
ResoIl Tax (50% of the 1'110 Room Tax)
CMB TlF
County TIF
(414,000) (414,000)
(88,000) (88,000)
(9,351,724) (9,077.889)
(508,107)
(1,150,000)
(1,631,736)
-----=- (3,450,000)
(1,851.724] (11,217,5341
4,105,188 (1,001,243)
T""'l_
Obl_o..
CMB Managemert Fee (Deduc:Ied fltIm CMB TIF)
Ad_ Fees
Debt Service
Bass Museeum CUmlnl Debt Service (5'110; 54.IIM)
Bass Museum C"IlIaI Cos1 Repay
UnooIn Road CUmlnl Debt Service (5%; S11.OM)
Lincoln RoadC8plal Cos1 Repay
T""'I~
Total Tax Increment & Resort Tax Funds
139,125,715
QIy ConIor _ _ lOYR BUOOET
24,800,713
23,081,760
21,442,143
19,871,390
18,379,555
18,953,489
15,588,201
1,399,188
6,837,327
5,508,883
4,lL3<I~60
13,231,138
TOTAL ANNUAL
3:53 PM
1I1Cl/3lO2
..EllW. FINAL
SUBTOTAL RDA TOTAL
Projected
Total
nt
2002
Projected
TAX INCREMENT FUND TAX PROJECTIONS - Updated July 31
Projected
FINAL
Projected
FINAL
@1I5%
P.yment
CMS M-DC
Mil... Mill..
FINAL Prjctd
% %
... ...
Projected
...
FI~
...
Projected
Assessed
Value
City Center TIF Projections
FINAL
Assessed
Value
292,572,271
y,
End
1m
CIIB
FY
7n,029
2,029,2N
2,295,953
2,303,219
2,853,502
3,881,493
7,191,449
8188~:7~
1fl._'
1,191,029
2,443,294
2,709,953
2,717,219
3,067,502
4,075,493
7,605,449
9,303,763
1j;fisi270
ttiV
13,034,926
15,173,033
17,178,328
18,912,587
20,063,263
21,271,472
22,540,092
23,872, 142
25,270,796
26,739,381
28,281,397
l1iQ04,
13,441,928
15,587,033
17,592,328
19,328,587
20,4n,283
21,885,472
22,954,092
24,288,142
25,884,786
27,153,381
28,8",397
559,117
1,234,006
1,291,517
1 ,258,426
1,366,334
1,815,315
3,319,812
4,062,353
Includes
reduction of
$88,958
7,400,204
8,576,687
9,680,091
10,634,358
11,267,511
11,932,323
12,630,374
13,363,329
14,132,930
14,941,013
15,789,499
6,297,471
631,912
1,209,288
1,418,436
1 ,458,793
1.701,168
2,260,ln
4,285,638
5,241.411
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
7.289
7.289
6.828
6.469
6.023
6.023
5.809
5.751
5.966
5.966
5.966
5.966
5.966
5.966
5.966
5.966
5.966
5.966
5.966
7.299
7.299
7.299
7.299
7.299
7.299
7.299
7.299
7.299
7.299
7.299
11.6%
12.5%
10.4%
8.2%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
27.6%
26.1%
4.4%
1.2%
6.8%
14.8%
46.6%
16.1%
141,576,355
169,667,456
159,128,329
137.620,485
91,310.769
95,876,308
100,670,123
105,703,629
110,988,811
116,538.251
122,365,164
80,744,176
97,463,179
20,897,955
5,664,928
34.022.074
78,467,868
264,313,023
144,105,176
141 ,576,355
1,359,799,118
1.529.466,574
1,688,594,903
1,826,215,387
1,917,526,157
2,013.402,464
2,114,072.588
2,219,n6,217
2,330,765,028
2,447,303,279
2,569,668,443
373,316,447
470,n9,626
491,6n,581
497,342,509
531,364,583
609.832,451
894,145,474
,038,250,650
1,359,799.118
1994
1995
1995
1997
(a)
Il3-lI4
94-95
95-80
~
97-118
-
lMl-OO
~
Q2.03 2003
()3.{H 2004
IU-05 2005
05-0fl 2O/lll
0tW7 2007
07.()8 2O/lll
08-0lI 2/lOll
1>>-10 2010
10-11 2011
11.12 2012
12.13 2013
nF "'-:IIlO3 T1F
Projected by RDA, assuming 5% growth and estimated ad valorem Increase for renovation and/or new constroctlon.
18,375,000
14,280,000
(I) on hol So Be City Center
on he W Miami Beach
Lincoln Place 15,437,500
Sagamore 21,000,000
Royal Palm 56,000,000
Ritz Cartton 9,240,000
Setai 82,655,000
Adjusted for inflation & millage increase
(e)
(d
(e
Loews $125 mil & Lincoln Rd rebirth
Town House 510,000
Shore Club 34,375,000
Millennium 2,616,250
Roney Palace 32,000,000
02'@ thru 12-13
.,1Ot2OO2 J:!IIS PM
(a)
(b)
NOTES:
TOTAL FUTURE
INCREMENT
(DELTA)
DESCRIPTION OF
ASSESSMENT
Renovations City Center- TIF PROJECTIONS 9/10/2002
Current
Asaellsed
Value per
Unit
NlIW
Condo
Unils
# Condo
Units
New
Units
AFFECT
ROLL
Formula
$
Current
# Units
Assess
Built
PROJECT
510,000
Opened this year
228 old units @ 13270;
99 nllW units @
$180,000 (rounded
26 154 18,462 per unit
, (rounded)
226 units Into 325
unit; $125 mil reno
,700,000
65
2001-02
2001
2000
Town House
34,375,000
2,616,250
65% of predicted
39,000 (23,000 1llIW) market value for nllW
sq ft@ $175 per ft square footage (23,000
sq ft@ $175 per sq ft)
60,619
13,700,000
99
325
n1a
2002-03
2003
2002
2002
2001
2001
Shore Club
Millenium
581 condo hotlll
units into 550 hotel/
350 condo; $100 mil
reno
32,000,000
320 units @ $150,000
50,000
87,150,000
320
581
2002-03
2002
2001
Roney
Palace
9,240,000
A standard 30%
renovation
335 unils into 380;
$100 mil reno
50,769
16,500,000
55
380
2004
2004
2003
Ritz Carlton
56,000,000
$150,000 per uni
assesed value
50 prior units
demolished;$64 mil
reno
19,500,000
65% of predicted
market value for nllW
Retait 40,000 square footage (Retail
Office: 120.000 nllW @ $300 per sq It;
Class A; 711 Parking Office: @ $150 per sq
ft)
152,000
7,600,000
374
424
2003-04
2004
2003
2004
2002
2003
Royal Palm
The Lincoln
14,625,000
65% of predicted
Retail: 20,000 market value for IllIW
(15,000 new) Office: square footage (Retail
110,000 new Class @ $300 per sq It;
A; 550 Parking Office:@$150persq
ft)
2003
2003
2002
Lincoln
Place
21,000,000
Current value of old
units ($64,480)
subtracted from
63380 129 unit into 200; $30 $150,000 then
, mil reno multiplied by number of
old units and added ID
new unils multiplied by
$150,000.
4,500,000
129
200
2003-04
2003
2002
Sagamore
79,075,000
14,280,000
Hotel: $100,000 per
unit assesed value;
Condo: 65% of
650,000 multiplied by
number of unils .
132 old units @
$90,000; 68 new unils
@ $150,000
180 hotel units into
88 hotel/190 condo
$125 mil reno
55,556
10,000,000
189
90
2004-05
2004
2003
Setal
132 unit InlD 200;
$57 mil reno
59,091
7,800,000
68
200
hold
hold
hold
WMlaml
18,375,000
$125.000 per unl
assesed value
Projections provided by the City of Miami Beach's Economic Development Department
new consbuctlon
147
147
hold
hold
hold
So Be City
Center
7/212002
MIAMI BEACH REDEVELOPMENT AGENCY
Proposed Budget 02103
South Polnte Redevelopment Area
Operating
Fund
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
Projects
South Pointe Pier
Baywalk
Beach Master Plan
South Pointe Streetscape
South Pointe Park (P&R)
Washington Park (P&R)
Community Garden (P&R)
The Courts/Cobb
1 st -2nd Streetscape
Library
Portofino Settlement
Portofino Local Impacts
Marina Valet Parking
Pump Station Removal
The Related Group
1) SSOI N-WaterlStorm Water Relocation
2) SSOI N-Seawall Restoration
3) SSDI N-New Seawall
Yacht Club CAM
Legal Fees
Program Manager (H&S)
Other Projects (Including CIP Utilities Improvements)
Total Project Costs
Revenues and Other
Sources of Income
Opening Balance
South Pointe Streetscape Appropriation
Park Improvements Appropriation
Tax increment - City
Tax increment - County
Marina Rental
Portofino Local Impacts
Interest Income
Operating Transfers In
Capital Project Funds
Fund Balance Carryover
Total Revenue
Transfers and Debt Service Payments
Debt Service Cost
Transfer County TIF to - Debt Svc Fund
Transfer to - Debt Svc Fund
Transfer to Construction Fund
Total Transfers
Total Expenditures & Transfers
Excess (Deficiency)
9/10/2002 3:54 PM
5,970,947
4,779,680
182,160
92,000
46,942
11,071,729
Operating
Fund
414,000
2,500
6,000
2,500
5,000
2,000
1,000
4,000
63,000
$500,000
$0
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5,792,049
$10,571,729
$11,071,729
$0
Debt Construction
Service Fund
6,307,455
50,000
4,779,680
23,018
5,792,049 9,690,025
10,594,747 16,047,480
Debt Construction
Service Fund
$0
$0
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250,000
3,988,544
2,000,000
50,000
70,000
100,000
52,500
92,000
72,000
1,000,000
$0
200,000
1,000,000
250,000
84,000
100,000
250,000
6,238,436
$16,047,480
904,722
9,690,025
$10,594,747
$10,594,747
$0
$0
$16,047,480
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- - -
RDA South Polnte Budget YEAR END 2002 2003 2004 2005 2006 2007 2006 2009 2010 2011 2012 2013 TOTAL
- - - - - - -
6. StreetscaplK)bllgatlons
Phase I (1,000,000) (1,000,000)
Phase I claims (1,988,544) - - - - (1,988,544)
Phase II (600,000) (2,000,000) (2,000,000) (3,000,000) - (7,600,000)
Phase III (633,585) - (4,857,485)
Phase IV - (670,320) (5,139,120)
Phase V (5,348,600) - (6,150,690)
6th Street (2,500,000)
Program Manager (H&S) (200,000) - - (1,400,000)
Legal Fees - (50,000 - - - (450,000
- -
Total Streetscal (2, 1~,9051 . . . . . 31,086,0391
- - - -
Other . Obligations
7. South Pointe Park (P&R) (2,400,000)
8. Washington Park (P&R)
9. Communily Garden (P&R)
10. Pier at South Pointe Park -
11. Flamingo Pack. .A.lmprovemen1S by ClP 0fIice - - -
Total Others . . . . .
- - -
- - -
TOTALPROUECTANNUAL 170,558 ~039 175,570 178,151 l!2:!!i
ANNUAL OVERI(UNDER~ 13.080.818 13,777 15,278,553 18,082,858
t1/1012002 3:154 PM _ _ CIpIIII PIon lOYR BUDGET
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REDEVELOPMENT AGENCY
COMMISSION ITEM SUMMARY
~
-
Condensed Title:
A resolution of the Chairman and Members of the Miami Beach Redevelopment Agency adopting operating
and capital budgets for South Pointe and City Center Redevelopment Areas for Fiscal Years 2002/03.
Issue:
The proposed budgets for South Pointe and City Center Redevelopment Areas for Fiscal Year 02/03 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.
Item Summary/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 2002/03.
Advisory Board Recommendation:
IN/A
Financial Information:
Source of
Funds:
D
Finance Dept.
Ci Clerk's Office Le islative Trackin :
Christina M. Cuervo/Kent O. Bonde/Alexandra Rolandelli
T:\AGENDAI2002\SEP2502\RDAIRDABudget.SUM.doc
AGENDA ITEM
DATE
3A
1-J.6-oZ-
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.ci.miami-beach.f1.us
REDEVELOPMENT AGENCY MEMORANDUM
From:
Chairman and Members of the Date: September26, 2002
Miami Beach Redevelopment Agency
Jorge M. Gonzalez ,... /
Executive Director 0 """ ~
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY ADOPTING OPERATING AND
CAPITAL BUDGETS FOR SOUTH POINTE AND CITY CENTER
REDEVELOPMENT AREAS FOR FISCAL YEARS 2002/03.
To:
Subject:
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
ANALYSIS
The proposed budgets for South Pointe and City Center Redevelopment Areas for Fiscal
Year 02/03 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.
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 17.3
percent increase in property values for FY 2001/02 and an estimated 11.4 percent increase
for FY 2002/03.
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.
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. In FY
September 25, 2002
Commission Memorandum
RDA - City Center Redevelopment Budget
Page 20'4
2002/03, City Center will pay approximately $3.4 Million annually towards capital costs for
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 begin assuming
debt service payments on the portion of the Gulf Breeze loan used to pay for the Bass
Museum expansion and renovation. These payments were previously made from water,
sewer, storm water, gas and resort tax proceeds. Additionally, TIF will continue to be
utilized to address much needed infrastructure improvements in the area, including but not
limited to streetscape, landscaping and parking.
On-going and planned capital projects in City Center for FY 2002/03 include the following:
. Construction of the Miami Beach Regional Library and renovation of the Library
Rotunda as public programmed space.
. Renovation of the historic Colony Theater
. Implementation and construction coordination of the Beachwalk project, connecting
Lummus Park with the terminus of the existing wooden boardwalk at 23rd Street.
. Im~lementation and construction coordination of the street-end improvements to
17 ,18th and 20th Streets, to be undertaken as part of and in conjunction with the
Beachwalk project.
. Negotiation of terms for lease and development of 17th Street surface lots for New
World Symphony, open space park and parking facility.
. Planning and design of the City Hall expansion parking garage, the P-Lot parking
garage and the Convention Center expansion facility
. Administering management, development andlor lease agreements in connection
with the following entities:
. Loews Hotel
. Royal Palm Crowne Plaza Hotel
. Anchor Shops and Parking Garage
. The Lincoln
. Lincoln Place
. DiLido
. Miami City Ballet
. Coordinating with CIP on planning, budgeting for and implementing infrastructure
improvements throughout City Center.
On October 10, 2002, the proposed Amendment to the City Center Master Plan, which
includes the Zyscovich Plan and Community Policing elements, will be presented to the
Board of County Commissioners for final approval. If approved, the City Center budget will
be amended accordingly to include Community Policing.
September 25. 2002
Commission Memorandum
RDA - City Center Redevelopment Budget
Page 30(4
South Pointe
In South Pointe, property values experienced a 14.7 percent increase in FY 2001/02, as
new luxury residential and commercial properties such as the Yacht Club at Portofino have
come on line. In FY 2002/03, values are projected to increase by approximately 9 percent,
since additional projects are not anticipated to impact the tax roles until the following year,
such as the Murano and Portofino retail projects.
On-going projects shaping the area include a $30 million streetscape improvement project
for the South Pointe Area, based on a Master Plan by Duany Plater Zyberk and endorsed
by the South Pointe Advisory Board; build-out of the Miami Beach Marina (SSDI North and
South parcels) and several other properties owned by the Portofino Group, including the
Portofino Tower, the Yacht Club at Portofino and the Murano; the planning and
development of the final phases of the Courts and Cosmopolitan Project (formerly the
Courts of South Beach), by Groupe Pacific; and the first phase of the Continuum Project.
During the next fiscal year, the Redevelopment Agency will undertake the following
initiatives in South Pointe:
. Coordinating design and development of the South Pointe library on the 200 block
of Alton Road.
. Working with CIP to continue with Phase II of the streetscape improvements in the
area, including new water, storm water and drainage ,systems, milling and surfacing
of roadways, construction of new sidewalks, landscaping, irrigation and new street
lighting.
. Coordinating the construction ofthe Community Garden on the 200 block of Collins
Avenue.
. Continue coordinating the CourtslCosmopolitan of South Beach project and related
streetscapes.
. Coordinating with CIP and the Parks Department to update and implement the
South Pointe Park Master Plan.
. Reconstructing/repairing the South Pointe Pier
. Coordinating 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.
. Facilitating and coordinating construction activities related to Murano Grande,
Phases I and II, including but not limited to, the relocation of public utility lines from
the SSDI-North parcel into the public right-of-way along the Marina and the
restorationlrehabilitation of the seawall along the Marina and the temporary
pedestrian baywalk at the SSDI-North parcel.
. Facilitating the construction of a booster pump station on Alton Road, currently
under design by CDM Engineering and Zyscovich, Inc. Architects.
. Proceeding with construction of a temporary pedestrian baywalk at the Alaska
parcel.
September 25, 2002
Commission Memorandum
RDA - City Center Redevelopment Budget
Page 4 0(4
It should be noted that in accordance with the Interlocal Agreement between Miami Dade
County and the City of Miami Beach, administrative costs remain capped at $500,000 in
City Center. In South Pointe, administrative costs have been reduced by 3 percent from
last year's budget, from $818,430 to $793,430. Proposed Capital expenditures in both
districts are based on anticipated/projected costs associated with completing certain
existing projects and undertaking new development activity in the 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 2002/03.
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