439-2002 RDA Reso
RESOLUTION NO. 439-Cl002
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY, APPROPRIATING $24,914.04
FROM THE AVAILABLE SOUTH POINTE TAX INCREMENT FUNDS, IN
ORDER TO PAY THE 2002 AD VALOREM PROPERTY TAXES FOR 115
PARKING SPACES KNOWN AS THE CITY UNIT PORTION (FOLIO NO.
02-4203-234-0002) OF YACHT CLUB AT PORTOFINO PROJECT.
WHEREAS, on November 7, 1995, the Miami Beach Redevelopment Agency ("the
RDA") entered into a Development Agreement with West Side Partners, Ltd., a Florida
limited partnership ("West Side"); East Coastline Development, Ltd., a Florida limited
partnership; 404 Investments, Ltd., a Florida limited partnership; Azure Coast
Development, Ltd., a Florida limited partnership; Beachwalk Development Corporation, a
Florida corporation; Portofino Real Estate Fund, Ltd., a Florida limited partnership; St.
Tropez Real Estate Fund, Ltd., a Florida limited partnership; and Sun & Fun, Inc., a Florida
corporation; and the City of Miami Beach, Florida; and
WHEREAS, pursuant to this Development Agreement, the City, the RDA and West
Side entered into a Parking Agreement on January 10, 1996, which survived a 1995
Settlement Agreement; and
WHEREAS, in accordance with said Parking Agreement, Yacht Club at Portofino,
Ltd., a Florida limited partnership, as successor developer of a portion of the parcel known
as SSDI South, executed a Lease Agreement on November 30, 1998, with the City and the
RDA for parking spaces, laundry and bathroom facilities for the Miami Beach Marina in a
building on the SSDI South parcel; and
WHEREAS, Resolution No. 316-00, dated March 17, 1999, appropriated $1,275,101
from the South Pointe RedevelopmentTrust Fund for the payment ofthe capital cost ofthe
115 parking spaces, bathroom and laundry facilities, and further appropriated funding for
the proportionate share of operating expenses for the first year; and
WHEREAS, for the first time, the RDA received the 2002 Ad Valorem tax bill for the
Yacht Club at Portofino Condo Leased Premises - City Unit 115 Parking Spaces as per
Lease in Official Records 18784-2733, assessed at a value of $1 ,035,000; and
WHEREAS, in order to take advantage of the four percent discount for early
payment, the $24,914.04 tax bill must be paid by November 30, 2002,
NOW, THEREFORE BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman and
Members of the RDA authorize the appropriation $24,914.04 from the available South
Pointe Tax Increment Funds, in order to pay the 2002 Ad Valorem property taxes for 115
parking spaces known as the City Unit Portion (Folio No. 02-4203-234-0002) of Yacht Club
at Portofino Project.
PASSED and ADOPTED this 13th day of Novembe ,
ATTEST:
F:1.Dol'iP\$ALL IAnna\Other\ YachtClubTaxesReso.doc
N'PftCNED MTO
FORM & LANGUAGE
& FOR EXECUTION
erA=. 1J,7-0:>--
GeneilII~ DIM
REDEVELOPMENT AGENCY
COMMISSION ITEM SUMMARY
~
~
CondenMd Title:
A resolution appropriating $24,914.04 from the available South Pointe Tax Increment Funds, in order to
pay the 2002 Ad Valorem Property Taxes for 115 parking spaces known as the City Unit Portion (Folio No.
02-4203-234-00(2) of Yacht Club at Portofino Project.
Is.ue:
For the first time, the RDA received the 2002 Ad Valorem Combined Tax Bill for the 115 parking spaces
constructed on SSDI-South, in the amount of $24,914.04, based on a taxable value of$1 ,035,000. In order
to take advantage of the four percent discount for early payment, this amount is due by November 30,
2002.
Item SummarvlRecommendatlon:
The Administration recommends appropriating available funds from the South Pointe Tax Increment Funds
in order to pay said taxes.
Advisory Board Recommendation:
I N/A
Flnanciallnfonnatlon:
Source of Amount Account Approved
Funds: 1 $24,914.04
RDA- 2
South 3
Pointe 4
Tax
Increme
nt Funds
Finance Dept. Total $24,914.04
C Clerk's OffIce Le Islative Trackln :
Christina M. CuervolPatricia Walker/Anna Parekh
SI n.()ffs:
Depa~.nt Director
Assistant City Manager
City Manager
F:\DOHPl$AlllAnna\Olher\YachtClubTlIlCllsSumlnary.doc
Agenda Item
Date
3B
/1- / 3 ~(J '2-
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
_.ci.miami-beach.ft.us
REDEVELOPMENT AGENCY MEMORANDUM
From:
Chairman and Members of the Board
Of the Miami Beach Redevelopment Agency
Jorge M. Gonzalez ~.
executive Director iflr U
Date: November 13, 2002
To:
Subject:
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY APPROPRIATING $24,914.04 FROM THE
AVAILABLE SOUTH POINTE TAX INCREMENT FUNDS, IN ORDER TO PAY THE
2002 AD VALOREM PROPERTY TAXES FOR 115 PARKING SPACES KNOWN
AS THE CITY UNIT PORTION (FOLIO NO. 02-4203-234-(002) OF YACHT CLUB
AT PORTOFINO PROJECT.
RE90M11ENDATlON:
Adopt the Resolution.
~YSIS:
The RDA entered into a Development Agreement dated November 7, 1995, with West Side
Partners, Ltd., a Florida limited partnership ("West Side"); East Coastline Development, Ltd., a
Florida limited partnership; 404 Investments, Ltd., a Florida limited partnership; Azure Coast
Development, Ltd., a Florida limited partnership; Beachwalk Development Corporation, a Florida
corporation; Portofino Real Estate Fund, Ltd., a Florida limited partnership; St. Tropez Real Estate
Fund, Ltd., a Florida limited partnership; and Sun & Fun, Inc., a Florida corporation; and the City of
Miami Beach, Florida, and pursuant to this Development Agreement, the City, RDA and West Side
entered into a Parking Agreement on January 10, 1996.
In accordance with the Parking Agreement, which survived a 1995 Settlement Agreement, Yacht
Club at Portofino, Ltd., a Florida limited partnership, as successor developer of a portion of the
parcel known as SSDI South, executed a Lease Agreement on November 30, 1998, with the City
and the RDA for parking spaces, laundry and bathroom facilities for the Miami Beach Marina in a
building on the SSDI South parcel.
Resolution No. 316-99, dated March 17, 1999, appropriated $1,275,101 from the South Pointe
Redevelopment Trust Fund for the payment of the capital cost of the 115 parking spaces, bathroom
and laundry facilities, and further appropriated funding for the proportionate share of operating
expenses for the first year,
For the first time, the RDA received the 2002 Ad Valorem tax bill for the Yacht Club at Portofino
Condo Leased Premises. City Unit 115 Parking Spaces as per Lease in Official Records 18784-
2733, assessed at a value of $1,035,000. In order to take advantage of the four percent discount for
early payment, the $24,914.04 tax bill must be paid by November 30, 2002,
As such. the Administration recommends appropriating available funds from the available South
Pointe Tax Increment Funds for payment of said taxes.
JMG/C~
F:\DDHPISAI.llAnna\Other\YachtClullTIIllllIlMemo.doc
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