300-98 RDA
RESOLUTION NO.
300-98
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY ADOPTING OPERATING
BUDGETS FOR SOUTH POINTE AND CITY CENTER REDEVELOPMENT
AREAS FOR FISCAL YEAR 98-99
WHEREAS, the proposed budgets have been prepared to coincide with the overall City
budget process; and
WHEREAS, the proposed budgets have been modified from prior years to reflect
anticipated construction project costs in addition to operating and debt service costs for the fiscal
year.
NOW, THEREFORE, BE IT DULY RESOLVED BY CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY THAT the
attached operating budgets for the South Pointe And City Center Redevelopment Areas for FY
98/99 are hereby adopted.
PASSED AND ADOPTED this 9th day of Septembef1998.
1~
CHAI AN
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SECRa~.T ARY
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECunON
1fJ!~ ~
General Counsel
MIAMI BE!'.{;H REDEVELOPMENT AGENCY
Proposed Budget FY 98/99
City Center Redevelopment Area
Millage @ 7.499
Revenues and Other Operating Debt Construction
Sources of Income Fund Service Fund
Opening Balance:
Debt Service Reserve (96 Series Bonds) $0 $4,212,000 $0
96B Series Bond funds $0 $0 $3,370,000
98 A&B Series Bond funds $0 $0 $10,851,830
Tax Increment $4,278,596 $0 $0
Contribution from Resort Tax (1%) $0 $1,618,000 $0
Contribution from GMCVB $0 $900,000 $0
Interest Income $45,000 $300,000 $0
Loews Hotel Ground Lease $500,000 $0 $0
16th Street Garage Income (See Note #1) $100,000 $0 $0
Operating Transfers In $0 $1,170,000 $0
Fund Balance Carryover: $0 $0 $0
Total Revenue: $4,923,596 $8,200,000 $14,221,830
Operating Debt Construction
Operating Expenses: Fund Service Fund
Management Fee $414,000 $0 $0
Advertising & Promotion $3,000 $0 $0
Debt Service Cost $0 $8,200,000 $0
Postage & Mailing $3,000 $0 $0
Printing $3,000 $0 $0
Office Supplies & Equipment $5,000 $0 $0
Meetings & Conferences $2,000 $0 $0
Dues & Subscriptions $1,000 $0 $0
Audit Fee $4,000 $0 $0
Professional & Related Fees $50,000 $0 $0
Miscellaneous Expenses $15,000 $0 $0
Total Operating Costs: $500,000 $8,200,000 $0
Transfer to - Debt Svc: $1,170,000 $0 $0
Transfer to Resort Tax for
repayment of loan: $3,253,596 $0 $0
Total Expenditures & Transfers: $4,923,596 $8,200,000 $0
Construction Project Costs:
16th Street Garage $0 $0 $4,200,000
Cultural Arts Campus Land Acquistion $0 $0 $5,821,830
Project costs for Convention Center Hotel $0 $0 $700,000
Beachwalk Project $0 $0 $2,900,000
Street-end Projects $0 $0 $600,000
Other Capital Projects/Streetscape: $0 $0 $0
Total Construction Project Costs: $0 $0 $14,221,830
Excess (DeficIency): $0 $0 $0
Note #1: Pr~liminary estimate of net revenues from 16th Street Garage operation
Proposed Budget FY 98/99
South Pointe Redevelopment Area
Millage @ 7,499
Revenues and Other Operating Debt Construction
Sources of Income Fund Service Fund
Tax increment $5,977,984 $0 $0
Marina Rental $120,000 $0 $0
Interest Income $42,000 $45,000 $0
Operating Transfers In $0 $830,000 $0
Capital Project Funds $0 $0 $4,444,938
Fund Balance Carryover $0 $0 $0
Total Revenue: $6,139,984 $875,000 $4,444,938
Operating Debt Construction
Operating Expenses: Fund Service Fund
Management Fee $414,000 $0 $0
Advertising & Promotion $3,000 $0 $0
Debt Service Cost $0 $875,000 $0
Postage & Mailing $2,500 $0 $0
Printing $2,500 $0 $0
Office Supplies & Equipment $4,430 $0 $0
Meetings & conferences $2,000 $0 $0
Dues & subscriptions $1 ,000 $0 $0
Submerged land lease $135,000 $0 $0
Audit Fee $4,000 $0 $0
Legal fees $150,000 $0 $0
Professional Services $122,000 $0 $0
Contingency $24,616 $0 $0
.
Total Operating Expenses: $865,046 $875,000 $0
Transfer to - Debt Svc: $830,000 $0 $0
Transfer to Capital Projects: $4,444,938 $0 $0
Total Expenditures & Transfers: $6,139,984 $875,000 $0
Construction Costs:
Portofino Related:
Legal Costs $0 $0 $350,000
Yacht Club Parking $0 $0 $1,325,000
Utility Relocation $0 $0 $200,000
Contingency $0 $0 $25,000
Total Portofino Related: $0 $0 $1,900,000
Other Capital Projects/Streetscape: $0 $0 $2,544,938
Excess (Deficiency)
Revenues and Expenses: $0 $0 $0
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 98- 33
September 9, 1998
TO: Chairman and Members of the
Miami Beach Redevelop nt Agency
FROM: Sergio Rodriguez
Executive Director
.;0
SUBJECT: A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY ADOPTING OPERATING
BUDGETS FOR SOUTH POINTE AND CITY CENTER REDEVELOPMENT
AREAS FOR FISCAL YEARS 98-99.
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
BACKGROUND
The proposed budgets for South Pointe and City Center Redevelopment Areas for Fiscal Year 98/99
have been prepared to coincide with the overall City budget process, and are being presented today
to assist in providing a comprehensive overview of the two districts.
ANALYSIS
In City Center, the infusion of 1998 bond funds together with the initial income stream from the
Loews Hotel ground lease and operation of the Anchor Shops and Parking will not only reduce the
contribution required from Resort Tax to pay debt service, but will also allow the RDA to begin
repaying Resort Tax funds used to pay existing debt service obligations from the 1993 and 1996
bond issues.
During the course ofthe next fiscal year, the RDA will continue to monitor and facilitate completion
of the Loews Hotel and the Anchor Shops and Parking, and to assume from Tishman, the
responsibility of managing the construction of the Royal Palm Crowne Plaza Resort (African-
American Hotel project). The RDA will also continue to oversee the development of the Cultural
Arts Complex (regional library, 400-space parking facility and park and streetscape improvements),
as well as the construction of the Beachwalk project between 21st Street and Lummus Park.
S()UTt1 1)()1~r:
Vedevel()pment [)lstr1ct
l?4
Agenda Item ~
Date~-9-9 ~
In South Pointe, the RDA will initiate the implementation the streetscape design based on the
approved Duany Plater Zyberk concept plan and fund the first phase of the required marina
parking in the Yacht Club which is currently under construction.
CONCLUSION
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 98/99.
It,+----
SR:iIM:kob
Att;:Jts