460-2003 RDA Reso
RESOLUTION NO. 460-2003
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY
APPROPRIATING $4,275,438 IN CITY CENTER TRUST
FUND REVENUES, AND $8,156,181 IN SOUTH POINTE
TRUST FUND REVENUES TOWARD WATER, SEWER,
STORM WATER, STREETSCAPE AND RELATED
INFRASTRUCTURE IMPROVEMENTS IN THE CITY
CENTER AND SOUTH POINTE REDEVELOPMENT AREAS,
AS WELL AS TO FUND PROGRAM MANAGEMENT FEES
AND CONSTRUCTION MANAGEMENT FEES ASSOCIATED
WITH SAID IMPROVEMENTS.
WHEREAS, in August and October, 2000, two Revenue Bonds were issued, in the
amount of $52,170,00, for storm water improvements, and $54,310,000 for water and
sewer improvements throughout the City; and
WHEREAS, since the proceeds from the bond issues fall short of addressing the
infrastructure improvements contemplated, the Administration recommends funding those
improvements located, respectively, within the South Pointe and City Center
Redevelopment Areas with unencumbered Trust Fund revenues; and
WHEREAS, the Capital Improvements Projects (CIP) Office has estimated that a
total of $3.7 Million is needed in the City Center Redevelopment Area, and $25 Million in
the South Pointe Area, to address storm water, water, sewer and related subsurface and
surface infrastructure improvements in the two areas; and
WHEREAS, in City Center, a Request for Qualification (RFQ) has been issued for
the planning, engineering and design of an estimated $16 Million right-of-way improvement
project, involving the restoration and enhancement of a significant portion of the roadways
throughout the district; and
WHEREAS, these estimates also reflect anticipated soft costs such as architectural
and engineering fees, program and construction management fees, and right-of-way
infrastructure management fees; and
WHEREAS, in Fiscal Year 2002/03, the City Center and South Pointe
Redevelopment Agencies appropriated $3,279,392 and $9,820,544, respectively, in
unencumbered Trust Fund revenues toward storm water, water and sewer improvements;
and
WHEREAS, at present, City Center is estimated to have $4,275,438 in
unencumbered Trust Fund revenues to appropriate toward these improvements, and
South Pointe has an estimated total of $8,156,181; and
WHEREAS, pursuant to Chapter 163.387(7)(a), Florida Statutes, on the last day of
the fiscal year of the Redevelopment Agency, any money which remains in the trust fund
after payment of expenses, shall be returned to the taxing authority; and
WHEREAS, the Administration recommends appropriating $4,275,438 from City
Center towards the aforementioned planned right-of-way improvement project and
$8,156,181 from South Pointe toward storm water, water, sewer and related infrastructure
improvements; and
WHEREAS, as future funds become available in the respective redevelopment
areas, additional funding will be appropriated, as needed, towards infrastructure and other
planned and/or contemplated improvements, thereby freeing up much needed revenue
bond funds for other parts of the City.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Board hereby
appropriates $4,275,438 in City Center Trust Fund Revenues, and $8,156,181 in South
Pointe Trust Fund Revenues toward water, sewer, storm water, streetscape and related
infrastructure improvements in the City Center and South Pointe Redevelopment Areas, as
well as to fund program management fees and construction management fees associated
with said improvements.
PASSED AND ADOPTED THIS 18TH DAY OF SEPTMBER, 2003.
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edevelopment Agengy Date
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REDEVEI:.OPMENT AGENCY
COMMISSION ITEM SUMMARY
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Condensed Title:
A Resolution of the Chairman and Members of the Miami Beach Redevelopment Agency, appropriating
$4,275,438 in City Center Trust Fund Revenues and $8,156,181 in South Pointe Trust Fund Revenues
towards water, sewer, storm water, streetscape and related infrastructure improvements in the City Center
and South Pointe Redevelopment Areas, as well as to fund program management fees and construction
management fees associated with said improvements, in accordance with Chapter 163.387(7)(a), Florida
Statutes,
Issue:
The Capital Improvements Projects (CIP) Office has estimated that a total of $3,7 Million is needed in the
City Center Redevelopment Area and $25 Million in the South Pointe Area, to address storm water, water,
sewer and related subsurface and surface infrastructure improvements in the two areas, that otherwise
would have to be funded through 2000 Citywide Revenue Bond Proceeds. Additionally, in City Center, an
RFQ has been issued for planning, engineering and design of an estimated $16 million right-of-way
improvement project for which funding needs to be allocated. In FY 02/03 City Center appropriated
$3,279,392 in unencumbered Trust Fund revenues towards the stormwater, water and sewer
improvements. A total of $9,820,544 was issued bv South Pointe.
Item Summa /Recommendation:
At present, City Center is estimated to have $4,275,438 in unencumbered Trust Fund revenues to
appropriate towards the planned streetscape improvements. South Pointe has an estimated total of
$8,156,180 to appropriate towards the balance of the storm water, water and sewer improvements.
Pursuant to Chapter 163,387(7)(a), Florida Statutes, on the last day of the fiscal year of the
Redevelopment Agency, any money which remains in the Trust Fund after payment of expenses, shall be
returned to the taxing authority. As such, the Administration recommends appropriating $4,275,438 from
City Center and $8,156,181 from South Pointe towards storm water, water, sewer and related infrastructure
im rovements in the res ective areas.
Advisory Board Recommendation:
IN/A
Financial Information:
Source of Arnol....lt .... Account .... Approved
Funds: 1 $4,275,438 City Center
[::J 2 $8,1 56,181 South Pointe
TIF 3
4
Finance Dept. total....
Ci Clerk's Office Le islative Trackin :
Christina M. Cuervo/Kent O. Bonde/Anna Parekh
Si n-Offs:
Department Director
Assistant City Manager
City Manager
T:\AGENDA\2002\SEP1803\RDA\RDAappropriale.SUM,do
AGENDA ITEM
DATE
.36
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CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.ci.miami-beach.fl.us
REDEVELOPMENT AGENCY COMMISSION MEMORANDUM
From:
Chairman and Members of the Date: September 18, 2003
Miami Beach Redevelopment Agency
Jorge M. Gonzalez J a.r-
Executive Director . ~ U
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY, APPROPRIATING $4,275,438 IN
CITY CENTER TRUST FUND REVENUES AND $8,156,181 IN SOUTH
POINTE TRUST FUND REVENUES TOWARDS WATER, SEWER, STORM
WATER, STREETSCAPE AND RELATED INFRASTRUCTURE
IMPROVEMENTS IN THE CITY CENTER AREA AND SOUTH POINTE
REDEVELOPMENT AREAS, AS WELL AS TO FUND PROGRAM
MANAGEMENT FEES AND CONSTRUCTION MANAGEMENT FEES
ASSOCIATED WITH SAID IMPROVMENTS, IN ACCORDANCE WITH
CHAPTER 163.387(7)(a), FLORIDA STATUTES.
To:
Subject:
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
ANALYSIS
In August and October, 2000, two Revenue Bonds were issued, in the amount of
$52,170,00, for storm water improvements and $54,310,000 for water and sewer
improvements throughout the City. Since the proceeds from the bond issues fall short of
addressing the infrastructure improvements contemplated, the Administration
recommends funding those improvements located within the Redevelopment Areas with
unencumbered Trust Fund revenues. The Capital Improvements Projects (CIP) Office has
estimated that a total of $3.7 Million is needed in the City Center Redevelopment Area and
$25 Million in the South Pointe Area, to address storm water, water, sewer and related
subsurface and surface infrastructure improvements in the two areas. Additionally in City
Center, an RFQ has been issued for the planning, engineering and design of an estimated
$16 Million right-of-way improvement project, involving the restoration and enhancement
of a significant portion ofthe roadways throughout the district. These estimates also reflect
anticipated soft costs such as architect and engineering fees, program and construction
management fees, and right-of-way infrastructure management fees. It should be noted
that these estimates are based on 5-year projections that served as a basis for the bond
issues and are preliminary in nature. Each of the projects will require detailed engineering
studies in order to come up with more definitive numbers.
AGENDA ITEM
DATE
September 18, 2003
Commission Memorandum
RDA - City Center Redevelopment Budget
Page 2 of 3
In Fiscal Year 2002/03, the City Center RDA appropriated $3,279,392 in unencumbered
Trust Fund revenues towards storm water, water and sewer improvements. A total of
$9,820,544 was appropriated from South Pointe. Pursuant to Chapter 163.387(7)(a),
Florida Statutes, on the last day of the fiscal year of the Redevelopment Agency, any
money which remains in the trust fund after payment of expenses, shall be returned to the
taxing authority. As such, the Administration recommends appropriating $4,275,438 from
City Center towards the aforementioned right-of-way improvement project and $8,156,181
from South Pointe towards the balance of storm water, water, sewer, streetscape and
related infrastructure improvements. As future funds become available in the
redevelopment areas, additional funding will be appropriated as needed towards
infrastructure and other planned and/or contemplated improvements, thereby freeing up
much needed revenue bond funds for other parts of the City.
South Pointe
Trust Fund Balance as of 8/31/03
Less: Outstanding Appropriations as of 9/30/02
Less: Appropriations for FY 02/03
Total Appropriation:
$23,804,407.36
($ 9,820,544.00)
($ 5.827.682.00)
$ 8,156,180.81
City Center
Trust Fund Balance as of 8/31/03
Less: Outstanding Appropriations as of 9/30/02
Less: Appropriations for FY 02/03
Less: Lincoln Road Capital Costs
Less: Bass Museum payment
Total Appropriation:
$12,387,932.36
($ 3,279,390.00)
($ 233,104.00)
($ 3,450,000.00)
($ 1.150.000.00)
$ 4,275,438.36
JMG:dMC:PDW:KOB
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