679-2022 RDA RESOLUTION NO. 679-2022
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY, ADOPTING THE FIRST AMENDMENT
TO THE FISCAL YEAR 2023 OPERATING BUDGET FOR THE CITY CENTER
REDEVELOPMENT AREA, THE ANCHOR SHOPS AND PARKING GARAGE,
THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND THE
COLLINS PARK PARKING GARAGE.
WHEREAS, the Miami Beach Redevelopment Agency City Center Redevelopment
Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking
Garage, and the Collins Park Parking Garage operating budgets for Fiscal Year(FY) 2023 were
adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency (the
"RDA" or"City Center RDA") on September 28, 2022, through Resolution No. 675-2022; and
WHEREAS, based on the preliminary FY 2022 year-end analysis for the RDA operating
budget, it is recommended that $68,000 be set aside for encumbrances from FY 2022 for goods
and/or services which had been procured, but not received and expended at year end, as well
as $288,000 in projects and equipment that were budgeted in FY 2022 that have not yet been
expended or encumbered, that the Administration is recommending be carried forward and
spent in the respective FY 2023 operating budgets; and
WHEREAS, the preliminary year-end analysis for the FY 2022 Pennsylvania Avenue
Shops operating budget reflects that there are projects and equipment estimated at $31,000
budgeted in FY 2022 that were not completed and/or received in FY 2022 that the
Administration is recommending be carried forward into the FY 2023 Pennsylvania Avenue
Shops operating budget.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRPERSON AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that following a duly
noticed public hearing on November 30, 2022, the Chairperson and Members of the Miami
Beach Redevelopment Agency adopt the First Amendment to the City Center Redevelopment
Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking
Garage, and Collins Park Parking Garage operating budgets for FY 2023 as set forth in this
Resolution and in the attached Exhibit"A."
PASSED and ADOPTED this .3( day of I'OMP/6e/ , 2022.
ATTEST:
'--------V
DEC 0 5 2022 Dan Gelber, Chairperson
Rafae iGranado, Secretary
_g.: APPROVED AS TO
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City Attorney Dote
Exhibit "A"
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
Carryforward Carryforward
FY 2023 FY 2023
Adopted Budget Encumbrances Appropriations from Amended Budget
from FY 2022 FY 2022
Revenues and Other Sources of Income
Tax Increment-City $ 31,660,000 $ 31,660,000
Proj Adjustment to City Increment $ (1,487,000) $ (1,487,000)
Tax Increment-County $ 25,133,000 $ 25,133,000
Proj Adjustment to County Increment $ (1,212,000) $ (1,212,000)
Interest Income $ 102,000 $ 102,000
Fund Balance/Retained Earnings $ 13,291,000 68,000 288,000 $ 13,647,000
TOTAL REVENUES $ 67,487,000 $ 68,000 $ 288,000 $ 67,843,000
Admin/Operating Expenditures
Management Fee $ 606,000 $ 606,000
Audit fees $ 22,000 $ 22,000
Internal Services $ 258,000 $ 258,000
Total Admin/Operating Expenditures $ 886,000 $ 0 $ 0 $ 886,000
Project Expenditures
Community Policing:
City Center RDA Police $ 4,880,000 288,000 $ 5,168,000
City Center RDA Code Compliance $ 200,500 $ 200,500
Capital Projects Maintenance:
City Center RDA Property Mgmt $ 1,930,000 57,000 $ 1,987,000
City Center RDA Sanitation $ 4,364,500 $ 4,364,500
City Center RDA Greenspace $ 922,000 $ 922,000
City Center RDA Parks Maintenance $ 507,000 11,000 $ 518,000
Total Project Expenditures $ i 12,804,000 $ 68,000 $ 288,000 $ 13,160,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $ 21,732,000 $ 21,732,000
Reserve for County Admin Fee $ 359,000 $ 359,000
Reserve for CMB Contribution $ 453,000 $ 453,000
Reserve for County Reimbursement:
Transfer to County Reimbursement $ 4,443,000 $ 4,443,000
Transfer to County Beach Renourishment Fund $ 1,500,000 $ 1,500,000
Reserve for City Reimbursement:
Transfer to General Fund $ 0 $ 0
Transfer to Beach Renourishment Fund $ 1,500,000 $ 1,500,000
Transfer to Fleet Management Fund $ 5,848,000 $ 5,848,000
Transfer to Convention Center $ 4,000,000 $ 4,000,000
Set-aside for Debt Payoff $ 13,962,000 $ 13,962,000
Total Reserves,Debt Service&Other Obligations $ 53,797,000 $ 0 $ 0 $ 53,797,000
TOTAL EXPENDITURES AND OBLIGATIONS $ 67,487,000 $ 68,000 $ 288,000 $ 67,843,000
SURPLUS/(GAP) $ 0 $ 0 $ 0 $ 0
Exhibit "A"
Anchor Shops and Anchor Garage Operating Budget
Carryforward Carryforward
FY FY 2023
Anchor Parking Garage Adopted 82udget Encumbrances Appropriations from 3 Amended Budget
from FY 2022 FY 2022
Revenues:
Valet Parking $ 362,000 $ 362,000
Monthly Permits $ 566,000 $ 566,000
Attended Parking $ 1,927,000 $ 1,927,000
Interest Income $ 19,000 $ 19,000
Misc./Other $ 1,000 $ 1,000
TOTAL REVENUES $ 2,875,000 $ 0 $ 0 $ 2,875,000
Operating Expenditures:
Operating Expenditures $ 2,316,000 $ 2,316,000
Transfer Out to Penn Garage $ 123,000 $ 123,000
Internal Services $ 412,000 $ 412,000
Capital $ 24,000 $ 24,000
Contingency/Reserve $ 0 $ 0
TOTAL EXPENDITURES $ 2,875,000 $ 0 $ 0 $ 2,875,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
FY 2023 Carryforward Carryforward FY 2023
Anchor Shops Encumbrances Appropriations from
Adopted Budget Amended Budget
from FY 2022 FY 2022
Revenues:
Retail Leasing $ 1,077,000 $ 1,077,000
Capital&Maintenance $ 157,000 $ 157,000
Interest Earned $ 19,000 $ 19,000
Misc./Other $ 0 $ 0
TOTAL REVENUES $ 1,253,000 $ 0 $ 0 $ 1,253,000
Operating Expenditures:
Operating Expenditures $ 221,000 $ 221,000
Transfer Out to Penn Shops $ 314,000 $ 314,000
Internal Services $ 38,000 $ 38,000
Capital $ 0 $ 0
Contingency/Reserve $ 680,000 $ 680,000
TOTAL EXPENDITURES $ 1,253,000 $ 0 $ 0 $ 1,253,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
COMBINED REVENUES-EXPENDITURES $ 0 $ 0 $ 0 $ 0
Exhibit "A"
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
FY 2023 Carryforward Carryforward FY 2023
Pennsylvania Avenue Parking Garage Adopted Budget Encumbrances Appropriations Amended Budget
from FY 2022 from FY 2022
Revenues:
Transient '$ 483,000 $ 483,000
Monthly $ 336,000 $ 336,000
Interest Income $ 4,000 $ 4,000
Transfer In from RDA(Anchor Garage) $ 123,000 $ 123,000
Misc./Other $ 0 $ 0
TOTAL REVENUES $ 946,000 $ 0 $ 0 $ 946,000
Operating Expenses:
Operating Expenditures $ 789,000 $ 789,000
Internal Services $ 133,000 $ 133,000
Capital $ 24,000 $ 24,000
TOTAL EXPENDITURES $ 946,000 $ 0 $ 0 $ 946,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
FY 2023 Carryforward Carryforward FY 2023
Pennsylvania Avenue Shops Adopted Budget Encumbrances Appropriations Amended Budget
from FY 2022 from FY 2022
Revenues:
Interest Earned $ 0 $ 0
Transfers In from RDA(Anchor Shops) $ 314,000 $ 314,000
Misc./Other $ 0 $ 31,000 $ 31,000
TOTAL REVENUES $ 314,000 $ 0 $ 31,000 $ 345,000
Operating Expenses: .
Operating Expenditures $ 312,000 31,000 $ 343,000
Internal Services $ 2,000 $ 2,000
TOTAL EXPENDITURES $ 314,000 $ 0 $ 31,000 $ 345,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
COMBINED REVENUES-EXPENDITURES $ 0 $ 0 $ 0 $ 0
Exhibit"A"
Collins Park Garage Operating Budget
FY 2023 Carryforward Carryforward FY 2023
Collins Park Parking Garage Adopted Budget Encumbrances Appropriations from Amended Budget
from FY 2022 FY 2022
Revenues:
Transient $ 1,063,000 $ 1,063,000
Monthly $ 240,000 $ 240,000
Interest Income $ 2,000 $ 2,000
Misc./Other $ 0 $ 0
TOTAL REVENUES $ 1,305,000 $ 0 $ 0 $ 1,305,000
Operating Expenses:
Operating Expenditures $ 1,302,000 $ 1,302,000
Internal Services $ 3,000 $ 3,000
TOTAL EXPENDITURES $ 1,305,000 $ 0 $ 0 $ 1,305,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
Redevelopment Agency - RDA 2.
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Alina T. Hudak, Executive Director
DATE: November 30, 2022
SUBJECT:A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY, ADOPTING THE FIRST
AMENDMENT TO THE CITY CENTER REDEVELOPMENT AREA, THE
ANCHOR SHOPS AND PARKING GARAGE, THE PENNSYLVANIA AVENUE
SHOPS AND PARKING GARAGE, AND THE COLLINS PARK PARKING
GARAGE FOR FISCAL YEAR 2023.
RECOMMENDATION
Adopt the Resolution.
BACKGROUND/HISTORY
The Miami Beach Redevelopment Agency City Center Redevelopment Area, the Anchor Shops and
Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking
Garage operating budgets for Fiscal Year 2023 were adopted by the Chairperson and Members of
the Miami Beach Redevelopment Agency (the "RDA" or "City Center RDA") on September 28,
2022, through Resolution No. 675-2022.
ANALYSIS
RDA City Center Redevelopment Area revenue sources for FY 2023 include City and County Tax
Increment funds, estimated interest income, and use of prior year excess RDA Trust Fund revenues
in accordance with the Fourth Amendment to the Interlocal Agreement between the City and Miami-
Dade County.
RDA City Center Redevelopment Area expenditures for FY 2023 include community policing
initiatives to provide enhanced levels of staffing and services throughout the area and capital projects
maintenance for repairs and maintenance of existing capital assets in the City Center
Redevelopment Area. In addition, the FY 2023 budget includes administrative expenditures that are
comprised of a management fee allocated to the General Fund to pay for indirect staff support
provided to the RDA, annual audit fees, and chargebacks for internal service department services
provided.
Page 39 of 53
The RDA City Center Redevelopment Area budget also includes the annual debt service related to
the issuance of the 2015 Convention Center bonds. On December 15, 2015, the RDA issued
$286,245,000 in Tax Increment Revenue and. Revenue Refunding Bonds, Series 2015A, and
$35,850,000 in Tax Increment Revenue Refunding Bonds, Taxable Series 2015B, which financed
certain costs associated with the renovation and expansion of the Miami Beach Convention Center.
Other line-item expenditures budgeted in FY 2023 include items that, pursuant to the existing Bond
Covenants, may only be expended once the annual debt service obligations have been met. These
include a transfer to the Miami Beach Convention Center Fund, Miami-Dade County's administrative
fees, which are equivalent to 1.5% of its respective tax increment financing ("TIF") payment, and the
corresponding contribution to the City's General Fund, which is equivalent to 1.5% of the City's
share of its TIF payment.
PROPOSED AMENDMENTS TO THE RDA CITY CENTER OPERATING BUDGET
Carryforwards from FY 2022 to FY 2023
The preliminary year-end analysis for FY 2022 reflects that the City Center Redevelopment Area
revenues totaled approximately$54.2 million while total expenditures were $52.4 million resulting in a
projected surplus of approximately$1.8 million. The Administration is recommending that $68,000 be
carried forward into FY 2023 to fund goods and/or services that were procured in FY 2022, but not
received and/or rendered due to timing issues between fiscal years. Similarly, the Administration is
recommending that $288,000 be carried forward into FY 2023 for projects and equipment that were
originally budgeted in FY 2022, but not completed and/or received in FY 2022 due to supply chain
issues. The remaining projected FY 2022 surplus would be set aside to retire the outstanding debt
issued in 2015 for the Convention Center renovation and expansion project as required pursuant to
the Third Amendment to the Interlocal Agreement between the City and Miami-Dade County.
PROPOSED AMENDMENTS TO THE PENNSYLVANIA AVENUE SHOPS AND PARKING
GARAGE OPERATING BUDGETS
The revenues and expenditures associated with the operations of the City Center Redevelopment
Area Garages and Shops are presented as separate schedules in order to eliminate any perception
that the proceeds from these facilities'operations are comingled with TIF and other City Center Trust
Fund revenues.
Carryforwards from FY 2022 to FY 2023
The preliminary year-end analysis for the FY 2022 Pennsylvania Avenue Shops operating budget
reflects that there are projects and equipment estimated at $31,000 that were budgeted in FY 2022
that were not completed and/or received in FY 2022 that the Administration is recommending be
carried forward into the FY 2023 Pennsylvania Avenue Shops operating budget.
SUPPORTING SURVEY DATA
N/A
FINANCIAL INFORMATION
N/A
CONCLUSION
Page 40 of 53
The Administration recommends that the Chairperson and Members of the Miami Beach
Redevelopment Agency adopt the First Amendment to the RDA City Center Redevelopment
Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking
Garage, and Collins Park Parking Garage operating budgets for FY 2023 as described herein
and further detailed in the attached Exhibit"A."
Applicable Area
Citywide
Is this a "Residents Right Does this item utilize G.O.
to Know" item, pursuant to Bond Funds?
City Code Section 2-14?
Yes No
Strategic Connection
Organizational Innovation- Ensure strong fiscal stewardship.
Legislative Tracking
Economic Development
ATTACHMENTS:
Description
o Exhibit A- Budgets
Page 41 of 53
Exhibit "A"
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
FY 2023 Carryforward Carryforward FY 2023
Adopted Budget Encumbrances Appropriations from Amended Budget
from FY 2022 FY 2022
Revenues and Other Sources of Income
Tax Increment-City $ 31,660,000 $ 31,660,000
Proj Adjustment to City Increment $ (1,487,000) $ (1,487,000)
Tax Increment-County $ 25,133,000 $ 25,133,000
Proj Adjustment to County Increment $ (1,212,000) $ (1,212,000)
Interest Income $ 102,000 $ 102,000
Fund Balance/Retained Earnings $ 13,291,000 68,000 288,000 $ 13,647,000
TOTAL REVENUES $ 67,487,000 $ 68,000 $ 288,000 $ 67,843,000
Admin/Operating Expenditures
Management Fee $ 606,000 $ 606,000
Audit fees $ 22,000 $ 22,000
Internal Services $ 258,000 $ 258,000
Total Admin/Operating Expenditures $ 886,000 $ 0 $ 0 $ 886,000
Project Expenditures
Community Policing:
City Center RDA Police $ 4,880,000 288,000 $ 5,168,000
City Center RDA Code Compliance $ 200,500 $ 200,500
Capital Projects Maintenance:
City Center RDA Property Mgmt $ 1,930,000 57,000 $ 1,987,000
City Center RDA Sanitation $ 4,364,500 $ 4,364,500
City Center RDA Greenspace $ 922,000 $ 922,000
City Center RDA Parks Maintenance $ 507,000 11,000 $ 518,000
Total Project Expenditures $ 12,804,000 $ 68,000 $ 288,000 $ 13,160,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $ 21,732,000 $ 21,732,000
Reserve for County Admin Fee $ 359,000 $ 359,000
Reserve for CMB Contribution $ 453,000 $ 453,000
Reserve for County Reimbursement:
Transfer to County Reimbursement $ 4,443,000 $ 4,443,000
Transfer to County Beach Renourishment Fund $ 1,500,000 $ 1,500,000
Reserve for City Reimbursement:
Transfer to General Fund $ 0 $ 0
Transfer to Beach Renourishment Fund $ 1,500,000 $ 1,500,000
Transfer to Fleet Management Fund $ 5,848,000 $ 5,848,000
Transfer to Convention Center $ 4,000,000 $ 4,000,000
Set-aside for Debt Payoff _$ 13,962,000 $ 13,962,000
Total Reserves,Debt Service&Other Obligations $ 53,797,000 $ 0 $ 0 $ 53,797,000
TOTAL EXPENDITURES AND OBLIGATIONS $ 67,487,000 $ 68,000 $ 288,000 $ 67,843,000
SURPLUS/(GAP) $ 0 $ 0 $ 0 $ 0
Page 42 of 53
Exhibit "A"
Anchor Shops and Anchor Garage Operating Budget
Carryforward Carryforward
FY 2023 FY 2023
Anchor Parking Garage Adopted Budget Encumbrances Appropriations from Amended Budget
from FY 2022 FY 2022
Revenues:
Valet Parking $ 362,000 $ 362,000
Monthly Permits $ 566,000 $ 566,000
Attended Parking $ 1,927,000 $ 1,927,000
Interest Income $ 19,000 $ 19,000
Misc./Other $ 1,000 $ 1,000
TOTAL REVENUES $ 2,875,000 $ 0 $ 0 $ 2,875,000
Operating Expenditures:
Operating Expenditures $ 2,316,000 $ 2,316,000
Transfer Out to Penn Garage $ 123,000 $ 123,000
Internal Services $ 412,000 $ 412,000
Capital $ 24,000 $ 24,000
Contingency/Reserve $ 0 $ 0
TOTAL EXPENDITURES $ 2,875,000 $ 0 $ 0 $ 2,875,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
FY 2023 Carryforward Carryforward FY 2023
Anchor Shops Adopted Budget Encumbrances Appropriations from Amended Budget
from FY 2022 FY 2022
Revenues:
Retail Leasing $ 1,077,000 $ 1,077,000
Capital&Maintenance $ 157,000 $ 157,000
Interest Earned $ 19,000 $ 19,000
Misc./Other $ 0 $ 0
TOTAL REVENUES $ 1,253,000 $ 0 $ 0 $ 1,253,000
Operating Expenditures:
Operating Expenditures $ 221,000 $ 221,000
Transfer Out to Penn Shops $ 314,000 $ 314,000
Internal Services $ 38,000 $ 38,000
Capital $ 0 $ 0
Contingency/Reserve $ 680,000 $ 680,000
TOTAL EXPENDITURES $ 1,253,000 $ 0 $ 0 $ 1,253,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
COMBINED REVENUES-EXPENDITURES $ 0 $ 0 $ 0 $ 0
Page 43 of 53
Exhibit "A"
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
FY 2023 Carryforward Carryforward FY 2023
Pennsylvania Avenue Parking Garage Adopted Budget Encumbrances Appropriations Amended Budget
from FY 2022 from FY 2022
Revenues:
Transient $ 483,000 $ 483,000
Monthly $ 336,000 $ 336,000
Interest Income $ 4,000 $ 4,000
Transfer In from RDA(Anchor Garage) $ 123,000 $ 123,000
Misc./Other $ 0 $ 0
TOTAL REVENUES $ 946,000 $ 0 $ 0 $ 946,000
Operating Expenses:
Operating Expenditures $ 789,000 $ 789,000
Internal Services $ 133,000 $ 133,000
Capital $ 24,000 $ 24,000
TOTAL EXPENDITURES $ 946,000 $ 0 $ 0 $ 946,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
Carryforward Carryforward
FY 2023 FY 2023
Pennsylvania Avenue Shops Adopted Budget Encumbrances Appropriations Amended Budget
from FY 2022 from FY 2022
Revenues:
Interest Earned $ 0 $ 0
Transfers In from RDA(Anchor Shops) $ 314,000 $ 314,000
Misc./Other $ 0 $ 31,000 $ 31,000
TOTAL REVENUES $ 314,000 $ 0 $ 31,000 $ 345,000
Operating Expenses:
Operating Expenditures $ 312,000 31,000 $ 343,000
Internal Services $ 2,000 $ 2,000
TOTAL EXPENDITURES $ 314,000 $ 0 $ 31,000 $ 345,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
COMBINED REVENUES-EXPENDITURES $ 0 $ 0 $ 0 $ 0
Page 44 of 53
Exhibit "A"
Collins Park Garage Operating Budget
FY 2023 Carryforward Carryforward FY 2023
Collins Park Parking Garage Adopted Budget Encumbrances Appropriations from Amended Budget
from FY 2022 FY 2022
Revenues:
Transient $ 1,063,000 $ 1,063,000
Monthly $ 240,000 $ 240,000
Interest Income $ 2,000 $ 2,000
Misc./Other $ 0 $ 0
TOTAL REVENUES $ 1,305,000 $ 0 $ 0 $ 1,305,000
Operating Expenses:
Operating Expenditures $ 1,302,000 $ 1,302,000
Internal Services $ 3,000 $ 3,000
TOTAL EXPENDITURES $ 1,305,000 $ 0 $ 0 $ 1,305,000
Revenues Less Expenditures $ 0 $ 0 $ 0 $ 0
Page 45 of 53