705-2024 RDARESOLUTION NO.705-2024
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY,ADOPTING THE
SECOND AMENDMENT TO THE FISCAL YEAR 2024 OPERA TING
BUDGETS 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,in accordance with Section 189.016,Florida Statutes,the governing
body of the Miami Beach Community Redevelopment Agency,operating as a special
district,is required to adopt a budget by resolution each fiscal year and may amend the
budget at any time but not later than within 60 days following the end of the fiscal year;
and
WHEREAS,the Miami Beach Redevelopment Agency (RDA)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)2024 were adopted by the Chairperson and Members of the Miami
Beach Redevelopment Agency (the "RDA"or "City Center RDA")on September 27,
2023,through Resolution No.684-2023;and
WHEREAS,the First Amendment to the RDA 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)
2024 was adopted by the Chairperson and Members of the Miami Beach
Redevelopment Agency on November 28,2023,through Resolution No.687-2023;and
WHEREAS,based on the preliminary FY 2024 year-end analysis for the RDA
City Center Redeveopment Area operating budget and proposed realignment of funding
budgeted between the various departments with funding in the RDA City Center
Redevelopment Area operating budget,it is recommended that appropriations of
$241,000 for projects and equipment that were budgeted in FY 2024 that have not yet
been expended or encumbered,be carried forward into the respective FY 2025 RDA
City Center Redevelopment Area operating budget;and
WHEREAS,the preliminary year-end analysis for the FY 2024 Collins Park
Parking Garage operating budget reflect that there are encumbrances of $26,000 for
goods and/or services that were not received in FY 2024 that the Administration is
recommending be carried forward into the respective FY 2025 Collins Park Parking
Garage 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 20,2024,the Chairperson and Members of
the Miami Beach Redevelopment Agency adopt the Second 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 2024 as set forth in the attached Exhibit "A."
PASSED and ADOPTED this .20 day of [htube
ATTEST:
,2024.
NOV 2 2 202
Rafael E.Granado,Secretary
APPROVED AS TO
FORM &LANGUAGE
&FOR EXECUTION>aRedevelopmentAgencyDateGeneralCounsel
2
Exhibit "A"
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
FY 2024 2nd Amendment FY 2024
Amended Budget Revised Budget
Revenues and Other Sources of Income
Tax Increment-City $32,571,000 $32,571,000
Proj Adjustment to City Increment $(1,545,000)$(1,545,000)
Tax Increment-County $25,597,000 $25,597,000
Proj Adjustment to County Increment $(1,251,000)$(1,251,000)
Interest Income $288,000 $288,000
Fund Balance/Retained Earnings $6,343,000 $6,343,000
TOTAL REVENUES $62,003,000 $$62,003,000
Admin/Operating Expenditures
Management Fee $658,000 $658,000
Audit fees $23,000 $23,000
Internal Services $211,000 $211,000
Total Admin/Operating Expenditures $892,000 $$892,000
Project Expenditures
Community Policing:
City Center RDA Police $5,345,000 $(348,000)$4,997,000
City Center RDA Code Compliance $237,000 $(107,000)$130,000
Capital Projects Maintenance:
City Center RDA Facilities Mgmt $2,278,000 $2,278,000
City Center RDA Sanitation $4,129,500 $605,000 $4,734,500
City Center RDA Greenspace $914,500 $(150,000)$764,500
City Center RDA Parks Maintenance $594,000 $594,000
Total Project Expenditures $13,498,000 $$13,498,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $20,913,000 $20,913,000
Reserve for County Ad min Fee $366,000 $366,000
Reserve for CMB Contribution $466,000 $466,000
Reserve for County Reimbursement:
Transfer to County Reimbursement $6,054,000 $6,054,000
Transfer to County Beach Re nourishment Fund $$
Reserve for City Reimbursement:
Transfer to General Fund $$
Transferto Beach Renourishment Fund $$
Transfer to Fleet Management Fund $$
Transfer to Convention Center $4,000,000 $4,000,000
Set-aside for Debt Payoff $15,814,000 $15,814,000
Total Reserves,Debt Service &Other Obligations $47,613,000 $$47,613,000
TOTAL EXPENDITURES AND OBLIGATIONS $62,003,000 $$62,003,000
SURPLUS/{GAP)$$$
Exhibit "A"
Anchor Shops and Anchor Garage Operating Budget
Anchor Parking Garage FY 2024 2nd Amendment FY 2024
Amended Budget Revised Budget
Revenues:
Valet Parking $312,000 $312,000
Monthly Permits $546,000 $546,000
Attended Parking $1,913,000 $1,913,000
Interest Income $121,000 $121,000
Misc./Other $75,000 $75,000
TOTAL REVENUES $2,967,000 $$2,967,000
Operating Expenditures:
Operating Expenditures $2,405,000 $2,405,000
Transfer Out to Penn Garage $211,000 $211,000
Internal Services $3Sl,OO0 $351,000
TOTAL EXPENDITURES $2,967,000 $$2,967,000
Revenues Less Expenditures $$$
Anchor Shops FY 2024 2nd Amendment FY 2024
Amended Budget Revised Budget
Revenues:
Retai I Leasing $491,000 $491,000
Capital &Maintenance $103,000 $103,000
Interest Earned $120,000 $120,000
Misc./Other $55,000 $55,000
TOTAL REVENUES $769,000 $$769,000
Operating Expenditures:
Operating Expenditures $307,000 $307,000
Transfer Out to Penn Shops $296,000 $296,000
Internal Services $41,000 $41,000
Contingency/Reserve $125,000 $125,000
TOTAL EXPENDITURES $769,000 $$769,000
Revenues Less Expenditures $$$
COMBINED REVENUES-EXPENDITURES $$$
Exhibit "A"
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
Pennsylvania Avenue Parking Garage FY 2024 2nd Amendment FY 2024
Amended Budget Revised Budget
Revenues:
Transient $434,000 $434,000
Monthly $286,000 $286,000
Interest Income $17,000 $17,000
Transfer In from RDA (Anchor Garage)$211,000 $211,000
TOTAL REVENUES $948,000 $$948,000
Operating Expenses:
Operating Expenditures $822,000 $822,000
Internal Services $126,000 $126,000
TOTAL EXPENDITURES $948,000 $$948,000
Revenues Less Expenditures $$$
Pennsylvania Avenue Shops FY 2024 2nd Amendment FY 2024
Amended Budget Revised Budget
Revenues:
Transfers In from RDA (Anchor Shops)$296,000 $296,000
Misc./Other $31,000 $31,000
TOTAL REVENUES $327,000 $$327,000
Operating Expenses:
Operating Expenditures $325,000 $325,000
Internal Services $2,000 $2,000
TOTAL EXPENDITURES $327,000 $$327,000
Revenues Less Expenditures $$$
COMBINED REVENUES -EXPENDITURES $$$
Exhibit "A"
Collins Park Parking Garage Operating Budget
Collins Park Parking Garage FY 2024 2nd Amendment FY 2024
Amended Budget Revised Budget
Revenues:
Transient $1,193,000 $1,193,000
Monthly $220,000 $220,000
Interest Income $13,000 $13,000
TOTAL REVENUES $1,426,000 $$1,426,000
Operating Expenses:
Operating Expenditures $1,363,000 $1,363,000
Internal Services $63,000 $63,000
TOTAL EXPENDITURES $1,426,000 $$1,426,000
Revenues Less Expenditures $$$
Redevelopment Agency Items (RDA)2
MIAMI BEACH
RDA MEMORANDUM
TO:Honorable Chair and Members of the Board of Directors
FROM:Eric Carpenter,Executive Director
DATE:November20,2024
TITLE:A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY,ADOPTING THE SECOND AMENDMENT TO THE
FISCAL YEAR 2024 OPERATING BUDGETS 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.
RECOMMENDATION
The Administration recommends adopting this Resolution.
BACKGROUND/HISTORY
In accordance with Section 189.016,Florida Statutes,the governing body of the Miami Beach
Community Redevelopment Agency,operating as a special district,is required to adopt a budget
by resolution each fiscal year and may amend the budget at any time but not later than within 60
days following the end of the fiscal year.
The Miami Beach Redevelopment Agency (RDA)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)2024 were adopted by the
Chairperson and Members of the Miami Beach Redevelopment Agency on September 27,2023,
through Resolution No.684-2023.
The First Amendment to the RDA 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)2024 was adopted by the Chairperson
and Members of the Miami Beach Redevelopment Agency on November 28,2023,through
Resolution No.687-2023.
ANALYSIS
RDA City Center Redevelopment Area revenue sources for FY 2024 include City and County Tax
Increment funds,interest income,and use of prior year excess RDA Trust Fund revenues in
accordance with the Third Amendment to the lnterlocal Agreement between the City and Miami-
Dade County.
RDA City Center Redevelopment Area expenditures for FY 2024 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 2024 budget includes administrative expenditures that
are comprised of a management fee allocated to the General Fund to pay for indirect staff support
Page 1911 of 1993
provided to the R D A ,annual audit fees,and chargebacks for intern al serv ice departm ent serv ices
pro vided.
The R D A C ity C enter R edevelopm ent Area budget also includes the annual debt serv ice related
to the issuance of the 2015 C onvention C enter bonds.O n D ecem ber 15 ,2015,the R D A issued
$2 86 ,245,000 in Tax Increm ent R evenue and Revenue Refunding Bonds,Series 2015A4,and
$35 ,8 50,000 in Tax Increm ent R evenue R efunding Bonds,Taxable Series 2015B,which financed
cert ain costs associated w ith the renovation and expansion of the M iam i Beach C onvention
C e nter.
O the r line-item expenditures budgeted in FY 2024 include item s that,pursuant to the existing
Bond C ovenants,m ay only be expended once the annual debt serv ice obligations have been met.
T hese incl ude a transfer to the M iam i Beach C onvention C enter Fund,M iam i-D ade County 's
adm inistrative fees,w hich are equivalent to 1.5%of its respective TIF paym ent,and the
corresponding contribution to the C ity 's General Fund,which is equivalent to 1.5%of the City's
sha re of its TIF paym ent.
RDA City Center Operating Budget Amendment
The prelim inary year-end analysis based on the pro posed realignm ent of funding budgeted
betw een the various depart m ents w ith funding in the RDA C ity C enter Redevelopm ent A rea for
FY 2024 reflects that the C ity C enter R edevelopm ent Area revenues totaled approxim ately $62.5
m illio n w hile total expenditures were $61.8 m illion resulting in a prelim inary surplus of $766,000.
The A dm inistration is recom m ending that $241,000 be carr ied forw ard into FY 2025 for projects
and equipm ent that w ere originally budgeted in FY 2024,but not com pleted and/or received in FY
20 24 due to delays in the delivery of equipm ent and tim ing betw een fiscal years.
The rem aining prelim inary FY 2024 surplus of $525,000 would be set aside to retire the
outstanding debt issued in 2015 fo r the C onvention C enter renovation and expansion project as
requ ired pursuant to the Third A m endm ent to the lnterlocal Agreem ent betw een the C ity and
M iam i-D ade C ounty .
Anchor Shops and Parking Garage,Pennsylvania Avenue Shops and Parking Garage,and
Collins Park Parking Garage
T he revenues and expenditures associated w ith the operations of the C ity C enter Redevelopm ent
A rea Garages and Shops are presented as separate schedules in order to elim inate any
pe rception that the pro ceeds fro m these facilities'operations are com ingled with Tax Increm ent
Financing (T IF )and other C ity C enter Trust Fund revenues.
Collins Park Parking Garage
Based on the prelim inary FY 2024 year-end analysis for the C ollins Park Parking Garage
ope rating budget,there are $26,000 of encum brances fo r goods and/or serv ices that were
procured,but not received,that are recom m ended to be carried fo rw ard into the FY 2025 Collins
Park Parking Garage operating budget.
FISCAL IMPACT STATEMENT
Se e the inform ation pro vided above.
Does this Ordinance require a Business Impact Estimate?
(F O R O R D IN A N C E S O NLY )
Page 19 12 0f 19 93
If applicable,the Business Impact Estimate (BIE)was published on .
S ee B IE at:htt ps ://ww w .m iam ib eac hfl .g o v/city -h a ll/city-clerk/meeting-notices/
FIN A N C IA L IN F O R M A T IO N
See the inform ation pro vided above.
C O N C L U S IO N
The Administration recom m ends that the Chairp erson and Mem bers of the Miam i Beach
Redevelopm ent Agency adopt the Second Amendm ent to the RDA City Center Redevelopment
Area,the Anchor Shops and Parking G arage,the Pennsylvania Avenue Shops and Parking
G arage,and Collins Park Parking G arage operating budgets fo r FY 2024 as described herein and
further detailed in the attached Exhibit "A."
EC/RW /JDG /TO S/RA
A pp lica b le A rea
Cityw ide
Is this a "R es id ents R ig ht to K no w "item ,
p ursua n t to C ity C o de S ectio n 2-17 ?
Yes
Is this item related to a G .O .B o nd
Pro ject?
No
W as th is A g e n da Item in itia lly req ue sted b y a lo b by ist w hich ,as d efi ned in C o d e S ec .2 -4 81,
inc lu d e s a princ ip al eng age d in lo bby ing ?No
If so,specify the nam e of lobbyist(s)and principal(s):
D ep art m e nt
M anagem ent and Budget
Sp o nso r(s)
C o -spo n so r(s)
C o nd e n se d T itle
Adopt 2nd Am endm ent to City Center RDA O perating Budget fo r FY 2024.0M B
Page 1913 0f 1993
Exhibit A -Miami Beach Redevelopment Agency
Miami Beach Redevelopment Ageny
City e nter Red evelopm en t Ar ea
Operating udget
FY 2024 rY 2024
Amended Rudget 2nd Amendment Revised Budget
Revenues and Other Sources ot Income
Tax Increm ent ity $32,571.000 $32,571,000
Proy Adjustment to City Increment s (1,545,000)s (1515,000)
Tax increment County $25,597,000 $25,597,000
ror Adjustm ent to County Increment s (1,251,000)(1.251,000
Interest income 5 253.000 $288.000
Fund Balance/Retained Farmings $6.34 3.000 s 6,343,000
TOTAL REVENUES $62,003,000 $62,003,000
Admin/Operating Expenditures
Management Fee $658,000 $658.000
Audit fee<;$23,00 0 s 23.000
Internal Services $211.000 $211,000
Total Admnin/Operating Expenditures 89.2,000 $892,000
Project Expenditures
Com m unity Poling:.
City Center ROA Pclce S 5,345.000 $(345,000)$4,997,000
City enter RDA Code Compliance $231,000 $(107,000)$130,000
Ca pital Project s Maintenance
City Center RDA Facilities Mgmt $2,273,000 s 2,278,000
Cit Center RDA Sa nitation $4,129,500 $605,000 s 4,734,500
City Center RDA Green5pace $914,500 s (150,000)s 764,500
City Center RDA Parks Maintenance $594.000 $594.000
Total Project Expenditures $13,498,000 13,498,000
Reserves,Debt Service and Other Obligations
Debt Service Cost s 20,913,000 s 20,913,000
Rese rv e tor Cunt;Adu n Ee $366.000 s 366.000
Reserve for CMB Controution $466,000 s 466,000
Reserve for County Reim bursem ent:
Transfer to County Reimbursement $6,054,000 $6,054,000
Transfer to County Beach Renourishment Fund $s
Reserve for Cat Reim b ursem ent
Transfer to General fund $$
Transfer to Bean Renourishment Fund s s
Transfer to Fleet Management Fund 5 5
Transfer to Convention Center s 4,000,000 $4,000,000
Set-aside tor Debt avoft $15,814,000 s 15,814,000
Total Reserves,Debt Service &Other Obligations $47,613,000 $47,613,000
TOTAL EXPENDITURES AND OBLIGATIONS 62,003,000 $$62,003,000
SURPLUS /(GAP)$$
Page 1914 of 1993
Exhibit A -Anchor Shops and Garage
Anchor Shops and Anchor Garage Operating Budget
Anchor Parking Garage
Revenues:
Valet Parking
Monthly Permits
Attended Parking
Interest Income
Misc./other
TOTAL REVENUES
Operating Expenditures:
Operating Expenditures
Transfer Out to Penn Garage
Internal Services
TOTAL EXPENDITURES
Revenues Less Expenditures
Anchor Shops
FY 2024 FY 2024
mended Budget 2nd Ame ndment Revised Budget
$312,000 $312,000
$546,000 $546,000
$1,913,000 $1,913,000
s 121,000 $121,000
$15,000 $75,000
$2,967,000 $$2,967,000
$2,405,000 $2,405,000
s 211,000 s 211,000
$351,000 $351,000
$2,967,000 $$2,967,000
$$
Y 2024 FY 2024
Amended Budget 2nd Amendment Revised Budget
Revenues.
Retail Leasing
Capital &Maintenance
Interest Earned
Mrsc./Other
TOTAL REVENUES
Operating Expenditures:
Operating Expenditures
Transfer Out to Penn Shops
Internal Services
Contingency/Reserve
TOTAL EXPENDITURES
$491,000
s 103,000s120,000
°55,000
$769,000 $
s 307,000
$296,000
$41,000
$125,000
$769,000 $
Revenues Less Expenditures_?i
$491,000
s 103,000
s 120,000
__s__55,000
$769,000
$307,000
$296,000
$41,000
$125,000
$769,000
$
$COMBINED REVENUES -EXPENDITURES_3?"
Page 1915 of 1993
Exhibit A -Penn Shops and Garage
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
Pennsylvania Avenue Parking Garage FY 2024
Amended Budget 2nd Amendment rY 2024
Revised Bu dget
Rrvenues;
Transient
Monthly
interest Inore
Transfer tn from RDA (Anchor Garage)
TOTAL REVENUES
Operating Expenses:
Ope rating Expenditures
Internal Serviey
TOTAL EXPENDITURES
$
ss
$
434,000
286.000
17.000
211,000
948,000 $
822,000
126.000
948,000 $
$
s
s
$
$
434,000
286,000
17,000
211,000
948,000
822,000
126,000
948,000
Revenues Less Expe nd itures 3
Pennsylvania Avenue Shops
Revenues;
Transfers In from RDA (Anchor Shops)
Misc./Other
TOTAL REVENUES
Operating Expenses:
Operating Expenditures
Internal Services
TOTAL EXPENDITURES
Revenues Less Expenditures
FY 2024
Amended Hudget
$296.000
$31,000
$321,000 $
$325.000
s ---2,000
$327,000 $
2nd Amendment FY 2024
Revised Budget
$296,000s31,000
$327,000
$325,000
$2,000
327,000
$
COMBINED REVENUES EXPENDIIRES $-----
Page 1916 of 1993
Exhibit A -Collins Park Garage
Collins Park Parking Garage Operating Budget
Collins Park Parking Garage FY 2024
Amended Budget 2nd Amendment FY 2024
Revised Budget
Revenues.
Transient
Monthly
Interest Income
TOTAL REVENUES
s
s
$
$
Operating Expenses:
Oerating Expenditures
Internal Services
TOTAL EXPENDITURES
$
$
$
1,193,000 s 1,193,000
220,000 s 220,000
13,000 $13,000
1,426,000 $$1,426,000
1,363,000 $1,363,000
63,000 s 63,000
1,426,000 $$1,426,000
$$Revenues Less Expenditures •
Page 1917 of 1993