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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