704-2024 RDARESOLUTION NO,704-2024
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY,ADOPTING THE FIRST AMENDMENT
TO THE FISCAL YEAR 2025 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.
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)2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment
Agency (the "RDA"or "City Center RDA")on September 25,2024,through Resolution No.695-
2024;and
WHEREAS,based on the preliminary FY 2024 year-end analysis for 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 and/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 reflects that there are $26,000 in encumbrances for FY 2024 goods
and/or services that were procured,but not received,that the Administration recommends be
carried forward into the respective FY 2025 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 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 2025 as set forth in the
attached Exhibit "A."
PASSED and ADOPTED this &"?_day of /oyerg/_,2024.
ATTEST:
7t1 NOV 2 2 202~
Rafael E.Granado,Secretary
Steven Meiner,Chairperson
APPROVED AS TO
FORM &LA NGUAGE
&FOR EXECUTION
Rczogency
General Counsel
lzl4Date
Exhibit "A"
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
FY 2025 Carryforward Carryforward FY 2025
Adopted Budget Encumbrances Appropriations from Other Amended BudgetfromFY2024FY2024
Revenues and Other Sources of Income
Tax Increment -City $35,675,000 $35,675,000
Proj Adjustment to City Increment $(1,766,000)$(1,766,000 )
Tax Increment -County $27,862,000 $27,862,000
Proj Adjustment to County Increment $(1,402,000)$(1,402,000)
Interest Income $373,00 0 $373,000
Fund Balance/Retained Earnings $6,200 ,000 $241,000 $6,441,000
TOTAL REV EN U ES $66,942,000 $$241,000 $$67,183,000
Ad min/Operating Expenditures
Management Fee $640,000 $640,000
Audit fees $32,000 $32,000
Internal Services $96 ,000 $96,000
Total Adm in/Operating Expenditures $768,000 $$$$768,000
Project Expenditures
Community Policing:
City Center RDA Police $5,302,00 0 $241,000 $5,54 3,000
City Center RDA Code Compliance $229,00 0 $229,000
Capital Projects Maintenance:
City Center RDA Property Mgmt $2,419 ,00 0 $2,419,000
City Center RDA Sanitation $4,260,500 $4,260,500
City Center RDA Greenspace $918,500 $918,500
City Center RDA Parks Maintenance $627,000 $627,000
Total Project Expenditures $13,756,000 $$241,000 $$13,997,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $20,908,000 $20,908,000
Reserve for County Ad min Fee $397,000 $397,000
Reserve for CMB Contribution $509,000 $509,000
Reserve for County Reimbursement:
Transfer to County Reimbursement $6,200,000 $6,200,000
Transfer to County Beach Renourishment Fund $$
Reserve for City Reimbursement:
Transfer to General Fund $$
Transfer to Beach Renourishment Fund $$
Transfer to Fleet Management Fund $$
Transfer to Convention Center $4,000,000 $4,000,000
Set-aside for Debt Payoff $20,404,000 $20,404 ,000
Total Reserves,Debt Service &Other Obligations $52,418,000 $$$$52,418,000
TOTAL EXPENDITURES AND OBLIGATIONS $66,942,000 $$241,000 $$67,183,000
SURPLUS/(GAP)$$$$$
Exhibit "A"
Anchor Shops and Anchor Garage Operating Budget
FY 2025 Carryforward Carryforward FY 2025AnchorParkingGarageEncumbrancesAppropriationsfromOtherAmendedBudgetAdoptedBudgetfromFY2024FY2024
Revenues:
Valet Parking $314,000 $314,000
Monthly Permits $599,000 $599,000
Attended Parking $2,411,000 $2,411,000
Interest Income $185,000 $185,000
Misc./Other $1,000 $1,000
TOTAL REVENUES $3,510,000 $$$$3,510,000
Operating Expenditures:
Operating Expenditures $2,919 ,00 0 $2,919,000
Internal Services $499,00 0 $499,000
Contingency /Reserve $92,000 $92,000
TOTAL EXPENDITURES $3,510,000 $$$$3,510,000
Revenues Less Expenditures $$$$$
FY 2025 Carryforward Carryforward FY 2025AnchorShopsAdoptedBudgetEncumbrancesAppropriationsfromOtherAmendedBudgetfromFY2024FY2024
Revenues:
Retail Leasing $813,000 $813,000
Capital &Maintenance $116,000 $116,000
Interest Earned $189,000 $189,000
TOTAL REVENUES $1,118,000 $$$$1,118,000
Operating Expenditures:
Operating Expenditures $344,000 $344,000
Transfer Out to Penn Shops $95,000 $95,000
Internal Services $43,000 $43,000
Contingency/Reserve $636,000 $636,000
TOTAL EXPENDITURES $1,118,000 $$$$1,118,000
Revenues Less Expenditures $$$$$
COMBINED REVENUES-EXPENDITURES $$$$$
Exhibit "A"
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
FY 2025 Carryforward Carryforward FY 2025PennsylvaniaAvenueParkingGarageEncumbrancesAppropriationsfromOtherAdoptedBudgetfromFY2024FY2024AmendedBudget
Revenues:
Transient $566,000 $566,000
Monthly $363,000 $363,000
Interest Income $22,000 $22,000
Misc./Other $99,00 0 $99,000
TOTAL REVENUES $1,050,000 $$$$1,050,000
Operating Expenses:
Operating Expenditures $872,000 $872,000
Internal Services $178,000 $178,000
TOTAL EXPENDITURES $l,050,00 0 $$$$1,050,000
Revenues less Expenditures $$$$$
FY 2025 Carryforward Carryforward FY 2025PennsylvaniaAvenueShopsAdoptedBudgetEncumbrancesAppropriationsfromOtherAmendedBudgetfromFY2024FY2024
Revenues:
Interest Earned $2,00 0 $2,000
Transfers In from RDA (Anchor Shops)$95,000 $95,000
Misc./Other $195,000 $195,000
TOTAL REVENUES $292,000 $$$$292,000
Operating Expenses:
Operating Expenditures $290,00 0 $290,000
Internal Services $2,000 $2,000
TOTAL EXPENDITURES $292,000 $$$$292,000
Revenues Less Expenditures $$$$$
COMBINED REVENUES -EXPENDITURES $$$$$
Exhibit "A"
Collins Park Parking Garage Operating Budget
Collins Park Parking Garage FY 2025
Adopted Budget
Carryforward Carryforward
Encumbrances Appropriations from
from FY 2024 FY 2024
Other
Revenues:
Transient
Monthly
Interest Income
Misc./Other
TOTAL REVENUES
$
$
$
$
$
Operating Expenses:
Operating Expenditures
Internal Services
TOTAL EXPENDITURES
$
$
$
1,289,000
262,000
33,000
26,000
1,584,000 $26,000 $
1,464,000 26,000
120,000
1,584,000 $26,000 $
$$
$
$
FY 2025
Amended Budget
$1,289,000
$262,000
$33,000
$26,000
$1,610,000
$1,490,000
$120,000
$1,610,000
$RevenueS LeSS Expenditures ?r
Redevelopment Agency Items (RDA)1
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 FIRST AMENDMENT TO THE
FISCAL YEAR 2025 OPERA TING BUDGETS FOR THE CITY CENTER
REDEVELOPMENT AREA,THE ANCHOR SHOPS AND PARKING GARAGE,THE
PENNSYLVANIA AVENUE SHOPS AND PARKING GARA GE,AND THE COLLINS
PARK PARKING GARAGE.
RECOMMENDATION
The Administration reccommends 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)2025 were adopted by the
Chairperson and Members of the Miami Beach Redevelopment Agency on September 25,2024,
through Resolution No.695-2024.
ANALYSIS
RDA City Center Redevelopment Area revenue sources for FY 2025 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 lnter1ocal Agreement between the City and Miami-
Dade County.
RDA City Center Redevelopment Area expenditures for FY 2025 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 2025 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.
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 2015A4,and
$35,850,000 in Tax Increment Revenue Refunding Bonds,Taxable Series 2015B,which financed
Page 1899 of 1993
certain costs associated with the renovation and expansion of the Miami Beach Convention
Center.
Other line-item expenditures budgeted in FY 2025 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 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.
RDA City Center Operating Budget Amendment
Based on the preliminary FY 2024 year-end surplus for the RDA City Center Redevelopment Area
operating budget,it is recommended that appropriations of $241,000 in the FY 2024 RDA City
Center operating budget be carried forward into FY 2025 for projects and/or equipment that were
originally budgeted in FY 2024 that have not been completed and/or received.
For further details,refer to the accompanying agenda item "Adopt the Second 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 operating budgets for
FY 2024."
Anchor Shops and Parking Garage,Pennsylvania Avenue Shops and Parking Garage,and
Collins Park Parking Garage
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 Tax Increment
Financing (TIF)and other City Center Trust Fund revenues.
Collins Park Parking Garage
Based on the preliminary year-end analysis for the FY 2024 Collins Park Parking Garage
operating budget,there are $26,000 in encumbrances for FY 2024 goods and/or services that
were procured,but not received,that the Administration recommends be carried forward into the
respective FY 2025 operating budget.
FISCAL IMPACT STATEMENT
See the information provided above.
Does this Ordinance require a Business Impact Estimate?
(FOR ORDINANCES ONLY)
If applicable,the Business Impact Estimate (BIE)was published on:
See BIE at:https://ww w.miamibeachfl.gov/city-hall/city-clerk/meeting-notices/
FINANCIAL INFORMATION
See information provided above.
Page 1900 of 1993
CONCLUSION
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 G arage operating budgets for FY 2025 as described herein and further
detailed in the attached Exhibit "A."
EC/RW /JDG /TO S/RA
A p p lica b le A rea
Cityw ide
Is this a "R e sid e nts R ig ht to K now "item ,
p ursua nt to C ity C o de Se ctio n 2-17 2
Yes
Is this item related to a G.O.Bond
Project?
No
Was this Agenda Item initially requested by a lobbyist which,as defined in Code Sec.2.481,
includes a principal engaged in lobbying?No
If so,specify the name of lobbyist(s)and principal(s):
Department
Management and Budget
Sponsor(s)
Co-sponsor(s)
Condensed Title
Adopt 1st Amendment to City Center RDA Operating Budget for FY 2025.0MB
Page 1901 of 1993
Exhibit A -Miami Beach Redevelopment Agency
Miami Beach Redevelopment Ag e
City ntr Re d e ve lo pm e n t Ar e a
Operating Budget
+Y 202 s Carryforward Carryforward +Y 2O2
Adopted Budget Encumbrances Appropriations from Other Amended BudgetfromFY2024FY2024
Revenues and Other 5oures of Income
Tax increment -Caty $5 ,6 75,000 $35,675,000
Pro A d ju st m e n t to C t In cre m e nt 5 (1,766.000)s (1,756.000)
Tax increment -County s 27,862,000 s 27,862,000
Prop Adjustment to Count Irement $(1,402.000)s (1,402,000)
In te re st In co m e 373,000 5 373,000
Fund Balane/Retained arungs s 6,200,000 $s 241.000 s 6,441,000
TOTAL REVENUES $46,942,000 $241,000 $61,183,000
Admin/Operating Expenditures
Management +$640,000 $640.000
Audit fees 32,000 $32,060
Internal Servies s 96.000 s 96,000
Total Admin/Operating Expenditures $768,000 $$768,000
Project Expenditures
Community Poling
City Ce n te r RD A Police 5,302.000 $241,000 $5,543.000
City Center RD A Code Compliance s 229,000 s 223.000
Capital Project<Maintenance:
City Center RDA Property Mgmt $2,419,000 $2.419.000
Caty Center RDA Sanitation 4,260,500 $4,260,500
City Center RDA Green5pace $918,500 s 918,500
City Center RDA Parks Maintenance $627,000 $627,000
Total Project Expenditures $13,756,000 $241,000 $$13,997,000
Reserves,Debt Service and other Obligations
Debt Service Cost s 20,908,000 s 20,908,000
Reserve for County Adrun Fee $397,000 5 397,000
Reserve tor CMB Contribution $509,000 $503 .,000
Reserve for County Reimbursement:
Transfer to County Reimbursement $6,200 ,000 s 6,200.000
Transfer to County Beach Renourishment Fund $
Reserve for City Reimbursement:
Transfer to General Fund 5 5
Transfer to Beach Renourishment Fund $
Transfer to Fleet Management Fund s
Transfer to Convention Center $4.000.000 s 4,000,000
Set-aside tor Debt Payott $20,404,000 $20 ,404 ,000
Iotal Reserves,Debt Service &other Obligations $52,418,000 $$$2,418,000
TOTAL EXPENDITURES AND OBLIGATIONS $66,942,000 241,000 $67,183,000
-----SURPLUS /(GAP)$$$
Page 1902 of 1993
Exhibit A -Anchor Shops and Garage
Anchor Shops and Anchor Garage Operating Budget
FY 2025 Carryforward Carryforward rY 2025AnchorParkingGarageEncumbrancesAppropriationsfromOtherAdoptedBudgetfromFY2024FY2024AmendedBudget
Revenues.
Valet Parking $314,000 $314,000
Monthly Permits $599,000 $599,000
Attended Parking $2.411,000 $2,411,000
Interest Income s 185,000 $185,000
Misc./Other s 1,000 s 1,000
TOTAL REVENUES $3,510,000 $$$$3,510,000
Operating Expenditures:
Operating Expenditures s 2,919,000 $2,919,000
Internal Services $499,000 s 499,000
Contingency/Reserve s 92,000 $92,000
IOIEXPENDITURES $3,510,000 $$$$3,510,000
Revenues Less Expenditures $$$$$
FY 2025 Carryforward Carryforward FY 2025AnchorShopsAdoptedBudgetEncumbrancesAppropriationsfromOtherAmendedBudgetfromFY2024FY2024
Revenues:
Retail Leasing $813,000 $813,000
Capital &Maintenance s 116,000 $116,000
Interest Earned s 189,000 $189,000
TOTAL REVENUES $1,118,000 $$$$1,118,000
Operating Expenditures:
Operating Expenditures $344,000 $344,000
Transfer Out to Penn 5hops $95,000 $95,000
Internal Services s 43,000 $43,000
Contingency/Reserve $636,000 $636,000
TOTAL EXPENDITURES $1,118,000 $$$1,118,000
Revenues Less Expenditures $$----$$$
COMBINED REVENUES -EXPENDITURES $$$$$
Page 1903 of 1993
Exhibit A -Penn Shops and Garage
Pennsylvania Avenue Shops and Pennsylvania v enue Garage Operating Budget
Pennsylvania Avenue Parking Garage
Revenues:
Transient
Monthly
Interest Inome
M isc./O ther
TOTAL REV ENUES
Op erating Expe nse s.
Ope rating Expenditures
internal Ser uces
TOTAL EXPENDITURES
gee s.leply#es
Pennsylvania ve nue Sho ps
Revenues:
Intro<t Earned
Transfers In from RDA (Anchor Shops)
Misc./Other
TO TAL REV EN UES
Operating Expenses:
Operating Expenditures
Internal Services
TOTAL EX PE NDIT URES
FY 2025 Carryforward Carryforward
Adopted Budget Encumbrances Appropriations trom Other
tromn FY 2024 FY 2024
$566,000
363,000
s 22,000
s 39,000
1,050,000
5 872,000
178.000
$1,050,000
$
FY 2025 Carryforward Carryforward
Encumbrances Appropriations from OtherAdoptedBudgetfrom+Y 2024 FY 202A
2,000
$95,000
$195,000
292,000
s 290,000
$2,000
292,000
rY 2025
Amended Budget
566,000
$363.000
s 22,000
s 99,000
$1,050,000
s72.000
$178,000
$1,050,000
+Y 2O2
mended Budget
s 2.000
5 95.000
$195.000
$292,000
290,000
2,000
292.000
Revenues less Expe nditures ?'_$_
O R B/MED[E EbJ B M [yRs '
Page 1904 of 1993
Exhibit A -Collins Park Garage
Collins Park Parking Garage Operating Budget
Collins Park Parking Garage FY 202s
Adopted Budget
Carryforward Carryforwa rd
Encumbrances Appropriations from
from FY 202A FY202A
Other Y 202
Amended Budget
Revenues.
Transient
Monthly
Interest Income
Misc./Other
TOTAL REVENUES
s
S
$
$
Operating Expenses:
Operating Expenditures
internal Services
TOTAL EXPENDITU RES
$s
1,289,000
262,000
33,000
26,000
1,584,000 $26,000 $
1,464,000 26,000
120,000
1,584,000 $26,000 $
$$
$
$
$
$
1,289,000
262,000
33,000
26,000
$1,610,000
$
$
1,490,000
120,000
$1,610,000
Revenues Less Expenditures?''w"
Page 1905 0f 1993