707-2025 RDA 707-2025
RESOLUTION NO.
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE SECOND
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, the First Amendment to 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 was adopted by the Chairperson and
Members of the Miami Beach Redevelopment Agency on November 20, 2024, through
Resolution No. 704-2024; and
WHEREAS, the Sixth Amendment to the Interlocal Agreement between the City of
Miami Beach (City), the RDA, and Miami-Dade County (County), which was adopted by
the County on November 6, 2024, through Resolution No. R-1002-24, and the City and
the RDA on November 14, 2024, through Resolution Nos. 2024-33354 and 703-2024,
respectively, amended, among other revisions, that the RDA shall provide the County
with up to $10.0 million of available RDA fund balance as of September 30, 2024 to
support the construction and operation of housing for homeless persons and facilities for
survivors of domestic violence; and
WHEREAS, this proposed amendment is to appropriate $10.0 million from
available prior year RDA fund balance to be provided to the County as stipulated in the
Sixth Amendment to the Interlocal Agreement that was approved by the City, the RDA,
and the County.
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 March 19, 2025, 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
2025 as set forth in the attached Exhibit "A."
PASSED and ADOPTED this /9 day of M4rd1/4 , 2025.
ATTEST:
MAR 2 0 2025 teven Meiner, Chairperson
iti\d
Rafael E. Granado, Secretary
_ 7N11111
tltn ORATEa APPROVED AS TO
"-,�, - 1.6.0�= FORM & LANGUAGE
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1 1,1j\\I\IMF\N � b, EXECUTION
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Redevelopment Agency Date
General Counsel
Exhibit "A"
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
FY 2025 2nd Budget FY 2025
Amended Budget Amendment Revised Budget
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 $ 373,000 $ 373,000
Fund Balance/Retained Earnings $ 6,441,000 $ 10,000,000 $ 16,441,000
TOTAL REVENUES $ 67,183,000 $ 10,000,000 $ 77,183,000
Admin/Operating Expenditures
Management Fee $ 640,000 $ 640,000
Audit fees $ 32,000 $ 32,000
Internal Services $ 96,000 $ 96,000
Total Admin/Operating Expenditures $ 768,000 $ - $ 768,000
Project Expenditures
Community Policing:
City Center RDA Police $ 5,543,000 $ 5,543,000
City Center RDA Code Compliance $ 229,000 $ 229,000
Capital Projects Maintenance:
City Center RDA Property Mgmt. $ 2,419,000 $ 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 $ 13,997,000 $ - $ 13,997,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $ 20,908,000 $ 20,908,000
Reserve for County Admin Fee $ 397,000 $ 397,000
Reserve forCMB 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 $ - $ -
Transfer to County Construct/Operate Housing for Homeless Persons $ - $ 10,000,000 $ 10,000,000
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
Convention Center Hotel Grant Agreement Contribution $ - $ -
Set-aside for Debt Payoff $ 20,404,000 $ 20,404,000
Total Reserves,Debt Service&Other Obligations $ 52,418,000 $ 10,000,000 $ 62,418,000
TOTAL EXPENDITURES AND OBLIGATIONS $ 67,183,000 $ 10,000,000 $ 77,183,000
SURPLUS/(GAP) $ - $ - $ -
Exhibit "A"
Anchor Shops and Anchor Garage Operating Budget
Anchor Parking Garage FY 2025 2nd Budget FY 2025
Amended Budget Amendment Revised Budget
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 $ 2,919,000 $ 2,919,000
Internal Services $ 499,000 $ 499,000
Contingency/Reserve $ 92,000 $ 92,000
TOTAL EXPENDITURES $ 3,510,000 $ - $ 3,510,000
Revenues Less Expenditures $ - $ - $ -
Anchor Shops FY 2025 2nd Budget FY 2025 .
Amended Budget Amendment Revised Budget
Revenues:
Retail Leasing $ 813,000 $ 813,000
Capital&Maintenance $ 116,000 $ 116,000
Interest Income $ 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 2nd Budget FY 2025
Pennsylvania Avenue Parking Garage Amended Budget Amendment Revised Budget
Revenues:
Transient $ 566,000 $ 566,000
Monthly $ 363,000 $ 363,000
Interest Income $ 22,000 $ 22,000
Misc./Other $ 99,000 $ 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 $ 1,050,000 $ - $ 1,050,000
Revenues Less Expenditures $ - $ - $ -
Pennsylvania Avenue Shops FY 2025 2nd Budget FY 2025
Amended Budget Amendment Revised Budget
Revenues:
Interest Earned $ 2,000 $ 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 $ 290,000 $ 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 2nd Budget FY 2025
Amended Budget Amendment Revised Budget
Revenues:
Transient $ 1,289,000 $ 1,289,000
Monthly $ 262,000 $ 262,000
Interest Income $ 33,000 $ 33,000
Misc./Other $ 26,000 $ 26,000
TOTAL REVENUES $ 1,610,000 $ - $ 1,610,000
Operating Expenses:
Operating Expenditures $ 1,490,000 $ 1,490,000
Internal Services $ 120,000 $ 120,000
TOTAL EXPENDITURES $ 1,610,000 $ - $ 1,610,000
Revenues Less Expenditures $ - $ - $ -
Redevelopment Agency Items (RDA) 1
MIAMI BEA
RDA MEMORANDUM
TO: Honorable Chair and Members of the Board of Directors
FROM: Eric Carpenter, Executive Director
DATE: March 19, 2025
TITLE: A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY, ADOPTING THE SECOND 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.
RECOMMENDATION
Adopt the attached Resolution.
BACKGROUND/HISTORY
In accordance with Section 189.016, Florida Statutes, the governing body of the Miami Beach
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.
The First Amendment to 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 was adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency
on November 20, 2024, through Resolution No. 704-2024.
SIXTH AMENDMENT TO INTERLOCAL AGREEMENT SUMMARY
The Sixth Amendment to the Interlocal Cooperation Agreement between the City of Miami Beach
(City), the RDA, and the Miami-Dade County Board of County Commissioners (County) relating
to the City Center Redevelopment Area was initially approved by the City and the RDA, through
Resolution Nos. 2024-33347 and 697-2024 on October 30, 2024, and the County, through
Resolution No. 952-24 on October 16, 2024, which, among other things, included:
1. The proposed issuance of refunding bonds to refund a portion of the RDA's Tax Increment
Revenue and Revenue Refunding Bonds, Series 2015A, that were originally issued for
the renovation and expansion of the Miami Beach Convention Center for which the
refunding will generate debt service savings
Page 1111 of 1157
2. Removal of the requirement that beginning in FY 2024, excess revenues must be used to
pay down outstanding RDA debt and instead direct the use of such revenues that are
outlined in Sections H, I, and J of the Interlocal Agreement
3. Provisions regarding the disposition of RDA Trust Fund funds starting in FY 2037
4. Authorization of a grant agreement in the amount of up to$92.5 million (including principal,
interest, and cost of issuance) between the RDA, the Convention Center Hotel Developer,
and Public Finance Authority to facilitate the expeditious development of the Miami Beach
Convention Center Headquarter Hotel. project
On November 6, 2024, the County, through Resolution No. R-1002-24, approved the
reconsideration and revision of the previously approved Sixth Amendment to the Interlocal
Cooperation Agreement and Convention Center Hotel Agreement. These agreements were
modified and returned to the City and the RDA for consideration, which included the following
changes:
1. By March 31, 2025, the RDA shall provide up to $10.0 million in funding from the available
balance in the RDA as of September 30, 2024, to the County to support the construction
and operation of housing for homeless persons and facilities for survivors of domestic
violence
2. Amend the Convention Center Hotel Grant Agreement to allocate the 50% of the
Participation Payments previously designated for the City to now be directed to the County
to fund supportive housing for individuals and families experiencing homelessness and
domestic violence centers
3. Amend the Convention Center Hotel Grant Agreement to allocate the 50% of the 2%
Transfer fees payment previously allocated to the City to now be directed to the County to
fund supportive housing for individuals and families experiencing homelessness and
domestic centers
The revised Sixth Amendment to the Interlocal Cooperation Agreement, which included the
modifications that were transmitted by the County, was adopted by the City and the RDA, through
Resolution Nos. 2024-33354 and 703-2024, respectively, on November 14, 2024.
ANALYSIS
Contribution to Construct/Operate Housing for Homeless Persons
As part of the revised Sixth Amendment to the Interlocal Cooperation Agreement that was
adopted by the City, the RDA, and the County, the RDA shall provide funding to the County in an
amount up to $10.0 million from available RDA fund balance to support the construction and
operation of housing for homeless persons and facilities for survivors of domestic violence.
This proposed amendment is to, therefore, appropriate $10.0 million from available RDA fund
balance to be appropriated in the FY 2025 City Center RDA operating budget in order to provide
the County with the required funding by March 31, 2025, as stipulated in the approved Sixth
Amendment to the Interlocal Cooperation Agreement.
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://www.miamibeachfl.gov/city-hall/city-clerk/meetinq-notices/
Page 1112 of 1157
FINANCIAL INFORMATION
See the information provided above.
CONCLUSION
The Administration recommends that the Chairperson and Members of the Miami Beach
Redevelopment Agency adopt the Second 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 2025 as described herein and
further detailed in the attached Exhibit"A."
EC/JDG/TOS/RA
Applicable Area
Citywide
Is this a "Residents Right to Know" item, Is this item related to a G.O. Bond
pursuant to City Code Section 2-17? Project?
Yes 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 2nd Amendment to City Center RDA Operating Budget for FY 2025. OMB
Page 1113 of 1157
EXHIBIT A
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
FY 2025 2nd Budget FY 2025
Amended Budget Amendment Revised Budget
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 $ 373,000 $ 373,000
Fund Balance/Retained Earnings $ 6,441,000 $ 10,000,000 $ 16,441,000
TOTAL REVENUES $ 67,183,000 $ 10,000,000 $ 77,183,000
Admin/Operating Expenditures
Management Fee $ 640,000 $ 640,000
Audit fees $ 32,000 $ 32,000
Internal Services $ 96,000 $ 96,000
Total Admin/Operating Expenditures $ 768,000 $ - $ 768,000
Project Expenditures
Community Policing:
City Center RDA Police $ 5,543,000 $ 5,543,000
City Center RDA Code Compliance $ 229,000 $ 229,000
Capital Projects Maintenance:
City Center RDA Property Mgmt $ 2,419,000 $ 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 $ 13,997,000 $ - $ 13,997,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $ 20,908,000 $ 20,908,000
Reserve for County Admin Fee $ 397,000 $ 397,000
Reserve for CMB Contribution S 509.000 $ 509,000
Reserve for County Reimbursement:
Transfer to County Reimbursement $ 6,200,000 $ 6,200,000
Transfer to County Beach Renourishment Fund $ - $ -
Transfer to County Construct/Operate Housing for Homeless Persons 5 - $ 10,000,000 $ 10,000,000
Reserve for City Reimbursement:
Transfer to General Fund $ - $
Transfer to Beach Renourishment Fund $ - $
Transfer to Fleet Management Fund S - $ -
Transfer to Convention Center $ 4,000,000 $ 4,000,000
Convention Center Hotel Grant Agreement Contribution $ - $ -
Set-aside for Debt Payoff $ 20,404,000 $ 20,404,000
Total Reserves,Debt Service&Other Obligations $ S2,418,000 $ 10.000,L00 $ 62,418,000
TOTAL EXPENDITURES AND OBLIGATIONS $ 67,183,000 $ 10,000,000 $ 77,183,000
SURPLUS/(GAP)
$ - $ - $. -
Page 1114 of 1157
EXHIBIT A
AnchorShops and Anchor Garage Operating Budget
FY 2025 2nd Budget FY 2025
Anchor Parking Garage Amended Budget Amendment Revised Budget
Revenues:
Valet Parking $ 314,000 $ 314,000
Monthly Permits $ 599,000 $ 599.E
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 5 - $ 3,510,000
Operating Expenditures;
Operating Expenditures $ 2,919,000 $ 2,919,000
Internal Services $ 499,000 $ 499,000
Contingency/Reserve $ 92,000 $ 92.000
TOTAL D(PENDITURES $ 3,510,000 $ - $ 3,510,000
Revenues Less Expenditures $ - 5 $ -
Anchor Shops FY 2025 2nd Budget FY 2025
Amended Budget Amendment Revised Budget
Revenues:
Retail Leasing $ 813,000 $ 813,000
Capital&Maintenance $ 116,000 $ 116,000
Interest Income $ 189,000 $ 189,000
TOTAL REVENUES S 1.1111.000 > - S LIlB4O00
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 $ - 5 • $ •
COMBINED REVENUES-EXPENDITURES $ - 5 -�-$ ,. -
Page 1115 of 1157
EXHIBIT A
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
FY 2025 2nd Budget FY 2025
Pennsylvania Avenue Perking Garage Amended Budget Amendment Revised Budget
Revenues:
Transient $ 566,000 $ 566,000
Monthly $ 363,000 $ 363,000
Interest Income $ 22,000 $ 22,000
Misc./Other $ 99,000 $ 99,000
TOTAL REVENUES $ 1,050,000 5 - $ 1,050,000
Operating Expenses:
Operating Expenditures $ 872,000 $ 1372,000
Internal Services $ 178,000 $ 178,000
TOTAL EXPENDITURES $ 1,050,000 i - $ 1,050,000
Revenues Less Expenditures $ $ - $ -
FY 2025 2nd Budget FY 2025
Pennsylvania Avenue Shops Amended Budget Amendment Revised Budget
Revenues:
Interest Earned $ 2,000 $ 2,000
Transfers In from RDA(Anchor Shops) $ 95,000 $ 95,E
Misc./Other $ 195,000 $ 195,000
TOTAL REVENUES $ 292,000 9 $ 292,000
ODoratime Expenses:
Operating Expenditures $ 290,000 $ 290,000
Internal Services $ 2,000 $ 2,000
TOTAL EXPENDITURES $ 292,000 S - $ 292,000
Revenues Less Expenditures $ - $ - $ -
COMBINED REVENUES-EXPENDITURES $ - $ - $ -
Page 1116 of 1157
EXHIBIT A
Collin Park Parking Garage Operating Budget
FY 2025 2nd Budget FY 2025
Collins Park Parking Garage Amended Budget Amendment Revised Budget
Revenues:
Transient $ 1,289,000 $ 1,289,000
Monthly $ 262,000 $ 262,000
Interest Income $ 33,000 $ 33,000
Misc./other $ 26,000 $ 26,000
TOTAL REVENUES $ 1,610,000 $ - $ 1,610,000
Operating Expenses:
Operating Expenditures $ 1,490,000 $ 1,490,000
Internal Services $ 120,000 $ 120,000
TOTAL EXPENDITURES $ 1,610,000 $ - $ 1,610,000
Revenues Less Expenditures $ - $ - $ -
Page 1117 of 1157