709-2025 RDAR E SO LUT IO N NO .709-2025
A R E SO LUT IO N O F T HE CHA IR PERSO N AND MEMB ERS OF THE MIA M I
B EA C H RE DE VE L O PM ENT A GENCY,A DO PTING THE THIR D
A M END M ENT TO THE FISCA L YEA R 2025 O PERA TING BUDG ETS FO R
T H E CITY CENT E R RE DEV ELO PM ENT AREA ,THE ANC HO R SHO PS
A N D PA RKING G A RA G E,THE PENNS YLVANIA AVENUE SHO PS AND
PA RK ING GA RA G E ,AND THE CO LLI NS PA RK PA RKING GA RA GE.
W H E R E A S,in accordance with Section 189.016,Florida Statutes,the governing
body of the Miam i Beach Com m unity 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 tim e but not later than within 60 days following the end of the fiscal year;and
W H E R E A S,the Miami Beach Redevelopment Agency (RDA)City Center
Redevelopm ent 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
W H E R E A S,the First Am endm ent 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 FY 2025 were adopted by the
Chairperson and Members of the Miam i Beach Redevelopment Agency on November 20,
2024,through Resolution No.704-2024;and
W H E R E A S,the Second Am endment 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 FY 2025 were adopted
by the Chairperson and Members of the Miami Beach Redevelopment Agency on March 19,
2025,thro ugh Resolution No.707-2025;and
W H ER E A S,the Sixth Amendm ent to the lnterlocal Agreement betw een the City of
M iam i Beach (City),the RDA,and Miam i-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 Novem ber 14,2024,through Resolution Nos.2024-33354 and 703-2024,
respectively,am ended,am ong other revisions,that the RDA be authorized to enter into a
grant agreem ent in with the Convention Center Hotel Developer and Public Finance
Authority for $75.0 million (present value)to fund the financing gap for the full construction
of the Miam i Beach Convention Center Hotel Project;and
W H E R E A S,this proposed amendm ent is to realign approximately $12.0 million of
the RDA's budgeted FY 2025 surplus to fund the payment to be made during FY 2025,
w hich is the current fiscal year,in accordance with the executed grant agreement dated
April 10,2025.
N O W ,THE REFO RE ,BE IT DULY RES O LVED BY THE CHA IR PERSO N A ND
M E M B ERS O F THE M IA M I BEA CH REDEVE LOPMENT AGENCY,that following a duly
noticed public hearing on May 21,2025,the Chairperson and Members of the Miami Beach
Redevelopm ent Agency adopt the Third Amendment to the City Center Redevelopment
Area,the Anchor Shops and Parking Garage,the Pennsylvania Avenue Shops and Parking
G arage,and Collins Park Parking Garage operating budgets for FY 2025 as set forth in the
attached Exhibit "A."
PASSED and ADOPTED this )I day of fhk¥"',2025.
ATTEST:
rl MAY 2 7 2025
Rafael E!Gran@ o,Secretary
Steven Meiner,Chairperson
APPROVED AS TO
FORM G LANGUAGE
~EXECUllON'ks1z)er
Redevelopm ent Agency Date
G eneral Counse l
2
Exhibit "A"
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
FY 2025 3rd 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 $16,441,000 $16,441,000
TOTAL REVENUES $77,183,000 $$77,183,000
Admin/Operating Expenditures
Management Fee $640,000 $640,000
Audit fees $32,000 $32,000
Internal Services $96,000 $96,000
Total Admin/Operating Expenditures $768,000 $$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 Gree nspace $918,500 $918,500
City Center RDA Parks Maintenance $627,000 $627,000
Total Project Expenditures $13,997,000 $$13,997,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $20,908,000 $20,908,000
Reserve for County Ad min Fee $397,000 $397,000
Reserve for CMB Contribution $509,000 $509,000
Reserve for County Reimbursement:
Transfer to County Reimbursement $6,200,000 $6,200,000
Transfer to County Beach Re nourishment Fund $$
Transfer to County Construct/Operate Housing for Homeless Persons $10,000,000 $10,000,000
Reserve for City Reimbursement:
Transferto General Fund $$
Transfer to Beach Re nourishment Fund $$
Transfer to Fleet Management Fund $$
Transfer to Convention Center $4,000,000 $4,000,000
Convention Center Hotel Grant Agreement $$12,008,000 $12,008,000
Set-aside for Debt Payoff $20,404,000 $(12,008,000)$8,396,000
Total Reserves,Debt Service &Other Obligations $62,418,000 $$62,418,000
TOTAL EXPENDITURES AND OBLIGATIONS $77,183,000 $$77,183,000
SURPLUS/(GAP)$$$
Exhibit "A"
Anchor Shops and Anchor Garage Operating Budget
Anchor Parking Garage FY 2025 3rd Budget FY 2025
Amended Budget Amendment Revised Budget
Revenues:
Valet Parking $314,000 $314,000
M onthly Perm its $599,000 $599,000
Attended Parking $2,411,000 $2,411,000
Interest Incom e $185,000 $185,000
M isc./Other $1,000 $1,000
TOTAL REVENUES $3,510,000 $$3,510,000
Operating Expenditures:
Operating Expenditures $2,919,000 $2,919,000
Intern al Serv ices $499,000 $499,000
Contingency/Reserv e $92,000 $92,000
TOTAL EXPENDITURES $3,510,000 $$3,510,000
Revenues Less Expenditures $$$
Anchor Shops FY 2025 3rd Budget FY 2025
Amended Budget Amendment Revised Budget
Revenues:
Retail Leasing $813,000 $813,000
Capital &M aintenance $116,000 $116,000
Interest Incom e $189,000 $189,000
TOTAL REVENUES $1,118,000 $$1,118,000
Operating Expenditures:
Operating Expenditures $344,000 $344,000
Transfer Out to Penn Shops $95,000 $95,000
Intern al Serv ices $43,000 $43,000
Contingency/Reserv e $636,000 $636,000
TOTAL EXPENDITURES $1,118,000 $$1,118,000
Revenues Less Expenditures $$$
COMBINED REVENUES-EXPENDITURES $$$
Exhibit "A"
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
FY 2025 3rd Budget FY 2025PennsylvaniaAvenueParkingGarageAmendedBudgetAmendmentRevisedBudget
Revenues:
Transient $566,00 0 $566,000
Monthly $363,00 0 $363,00 0
Interest Income $22,000 $22,000
Misc./Other $99,00 0 $99,000
TOTAL REVENUES $1,050,000 $$1,050,000
Operating Expenses:
Operating Expenditures $872 ,000 $872 ,000
Internal Services $178,000 $178,000
TOTAL EXPENDITURES $1,050,000 $$1,050,000
Revenues Less Expenditures $$$
FY 2025 3rd Budget FY 2025PennsylvaniaAvenueShopsAmendedBudgetAmendmentRevisedBudget
Revenues:
Interest Earned $2,000 $2,000
Transfers In from RDA (Anchor Shops)$95,00 0 $95,000
Misc./Other $195,00 0 $195,000
TOTAL REVENUES $292,000 $$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 $$$
Exhibit "A"
Collins Park Parking Garage Operating Budget
Collins Park Parking Garage FY 2025
Amended Budget
3rd Budget
Amendment
FY 2025
Revised Budget
$1,289,000
$262,00 0
$33,000
$26,000
$1,610,000
$1,490,00 0
$120,000
$1,610,000
$
Revenues:
Transient $1,289,000
Monthly $262,000
Interest Income $33,000
Misc./Other $26,000
TOTAL REVENUES $1,610,00 0 $
Operating Expenses:
Operating Expenditures $1,490,00 0
Internal Services $120,000
TOTAL EXPENDITURES $1,610,00 0 $
Revenues Less Expenditures $$
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:May 21,2025
TITLE:A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY,ADOPTING THE THIRD 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
The Administration recommends that the Board of Directors 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 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 FY 2025 were adopted by the Chairperson and Members
of the Miami Beach Redevelopment Agency on November 20,2024,through Resolution No.704-
2024.
The Second 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 FY 2025 were adopted by the Chairperson and Members
of the Miami Beach Redevelopment Agency on March 19,2025,through Resolution No.707-
2025.
ANALYSIS
SIXTH AMENDMENT TO INTERLOCAL AGREEMENT SUMMARY
The Sixth Amendment to the lnterlocal 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
2600 of 2719
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 2015A4,that were originally issued for
the renovation and expansion of the Miami Beach Convention Center for which the
refunding will generate debt service savings
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 lnterlocal 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 lnterlocal
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 lnterlocal 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.
CITY CENTER RDA OPERATING BUDGET AMENDMENT
Convention Center Hotel Grant Agreement
As part of the revised Sixth Amendment to the lnterlocal Cooperation Agreement that was
adopted by the City,the RDA,and the County,the RDA received authorization to enter into a
grant agreement with the Convention Center Hotel Developer and Public Finance Authority for
$75.0 million (present value)to fund the financing gap for the full construction of the Miami Beach
Convention Center Hotel Project.
In accordance with the executed grant agreement dated April 10,2025,payments will commence
in FY 2025,which is the current fiscal year,and continue for five (5)years.As a result,this
proposed amendment is to realign approximately $12.0 million of the RDA's budgeted FY 2025
surplus to fund the payment to be made during FY 2025 in accordance with the executed grant
agreement.
2601 of 2719
FISCAL IMPACT STATEMENT
See detailed information 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/meeting-notices/
FINANCIAL INFORMATION
See detailed information above.
CONCLUSION
The Administration recommends that the Chairperson and Members of the Miami Beach
Redevelopment Agency adopt the Third 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,
pursuant to City Code Section 2-172
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 3rd Amendment to City Center RDA Operating Budget for FY 2025.0MB
2602 of 2719
Previous Action (For City Clerk Use Only)
2603 of 2719
EXHIBIT A
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
FY 2025 3rd 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 $16,441,000 $16,441,000
TOTAL REVENUES $77,183,000 $$77,183,000
Adm in/O pe rating Expenditures
Management Fee s 640,000 $640,000
Audit fees $32,000 $32,000
Internal Services $96,000 $96,000
Total Admin/Operating Expenditures $768,000 $$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 s 627,000 $627,000
Total Project Expenditures $13,997,000 $$13,997,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $20,908,000 $20,908,000
Reserve for County Ad min Fee $397,000 s 397,000
Reserve for CMB Contribution $509,000 $509,000
Reserve for County Reimbursement:
Transfer to County Reimbursement $6,200,000 s 6,200,000
Transfer to County Beach Renourishment Fund $$
Transfer to County Construct/Operate Housing for Homeless Persons $10,000,000 $10,000,000
Reserve for City Reimbursement:
Transfer to General Fund s $
Transfer to Beach Renourishment Fund $$
Transfer to Fleet Management Fund $$
Transfer to Convention Center s 4,000,000 $4,000,000
Convention Center Hotel Grant Agreement $$12,008,000 $12,008,000
Set-aside for Debt Payoff 5 20,404,000 $(12,008,000)$8,396,000
Total Reserves,Debt Service &Other Obligations $62,418,000 $$62,418,000
TOTAL EXPENDITURES AND OBLIGATIONS $77,183,000 $$77,183,000
SURPLUS/(GAP)$$$
2604 of 2719
EXHIBIT A
Anchor Shops and Anchor Garage Operating Budget
Anchor Parking Garage FY 2025 3rd Budget FY 2025
Am ended Budget Am endm ent Revised Budget
Revenues:
Valet Parking $314,000 $314,000
Monthly Permits $599,000 $599,000
Attended Parking s 2,411,000 $2,411,000
Interest Income $185,000 s 185,000
Misc./Other $1,000 $1,000
TO TAL REV ENUES $3,510,000 $$3,510 ,000
O perating Expenditures:
Operating Expenditures $2,919,000 $2,919,000
Internal Services $499,000 $499,000
Contingency/Reserve $92,000 $92,000
TO TAL EXPENDITURES $3,510 ,000 $$3,510,000
Revenues Less Expenditures $$$
FY 2025 3rd Budget FY 2025AnchorShopsAmendedBudgetAmendmentRevisedBudget
Revenues:
Retail Leasing $813,000 $813,000
Capital &Maintenance $116,000 $116,000
Interest Income $189,000 $189,000
TO TAL REVENUES $1,11 8,000 $$1,11 8,000
Operating Expenditures:
Operating Expenditures $344,000 $344,000
Transfer Out to Penn Shops s 95,000 $95,000
Internal Services $43,000 $43,000
Contingency/Reserve $636,000 $636,000
TO TAL EXPENDIT URES $1,11 8,000 $$1,11 8,000
Revenues Less Expenditures $$$
COM BINED REVENUES -EXPENDITURES $$$
2605 of 2719
EXHIBIT A
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
Pennsylvania Avenue Parking Garage FY 2025 3rd Budget FY 2025
Amended Budget Amendment Revised Budget
Revenues:
Transient $566,000 $566,000
Monthly $363,000 s 363,000
Interest Income $22,000 $22,000
Misc./Other $99,000 $99,000
TOTAL REVENUES $1,050,000 $$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 3rd Budget FY 2025
Amended Budget Amendment Revised Budget
Revenues:
Interest Earned $2,000 $2,000
Transfers In from ROA (Anchor Shops)$95,000 $95,000
Misc./Other $195,000 $195,000
TOTAL REVENUES $292,000 $$292,000
Operating Expenses:
Operating Expenditures $290,000 $290,000
Internal Services $2,000 s 2,000
TOTAL EXPENDITURES $292,000 $$292,000
Revenues Less Expenditures $$$
COMBINED REVENUES -EXPENDITURES $$$
2606 of 2719
Revenues:
Transient
Monthly
Interest Income
Misc./Other
TOTAL REVENUES
Operating Expenses:
Operating Expenditures
Internal Services
TOTAL EXPENDITURES
EXHIBIT A
Collins Park Parking Garage Operating Budget
Collins Park Parking Garage FY 2025 3rd Budge FY 2025
Amended Budget Amendment Revised Budget
$1,289,000 $1,289,000
$262,000 $262,000
s 33,000 $33,000s26,000 $26,000
$1,610,000 $$1,610,000
$1,490,000 $1,490,000
$120,000 $120,000
$1,610,000 $$1,610,000
Revenues Less Expenditures $$$
2607 of 2719