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Resolution 2025-33712 RESOLUTION NO. 202533712 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE, AT ITS JANUARY 24, 2025 MEETING, TO ALLOCATE FUNDING AS PART OF THE FISCAL YEAR 2026 BUDGET PROCESS, IN AN AMOUNT NOT TO EXCEED $215,000, TO ENHANCE THE MARKETING BUDGET SPECIFICALLY DEDICATED TO THE PROMOTION OF ECONOMIC DEVELOPMENT. WHEREAS, on October 30, 2024, at the request of Commissioner Magazine, the City Commission referred an item to the Finance and Economic Resiliency Committee (FERC) to explore the creation of a dedicated marketing budget focused solely on promoting economic development and positioning Miami Beach as a premier business destination fortargeted industries; and WHEREAS, on January 24, 2025, the FERC unanimously recommended that the City Commission wnsider enhancing the Miami Beach Economic Development marketing budget during the Fiscal Year 2026 budget process by allocating additional funding not to exceed $215,000; and WHEREAS, although Miami Beach is internationally renowned for its tourism, hospitality, and cultural attractions, there remains an urgent need to diversify its economic base by attracting industries such as technology, finance, and professional services, and innovative enterprises that prize a high quality of life alongside a forward-thinking business environment; and WHEREAS, enhancing the Economic Development marketing budget will support initiatives designed to attract new businesses and talent by promoting the City's unique strengths, such as quality of life, available commercial space, favorable business incentives, geographic proximity to Latin America, and robust infrastructure, through improved website development, targeted advertising, effective public relations, proactive engagement with decision-makers, dynamic social media marketing, and comprehensive market research; and WHEREAS, a dedicated Economic Development marketing campaign funded in this manner would both complement existing tourism and cultural promotional efforts and reinforce Miami Beach's commitment to sustainable economic growth by incorporating measurable performance metrics and innovative outreach strategies; and WHEREAS, the Administration supports the allocation of additional funding specifically dedicated to expanding marketing initiatives that promote Miami Beach as a destination of choice for both new and current businesses and talent, further targeted industry outreach, and complementing the City's broader economic development efforts. NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission hereby accept the recommendation of the Finance and Economic Resiliency Committee, at its January 24, 2025 meeting, to allocate funding as part of the Fiscal Year 2026 budget process, in an amount not to exceed $215,000, to enhance the marketing budget specifically dedicated to the promotion of economic development. PASSED and ADOPTED this af day of Jun2 2025. ATTEST: �� ;UN 3 l7 207;1/'������J _ ' /�i�j- �T /�R.v-an. � �..�Cn�_ � ae . Granado, City Clerk \��,e�,c Steven Meiner, Mayor REGIS BARBOU �` y''� . , ���`�. 'a + ':IXCOPP ORAIED: � %,,3 �h: �'„q�.. o .�:_: '�;,��t�2a;.: Sponsored by Commissioner Joseph Magazine AI'PkUVED AS TO FORM 8 LANGUAGE & FOR EXECUTION �— (o(�(-��cZ� CllyAttomay �\ Oeb ni' Resolutions-C7 C MIAMIBEACH COMMISSION MEMORANDUM TO: Honoreble Mayor and Members of the City Commission FROM: Eric Carpenter, Ciry Manager DATE: June 25, 2025 TITLE: A RESOLUTION OF THE MAYOR AND CIN COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE AT ITS JANUARY 24,2025 MEETING, TO ALLOCATE FUNDING AS PART OF THE FISCAL YEAR 2026 BUDGET PROCESS, IN AN AMOUNT NOT TO EXCEED$215,000, TO ENHANCE THE MARKETING BUDGET SPECIFICALLY DEDICATED TO THE PROMOTION OF ECONOMIC DEVELOPMENT. RECOMMENDATION The Administration recommends that lhe Mayor and Ci�y Commission accept Ihe recommendation of the Finance and Economic Resiliency Committee (FERC) �or an enhanced marketing budqet dedirated to economic development. The Administra[ion rewmmends lhat while the Commission evaluales the enhanced marketing budget specifcally dedicated to the promotion of economic development, it also carefully considers uveral critical factors that will signifcantly impact the General Fund butlqet, beginninq in FY 2026: 1. The Ciry's increasing unfunded capital improvemenl program 2. Long-lerm General Fund fnancial projections indicating a potential shorttall in upcoming fiscal years 3. The passage of Amendment 5 in November 2024, which increases ihe homestead exemption and further constrains the growth of taxable property values. BACKGROUNDIHISTORY Dunng the October 30, 2024 City Commission meeting, at the request of Commissioner Magazine, the Mayor and City Commission referred an item to the Finance and Economic Resiliency Committee (FERC) to discuss Ihe creation of a standalone marketing butlget specifcally dedicafed to economic development, with the aim to promote Miami Beach as a business tlestination of choice !or targetetl inAustries. On January 24, 2025, the FERC discussed the subjec[ and unanimously recommended in (avor iha[the Cily Commission consider an enhanced Economic Development marketing budgel dunng ihe FY 2026 budget process. ANALYSIS Miami Beach is a known for its global tourism, hospitality, recreational amenities and cultural attractions. To ensure sustainable economic growth and resiliency, it is essential to strategically diversify the Miami Beach economic base and appeal to targeted industnes and new to market companies and organizations. IndusMes, such as technology, fnance, and professional services have the potential to Ihrive even further in�he Miami Beach 6usiness communily and are attracted to the location, workforce, and infras[ruc[ure. To eitectively position the city for future growlh, a focused, assertive, and crealive marketing strategy and campaign is cntical. 269 Miami Beach's repulation as a global destination can be leveraged to attract new to market businesses. To do so, Commissioner Magazine would like to explore creating a dedica[ed marketing budget focused specifically on economic development, that is not commingled with [he ci[ys tourism and cultural promotions and campaigns.A campaign that targets specific industries emphasizes the unique strength of the Miami Beach business community, including quality of life, geographic proximiry to the Latin Amedcan madcet, business incentives and progrems. The existing standalone Miami Beach Economic Development marketing budget promotes Miami Beach as a destinalion of choice for new and existing businesses and works�o embed how Miami Beach is interested in recruiting and investing in businesses and talent interested in growing in a forward-thinking business community. An Economic Development marketing budget typically includes initiatives such as enhancing website content antl interective engagement development, targeted advertising, C-suite engagements, and community outreach to attract new companies and residents. Key aspects of an enhanced Miami Beach Economic Development marketing budget would inGude: • Targeted industry attrection: Marketing campaigns aimed at attracting new businesses to Miami Beach, highlighting factors like available commercial space, incentives, skilled workforce, and infrestructure. • Talent attrection: Promoting the community's qualiry of life to attract potential employees, including educatioq tamily-friendly amenities, housing options, recreational activities, and culNral/sports amenities. . Businessltalent quality of life promotion: Marketing the city's tourist attrections and amenities to appeal to businesses and employees. Budget componenis: • Website development and maintenance: Updating an infortnative website showcasing the city's economic development opportunities. • Marketing materials: Designing and enhancing Ihe Miami Beach event booth and collateral, as well as updating and enhancing brochures, flyers, and presentations to distnbute at conferences and events. . Advertising: Placing ads in relevant trade and lifesryle publications, online platforms,and local and national media. . Public relations: Building deeper and infortned relationships with media outlets, influencers, and industry associations to generate positive coverage. • Decisionmaker engagements: Organizing and attending conferenws, business summits, networking events, and small C-suite engagements to connect potential investors with local businesses and city offcials. • Social media marketing: Utilizing social media pla[(orms [o engage with po[ential Dusinesses and residents and employing social media infiuencers. . Resea�ch and data analysis: Gathenng market intelligence to identify target industries and decision-makers and inform marketing s[rategy. When eslablishing an enhanced Ewnomic Developmen[ markeling budget, the Economic Development Department and the Communications and Marketing DepaAment woultl set stretch goals to attrect major corporations and emerging entrepreneurs, and messaging[ha[would create deeper and wider buzz about the benefis of relocating and/or expanding a business in Miami Beach, which requires more targeted outreach via innovative, creative, and unique melhods lhat 270 standout and are memorable. Miami Beach is within a highly competitive region, which also requires an investment in marketing campaigns Ihat are unforgettable. With additional(unding, the Administration can refresh antl expantl stretegies and campaigns with measurable metrics, clear goals and key pertormance intlicators (KPIs)to track the effectiveness of marketing campaigns, such as website traffc, leatls genereted, and business investment attracted. In additioq the Administration will collaborete and leverege the Greater Miami ConveMion and Visitors Bureau (GMCVB)and lhe Miami Beach Visitor and Convention Authonry (MBVCA) resources, research, channels, antl insights as well as other stakeholders, including local businesses, chambers of commerce, and orqanizations where leveraging resources and amplifying marketing messages is eKcient Though they are predomina�ely tocused on tounsm, their reach can be utilized, more meaningfully, with additional funds and a refreshetl campaign. FISCAL IMPACT STATEMENT Nationally, [he average municipal economic development marketing budget is typically considered to be between 1-3% of a ciry's overall budget; however, Ihis vanes signifcantly depending on the ciry's size, economic goals, and the level of marketinq activiry repuired to attract new businesses and residents. Depending on the comprehensiveness of the desired campaign, depth of the goals and expected outcomes, an annual marketing budget could range from $180,000 to$250,000 or more. Does this Ordinance reauire a Business Imoact Estimate� (FOR ORDINANCES ONLY) If applicahle,the Business Impact Estimate(BIE)was published on: See BIE aL https://www.miamibeachFl.qovlcitV•halllcitv-clerk/meetinq-noticesl FINANCIAL INFORMATION CONCLUSION The Administration recommends the enhancement of the marketing budget specifcally dedicated to economic development, with the aim of promoting and augmenting Ihe existing marke[ing budget to expand the reach of key messaging that Miami Beach is a prime destination for targeted industnes and lalent. Aoolicable Area Cirywide Is this a "Residents Rinht to Know" item, Is this item related to a G.O. Bond pursuant to CiN Code Section 2-17? Proiect? No No Was this Aoenda Item initiallv reauested bv a lobbvist which, as deFlned in Code Sec. 2181. includes a nrinciDal encaCed in lob6vina7 No If so, specify Ihe name of lobbyist(S)and principal(s): Deoartment 277 Ewnomic Development Soonsorlsl Commi55ioner Joseph Magazine CO-SDOIISOfIS) Condensed Title Accept ReGAlloca�e Funds, Enhance Marketing Butlget to Promote Ewnomic Development. (JM) ED Previous Action (For Gitv Clerk Use O�Iv) 272 Committee Referrals -C4 X MIAMI BEACH COMMISSION MEMORANDUM T0� Honoreble Mayor and Members o!the Ciry Commission FROM: Commissioner Joseph Magazine OATE: October 30, 2024 TITLE: REFERRAL TO THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE TO DISCUSS THE CREATION OF A STANDALONE MARKETING BUDGET SPECIFICALLY DEDICATED TO ECONOMIC DEVELOPMENT. RECOMMENDATION Please place on the October 30, 2024, a referral to the Finance and Economic Resiliency Committee (the "FERC") to discuss the creation of a standalona marketing budget specifically dedicated to economic development, with the aim of promotinq Miami Beach as a prime destination for targeled industnes. BACKGROUND/HISTORY Miami Beach is renowned for its tourism, hospitality, and cultural industries. However, to ensure sustained economic growth and resilience, it is essential that the city stralegically diversifies its economic base by atlracting targeted industnes beyond our established sectors. Industries such as fechnology, fnance, and pmfessional services have the potential to thrive in Miami Beach given our desirable location, workforce, and infrastructure. To effectively position the city tor this type of growth, a (ocused marketing initiative is cn�ical ANALYSIS Miami Beach's reputalion as a global tourism destination can be levereged lo attracl new businesses. However, this requires a tledicated marketing budge� focused specifcally on economic tlevelopment, rather than being blended into the city's generel tourism or culWral promotion funds. A specialized campaign would allow the city to craft targeted messaging for speci(c industries, emphasizing our unique strengths as a business destination, such as quality of life, geographic proximity to Latin America, and incentives already offered by the City. This marketing initiative should focus on: � Showcasing Miami Beach as an attractive location fo� corporate headquarters and startup ecosystems. � Highlighting opportunities in sectors like technology, financial services, and crsative intlusMes. � Demonstreling the ciry's commitment to lacilitating business development and retlucing bamers to entry. Including curtent and fuWre incenlives offered by Miami Beach. The Administration should be prepared to discuss the above in greater detail at Committee. FISCAL IMPACT STATEMENT N/A 273 Does this Ordinance �eauire a Business Imoact Estimate? (FOR ORDINANCES ONLY) If applicable, the Business ImpaM Estimate (BIE)was published on: See BIE at: https:llwww.miamibeachfl.qov/citv-hal�/ciNclerklmeetinq-noticesl FINANCIAL INFORMATION N/A CONCLUSION Aoolicable Area Citywide Is this a "Residents Riohf to Know" item, Is this item relatetl to a G.O. Bond pursuant to CiN Code Section 2-17? Proiect7 No No Was this Aoenda Item initiallv reouested bv a lobbvist which. as defined in Code Sec. 2-481. includes a princioal enaaaed in lobbvino? No If so, specify the name of lobbyist(s)antl pnncipal(s): N/A Deoartment Offce of Commissioner Joseph Magazine Soonsor(s) Commissioner Joseph Magazine Co-soonsor(sl Condensed Title ReE FERC -Creation of Standalone Marketing Budget for Economic Development (Magazine) 274