C6C-Report- Special Finance And Citywide Projects Committee Meeting On May 22 20Bl MIAMIBEACH ~
City of Miami Beach, 1700 Convention Cenier Drive, Miami Beach, Florida 33139, YlfYlfw.mia_rnib~!Lt;_b_fLg.QY.
COMMITTEE MEMORANDUM
TO Mayor Matti H. Bower and Member
FROM: Jimmy L. Morales, City Manager
l"'""t"----::::"~
DATE: July 17, 2013
SUBJECT: REPORT OF THE SPECIAL FINANCE AND CITYWIDE
PROJECTS COMMITTEE MEETING ON MAY 22,2013
The agenda is as follows:
OLD BUSINESS
1. Private closed Attorney-Client Session scheduled from 2:00 to 3:00P.M. to
discuss settlement negotiations and/or strategy related to litigation
expenditures with regard to the attached referenced litigation matters
ACTION
The Committee had a closed session meeting with City Attorney Jose
Smith.
City Attorney Jose Smith presented the item.
City Attorney Jose Smith called the meeting to order noting that Chairperson
Deeded Weithorn, Commissioner Michael Gongora, Commissioner Jerry Libbin,
Mayor Matti Bower, Commissioner Ed Tobin and Commissioner Jorge Exposito
were present. City Attorney Smith then adjourned the meeting so that it could be
relocated to the 2nd Floor Conference Room for a private closed Attorney-Client
session.
2. Discussion of the Miami Beach Convention Center Proposals and the
Miami Beach Convention Center Master Plans
ACTION
The Committee requested that Consultant Jeff Sachs verify the numbers
presented on the last slide entitled" Hypothetical Scenarios", as there was some
discussion as to how the numbers were calculated and that staff should schedule
a Special Land Use Meeting to answer any questions in regard to the Convention
Center Master Plan.
151
Agenda Item C &C
Date 7-17-t3
Consultant Jeff Sachs presented this item.
Jeff Sachs facilitated the financial discussion regarding the two proposals
submitted by South Beach ACE and Portman-CMC for the Convention Center
renovations. Attached is a copy of the presentation.
152
Capital
" Conve n Center
.. nvention Ce r Pa ng
" Publ nities
.. Developer
.. Financi
0 rating
.. Ope Su rt
"' Maintenance Reserve
"' Replacement nues
153
$498.0m Convention Center $506.2m
$55m Public Amenities $71.3m
7.9m
1,040 spaces Pa ng
Total $635.4m
lnl Developer 10.6m Contribution
L2.rn N $624.
+73.4m
$1.5m annually Operating Support $1.5m annua
m
Center Capital
Maintenance
Ill
2% annua
Reserve
annua
$2.5m St. Replace Lost Ill St.
$1.3rn P-lot Parking Revenues $ P-Lot
annuJIIy $1 Jm i:HHlU<Jily
Public Amen
Maintenance wlth
154
$40m
$20m
$:l0m
ssom
$20m
155
$40rn
$30m
$lOrn
$Drn ,
$50m
$30m
$2llrn
$lOrn
$0rn
156
$50111
$40m
157
800 roorns
69,600
sf F&B
units
2,700 sears
51,000 sf
Hutd
Parking
Ad i usted in Year
, thereafter, to 39-f, of gross
$.53. 1M
Hotel
Resid
Retai
Theater
Cultu
Private
Fixed
Rent
ng
Fixed
Contribution
158
55,000
16,380 F&B
40,000 sf F&B Venue
(99,500 Including i'&B Venue)
2,700
Plein to upgrade in the future
sf
3,101 spaces
YeJr 1: $15m
Yeas 11. 99: 3 . .5%
$1: .. 0 retail/rest rent/sf
Fixed
Fixed
Rent
Fixed
Contribution
Rent and gross
Performance
Fixed
Rent
Rent "*
Contribution
rs ma;dncum of t1'1e Fixed Rent and gross
159
50
$E41V!
$5Jlm
10% everv
$105.3iv1
$1CL3m
61,000 sf
Encumbered LiveNation
2,700
Propose pi~1n lo UPfFctde
conslstt.'nt. Vilth P!an
Private Contrfbution
Uve 1\JatJon
ApproximJte:ly $1rrl annuaUv
Total Net
Cu
m
160
$
Included in flotei
Encumbt?red by UveNJtion
agreement
rtwatt~r
vvith Master Pi;11r
mst.s not included in
PulJik Budget
$60rn , ··
161
Portman
SOURCES
County G.O.
1% Resort Tax
1% Resort Tax 2014
Fixed land Lease
Hotel
S350rn Residential
Total Fixed 17th Street & Retail
-17th Street Parking
-17th Street Retail/Rest.
-N. of 17th Street Retail/Rest.
-Culturol
RDA thru 2022
Parking Bonds
Developer Contribution
Project Resort Taxes
Other
IJy /Vff;nry Grour) \!Vi!~
Additional Funds Required of All Components
Developed
Estimated Bonding Value of Components
Residential
10.7
123.3
.>18
1.0,3
1.0
Parking Component of 17th Street parking Garage
Retail Component of 17th Street Parking
Retai I North of 17th Street
Cultural
Developer Contribution
Project Generated Resort Taxes
162
Tishman
257.2
H\7
5Hl'J
12.4 $327m
Total Fixed
over
30 year bonds
0,(1
0.0
1
73,9
10.6
n
Portman Tishman
Scenario 1: Hotel and CC only; no developer
contribution
Scenario 2: No residential; No Cultural; City keeps
17th Street Parking component; Developer
contribution cut in half
Scenario 3: Scenario 2 plus half of N. of 17th Street
Retail.
Portman Tishman
The Committee requested that Consultant Jeff Sachs verify the numbers
presented on the last slide entitled" Hypothetical Scenarios", as there was some
discussion as to how the numbers were calculated and that staff should schedule
a Special Land Use Meeting to answer any questions in regard to the Convention
Center Master Plan.
163
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164