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3 - Meeting Minutes_7-8-25 General Obligation Bond Oversight Committee City of Miami Beach MEETING MINUTES No. 56 July 8, 2025 Members Present: Members via Zoom (not part of quorum): Karen Rivo, Chair Bruce Halpryn Daniel Veitia Shari Gurkin Kate Mosley Margalit Edelman Members Absent: Dana Martorella Jason Koslowe Non-Voting Members Present: Non-Voting Members Absent: Donald Goldberg N/A Isaiah Mosley Jack Benveniste Non-Voting Members via Zoom: David Sexton Staff and Guests Present: Thais Vieira, Liaison Cesar Sepulveda Colette Satchell David Philips Daniel Alzuri Ximena Caminos Digna Abello Elizabeth Estevez Frank Garcia Jason Greene Jani Singer Kevin Pulido Krystal Dobbins Ron Mumaw Meeting Start Time: 4:00 pm General Notes: These meeting minutes are condensed and seek to capture the overall intent of discussions as interpreted by the meeting coordinator. Each paragraph indicates the time on the audio recording where the discussion commenced during the meeting. For more detail on the discussion, please refer to the audio recording in its entirety. All current and past meeting materials including agendas, handouts, minutes, presentations, and audio recordings are available by visiting: www.GOMBInfo.com/OversightCommittee/Meeting Records. I. Roll Call and Introductions (Refer to the Meeting Audio Recording on the G.O. Bond Website.) 3:20 Chair Karen Rivo called the meeting to order. Roll call was completed - no quorum. G.O. Bond Oversight Committee Meeting Minutes No. 56 July 8, 2025 Page 2 of 8 II. Committee Business  Adoption of Meeting Minutes from 05-15-25 04:44 Deferred due to lack of quorum. III. Bond Accrued Interest Transfers (Refer to pages 2 - 6 of the Agenda & Handouts Packet on the G.O. Bond website.) 2018 Bond 05:32 Jason Greene introduced the proposed accrued interest allocations, with detailed information provided in the memorandums included in the Agenda package. The proposals include $70,150 from the 2018 Bond Parks Category for the Soundscape Park Storage Facility (GO#19), and $76,748 from the Infrastructure Category for the 41st Street Corridor Improvements (GO#40). 07:47 Thais Vieira presented an overview of all accrued interest transfers completed to date under the 2018 G.O. Bond program, totaling $9,485,596. Of this amount, $6,066,106 was allocated to the Parks Category, including $4,466,106 for Bayshore Park and $1,600,000 for the Soundscape Park Sound System. The Public Safety Category received $1,746,058, all of which was directed to Fire Station 1. The Infrastructure Category received $1,673,432, with $1,282,154 allocated to 23rd St Streetscape Improvements and $391,278 to 41st Street Corridor Improvements. An additional $146,898 in accrued interest allocations is now being proposed: $70,150 for the Soundscape Park Storage Facility and $76,748 for the 41st Street Corridor Improvements. These proposed allocations bring the total accrued interest transfers - both completed and pending - to $9,632,494. 09:48 Jason Greene reminded the Committee that accrued interest dollars may be appropriated for projects experiencing funding shortfalls. These funds are legally restricted and cannot be used for any other purpose, including debt service payments. However, once all projects within the program have been completed, any remaining accrued interest may theoretically be used to pay down debt service at that time. 14:03 Jason Greene explained that the request for the Soundscape Park Storage project is on the July City Commission agenda, since that project is under construction and needs funding right away. Arts & Culture 16:21 At 16:21, Jason Greene introduced the proposed accrued interest allocations, with full details provided in the memorandums included in the Agenda package. The proposals include $400,000 for ACGO #01 Bass Museum and $1,845,789 for ACGO #11 North Beach Oceanfront Center (NBOC). G.O. Bond Oversight Committee Meeting Minutes No. 56 July 8, 2025 Page 3 of 8 19:09 Margalit Edelman inquired about alternative funding sources that could be used to address the shortfall if G.O. Bond funds were not allocated. Jason Greene responded that, in such a case, the City would likely need to defund another project or program to cover the gap. He emphasized that his approach is to prioritize the use of restricted funds before drawing from more flexible funding sources. 20:02 Daniel Veitia pointed out that there are multiple competing projects in North Beach and emphasized the importance of having a comprehensive budget overview including: total project budget, total GO Bond allocation, total accrued interest allocation and capital budget requests. 20:59 Daniel Veitia inquired about the original GO Bond budget for the Oceanfront Center project. Thais Vieira reported that the initial budget for the original scope was just over $1 million. Further discussion ensued. 25:55 Chair Karen Rivo expressed concern regarding the escalating costs of the North Beach Oceanfront Center (NBOC) project, noting that the original G.O. Bond budget was about $1 million and it has now grown by $2.4 million. She questioned whether other higher-priority projects might arise in the near future and asked if any alternative funding sources were available for the NBOC project. Jason Greene responded that there were none. He explained that if the project isn’t funded using GO Bond accrued interest, another project would have to be defunded. He further shared that, while there are various capital funding sources, $25 million was requested during this capital budget process for Capital Renewal & Replacement (CR&R) projects, but only $5 million was available, resulting in $20 million in deferred maintenance. Discussion continued. 33:38 Margalit Edelman asked whether the $400,000 requested for the Bass Museum was meant to fund the analysis or the actual work. Daniel Alzuri clarified that analysis and part of the associated work were previously funded from a separate source, and that the proposed $400,000 would cover the remainder of the work identified in the analysis. IV. Tranche 2 – New Declaration of Intent to Issue (Refer to pages 7-9 of the Agenda & Handouts Packet on the G.O. Bond website.) 36:54 Jason Greene provided a brief background on the prior Declaration of Intent to Issue which was approved last year. He shared that it is simply a legal IRS tax docket that allows the appropriation of funds, prior to actually borrowing the funds. At some point in the future (18 months from the first expenditure, but no more than 3 years from when the first project is closed out), bonds will be issued and the City will reimburse itself. What is being proposed is a new Declaration of Intent to Issue totalling $73 million. This will be presented before the Finance and Economic Resiliency Committee (FERC) at their next meeting and will go back to the City Commission for affirmation. This is necessary because a number of projects will soon require funds beyond what is currently available. He added that bond counsel always recommends a G.O. Bond Oversight Committee Meeting Minutes No. 56 July 8, 2025 Page 4 of 8 Declaration of Intent to Issue for the entire outstanding amount, but the actual amount borrowed can be less. 43:49 Thais Vieira reviewed the list of projects included in the current Declaration of Intent to Issue. She clarified that the remaining projects not part of this request are excluded because they do not require funding in the near term. These excluded projects pertain to above-ground components tied to underground infrastructure projects that are not yet in the planning or design phase. 45:46 Chair Karen Rivo inquired about the timeline for presenting the item to FERC. Thais Vieira responded that it is currently scheduled for the July FERC meeting. If approved, the item will likely be presented to the City Commission during its September meeting. 46:12 Jason Greene added that though the City Commission has provided direction regarding the Washington Avenue project, nothing will be able to move forward until the Commission approves the Declaration of Intent to Issue. 2018 G.O. Bonds V. Program General Status Update (Refer to pages 10-19 of the Agenda & Handouts Packet on the G.O. Bond website.) 47:02 Thais Vieira informed the Committee that an additional $2.7 million has been spent since last meeting. To date, the total expenditure stands at approximately $102 million for tranche 1 and $3 million for tranche 2. Out of the 91 subprojects in tranche 1, 89 are either completed or currently active. One subproject has progressed from the planning and design phase into construction since the last meeting. Regarding the overall value of tranche 1 projects, approximately 66% is either completed or under active construction. As for tranche 2, every subproject is active, and about 97% of their combined value is currently under construction. Regarding 2025 construction commencements, Chase Ave Shared Use Path, which was initially scheduled to commence in the 3rd quarter, has been moved to the 4th quarter. 51:12 Chair Karen Rivo expressed interest in seeing a revised version of the construction commencement chart that reflects delays over time—not just in comparison to the prior meeting. Thais Vieira offered to develop a version that would potentially track changes dating back to last year. Discussion continued. 56:57 The Committee discussed reasons behind delays in commencing the Skate Park project. Daniel Veitia noted that the pilot program for the skate park has been highly successful. He emphasized that the Skate Park Project should move forward since It was approved by the voters as part of the G.O. Bond program. G.O. Bond Oversight Committee Meeting Minutes No. 56 July 8, 2025 Page 5 of 8 57:20 Thais Vieira reported that the Skate Park design had reached the 30% completion stage, at which point a preliminary cost estimate was developed. The estimated cost came in at approximately $2.5 million, which is significantly higher than the original $750,000 allocated through the G.O. Bond. One of the key factors contributing to the increased cost was the requirement for a new restroom facility, which had not been part of the original project scope. She noted that the funding shortfall has not been addressed through the capital budget process. 57:55 Daniel Veitia expressed his view that there is likely no political support for the Skate Park project, suggesting that if such support existed, the project would have already moved forward. However, he reiterated that the Skate Park was a project that had been voted on and therefore should proceed. 1:02:13 Chair Karen Rivo noted that, due to the absence of a quorum, no formal motion could be made regarding the Skate Park project. She recommended that the project be placed on the agenda for the next meeting, where the Parks Department would provide a full presentation outlining the progress made to date, along with potential recommendations or options for advancing the project. VI. 2018 Bonds Projects Update (Refer to pages 20-24 of the Agenda & Handouts Packet on the G.O. Bond website.) Washington Ave Corridor 1:03:13 Thais Vieira reported that during the June meeting, the Washington Avenue Business Improvement District (BID) presented several ideas for the G.O. Bond Project to the Public Safety Neighborhood Committee (PSNQLC). Among the proposals, PSNQLC endorsed moving forward with the installation of Monument Letters in front of the Feinberg Fisher School. The design will require approval from the Historic Preservation Board before implementation. Additionally, PSNQLC recommended hiring an urban design firm to develop a cohesive plan for the overall project. This recommendation was formally approved by the City Commission during their June session. To proceed with the resolution, Tranche 2 funding will be necessary. 1:05:00 Isaiah Mosley noted that Washington Ave is a business district. He is concerned that placing the artistic monument letters in front of Feinberg Fisher School will invite a lot of people to just one spot in the district. 1:05:30 Thais Vieira added that, on a parallel path, the City Commission has adopted a resolution endorsing a recommendation from FERC to replace the existing sidewalks along Washington Avenue - from Lincoln Road to 15th Street - with brick pavers. Fire Station 1 1:07:37 Colette Satchell reported that preliminary concept designs for the project have been finalized, and based on initial cost estimates, the project remains within budget. The next major milestone will be a presentation to the Historic Preservation Board (HPB), anticipated before the G.O. Bond Oversight Committee Meeting Minutes No. 56 July 8, 2025 Page 6 of 8 end of the year. In the meantime, traffic studies will be conducted at the intersections of 11th and 12th Streets, and public engagement efforts are planned to gather input from the community. 01:08:20 Isaiah Mosley inquired whether the old Field House slated for demolition was a historic structure. Satchell clarified that it is not designated as historic; however, because it was originally constructed with donated funds, it will be reconstructed. The new facility is planned for the southeast corner of the football field and is intended to serve as an inviting entrance from the adjacent parking lot. Discussion continued. 01:11:58 Chair Karen Rivo requested that the project be brought back in September for an update. 41st Street Corridor Improvements 1:12:50 Colette Satchell reported that 41st Street corridor improvements Project is moving very slowly through negotiations with FDOT. However, the team is hopeful that the time will be recouped once the design is past the 90% mark. There are existing conditions that do not meet code requirements and will never meet code unless the whole street is raised. So the team is negotiating how to solve that with FDOT. It is anticipated that construction will commence by the Fall of 2026. Baywalk 1:13:44 Colette Satchell informed the Committee that during the Special City Commission meeting held on June 27, the Commission approved a development agreement with the developer for the Bay Garden Manor property. As part of the agreement, in exchange for a height increase and additional Floor Area Ratio (FAR), the developer will assume responsibility for constructing the missing segments of the baywalk. Bayshore Park 1:15:26 Colette Satchell stated that the project is moving along really well and they are on schedule for completion in the Fall. VII. Public Comment No one from the public requested to speak. 2022 G.O. Bonds for Arts & Culture VIII. Arts & Culture Program General Status Update (Refer to pages 25-31 of the Agenda & Handouts Packet on the G.O. Bond website.) 1:17:45 Thais Vieira reported that about $1.4 million has been spent since the last meeting, with a total of $15.2 million spent to date. The subproject status remains the same as reported in May, G.O. Bond Oversight Committee Meeting Minutes No. 56 July 8, 2025 Page 7 of 8 with 10 subprojects complete, 9 under construction, 19 in design, 5 in Planning, and 4 in a pending status. In terms of 2025 construction commencements, the Colony Theater Security/Communications subproject, which was supposed to commence in 2nd quarter has been moved to the third quarter. IX. 2022 Bonds Projects Update (Refer to pages 32-35 of the Agenda & Handouts Packet on the G.O. Bond website.) Collins Park Rotunda 1:18:45 Colette Satchell reported that construction is progressing well. The contractor has managed to remove all artistic panels without any damage, and reinstallation should start next week. The first half of the building has been waterproofed and tested successfully. The waterproofing of the second half is expected to start next week as well. Every other part of the project is progressing smoothly and is expected to be substantially completed by October and final completion is anticipated by December. Bryon Carlye Theatre 1:20:06 Daniel Alzuri reported that the CRA Committee, at its June 17 meeting, issued a recommendation to fund the consultant’s proposal for the Workforce Housing Analysis using the CRA Workforce Housing Fund. While discussions are underway with the consultant (AMS) to begin the analysis in late August or early September, the team has also engaged architect Roberto Espejo - who previously completed a massing concept study for Friends of the Byron on a pro bono basis - to begin visualizing the updated concept and building program. This includes exploring potential designs for the workforce housing component, whether adjacent to or integrated above the proposed structure, and identifying the associated challenges. In parallel, the team is also reaching out to local builders to get an idea for what the real cost could be locally for such a cultural center. While awaiting final coordination with AMS, the team continues to consult individuals who have been involved in this or similar initiatives to gather insights and ensure the project remains on track. The CRA Committee’s funding recommendation is scheduled to be presented to the City Commission in July. Holocaust Memorial MB 1:23:37 Daniel Alzuri reported that the roof work is complete. The old section of the building has been completely gutted, and they are starting to rebuild the electrical, plumbing and other interior aspects of the building. The renovations for the guard house and the classrooms have also been laid out. A new vendor has also been engaged for the Jerusalem stone. Security bollards will be added as well. 1:24:20 Kate Mosley asked if site visits are allowed. Daniel Alzuri responded yes and offered to assist with coordinating those visits. Aquatic Sculpture Park – Phase 1 1:25:05 Daniel Alzuri reported that the project team has started casting the first prototype mold of the cars which should be completed this week. They anticipate the completion of all 22 cars G.O. Bond Oversight Committee Meeting Minutes No. 56 July 8, 2025 Page 8 of 8 by the end of August, after which they will be shipped and deployed by the second half of September or early October. Currently, they are in the process of negotiating the terms with the firm that will deploy the cars. While the cost of moving the cars has increased from what was budgeted, it is still within the planned contingency. 1:26:30 Ximena Caminos shared that Reefline’s participation in the United Nations Ocean Conference in Nice, France, was a great success. Prince Albert of Monaco extended an invitation for the Reef Star installation to be deployed in Monaco. Media coverage continues, with features on NBC’s “The Today Show” and CBS’s “The Sunday Morning Show” highlighting the progress. 1:28:30 Margalit Edelman inquired whether the deployment is the initiation of the opening of the park or is it just one more step in the process. Ximena Caminos answered that it is the first phase of the Reefline. 01:29:12 Ximena Caminos reported that coral planting has begun in the coral labs in preparation for integration into the sculptural structures. As this work advances, the project’s coral scientist is actively collaborating with state authorities to secure all required permits. Once the car structures are deployed, they will be allowed to settle for approximately 3 months before the corals are transplanted, ensuring optimal conditions for growth and sustainability. She extended an invitation to the Committee to visit the lab. 01:30:52 Isaiah Mosley asked if the buoys will be moved out in advance of the deployment. Daniel Alzuri replied that this is a process that is running in parallel with this project. That process is expected to take years. Discussion continued. 1:33:58 Isaiah Mosley inquired whether the team was considering the addition of gypsum to the concrete mixture. In response, Ximena Caminos clarified that the concrete being used complies with the requirements and approvals set by DERM. She emphasized that it is a marine-grade, eco-friendly mixture. X. Community Outreach (Refer to pages 36-37 of the Agenda & Handouts Packet on the G.O. Bond website). 1:37:19 Thais Vieira went over the list of upcoming meetings. XI. Public Comment No one from the public requested to speak. XII. Adjournment 1:43:55 Meeting adjourned.