716-2025 RDA 716-2025
RESOLUTION NO..
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE BOARD OF
THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FINAL
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 FOR FISCAL YEAR 2026.
WHEREAS, on November 16, 1993, Miami-Dade County ("County") and the City of Miami
Beach ("City") approved and entered into an Interlocal Agreement, by which the County delegated
to the City certain redevelopment powers, including but not limited to the creation of the Miami Beach
Redevelopment Agency City Center/Historic Convention Village Redevelopment Area ("City Center
RDA") and implementation of the City Center Redevelopment Plan; and
WHEREAS, the First Amendment to the Interlocal Agreement, approved by the County,
through Resolution No. R-889-03, and approved by the City, through Resolution No. 2003-25241,
delegated to the City the power to develop and implement community policing initiatives; and
WHEREAS, the Second Amendment to the Interlocal Agreement, approved by the County,
through Resolution No. R-958-04, and approved by the City, through Resolution No. 2004-25560,
allowed the City Center RDA to refund certain bonds and provided for an annual fee of one and one-
half percent to be paid to the County and City annually to defray administrative costs after debt
service and all other obligations related to the bonds or future indebtedness was satisfied for the
fiscal year; and
WHEREAS, the Third Amendment to the Interlocal Agreement, approved by the County,
through Resolution No. R-1110-14, and approved by the City, through Resolution No. 2014-28835,
among other things, required that the use of tax increment revenues to fund the RDA's expenses for
administration, community policing, and capital projects maintenance shal� not exceed the prior fiscal
year's distribution for such expenses, adjusted by the lesser of the Miami Urban Area Consumer
Price Index (CPI), or 3%, annually to be calculated using the Miami-Fort Lauderdale All Urban
Consumers CPI from July to June for the prior year; and
WHEREAS, the Fourth Amendment to the Interlocal Agreement, approved by the County,
through Resolution No. R-644-18, and approved by the City, through Resolution No. 2018-30288,
provided for the following: 1) added expenditures to the authorized expenditures of the RDA; 2)
allowed the RDA to reimburse the City $6,914,221 for construction delays and damages related to
the Convention Center renovation and expansion project resulting from Hurricane Irma in Fiscal Year
(FY) 2018; 3) allocated additional funding in an amount up to $20 million to fund the Lincoln Road
project, previously authorized as part of the Third Amendment, for a total project amount of up to $40
million for the Lincoln Road project; 4) distributes to both the County and the City, beginning in FY
2018, and continuing through FY 2023, an annual reimbursement based on each entity's
proportionate share of expenditures for administration, community policing, and capital projects
maintenance; 5) requires that both the County and the City set aside $1.5 million of the annual
reimbursement for beach renourishment that can be utilized to leverage State or Federal funding for
beach renourishment projects; and 6) utilizes any excess revenues, after the foregoing distributions,
for the early prepayment of debt, as originally stipulated in the Third Amendment to the Interlocal
Agreement; and
WHEREAS, the Fifth Amendment to the Interlocal Agreement, approved by the County,
through Resolution No. R-256-22, and approved by the City, through Resolution No. 2022-32014,
provided in material part that: (1) until FY 2023, the County shall set aside $1.5 million per year of
the excess Trust Fund revenue payments received from the City Center RDA for the purpose of
funding beach renourishment for any beaches within Miami-Dade County, as opposed to only
beaches within or adjacent to the City of Miami Beach, at the County's sole discretion; and (2) the
City Center RDA shall distribute $27.1 million to the City for the limited purpose of funding and
reimbursing the City for the remaining project costs in connection with the Convention Center Project,
including payments to the Contractor pursuant to the Final Settlement Agreement approved by the
City Commission on September 30, 2021 through Resolution No. 2021-31870; and
WHEREAS, the Sixth Amendment to the Interlocal Agreement, approved by the County, through
Resolution No. R-1002-24, and approved by the City, through Resolution No. 2024-33347, provided,
among other things, that: (1) the City Center RDA shall be authorized to issue up to $267 million in
bonds to refund a portion of the Series 2015A Bonds and cover related costs; (2) the City Center
RDA shall provide a $75 million grant, funded through Series 2024 Bonds issued by the Public
Finance Authority, to MB Mixed Use Investment Holdings, LLC, for the construction of public areas
within the Convention Center Hotel; and (3) by March 31, 2025, the City Center RDA shall transfer
up to $10 million in surplus Trust Fund balance to the County for the construction and/or operation
of housing for homeless persons and domestic violence centers; and
WHEREAS, pursuant to Section 189.016(3), Florida Statutes, the governing body of special
districts such as the Miami Beach Redevelopment Agency, must adopt a budget resolution each
fiscal year; and
WHEREAS, pursuant to Section 163.387, Florida Statutes, money in the Trust Fund may be
expended for undertakings of the City Center RDA as described in the Redevelopment Plan pursuant
to an annual budget adopted by the City Center RDA Board; and
WHEREAS, the FY 2026 City Center RDA budget has been prepared to coincide with the
overall City budget process; and
WHEREAS, the FY 2026 City Center RDA budget reflects anticipated operating and debt
service costs; and
WHEREAS, the budgets for the Anchor Shops and Garage, the Pennsylvania Avenue Shops
and Garage, and the Collins Park Parking Garage have been included as separate schedules to the
City Center RDA budget, reflecting projected revenues and operating expenditures for FY 2026; and
WHEREAS,the Executive Director of the Miami Beach Redevelopment Agency recommends
approval of the final operating budgets, as amended at the second public hearing on September 30,
2025, for the City Center RDA, the Anchor Shops and Parking Garage, the Pennsylvania Avenue
Shops and Parking Garage, and the Collins Park Parking Garage for FY 2026.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRPERSON AND MEMBERS
OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairperson and members of the
Board of the Miami Beach Redevelopment Agency hereby adopt, as amended at the second public
hearing on September 30, 2025, the final 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 for FY 2026, as outlined below and further detailed in the attached
Exhibit "A."
2
City Center Redevelopment Area $71,333,000
Anchor Garage Parking Operations $3,014,000
Anchor Shops Retail Operations $1,494,000
Pennsylvania Avenue Garage Parking Operations $1,085,000
Pennsylvania Avenue Shops Retail Operations $291,000
Collins Park Parking Garage $1,574,000
PASSED AND ADOPTED this3d day of S$���� 2025.
ATTEST:
.
Y . r ' ^ J^�r
��• r' �� < �`!, t einer, h irperson
Rafael E. Granado, Secretary
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APPROVED AS TO
FORM&LANGUAGE
�FOR EXECUTIGN
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Redevelopment Arency D�+i�.
General Counsel
3
Attachment A - FY 2026 RDA Operating Budgets (Exhibit A)
FY 2023 FY 2024 FY 2025 FY 2026 fY 2026 Prop fo
Revenues and Other Sources of Income Actuals Actuals Adopred Proposed FY 2025 Adop
Taxlncrement-Cily $ 31,660,282 $ 32,570,766 $ 35,675,000 $ 36,723,000 $ 1,048,000
ProjAdjustmenttoCiylncrement (1,487,246� (1,544,304) �1,766,000� �468,000) 1,298,000
Taxlncrement-Counry 25,132,382 25,597,181 27,662,000 28,683,000 821,000
ProjAdjustmenttoCountylncrement �1,211,567) (1,250,670� �1,402,000� (368,000) 1,034,000
Interestlncome 517,432 759,979 373,000 1,191,000 818,000
Fund Balance/Retained Eornings 12,920,142 5,985,374 6,200,000 6,366,000 166,000
Other Income/Adjustments: 1,829,424 3,572,61 1 - (794,000) �794,000)
TOTAL REVENUES S 69,360,849 S 65,690,937 S 66,942,000 S 71,333,000 5 4,391,000
Admin/Operating E�cpenditures
ManagementFee $ 606,000 $ 658,000 $ 640,000 a 655,000 $ 15,000
Audit/Consulring fees 21,630 34,300 32,000 33,000 1,000
Internal Senices 258,000 211,000 96,000 102,000 6,000
ToTal Admin/Operating E:pendifures $ 885,630 S 903,300 $ 768,000 $ 790,000 S 22,000
Projecf Expenditures
Community Policing:
Police $ 4,609,951 $ 4,927,525 $ 5,302,000 $ 5,918,000 $ 616,000
Code Compliance 118,630 132,821 229,000 262,000 33,000
Capital Projects Maintenance:
Facilities Management _1________ __ 1,869,675 2,206,067 2,d19,000 2,243,000 (176,000)
Sanitation 4,828,000 4,734,500 4,260,500 4,265,000 4,500
Greenspace � 738,681 734,149 91 B,500 856,000 �62,500�
Parks Maintenance 484,587 424,158 627,000 626,000 (1,000)
Tofal Project Expenditures S 12,649,524 S 13,159,219 S 13,756,000 S 14,170,000 $ 414,000
Reserves,Debf Service and OTher Obligafions
Debt Service Cost $ 21,730,050 $ 20,91 1,578 $ 20,908,Q00 $ 35,357,000 $ 14,449,000
Reserve for County Admin Fee 358,813 365,198 397,000 A25,000 28,000
Reserve for CMB Contribution �,,,,�„�,,y 452,596 465,397 509,000 544,000 35,000
Reserve for County Reimbursement
Transfer to Counry Reimbursement ,1'�' r. 5,777,808 5,985,374 6,200,000 6,366,000 166,000
Reserve for Ciry Reimbursement:
Transfer to Beoch Renourishment Fund 1,500,000 - - - -
Transfer fo Fleef Managemenf Fund 5,642,334 -
Transfer to Convention Center 4,000,000 4,000,000 4,000,000 4,124,000 124,000
Set-aside for Debt PayoH 16,364,095 19,900,871 20,404,000 9,557,000 (10,847,000�
Total Reserves,Debt,&Ofher Obligafions S 55,825,696 S 51,628,418 S 52,418,000 S 56,373,000 S 3,955,000
TOFAL EXPENDRURES AND OBLJGATIONS 5 69,360,849 S 65,690,937 S 66,942,000 S 71,333,000 S 4,391,000
SURPWS/(GAP) $ - S - S - S ' S -
Expenditure Summary
$60,000,000
$50,000,000
$40,000,000 --
$30,000,000
$20,000,000 _ _
$10,000,000 _ � __
$-
Admin Expendilures Project Expenditures Debf Service&Other Obligations
FY 2024 Actuals ■ FY 2025 Adopted FY 2026 Proposed
Attachment A - FY 2026 RDA Operating Budgets (Exhibit A)
Anchor Parking Garage FY 2023 FY 2024 FY 2025 FY 2026 FY 2026 Prop to
Revenues: Actuols Acfuals Adopted Proposed FY 2025 Adop
Valet Parking $ 277,487 $ 380,239 $ 314,000 $ 307,000 $ �7,000)
Monthly Permits 473,094 565,782 599,000 577,000 (22,000)
ABended Parking " 1,749,347 2,034,987 2,411,000 1,878,000 �533,000)
Interest Income 52,931 281,879 185,000 251,000 66,000
Misc./Other 1,169 1,718 1,000 1,000 -
TOTAL REVENUES $ 2,554,028 S 3,264,605 $ 3,510,000 S 3,014,000 S (496,000)
Expenditures:
Operating Expenditures $ 2,718,460 $ 2,723,998 $ 2,919,000 $ 2,618,000 $ (301,000)
Transfer Out to Penn Garage 123,000 -
Internal Services ;�y 412,000 351,000 499,000 396,000 (103,000)
Capital 72,891
Contingency/Reserve - - 92,000 - �92,000)
TOTAL EXPENDRURES $ 3,253,460 $ 3,147,889 $ 3,510,000 $ 3,014,000 $ (496,000)
Revenues Less Expenditures $ (699,432) S 116,716 $ - $ • $ •
Aochor Shops FY 2023 FY 2024 FY 2025 FY 2026 FY 2026 Prop to
Revenues: Actuals' Actuals Adopfed Proposed FY 2025 Adop
Retail Leasing $ 368,317 $ 939,477 $ 813,000 $ 1,006,000 $ 193,000
Capital&Maintenance (30,580� 256,320 116,000 214,000 98,000
Interest Income " 154,091 294,693 189,000 274,000 85,000
Miscellaneous 227,873 464,421 -
TOTAL REVENUES $ 719,701 $ 1,954,912 $ 1,118,000 $ 1,494,000 $ 376,000
Expenditures:
Operating Expenditures `` . $ 213,987 $ 162,644 $ 344,000 $ 276,000 $ �68,000)
Transfer Out to Penn Shops 314,000 296,000 95,000 291,000 196,000
Intemal Services -'- 38,000 41,000 43,000 46,000 3,000
Contingency/Transfer to Reserve - 636,000 881,000 245,000
TOTAL EXPENDRURES $ 565,987 $ 499,644 $ 1,118,000 $ 1,494.000 $ 376,000
Revenues Less Expend'�eures S 153,714 S 1,455,268 $ - S - S -
COMBINED REVENUES-EXPENDITURES S (545,719) $ 1,571,984 S - S - S -
'FY 2023 actuals for Anchor Shops were restated per GASB 87
Expenditure Summary
$3,500,000
$3,000,000 ___--- -----.----�-- `._ __-------- -- ---
$2,500,000 -- ------------ ------ ----- ------------------
$2,000,000 --...._. .-----. __.--- ---- ---------------------_
$1,500,000 ----- ---- ----- ----- ------------- ---- -------- „�'n�^�.�
$1,000,000 - -- -_____ _-. . - ---
$500,000 -- --..._ ■
$- ���.;��"
Operating Expendifures Transfers Intemal Services Confingency/Transfer to Reserve
FY 2024 Actuals � FY 2025 Adopted FY 2026 Proposed
Attachment A - FY 2026 RDA Operating Budgets (Exhibit A)
Pennsylvania Avenue Parking Garage FY 2023 FY 2024 FY 2025 FY 2026 FY 2026 Prop to
Revenues: Actuals Actuals Adopted Proposed FY 2025 Adop
Transient $ 424,645 $ 530,256 a 566,000 a 590,000 $ 24,000
Monthly 290,556 357,799 363,000 381,000 18,000
Miscellaneous 160 548 - - -
Interestlncome 21,578 34,768 22,000 30,000 8,000
Transfer In from Anchor Garage 123,000 - - - -
Retained Earnings 99,000 84,000 (15,000�
TOTAL REVENUES S 839,941 $ 923,372 S 1,050,000 S 1,085,000 S 35,000
Expendifures:
Operating Expenditures $ 1,036,331 $ 1,087,356 $ 872,000 $ 906,000 $ 34,000
Internal Services 133,000 126,000 178,000 179,000 1,000
TOTAL EXPENDRURES S 1,169,331 $ 1,213,356 S 1,050,000 $ 1,085,000 $ 35,000
Revenues less Expenditures S (309,390) $ (289,984) S - S - S -
Pennsylvania Avenue Shops P7 2023 FY 2024 PY 2025 FY 2026 F7 2026 Prop to
Revsnues: Actuals Acfuals Adopfed Proposed FY 2045 Adop
Retailleasing $ I $ 1 $ - $ - $ -
Interest Income 321 2,208 2,000 (2,000)
Fund Balance/Retained Earnings - 195,000 - (195,000)
Transfers In from Anchor Shops 314,000 296,000 95,000 291,000 196,000
TOTAL REVENUES $ 314,322 S 298,209 S 29Z,000 S 291,000 S (1.000)
Eupenditures:
Operating Expenditures $ 304,303 $ 295,891 $ 290,000 $ 288,000 $ (2,000�
Intemal Services 2,000 2,000 2,000 3,000 1,000
TOTAL EXPENDRURES S 306,303 $ 297,891 S 292,000 S 291,000 S (1,000)
Revenues Less Expendifuros S 8,020 S 3}8 S - S - S -
COMBINED REVENUES-EXPENDITURES S (301,370) $ (289,666) S - S - S '
Expenditure Summary
$1,600,000
$1,400,000
$1,200,000 -
$1,000,000
$600,000
$600,000
$400,000 _ _ _. _ _ _
$200,000
$ . _. ,.��
Operating Expenditures Internal Services
FY 2024 Actuals ■ FY 2025 Adopted FY 2026 Proposed
Attachment A - FY 2026 RDA Operating Budgets (Exhibit A)
Collins Park Garage FY 2023 FY 2024 FY 2025 FY 2026 FY 2026 Prop to
Revenues: Actuals Actuals Adopfed Proposed FY 2025 Adop
Transient $ 1,177,259 $ 1,149,564 � 1,289,000 $ 1,281,000 $ (8,000)
Monthly 222,949 243,648 262,000 238,000 �24,000)
Miscellaneous 95 75 - -
Interest Income 22,078 55,977 33,000 55,000 22,000
TOTAL REVENUES S 1.422,381 $ 1.449,264 $ 1,584,000 $ 1,574,000 $ (10,000)
Expenditures:
Operating Expenditures $ 1,278,015 $ 1,386,419 $ 1,464,000 $ 1,441,000 $ �23,000�
Intemal Services 3,000 63,000 120,000 1 33,000 13,000
TOTAL EXPENDRURES $ 1,281,015 S 1,449,419 $ 1,584,000 S 1,574,000 S (10,000)
Revenues Less Expendifuros S 141,366 S (155) S - S • S -
Expenditure Summary
$1,600,000
$1,400,000
$1,200,000 -
$1,000,000 . _ __ ___ ___
$800,000
$600,000 -
$400,000 _
$200,000 —
$- t�����n�eA
Operafing Expenditures Intemal Services
FY 2024 Actuals ■ FY 2025 Adopted FY 2026 Proposed
Redevelopment Agency Items (RDA) 2
MIAMIBEACH
RDA MEMORANDUM
TO: Chairperson and Members of the Miami Beach Redevelopment Agency
FROM: Eric Carpenter, Executive Director
DATE: September 30, 2025
TITLE: A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY, ADOPTING THE FINAL 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 FOR FISCAL YEAR 2026
RECOMMENDATION
The Administration recommends that the Chairperson and members of the Miami Beach
Redevelopment Agency (RDA) adopt the attached Resolution which adopts the final 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 for Fiscal Year (FY)
2026.
BACKGROUND/HISTORY
On January 26,1993, Miami-Dade County adopted Resolution No. R-14-93, which, among other
things, found the area of Miami Beach bounded on the east by the Atlantic Ocean, on the north
by 24th Street, on the west by West Avenue, and on the south by 14th Lane to necessitate
redevelopment, and delegated to the City of Miami Beach, pursuant to Section 163.410, Florida
Statutes, certain powers conferred upon the County Commission as the governing body of Miami-
Dade County by Part III of Chapter 163, Florida Statutes, with regard to the Redevelopment Area,
so that the Miami Beach City Commission, either directly or through its duly designated
community redevelopment agency, could exercise such powers.
On November 16, 1993, the County and the City approved and entered into an Interlocal
Agreement, by which the County delegated to the City certain redevelopment powers, including
but not limited to the creation of the City Center/Historic Convention Village Redevelopment Area
("City Center RDA") and implementation of the Redevelopment Plan.
The First Amendment to the Interlocal Agreement, approved by the Miami-Dade County Board of
County Commissioners, through Resolution No. R-889-03, and approved by the City Commission,
through Resolution No. 2003-25241, delegated to the RDA the power to develop and ;mplement
community policing initiatives.
The Second Amendment to the Interlocal Agreement, approved by the Miami-Dade County Board
of County Commissioners, through Resolution No. R-958-04, and approved by the City, through
Resolution No. 2004-25560, allowed the RDA to refund certain bonds and provided for an annual
fee of one and one-half percent to be paid to the County and City annually to defray administrative
costs after debt service and all other obligations related to the bonds or future indebtedness was
satisfied for the fiscal year.
The Third Amendment to the Interlocal Agreement, approved by the Miami-Dade County Board
of County Commissioners, through Resolution No. R-1110-14, and approved by the City
Commission, through Resolution No. 2014-28835, among other things, allowed the Miami Beach
359 of 425
Redevelopment Agency to issue $430 million in bonds to refund existing debt and partially fund
the Miami Beach Convention Center expansion and renovation project; required that the use of
tax increment revenues to fund the RDA's expenses for administration, community policing, and
capital projects maintenance would not exceed the prior fiscal year's distribution for such
expenses, adjusted by the lesser of the Miami Urban Area Consumer Price Index (CPI) or 3%
annually to be calculated using the Miami-Fort Lauderdale All Urban Consumers CPI from July to
June for the prior year; and stipulated that any remaining funding would be used to retire debt
early.
The Fourth Amendment to the Interlocal Agreement, approved by the Miami-Dade County Board
of County Commissioners, through Resolution No. R-644-18, and approved by the City
Commission, through Resolution No. 2018-30288, provided for the following:
1. Added certain expenditures to the authorized expenditures of the City Center RDA
2. Allowed the City Center RDA to reimburse the City$6,914,221 for construction delays and
damages related to the Convention Center renovation and expansion project resulting
from Hurricane Irma
3. Included proposed funding in an amount up to$20 million to fund the Lincoln Road project,
previously authorized as part of the Third Amendment, for a total project amount of up to
$40 million for the Lincoln Road project
4. Distributed to both the County and the City, beginning in FY 2018 and continuing until FY
2023, a reimbursement based on each entity's proportionate share of previous year
expenses for administration, community policing, and capital maintenance, and required
that both set aside $1.5 million of the annual reimbursement for beach renourishment that
could be utilized to leverage State or Federal funding for beach renourishment projects
5. Utilized any excess revenues, after the foregoing distributions, for the early prepayment
of debt, as originally stipulated in the Third Amendment to the Interlocal Agreement
The Fifth Amendment to the Interlocal Agreement, approved by the Miami-Dade County Board of
County Commissioners, through Resolution No. R-256-22, and approved by the City Commission,
through Resolution No. 2022-32014, provided in material part that:
1. Until FY 2023, the County shall set aside $1.5 million per year of the excess Trust Fund
revenue payments received from the City Center RDA for the purpose of funding beach
renourishment for any beaches within Miami-Dade County, as opposed to only beaches
within or adjacent to the City of Miami Beach, at the County's sole discretion
2. The City Center RDA shall distribute $27.1 million to the City for the limited purpose of
funding and reimbursing the City for the remaining project costs in connection with the
Convention Center Project, including payments to the Contractor pursuant to the Final
Settlement Agreement approved by the City Commission on September 30, 2021 through
Resolution No. 2021-31870
The Sixth Amendment to the Interlocal Agreement, approved by the Miami-Dade County Board
of County Commissioners through Resolution No. R-1002-24, and approved by the City
Commission through Resolution No. 2024-33347, provided, among other things, that:
1. The City Center RDA shall be authorized to issue bonds in an aggregate principal amount
not to exceed $267 million, for the limited purpose of refunding a portion of the outstanding
Series 2015A Bonds and covering associated costs of issuance and debt service reserves
2. The City Center RDA shall provide, through the issuance of Series 2024 Bonds by the
Public Finance Authority, a grant in the amount of$75 million to MB Mixed Use Investment
Holdings, LLC, for the limited purpose of financing the construction of the public areas of
the Convention Center Hotel, including meeting rooms, banquet facilities, and other
publicly accessible spaces
3. By March 31, 2025, the City Center RDA shall provide the entire surplus balance to Miami-
360 of 425
Dade County, up to $10 million, from the available Trust Fund balance as of September 30, 2024,
for the limited purpose of funding the construction and/or operation of housing for homeless
persons and domestic violence centers
Pursuant to Section 189.016(3), Florida Statutes, the governing body of special districts such as
the Miami Beach Redevelopment Agency, must adopt a budget resolution each fiscal year. As
noted in Section 163.387, Florida Statutes, money in the Trust Fund may be expended for
undertakings of the City Center RDA as described in the Redevelopment Plan pursuant to an
annual budget adopted by the City Center RDA Board.
The FY 2026 budget for the City Center RDA has been prepared to coincide with the overall City
budget process and is being presented to assist in providing a comprehensive overview of the
City Center Redevelopment Area as set forth in the attached Exhibit A.
ANALYSIS
CITY CENTER REDEVELOPMENT AREA
Revenues
Based on the 2025 Certified Taxable Values that were provided by the Miami-Dade County
Property Appraiser on July 1, 2025, property values within the City Center Redevelopment Area
were approximately $6.9 billion, which represents an increase of $0.2 billion, or 2.7%, over the
2024 Certified Taxable Values of $6.7 billion. For FY 2026, the City portion of the tax increment
totals $36.8 million, and the County portion of the tax increment totals $28.7 miliion. However, as
in previous years, the City has received correspondence from the County advising of the
finalization of the tax roll for the prior year, which in the case of 2023, reflects a decrease from
the preliminary valuation for the same year and will result in a corresponding adjustment/reduction
of tax increment revenues totaling a combined $0.8 million for FY 2026.
Additional sources of revenue include $0.4 million in projected interest income and the use of
approximately $6.4 million of prior year excess City Center RDA Trust Fund revenues to be
reimbursed to Miami-Dade County based on the County's proportionate share of prior year
administration, community policing, and capital projects maintenance expenses in accordance
with the 3�d Amendment to the Interlocal Agreement.
Expenditures
FY 2026 project-related expenditures account for approximately$14.2 million, which include $6.2
million allocated for community policing initiatives to continue to provide enhanced levels of
staffing and services throughout the area, and $8.0 million for maintenance of existing City Center
RDA projects. There is no additional funding for ongoing and/or planned capital projects in the
City Center RDA in the FY 2026 operating budget due to the extension of the City Center RDA
for the completed renovation and expansion of the Miami Beach Convention Center.
Administrative expenditures account for$790,000, which include a ��nanagement fee of$655,000
allocated to the General Fund for indirect staff support based on a completed cost allocation
study, $33,000 for annual audit fees, and $102,000 for internal services expenditures.
The budget also includes $35.4 million in debt service payments to cover the annual debt service
costs related to the Convention Center bonds that were issued in 2015 and the Convention Center
Hotel, as well as a $9.6 million set aside for additional debt service coverage. Funds set aside for
additional debt service over and above the annual debt service payment can be used to finance
any potential shortfalls in the City Center RDA or pay down the Convention Center bonds early,
but not prior to FY 2026.
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Other expenditures include those items that, pursuant to the existing Bond Covenants, may only
be expended once the annual debt service obligations have been met. These include a $4.1
million transfer to the Miami Beach Convention Center Fund in FY 2026; $425,000 for the
County's administrative fee, which is equivalent to 1.5% of the County's respective FY 2026 tax
increment financing (TIF) payment; and a $546,000 contribution to the City, which is equivalent
to 1.5% of the City's respective FY 2026 TIF payment.
REDEVELOPMENT AREA GARAGES AND SHOPS
The revenues and expenditures associated with the operations of the City Center Redevelopment
Area Shops and Garages are presented as separate schedules in order to eliminate anv
perception that the revenues from these facilities' operations and applicable oqeratinq
expenditures are pooled with TIF revenues and other Citv Center Trust Fund revenues.
Anchor Shops and Parking Garage
Revenues and expenditures at the Anchor Shops are projected at approximately $1.5 million for
FY 2026. Revenues are derived primarily from retail leasing and common area maintenance
operations totaling approximately $1.2 million. An additional $274,000 is projected in interest
income for FY 2026. Operating expenditures, which include a budgeted transfer to reserve of
$881,000 based on projected FY 2026 revenues in excess of expenditures and a budgeted
subsidy of$291,000 for the operations of the Pennsylvania Avenue Shops, total $1.5 million.
Revenues and expenditures at the Anchor Garage are projected at approximately $3.0 million for
FY 2026. Revenues are primarily derived from attended parking, monthly permits, and valet
parking operations totaling approximately $2.8 million combined. An additional $252,000 is
projected in interest income and other miscellaneous revenues combined for FY 2026. Operating
expenditures, which include $545,000 in property taxes, a contractual revenue-sharing obligation
with the Loews of $412,000 projected for FY 2026, $354,000 for contracted security guard
services, and $292,000 in funding to be set-aside for renewal and replacement, total
approximately $3.0 million.
It is important to note that the Anchor Parking Garaqe and Shops funds are not constrained by
the stipulations of the City Center RDA Interlocal Aqreement.
Pennsylvania Avenue Shops and Parking Garage
Revenues and expenditures at the Pennsylvania Avenue Shops are projected at$291,000 for FY
2026. The retail component of this facility is occupied by Moonlighter Fablab, Inc., which is a not-
for-profit organization that serves as a Science, Technology, Engineering, Arts and Math
(STEAM) education center, co-working space, and digital fabrication lab. As a result, revenues
are nominal (base rent of $1.00 per year) based on the current lease agreement, therefore,
requiring an annual budgeted subsidy from the Anchor Shops that is $291,000 for FY 2026.
Operating expenditures, which include a General Fund management fee, total $291,000 for FY
2026.
Revenues and expenditures at the Pennsylvania Avenue Garage are projected at approximately
$1.1 million for FY 2026. Revenues are primarily derived from transient parking and monthly
parking permits totaling $1.0 million combined. An additional $114,000 is based on the use of
prior year fund balance that is available for appropriation in FY 2026 and projected interest
income. Operating expenditures, which include contract maintenance, repairs and maintenance,
capital maintenance, utility and banking fees, and General Fund and Parking administrative fees
for indirect staff support services provided, total $1.1 million.
362 of 425
Similar to the Anchor Garaqe and Shops, the Pennsvlvania Avenue Garaqe and Shops funds are
not constrained bv the stipulations of the City Center RDA Interlocal aqreement.
Collins Park Parking Garage
The Collins Park Parking Garage (G12) at 340 23rd Street is a seven-story parking structure that
is situated above a 16,000 square foot ground floor commercial space. As authorized by
Resolution No. 2021-31914, the City and Miami New Drama (MiND) have executed a lease
agreement for the ground level to serve as a performance venue and headquarter facility for
MiND.
Revenues and expenditures for the Collins Park Parking Garage for FY 2026 are projected at
approximately $1.6 million. Revenues are derived primarily from transient parking and monthly
parking permits totaling approximately $1.5 million. An additional $55,000 is projected in interest
income for FY 2026. Operating expenditures, which include a budgeted set aside for renewal and
replacement of $420,000 and General Fund and Parking administrative fees for indirect staff
support services provided of$255,000, total approximately $1.6 million for FY 2026.
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.qov/city-hall/city-clerk/meetinq-notices/
FINANCIAL INFORMATION
See the information provided above.
CONCLUSION
The FY 2026 City Center RDA budget totals$71.4 million. The Anchor Parking Garage and Shops
budgets total $3.0 million and $1.5 million, respectively. The Pennsylvania Avenue Parking
Garage and Shops budgets total $1.1 million and $291,000, respectively, and the Collins Park
Parking Garage budget is $1.6 million.
In order to address the existing and future obligations of the City Center RDA, it is recommended
that the Chairperson and members of the Miami Beach Redevelopment Agency (RDA) adopt the
attached Resolution, which adopts the final budgets for the City Center Redevelopment Area
(RDA), the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking
Garage, and the Collins Park Parking Garage for FY 2026.
Attachment A— FY 2026 RDA Operating Budgets (Exhibit A)
Attachment B — FY 2026 RDA Work Plan
363 of 425
EC/JDG/TOS/RA
Applicable Area
Citywide
Is this a "Residents Riqht to Know" item, Is this item related to a G.O. Bond
pursuant to City Code Section 2-17? Project?
Yes No
Was_this Aqenda Item initiallv requested bv a lobbvist which, as defined in Code Sec. 2-481,
includes a principal enqaqed in lobbvinq? No
If so, specify the name of lobbyist(s) and principal(s):
Department
Management and Budget
Sponsor(s)
Co-sponsor(s)
Condensed Title
Adopt Final City Center RDA Operating Budgets for FY 2026
Previous Action (For Citv Clerk Use Only)
364 of 425
Attachment A - FY 2026 RDA Operating Budgets (Exhibit A)
FY 2023 FY 2024 FY 2025 FY 2026 FY 2026 Prop To
Revenues and Ofher Sources of Income Actuals Actuals Adopted Proposed FY 2025 Adop
Tax Increment-City $ 31,660,282 $ 32,570,766 $ 35,675,000 $ 36,812,000 $ 1,137,000
Proj Adjustment to Ciry Incremenl (1,487,246) (1,544,304) (1,766,000) (468,000) 1,298,000
Tax Increment-Counry 25,132,382 25,597,161 27,862,000 28,683,000 821,000
Proj Adjustment ro County Increment (1,211,567) (1,250,670� (1,402,000) �368,000) 1,034,000
Interest Income 517,432 759,979 373,000 397,OOv 24,000
Fund Balance/Relained Earnings 12,920,142 5,985,374 6,200,000 6,366,000 166,000
Other Income/Adjustments: 1,829,424 3,572,61 1 - - -
TOTAL REVENUES $ 69,360,849 $ 65,690,937 $ 66,942,000 $ 71,422,000 $ 4,480,000
Admin/Operafing Expendilures
ManagementFee $ 606,000 $ 658,000 $ 640,000 $ 655,000 $ 15,000
Audit/Consulting fees 21,630 34,300 32,000 33,000 1,000
Internal5ervices 258,000 211,000 96,000 102,000 6,000
Tofal Admin/Operating E�cpendituros $ 885,630 $ 903,300 $ 768,000 $ 790,000 $ 22,000
Project Expenditures
Community Policing:
Police $ 4,609,951 $ 4,927,525 $ 5,302,000 $ 5,918,000 $ 616,000
Code Compliance 118,630 132,821 229,000 262,000 33,000
Capital Projecis Maintenance:
Facilities Management ;�`,;::.. 1,869,675 2,206,067 2,419,000 2,2d3,000 �176,000)
Sanitation 4,828,000 4,734,500 4,260,500 4,265,000 4,500
Greenspace 738,681 734,149 918,500 856,000 (62,500)
ParksMaintenance 484,587 424,158 627,000 626,000 (1,000)
Total Project Eupendiluros $ 12,649,524 $ 13,159,219 $ 13,756,000 $ 14,170,000 S 414,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $ 21,730,050 $ 20,911,578 $ 20,908,000 $ 35,357,000 $ 14,449,000
Reserve for County Admin Fee 358,813 365,198 397,000 425,000 28,000
Resene for CMB Contribution 452,596 465,397 509,000 546,000 37,000
Reserve for County Reimbursement:
Transfer to Counry Reimbursement 5,777,808 5,985,374 6,200,000 6,366,000 166,000
Reserve for City Reimbursement:
Transfer to Beach Renourishment Fund 1,500,000 - - - -
Transfer to Fleet Management Fund 5,642,334 - - - -
Transfer to Convention Center 4,000,000 4,000,000 4,000,000 4,124,000 124,000
Setaside for Debt Payoff 16,364,095 19,900,871 20,404,000 9,644,000 (10,760,000)
ToFal Reserves,Debt,&Other Obligafions $ 55,845,696 $ 51,628,418 $ 5�,415,000 $ 56,461,000 S 4,044,000
TOTAL EXPENDITURES AND OBLIGATIONS $ 69,360,849 $ 65,690,937 S 66,942,000 $ 71,422,000 $ 4,480,000
SURPLUS/(GAP) $ - S - S • S - S -
Expenditure Summary
$60,000,000 -
$50,000,000
$40,000,000 - -
$30,000,000
$20,000,000
$10,000,000 - - _ --- �
$- --
Admin Expenditures Projec�Expenditures Debt Service&Other Obligations
FY 2024 Actuals ■ FY 2025 Adopted FY 2026 Proposed
365 of 425
Attachment A - FY 2026 RDA Operating Budgets (Exhibit A)
Anchor Parking Garage FY 2023 FY 2024 FY 2025 FY 2026 FY 2026 Prop fo
Revenues: Actuals Actuals Adopfed Proposed FY 2025 Adop
Valet Parking $ 277,487 $ 380,239 $ 314,000 $ 307,000 $ �7,000�
Monthly Permits 473,094 565,782 599,000 577,000 (22,000)
Attended Porking 1,749,347 2,034,987 2,411,000 1,878,000 (533,000)
Interest Income 52,931 281,879 185,000 251,000 66,000
Misc./Other 1,169 1,718 1,000 1,000 -
TOTALREVENUES $ 2,554,028 $ 3,264,605 $ 3,510,000 S 3,014,000 5 (496,000)
Expenditures:
Operating Expenditures $ 2,718,460 $ 2,723,998 $ 2,919,000 $ 2,618,000 $ (301,000)
Transfer Out fo Penn Garage 123,000 - - - -
�nternal Senices _ 412,000 351,000 499,000 396,000 �103,000)
Capital - 72,891 - - -
Contingency/Reserve - - 92,000 - �92,000)
TOTAL EXPENDITURES $ 3,253,460 $ 3,147,889 $ 3,510,000 $ 3,014,000 $ (496,000j
Revenues less Expendituros S (699,432) $ 116,716 $ - $ - s -
Anchor Shops PY 2023 FY 2024 FY 2025 FY 20Z6 FY 2026 Prop fo
Revenues: Actuals' Actuals Adopted Proposed FY 2025 Adop
Retailleasing $ 368,317 $ 939,477 $ 813,000 $ 1,006,000 $ 193,000
Capital&Maintenance (30,580) 256,320 1 16,000 214,000 98,000
Interest Income 154,091 294,693 189,000 274,000 85,000
Miscellaneous 227,873 464,421 -
TOTAL REVENUES $ 719,701 $ 1,954,912 $ 1,118,000 $ 1,494,000 $ 376,000
Expenditures:
Operating Expenditures $ 213,987 $ 162,644 $ 344,000 $ 276,000 $ �68,000)
Transfer Out to Penn Shops 314,000 296,000 95,000 291,000 196,000
Internal Services y,� 38,000 41,000 43,000 46,000 3,000
Contingency/Transfer to Reserve - - 636,000 881,000 245,000
TOTAL EXPENDITURES $ 565,987 $ 499,644 $ 1,118,000 $ 1,494,000 $ 376,000
Revenues less Expendifures $ 153,714 $ 1,455,268 $ - $ - � -
COMBINED REVENUES•EXPENDITURES $ (545,719) $ 1,571,984 $ • 5 - S -
'FY 2023 acfuals for Anchor Shops wero reslafed per GASB 87
Expenditure Summary
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000 - � --
$1,000,000 - - - -
I $500,000 -- - -
$- _ : _� __
� - -- ■ I --
Operating Expendifures Transfers Internal Services Contingency/Transfer to Reserve
FY 2024 Actuals ■ FY 2025 Adopted FY 2026 Proposed
�-_ --- -- - - - -_ _- _ �,
366 of 425
Attachment A - FY 2026 RDA Operating Budgets (Exhibit A)
Pennsylvania Avenue Parking Garage FY 2023 FY 2024 FY 2025 FY 2026 FY 2026 Prop fo
Revenues: Actuals Actuals Adopted Proposed FY 2025 Adop
Transient $ 424,645 $ 530,256 $ 566,000 $ 590,000 $ 24,000
Monthly 290,558 357,799 363,000 381,000 18,000
Mixellaneous ,�;, 160 548 - - -
Interest Income 21,578 34,768 22,000 30,000 8,000
Transfer In from Anchor Garage 123,000 - - - -
Retalned Earnings - 99,000 84,000 �15,000)
TOTAL REVENUES S 859,941 $ 923,372 $ 1,050,000 $ 1,085,000 $ 35,000
Expenditures:
Operating Expenditures $ 1,036,331 $ 1,087,356 $ 872,000 $ 906,000 $ 34,000
Internal Services 133,000 126,000 178,000 179,000 1,000
TOTAL EXPENDITURES $ 1,169,331 $ 1,213,356 $ 1,050,000 $ 1,085,000 5 35,000
Revenues Less Expendifuros $ (309,390) $ (289,984) $ - $ - $ -
Pennsytvania Avenue Shops FY 2023 FY 2024 FY 2025 PY 2026 FY 2026 Prop ro
Revenues: Actuals Actuals Adopfed Proposed FY 2025 Adop
Retail Leasing $ 1 $ 1 $ - $ - $ -
Interest Income 321 2,208 2,000 - �2,000)
Fund Balance/Retained Earnings '�' - - 195,000 - (195,000)
Transfers In from Anchor Shops 314,000 296,000 95,000 291,000 196,000
TOTAL REVENUES $ 314,342 $ 298,209 $ 292,000 $ 291,000 $ (1,000)
Expenditures:
Operating Expenditures $ 304,303 $ 295,891 $ 290,000 $ 288,000 $ (2,000)
Internal Services 2,000 2,000 2,000 3,000 1,000
TOTAL EXPENDRURES $ 306,303 S Z97,891 $ �92,000 S �91,000 $ (1,000)
Revenuss less Expendi�uros S 8,020 $ 318 S - S • S -
COMBINED REVENUES-EXPENDITURES $ (301,370) $ (289,666) $ - $ - $ •
Expenditure Summary
$1,600,000
$1,400,000
�
$1,200,000
$1,000,000
$800,000 --
$600,000 -
$400,000
$200,000 _ __ _ __ - -- -
$- � ----��
Operating Expenditures Internal Services
FY 2024 Acfuals ■ FY 2025 Adopted FY 2026 Proposed
367 of 425
Attachment A - FY 2026 RDA Operating Budgets (Exhibit A)
Collins Park Garage FY 2023 FY 2024 FY 2025 FY 2026 FY 2026 Prop fo
Revenues: Actuals Actuals Adopfed Proposed FY 2025 Adop
Transient $ 1,177,259 $ 1,149,564 $ 1,289,000 $ 1,281,000 $ (8,000)
Monthly 222,949 243,648 262,000 238,000 �24,000)
Mixellaneous 95 75 - - -
Interest Income 22,078 55,977 33,000 55,000 22,000
TOTAL REVENUES $ 1,422,381 $ 1,449,au4 $ 1,584,000 S 1,574,000 S (10,000)
Expenditures:
Operating Expenditures $ 1,278,015 $ 1,386,419 $ 1,464,000 $ 1,441,000 $ �23,000)
Internal Services 3,000 63,000 120,000 133,000 13,000
TOTAL EXPENDRURES $ 1,281,015 $ 1,449,419 $ 1,584,000 $ 1,574,000 $ (10,000)
Revenues Less F�cpendilures $ 141,366 $ (155) $ - $ - 5 -
Expenditure Summary
$1,600,000
$1,400,000 —
$1,200,000 --
$1,000,000 —
$800,000 ---
$600,000 —
$400,000
$200,000 -- ---
$- :, . .�..,,
Operating Expenditures Internal Services
FY 2024 Ac�uals ■ FY 2025 Adopted FY 2026 Proposed
368 of 425
Attachment B - FY 2026 RDA Work Pian
. ; .
_ � � • � .
MIAMI BEACH REDEVE �OPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA
BOUNDARY MAP
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Submitted By The Miami Beach Redevelopment Agency
1 700 Convention Center Drive
Miami Beach, FL 33139 369 Of 425
Attachment B - FY 2026 RDA Work Plan
. ; .
� � � � .
MIAMI BEACH REDEVELOPMENT AGENCY
Chairman and Board of Directors
� (MB Mayor and City Commission and MDC ---- ----
Commissioner)
�,
_ _ „_- > General
\ �_ _ --
Secretary 'i Executive Director Counsel 1
� (City Clerk) ', I (City Manager) � (City Attorney)
� ��_ - ____. � �=_ --_—
Finance Director
(Chief Financial Officer) ,
�
Economic Development
Director
�---- -- ��
' Capital Improvements Projects, !
Procurement, Planning, Building,
Public Works(Sanitation&
Greenspace), Management,Code
Compliance, Police
BACKGROUND BACKGROUND CONT'D
On January 26, 1993, the Miami-Dade County (the "County") On February 3, 1993, the City adopted Resolution No. 93-20709,
Board of County Commissioners ("BCC") adopted Resolution No. which established a communiry redevelopment agency, the Miami
R-14-93, which: Beach Redevelopment Agency or the "RDA", and declared the
members of the Ciy Commission to serve as the board members
1. Accepted findings that the area in the City of Miami Beach of the RDA. Subsequently, on February 12, 1993, the Ciiy adopted
�the "City") bounded on the East by the Atlantic Ocean, on Resolution No.93-20721,which adopted the Agency's City Center/
the North by 24'� Street, on the West by West Avenue, and on Historic Convention Village Redevelopment and Revitalization Area
the South by 14'� Lane (the "City Center Redevelopment Area" Plan (the "Plan") for the redevelopment and revitalization of the
or "Ciry Center district"�, satisfied the established criteria to be Redevelopment Area.
considered a "blighted"area within the meaning defined in Part
III, Chapter 163, Florida Statutes, and On February 24, 1993, the City enacted Ordinance No. 93-
2836, wh�ch created a City Center/Historic Convention Village
2. Delegated to the City, pursuant to Section 163.410, Florida Redevelopment and Revitalization Trust Fund, providing a funding
Statutes, certain powers conferred upon the BCC as the mechanism for implementing the Plan. On March 30, 1993, the
governing body of Miami-Dade County, with regard to the BCC adopted Resolution No. R-317-93, which, among other things:
Redevelopment Area, enabling the City Commission, either 1. Adopted the Plan and
directly or through its duly designated community redevelopment 2. Approved an Interlocal Cooperation Agreement, between the
agency, to exercise redevelopment powers. Couniy and the City, dated and later executed on November
16, 1993, as amended (the "Inter�ocal Agreement").
370 of 425
Attachment B - FY 2026 RDA Work Plan
� -
� . .__t� u � - _��. ,,:, , �. , .
u:>N �.�. � �.��, =z
.l ;` �.
� � � � .
MIAMI BEACH REDEVELOPMENT AGENCY
BACKGROUND CONT'D BACKGROUND CONT'D
On March 20,1996, the Mayor and City Commission adopted This agreement was amended a third time in 2014 via Resolution
Resolution No. 96-21927, authorizing an Interlocal Agreement No. 2014-28836, which (1) extended the term of the City Center
between the City and the County with respect to the Convention RDA to the earlier of March 31, 2044 or the date the Agency's
Development Tax �levied and collected pursuant to Section indebtedness approved by the County was no longer outstanding;
212.0305, Florida Statutes) and other issues. (2) authorized the issuance of tax increment revenue bonds in one or
more series by the RDA in an amount not to exceed $430.0 million
On June 1 l, 2003, the City Commission, via Resolution No. 2003- for purposes oF refunding current outstanding debt, funding eligible
25241, and on September 9, 2003, the BCC, through Resolution community redevelopment project costs, including up to $275
No. R-889-03, approved the First amendment to the Interlocal million for the Convention Center Renovation and Expansion Project,
Agreement, which delegated to the Ciry, and in turn to the RDA, the and any reserves and costs of issuance; (3) provided for an ongoing
power to implement community policing initiatives. adequate operating and maintenance subsidy for the Miami Beach
Convention Center, in addition to the existing $4.5 million per year
On May 5, 2004, the Board, through Resolution No. R-958-04, and and annual year-end revenue sharing that the City currently receives
the City Commission, through Resolution No. 2004-25560, also from Convention Development Taxes (CDT) through 2048 — as of
approved a second amendment to the Interlocal Agreement whereby 2026 if there are sufficient CDT funds, these are repaid to the RDA
(i) the County, City, and Agency agreed that the Agency with CDT funds; (4) provided for ongoing funding of City operations
would remit one and one-half percent (1.5%) of the Tax Increment in the RDA with a cap in growth of 3% or CPI whichever is less; �5)
Revenue paid to the Agency for said fiscal year to the Couny to limited capital projects to previously appropriated projects and the
defray administrative costs for oversight and processing Agency following capital projects: Bass Museum Space Interior Expansion,
related items and 1.5%as a contribution to the City aRer debt service Convention Center Lincoln Road Connectors, 17'� St Improvement
and all other obligations related to the bonds or future indebtedness Pennsylvania Avenue to Washington Avenue, and Lincoln Road from
issued by the Agency and approved by the County was satisfied for Washington Avenue to Lenox Avenue; (6) established that from FY
the fiscal year, and 2023 until FY 2044, the Counry will receive a refund of Ciry Center
(ii) the County approved the Agency's issuance of refunding Agency operating expenses based on its proportion of revenues
bonds in an amount not to exceed a principal amount of $101.9 contributed to the Trust Fund; and (7) established that from FY
million to refinance all or a portion of the outstanding principal 2015 through FY 2022, any funding not used for debt service and
amount of bonds issued with respect to the Redevelopment Area. operating expenses will go into a fund to be used for shortfalls and
eventually prepayment of debt and from FY 2023 any remaining
funding will be used to extinguish debt early.
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Attachment B - FY 2026 RDA Work Plan
. ; .
. � � • .
MIAMI BEACH REDEVELOPMENT AGENCY
BACKGROUND CONT'D MISSION/PURPOSE STATEMENT
Beginning FY 2016 and each year thereafter, the use of tax • To assure continued economic viability of the City Center
increment revenues to fund the Miami Beach Redevelopment Redevelopment Area and the City as a whole, through the
Agency's expenditures for administration, community policing, and implementation of the objectives and projects defined in the
capital projects maintenance shall not exceed the prior fiscal year's Redevelopment Plan and the amendment thereto.
distribution for such expenditures, adjusted by the lesser of the
Miami Urban Area Consumer Price Index (CPI) or 3% annually to • To incur minimum relocation and condemnation.
be calculated using the Miami Fort Lauderdale All Urban Consumers
CPI from July to June for the prior year. • To involve community residents in the redevelopment process.
This agreement was amended a fourth time in 2018 through • To establish the necessary linkages to tie in the Miami Beach
Resolution No. 2018-30288, to (1) allow the Redevelopment Convention Center (MBCC�, area hotels, cultural amenities,
Agency to reimburse the Ciry $6.9 million for construction impacts entertainment, residential and business uses in the district.
to the Miami Beach Convention Center (MBCC� renovation and
expansion project resulting from Hurricane Irma; (2) provide • To enhance diversity of form and activity through the use of
additional funding up to $20.0 million for the Lincoln Road project established planning and design principles.
(previously authorized as part of the Third Amendment) for a total
project amount of up to $40.0 million for the Lincoln Road project; • To create a traffic system to serve local and through traffic needs.
(3) distribute to both the County and the City, beginning in FY 2018,
and continuing until FY 2023, an annual reimbursement based on �
each entity's proportionate share of expenditures for administration,
community policing, and capital projects maintenance; (4) require ^-.,,,�
that both the County and the Ciy set aside$1.5 million of the annual � � l"�►�
reimbursement for beach re-nourishment that could be utilized to AI�j,� � .
leverage State or Federal funding for beach re-nourishment projects; �;.'!���; ° ��`�
and (5) utilize any excess revenues, aRer the foregoing distributions, { �jl jj��,�-,.��
� d Ir°.._`-�,
for the early prepayment of debt, as originally stipulated in the Third , ������y q��
Amendment to the Interlocal Agreement. p�rli"I�st ` ���
p p d� t► '11 "`��►�
+�� � �i� ���A r{�����,:�i'k ""�r�.r.
The FiRh Amendment to the RDA Interlocal Agreement dated April ' ' �" 'y"`�~ �,� �
5, 2022 was approved by Miami-Dade County Resolution No. � _ • �f
•_,� ' -�_�_-
R-256-22, City Commission Resolution No. 220-32014, and RDA � " _--` _� -
Resolution NO. 666-2022, allowing for $29.1 million in excess �
;�.
�.,,
RDA Trust Fund revenues to be accessed by the City to fund the ��=�.•!�► . �,�,., _
City's financial obligation related to the Final Settlement Agreement �i �`--�:� � � M �
for the MBCC expansion and renovation project. Additionally, s ��� � ��; �'`•` `'�`,���'�-��r ' � _
� _F-. '��"����' � `�"
the Fikh Amendment clarified that the County s portion of the _ - ' , :� `-
beach renourishment funds ($1.5 million�, outlined in the Fourth '�r "� ��-~ �#� �. _ #�,��� ,, "'
�,-:" ..- � � ;;.
Amendment, can be used for beach renourishment activities at any =�a. `,;�'.��-�;, a '•�'��
beach in the County. �'�����' � ��� �
� _'�� ��q� �k ' ,r'G
On October 16, 2024, the Miami-Dade County Board of County , ;: �"'����r � y-'",���,:>�
Commissioners approved the refunding and the Sixth Amendment � ` + �'� s '�+ �.3
`.i•.a+�e3tisr��:',! r'r.�. a�'x,"'�'
fo the Interlocal Cooperation Agreement between the RDA, City
of Miami Beach, and Miami-Dade Couniy, authorizing the grant
agreement by and among the RDA, the Developer, and Public
Finance Authority to move the Convention Center Hotel project
forward.
372 of 425
Attachment B - FY 2026 RDA Work Plan
_ . .. .
� � � . .
MIAMI BEACH REDEVELOPMENT AGENCY
STATUS REPORT AND ACCOMPLISHMENTS STATUS REPORT AND ACCOMPLISHMENTS CONT'D
The332-acreCityCenter/HistoricConventionVillageRedevelopment . Implementation of a Cultural Arts Campus Master Plan for the
and Revitalization Area (City Center) was established in 1993 to area east of the MBCC,which included a new regional library,
provide the funding for new convention hotel development within the headquarters oF the Miami City Ballet, the expansion and
proximity of the Miami Beach Convention Center (MBCC). Aside renovation of the Bass Museum of Art, the re-landscaping
from providing necessary capital, establishment of the City Center of Collins Park, including the restoration of the Rotunda and
was meant to catalyze development that would provide connectivity extensive streetscape improvements throughout the area.
between the City's ample civic, cultural, and entertainment uses and
create the fabric of a true urban downtown. Since its inception, the . Completion of the much-heralded New World Campus,including
City Center Redevelopment Area has undergone dynamic change the state-of-the-art Gehry-designed headquarters facility for the
through a combination of public and private investment efforts. New World Symphony and two publicly funded components,
including a $15.0 million municipal Gehry-designed parking
Exciting projects which have transformed the area include: garage and the $21.0 million world�lass Soundscape Park.
• Two convention-quality hotels, resulting from public/private • Renovation and expansion of the Miami Beach Convention
partnerships between the Redevelopment Agency �RDA) and Center campus as outlined below.
the respective private sector developers-the 800-room Loews
Miami Beach Hotel and the 425-room Royol Palm Crowne • A Grand Hyatt 800-room voter-approved MBCC Hotel, that will
Plaza Hotel, the latter of which has the distinction of being the serve as the central anchor of the Miami Beach Convention
fi rst African-American owned hotel in the United States. Center District with early work initiated and with an estimated
completion for 2027. The Grand Hyatt Miami Beach will feature
• The development of an 800-space public parking garage 12 fl oors of guest rooms offering spectacular views of Miami
(Anchor Garage) to accommodate the parking needs for the Beach, two fl oors of ineeting spaces and ballrooms to
Loews Miami Beach Hotel, the Crowne Plaza Hotel and complement the convention center, a resort-syle pool deck with
other service and retail businesses in the area. panoramic views, and limited retail space that will activate the
district at street level. An elevated sky bridge will enable event
• A $20.0 million overhaul of Lincoln Road, partially funded by attendees to move freely between the hotel and convention
the participation of businesses on Lincoln Road. center.
• An award-winning Beachwalk extending from 21 st Street to • Completion of two Convention Center Parks (Collins Canal
Lummus Park, comprising an at�rade, landscaped pedestrian Park and Pride Park), complementing the MBCC renovations,
walkway. public art collection, and cultural institutions,while serving as a
sustainable resource for the community.
THE 6CACH GATEWAY i: . .
• Renovation of 100 year-old Carl Fisher Clubhouse (Venu) &
i � _-���,�,�.: Annex (Rum Room), holistically utilizing the abiliry of the MBCC
�� � �` �`�` �- `�,� to market and sell the "Convention Center Campus" that serves
�� x,��,��'� , ''� ���"�
� � '�� ���� �� � ; � residents, businesses, visitors, and tourists.
,� ` �� � �-"�� ,,�� �.." �* �-
1�, �, �,.. F� _^�;�`��� � � • Other important projects include the 650-space mixed-use
��. � �,R �,. ='" ��� _ �.r parking facility built on the surface parking lot on the west side of
� � � '' �'# �"`��' � '+.� ,�' City Hall, which includes 35,000 square feet of municipal offi ce
� � �' '� *'' �'�'#' space; the implementation of major street and infrastructure
� � �,� ��,
• f� , ; ' �.�, �°� ,�.:., improvements throughout Ciry Center, valued at more than $26
-�' � , r �� ` ' ,�� - � million; and the acquisition of several multi-family residential
� � i � �,��� a,:
. �� ��; : T , � r;� fi ,�� ,.� � ��� buildings to potentially maintain the stock of affordable housing
� � ��;►�°+����gw� f=a �,+� inthearea.
A`' s � ` C�� �+. +���
,
' �v :ar
t'`�� _—- i_� _+.i�@,a.
� _� .� f '�F'�
,�� : ._ 373 of 425
Attachment B - FY 2026 RDA Work Plan
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. � � . .
MIAMI BEACH REDEVELOPMENT AGENCY
STATUS REPORT AND ACCOMPLISHMENTS CONT'D STATUS REPORT AND ACCOMPLISHMENTS CONT'D
• Tax Increment Financing (TIF)through the sale of bonds has been • Activities included landscape renovations, as well as irrigation
a major tool for financing redevelopment activities. To date, improvements and regular maintenance and repairs fo ensure
four bond issues have occurred in City Center: one in 1994 high oesthetic standards and refurbished plant materials
for $25.0 million, to acquire land for the hotel development throughout the Redevelopment Area, including high trafficked
initiatives; one in 1996, in the amount of $43.2 million to areas such as Lincoln Road, the City Center campus, RDA
fund contractual obligations and capital improvements related parking garages, Collins Park Cultural Arts Campus, the Bass
to the Loews Hotel and Crowne Plaza Hotel projects; one in Museum, and various streetscapes and medians throughout the
1998, for $38.2 million to finance capital expenditures related Redevelopment Area.
to the convention hotel projects, the Cultural Campus project
and to repay the $21.5 million debt obligation to the City; • To sustain the beauty of parks and greenspaces, the RDA relies
and another which occurred in 2005, in the amount of $80.7 on the diligent work from the members of the City of Miami
million, to refinance the outstanding debt service on prior bond Beach's Park Grounds Maintenance Team. In addition, this
issues. On December 15, 2015, the Redevelopment Agency team is responsible for the management of vendor contracts
issued $286.2 million in Tax Increment Revenue and Revenue pertaining to grounds maintenance, athletic fields, and dog
Refunding Bonds, Series 2015A, and $35.9 million in Tax parks.
Increment Revenue Refunding Bonds, Taxable Series 2015B.
• Sanitation Operations provided litter control & pressure
• The City and Redevelopment Agency's commitment to upgrading washing services to Lincoln Road, the Beachwalk, and Collins
and improving the area's infrastructure, addressing parking and Park cultural campus.
circulation issues, and facilitating new development has fueled
significant new privat�sector investment in the area, evidenced WORK PLAN
by more than $600.0 million in new building permit activity
since the area's inception. The RedevelopmentAgency(RDA)mission istooutline,implementand
fund the goals of the Redevelopment Pian (Plan)and to upgrade area
• The RDA Operations Unit (Police) provided patrol and infrastructure, streetscapes, parks, traffic and parking management
specialized services to the City Center area, including the and encourage the inclusion of arts and cultural activities by focusing
Lincoln Road corridor, Convention Center area, and Collins on contemporary strategies.The 2003 amended Plan for City Center
Park neighborhood. Performance measures focused on average specifically addressed these objectives including, but not limited to,
response time to an emergency call (minutes�. In FY 2025 the the New World Symphony expansion plans to connect with the 17�'
target was to keep the response time to under 2 minutes. Street municipal lots, resulting in positive impacts on foot traffic to the
MBCC and area businesses.
• Since the Park Ranger Program launch in 2015, these readily
identifiable ambassadors have become a staple of public Over the next few years, the RDA objective is to focus on the
safety and welfare by patrolling parks, beachfront facilities planning and implementation of capital projects associated with,
and grounds to deter illicit activity and act as community but not limited to, the Convention Center District Master Plan for the
ambassadors. The Park Rangers serve a vital component of expansion of the Convention Center District, upgrading streetscapes
public safety by providing rapid assistance to several City and related infrastructure throughout City Center. The RDA will
departments and service providers, including Police, Parking, also continue to fund public service enhancements provided under
Code Compliance, Fire, Sanitation, and Homeless Outreach. the Community Policing Program as well as ensure the on�oing
maintenance of capital assets funded with TIF. To date, the majority
• City Center RDA Operations (Code Compliance) officers are of the capital enhancements set forth in the Redevelopment Plan and
assigned to Lincoln Road and Espanola Way. The role of the the 2003 Amendment, have been completed and/ or are currently
officers is to proactively patrol these areas to ensure compliance underway.
of businesses, sidewalk cafes, vendors, and other applicable
entities with City Code. Performance goals included inspecting
4,575 outdoor dining concession inspections for FY 2025.
374 of 425
Attachment B - FY 2026 RDA Work Plan
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MIAMI BEACH REDEVELOPMENT AGENCY
WORK PLAN CONT'D WORK PLAN CONT'D
Miami Beach Convention Center Renovation and Expansion Similarly, the Greater Miami Convention and Visitors Bureau
(GMCVB� determined that the MBCC serves as the primary regional
The Miami Beach Convention Center (MBCC) has been a beacon of convention center given its geographic draw,and that no new facility
economic impact in Miami Beach and greater Miami-Dade Counry should be planned elsewhere in Miami-Dade County. The report
for more than sixty years.MBCC served as the site where Muhammad further determined that improvements to the MBCC, including the
Ali (formerly known as Cassius Clay) defeated Sonny Liston for his multi-purpose ballroom, would increase its marketabiliry and attract
first Heavyweight Championship of the World in 1964. In 1968, high-end conventions. Accordingly, the expansion and renovation
the MBCC hosted the Republican National Convention with more of the existing MBCC included an expansion to 1.4 million square
than 20,000 delegates and thereaRer, in 1972, the MBCC hosted feet, the re-orientation of the four exhibit halls, facade modifications,
more than 45,000 delegates during the Republican and Democratic ti,,�o separate loading docks on opposite ends of ihe building with
National Conventions. 32 dock spaces, site improvements along the canal and roadways,
the addition oF a Grand Lobby, 1 Grand Ballroom and 4 junior
Originally built in 1957, the MBCC encompassed 108,000 ballrooms, including the rooRop 'Sunset Vista Ballroom', 10,000
square feet. In 1968, an additional 130,500 square feet of exhibit square foot production kitchen, 1.61 miles of fiber optic cabling
space was added, with additional support facilities subsequently and 480 miles of copper wiring to support IT communications, 84
constructed in 1974. In 1986, as the demand for exhibition space meeting rooms with free Wi-Fi, and 800 parking spaces located on
increased, the facility underwent a $92.0 million renovation and the roof. The remodeled MBCC re-orients the halls in an East/West
doubled the size of its footprint. In 1989, a master plan was also direction with the primary access from Convention Center Drive,with
developed for the convention center complex, which included over Washington Avenue also serving as a secondary means of entry.
$50 million in upgrades, including complete renovations of all
restrooms, full carpet replacement, and installation of a state-of-the- The MBCC project included substantial improvements to the north
art telecommunications and networking infrastructure. end of the property, including the addition of a multi-story Grand
Ballroom and two outdoor patio spaces with views of the beautified
Since the 1989 MBCC renovation, significant growth has spurred 3.8 acres Collins Canal Park and restored historic Carl Fisher
in the convention and trade show industry. The increased demand Clubhouse.
for event space and growing attendance have warranted many
convention operators to expand their convention centers and upgrade An enclosed ground-floor parking area and internalized loading
available amenities and infrastructure. Increased meeting space and ond delivery access area includes two helix ramps to the roof-level
general session space, additional parking, evolving technological Parking. The Washington Avenue elevation is now predominately
features, and related amenities are what raise a facility's appeal to pedestrian in nature with visitor drop-off and cab queuing areas.The
address industry trends. streetscape modifications include a green edge along the avenue
with native shade trees to promote a pedestrian friendly experience.
Changes in how a competitive hotel package and cultural ofFerings
are viewed by event planners has alsc led to significant development Convention Center Drive is now the primary frontage and main
in areas adjacent to convention centers. In major markets throughout access point for vehicles and shared ride drop-off. Modifications
the country, large headquarter hotels have been developed, and included installation of a new median along Convention Center
efforts to create walkable restaurant/retail environments surrounding Drive and 19'� Street creating a more sophisticated streetscape.
convention centers have also been undertaken. The primary The Collins Canal Park walk has been substantially improved and
objectives of the MBCC Master Plan project include improvements Provides a softer northern edge to the MBCC, with a continuous
to the MBCC and redevelopment of the surrounding area that are path, starting at the Holocaust Memorial, through the Botanical
supported by market demand and are necessary to facilitate the Gardens, along Collins Canal Park, and ending at the Bass Museum
ability of the MBCC to attract high impact conventions and trade in Collins Park, connecting multiple green spaces across several city
shows in an increasingly competitive environment. blocks.
The renovation project also included sizable Art in Public Places
installations including pieces by six internationally recognized artists
such as Ellen Harvey, Sarah Morris, and Joseph Kosuth, with a
budget of$7.1 million, the largest collection of single-curated public
art in the United States.
375 of 425
Attachment B - FY 2026 RDA Work Plan
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MIAMI BEACH REDEVELOPMENT AGENCY
WORK PLAN CONT'D WORK PLAN CONT'D
On July 25, 2018, the Mayor and City Commission approved In February 2021, the MBCC resumed hosting events. A total of
Resolution 2018-30438 which called for a special election, on 17 events were held in FY 2021 including Florida Supercon, the
November 6, 2018,for the purpose of submitting to the electorate of Jewelry International Showcase, and the American Society of
the City of Miami Beach,a ballot question regarding a 99-year lease Plastic Surgeons Convention. ARer Art Basel and Design Miami's
of a 2.6-acre property to MB Mixed Use Investment, LLC, requiring virtual presentations in FY 2021, both shows returned to in-person
the construction/operation of an 800-room hotel connected to the presentations in FY 2022 and FY 2023.
Convention Center per Resolution 2018-30425. On November 6,
2018, the citizens of the Ciry of Miami Beach voted to include a In FY 2022, a new five (5�-year destination marketing agreement
MBCC hotel on the property adjacent to the MBCC, located at the between the GMCVB and the City was finalized and executed to
northeast corner of 17�' Street and Convention Center Drive. The include a base fee to the GMCVB comprised of ten percent (10%)
development of the hotel has been approved by the Design Review of the two percent (2%) City Resort Tax, an incentive fee up to $2.0
Board and is currently under development. million based on the GMCVB's ability to achieve performance
metrics, and a right to terminate for convenience upon 120�ay
In 2019, the City also launched the conversion of the Municipal notice. The new agreement sets the stage for an expanded scope
Parking Lot to the west of the MBCC into a 5-acre park. Named of services that include, but are not limited to: MBCC sales, public
"Pride Park" by the citizens of Miami Beach in November 2019, the relations, marketing and branding, research services, reputation
reimagined park includes public art—"Bent Pool",a public restroom, management, and more.
and embedded electrical systems to provide for event activations that
should mitigate damage to the greenspace and paths. In June 2020, In November 2022,the MBCC campus was adorned with additional
a "Juneteenth" commemorative tree was planted in Pride Park to public art with the donation and installation of Jaume Plensa's 16-
celebrate the contributions of Miami Beach's Black community. foot sculpture Minna in Pride Park.
In FY 2019, the City restructured the financial terms with the MBCC In 2024, Art Basel Miami Beach showcased 286 galleries from 38
Food and Beverage vendor, Centerplate, to provide for the City to countries, attracted more than 75,000 spectators, and closed with
receive 95%of the net operating profits of the catering and food and an estimated economic impact of half a billion dollars.
beverage(F&B)operations(after payment of all operating expenses),
and (2) extended the term of the City's agreement with Centerplate In 2024, South Florida's premier convention center hosted
for an additional two years. In FY 2020, the City issued an RFP for approximately 613,543 guests at 98 regional, national, and
the Food and beverage operations of the Carl Fisher Clubhouse with international events,creating significant economic impact for the City
Annex and Centerplate was determined to be the only responsive of Miami Beach and the region. Currently, the MBCC is projected to
and responsible proposers. In FY 2021, the Centerplate agreement host 102 events through FY 2025.
was further amended to provide for the City to receive a profit-sharing
distribution of 83'/o and reduced the management fee to 4%. The The City, together with MBCC management company OVG360
amendment also created a co-terminus expiration date of September (formerly Spectra�, food and beverage operator Sodexo Live!
30, 2026 that includes a force majeure period of approximately (formerly Centerplate), and the GMCVB, continue to strategize and
eighteen (18) months due to COVID-19. In addition, Centerplate explore new avenues to market and sell the MBCC, promoted as a
agreed to invest up to $750,000 in capital improvements designed convention center of choice and best in class. This new direction is
to increase the Carl Fisher Clubhouse & Annex appearance and an opportunity to reimage the center and explore innovative and
operation. creative revenue streams that can offer buoyancy in the face of
volatile tourism activity and resort tax collections.
Though 2020 events included the Super Bowl NFL Experience in
the MBCC, with record-breaking attendance, the impact of the
COVID-19 pandemic resulted in the cancellation of the majority
of events. Accordingly, the Convention Center was repurposed in
a time of need as a State of Florida Alternate Care Facility and
COVID-19 mobile and walk-up testing site.
376 of 425