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718-2025 RDA RESOLUTION NO. 718-2025 A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FIRST AMENDMENT TO THE FISCAL YEAR 2026 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. WHEREAS, in accordance with Section 189.016, Florida Statutes, the governing body of the Miami Beach Community Redevelopment Agency, operating as a special district, is required to adopt a budget by resolution each fiscal year and may amend the budget at any time but not later than within 60 days following the end of the fiscal year; and WHEREAS, the Miami Beach Redevelopment Agency (RDA) City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for Fiscal Year (FY) 2026 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency (the "RDA" or "City Center RDA") on September 30, 2025, through Resolution No. 716- 2025; and WHEREAS, based on the preliminary year-end analysis for the FY 2025 Anchor Shops operating budget, it is recommended that appropriations of $64,000 for projects that were budgeted in FY 2025 that have not been completed due to project delays and timing between fiscal years be carried forward and appropriated in the FY 2026 Anchor Shops operating budget. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that following a duly noticed public hearing on November 20, 2025, the Chairperson and Members of the Miami Beach Redevelopment Agency adopt the First Amendment to the City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and Collins Park Parking Garage operating budgets for FY 2026 as set forth in the attached Exhibit"A." PASSED and ADOPTED this�day of (Vvi/?r►'If7�r , 2025. Steven Meiner, Chairperson ATTEST: ( Rafael E. Granado, Secretary ,'. -;F�OVtG t�1S TO �=Gr-�M&LANGUAGE =�'�'��=��'�� 8� FOR EXECUTfON _ri��..,........-:,`;',, ,, :�:_ ti-., .��`�: �INCOR° DRATED•'• � I 1 I)o��?� � ,�%?y�, ��'� ��y! Redevelooment Agency Date ''��,,,ey 2�;,'`_- General Counsel ,,,...:,... Exhibit "A" Miami Beach Redevelopment Agency City Center Redevelopment Area Operating Budget FY 20Z6 Carryforward Carryforward FY 2026 Adopted Budget Encumbrences Appropriations from Other Amended Budget from FY 2025 FY 2025 Revenues and Other Sources of Income Taxlncrement-City $ 36,723,000 $ 36,723,000 Proj Adjustment to City Increment $ (468,000) $ (468,000) Taxlnaement-County $ 28,683,000 5 28,683,000 Proj Adjustment to County Increment $ (368,000) 5 (368,000) Interest Inwme $ 397,000 S 397,000 Fund Balance/Retained Earnings 5 6,366,000 $ 6,366,000 TOTALREVENUES $ 71,333,000 $ - S - S - S 71,333,000 Admin/Opereting Expenditures Management Fee $ 655,000 5 655,000 Auditfees 5 33,000 S 33,000 Internal Services 5 102,000 5 102,000 Total Admin/Operating Expenditures $ 790.000 $ - $ - $ - $ 790,000 Project Expenditures Community Policing: Police $ 5,918,000 $ 5.918.000 Code Compliance 5 262,000 $ 262,000 Capital Projects Maintenance: Facilities Mgmt. $ 2,243,000 $ 2,243,000 Sanitation $ 4,265,000 5 4,265,000 Greenspace $ 856,000 $ 856,000 Parks Maintenance $ 626,000 $ 626,000 Total Project Expenditures $ 14,170,000 $ - $ - $ - $ 14,170,000 Reserves,Debt Service and Other Obligations DebtServiceCost $ 35,357,000 5 35,357,000 ReserveforCountyAdminFee $ 425,000 $ 425,000 Reserve forCMB Contribution $ 544,000 $ �,� Reserve for County Reimbursement: TransfertoCountyReimbursement $ 6,366,000 $ 6,366.000 Transferto County Beach Renourishment Fund $ - $ - Reserve for City Reimbursement: TransfertoGeneral Fund $ - S - Trensferto Beach Renourishment Fund $ - $ - Transfer to fleet Management Fund $ - 5 - TrensfertoConventionCenter 5 4,124,000 5 4,124,000 Set-aside for Debt Payoff $ 9,557,000 5 9,557,000 Total Reserves,Debt Service&Other Obligations $ 56,373,000 $ - S - $ - S 56,373,000 TOTALEXPENDITURESANDOBIJGATIONS S 71,333,000 $ - S - S - S 71,333,000 Revenues Less Expenditures $ $ $ S - $ - Exhibit "A" Anchor Shops and Anchor Garege Operating Budget Carryforward Carryforward AnchorParkingGarage FY2026 Encumbrences Appropriationsfrom Other FY2026 Adopted Budget from FY 2025 FY 2025 Amended Budget Revenues: Valet Parking $ 307,000 $ 307,000 Monthly Permits $ 577,000 $ 577,000 Attended Parking $ 1,878,000 $ 1,878,000 Interest Income 5 251,000 $ 251,000 Misc/Other 5 1,000 $ 1,000 TOTALREVENUES $ 3,014,000 $ - S - $ - S 3,014,000 Operati�g Expenditures: OperatingExpenditures $ 2,618,000 5 2,618,000 Internal5ervices $ 396,000 5 396,000 TOTALEXPENDITURES S 3,014,000 S - S - S - S 3,014,000 Revenues�essExpenditures S 5 S 5 5 Carryforward Carryforward Anchor Shops FY 2026 Enambrances Appropriations from Other FY 2026 Adopted Budget from FY 2025 FY 2025 Amended Budget Revenues: Retail Leasing $ 1,006,000 5 1,006,000 Capital&Maintenance $ 214,000 $ 214,000 Interestlncome $ 274,000 $ 274,000 Fund Balance/Retained Earnings $ - 64,000 $ 64,000 TOTALREVENUES S 1,494,000 S - S 64,000 S - S I,SSS,000 Operating Expenditures: OperatingExpenditures $ 276,000 $ 64,000 $ 340,000 Transfer Out to Penn Shops $ 291,000 $ 791,000 InternalServices $ 46,000 $ 46,000 Contingency/Reserve $ 881,000 $ 881,000 TOTALEXPENDITURES S 1,494,000 $ - S 64.000 S - S 1,558,000 Revenues�essExpenditures S - S S - 5 S - COMBINED REVENUES-IXPENDITURES S - $ S $ - S Exhibit "A" Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget FY 2026 Carryforward Carryforward fY 2026 Pennsylvania Avenue Parking Garage pdopted Budget Encumbrances Appropriations from Other pmended Budget from FY 2025 FY]A25 Revenues: Transient $ 590,000 $ 590,000 Monthly $ 381,000 5 381,000 Interest Income $ 30,000 5 30,000 Fund Balance/Retained Earnings 5 84,000 $ 84,000 TOTALREVENUES S 1,085,000 S - S - $ - S 1,085,000 Operating Expenses: Operating Expenditures $ 906,000 $ 906,000 Internal5ervices $ 179,000 $ 179,000 TOTALEXPENDITURES S 1.085,000 S - S - $ - S 1,�,� RevenuesLessExpenditures S S 5 $ S FY2026 �arryforward Carryforward FY2026 Pennsylvania Avenue Shops qdopted Budget Encumbrances Appropriations from Other pmended Budget from FY 2025 FY 2025 Revenues: Transferinfrom RDA AnchorShops $ 291,000 5 291,000 TOTALREVENUES S 291,000 S - S - S - $ 291,000 Operating Expenses: OperetingExpenditures $ 288,000 5 288.000 Internal Services $ 3,000 5 3,000 TOTALEXPENDITURES S 291.000 S - S - $ - $ 291,000 Revenues Less Expenditures $ - $ - S S - S COMBINEDREVENUES-EXPENDITURES S S S S - S Exhibit "A" Collins Park Parking 6arage Operating Budget Carryforward Carryforward Collins Park Parlting Garage Adop ed B dget Encvmbrences Appropriations from Other qme ded Budget from FY 2025 FY 2025 Revenues: Transient $ 1,281,000 $ 1,281,000 Monthly 5 238,000 $ 238,000 Interestlncome 5 55,000 5 55,000 TOTALREVENUES $ 1,574,000 $ - S - $ - S 1,574,000 Operating Expenses: OperatingExpenditures $ 1,441,000 $ 1,441,000 Internal Services $ 133,000 $ L33,000 TOTALEXPENDITURES $ 1,574,000 S - S - S - $ 1,574,000 RevenuesLessExpenditures $ - S 5 5 - S Redevelopment Agency Items (RDA) 2 MIANIIBEA� H RDA MEMORANDUM TO: Chairperson and Members of the Miami Beach Redevelopment Agency FROM: Eric Carpenter, Executive Director DATE: November 20, 2025 TITLE: A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FIRST AMENDMENT TO THE FISCAL YEAR 2026 OPERATING BUDGETS FOR THE CITY CENTER REDEVELOPMENT AREA, THE ANCHOR SHOPS AND PARKING GARAGE, THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND THE COLLINS PARK PARKING GARAGE. RECOMMENDATION The Administration recommends that the Board of Directors adopt the attached Resolution. BACKGROUND/HISTORY In accordance with Section 189.016, Florida Statutes, the governing body of the Miami Beach Community Redevelopment Agency, operating as a special district, is required to adopt a budget by resolution each fiscal year and may amend the budget at any time but not later than within 60 days following the end of the fiscal year. The Miami Beach Redevelopment Agency (RDA) City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for Fiscal Year (FY) 2026 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on September 30, 2025, through Resolution No. 716-2025. ANALYSIS RDA City Center Redevelopment Area revenue sources for FY 2026 include City of Miami Beach (City) and Miami-Dade County (County) Tax Increment funds, interest income, and use of prior year excess RDA Trust Fund revenues in accordance with the Third Amendment to the Interlocal Agreement between the City and the County. RDA City Center Redevelopment Area expenditures for FY 2026 include community policing initiatives to provide enhanced levels of staffing and services throughout the area and capital projects maintenance for repairs and maintenance of existing capital assets in the City Center Redevelopment Area. In addition, the FY 2026 budget includes administrative expenditures that are comprised of a management fee allocated to the General Fund to pay for indirect staff support provided to the RDA, annual audit fees, and chargebacks for internal service department services provided. The RDA City Center Redevelopment Area budget also includes the annual debt service related to the issuance of the 2015 Convention Center bonds that financed certain costs associated with the renovation and expansion of the Miami Beach Convention Center, as well as a grant with the 61 of 103 Convention Center Hotel Developer and Public Finance Authority to fund the financing gap for the full construction of the Miami Beach Convention Center Hotel Project. Other line-item expenditures budgeted in FY 2026 include items that, pursuant to the existing Bond Covenants, may only be expended once the annual debt service obligations have been met. These include a transfer to the Miami Beach Convention Center Fund, Miami-Dade County's administrative fees, which are equivalent to 1.5°/o of its respective TIF payment, and the corresponding contribution to the City's General Fund, which is equivalent to 1.5% of the City's corresponding TIF payment. ANCHOR SHOPS AND PARKING GARAGE. PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND COLLINS PARK PARKING GARAGE The revenues and expenditures associated with the operations of the City Center Redevelopment Area Garages and Shops are presented as separate schedules in order to eliminate any perception that the proceeds from these facilities' operations are comingled with Tax Increment Financing (TIF) and other City Center Trust Fund revenues. AnchorShops Based on the preliminary year-end analysis for the FY 2025 Anchor Shops operating budget, it is recommended that appropriations of $64,000 for projects that were budgeted in FY 2025 that have not been completed due to project delays and timing between fiscal years be carried forward and appropriated in the FY 2026 Anchor Shops operating budget. FISCAL IMPACT STATEMENT See 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/citv-hall/citv-clerk/meetinp-notices/ FINANCIAL INFORMATION See information provided above CONCLUSION The Administration recommends that the Chairperson and Members of the Miami Beach Redevelopment Agency adopt the First Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and Collins Park Parking Garage operating budgets for FY 2026 as described herein and further detailed in the attached Exhibit "A." EC/JDG/TOS/RA Applicable Area Citywide 62 of 103 Is this a "Residents Riqht to Know" item, Is this item related to a G.O. Bond pursuant to Citv Code Section 2-17? Proiect? 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 1 st Amendment to City Center RDA Operating Budget for FY 2026. OMB Previous Action (For Citv Clerk Use Onlv) 63 of 103 EXHIBIT A Miami Beach Redevelopment Agency City Center Redevelopment Area Operating Budget Carryforward Carryforward FY 2026 FY 2026 Adopted Budget Encumbrences Appropriations from Other qmended Budget from FY 2025 FY 2025 Revenues and Other Sources of Income Taxlncrement-City $ 36,723,000 $ 36,723,000 Proj Adjustment to City Increment $ (468,000) $ (468,000) Taxlncrement-County $ 28,683,000 $ 28,683,000 Proj Adjustment to County Increment $ (368,000) $ (368,000) Interestlncome $ 397,000 $ 397,000 Fund Balance/Retained Earnings $ 6,366,000 $ 6,366,000 TOTAIREVENUES $ 71,333,000 5 - $ - $ - $ 71,333,000 Admin/Opereting Expenditures ManagementFee $ 655,000 5 655,000 Auditfees $ 33,000 5 33,000 Internalservices 5 102,000 5 102,000 TotalAdmin/Operating Expenditures 5 790,000 $ - $ - $ - $ 790,000 Project Expenditures Community Policing: Police $ 5,918,000 S 5,918,000 Code Compliance $ 262,000 $ 262,000 Capital Projects Maintenance: Facilities Mgmt. $ 2,243,000 $ 2,243,000 Sanitation $ 4.265,000 $ 4,265,000 Greenspace $ 856,000 $ 856,000 Parks Maintenance $ 626,000 $ 626,000 TotalProject Expenditures $ 14,170,000 $ - $ - 5 - 5 14,170,000 Reserves,Debt Service and Other Obligations DebtService Cost $ 35,357,000 $ 35,357,000 Reserve for County Admin Fee $ 425,000 $ 425,000 ReserveforCMBContribution $ 544,000 $ 544,000 Reserve for County Reimbursemen[: TransfertoCountyReimbursement $ 6.366,000 5 6,366,000 Trensfer to County Beach Renourishment Fund S - $ - Reserve for City Reimbursement: Transfer to General Fund $ - $ - Transter to Beach Renourishment Fund $ - $ - Transfer to Fleet Management Fund $ - 5 - Transferto Convention Center $ 4,124,000 $ 4,124,000 Set-aside for Debt Payoff S 9,557,000 $ 9,557,000 Total Reserves,Debt Service&Other Obligations $ 56,373,000 $ - $ - $ - $ 56,373,000 TOTAL EXPENDITURES AND OBLIGATION$ $ 71,333,000 $ - $ - $ - $ 71,333,000 RevenuesLessExpenditures S 5 - 5 - $ - 5 - 64 of 103 EXHIBIT A Anchor Shops and Anchor Garage Operating Budget Carryforward Carryforward Anchor Parkin Gara e FY 2026 Encumbrances A FY 2026 g g Adopted Budget PPropriations from Other pmended Budget from FY 2025 FY 2025 Revenues: ValetParking $ 307,000 $ 307,000 Monthly Permits $ 577,000 $ 577,000 Attended Parking $ 1,878,000 $ 1,878.000 Interest Income $ 251,000 $ 251,000 Misc./Other $ 1,000 $ 1,000 TOTAL REVENUES S 3,014,000 $ - S - S - S 3,014,000 Operating Expenditures: Operating Expenditures $ 2,618,000 $ 2,618,000 Internal5ervices $ 396,000 $ 396,000 TOTAL EXPENDITURES $ 3,014,000 $ - S - S - S 3,014,000 RevenuesLess Expenditures $ - $ - $ - $ - $ - FY 2026 �arryforward Carryforward FY 2026 Anchor Shops Adopted Budget Encumbrences Appropriations from Other pmended Budget from FY 2025 FY 2025 Revenues: Retail Leasing $ 1,006,000 $ 1,006,000 Capital&Maintenance $ 214,000 $ 214,000 Interest Income $ 274,000 S 274,000 Fund Balance/Retained Eamings $ - 64,000 $ 64,000 TOTAL REVENUES S 1,494,000 $ - S 64,000 S - S 1,558,000 Operating Ezpenditures: Operating Expenditures $ 276,000 $ 64,000 $ 340,000 Transfer Out to Penn Shops $ 291,000 $ 291,000 InternalServices $ 46,000 $ 46,000 Contingency/Reserve $ 881,000 S 881,000 TOTAL EXPENDITURES $ 1,494,000 S - S 64,000 S - S 1,558,000 rtevenues less expenditures $ - $ - 5 - 5 - 5 - COMBINED REVENUES-EXPENDITURES $ - S - S - S - S - 65 of 103 EXHIBIT A Pennsylvania Ave�ue Shops and Pennsylvania Avenue Garege Opereting Budget Carryforward Carryforward FY 2026 FY 2026 Pennsylvania Avenue Parking Garage Encumbrances Appropriations from Other Adopted Budget from FY 2025 FY 2025 Amended Budget Revenues: Transient $ 590,000 $ 590,000 Monthly $ 381,000 $ 381,000 Interestlncome $ 30,000 $ 30,000 Fund Balance/Retained Earnings $ 84,000 $ 84,000 TOTAL REVENUES $ 1,085,000 S - S - S - S 1,085,000 Operating Expenses: Operating Expenditures $ 906,000 S 906,000 InternalServices $ 179,000 $ 179,000 TOTAL EXPENDITURES S 1,085,000 S - S - S - S 1,085,000 Revenues LessEzpenditures $ - $ - $ - $ - $ - Carryforward Carryforward Penns Ivania Avenue Sho s FY 2026 Encumbrances A FY 2026 Y P Adopted Budget ppropriations from Other qmended Budget from FY 2025 FV 2025 Revenues: Transfer In from RDA Anchor Shops $ 291,000 $ 291,000 TOTAL REVENUES S 291,000 S - S - S - S 291,000 Operating Expenses: Operating Expenditures $ 288,000 $ 288,000 InternalServices $ 3,000 $ 3,000 TOTAL EXPENDITURES S 291,000 S - S - S - S 291,000 RevenuesLessExpenditures $ - 5 - 5 - 5 - $ - COMBINED REVENUES-EXPENDITURES $ - $ - $ - S S 66 of 103 EXHIBIT A Collins Park Parking Garege Opereting Budget Carryforward Carryforward FY 2026 FY 2026 Collins Park Parking Garage pdopted Budget Encumbrences Appropriations from Other qmended Budget from FY 2025 FY 2025 Revenues: Transient $ 1,281,000 $ 1,281,000 Monthly $ 238,000 $ 238,000 Interest Income $ 55,000 S SS,000 TOTAL REVENUES S 1,574,000 S - S - S - S 1,574,000 Opereting Expenses: Operating Expenditures $ 1,441,000 $ 1,441,000 Internal5ervices $ 133,000 $ 133,000 TOTAL EXPENDITURES $ 1,574,000 $ - S - S - S 1,574,000 Revenues Less Expenditures $ - $ - $ - $ - $ - 67 of 103