326-99 RDA
RESOLUTION NO. 326-99
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY
ADOPTING AMENDED BUDGETS FOR THE SOUTH
POINTE AND CITY CENTER REDEVELOPMENT AREAS
FOR FISCAL YEAR 1999/00.
WHEREAS, the proposed budgets have been prepared to coincide wth the overall City
budget process; and
WHEREAS, the proposed budgets reflect anticipated construction project costs in addition
to operating and debt service costs for the fiscal year,
BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY, that the Board hereby adopts the amended budgets for
the South Pointe and City Center Redevelopment Areas for Fiscal Year 1999/00 as attached.
PASSED AND ADOPTED this
22nd
day of September , 1999.
C~&MAN
ATTEST:
~o rilldw-
SECRETARY
APPROVED AS TO
FORM & LANGUAGE
& FOR exEcunoN
Attachments
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T:\AGENDA \ I 999\SEP2299\RDA \RES,99
MIAMI BEACH REDEVELOPMENT AGENCY
Proposed Budget FY 99/00
South Pointe Redevelopment Area
Millage @ 7.499
Revenues and Other Operating Debt Construction
Sources of Incom" Fund Service Fund
Fund Balance Carryover:
South Pointe Streetscape $0 $0 $3,800,000
Park Improvements $0 $0 $1,192,000
Tax increment $6,500,915 $0 $0
Marina Rental $120,000 $0 $0
Portofino Local Impacts $92,000 $0 $0
Interest Income $75,000 $46,788 $0
Operating Transfers In $0 $830,000 $0
Capital Project Funds $0 $0 $5,139.485
Fund Balance Carryover $0 $0 $0
Total Revenue: $6,787,915 $876,788 $10,131,485
Operating Debt Construction
Operating Expenses: Fund Service Fund
Management Fee $414,000 $0 $0
Advertising & Promotion $3,000 $0 $0
Debt Service Cost $0 $876,788 $0
Postage & Mailing $2,500 $0 $0
Printing $2,500 $0 $0
Office Supplies & Equipment $4,430 $0 $0
Meetings & conferences $2,000 $0 $0
Dues & subscriptions $1,000 $0 $0
Submerged land lease $135,000 $0 $0
Audit Fee $4,000 $0 $0
Legal fees $150,000 $0 $0
Professional Services $75,000 $0 $0
Contingency $25,000 $0 $0
Total Operating Expenses: $818,430 $876,788 $0
Transfer to - Debt Svc: $830,000 $0 $0
Transfer to Capital Projects: $5,139.485 $0 $0
Total Expenditures & Transfers: $6,787,915 $876,788 $0
Construction Costs:
Portofino Related:
Legal Costs $0 $0 $350,000
SSDI South utility relocation $0 $0 $300,000
Sea wall $0 $0 $500,000
Portofino local impacts $0 $0 $92,000
Yacht Club CAM $0 $Q $84,000
Contingency $0 $0 $25,000
Total Portofino Related: $0 $0 $1,351,000
Capital Projects:
SP streetscape FY 99 Appropriation $0 $0 $3,800,000
Park imp FY 99 Appropriation $0 $0 $1,192,000
Other Capital Projects/Streetscape: $0 $0 $3,788,485
Total Capital Projects: $0 $0 $8,780,485
Excess (Deficiency)
Revenues and Expenses: $0 $0 $0
MIAMI BEACH REDEVELOPMENT AGENCY
Proposed Budget FY 99/00
City Center Redevelopment Area
Millage @ 7.499
Revenues and Other Operating Debt Construction
Sources of Income Fund Service Fund
Opening Balance:
Debt Service Reserve (96 Series Bonds) $0 $0 $0
96B Series Bond funds $0 $0 $2,998,600
98 A&B Series Bond funds $0 $0 $700,000
Tax Increment $7,820,245 $0 $0
Contribution from Resort Tax (1%) $0 $1,877,500 $0
TECA Funds $0 $0 $600,000
Interest Income $45,000 $310,000 $0
Loews Hotel Ground Lease $500,000 $0 $0
16th Street Garage Income (#1) $1,000,000 $0 $0
Operating Transfers In $0 $6,886,624 $0
Fund Balance Carryover: $0 $0 $0
Total Revenue: $9,365,245 $9,074,124 $4,298,600
Operating Debt Construction
Operating Expenses: Fund Service Fund
Management Fee $414,000 $0 $0
Advertising & Promotion $3,000 $0 $0
Debt Service Cost $0 $9,074,124 $0
Postage & Mailing $3,000 $0 $0
Printing $3,000 $0 $0
Office Supplies & Equipment $5,000 $0 $0
Meetings & Conferences $2,000 $0 $0
Dues & Subscriptions $1,000 $0 $0
Audit Fee $4,000 $0 $0
Professional & Related Fees $50,000 $0 $0
Miscellaneous Expenses $15,000 $0 $0
Total Operating Costs: $500,000 $9,074,124 $0
Transfer to - Debt Svc: $6,886,624 $0 $0
Transfer to Resort Tax for
repayment of loan: $1,978,621 $0 $0
Total Expenditures & Transfers: $9,365,245 $9,074,124 $0
Construction Project Costs:
16th Street Garage $0 $0 $0
Cultural Arts Campus Land Acquistion $0 $0 $0
Project costs for Convention Center Hotels(#2) $0 $0 $700,000
Beachwalk Project $0 $0 $2,998,600
Street-end Projects $0 $0 $600,000
Other Capital Projects/Streetscape: $0 $0 $0
Total Construction Project Costs: $0 $0 $4,298,600
Excess (Deficiency): $0 $0 $0
Note #1: Preliminary estimate of net revenues from 16th Street Garage operation
Note #2: Payment of parking impact fees & addt'l permit/hookup fees for
African-American Hotel project plus construction management contract
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 99- 5 ~
September 22, 1999
TO: Chairman and Members of the
Miami Beach Redevelopment Ag
FROM: Sergio Rodriguez
Executive Director
SUBJECT: A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY ADOPTING OPERATING
BUDGETS FOR SOUTH POINTE AND CITY CENTER REDEVELOPMENT
AREAS FOR FISCAL YEARS 1999/2000.
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
BACKGROUND
The proposed budgets for South Pointe and City Center Redevelopment Areas for Fiscal Year 99/00
have been prepared to coincide with the overall City budget process, and are being presented today
to assist in providing a comprehensive overview of the two districts.
ANAL YSIS
In the City Center RDA, the income stream from the Loews Hotel ground lease and operation of the
Anchor Shops and Parking will not only continue to reduce the contribution required from Resort
Tax to pay debt service, but will also allow the RDA to continue repaying Resort Tax funds used to
pay existing debt service obligations from the 1993 and 1996 bond issues.
During the course of the next fiscal year, the RDA will continue to monitor and facilitate completion
of the Royal Palm Crowne Plaza Resort (African-American Hotel project). The RDA will also
continue to oversee the following activities: 1) development of the Cultural Arts Complex (regional
library, 400-space parking facility and park and streetscape improvements), 2) the extension of the
streetends between 17th and 23rd Streets, and 3) construction of the beachwalk between 21 st Street
and Lummus Park. Additionally, the RDA will continue to administer the development and lease
agreements with Loews, RDP Royal Palm Hotel, Ltd" as well as the Management Agreement with
S()UTti V()I~T~ ed Agenda Item "3 b
l?edevel{)pment Uistrict l? 4
Date or~ 22- 99
Quik Park for the operation of the 16th Street Garage.
In South Pointe, the RDA will undertake the following activities: 1) implement the streetscape
design based on the approved Duany Plater Zyberk concept plan for Washington Avenue and 3rd
Street (il1duding a public plaza), 2) implement Phase 2 streetscape design, 3) extend Washington
A venue from South Pointe Drive to Government Cut, 4) continue the Courts of South Beach project
and related streetscapes and 5) oversee completion of the Yacht Club parking garage for marina use
including bathroom and laundry facilities,
CONCLUSION
It is recommended that the Redevelopment Agency adopt the attached resolution which establishes
operating budgets for South Pointe and City Center Redevelopment Areas for FY 99/00
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Attachments
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