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Home My WebLink About522-2005 RDA Reso RESOLUTION NO. 522-2005 A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA), ADOPTING AN AMENDMENT TO THE OPERATING BUDGET FOR THE CITY CENTER REDEVELOPMENT AREA FOR FISCAL YEAR 2005/06, ADJUSTING THE COUNTY'S SHARE OF TAX INCREMENT TO REFLECT THE REDUCTION IN MILLAGE ADOPTED BY THE MIAMI DADE COUNTY BOARD OF COUNTY COMMISSIONERS ON SEPTEMBER 22, 2005. WHEREAS, subsequent to the RDA Board's adoption of the Fiscal Year (FY) 05/06 Operating Budget for the City Center Redevelopment Area (City Center) (the "Budget") on September 21, 2005, the County's Office of Strategic Management and Budget notified the RDA that, on September 22, 2005, the Board of County Commissioners voted to reduce the County-wide millage from the County Manager's initially recommend 5.867 mills, to 5.835 mills; and WHEREAS, said millage reduction will reduce the County's estimated Tax Increment payment to the RDA in December, 2005, from $10,622,892, to $10,562,763, for a difference of $60,129; and WHEREAS, the County's Tax Increment Finance (TIF) Committee has informed the RDA that it will not review and recommend the Budget for approval to the Board of County Commissioners, unless the numbers are amended to reflect the lower Tax Increment payment by the County; and WHEREAS, pursuant to the Interlocal Agreement between the City and the County, dated November 16, 1993, the RDA' s annual budgets are subject to review and approval by the County; and WHEREAS, the City Cent~r Budget has been amended accordingly, reflecting a reduction in revenues, in the amount of $60,129, and a corresponding reduction under Operating Expenses, against the Transfer to Capital Projects line item for the same amount. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, FLORIDA, that the Chairman and Members hereby adopt an amendment to the Operating Budget for the City Center Redevelopment Area for Fiscal Year 2005/06, adjusting the County's share of tax increment to reflect the reduction in millage adopted by the Miami-Dade County Board of County Commissioners on September 22, 2005. PASSED and ADOPTED this 7th day of Decem er, ATTEST: (M~ SECRETARY Robert Parcher ~<L---- CHAIRMAN David Dermer APPROVED AS TO FORM & LANGUAGE & FOR EXECUTION v: II/@f Redevelopment ~L 'II Dete General eoun881 (t T - MIAMI BEACH REDEVELOPMENT AGENCY ITEM SUMMARY Condensed Title: A Resolution adopting an amendment to the Operating Budget for City Center for Fiscal Year 05/06. Key Intended Outcome Supported: I N.A. Issue: Should the RDA adopt an amendment to the FY 05/06 Operating Budget for City Center ( Item Summary/Recommendation: Subsequent to the RDA Board's adoption of FY 05/06 Operating Budget for City Center on September 21, 2005, the Board of County Commissioners (BCC) voted to reduce the County-wide millage from 5.867 mills to 5.835 mills. This action will consequently reduce the County's estimated Tax Increment payment to the RDA in December from $10,622,892 to $10,562,763, for a difference of $60,129. The County's Tax Increment Financing (TIF) Committee has informed the RDA that it will not consider its Adopted Budget for approval, unless the RDA amends the Budget to reflect the reduced payment from the County. The Administration recommends adopting the proposed amendment to the FY 05/06 City Center Operating Budget in order to satisfy the County's request and to preclude any delay in receiving payment from the County for its share of the tax increment. Advisory Board Recommendation: I N.A. Financial Information: Source of Amount Account Approved Funds: 1 D 2 3 4 OBPI Total Financial Impact Summary: Ci Clerk's Office Le islative Trackin Tim Hemstreet/Kent Bonde Si n-Offs: Redevelopment Coordinator Assistant Director Executive Director T:\Agenda\2005\dec0705\RDA\BudgeCAmend_Summ.doc tD ,.,. MIAMIBEACH AGENDA ITEM DATE 38 12-1-0r tD ,..,. EACH City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov REDEVELOPMENT AGENCY MEMORANDUM FROM: Chairman David Dermer and Members of the Miami Beach Redevelopmenttgency Executive Director Jorge M. Gonzalez December 7, 2005 A RESOLUTION OF THE CHAIRMAN A 0 MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, FLORIDA, ADOPTING AN AMENDMENT TO THE OPERATING BUDGET FOR THE CITY CENTER REDEVELOPMENT AREA FOR FISCAL YEAR 2005/06, ADJUSTING THE COUNTY'S SHARE OF TAX INCREMENT TO REFLECT THE REDUCTION IN MillAGE ADOPTED BY THE MIAMI-DADE COUNTY BOARD OF COUNTY COMMISSIONERS ON SEPTEMBER 22, 2005. ADMINISTRATION RECOMMENDATION TO: DATE: SUBJECT: Adopt the Resolution. ANAL YSIS Subsequent to the RDA Board's adoption of FY 05/06 Operating Budget for City Center on September 21, 2005, the County's Office of Strategic Management and Budget notified the RDA that on September 22, 2005, the Board of County Commissioners (BCC) voted to reduce the County-wide millage from the County Manager's initially recommend 5.867 mills to 5.835 mills. This action will consequently reduce the County's estimated Tax Increment payment to the RDA in December from $10,622,892 to $10,562,763, for a difference of $60,129. On October 17, 2005, the RDA attended a meeting of the County's Tax Increment Financing (TIF) Committee, for the purpose of approving the City Center Budget. Despite the fact that the BCC's adoption of the reduced millage occurred after the RDA's adoption of its Budget, the Committee informed the RDA that it would not consider its Budget for approval by the County unless the numbers were amended to reflect the lower Tax Increment payment by the County. Pursuant to the Interlocal Agreement between the City and the County, dated November 16, 1993, the RDA' s annual budgets are subject to the review and approval by the County. As such, the City Center Budget has been amended accordingly, reflecting a reduction in revenues in the amount of $60,129 and a corresponding reduction under Operating Expenses, against the Transfer to Capital Projects line item for the same amount. Copies of the adopted and proposed amended budget sheets are included with this memorandum. It should be noted that the reduction on the expense side does not affect the appropriation of the FY 05/06 City Center Capital Budget, that was also approved by the RDA Board at its meeting on September 21,2005. December 7, 2005 Redevelopment Agency Memorandum Amendment to the FY 05/06 Operating Budget for City Center Page 2 of 2 The Administration recommends adopting the proposed amendment to the FY 05/06 City Center Operating Budget in order to satisfy the request of the County's TIF Committee and to preclude any delay in receiving payment from the County for its share of the tax increment. JMG:TH:ko~ Attachments T:\AGENDA\2005\Dec0705\Regular\Budget RDA_Amend, mem.doc Miami Beach Redevelopment Agency' Proposed Amended Budget FY 2005/06 City Center Redevelopment Area Rev 11/09/05 Revenues and other Sources of Income Opening Balances: Tax Increment - City 7.481 mills Tax Increment - County 5.835 mills (1) 50% Contribution from Resort Tax (1%) 1/2 Mill Children's Trust Contribution (2) Interest Income Anchor Garage Operations Revenue Anchor Garage Use Fee (loews) (3) Anchor Shops lease Revenue Other Operating Transfers In Fund Balance Re-allocation Total Revenue Admin/Operating Expenses Management fee Advertising & promotion Postage & mailing Printing Office supplies & equipment Meetings & conferences Dues & subscriptions Audit fees Professional & related fees Miscellaneous expenses Total Admin/Operating Expenses Operating Fund $14,057,028 $10,562,763 $2,972,500 $939,515 $197,000 $1,516,085 $580,000 $633,085 $0 $0 $31,457,976 Operating Fund 414,000 1,000 3,000 3,000 5,000 4,000 1,000 8,500 45,500 15,000 $600,000 Operating Fund 869,611 614,934 42,000 76,000 439,316 402,000 2,512,197 1,970,505 Debt Service $0 $10,562,763 $0 $0 $0 $0 $0 $0 $918,396 $0 $11,481,169 Debt Service Debt Service Construction Fund $0 $0 $0 $0 $0 $0 $0 $0 $ 10,899,458 $0 $10,899,468 Construction Fund $0 $0 Construction Fund 10,899,458 Transfers, Reserves and Debt Service Payments Debt Service Cost - 96B & 98B Bonds Current Debt Service - Lincoln Rd Project (6) Current Debt Service - Bass Museum (7) Reserve for County Admin Fee (8) Reserve for CMB Admin Fee (9) Reserve for Children's Trust Contribution (10) Reserve for Millage/Capital Replacement(11) Transfer County TIF to - Debt Svc Fund Transfer to - Debt Svc Fund Transfer to - Construction Funds Total Transfers Reserves & Debt Service Payments Total Expenditures & Transfers Excess (Deficiency): $6,926,663 Operating Fund 158,441 210,855 939,515 341,984 10,562,763 918,396 10,899,458 $24,031,413 $31,467,976 $0 Debt Service 9,911,663 1,077,587 491,909 $11,481,169 $11,481,169 $0 $10,899,468 Construction Fund $0 $10,899,468 $0 $0 Note #1 Reflects adjustment of ($401,380) for overpayment of TIF on difference between preliminary and final tax roll in FY 02103 Note #2 1/2 Mill Children's Trust pmt to RDA per Inter10cal Note #3 MBRI (Loews) remits an annual use fee of $580,000 to the RDA . RDA remits a Usage Fee to MBRI equal to 41.7% of first $1,390,000 in Revenues and 28% of Revenues in excess of $1,390,000 Note #4 Inclues direct retail management expenses plus estimated brokerage fees Note #5 Separate detail by project attached. from CIP and PW Note #6 Payment of Uncaln Road current debt service on Sunshine State Loan Note #7 Payment of Bass Museum current debt service on Gulf Breeze Loan Note #8 County admin fee @ 1.5% of County's increment revenue Note #9 CMB Admin Fee @ 1.5% of City's increment revenue Note #10 1/2 mill Children's Trust Contribution Note #11 Reserve for Capital Replacement Program Miami Beach Redevelopment Agency' Budget FY 2005/06 - Adopted Sept 21, 2005 City Center Redevelopment Area Rev 09/08/05 Revenues and Other Sources of Income Opening Balances: Tax Increment - City @ 7.481 mills Tax Increment - County @ 5.867 mills (1) 50% Contribution from Resort Tax (1%) 1/2 Mill Children's Trust Contribution (2) Interest Income Anchor Garage Operations Revenue Anchor Garage Use Fee (Loews) (3) Anchor Shops Lease Revenue Other Operating Transfers In Fund Balance Re-allocation Total Revenue Admin/Operating Expenses Management fee Advertising & promotion Postage & mailing Printing Office supplies & equipment Meetings & conferences Dues & subscriptions Audit fees Professional & related fees Miscellaneous expenses Total Admin/Operating Expenses Projects Anchor Garage Operations Anchor Garage Facility Use/Usage Fee (3) Anchor Garage Property Maintenance Anchor Shops mgt fee & related exp (4) Anchor Shops & Parking Garage Property and Sales Tax Anchor Shops & Parking Garage Depreciation Community Policing Capital Projects Maintenance Transfer to Capital Projects (5) Other/Miscellaneous Total Project Costs: Transfers, Reserves and Debt Service Payments Debt Service Cost - 96B & 98B Bonds Current Debt Service - Lincoln Rd Project (6) Current Debt Service - Bass Museum (7) Reserve for County Admin Fee (8) Reserve for CMB Admin Fee (9) Reserve for Children's Trust Contribution (10) Reserve for Millage/Capital Replacement( 11) Transfer County TIF to - Debt Svc Fund Transfer to - Debt Svc Fund Transfer to - Construction Funds Total Transfers Reserves & Debt Service Payments Total Expenditures & Transfers Excess (Deficiency): Operating Fund Debt Service Construction Fund $0 $0 $0 $0 $0 $0 $0 $0 $ 10,958,685 $0 $10,958,685 Construction Fund $0 $0 $14,057,028 $10,622,892 $2,972,500 $939,515 $197,000 $1,516,085 $580,000 $633,085 $0 $0 $31,518,105 $0 $10,622,892 $0 $0 $0 $0 $0 $0 $858,267 $0 $11,481,159 Construction Fund 10,958,685 $0 $10,958,685 Operating Fund Debt Service Construction Fund $0 $10,958,685 $0 $0 414,000 1,000 3,000 3,000 5,000 4,000 1,000 8,500 45,500 15,000 $500,000 Operating Fund 869,611 614,934 42,000 76,000 439,316 402,000 2,512,197 1,970,505 Debt Service Note #1 Reflects adjustment of ($401,380) for overpayment of TIF on difference between preliminary and final tax roll in FY 02103 Note #2 1/2 Mill Children's Trust pmt to RDA per Interlocal Note #3 MBRI (Loews) remits an annual use fee of $580,000 to the RDA - RDA remits a Usage Fee to MBRI equal to 41.7% of first $1,390,000 in Revenues and 28% of Revenues in excess of $1,390,000 Note #4 Inclues direct retail management expenses plus estimated brokerage fees Note #5 Separate detail by project attached - from CIP and PW Note #6 Payment of Uncoln Road current debt service on Sunshine State Loan Note #7 Payment of Bass Museum current debt service on Gulf Breeze Loan Note #8 County admin fee@ 1.5% of County's increment revenue Note #9 CMB Admin Fee @ 1.5% of City's increment revenue Note #10 1/2 mill Children's Trust Contribution Note #11 Reserve for Capital Replacement Program $6,926,563 Operating Fund Debt Service 9,911,663 1,077,587 491,909 159,343 210,855 939,515 341,984 10,622,892 858,267 10,958,685 $24,091,542 $31,518,105 $11,481,159 $11,481,159 $0