362-2000 RDA
RESOLUTION NO. 362-2000
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY
ADOPTING OPERATING BUDGETS FOR THE SOUTH
POINTE AND CITY CENTER REDEVELOPMENT AREAS
FOR FISCAL YEAR 2000/01.
WHEREAS, the proposed South Pointe and City Center Redevelopment Area budgets have
been prepared to coincide wth the overall City budget process; and
WHEREAS, the proposed South Pointe and City Center Redevelopment Area 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 MlAMI
BEACH REDEVELOPMENT AGENCY, that the Board hereby adopts the operating budgets for
the South Pointe and City Center Redevelopment Areas for Fiscal Year 2000/01, attached as Exhibit
A hereto.
PASSED AND ADOPTED this
27th
day of September, 2000.
1/!1mMAN
A~J' f~
SECRETARY
Attachments
APPROVED AS TO
FORM & lANGUAGE
& FOREXECunON
11 ~ ~-?-Ql)
Red_lopment Agency Dole
G,,,.ml Counsel
T:\AGENDA \2000\SEP2700IRDAIRES.00
Revenues and other
Sources of Income
Opening Balance:
Debt Service Reserve (96 Series Bonds)
96B Series Bond funds
98 A&B Series Bond funds
Tax Increment _.City
Tax Increment - County
Contribution from Resort Tax (1 %)
Interest Income
Loews Hotel Ground Lease
Royal Palm Ground Lease
Anchor Garage Net income (1)
Anchor Shops - Lease Revenue (2)
Operating Transfers In
Fund Balance Carryover:
Total Revenue:
Operating Expenses:
Management Fee
Advertising & Promotion
Debt Service Cost
Postage & Mailing
Printing
Office Supplies & Equipment
Meetings & Conferences
Dues & Subscriptions
Aud~ Fee
Professional & Related Fees
Miscellaneous Expenses
Total Operating Expenses:
other Operating Costs:
Property Tax - Anchor Garage
Sales Tax - Anchor Garage
Total other Operating Costs:
Transfer to - Debt Svc Fund
Transfer County TIF to - Debt Svc Fund
Transfer to Resort Tax for
repayment of loan:
Transfer to Construction Fund
Total ExpendRures & Transfers:
Construction Project Costs:
MIAMI BEACH REDEVELOPMENT AGENCY
Proposed BUdget 00101
City Center Redevelopment Area
Operating Debt Construction
Fund Service Fund
$0 $0 $0
$0 $0 $2,388,600
$0 $0 $8,933,443
$5,253,210 $0 $0
$4,024,596 $4,024,596 $0
$0 $1,877.500 $0
$45,000 $310,000 $0
$500,000 $0 $0
$220,000 $0 $0
$889,210 $0 $0
$388,550 $0 $0
$0 $6,417,970 $577,254
$0 $0 $0
$11,320,566 $12,630,066 $11,899,297
Operating Debt Construction
Fund Service Fund
$414,000 $0 $0
$3.000 $0 $0
$0 $9,076,216 $0
$3,000 $0 $0
$3,000 $0 $0
$5,000 $0 $0
$2,000 $0 $0
$1,000 $0 $0
$4,000 $0 $0
$50.000 $0 $0
$15,000 $0 $0
$500,000 $9,076,216 $0
$320,000 $0 $0
$58,000 $0 $0
$378,000 $0 $0
$6,417,970 $0 $0
$4,024,596 $0 $0
$0 $2,976,596 $0
$0 $577,254 $0
$11,320,566 $12,630,066 $0
Cu~ural Arts Campus Land Acquistion $0 $0 $3,700,000
Project cosls for Royal Paim Crowne Plaza (#3) $0 $0 $700,000
Beachwalk Project $0 $0 $2,998,600
Other Capital ProjectsJStreetscape: $0 $0 $4,500,697
Total Construction Project Costs: $0 $0 $11,899,297
Excess (Deficiency): $0 $0 $0
Note #1: Estimate of net revenues before debt service
Note #2: Retail lease revenue, net of management fee of 5%
MIAMI BEACH REDEVELOPMENT AGENCY
Proposed Budget 00101
South Pointe Redevelopment Area
Revenues and other Operating Debt Construction
Sources of Income Fund Service Fund
Fund Balance Carryover:
South Pointe Streetscape $0 $0 $3,363,170
Pari< improvements $0 $0 $1,192,000
Tax increment ~ City $4,742,612 $0 $0
Tax increment - County $3,638,638 $3,638,638 $0
Marina Rental $120,000 $0 $0
Portolino Local Impacts $92,000 $0 $0
Interest Income $100,000 $46,788 $0
Operating Transfers In $0 $4,261,182 $7,073,827
Capital Project Funds $0 $0 $0
Fund Balance Carryover $0 $0 $0
Total Revenue: $8,693,250 $7,946,608 $11,628,997
Operating Debt Construction
Operating Expenses: Fund Service Fund
Management Fee $414,000 $0 $0
Advertising & Promotion $3,000 $0 $0
Debt Service Cost $0 $872,781 $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
Audn Fee $4,000 $0 $0
Legal fees $150,000 $0 $0
Professional Services $75.000 $0 $0
Contingency $0 $0
Total Operating Expenses: $793,430 $872,781 $0
Transfer to - Debt Svc Fund $4,261 ,182 $0 $0
Transfer County TIF to - Debt Svc Fund $3,638,638 $0 $0
Transfer to Capital Projects: $0 $7,073,827 $0
Total Expenditures & Transfers: $8,693,250 $7,946,608 $0
Construction Costs:
Porloflno Related:
Legal Costs $0 $0 $350,000
SSDI South utilny relocation $0 $0 $1,000,000
Sea wall $0 $0 $500,000
Portolino local impacts $0 $0 $92,000
Yacht Club CAM $0 $0 $84,000
Contingency $0 $0 $25,000
Total Porloflno Related: $0 $0 $2,051,000
Capital Projects:
SP streetscape FY 00 Appropriation $0 $0 $3,363,170
Park imp FY 99 Appropriation $0 $0 $1,192,000
Other Capital ProjectslStreetscape: $0 $0 $5,022,827
Total Capital Projects: $0 $0 $9,577,997
Excess (Deficiency)
Revenues and Expenses: $0 $0 $0
Millage @ 7.499 rev 9106/00
MIAMI BEACH REDEVELOPMENT AGENCY
Proposed Budget 00101
City Center Redevelopment Area
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 $2,388,600
98 A&B Series Bond funds $0 $0 $700,000
Tax Increment - C~y $5,253.210 $0 $0
Tax Increment - County $4.123,856 $4.123,856 $0
Contribution from Resort Tax (1 %) $0 $1,877,500 $0
Interest Income $45,000 $310,000 $0
Loews Hotel Ground Lease $500,000 $0 $0
Royal Palm Ground Lease $220,000 $0 $0
Anchor Garage Net Income (1) $889,210 $0 $0
Anchor Shops - Lease Revenue (2) $388,550 $0 $0
Operating Transfers In $0 $6,417,970 $676,514
Fund Balance Carryover: $0 $0 $0
Total Revenue: $11,419,828 $12,729,328 $3,785,114
Operating Debt Construction
Operating Expenses: Fund Service Fund
Management Fee $414,000 $0 $0
Advertising & Promotion $3,000 $0 $0
Debt Service Cost $0 $9,076,216 $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
Aud~ Fee $4,000 $0 $0
Professional & Related Fees $50,000 $0 $0
Miscellaneous Expenses $15,000 $0 $0
Total Operating Expenses: $500,000 $9,078,218 $0
other Operating Costs:
Property Tax - Anchor Garage $320,000 $0 $0
Sales Tax - Anchor Garage $58,000 $0 $0
Total other Operating Costs: $378,000 $0 $0
Transfer to - Debt Svc Fund $6,417.970 $0 $0
Transfer County TIF to - Debt Svc Fund $4.123,856 $0 $0
Transfer to Resort Tax for
repayment of loan: $0 $2,976,596 $0
Transfer to Construction Fund $0 $676.514 $0
Total Expenditures & Transfers: $11,419,828 $12,729,328 $0
Construction Project Costs:
Cu~ural Arts Campus Land Acquistion $0 $0 $0
Project costs for Royal Palm Crowne Plaza (#3) $0 $0 $700,000
Beachwalk Project $0 $0 $2,998,600
Other Cap~al ProjectslStreetscape: $0 $0 $66,514
Total Construction Project Costs: $0 $0 $3,785,114
Excess (Denclency): $0 $0 $0
Note #1: Estimate of net revenues before debt service
Note #2: Retail lease revenue, net of management fee of 5%
MIAMI BEACH REDEVELOPMENT AGENCY
Proposed Budget 00101
South Pointe Redevelopment Area
Revenues and Other Operating Debt Construction
Sources of Income Fund Service Fund
Fund Balance Carryover:
South Pointe Streetseape $0 $0 $3,363,170
Pari< Improvements $0 $0 $1,192,000
Tax increment - Cfty $4,742,612 $0 $0
Tax increment - County $3,723,454 $3,723,454 $0
Marina Rental $120,000 $0 $0
Portofino Local Impacts $92,000 $0 $0
Interest Income $100,000 $46,788 $0
Operating Transfers In $0 $4,261,182 $7.158,643
Capital Project Funds $0 $0 $0
Fund Balance Carryover $0 $0 $0
Total Revenue: $8,778,088 $8,031,424 $11,713,813
Operating Debt Construction
Operating Expenses: Fund Service Fund
Management Fee $414,000 $0 $0
Advertising & Promotion $3,000 $0 $0
Debt Service Cost $0 $872,781 $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
Audft Fee $4.000 $0 $0
Legal fees $150,000 $0 $0
Professional Services $75,000 $0 $0
Contingency $0 $0
Total Operating Expenses: $793,430 $872,781 $0
Transfer to - Debt Svo Fund $4.261,182 $0 $0
Transfer County TIF to - Debt Svc Fund $3,723,454 $0 $0
Transfer to Capital Projects: $0 $7,158,643 $0
Total Expenditures & Transfers: $8,778,066 $8,031,424 $0
Construction Costs:
Portoftno Related:
Legal Costs $0 $0 $350,000
SSDI South utility relocation $0 $0 $1,000,000
Sea wall $0 $0 $500,000
Portofino local impacts $0 $0 $92,000
Yacht Club CAM $0 $0 $84,000
Contingency $0 $0 $25,000
Total Portoftno Related: $0 $0 $2,051,000
Capftal Projects:
SP streetseape FY 00 Appropriation $0 $0 $3,363,170
Pari< imp FY 99 Appropriation $0 $0 $1,192,000
Other Capital ProjectslStreetscape: $0 $0 $5,107,643
Total Capital Projects: $0 $0 $9,662,813
Excess (DeftclencyJ
Revenues and Expenses: $0 $0 $0
Millage @ 7.499 rev 6130100
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673- 7295
Fax: (305) 673- 7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 00- r;. \
September 27, 2000
TO:
Chairman and Members of the
Miami Beach Redevelopment Agency
FROM:
Jorge Gonzalez \. ~
Executive Director ~ ~ ~
SUBJECT:
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIA1\1I
BEACH REDEVELOPMENT AGENCY ADOPTING OPERATING
BUDGETS FOR SOUTH POINTE AND CITY CENTER REDEVELOPMENT
AREAS FOR FISCAL YEARS 2000/01.
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
ANAL YSIS
The proposed budgets for South Pointe and City Center Redevelopment Areas for Fiscal Year 00/01
have been prepared to coincide with the overall City budget process, and ar~ being presented today
to assist in providing a comprehensive overview of the two districts. .
Following two years of moderate growth, the taxable value of property in City Center experienced
a 45.5 percent increase in FY 99/00, The significantjwnp in value may be attributed to certain new
large scale projects coming on Ene, including but not limited to the Loews Miami-Beach Hotel, the
Anchor Shops and Parking Garage, Il VilIagio, 1500 Ocean Steps and the South Beach 18-screen
movie theater on Lincoln Road. As new hotel, residential and commercial developments come on
line over the next few years, the tax increment for the City Center Area is anticipated to grow
steadily. This forecasted tr0nd is supported by a 14.1 percent increase in property values projected
for FY 00/0 L In South Pointe, the taxable value of property experienced a moderate 9.3 percent
increase in FY 99/00, In FY 00/01, property values are forecasted to increase by 28 percent as new
luxury residential and commercial properties such as the Yacht Club at Portofino come on line.
S()UTIl 1)()liIlal:
l2edevel()pment I)lstrlct
Agenda Item .3 A
Date 9-a1-QO
In the City Center RDA, the increase in tax increment coupled with the income stream from the
Loews Hotel ground lease and operation ofthe Anchor Shops and Parking will allow the RDA to
continue repaying Resort Tax funds used to pay existing debt service obligations from the 1993 and
1996 bond issues. It is also anticipated, that as the Resort Tax supplement is repaid over the next few
years, tax increment funds will become available to address much needed infrastructure
improvements in the area, including but not limited to streetscaping, landscaping and parking.
During the course of the next fiscal year, the RDA will continue to address the following projects
by area:
South Pointe:
,/ Implementation and construction coordination of Phase I street improvements in South Pointe,
based on the Master Plan and design by Duany Plater Zyberk.
,/ Development of a streetscape master plan for the blocks between 5th and 6th Streets to be
integrated in Phase 3 of the South Pointe Master Plan
,/ Coordination and implementation of a sculpture to be installed in the plaza located at Washington
Avenue and 3rd Street. This is a coordinated effort to tie in the GO Bond project and Art-in-Public
Places.
,/ Coordination of improvements and other obligations as part of the Settlement Agreement between
the Redevelopment Agency and the Portofino Group, relative to the development of the Miami
Beach Marina (SSm North and South). This includes but is not limited to utility relocations, public
easements, completion of the Marina Baywa1k and construction of a parking facility.
City Center:
,/ Achieving closure on the outstanding land acquisition issues involving the future regional library
site.
,/ Implementation and construction coordination of the street-end improvements to 17th and 18th
Streets, to be completed prior to commencement ofthe Collins Avenue improvements planned for
the area.
,/ Implementation and construction coordination of the Beachwalk project, connecting Lummus
Park with the terminus ofthe existing wooden boardwalk at 23rd Street.
,/ Close-out of construction related issues at the Anchor Shops and Parking Garage.
,/ Coordinating the bid process for the leasing and management of the retail component of the
Anchor Shops and Parking Garage, and negotiating a contract with the successful bidder.
.I Continuing to negotiate leases and coordinate tenant improvements in the Anchor Shops until
such time that a contract is awarded to propertylleasing manager.
.I Coordinating and facilitating completion of construction and opening of the Royal Palm Crowne
Plaza Project.
.I Coordinating and facilitating the ground-breaking and construction of the Lincoln Plaza and
Lincoln Place projects.
.I Administering Management and/or Lease Agreements with Loews, RDP Royal Palm Hotel, Ltd.,
Quik Park and the Retail Manager for the Anchor Shops.
.I Coordinating impact mitigation efforts associated with the FDOT's reconstruction of Collins
Avenue.
.I Continuing to administer and coordinate the Management Agreement with the State of Florida,
Department of Management Services, in connection with the grant-funded expansion and renovation
of the Colony Theater.
It should be noted that in accordance with the Interlocal Agreement between Miami Dade County
and the City of Miami Beach, administrative costs remain capped at $500,000 in City Center. In
South Pointe, administrative costs have been reduced by 3 percent from last year's budget, from
$818,430 to $793,430. Proposed Capital expenditures in both districts are based on
anticipated/projected costs associated with completing certain existing projects and undertaking
new development activity in the area.
In order to address these existing and future obligations, 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 00/01
JMG:CRt~kob
Attachments
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