621-2016-RDA-1 RESOLUTION NO. 621-2016
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, AND THE
PENNSYLVANIA AVENUE SHOPS AND PARKING
GARAGE FOR FISCAL YEAR 2016/17.
WHEREAS, the proposed City Center Redevelopment Area Budget has been prepared
to coincide with the overall City budget process; and
WHEREAS, the proposed City Center Redevelopment Area Budget reflects anticipated
construction project costs in addition to operating and debt service costs for Fiscal Year
2016/17; and
WHEREAS, the proposed budgets for the Anchor Shops and Parking Garage and the
Pennsylvania Avenue Shops and Garage have been included as separate schedules to the City
Center Redevelopment Area Budget, reflecting projected revenues and operating expenses for
Fiscal Year 2016/17; and
WHEREAS, the Executive Director of the Miami Beach Redevelopment Agency
recommends approval of the proposed Fiscal Year 2016/17 tentative operating budget for the
City Center Redevelopment Area, as well as for the Anchor Shops and Parking Garage, and the
Pennsylvania Avenue Shops and Garage.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHARPERSON AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairperson and
Members hereby adopt the final operating budget for the City Center Redevelopment Area, the
Anchor Shops and Parking Garage, and the Pennsylvania Avenue Shops and Garage for Fiscal
Year 2016/17.
City Center Redevelopment Area $51,921,000
Anchor Garage Parking Operations 3,811,000
Anchor Garage Retail Operations 1,284,000
Pennsylvania Avenue Garage Parking Operations 1,219,000
Pennsylvania Avenue Garage Retail Operations 389,000
PASSED and ADOPTED this 27 •- if September, 2016,
.:�
1,4 ..••••
' �� Phil' •
•irvine, Chairperson
ATTEST: TA/f �; •
APPROVED AS TO
Rafael E.G ranado, Se ret• * °RAOF.O.
..IN
FORM & LANGUAGE
i c ' D &FOR EXECUTION
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�� ity Attorney Date
Redevelopment Agency - RDA 1.
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: September 27, 2016
SUBJECT: 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, AND THE PENNSYLVANIA AVENUE SHOPS
AND PARKING GARAGE FOR FISCAL YEAR 2016/17.
RECOMMENDATION
The Administration recommends that the City Commission adopt the attached Resolution which
establishes final budget for the City Center Redevelopment Agency (RDA), the Anchor Shops and
Garage, and the Pennsylvania Avenue Shops and Garage for Fiscal Year(FY)2016/17.
ANALYSIS
The proposed budget for the City Center Redevelopment Area (RDA) for Fiscal Year 2016/17
has been prepared to coincide with the overall City budget process, and is being presented
today to assist in providing a comprehensive overview of the district. Please refer to the
attached Exhibit A for the proposed budget details.
Revenues
Based on the 2016 Certificate of Taxable Value from the Property Appraiser's Office, the
preliminary value of property in City Center is $5,612,744,843; an increase of 16% over 2015,
marking the sixth year in a row values have increased following two years of decline. 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 FY 2014/15, reflects a decrease
from the preliminary valuation for the same year and will result in a corresponding
adjustment/reduction in TIF revenues totaling $3,111,000 for FY 2016/17.
Additional sources of revenue include a 1/2 mill levy in the amount of$2.5 million, to be set aside
for the Children's Trust pursuant to an Interlocal Agreement, dated August 16, 2004 between the
RDA, the City of Miami Beach and Miami-Dade County; and an estimated $60,000 in interest
income.
Expenditures
Project-related expenses account for approximately $10.9 million which includes $4.5 million to
be allocated for community policing initiatives in City Center to continue to provide enhanced
Page 669 of 692
levels of staffing and services throughout the area, and $6.2 million for maintenance of RDA
capital projects. There is no additional funding for on-going and planned capital projects in City
Center in the FY 2016/17 Budget due to the RDA extension for the renovation and expansion of
the convention center.
Administrative Expenses total $1.1 million, which includes a management fee of $984,000
which is allocated to the General Fund to pay for direct and indirect staff support for the RDA;
$23,000 for audit fees; and $92,000 for capital renewal and replacement projects under
$25,000. The budget includes $21.6 million in debt service payments to cover debt service
costs related to the Convention Center bonds, which were issued in 2015. $14.9 million is
budgeted in Reserve for Contingency/Debt Service. Funds in the reserve over and above the
annual debt payment can be used to finance any potential shortfalls in the RDA fund or pay
down the Convention Center bonds early, but not prior to FY 2023/24. Reserve line item
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 the County's
administrative fees, equivalent to 1.5% of its respective TIF payment; and the corresponding
contribution to the City's General Fund, equivalent to 1.5% of the City's share of its TIF
payment; and the remittance of the 1/2 mill tax levy back to the Children's Trust.
The revenues and expenses associated with operations of the City Center area Shops and
Garages are presented as separate schedules in order to eliminate any perception that
proceeds from the facilities'operations are pooled with TIF and other Trust Fund revenues:
Anchor Shops and Parking Garage
Garage revenues at the Anchor Garage are projected at approximately $3.8 million, with
operating expenses, (including contractual revenue-sharing obligations with Loews and general
fund,administrative fees) of approximately $3.8 million. The Anchor retail operation is expected
to generate approximately $1.3 million in revenues, with operating expenses totaling
approximately $639,000, resulting in a projected reserve of $256,000, after accounting for a
$389,000 budgeted transfer to the Pennsylvania Avenue Garage/Retail to offset the RDA's
estimated costs associated with the retail and parking operations.
Pennsylvania Avenue Shops and Garage
In consideration of the fact that the Pennsylvania Avenue Shops and Garage was built by the
RDA on City-owned property, the operation of the facility has been structured in the form of a
ground lease between the City and the RDA, providing terms for both the Garage and Retail
operations. The garage operations include base rent and an administrative fee, consistent with
that of the Anchor Garage, Parking's operational fee, and revenue sharing between the City and
the RDA. The Retail operations also include base rent and an administrative fee, as well as a
retail lease rate based on 2010 retail market cap rates. The retail operations also include
revenue sharing between the City and the RDA.
The facility is anticipated to generate $1,219,000 in revenues in FY 2016/17, comprising totally
of parking revenues. In light of the fact that the retail space is currently not rented, we have
taken the conservative approach of not projecting retail rental income. The facility is still
anticipated to operate at a loss during FY 2016/17, so the Anchor Garage/Retail plans to
subsidize its operations through a transfer of $389,000 to the Pennsylvania operations.
Expenses for the facility are budgeted at $1.2 Million, comprising $830,000 in direct operating
costs for the garage and $389,000 in lease term-related obligations.
Page 670 of 692
CONCLUSION
In order to address the existing and future obligations in the Redevelopment Area, it is
recommended that the Redevelopment Agency adopt the attached Resolution, which
establishes the operating budgets for the City Center Redevelopment Area, the Anchor Shops
and Parking Garage, and the Pennsylvania Avenue Shops and Garage for FY 2016/17.
FINANCIAL INFORMATION
The proposed FY 2016/17 City Center Redevelopment Area Budget is $51,921,000. The
Anchor Garage & Shops is $5,095,000 and the Pennsylvania Avenue Garage & Shops is
$1,608,000.
Legislative Tracking
Tourism, Cultural & Economic Development
ATTACHMENTS:
Description
❑ Exhibit A- FY16-17 City Center RDA Budget
❑ Resolution
Page 671 of 692
MIAMI BEACH REVELOPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA
FY 2016/17 OPERATING BUDGET AND STATUS REPORT
Mission/Purpose Statement
• To assure continued economic viability of the City Center Redevelopment Area and the City as
a whole, through the implementation of the objectives and projects defined in the
Redevelopment Plan and the amendment thereto.
• To incur minimum relocation and condemnation.
• To involve community residents in the redevelopment process.
• To establish the necessary linkages to tie in the Convention Center, area hotels, cultural
amenities, entertainment, residential and business uses in the district.
• To enhance diversity of form and activity through the use of established planning and design
principles.
• To create a traffic system to serve local and through traffic needs.
• To recognize the historic structures and designations within the historic districts and facilitate
development accordingly.
Status Report
The 332-acre City Center/Historic Convention Village
Redevelopment and Revitalization Area (CC/HCVRRA or City
Center) was established in 1993, in order to provide the t A
funding mechanism to foster the development of new convention ,
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hotel development within proximity of the Miami Beach
Convention Center and to establish the necessary linkages ,:
between the City's many core area civic, cultural and f ;. '' "
entertainment uses in order to create the fabric of a true urban ,► �f .;
downtown.
•
Since its inception, the City Center Redevelopment Area has
undergone dynamic change through a combination of public t �,
and private investment initiatives. - _ _ - `'. - • 1
Page 672 of 692
MIAMI BEACH REVELOPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA
Exciting projects which have transformed the area include:
• Two convention-quality hotels, both of which were the result of public/private partnerships
between the Redevelopment Agency (RDA) and the respective Developers - the 800-room
Loews Miami Beach Hotel and the 425-room Royal Palm Crowne Plaza Hotel, the latter of
which had the distinction of being the first African-American owned hotel in the United States;
• The development of an 800-space public parking garage (Anchor Garage) to accommodate
the parking needs for the Loews Miami Beach Hotel, the Crowne Plaza Hotel and other
service and retail businesses in the area;
• A $20 million overhaul of Lincoln Road, partially funded with the participation of businesses
on Lincoln Road;
'f• An award-winning Beachwalk extending from 21st Street to - , ,' y ' =_'"
Lummus Park, comprising an at-grade, landscaped pedestrian 'r ' '' . ---:
walkway; = f ..A4-
• Implementation of a Cultural Arts Campus Master Plan for the ,. . ,
area east of the Miami Beach Convention Center, which includes i°" .
a new regional library, the headquarters of the Miami City Ballet, l '
the expansion and renovation of the Bass Museum of Art, the re- -`s. . 4....
landscaping of Collins Park, including the restoration of the
Rotunda and extensive streetscape improvements throughout the ,' t
area.
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• The completion of the much heralded New World _ — - - - y ., )r.
Campus, including the new state-of-the art Gehry- ;,, .+•
designed headquarters facility for the New World '"5 - ' '
Symphony and two publicly-funded components, N.
including a $15 million municipal Gehry-designed ,4 , 4
parking garage and a $21 million world-class park. ate; l�`
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Page 673 of 692
MIAMI BEACH REVELOPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA
Other important projects include the 650- ,_- , .i.:, ,iii
space mixed-use parking facility built on the � :
surface parking lot on the west side of City F '= `;
Hall, which includes 35,000 square feet of =f �_ � ®•
municipal office space; the implementation of �,- * • s
_ ,
major street and infrastructure improvements Y - It ,
throughout City Center, valued at more than ' 4.
$26 million; and the acquisition and
renovation of three multi-family buildings ` i. , _t j„ ' : . 1
(Barclay, Allen House, The London House) to = _ - -.
maintain the stock of affordable housing in the
area. __
Tax Increment Financing (TIF) through the sale of bonds has been a major tool for financing
redevelopment activities. To date, four bond issues have occurred in City Center: one in 1994
for $25 million, to acquire land for the hotel development initiatives; one in 1996, in the
amount of $43.2 million to fund contractual obligations
and capital improvements related to the Loews Hotel and
Crowne Plaza Hotel projects; one in 1998, in the amount I�4.- •� *
of $38.2 million to finance capital expenditures related to - ;, g t silt ill
v
the convention hotel projects, the Cultural Campus project 1," •, 'r - ."- "
and to repay the $21 .5 million debt obligation to the City, WI 1 L'.' '' Ott, -
and the most recent, which occurred in 2005, in the amount R,, ; --�- ,.''•, .A' '
of $80.7 million to refinance the outstanding debt service on e =r ; � -: r
prior bond issues. '` " '
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� ;ear=- ,
The City and Redevelopment Agency's commitment to - " i,
upgrading and improving the area's infrastructure, _.�, /-
addressing parking and circulation issues, and facilitating ` ' ; . .i .�
new development has fueled significant new private-sector : n -�{ s;. -ae
investment in the area, evidenced by more than $600 ,' ,t-
►�.
million in new building permit activity since the area's . 4
inception.
Work Plan
Since its success in attracting two convention-quality hotels, the Redevelopment Agency has been
focusing its efforts on a number of initiatives aimed at upgrading the area's infrastructure, streets
and parks, alleviating traffic and parking congestion and encouraging the production and
presentation of arts and cultural activities in the area. In 2003, the Redevelopment Agency
amended its Redevelopment Plan for City Center to specifically address these objectives in the
context of the New World Symphony's expansion plans involving the 17th Street surface lots and
the resulting impact to the Convention Center and businesses in the area.
Page 674 of 692
MIAMI BEACH REVELOPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA
To this end, the Redevelopment Agency's mission is to coordinate, implement and fund the Plan's
objectives and to compliment the City's established vision:
• Public Safety;
• Management and Service Delivery;
• Infrastructure;
• Premier Neighborhoods
• International Center for Tourism and Business; and
• Education Excellence
The Redevelopment Agency's objective over the next five years will focus on the planning and
implementation of capital projects associated with, but not limited to the Master Plan for the
expansion of the Convention Center, upgrading streetscapes and related infrastructure throughout
City Center and increasing the inventory of parking facilities, including the pending construction
of a new 450-space parking garage to be located on 23rd Street and Collins Avenue. The RDA
will also continue to fund public service enhancements provided for under the Community Policing
Program as well as ensure the on-going maintenance of capital assets funded with TIF. It should
be noted that that a majority of the capital enhancements set forth in the Redevelopment Plan and
the 2002 Amendment thereto, have been completed and/or are currently underway, including
the City Center Right-of-Way improvements, the City Hall Expansion Garage, the Collins Park
improvements and the development of the 17'' Street surface lots into the New World Campus.
Miami Beach Convention Center Renovation and Expansion
Spanning four city blocks and located in the heart of the South Beach, the Miami Beach
Convention Center (MBCC) currently accommodates meetings, conventions, tradeshows and
consumer shows. The Convention Center originally ene or o d in 1957 and received a major
opened I
expansion and facelift in 1989, doubling it in size. Currently the MBCC boasts over 1 million
square feet of flexible space, including; over 500,000 square feet of exhibit space, and over
100,000 square feet of versatile pre-function area space and 70 meeting rooms comprised of
127,000 square feet.
The expansion and renovation of the existing Miami Beach Convention Center include the re-
orientation of the exhibit halls, facade modifications, site improvements along the canal, and
along all roadways, the addition of a multi-story ballroom and meeting rooms, and two levels of
parking. The interior renovation work focuses on the redistributed division of the four main
exhibition hall spaces, and the additional programming of more flexible arrangements of private
meeting rooms and additional indoor/outdoor versatile exhibition spaces. Currently, the four
main exhibit halls are divided into quadrants—two accessible solely from Washington Avenue
(Halls A and B) and the other two solely accessed from Convention Center Drive (Halls C and D).
The new Convention Center re-orients the halls in an East/West direction with the primary access
from Convention Center Drive, although Washington Avenue will serve as a secondary means of
entry.
Page 675 of 692
MIAMI BEACH REVELOPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA_ -
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The project will also include substantial improvements to the north of the property. The new
addition at the northern portion of the property features an enclosed ground floor parking area
and truck loading and delivery area. Above this, a grand multi-story ballroom is proposed
offering vistas of the beautified 21" Street Park that will span along Collins Canal and feature the
to-be-restored Historic Carl Fisher Clubhouse. This addition will create a new internalized loading
area and will include Iwo Helix ramping entrance accesses to the roof level parking. The
Washington Avenue elevation will become predominately pedestrian in nature with the
elimination of the visitor drop-off and cab cueing areas. The streetscape modifications will include
a green edge along the avenue with native shade trees to promote a more pedestrian friendly
experience. Convention Center Drive will in turn become the main access point for vehicular
access and for the visitor drop-off area. Modifications will include a new median along
Convention Center Drive and 19th Street creating a more sophisticated streetscape and a more
celebrated boulevard experience. The Canal walk will be substantially improved and will create a
softer northern edge to the MBCC.
The project also includes the demolition of the existing Recreation Center along Washington
Avenue and the creation of a neighborhood park. Another architectural feature of the project is
the proposed rooftop indoor and outdoor meeting space located in the southwestern corner of the
roof. This will offer the patrons expansive views out onto the new Civic park proposed to replace
the surface parking lot.
In association with the renovations to the Miami Beach Convention Center, a new urban park,
pavilion and Veterans Plaza is being created to replace a surface parking lot that currently
contains spaces for approximately 800 vehicles. Convention Center Park has been envisioned as
a neighborhood park. The park includes a series of six clustered 'shaded edges' that will line the
perimeter of the 6-acre park and surround an internal great lawn.
Page 676 of 692
MIAMI BEACH REVELOPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA
Convention Headquarter Hotel
On January 27, 2015, the City Commission authorized the issuance of Request for Proposals No.
2015-103-ME (the RFP) for the Development of a Convention Headquarter Hotel Adjacent to the
Miami Beach Convention Center ("MBCC"). On April 10, 2015, the City received proposals
from Portman Holdings, LLC and Oxford Capital Group/RLB Swerdling ("Oxford Capital"). On
April 21, 2015, the City Manager notified Oxford Capital that its proposal was not responsive to
the RFP's minimum requirements. On April 29, 2015, the City Manager, via Letter to Commission
(LTC) No. 176-2015, appointed an Evaluation Committee, which convened on May 7, 2015, to
interview the Portman Holdings team and score the proposal, consistent with the evaluation
criteria outlined in the RFP.
On May 20, 2015, the Mayor and City Commission approved Resolution No. 2015-29029,
authorizing the Administration to negotiate a Development and Ground Lease Agreement,
including a Room Block Agreement (collectively, the "Lease") with Portman Holdings, LLC, with
said Lease subject to prior approval by the Mayor and City Commission before the final execution
thereof. On June 3, 2015, the Administration submitted the proposed Lease for the Finance and
Citywide Projects Committee's review and input, in accordance with the requirements of Section
82-37(a)(1) of the City Code.
The City Commission approved the Ground Lease on September 2, 2015.
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Page 677 of 692
MIAMI BEACH REVELOPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA
The project includes the development, design, construction, equipping and operation of a full-
service convention headquarter hotel with approximately (but not-to-exceed) 800 hotel rooms and
related improvements ("Hotel"), including the design, construction and operation of an enclosed
overhead pedestrian walkway or "Skybridge" connecting the Hotel and the MBCC. However, the
Lease was contingent upon sixty percent (60%) voter approval in accordance with Section
1 .03(6)(3) of the City Charter. The referendum occurred March 2015 and failed to receive the
required 60% voter approval. Subsequently, the Mayor established an Ad Hoc Blue Ribbon
Steering Committee on the Convention Center Hotel who is charged with engaging the community
in the development of a plan to build a Convention Center Hotel that will meet the needs of
the Community and the expanded Convention Center. The Committee is been meeting regularly
since.
Budget Highlights
• Based on the 2016 Certificate of Taxable Value from the Property Appraiser's Office released
on July 1st, the preliminary value of property in City Center is increased by 16.4% over 2015
to $5.6 billion, marking the 61h year in a row that values are back on the rise. 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 2014, reflects a significant
decrease from the preliminary valuation for the same year and will result in a corresponding
adjustment/reduction in TIF revenues totaling $3.1 million for 2016/17.
• Additional sources of revenue include a 1/2 mill levy in the amount of $2.5 million, to be set
aside for the Children's Trust pursuant to an Interlocal Agreement, dated August 16, 2004
between the RDA, the City of Miami Beach and Miami-Dade County; and an estimated
$60,000 in interest income.
• Project-related expenses account for approximately $10.8 million which includes $4.5 million
to be allocated for community policing initiatives in City Center to continue to provide
enhanced levels of staffing and services throughout the area, and $6.4 Million for
maintenance of RDA capital projects. There is no additional funding for on-going and planned
capital projects in City Center in the FY 2016/17 Budget due to the RDA extension for the
renovation and expansion of the Convention Center.
• Administrative Expenses total $1.1 million which includes a management fee of $984,000
which is allocated to the General Fund to pay for direct and indirect staff support for the RDA;
$23,000 for auditing fees; $54,000 for internal services; and $92,000 for capital renewal
and replacement projects under $25,000.
• $21 .7 million is budgeted to cover debt service costs related to the Convention Center bonds.
On December 15, 2015, the RDA Agency issued $286,245,000 in Tax Increment Revenue
and Revenue Refunding Bonds, Series 2015A and $35,850,000 in Tax Increment Revenue
Refunding Bonds, Taxable Series 2015B. The Series 2015A bonds will be used, together
with certain other legally available moneys of the Agency, to (i) provide for the current
refunding of all the outstanding Series 2005B bonds, (ii) finance certain costs of acquiring
Page 678 of 692
MIAMI BEACH REVELOPMENT AGENCY
CITY CENTER REDEVELOPMENT AREA
and constructing renovations to the Miami Beach Convention Center and certain other
improvements, and (iii) pay costs of issuance of the Series 2015 bond and refunding the
outstanding Series 2005B bonds. The Series 2015B will be used to (i) provide for the
advance refunding of all the outstanding Series 1998 bonds, (ii) provide for the current
refunding of all the outstanding Series 2005A bonds, and (iii) pay costs of issuance of the
Series 2015B bonds and refunding the outstanding Series 1998A bonds and the outstanding
Series 2015A bonds, including the portion of the premium allocable to the Series 2015B
bonds for the reserve policy.
• Debt service payments on the portion of the Gulf Breeze Loan used to pay for the Bass
Museum expansion and renovation, and the portion of the Sunshine State Loan Program used
for Lincoln Road improvements have been paid off.
• $14.9 million is budgeted in Reserve for Contingency/Debt Service Funds in this reserve over
and above the annual debt payment can be used to finance any potential shortfalls in the
RDA fund or pay down the Convention Center bonds early, but not prior to FY 2023/24.
• Reserve line item 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 the County's administrative fees, equivalent to 1 .5% of its respective TIF
payment; and the corresponding contribution to the City's General Fund, equivalent to 1 .5%
of the City's share of its TIF payment; and the remittance of the Yz mill tax levy back to the
Children's Trust.
Page 679 of 692
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Proposed FY 2016/17 Operating Budget
Exhibit A
FY 2013/14 FY 2014/15 FY 2015/16 FY 2016117 Variance
Actual Actual Adopted Proposed From FY 15/16
Revenues and Other Sources of Income
Tax Increment-City $ 19,934,948 $ 21,435,094 $ 24,565,000 $ 28,856,000 $ 4,291,000
Proj Adjustment to City Increment (94,491) (1,381,292) (1,452,000) (1,723,000) (271,000)
Tax Increment-County 15,991,409 17,264,754 20,080,000 23,588,000 3,508,000
Proj Adjustment to County Increment (73,641) (1,066,658) (1,165,000) (1,388,000) (223,000)
50%Contribution from Resort Tax 5,885,927 0 0 0 0
'1/2 Mill Children's Trust Contribution 1,698,337 1,842,210 2,152,000 2,528,000 376,000
Interest Income 90,904 83,599 60,000 60,000 0
Fund Balance 0 0 0 0 0
Fund Balance Renewal and Replacement 0 0 0 0 0
Other Income/Adjustments: 114,748 3,091 0 0 0
TOTAL REVENUES $ 43,548,140 $ 38,180,798 $ 44,240,000 $ 51,921,000 $ 7,681,000
Admin/Operating Expenses
Management fee $ 1,043,000 $ 972,000 $ 982,000 $ 984,000 $ 2,000
Salaries and Benefits 71,006 0 0 0 (0)
Advertising&promotion 0 0 50,000 0 (50,000)
Postage&mailing 9 0 1,000 0 (1,000)
Office supplies&equipment 1,701 533 2,000 0 (2,000)
Other Operating 655 200 1,000 0 (1,000)
Meetings&conferences 0 0 1,000 0 (1,000)
Dues&subscriptions 175 0 2,000 0 (2,000)
Licences&Taxes 56,028 0 60,000 0 (60,000)
Audit fees 21,000 18,999 23,000 23,000 0
Professional&related fees 98,655 316,133 40,000 0 (40,000)
Repairs and Maintenance 24,141 14,924 8,000 92,000 84,000
Internal Services 79,645 220,267 53,000 54,000 1,000
Total Admin/Operating Expenses $ 1,396,015 $ 1,543,056 $ 1,223,000 $ 1,153,000 $ (70,000)
Project Expenses
Community Policing $ 4,019,542 $ 4,438,935 $ 4,502,000 $ 4,468,000 $ (34,000)
Capital Projects Maintenance:
Code 68,527 182,121 182,000 196,000 14,000
Property Mgmt 937,890 1,279,683 1,319,500 1,346,000 26,500
Sanitation 2,905,911 3,061,000 3,339,000 3,339,000 0
Greenspace 774,512 644,273 864,500 877,000 12,500
Parks Maintenance 0 178,579 432,000 493,000 61,000
Transfer to Penn Garage Parking 142,765 0 0 0 0
Transfer to Penn Garage Retail 0 0 0 0 0
Transfer to Renewal and Replacement 67,000 0 0 180,000 180,000
Transfer to Capital Projects 16,561,285 0 0 0 0
Total Project Expenses $ 25,477,431 $ 9,784,591 $ 10,639,000 $ 10,899,000 $ 260,000
Reserves,Debt Service and Other Obligations
Debt Service Cost $ 8,533,119 $ 7,074,060 $ 10,550,000 $ 21,678,000 $ 11,128,000
City Debt Service-Lincoln Rd Project 825,000 832,000 806,000 0 (806,000)
City Debt Service-Bass Museum 547,000 548,000 516,000 0 (516,000)
Reserve for County Admin Fee 238,767 242,971 284,000 333,000 49,000
Reserve for CMB Contribution 297,607 300,807 347,000 407,000 60,000
Reserve for Children's Trust Contribution 1,698,337 1,842,210 2,152,000 2,528,000 376,000
Reserve Debt Service/Contingency 0 0 17,723,000 14,923,000 (2,800,000)
Total Reserves,Debt Service and Other Obligations $ 12,139,829 $ 10,840,048 $ 32,378,000 $ 39,869,000 $ 7,491,000
TOTAL EXPENSES AND OBLIGATIONS $ 39,013,275 $ 22,167,695 $ 44,240,000 $ 51,921,000 $ 7,681,000
SURPLUS/(DEFICIT) $ 4,534,865 $ 16,013,103 $ 0 $ 0 $ 0
Page 680 of 692
Proposed FY 2016/17 Anchor Shops and Parking Garage Operating Budget
Anchor Parking e 1 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 Variance
Revenues: Actual Actual Adopted Proposed From FY 15/16
Revenue Area $ 413,510 $ 389,992 $ 402,000 $ 317,000 $ (85,000)
Valet Parking 490,401 574,437 489,000 430,000 (59,000)
Monthly Permits 2,793,989 2,631,829 3,074,000 3,004,000 (70,000)
Attended Parking 45,925 45,720 54,000 43,000 (11,000)
Interest Income 50,055 16,158 61,000 17,000 (44,000)
Misc./Other 0 0 0 0 0
Fund Balance-Retained Earnings
TOTAL REVENUES $ 3,793,880 $ 3,658,135 $ 4,080,000 $ 3,811,000 $ (269,000)
Operating Expenses:
Salaries& Benefits $ 0 $ 0 $ 0 $ 0 $ 0
Operating Expenses 2,627,351 2,803,205 3,881,000 3,613,000 (268,000)
Internal Services 194,696 266,582 199,000 198,000 (1,000)
Capital 0 0 0 0 0
TOTAL EXPENSES $ 2,822,047 $ 3,069,788 $ 4,080,000 $ 3,811,000 $ (269,000)
Revenues Less Expenditures $ 971,833 $ 588,347 $ 0 $ 0 $ (0)
Anchor Shops 11 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 Variance
Revenues: Actual Actual Adopted Proposed From FY 15/16
Retail Leasing $ 829,924 $ 754,327 $ 792,000 $ 1,100,000 $ 308,000
Capital&Maintenance 15,597 27,209 25,000 154,000 129,000
Interest earned 29,629 29,500 30,000 30,000 0
Miscellaneous 385 0 0 0 0
TOTAL REVENUES $ 875,534 $ 811,036 $ 847,000 $ 1,284,000 $ 437,000
Operating Expenses:
Salaries& Benefits $ 0 $ 0 $ 0 $ 0 $ 0
Operating Expenses 89,628 75,453 791,000 929,000 138,000
Internal Services 20,000 24,000 56,000 55,000 (1,000)
Capital - 300,000 300,000
TOTAL EXPENSES $ 109,628 $ 99,453 $ 847,000 $ 1,284,000 $ 437,000
Revenues Less Expenditures $ 765,906 $ 711,583 $ 0 $ 0 $ 0
COMBINED REVENUES-EXPENSES $ 1,737,739 $ 1,299,931 $ 0 $ 0 $ 0
Page 681 of 692
Proposed FY 2016/17 Pennsylvania Ave Shops and Garage Operating Budget
Pennsylvania Parking Garage g A y FY 2013/14 FY 2014/15 FY 2015116 FY 2016/17 Variance
Revenues: Actual Actual Adopted Proposed From FY 15/16
Transient $ 631,358 $ 652,296 $ 841,000 $ 610,000 $ (231,000)
Monthly 180,091 187,422 267,000 272,000 5,000
Miscellaneous 1,473 196 0 0 0
Interest Income 2,983 4,273 3,000 3,000 0
Transfer In from RDA(Garage) 142,765 96,198 47,000 334,000 287,000
Retained Earnings 0 0 0 0 -
TOTAL REVENUES $ 958,670 $ 940,385 $ 1,158,000 $ 1,219,000 $ 61,000
Operating Expenses:
Salaries& Benefits $ 0 $ 0 $ 0 $ 0 $ 0
Operating Expenses 957,354 940,385 1,158,000 1,219,000 61,000
Internal Services 0 23,059 0 0 0
Capital 0 0 0 0 0
TOTAL EXPENSES $ 957,354 $ 963,445 $ 1,158,000 $ 1,219,000 $ 61,000
Revenues Less Expenditures $ 1,316 $ (23,059) $ 0 $ 0 $ (0)
4' Pennsylvania Shops FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 Variance
Revenues: Actual Actual Adopted Proposed From FY 15/16
Retail Leasing $ 461,374 $ 103,676 $ 0 $ 0 $ 0
Capital&Maintenance 75,969 27,643 0 0 0
Interest earned 312 790 1,000 0 (1,000)
Miscellaneous 120,520 0 0 0 0
Prior Years'Adjustment 70,563 0 0 0 0
Transfers In 283,500 0 526,000 389,000 (137,000)
TOTAL REVENUES $ 1,012,239 $ 132,108 $ 527,000 $ 389,000 $ (138,000)
Operating Expenses:
Salaries& Benefits $ 0 $ 0 $ 0 $ 0 $ 0
Operating Expenses 352,891 360,107 527,000 389,000 (138,000)
Internal Services 0 0 0 0 0
Capital 0 0 0 0 0
TOTAL EXPENSES $ 352,891 $ 360,107 $ 527,000 $ 389,000 $ (138,000)
Revenues Less Expenditures $ 659,348 $ (227,999) $ 0 $ 0 $ (0)
COMBINED REVENUES-EXPENSES $ 660,664 $ (251,058) $ 0 $ 0 $ (0)
Page 682 of 692