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3- Meeting Minutes 5-24-23 General Obligation Bond Oversight Committee City of Miami Beach MEETING MINUTES No. 40 May 24, 2023 Members in Attendance Via Zoom: Karen Rivo, Chair Jack Glottmann, Vice-Chair Scott Needelman Jason Koslowe Dana Martorella Adam Kravitz Carolina Jones David Grieser Bruce Carter Laura Veitia Michael DeFilippi Absent: Dennis Scholl Susan Askew Staff and Guests Attendance: Maria Hernandez, Liaison Devin Ramirez Thais Vieira David Martinez Jason Greene Alex Denis Eric Carpenter Roland Aragunde Chief Abello Allison Novack Ander Alvarez Ayanna DaCosta-Earle Christina Ortega Elizabeth Carrino Elizabeth Estevez Elizabeth Miro Francys Vallecillo Frank Garcia Jose Del Risco Kevin Pulido Krystal Dobbins Lindsay Precht Lissette Arrogante Luis Wong Mark Taxis Matthew LePera Justin Karr Rickelle Williams Virgil Fernandez Jani Singer Daniel Ciraldo Michael Rossi John Shumaker Ximena Caminos Jean Ortega Natalie Burns Meeting Start Time: 4:30 pm General Notes: These meeting minutes are condensed and seek to capture the overall intent of discussions as interpreted by the meeting coordinator. Each paragraph indicates the time on the audio recording where the discussion commenced during the meeting. For more detail on the discussion, please refer to the audio recording in its entirety. All current and past meeting materials including agendas, handouts, minutes, presentations, and audio recordings are available by visiting: www.GOMBInfo.com/OversightCommittee/Meeting Records. G.O. Bond Oversight Committee Meeting Minutes No. 40 May 24, 2023 Page 2 of 5 I. Roll Call and Introductions (Refer to the Meeting Audio Recording on the G.O. Bond Website.) 0:15 Chair Karen Rivo called the meeting to order. Roll call was completed. 3:10 Chair Karen Rivo asked a few members to introduce themselves. Dana Martorella, Jack Glottmann, and Carolina Jones introduced themselves. II. Committee Business Adoption of Meeting Minutes from 4-20-23 8:30 Chair Karen Rivo asked for a motion to approve the April 20th meeting minutes. Motion: 8:39 Jack Glottmann made a motion to approve the minutes as presented. 8:43 Scott Needelman seconded the motion. Motion passed unanimously. Appointment of Vice-Chair 8:48 Jack Glottmann nominated himself as Vice-Chair. Nomination approved. III. Community Outreach Upcoming and Recent Past Public Meetings (Refer to pages 2-4 of the Agenda & Handouts Packet on the G.O. Bond website.) 10:42 Kevin Pulido discussed the Items Related to G.O. Bond Program Projects, found on pages 2-4 of the Agenda & Handouts Packet. He reported that the City hosted a ribbon cutting for Brittany Bay Park on May 19th. For more information and pictures, click on the GO BLOG tab on the G.O. Bond Website. Discussion continued. 2018 Bonds IV. Cash Flow Update (Refer to pages 5-7 of the Agenda & Handouts Packet on the G.O. Bond website.) 17:18 Thais Vieira reminded the Committee Members that the 2018 G.O. Bond was divided into 3 categories, within 3 tranches. Currently, the Program is in the fourth year of the first tranche. Before Staff can issue Tranche 2 bonds, 85% of the funds must be spent from Tranche 1. Every 6 months Staff performs this exercise in order to project cash flows in each bond category – Parks, Infrastructure and Public Safety. Staff is projecting the issuance of Tranche 2 bonds for both the Parks and Infrastructure Categories to be April 2025, which is a 4-month shift from when Staff reported in November 2022. The reasons for the delays are found on page 5 and 6, under Main Drivers. Staff is projecting the issuance of Tranche 2 bonds in the Public Safety Category to be G.O. Bond Oversight Committee Meeting Minutes No. 40 May 24, 2023 Page 3 of 5 March 2025, which is a 7-month shift from where Staff reported it in November 2022. The reasons for the delays are found on page 7, under Main Drivers. 24:15 Jack Glottmann asked if each category must spend 85% of the funds separately in order to issue Tranche 2 bonds. 24:24 Thais Vieira explained that each category must spend 85% of the allocated funds individually. Discussion continued. 33:12 Eric Carpenter reported that Staff has seen a 50-60% escalation of construction costs in the last 3-5 years, forcing Staff to rework many of the capital budget projections on all of the large- scale capital projects. Explanation continued. V. Program General Status Update (Refer to pages 8-16 of the Agenda & Handouts Packet on the G.O. Bond website.) 42:36 Maria Hernandez reported that currently 98% of all Tranche 1 projects are either complete or active, with 54% of all Tranche 1 funds being spent or encumbered. Out of the 88 sub-projects, 43 are complete and 11 are in construction. There are 3 sub-projects that are in a bidding/awarded phase, which totals to $17.9M. By the 3rd quarter of this year, there will be an additional 27% of funds in the construction phase. Explanation continued. VI. 2018 Bonds Projects Update (Refer to pages 17-22 of the Agenda & Handout Packet on the G.O. Bond website.) #1 72 St. Community Complex 51:44 David Martinez reminded the Members that the Commission selected Wannemacher Jensen as the Design Consultant on April 28th. Staff received the first draft proposal and a meeting was held to review it, where Staff provided comments to the firm. The Construction Manager at Risk firm is scheduled for approval by the City Commission on June 28th. #15 Bayshore Park/Par 3 1:02:14 David Martinez reported that the Administration is expecting to receive the executed contract with bonds and insurance the week of May 30th. If no modifications are made to the contract, Staff is expecting to break ground this summer. #31 Ocean Drive Corridor & #8 Lummus Park 1:04:00 David Martinez reported that the contract is currently being circulated throughout the City for final execution. Before the design phase, traffic studies will need to be done to analyze G.O. Bond Oversight Committee Meeting Minutes No. 40 May 24, 2023 Page 4 of 5 almost every intersection from Ocean Drive to Washington Avenue. Once the traffic studies are completed, Lummus Park and Ocean Drive will be master planned. Once the master plan has been vetted by residents and approved by the City Commission, the design phase will begin. #5 Flamingo Park Master Plan 1:08:47 David Martinez reported that Staff is expecting to begin procurement for the historic lodge in June and projecting construction to begin early 2024. Once the temporary daycare is completed at the end of this year, the construction of the butterfly garden will commence. Additional needs for the park have been requested since the original scope was created in 2018, such as additional trees and the revision of fence heights. Although these needs have caused Staff to slightly revise the plan, these additions will make for a better park. Construction of the softball field is now expected to begin in the Summer of 2024. Construction of the baseball field will follow completion of the softball field. Staff has made it a priority to schedule construction of the fields during the offseason, in order to minimize disruption to the baseball program. Explanation continued. VII. Public Comment 1:18:30 Chair Karen Rivo asked if anyone from the public has any questions. No one spoke. G.O. Bonds for Arts & Culture VIII. G.O. Bonds for Arts & Culture Update (Refer to pages 23-30 of the Agenda & Handout Packet on the G.O. Bond website.) Tranche 1 Recommendation and Approval, Revised Grant Agreement, Public Benefits 1:18:55 Maria Hernandez reported that all three of the G.O. Bond for Arts & Culture agenda items that were discussed at the April 20th Committee Meeting were approved at the April 28th City Commission Meeting. Refer to Resolutions No. 2023-32592, 2023-32593, and 2023-32594 found on pages 23-29 of the Agenda & Handout Packet. Bond Issuance 1:20:44 Maria Hernandez reported that the first reading public hearing for the issuance of the bonds was approved at the May 17th City Commission meeting. Next Steps 1:21:52 Maria Hernandez reported that Staff has been working with several City-owned cultural institutions who have requested grants for projects focused, specifically, on technology-based scopes of work. Refer to the revised General Workplan draft on page 30 showing the proposed grant amounts. Staff will be presenting this updated work plan at the June 28th City Commission Meeting for approval of the additional Grantees and grant amounts. The second reading, public hearing, of the issuance of the bonds will also be heard at the June 28th City Commission Meeting. G.O. Bond Oversight Committee Meeting Minutes No. 40 May 24, 2023 Page 5 of 5 Finally, Staff is also currently preparing an Amendment to the grant agreement which facilitates the advancement of funds to the individual Grantees, allowing the prompt commencement of grant projects once the funding is in place. Explanation continued. 1:29:40 Chair Karen Rivo asked Maria Hernandez to speak on Item 10 at the May 24th FERC meeting regarding a discussion on budgeting for the production of a documentary to highlight the Arts & Culture G.O. Bond. 1:29:54 Maria Hernandez reported that Commissioner Arriola is interested in filming a documentary on the Arts & Culture G.O. Bond. This two-part documentary will highlight the Yes 2 Arts campaign and all the participating facilities. Maybe the Marketing and Communications Department can speak more on the documentary at a later meeting. IX. Public Comment 1:32:59 Chair Karen Rivo asked if anyone from the public has any questions. No one spoke. X. Adjournment 1:33:00 Meeting adjourned.