436-2002 RDA Reso

8/15/2019 436-2002 RDA Reso

1/16

8/15/2019 436-2002 RDA Reso

2/16

Miami

Beach

R e d e v e l o p m e n t

A g e n c y

Proposed

Budget

FY

2 0 0 2 1 0 3

Cty

Cener

e d e v e l o p m e n t

Aea

e v e n u e s

and

Oher

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Deb

Const r uct i on

S o u r c e s

o

I n c o m e

Fund

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0 $

$

0

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eries

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Funds $

0 $

0 $4

73,

075

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Funds $

0

5

86,

319

Tax

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Cty $7

00

204 $

0 $

0

Tax

n c r e m e n t -

County $

5

959

764$

5

5 9 ,

764 $

0

0%

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from

Resort

Tax (

1%

00,

000 $

0

Ineres

n c o m e $

0

169

910

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Ren

Revenue $

500,

000 $

0 $

0

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Palm

Gound

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90,

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0

0

nchor

Garage

O p e r a t io n s (

1 $

1

50,

000 $

0

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2 $

86,

816 $

0

ther

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0

68,

650 $

1

50,

725

und

Balance

a r r y o v e r $

0 $

$

0

otal

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8,

786,

784$

5,

28

414 $

1,

580

029

Operating

D e b t C o n s t r u c t i o n

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E x p e n s e s

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fee

4 1 4 ,

000

d v e r t is i n g &

r o m o t i o n

3

00

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ailing

3

00

r i n t i n g

3

0 0

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supp l ies &

e q u i p m e n t

5

00

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c o n f e r e n c e s

2

00

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00

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elated

f e e s

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0 $

0

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prop

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25

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gt

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e l a t e d

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00

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oherUtility

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IP

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3

80

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Toa

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Costs: $

8/15/2019 436-2002 RDA Reso

3/16

RDA

City

Center -

10EAR B U D G E T -

2003-

2013

RDA

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y.,

nd

2 0 0 2

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11

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13

OPERATIONS

1ncIor

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5

70

586

818

586

818

586,

818

849

759

892.

119

892.

119

692,

119

692,

119

692

119

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8/15/2019 436-2002 RDA Reso

4/16

2 0 1 3

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ElW.

F

SUBTOTAL

RDA

Projected

Total

nt

2002

P r o j e c t e dTAX

N C R E M E N T

F U N DTAX

R O J E C T I O N S -

U p d a t e d

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r o j e c t e d

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yment

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292,

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8/15/2019 436-2002 RDA Reso

6/16

TOTAL

FUTURE

INCREMENT

DELTA)

DESCRIPTION

OF

ASSESSMENT

Renovations

City

Center-

TIF

PROJECTIONS

9

10

2002

C u r r e n t

A s a e l l s e d

Vaue

pe

Unt

NIW

C o n d o

Unils

C o n d o

Unts

New

Unts

FFECT

OLL

ormulau r r e n t

nts

Assess

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P R O J E C T

5 1 0 ,

000

O p e n e d

ths

year

2 2 8

od

uni ts

@

13270;

99llW

un i ts

@

180

000(

ounded

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154

18

462

per

unit

r o u n d e d )

22 6

units

Into

32 5

unt; $

25

m il r e n o

700,00 0

65

2 0 0 1 -

2

2001

2000

Town

House34

375,

000

2

616,

25 0

65%

o

p r e d i c t e d

9

000(

23,

000

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marke t

valu e

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per

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quare

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per

sq

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0,619

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000

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03

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2002

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2001

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c o n d o

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unts

into550

h o t e l /

350

condo; $

100m

en o

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000

000

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@$

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50 ,

00087,

1 5 0 ,

00 0

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581

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03

2 0 0 2

2001

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Palace

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000

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standard

30%

r e n o v a t i o n 335

unils

i n t o

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fo

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q u a r e

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000

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374

424

8/15/2019 436-2002 RDA Reso

7/16

MIAMI

BEACH

REDEVELOPMENT

AGENCY

Proposed

Budget

02103

South

Pone


Aea

O p e r a t i n g

Fund

Operating

Expenses

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dvertising &

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Fee

r o f e s s i o n a l &

e late d

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i s c e l l a n e o u s

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Operating

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a s h i n g t o n

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RDA

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EAR

B U D G E T -

2003-

2013

RDA

South Polnte

YEAR

END

2002

2004

2 0 0 5

2006

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2013

T O T A L

6

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8/15/2019 436-2002 RDA Reso

11/16

8/15/2019 436-2002 RDA Reso

12/16

REDEVELOPMENT

AGENCY

COMMISSION

ITEM

SUMMARY

Condensed

Title:

Aresolution

of

the

Chairman

and

Members

of

the

Miami

Beach

Redevelopment

Agency

adopting

operating

and

capital

budgets

for South

Pointe

and

City

Center

Redevelopment

Areas

for

Fiscal

Years

2002/

03

Issue:

The

r o p o s e d

b u d g e t s

foouth

P o i n t e

and

Cty

enter R e d e v e l o p m e n t Areas

fo

Fiscal

Year

02

3

have

been

p r e p a r e dto

c o i n c i d e

wth

the

v e r a l l

City

budget

process,

n d

ae

e i n g

p r e s e n t e d

to

assst

in

r o v i d i n g

ao m p r e h e n s i v e

overview

o

the

tw

d i s t r i c t s .

Item

S u m m a r y /

R e c o m m e n d a t i o n :

In

order

to

d d r e s s

the

x i s t i n g

and future

obligations

in

h e tw o

Redevelopment

Areas,

it

is

e c o m m e n d e d

that

the


Agency

adopt

the

ttached

reso lut ion

w h i c h

e s t a b l i s h e s

operating

b u d g e t s

for

South

Pone

and ity

C e n t e r


Areas

fo

F Y

2 0 0 2 /

03

dvsory

Board

R e c o m m e n d a t i o n :

IN

A

inancial

I n f o r m a t i o n :

S o u r c e

o

u n d s :D

i n a n c e

Dept.

C

Clerk

sOfice

Le

s l a t i v e

Trackin :

Christina

M

C u e r v o /

Ken

O

Bonde

l e x a n d r a

R o l a n d e l l i

T\

G E N D A I 2 0 0 2 \

SEP2502\

R D A I R D A B u d g e t

S U M .

8/15/2019 436-2002 RDA Reso

13/16

CITY

OF

MIAMI BEACH

CITY

HALL

1700

O N V E N T I O N

C E N T E R

DRIVE MIAMI BEACH,

FL O R IDA 3 3 1 3 9 www.

c.

i a m i - b e a c h .

f1s

EDEVELOPMENT

A G E N C Y

M E M O R A N D U M

F r o m : Chairman

a n d

M e m b e r s

o

the

Date:

e p t e m b e r 2 6 ,

2002

iami

B e a c h


Agency

Joge

G o n z a l e z , . . . /Execuive

i r e c t o r0"""~A

E S O L U T I O N

O

H E

C H A I R M A N

AND

M E M B E R S

O

HE

MAMBEACH

E D E V E L O P M E N T

AGENCY ADOPTING

O P E R A T I N G

AND

CAPITAL

B U D G E T S

FOR

SOUTH

PONTE

NDITY

CENTER

R E D E V E L O P M E N T

A R E A S

FOR

FSCAL

YEARS

2002/

03.

To

Subect:

A D M I N I S T R A T I O N

R E C O M M E N D A T I O N :

Adopt

the

R e s o l u t i o n . A N A L Y S I S

The

p r o p o s e d

budgets

fo

outh P o i n t e and

City

C e n t e r


Areas

fo r

Fsca

Year 02

03

av e

been

prepared

to

o i n c i d e

wth

theveral l

C i t y budget

p r o c e s s ,

and

re

beng

resented

today

to

asss

in

roviding

ao m p r e h e n s i v e

overview

o f t h e

two

districts.

Cty

e n t e r

The

tax

n c r e m e n t

in

ity

Center

c o n t i n u e s

to

ow

teadily as

new

hotel,

e s i d e n t i a l

a n d

c o m m e r c i a l

d e v e l o p m e n t s

c o m eon

line

Ths

r e n d

is

u p p o r t e d by

an e s t i m a t e d

17.

3

percent

increase

in

r o p e r t y

v a l u e s

fo

FY

001/

02

nd an

s t i m a t e d 11

4erc en t

i n c r e a s e

fo

FY

0 0 2 /

03

Tax

ncrement

F i n a n c i n g ( TIF) through

the

sae

obonds

a s

b e e n

a

ajor

t o o l

for f i na nc ing

r e d e v e l o p m e n t

activi t ies.

To

ate,

three

bond

ssues

have

o c c u r r e d

in

C i t y C e n t e r :one

n

1994

f o r $

25mon

to

c q u i r e

land

fo

he

o t e l

d e v e l o p m e n t

initiative;

onein

1996,

in

he

amount

o $

3

2

m i l l i o n to

fund

o n t r a c t u a l

o b l i g a t i o n s

a n d

capital

i m p r o v e m e n t s

reated

tohe

L o e w s

Hoe

and

African-

A m e r i c a n

Hoe

projects;

and,

ne

in

1998,

in

the

a m o u n t

o $

8.

2

i l l i o n

to

i n a n c e

c a p i t a l

e x p e n d i t u r e s

related

to

he

onvention

hotel

p ro je cts ,the

u l t u r a l C a m p u s

projectand

o

repay

the $21.

5

i l l ion

d e b t

o b l i g a t i o n

to

h e

City.When

the

ond

i s s u e s

were

done

nitial ly,

R e s o r t

Tax

was

used

as

a

s e c o n d a r y

p l e d g e to

pay

the

debt

service.

Due

to

t e a d y

i n c r e a s e

inax

i n c r e m e n t

coupled

with

the

n c o m e

s t r e a m

from

the

o e w s

Hoe

ground

lease

and

o p e r a t i o n

o

the

n c h o r

S h o p s

and

P a r k i n g ,

the

D A

has

8/15/2019 436-2002 RDA Reso

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September

25

002

C o m m i s s i o n

M e m o r a n d u m

RDA-

Cty

enter


B u d g e t

Page

20'

4

002/

03

Cty

Center

wll

pay

p p r o x i m a t e l y $

3

4

illion

a n n u a l l y

towards

capital

coss

fo

i n c o l n

Road,

whch

ls o

i n c l u d e s

interest,

a l c u l a t e d

a g a i n s ta

rincipal

a m ount

o $

1.

5

i l l i o n , (b o r r o w e d

from

the

Guf

Breeze

Loan

oo l ) .

City

Center

will also

b e g i n

a s s u m i n g

debt

service

p a y m e n t s

on

he

p o r t i o n

o

the

Guf

r e e z e

oan

sed

to

ay

fo

he

ass

M u s e u m

expansion

and

e n o v a t i o n .

T h e s e

p a y m e n t s

were

p r e v i o u s l y

made

from

ater,

s e w e r , sorm

a t e r ,

g as

and

e s o r t

tax

r o c e e d s .

Additional ly,

TF

wll

o n t i n u e

tobe

utilized

to

d d r e s s

much

n e e d e d

i n f ras t ruc ture


in

the

area,

i n c l u d i n g

but

no

imited

to

t r e e t s c a p e

l a n d s c a p i n g

and

a r k i n g . On-

going

and

planned

capta

r o j e c t s

inCty

Center

fo

FY

0 0 2 /

03

n c l u d e

the

fo l lowing:

Construct ion

of

the

Mam

Beach

Regional

L i b r a r y

and

renov a t ion

o

the

Lbay

o t u n d a

aubc

r o g r a m m e d

s p a c e .

Renovation

o

the

historic

Co l o n y

T h e a t e r I m p l e m e n t a t i o n

and

o n s t r u c t i o n

c o o r d i n a t i o n

o

he

eachwalk

p r o j e c t ,

c o n n e c t i n g L u m m u s

P a r k

wth

he

termnus

o

he

e x i s t i n g w o o d e n

b o a r d w a l k

a

3 r d

S t r e e t .

Im~

l e m e n t a t i o n

and

o n s t r u c t i o n

c o o r d i n a t i o no

he

s t r e e t -

e n d i m p r o v e m e n t s

to

17,

8th

and

20h

treets,

to

e

u n d e r t a k e n

as

part

o

and

n

c o n j u n c t i o n

wth

the

e a c h w a l k

p r o j e c t .

N e g o t i a t i o n

o

erms

fo

ease

and


o

7th

Street

s u r f a c e

los

o r

N e w

W o r ld

S y m p h o n y ,

open

space

park

and p a r k i n g

f a c i l i t y .

Planning

and

e s i g n

of

the

ty

Hal

x p a n s i o n

parkng

garage,

the

P

o

parking

g a r a g e

and

the

C o n v e n t i o n

Center

e xp an s io n

facility

A d m i n i s t e r i n g

m a n a g e m e n t ,


andlor

lease

a g r e e m e n t s

in

o n n e c t i o n

with

the

ol l owing

e n t i t i e s :

Loews

Hoe

Royal

Palm

C r o w n e

P l a z a

Hote

Anchor

Shops

and P a r k i n g

Garage

The

i n c o l n L i n c o l n

Pace

DLdo

Mam

Cty

a l l e t

C o o r d i n a t i n g

with

CP

on

planning,

budgeting

fo r

and

i m p l e m e n t i n g

i n f r a s t r u c t u r e


t h r o u g h o u t

Cty

Center.

On

October

10,

002,

the

r o p o s e d

A m e n d m e n t toh e

Cty

e n t e r

M a s t e r

Plan,

h i c h

i nc l udes

the

y s c o v i c h

Plan

and

o m m u n i t y

Policing

e l e m e n t s ,

will

be

r e s e n t e d

to

the

Board

o

o u n t y

C o m m i s s i o n e r s

fo

ina

8/15/2019 436-2002 RDA Reso

15/16

September

25

002

C o m m i s s i o n

M e m o r a n d u m

RDA-

Cty

enter


Budget

Page

3 0(

4

outh

Pointe

In

outh

o i n t e ,

p r o p e r t y

vaues

x p e r i e n c e d

a

14.

7

p e r c e n t

increase

in

FY

001

02,

s

new luxury

r e s i d e n t i a l

a n d

c o m m e r c i a l

p r o p e r t i e s

such

asthe

Y a c h t

Club

a

o r t o f i n o

have

o m e

on

l i n e .In

Y

2002/

03

alues

are

p r o j e c t e d

to

n c r e a s e

by

p p r o x i m a t e l y

9ercent ,

s i n c e

a d d i t i o n a l

projects

are

no

a n t i c i p a t e d

to

mpact

the

tax

oles

until

the

f o l l o w i n g

year,

such

as

the

Murano

a n d

P or t o f ino

real

proects

On-

g o i n g

p r o j e c t s s h a p i n g

the

rea include

a$

0 million

s t r e e t s c a p e

i m p r o v e m e n t

p r o j e c t

fo

the

outh

Pone

A r e a ,

b a s e d

on

a

aster

Pan

by

u a n y

P l a t e r

Z y b e r k

and

n d o r s e d

by

he

South

P o i n t e

A dv isory

Board;

b u i l d -

ou

o

the

iami

B e a c h

M a r in a (

SSD

North

and

o u t h

parcels)

and

e v e r a l

other

p r o p e r t i e s

o w n e d

by

he

P o r t o f i n o Group,

i n c l u d i n g

the

o r t o f i n o

Tower,

he

Y a c h t

Club

a

o r t o f i n o

and the

u r a n o ;

the

lanning

and

e v e l o p m e n t

o

he

fina

phases

of

the

ourts

and

C o s m o p o l i t a n

P r o j e c t (

f o r m e r l y

the

C o u r t s

o

outh

Beach),

by

G r o u p e

Paci f i c ;

and

the

frs

hase

of

the

o n t i n u u m

Proect.

Durng

h e

next

fiscal

yea,

he


Agency

will

u n d e r t a k e the

o l low i ng

i n i t i a t i v e s

in

o u t h

Pointe:


design

and


o

he

S o u t h Pone

ibrary

on

h e

2 0 0

b l o c k

o

ton

o a d .

W o r k in g

wth

CP

to

on t i nue

wth

Phase

II

o

he

t r e e t s c a p e


in

th e

aea

ncludng

e w

water,

storm

waer

and

r a i n a g e ,

sys te ms,

milling

and

surfacing

ofroadways,o n s t r u c t i o n

o

ew

i d e w a l k s ,

l a n d s c a p i n g ,

irrigation

a n d

new

sreet

lighting.


the

consructon

f t h e

C o m m u n i t y

Garden

on

he

200

bock

o

o l l i n s

A v e n u e .

C o n t i n u e

c o o r d i n a t i n g

the

o u r t s l C o s m o p o l i t a n

of

South

B e a c h

project

and

related

s t r e e t s c a p e s .


wth

CIP

and

he

a r k s D e p a r t m e n t

to

p d a t e

and

m p l e m e n t th e

South

Pointe

Park

M a s t e r Pan

R e c o n s t r u c t i n g /

r e p a i r i n g

the

Souh

o i n t e

Pe

o o r d i n a t i n g

G

O

Bond

p r o j e c t s

w i t h i n

the

istrict,

n c l u d i n g

th e

design,

c o n s t r u c t i o n

and

n s t a l l a t i o n

o

an

t

iece

fo r

the

ashington

Avenue

3rd

S t r e e t

Plaza.

a c i l i t a t i n g

and

c o o r d i n a t i n g


a c t i v i t i e s reaedo

Murano

G r a n d e ,

Phases

I

and

II,

ncluding

bu

not

l i m i t e d

to

he

r e l o c a t i o n

o

pub l i c

utility

lines

from

the

SSD

o r t h

p a r c e l ino

the

u b l i c

right-

o-

ay

aong

the

arina

a n d

the

r e s t o r a t i o n l r e h a b i l i t a t i o n

o

the

seawall

a l o n g

the

a r i n a

a n d the

e m p o r a r y

pedestrian

b a y w a l k

a

he

SSD-

North

parcel.

F a c i l i t a t i n g

the


o

a

o o s t e r

pum

saion

onAon

o a d ,

c u r r e n t l y

under

design

by

D M

E n g i n e e r i n g

and

Z y s c o v i c h ,

8/15/2019 436-2002 RDA Reso

16/16

September

25

002

C o m m i s s i o n

M e m o r a n d u m

RDA-

Cty

enter


B u d g e t Page

4

0

tshoud

be

o t e d

tha

in

c c o r d a n c e

wth

the

Interlocal

A g r e e m e n t

b e t w e e n

M i a m i

D a d e

County

and

the

ty

o

iami

B e a c h ,

a d m i n i s t r a t i v e

c o s t s

remain

c a p p e d

a $

00

000

n

ity C e n t e r .

In

o u t h

Pointe,

d m i n i s t r a t i v e

c os ts

have

e e n

r educ ed

by

3

percent

from

las

e a r 's

budget,

from $

818,

430

to$

93

430

Proposed

C a p i t a l

expend i tures

in

bohdistricts

are

based

on

anticipated/

projected

c o s t s

a s s o c i a t e d

wth

completng

c e r t a i n

exist ing

p r o j e c t s and

n d e r t a k i n g

new

e v e l o p m e n t

activity

in

h e area.

R e c o m m e n d a t i o n

In

rder

to

a d d r e s s

the

x i s t i n g

and

fuure

b l i g a t i o n s

in

he

two


Areas,

it

s

e c o m m e n d e d

that

the


A g e n c y

a d o p t

the

attached

esolut ion

w h i c h

e s t a b l i s h e s

o p e r a t i n g b u d g e t s

for

South

P o i n t e

an d C i t y C e n t e r


Aeas

fo

FY

002/

03

436-2002 RDA Reso

Documents

Transcript of 436-2002 RDA Reso