ExpendRures & Transfers: Construction Project

Costs:MIAMI
BEACH REDEVELOPMENT AGENCY Proposed

Revenues and other

Sources of Income

BUdget

00101

Center

Redevelopment

City

Area

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

Net income (1)
Anchor Shops Lease
Revenue ( 2)
Operating

Garage

Transfers In

Fund Balance

Operating

Debt

Fund

Service

Carryover:Total
Revenue: Operating
Expenses: Management Fee

Advertising & Promotion

Debt
Service Cost
Postage &
Mailing Printing
Office
Supplies &
Equipment Meetings &
Conferences
Dues Subscri
& ptions
Aud~
Fee
Professional &Related
Miscellaneous

Expenses

Operating

Total

Expenses: other

Costs:Property

Operating

Tax Anchor
-

Garage Sales

Garage Total
Transfer

Fees

Tax Anchor
-

other Operating Costs:

to

Debt
-Svc

Fund Transfer County

TIF to -Debt Svc Fund

to Resort
Tax for repayment of

Transfer

loan: Transfer
Construction

to

Fund Total

0 0
$0
$
00

$
2,
$
$ 8,
933,443
$
388,600 0 0
5,
253,
210 0
$
0
$
4,
024,
596 4,
$

024, 596

0 1, 877.
$
500 0
$
45,000

310,

000 0
$

500,000

0
$ 0
$
220, 000 $

Construction
Fund

MIAMI BEACH REDEVELOPMENT AGENCY

Proposed Budget
00101 South Pointe Redevelopment

Area Revenues and

Construction Sources of

other

Operating

Debt

Income

Fund

Service

Fund Fund

Balance
Carryover: South Pointe
Streetscape $0
0 3,
$
363,
170 Pari<
improvements $

0 0$ $

192, 000
1,
Tax increment ~
742,
City 4,
$
0
$
612 0
$
Tax increment -County $
638,
3,

638 0
$

638 $

3,

638,

Marina

Rental $

120,

000 0$ $
Portolino
0
$
Local Impacts 92,

0
$
000 $
0
Interest Income $ 100,
46,
000 $
788 $
0
$
Operating Transfers In
0 4,
$

261,182

073,
7,

827
Capital

Project Funds

Fund Balance
0
$ $
Total
00$
$ Revenue: $8,
Carryover 0
$

00

693,250 $7,
946,

608 1
$
1,628,

997 Operating
Debt Construction
Expenses:
Fund Service Fund Management
Fee 414,
$
$
000 0
$0

Operating

Advertising &Promotion $3,

000

Debt
0 0
$

Service Cost

781 $ 0
0 872,
$
Postage &Mailing $2, 500
$
0

$
0 Printing

2,
500
0

0
$

Office

Supplies Equipment
& $ 4,

430 0$ $

$
$

MIAMI BEACH REDEVELOPMENT AGENCY

Proposed Budget
00101 City Center Redevelopment

Area Revenues and

other

Construction Sources of

Income

Operating
Fund

Debt
Service

Fund Opening
Balance: Debt Service
Reserve (96
Series Bonds) 0
$
$ $
0
0 96B Series Bond funds $
00
$

2, 388,
$

600 98

A&

B Series Bond funds $

0 0$
$
700,000 Tax Increment -

y 5,
$
253.
C~

210 0
$
0 Tax
$
Increment - County $ 4.
123,
123,
856 4.
$
856 0
$

Contribution

from Resort

Tax (
500 $

1,
877,
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 $
00
$
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
Operating
Service Fund Management

Construction

Expenses: Fund

Fee

414,
$ 000

0 Adver
tising & Promotion $3,
000 0
$
$

0
Service

Debt
Cost $0 $
9,

076,216

$Postage &
0

Mailing $
3,

$ 000 0
$ 0
000 $ 0 0 Printing $3,
$
$
Office
Supplies &Equipment $5,
000 0
$ 0
Meetings &Conferences $

1 %) 0
$
0
Interest

MIAMI BEACH REDEVELOPMENT AGENCY

Proposed Budget
Pointe Redevelopment

00101 South

Area Revenues and

Other

Operating

Debt

Construction Sources of

Income

Fund

Service

454 $

3,

Marina

Rental $

723,
120,

Fund Fund

Balance
Carryover: South Pointe
Streetseape $0
0 3,
$
363,
170 Pari<
Improvements $

0 0$$
1,
192, 000
Tax increment 742,
Cfty 4,
$
0
612 0
$
$
Tax increment -County $

3,
723,

454 0
$

000
0

0$ $

Portofino

Local Impacts 92,

$

0
$
000 $
0
Interest Income $ 100,
46,
000 $
788 $
0
$
Operating Transfers In
0 4,
$

261,182

7.
158,

643
Capital

Project Funds

00

0
$ $
Fund Balance

Carryover 0
$
00

Total
$ Revenue: $8,
$

778,088 $8,
031,
424 1
$
1,713,
813 Operating

Debt Construction

Operating

Expenses:

Fund Service Fund Management

Fee 414,
$
$
000 0
$0
Advertising &Promotion $3,

000

0 0
$
Debt

Service Cost $
781 $ 0
0 872,
$
Postage &Mailing $2, 500
$
0 0 Printing
$
$
2,
500

0
$

Office

Supplies Equi
&pment $4,

430 0$ $

Miami Beach

Redevelopment Agency
1700 Convention Center
Drive Miami Beach,

Florida
33139

Fax: (

Telephone:305)
(
6737295

305)
7772 REDEVELOPMENT AGENCY MEMORANDUM NO.

673-

r;.
\
00September
27,

TO:Chairman

2000

and Members
the Miami Beach Redevelopment Agency FROM: Jorge Gonzalez \. E~ xecutive Director ~ S~
UBJECT: ~

of

OF
THE
RESOLUTION
CHAIRMAN
AND MEMBERS OF THE MIA1\ 1I BEACH REDEVELOPMENT
A

AGENCY ADOPTING OPERATING BUDGETS

FOR SOUTH

POINTE AND CITY

CENTER REDEVELOPMENT

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
AREAS

being presented today

ar~

to

two years of moderate

Following

assist in providing a comprehensive overview of the two districts. .

growth, the taxable value of property in City Center experienced

maybe
in FY 99/00,The signif cantjwnp in value
attributed to

a 45.5 percent increase

certain new large scale projects

coming

Loews Miami-Beach Hotel,the

Shops

Steps

and

developments
Center Area

Anchor

Ene,including but not limited to

on

and Parking Garage, Il

VilIagio,1500

Ocean

Beach 18- screen movie theater on Lincoln Road. As new hotel, residential and commercial
come on line over the next few years,
the tax increment for the City
is anticipated to grow steadily. This forecasted tr0nd is supported by a
14.
the

South

1 percent increase

in property

the taxable

value of

values projected

property

experienced

0L
moderate 9.
3 percent increase

for
a

FY

00/

forecasted
FY
property values are
01,

00, In
00/

the

by

to

28

In
in FY

increase
percent

South Pointe,

99/

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

years, tax increment funds will become available to address much

few

needed

infrastructure improvements

and parking. During

fol owing projects

in

the area, including but not limited to

the course of the next fiscal year,the RDA will continue to

streetscaping, landscaping

address the

by area:

South
South

Pointe,

Pointe: Implementation and construction coordination of Phase

based on the Master

street improvements in

Plan and design by Duany

Plater Zyberk. Development of a streetscape master plan for the

to be integrated in Phase 3 of the South

blocks between

5th and 6th Streets

Pointe Master
located at

Washington

Plan Coordination and implementation of a sculpture to be installed in the plaza

Avenue and 3rd Street. This is a coordinated effort to tie in the GO Bond project and

Art-

inPublic Places.Coordination of

improvements

and

other obligations as part of the

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
Settlement

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
end
improvements to
17th
library site. Implementation and construction coordination of the streeti
m
pr
o
compl
e
t
e
d
prior
to
commencement
ofthe
to be
Collins Avenue vements

and 18th Streets,

planned

for

the

area. Implementation and construction coordination of

connecting Lummus Park with the

terminus

ofthe existing wooden

23rd Street. Close- out of construction related issues at

the

the Beachwalk

project,

boardwalk at

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

Continuing

such time that

I

to
a

Coordinating
Project.

negotiate leases

and coordinate tenant

contract is awarded to

and

propertylleasing

improvements

in the Anchor

Shops until

manager.

facilitating completion of construction

and

opening of the Royal Palm Crowne

Plaza
I

Coordinating and facilitating the ground-breaking

projects.

and construction of the Lincoln Plaza and

Lincoln Place
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.

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
I

of the

Colony Theater.

It should be noted that in accordance with the Interlocal Agreement between Miami Dade County
500, 000 in City
and the City of Miami Beach, administrative costs remain capped at $

been reduced by 3 percent from last year'

s
793, 430. Proposed Capital
budget, from 818,430 to $
expendituresin both districts are based on anticipated/projected costs associated
Center. In South Pointe, administrative costs have

with

completing certain

undertaking new development activity in

existing projects

and

the area. In order to address these existing and future

Agency adopt the attached resolution which establishes

obligations, it is recommended that the Redevelopment

operating

and

budgets for

City

Center

Redevelopment

South Pointe