301-98 RDA

8/15/2019 301-98 RDA

1/13

RESOLUTION

NO.

3 0 1 -

98

E S O L U T I O NO

HE

CHAIRMAN A N D

M E M E R S

OF

THE

MAM

EACH

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

AGENCY

ADOPTING

M E N D E D

B U D G E T S FOR

THE

O U T H P O I N T E

AND

CTY

ENTER


AREAS

FOR

FSCAL

Y E A R

1997/

98

H E R E A S , the

proposed

b u d g e t s

have

b e e n

p r e p a r e d

to

o i n c i d e

wh

the

v e r a l l

Cty

u d g e t

process;

and

W H E R E A S , the

proposed

b u d g e t s

have

been

m o d i f i e d

from

prior

yeas

to

eflect

a n t i c i p a t e d construct ion

p r o j e c t

costs

ind d i t i o n

to

p e r a t i n g an d

debt

serv ice

costs

for

the

fisca

yeaE

IT

DULY

E S O L V E DBY

H~

H A I R M A N

AND

M E M B E R S

O

HE

I A M I B E A C H


A G E N C Y ,

tha

theBoad

hereby

a d o p t s

the

a m e n d e d

b u d g e t s for

the

South

Pone

nd

it y

Center

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

A r e a s

fo

Fsca

Year1997

8

as

a t t a c h e d .

P A S S E D

AND

D O P T E D t h i s

9h

day

of

September

1 9 9 8 .

V

1

C H A I R M A N

ATTEST:

rP~~

S E C R E T A R Y

T\

G E N D A \

S E P 0 9 9 8 \

RDA

B U D G E T 9 7 ,

RES

APPROVED

A S T O

F O R M &

L N G U G E

FOR

X E C U n O N

A t t a c h m e n t s

f41~~

8/15/2019 301-98 RDA

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MIAMI

BEACH REDEVELOPMENT

AGENCY

Proposed

Budget

FY

97/

98

Cty

e n t e r

R edeve l opmen t

Area R e v e n u e s

and

Other

Operang

Deb

o n s t r u c t i o n Sources o Income Fund

Service

Fund

O p e n i n g B a l a n c e Series 96B

Bond Fund $

0

3

00,

000ax

Increment $

3

067020 $

0

o n t r i b u t i o n

from

R e s o r t Tax (

1%

0,

392,

500 $

0

o n t r i b u t i o n

from Resort Tax(2%

7 5 ,

9980

ontr ibut ion

from GMCVB

0$

00,

000

0

nterest

I n c o m e $

45000

300

00

0

ty

s

neo

Credit to

RDA

0

0

3

690

000

O p e r a t i n g

Transfers

In

2

12

502

0

8

Bond

Issue

Funds (

Series

A&

B

0$

7, 000,0 0 0 Fund B a l a n c e

Car r yove r $

0

0

Toa

Revenue: $

3

1 1 2 ,502

5

98100

54

90,

000

O p e r a t i n g

Debt C o n s t r u c t i o n Operating

Expen s es :

Fund

Servce

Fund

M a n a g e m e n t Fee

414

000

0

dvertising &

P r o m o t i o n $3

00

0

0

Deb

8/15/2019 301-98 RDA

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MIAMI

BEACH REDEVELOPMENT

AGENCY

Proposed

Budget

FY

97

98

Souh

o in te

Redevelopment

Area R e v e n u e s

and

Other Operang

Deb

o n s t r u c t i o n

Sources

o

Income

Fund

S e r v i c e

Fund

Taxncrement $

5

195

059$

0

0

aina

e n t a l

120,

000

0

0

obb

Receivable $

89

667$

0$

nees

Income

42

000

45

00

0

p e r a t i n g

Transfers

In

030

00

0

ap i ta l

Project

Funds

0

0$

3

72

000

Fund

Balance

C a r r y o v e r $

0

0

Total

R e v e n u e : $

5

46

726$

875

000$

3

472

0 0 O p e r a t i n g

Debt

Construc t ion O p e r a t i n g

E x p e n s e s :

Fund

Serv ic e

Fund

anagement

Fee14

000$

0

0

Advertising &

P r o m o t io n $

3

000

0

0

Debervice

Cost

0$

875

00

0

8/15/2019 301-98 RDA

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Miami Beach

Redevelopment

Agency

1700onvention

Center

Drive

Miami

Beach,

l o r i d a

JJ

139

Teephone (

305

673

29 5

F a x : (

305

673-

7772

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

NO.

98

C

S e p t e m b e r

9

1998

TO

C h a i r m a nand

Members

o

the

i a m i

Beach

edeveop

en

gency

FROM

Sergo

R o d r i g u e z

Execut ive

Drector

SUBJECT:A

E S O L U T I O N

APPROVING FSCAL

YEAR

1997/

98S O U T H P O I N T E

A N D

CTY

CENTER

U GETS

A M E N D E D

F R O M THOSE

PREVIOUSLY

M A D E

PART

OF

THE

ITY'

S

997/

98

B U D G E T

D O C U M E N T S

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

Adopt

the

Resolut ion.

B A C K G R O U N D

In

S e p t e m b e r

1 9 9 7 , the


A g e n c y

o p e r a t i n g budgets

for

Cty

e n t e r

and

o u t h

Pone

w e r e presened

as

artof

the

verall

Cty

b u d g e t

p r o c e s s . (

See

t t a c h m e n t

A)u b s e q u e n t l y ,

in

o v e m b e r 1997,

the

d m i n i s t r a t i o n

r e c o g n i z e d that

the

s s e s s e d

v a l u e s

p r o v i d e d

bythe

MamDade

C o u n t y

P r o p e r t y

A p p r a i s e r '

s

ffice

a p p e a r e d

to

beow

o m p a r e d

to

th e valueoo n s t r u c t i o n c o m p l e t e d

during

the

rior year. U p o n

revew

by

he

P r o p e r t y Appraiser '

s

Ofice

it

as

i s c o v e r e d t h a t

the

reported

s s e s s e d value

for

the

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

d is t r i c t s

dd

not

reflect

new

o n d o m i n i u m uni tswthn

each

ofthe

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

areas and

a

evised

report w a s

p r e p a r e d .

Ths

e v i e w revealed

thathes s e s s e d

v a l u e s

fo r

both South

P o i n t e

and

C i t y

C e n t e r

were,

in

f a c t ,

u n d e r e s t i m a t e d .

The

ssessed v a l u e s

i n c r e a s e d

om5%

o

25

9%

in

ouh

Pone,

and

ro m2

0%

o

8%nity

C e n t e r .

Inhe

intervening

m o n t h s ,

the

ity

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

A g e n c y

Board r e q u e s t e d

and

eceived e x t e n s i v e

f inancial

r e p o r t s

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

areas,

In

S o u t h Pointe,

th e

r e p o r t

c o v e r e d

the

revious

ten

yeas

and

in

Cty

8/15/2019 301-98 RDA

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ANALYSIS

The

operat ing

budge t s

forFY

97

8

wh i ch

ae

e ing

s u b m i tt e d

today

have

een

m o d i f i e d

from

p r i o r

years

to

elec

a n t i c i p a t e d

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

pr o j ec t

r e l a t e d costsin

addition

to

p e r a t i n g

anddebt

s e r v i c e

c o s t s

for

the

f i s c a l year.

In

he

case

o

ity

C e n t e r ,

on

July

1

998,

the

Cty

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

Agency

Board a p p r o v e d

an

d d i t io n a l $

38.

2

Million

bond

s s u e

w h i c h

w i l l go

o w a r d s repaying

the

Ci ty '

sine

o

r e d i t to

the

DA

as

wel

as

to

omplet ing

i m p o r t a n t p r o j e c t s underway

in

Cty

Center. Inthe

as e

o

o u t h

P o i n t e ,

the

A m i n i s t r a t i o n

has

uing

the

pas

ear,

p r o v i d e d

severa

dif ferent b u d g e t

s c e n a r i o s

for

c a p i t a l

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

b a s e d

on

aay-

as-you-

go

strategy

rather

than

thessu a n ce

oddi t ional

b o n d s . TheSouhPonte

b u d g e t

presen ted

wth

this

mem

eflects

this

a p p r o a c h .

C O N C L U S I O N

The

d m i n i s t r a t i o n

r e c o m m e n d s

tha

the

R e s o l u t i o n s

approving

the

o u t hPone

and

City

Center

budgets,

as

a me nd e d

from

he

p r o p o s e d

b u d g e t s

that

were

i n c l u d e d

as

pa

of

the

i t y

s

1 9 9 7 /98

b u d g e t

d o c u m e n t ,

be

a d o p t e d .

I

8/15/2019 301-98 RDA

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8/15/2019 301-98 RDA

7/13

MIAMI

BEACH

REDEVELOPMENT

AGENCY

South

Pointe

and

City

Center

ATTACmlENT

A

8/15/2019 301-98 RDA

8/13

MIAMI

BEACH

REDEVELOPMENT

AGENCY

Tne

Miami

Beach


A g e n c y

was

created in

1973.

The

g e n c y ,

in

c c o r d a n c e

wi t h

the

ommunity


Ac,

r e p a r e d

the"

outh

Shoe


P l a n for

the

area

l e n e r a l l y

s o u t h

o

ixth

Street.

D ue

to

the

e t r o p o l i t a n f o r m

o

o v e r n m e n t

an d

the

Dade

C o u n t y

H o m e

Rue

C h a r r e r .

the

r e a t i o n

of

the


A g e n c y

an d

the

pan

wee

e n d o r s e d

by

the

Couny

C o m m i s s i o n .

From

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

1973

through

1983,

he

a g e n c y

operated

as

nn d e p e n d e n t

authori ty \

vith

a

o a r d

of

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

In

1983

he

Agency

w a s

r e o r g a n i z e d

and

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

in

he

Cty

o

i a m i

B e a c h

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

structue

and

the

it y

C o m m i s s i o n wa s

d e s i g n a t e d

to

erve

as

the


A g e n c y

Boad.

n

1993,

the

ty

d e s i g n a t e d

a

econd


aea

The

Cty

e n t e r /

Hstoric

o n v e n t i o n

Vllage

Redevelopment

an d

Revitalization

Area(

H C V R R A )

e n c o m p a s s e s

the

C o n v e n t i o n Cener

and

i n c o l n

Road,

Tax

I n c r e m e n t

F i n a n c i n g (

TF)

h r o u g h

the al e

o

onds

ha s

been

a

aor

too l

for

t i n a n c i n g


activities.

To

dae

ou

b o n d

issues

have

c c u r r e d ,

o n e

in

Souh

o i n t e

in

989,

in

h e

a m o u n t

o

7i l l i o n

an d

threein

City

C e n t e r :

o n e in1994or

25

i l l i o n

and

1:'.

vo

in

996,

in

he

a m o u n t s

of

35

million

and

7.

7

i l l i o n .

It

s

n t i c i p a t e d

tha

a d d i t i o n a l

deb

n

he

amounto

0

4

i l l i o n \ \

ill

be

s s u e d

in

outh

Poin te

fo r

p r o j e c t

aea

o m m i t m e n t s

and

for

n g o i n g


activities

s u c h

as

t r e e t s c a p e

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

An

a d d i t i o n a l

b o n d

issue

isaso

lanned

for

Ci ty

Cener

in

the

m o u n t

o

5

30

i l l i o n for

FY

7 /

98

in

r d e r

to

f i n a n c e

c a p i t a l

expenditures

r e l a t e d to

the

convent ion

hote l

projects

and

t r e e t s c a p e

projects.

B a s e d

on

l a s t

year '

s

actual

gro\

vh

in

ax

as~

s s m e n t s

for

the

1.

o

reas,

only

m o d e r a t e

g r o w t h

is

rojected

for

FY

7/

98

In

ty

e n t e r ,

g r o w t h

has

b e e n e s t i m a t e d

a t

2

percen t

s i n c e

no

significant

p r o j e c t s

h a v e

c o m e

on

ine.

s

the

e w

hotel,

residential

and

c o m m e r c i a l

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

come

on

ine

wthn

he

nex

t\

VO

years,

the

tax

increment

fo

he

Cty

enter

Area

is

nticipated

togrow

s ign i f i can t ly ,

Fo

o u t h

Pone

tax

a s s e s s m e n t s

ae

nt ic ipated

to

i n c r e a s e

by

0

5

ercent.

POLICY

D I R E C T I V E S

To

s s u r e

c o n t i n u e d

economic

v i a b i l i t y

within

d i v e r s e

uban

areas.

To

incur

minimum

r e l o c a t i o n

and

o n d e m n a t i o n

To

involve

c o m m u n i t y

r e s i d e n t s

inhe


p r o c e s s .

To

8/15/2019 301-98 RDA

9/13

To

r ec ogn ize

the

historic

structures

and

des ignat ions

wthin the

historic

districts

and

facilitate

d e v e l o p m e n t

accordingly

SOUTH

POINTE

REDEVELOPMENT

AREA

The

area,

or iginal ly

designated

in

1 9 7 3

as

the

South

Shoe


Area,

was

lae

renamed

South

Poin te .

Ths

210-

ace

area

contains

severa

i m p o r t a n t

c o m p o n e n t s .The

Marina

area,from

F i f t h

Street

to

i s c a y n e

S t r e e t

east

o

Aton

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

the

iami Beach

Marina

w h i c h

contains

a

o re b u i l d i n g

an d

a

400-

lip

marina.

U t i l i z i n g

TF

unds,

ahree-

bock,

mxed-

use

res iden t ia l


w as

initiated

b

he

A g e n c y .

Through

the

RFP

r o c e s s ,

Cobb

Properties,

Ltd.,w as

selected

as the

d e v e l o p e r

o

hs

m a j o r

project,

a l l e d

theourts

o

o u t h

Beach. C o n s t r u c t i o n

is

wel l

undeI '

vVay,

and

unt

sa les

ae

t r o n g .

The

r o p e r t yis

x p e c t e d

to

eturn

to

he tax

rolsfor

the

c u r r e n t

f i s c a l

year.Asa

esult

o

the

South

P o i n t e

S t u d y ,

prepared

by

the

niversi ty of

Mam

S c h o o l

o

r c h i t e c t u r e ,

TheCty

o

am

Beach

d o p t e d

s u b s t a n t i a l

amendments

to

he

P e r f o r m a n c e

S t a n d a r d s D i s t r i c t

Chapter

20

f

the

Zoning

O r d i n a n c e

in

994.

In

u r t h e r i n g

these

r e g u l a t i o n s ,

The

ity

has

approved

in

o n c e p t

draft

design

g u i d e l i n e s

p r e p a r e d

by

u a n y

P l a t e r Zyberk (

DPZ),

A r c h i t e c t s

and

T0

Vn

P l a n n e r s .

During

the

ast

f i s c a l

year,

a

t r e e t s c a p e C o n c e p t

Pan

fo

outh

Pointe

has

ee n

adopted,

I m p l e m e n t a t i o n

shoud

egin

d u r i n g

FY

98.

CTY

ENTER


AREA

he

332

cre

Cty

e n t e r I H i s t o r i c

Convention

V i l l a g e


ande v i t a l i z a t i o n

Aea

C C I H C V R R A

was

s t a b l i s h e d

in

1993.

n

o r d e r

to

n s u r e

p u b l i c

p a r t i c i p a t i o n

in

the

c r e a t i o n

o

he

pan

o r

the

area

the

Cty

f

Miami

Beach

c r e a t e d

a

Citizens

A d v i s o r y

T e c h n i c a l

C o m m i t t e e

to

p ro v i d e i n p u t

and

takeholder

p a r t i c i p a t i o n

in

he

r o c e s s ,

A

er ies of public

m e e t i n g s

and

w o r k s h o p s

were

held

as

e ll

as

one-

on

one

e s s i o n s

wth

key

e m b e r s

o

the

Historic

P r e s e r v a t i o n

c o m m u n i t y ,

the

usiness

community,

and

area

res iden ts , resulting

in

an

u n p r e c e d e n t e d

c o m m u n i t y c o n s e n s u s -

bui ld ing

effort.

Athough

e l a t i v e l y

ne w

by

o m p a r i s o n

to

he

S o u t h

Pointe


Area

he

Cty

e n t e r


A r e a

is

l r e a d y

u n d e r g o i n g

dynamic

change

through

a

c o m b i n a t i o n

o

u b l i c

and

private

i n v e s t m e n t

intiaives.

x c i t i n g

ne w

projects

shaping the

aea

n c l u d e

the

r oundb r eak ing

o

he

L o e w s

M i a m i

Beach

HoteL

an

800-

o o m

convention

h e a d q u a r t e r

hoe

on

an

A g e n c y -

o w n e d

ste

o c a t e d

at

Collins

A

venue

and

16h

t r e e t ;

the

execut ion

o

a

L e t t e r

o

n t e n t (

L O I )

b e t v v e e n

the


Agency

and

D P

R o y a l

P a l m .

Ld.,ouild

the

firs

African-

Americano\V

1ed

hotel

on

an

g e n c y - owned

a r c e l ;


8/15/2019 301-98 RDA

10/13

needs

for

the Loews

Miami

Beach

Hotel,

the

African-American

Hotel

and

other

service and

retail

businesses

in

the

aea

an

18

llion

v e r h a u l

o

i n co ln

Road,

partially

funded

wi th

the

a r t i c i p a t i o no

u s i n e s s e s

on

incoln

Road;

e s i g n

and

n g i n e e r i n g

w o r k

for

the

x t e n s i o nof

the

e a c h w a l k

f r o m

21st

S t r e e t

to

u m m u s P a r k ;

and

m p l e m e n t a t i o nof

the

m a s t e r

p l a n for

the

area

e a s t

of

the

Miami

Beach

C o n v e n t i o n

Center,

n c l u d i n g

th e

17th

a n d

18h

s t ree t

ends

and

ashington

Avenue

b e n v e e n

Dade

o u l e v a r d

a n d

17th

S t r e e t .

The

City

and


g e n c y

s

o m m i t m e n t

to

p g r a d i n g

and

m p r o v i n g the

r e a 's

inra-

tructure,

d d r e s s i n g

p a r k i n g

and

i r c u l a t i o n

i s s u e s ,

and

acili tating

new

e v e l o p m e n t

has

already

prompted

signif icant

new

private-

sector

n v e s t m e n t

in

the

area.

o m e

o

these

projects

i n c l u d e

II

i l l a g i o

and

1500

Oce an

Steps,

tw

uxury

c o n d o m i n i u m /

re ta i l

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

O c e a n

D r i v e

and

5th S t r e e t s

and

R I/

Finestra'

s

8creen

movie

theater/

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

planned

for

the

o m e r

olton

and

Lncon

oads.

The


aea

has

aso

seen

the

e c e n t

major

renovat ion

o

several

s i g n i f i c a n t

hotels

including

the

Delano

Nat ional

a nd

s o m e

others

unde

Vay.

U D G E T

H I G H L I G H T S S o u t h P o i n t e

Interface

wth

the

cean Beach

H i s t o r i c

District

c r e a t e din

1996

repare

to

issue

a d d i t i o n a l

bonds

or

p r o j e c t

a r e a

c o m m i t m e n t s ,

as

wel

s

to

n d e r t a k e


in

the

rea.

Continue

to

m p l e m e n t

th e

s t r e e t s c a p e design

p l a n

inhe

aea

I

a c i l i t a t e

the

o p e n i n g

of

a

ew

library

ino u t h

Pointe.

C l o s e -

ou

the

C o u r t s

oSouth

Beach

p r o j e c t

and

eaed

s t r ee t s c apes .

Cty

Cene/

HCVRRA

Facilitate/ o v e r s e e


process

relative

to

he

Loews

Mam

Beach

H o t e L

Facilitae

permitting

p r o c e s s

and

c o m m e n c e


o

he

Royal

Pam

CroVine

Plaza

Resort (

African-

American

hote

p r o j e c t ) .

Facilitae/

oversee

p e r m i t t i n g

a n d


p r o c e s s

fo

6th

S t r e e t

par k ing

gaage

and

16h

Sree

x t e n s i o n

projects,

Oversee

i m p l e m e n t a t i o n

of

s t r e e t s c a p e


for the

aea

east

o

he

C o n v e n t i o n

C e n t e r ,

b e t w e e n

17th

Sree

and

8h

Street.

Coord inate

b o a r d w a l k

e x t e n s i o n

p r o j e c t

between

21

8/15/2019 301-98 RDA

11/13

Negot ia te

land

acquis i t ion

and issue

RFP(

s)

for

the


of

par k ing

garage

facilities

on

the

east and

west

ends

of

Lincon

Road and in

the

Museum District.

F

acilitate/

oversee

permitting

and

implementation

of L R l / i n e s t r a

multiplex

movie

theater

project,

in accordance

wth

Alley

Vacation

Agreement.

Coordinate

impact

mitigation strategy

for

infrastructure


underway

on

Colins

A

venue

bet\.

een

15th

t r e e t and

2 2 n d S

8/15/2019 301-98 RDA

12/13

MIAMI

BEACH

REDEVELOPMENT

AGENCY

Proposed

Operating

Budget

FY

97

98

Souh

ointe

Redeve lopment

A r e a

R e v e n u e s

and

Other

O p e r a t i n g

Deb

o t a l

Sources

o

Income

F u n d

Servce

Tax

ncrement $

5

95

059$

0

5

95

5 9

Mar ina

Rena

120

000

0

120

000

CobbR e c e i v a b le $

89

667$

0

89

67

Interest

Income

42

000$

5

000$

87

000

O p e r a t i n g

Transfers

In

0

30

000

830

000

und

Balance

C a r r y o v e r $

0

0

0

Toa

Revenue:

5

46

726

875

000$

6

21,

726

Oper a t i ng

Deb

p e r a t i n g

Expenses:

F u n d

Serv ice

Total

M a n a g e m e n t

Fee

414

000$

414

00

Advert is ing &

Promotion

3,

000$

0

3

8/15/2019 301-98 RDA

13/13

MIAMI

BEACH


AGENCY

P r o p o s e d

O p e r a t i n g

Budget

FY

97/

98

Cty

e n t e r

R edeve lopmen t

Area

R e v e n u e s

and

Other

O p e r a t in g

Deb

o t a l

Sources

o

Income

F u n d

Service

Tax

n c r e m e n t $

3

67,

502

0

3

067

502

Contr ibution

from

e s o r t

Tax

389

389

0

3

89,

389

ont r ibu t ion

from

GMCVB

900,

000$

900

000

Interest

Income

24,

000$

00,

000

324

000

Operating

Transfers

In

0

6

980,

891

6

80

891

Fund

alance

C a r r y o v e r $

0$

0

0

otal

R e v e n u e : $

7

480

891$

,

280

91

14

Documents

301-98 RDA