MIAMI BEACH REDEVELOPMENT AGENCY

Proposed Budget FY
99/00 City

Center

Redevelopment Area
Millage @ 7.
Other Operating Debt

499

Revenues

and

Construction

Sources

of

Resort

Tax

Income Fund
Balance: Debt

Service Fund Opening

Service Reserve (96 Series

96B
0$
$
Bonds) $ 0 0

Series Bond
2,
$
$
funds 0
$0
998,600
98 A&
B Series Bond funds $

0 0
$
$000
700,
Tax Increment $7,
$
820, 245 0

0 Contribution

from
0
$
1%)
0 TECA
0
Funds $

1,

877,

0 600,
$ 000

Interest

Income $

45,
000 310,
$
000
0 Loews
Hotel

Ground

Lease $
500,

000

0
0
$

16th

Street

Garage

Income 1)
(#

000 0
$
000,
1,

$$
0 Operating Transfers In 0
886, 624 $
6,

Fund

Balance

0
Carryover:0
$

$
$

0 Total Revenue: $
365, 245 9,
9,
$ 074,
124 4,
$ 298, 600 Operating Debt

Construction Operating
Expenses: Fund
Fund

Service
Management Fee 414,
$

000 0
$

&
$
0 Advertising

Promotion $ 3,

Service Cost 0
$
$
9,074,124 0
0 0 Debt$
$
Printing $3, 0000
0 Office$
$
Mailing 3,
$ 000 0
$ 0 $
Supplies &
Equipment $5,
$
$
000 0
$ 0
Meetings Conferences
&

000 $
Postage &

500 $

Miami Beach

Redevelopment Agency
1700 Convention Center
Drive Miami Beach,

Florida
33139

7193
673Telephone:305)
(

Fax: (
7772 REDEVELOPMENT AGENCY MEMORANDUM
673-

305)

NO.995 September

1999 TO:

22,

Chairman and
of the Miami Beach Redevelopment Ag FROM:Sergio Rodriguez Executive

Members

Director

SUBJECT: A

OF

RESOLUTION

THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH

REDEVELOPMENT AGENCY ADOPTING OPERATING

BUDGETS FOR

SOUTH

POINTE AND

CITY

REDEVELOPMENT AREAS FOR FISCAL YEARS 1999/ 2000. ADMINISTRATION RECOMMENDATION: Adopt the Resolution. BACKGROUND
00
The proposed budgets for South Pointe and City Center Redevelopment Areas for Fiscal Year 99/
have been prepared to coincide with the overall City budget process,
CENTER

andare

today to assist in providing a comprehensive overview of the two districts. ANAL YSIS In the
City Center RDA, the income stream from the Loews Hotel ground lease and operation of
the Anchor Shops and Parking will not only continue to reduce the contribution required from Resort Tax to pay
to continue
RDA
debt service, but will also allow the
being presented

repaying Resort Tax funds used to pay existing debt service obligations from the 1993 and 1996 bond
will continue to monitor
issues. During the course of the next fiscal year,the RDA
and facilitate completion of the Royal
Palm Crowne Plaza Resort (African- American Hotel
development
following activities:1)
project).
The RDA will also continue to oversee the
of the

Cultural Arts

Complex ( regional library,

space parking facility and

400-

streetscape improvements),2)
the extension of the streetends between 17th and

construction of the beachwalk between 21 st

3)

will continue
with

to adminster

Street

and

Lummus

and

Streets, and

Park. Additionally,the RDA

the

RDP Royal
Loews,

23rd

park

Palm development

and lease
Hotel,

Ltd"

agre ments

Quik

Park for the

operation

of the

16th

Street

Garage.

implement the
1)
following activities:
streetscape design based on the approved Duany Plater Zyberk concept plan for Washington Avenue and
streetscape design,
implement
3rd Street (il1duding a public plaza),
Phase 2
2)
In South Pointe, the RDA will undertake the

3)extend Washington A venue from South Pointe Drive

to Government Cut,4)continue the

oversee
and related streetscapes and 5)
of South Beach project
parking garage for marina use

completion

Courts

of the Yacht

Club

including
bathroom and laundry facilities, CONCLUSION

the attached

Center Redev lopment

Areas

It is recommended that the Redevelopment Agency

budgets for South Pointe and City

resolution which establishes operating

adopt