R7Z - Allocate Fy 2025 Surplus

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, DIRECTING THE CITY ADMINISTRATION TO ALLOCATE THE PROJECTED $11.8 MILLION FISCAL YEAR 2025 SURPLUS TOWARD LONG-TERM STRATEGIC INVESTMENTS THAT SUPPORT CONDOMINIUM OWNERS, SMALL BUSINESSES, HOUSING AFFORDABILITY, AND ENVIRONMENTAL PROTECTION; SPECIFICALLY, APPROPRIATING $6.53 MILLION FOR THE ACQUISITION OF 7605 COLLINS AVENUE FROM THE BUILDING DEPARTMENT AND THE REINVESTMENT OF SAID FUNDS INTO BUILDING DEPARTMENT PROGRAMS THAT REDUCE COSTS AND STREAMLINE PERMITTING, ESPECIALLY FOR CONDOMINIUM OWNERS AND SMALL BUSINESSES AND FOR SUCH OTHER LAWFUL PURPOSES AS THE BUILDING DEPARTMENT DIRECTOR SHALL DETERMINE; AND FURTHER, DIRECTING THAT THE REMAINING $5.27 MILLION BE UTILIZED FOR INFRASTRUCTURE TO CAPTURE AND TREAT “FIRST FLUSH” STORMWATER RUNOFF AROUND PARK VIEW ISLAND, INCLUDING THE PARK VIEW CANAL AND TATUM WATERWAY—REPRESENTING A LONG-TERM INVESTMENT IN THE CITY’S FUTURE AND QUALITY OF LIFE, RATHER THAN SHORT-LIVED RELIEF THAT LEAVES UNDERLYING CHALLENGES UNADDRESSED; AND FURTHER, WAIVING THE REQUIREMENT SET FORTH IN RESOLUTION NO. 2002-24764 THAT YEAR-END SURPLUSES, AFTER FUNDING RESERVES, ARE TO BE TRANSFERRED TO THE CAPITAL RESERVE FUND.