RDA-1. - Adopt Fy2025 City Center Cra Budget
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A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FOURTH AMENDMENT TO THE FISCAL YEAR 2025 OPERATING BUDGETS FOR THE CITY CENTER REDEVELOPMENT AREA, THE ANCHOR SHOPS AND PARKING GARAGE, THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND THE COLLINS PARK PARKING GARAGE.
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Cached: 5 days agoRedevelopment Agency Items (RDA) 1
RDA-1. A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FOURTH AMENDMENT TO THE FISCAL YEAR 2025 OPERATING BUDGETS FOR THE CITY CENTER REDEVELOPMENT AREA, THE ANCHOR SHOPS AND PARKING GARAGE, THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND THE COLLINS PARK PARKING GARAGE. Applicable Area:
RDA MEMORANDUM
RECOMMENDATION
The Administration recommends that the Board of Directors adopt the attached Resolution.
BACKGROUND/HISTORY
In accordance with Section 189.016, Florida Statutes, the governing body of the Miami Beach Redevelopment Agency, operating as a special district, is required to adopt a budget by resolution each fiscal year and may amend the budget at any time but not later than within 60 days following the end of the fiscal year.
The Miami Beach Redevelopment Agency (RDA) City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for Fiscal Year (FY) 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on September 25, 2024, through Resolution No. 695-2024.
The First Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on November 20, 2024, through Resolution No. 704- 2024.
The Second Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on March 19, 2025, through Resolution No. 707- 2025.
The Third Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on May 21, 2025, through Resolution No. 709-2025.
ANALYSIS
RDA City Center Redevelopment Area revenue sources for FY 2025 include City of Miami Beach (City) and Miami-Dade County (County) Tax Increment funds, interest income, and use of prior year excess RDA City Center Trust Fund revenues in accordance with the Third Amendment to the Interlocal Agreement between the City and the County.
RDA City Center Redevelopment Area expenditures for FY 2025 include community policing initiatives to provide enhanced levels of staffing and services throughout the area and capital projects maintenance for repairs and maintenance of existing capital assets in the City Center Redevelopment Area. In addition, the FY 2025 budget includes administrative expenditures that are comprised of a management fee allocated to the General Fund to pay for indirect staff support provided to the RDA, annual audit fees, and chargebacks for internal service department services provided.
The RDA City Center Redevelopment Area budget also includes the annual debt service related to the issuance of the 2015 Convention Center bonds that financed certain costs associated with the renovation and expansion of the Miami Beach Convention Center, as well as a grant with the Convention Center Hotel Developer and Public Finance Authority to fund the financing gap for the full construction of the Miami Beach Convention Center Hotel Project.
Other line-item expenditures budgeted in FY 2025 include items that, pursuant to the existing Bond Covenants, may only be expended once the annual debt service obligations have been met. These include a transfer to the Miami Beach Convention Center Fund, Miami-Dade County’s administrative fees, which are equivalent to 1.5% of its respective TIF payment, and the corresponding contribution to the City’s General Fund, which is equivalent to 1.5% of the City’s corresponding TIF payment.
RDA CITY CENTER OPERATING BUDGET AMENDMENT
The preliminary year-end analysis based on the proposed realignment of funding budgeted between the various departments with funding in the RDA City Center Redevelopment Area operating budget for FY 2025 reflects that revenues total approximately $77.7 million while total expenditures total $77.2 million resulting in a preliminary FY 2025 surplus of approximately $0.5 million.
CITY CENTER RDA
FY 2025 Adopted Budget
FY 2025 Amended Budget
Revenues
| Tax Increment Funds - City | 33,909,000 | 33,909,000 |
|---|---|---|
| Tax Increment Funds - County | 26,460,000 | 26,460,000 |
| 373,000 | 373,000 | Miscellaneous Revenues |
| 6,200,000 | 16,441,000 | Fund Balance/Retained Earnings/PY Surplus |
| 66,942,000 | 77,183,000 | Total Revenues |
Expenditures
| Admin/Operating Expenditures | 768,000 | 768,000 |
|---|---|---|
| Project Expenditures | 13,756,000 | 13,997,000 |
| Reserves, Debt Service, and Other Obligations | 52,418,000 | 62,418,000 |
| 66,942,000 | 77,183,000 | Total Expenditures |
| Revenues Over/(Under) Expenditures | - | - |
The Administration is recommending that the preliminary FY 2025 surplus of approximately $0.5 million be set aside to retire the outstanding debt issued in 2015 for the Convention Center renovation and expansion project early, as required pursuant to the Interlocal Agreement between the City and the County.
| Preliminary Actuals as of 09/30/2025 | % Actual of Amended Budget | FY 2025 Year End Projections | % Over/(Under) Amended Budget | |
|---|---|---|---|---|
| 33,909,557 | 100.0% | 33,909,000 | - | 0.0% |
| 26,460,176 | 100.0% | 26,460,000 | - | 0.0% |
| 1,315,360 | 352.6% | 1,114,000 | 741,000 | 198.7% |
| - | 0.0% | 16,196,000 | (245,000) | -1.5% |
| 61,685,093 | 79.9% | 77,679,000 | 496,000 | 0.6% |
| 767,530 | 99.9% | 768,000 | - | 0.0% |
| 13,199,864 | 94.3% | 13,997,000 | - | 0.0% |
| 57,671,250 | 92.4% | 62,401,000 | (17,000) | 0.0% |
| 71,638,644 | 92.8% | 77,166,000 | (17,000) | 0.0% |
| 513,000 | 513,000 | (9,953,551) |
ANCHOR SHOPS AND PARKING GARAGE, PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND COLLINS PARK PARKING GARAGE
The revenues and expenditures associated with the operations of the City Center Redevelopment Area Garages and Shops are presented as separate schedules in order to eliminate any perception that the proceeds from these facilities’ operations are comingled with Tax Increment Financing (TIF) and other City Center Trust Fund revenues.
Anchor Shops
Based on the preliminary FY 2025 year-end analysis for the Anchor Shops operating budget, the Administration recommends that $64,000 be carried forward and appropriated in the FY 2026 Anchor Shops operating budget for projects that were originally budgeted in FY 2025, but not completed in FY 2025 due to project delays and timing between fiscal years.
FISCAL IMPACT STATEMENT
See the information provided above
Does this Ordinance require a Business Impact Estimate? (FOR ORDINANCES ONLY)
If applicable, the Business Impact Estimate (BIE) was published on: See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meeting-notices/
FINANCIAL INFORMATION
See the information provided above
CONCLUSION
The Administration recommends that the Chairperson and Members of the Miami Beach Redevelopment Agency adopt the Fourth Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and Collins Park Parking Garage operating budgets for FY 2025 as described herein and further detailed in the attached Exhibit “A.”
EC/JDG/TOS/RA
Applicable Area
Citywide
Is this a “Residents Right to Know” item, pursuant to City Code Section 2-17?
Is this item related to a G.O. Bond Project?
Yes
No
Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481, includes a principal engaged in lobbying? No
If so, specify the name of lobbyist(s) and principal(s):
Department
Management and Budget
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Co-sponsor(s)
Condensed Title
Adopt 4th Amendment to City Center RDA Operating Budget for FY 2025. OMB