RDA-2. - Adopt Fy2026 City Center Cra Budget

Redevelopment Agency Items (RDA) 2

RDA-2. A ​ RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FIRST AMENDMENT TO THE FISCAL YEAR 2026 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 Community 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) 2026 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on September 30, 2025, through Resolution No. 716-2025.

ANALYSIS

RDA City Center Redevelopment Area revenue sources for FY 2026 include City of Miami Beach (City) and Miami-Dade County (County) Tax Increment funds, interest income, and use of prior year excess RDA 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 2026 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 2026 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 2026 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.

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 year-end analysis for the FY 2025 Anchor Shops operating budget, it is recommended that appropriations of $64,000 for projects that were budgeted in FY 2025 that have not been completed due to project delays and timing between fiscal years be carried forward and appropriated in the FY 2026 Anchor Shops operating budget.

FISCAL IMPACT STATEMENT

See 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 information provided above

CONCLUSION

The Administration recommends that the Chairperson and Members of the Miami Beach Redevelopment Agency adopt the First 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 2026 as described herein and further detailed in the attached Exhibit “A.”

EC/JDG/TOS/RA

Applicable Area

Citywide

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

Sponsor(s)

Co-sponsor(s)

Condensed Title

Adopt 1st Amendment to City Center RDA Operating Budget for FY 2026. OMB