HomeMy WebLinkAboutM-84-0636a ns� t
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DATE:
TO: Manny Alvarez
Special Assistant to the City Manager
City Miami
SUBJECT:
FROM: Rog
% 11t6n
Director
hannottee t of Off -Street Parking
I
Pursuant to the direction of the City or doptionCommission iof the Five Year Strateging of May ic
c
19$4 please schedule a public hearing for P
City Commission. It would be very much
and Financial Operations Plan for the Depart
ment of Off -Street Parking during
the June 14, 1984 meeting of th In the
appreciated if you could schedulethis king Board pwillibetineattendance. In
since members of the Off -Street
addition if copies of the Five Yea
wouldaalsocand appreciatecknowing rifithe City
are needed please let me know. We
or the Department is responsible for advertising this item.
cc: Honorable Chairman and Members of the Off -Street Parking Board
Howard Gary
/1�✓i �,�� � 1 l A�
MorioN
84-636. .
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BATE. April g3 t 19$4
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Honorable Mayorand Members
! TO:
the City Commieaian
of
FIVE YEAR STRATEGIC AND
��;
C�/ ,,,,L
SUBJECT:
FINANCIAL OPERATIONS PLAN
FROM: Roger M.�,ariton
Director
of Off -Street Parking
Department
t six months the Off -Street Parking Board has developed the
During the pas is and Financial Operations Planet which
is sThis cheduled
attached Five Year straCity Commission in their May 10, 198
for review by the City
d from discussions with various City
leadersent'�'1enhighlights of
has evolve Manager and numerous community
well as the City
the plan are as follows:
major goals are proposed which winorientationZoficertainon or aMiami
rking
o Six 3 rove traffic flow, ort public transit,
regulations to imp activities to suPp and expertise to
Parking System parking of Miami,
utilization of the Department's entdgooalsaof the City City of Miami
support the economic develop support
expansion ve the Department's minactority
businessvities ogoalst adoption of capital
affirmative action and minority to meet the growth of downtown
plan which ensures sufficient parking
various neighborhoods and, accomplish the above maintaining
and of the Miami Parking Y
the financial stability the City
ted by
o The Department's new trust indenture which was adop 25 debt service
1983 requires a minimum of 1•�s and Standard
Commission on June 39 and "A-" ratings by Moody
coverage to maintain the A
overage
and Poors. It is prudent t d Financial.operationsvPlanice ccommits
ratio. The Five Year Strategicanaree
that the Off -Street Parking Board illamu wallyannuagbasistregarding
Commission and City officials
ex enditure of certain available funds above 1.5 debt service
P
coverage&
ro ected to be available for mutually
o To achieve the revenues P Design Plaza and
agreeable projects, the plan includes development of five garages
Bayside, Coconut Grove, Civic Center,
Five
including W. 5th Street and NW lst Avenue).
Municipal Lot No. 10 (N• Downtown, Brickell, East Little
surface lots in the Design Plaza,
Havana, Edison Business hestlantare includesocontinuationF f he
operational standpoint the p parking
Department's towing program, expansion of trotrespcOf laws: new parking
management including booting to control scofflaws,
ticket manag and expansion of the Department's activities
meters in ngvariouscilities, owned by other organizations.
in managing
84- 636. .
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o The financial results of the Five Year Strategic and Financial
Operations Plan are that approximately $85,000 will be shared with
the City of Miami during the current year which is projected to
increase to $1,850,000 during the fifth year of the plan assuming
that the various new operational programs meet conservative revenue
estimates. These funds could be used by the City of Miami to reduce
or eliminate the deficits of the World Trade Center or the Government
Center garages or for other mutually agreeable parking projects which
support the City's economic goals such as in the Park West/Overtown
area or the sports and exhibition facilities.
In summary the Five Year Strategic and Financial Operations Plan for the
Department is an outgrowth of a reorientation of the goals and objectives of
the Department of Off -Street Parking and a statement of commitment to work
closely with the City of Miami elected and appointed officials in support of
the economic development goals of the City. Your acceptance of the plan will
provide the support necessary to achieve the mutual goals of the City and the
Department of Off -Street Parking.
cc: Honorable Chairman and Members of the Off -Street Parking
Howard Gary
Randy Rosencrantz
Carlos Garica
-2-
84-S36. .
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DATE.
Apf'il 4, 1984
TOs
Honorable Mayor and Members of the - -
City Commission
5U8JEC': FIVE YEAR STRATEGIC AND
FINANCIAL OPERATIONS PLAN
FROM: Roger M. Carlt
Director r t g
Department of
RECOMMENDATION Commission accept a Five Year Strategic and
It is recommended that the City
Financial Operations Plan for the Department of Off -Street Parking.
BACKGROUND was established by a
Florida Legislature in 1955. The Department, now known as
The" City of Miami Department of Off -Street Park initial responsibility for
Special Act of the System," was granted
the "Miami Parking Y a small number of surface
slots years the
hich had
constructing garages and managingDuring the
been built by the City Public Works Department. include 38 parking lots, 7727
Department has expanded its responsibilitYarages. In 1981 the total number
on -street parking meters and five parking0hg number of spaces increased d 983by 9
of spaces under management was San additional 41 percent to 18,047
in
percent to 12,794 in 1982 and by
projected to increase to 22,000 during 1984.
The number of spaces is prof to insure that the direction
As with any major growth program itry is
in harmony with the overall
the Board is financially. Commission. With
taken by Manager's office and the City
objectives of the City rove coordination with the
Board held a Goals Retreat in Novembthe
recognition of the need to plan this growth and improve
ert
City of Miami, the Off -Street Parking
19 83• John Brophy of
In attendance were the membersm f the Off cansultant,eet k Parking
Executive Director, the Dep consultant, Howard May, of
Brophy Associates, the Department's engineering
Conrad Associates East and Ron Silver, the Department's Legal Counsel.
specific strategy
were discussed. Of major significance was that the
The result of the retr��eat was that a goals statement an Year Strategic and
to achieve the goals are a Five Y
Executive Director was instructed to prep act of the various
Operations Plan which would analyze the imp review the projects
Financial Op the City of Miami, accepted by the
capital requirements expressed byh was
recommended in a Five Year Capital Prothincorporate he projected
Off -Street Parking Board in November, ro8rams.
, and
revenues of major new revenue generating p g
Phase I: EXISTING OPERATIONS
asis IS the financial analysis was a five year projection of financia
The b for the Official Statement for the Advanced Refunding
performance requiredroved by the City Commission in October, 1983•
bond issue which was approved
410,000 to $2,310,627 in
which are incorporated in Exhibit
from elect that the Department'sand
projections
net revenues after debt service will
the five year period 1984-1989 assuming a 10 percent increase in revenue
84w-636
a 15 percent increase in expenses and no major new facilities. In essence
with only minor expansion from available revenues the Department could
increase its net revenues by approximately 11 percent each year over the next
five years.
PHASE II: NEW SURFACE LOTS AND GARAGES
As a second phase of the analysis the five surface lots approved in the
current fiscal year budget plus the five garages which have been suggested for
consideration by City staff or Department of Off -Street Parking personnel were
analyzed as relates to their impact on net revenues. The surface lots
(Exhibit 2) include a 70 space facility located under I-395 in the Decorator's
Row area, a 60 space facility located under the Rickenbacker Causeway Flyover,
a 50 space facility located in downtown under the Metrorail Guideway, a 260
space facility located under I-95 in east Little Havana, and a 50 space
facility located in the Edison Business District at the intersection of Martin
Luther King Boulevard and NW Seventh Avenue. The estimated construction cost
for the five surface lots is $795,000 which will be financed from existing
revenues.
The five proposed garages (Exhibit 3), at an approximate cost of $30.0
million, may be analyzed in two categories. The first category is funded by
the Department. The decision to build is based upon a demand analysis and an
independent feasibility study. The Civic Center garage, which is the only
example in this category, reflects negative cash flow in the amount of
$207,690 during the first year, improving to a projected positive cash flow of
$70,000 at the end of five years of operation.
The second category is public/private partnerships. Examples are the Coconut
Grove Playhouse, Municipal Lot No. 10 (located at the NW corner of the People
Mover Guideway), Design Plaza, and Bayside garages. These facilities would
be built in partnership with private developers who would guarantee to cover
any negative cash flow in exchange for a capital lease which would allow them
to depreciate the garages while the Department operates the facilities during
and after the bond issue repayment period. Should these facilities be
developed without such public/private partnership arrangements the negative
cash flow would be $143,900 in 1987 for the Coconut Grove Garage only and
$504,570 in the 1988 Fiscal Year when the Lot 10, Design Plaza and Bayside
garages come on line.
PHASE III: NEW METERS
As a third phase of the study 2000 proposed new meters to be installed over
the next five years (Exhibit 4) were included in the projections. These
meters have been included as a result of discussions of various arterials
within the City of Miami which were done in conjunction with the Metropolitan
Dade County Public Works Department (Traffic Division) and the State of
Florida Department of Transportation. These discussions have concluded that
traffic flow and customer turnover improvement may be expected as a result of
expanded parking regulation.
FINANCIAL IMPACT OF PHASE I - III
The cumulative impact on debt service of the proposed surface lots, new meter
installations and garages may be seen in Exhibit 5. This Exhibit depicts the
basic financial performance of the Department without major programmatic
changes plus the cumulative impact of the five lots, new meter installations,
and five garages under consideration. Exhibit 5 demonstrates total net
PA
84--636. .
G �Y
revenues after debt service or' $19 632,889 in Fiscal Year 1984 increasing to
$3,309,959 in Fiscal Year 1988 due to the new programs.
The new trust indenture approved by the City Commission in October, 1983
requires minimum debt service coverage of 1.25. The Department's financial
advisor, Shearson American Express, and Underwriter, William R. Hough and
Company, indicate that the Department must maintain debt service coverage of
at least 1.50 to insure that the Department's bond ratings of "A" from Moody's
and "A-" from Standard and Poors not jeopardized. Our analysis shows that the
Department will be capable of implementing many of the needed projects which
are supportive of the City's economic development goals without jeopardizing
the Department's financial return guidelines assuming the financial
projections are correct.
PHASE IV: CITY OWNED GARAGES AND NEW REVENUE PRODUCING PROGRAMS
The City owns two parking garages which the Department manages. These garages
lose money because revenue projections have not been achieved due to lack of
completion of nearby buildings which would increase parking demand. The
Department, concerned with the cash drain on the City, believes that
implementation of new revenue producing operational programs such as towing
and booting, parking ticket management and managed operations would provide
sufficient funds to reduce or eliminate the deficits. It is projected that
such new programs (Exhibit 7) would generate increases of net revenues in the
amount of $85,000 in Fiscal Year 84 to $1,850,000 in Fiscal Year 88. It is
the intention of the Department to first apply such net revenues to reduce or
eliminate the negative cash flow of the City owned garages. Any excess funds
generated will be used to develop new agreed upon projects. Exhibit 8
reflects the projected cash flow of the two City owned garages including the
impact of the new additional revenue producing programs on reducing the
deficits.
CONCLUSION
This Five Year Strategic and Financial Operations Program is an outcome of the
Off -Street Parking Board's -commitment to excellence, to enhance the community
development goals of the City Commission as its highest priority, and to
assist the City through a cooperative approach to meeting the parking needs of
the various communities. The plan reviews the individual and collective
impact of seven parking structures and five surface lots. The conclusion is
that it will be possible for the Department to achieve not only important new
programs which are supportive of the City's economic development goals but
also, to assist the City in reducing the negative cash flow from the two City
owned garages.
cc: Honorable Chairman and Members of the Off -Street Parking Board
Howard Gary
Randy Rosencrantz
Carlos Garcia
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MIAMI PARKING SYSTEM
FIVE YEAR
STRATEGIC
AND
FINANCIAL OPERATIONS
PLAN
1984-1989
APRIL 15, 1984
City of Miami
Department of Off —Street Parking
8�'��a��3. •
STAfiEMIENT_:.0� GALS
..
�1 I to
�1 Dirt 33 .
• MEET THE CURRENT AND FUTURE PARKING NEEDS OF THE CITY OF MIAMI.
- EFFECTIVELY BALANCE ON-STREET•PARKING NEEDS AND CONTROLS WITH,THE
MAXIMIZATION OF PEAK -HOUR TRAFFIC FLOW.
- ORIENT THE ACTIVITIES OF THE PARKING SYSTEM TO SUPPORT THE PUBLIC TRANSIT
ACTIVITIES OF THE CITY OF MIAMIM
- UTILIZE THE PARKING SYSTEM FACILITIES, ITS PARKING MANAGEMENT EXPERTISE,
AND BONDING CAPACITY TO SUPPORT THE ECONOMIC DEVELOPMENT GOALS OF THE
CITY OF MIAMI.
- ASSIST THE CITY OF MIAMI IN ACHIEVING ITS AFFIRMATIVE ACTION AND MINORITY
BUSINESS ENTERPRISE GOALS.
- MEET THE ABOVE GOALS WHILE MAINTAINING THE FINANCIAL REPUTATION AND
INTEGRITY OF THE MIAMI PARKING SYSTEM.
1
84-636. .
INANCIAL_CONSIOERATIONS
•.
REQUIREMENTS
x 4's
MIAMI PARKING SYSTEM HAS $13.8 MILLION OF BONDS OUTSTANDING.
- PARKING SYSTEM BONDS ARE RATED INDEPENDENTLY FROM CITY OF MIAMI
BONDS BY MOODY'S AND STANDA40 AND POORS.
- CURRENT RATING IS "A" AND -"A-" RESPECTIVELY.
- BONDS ARE ISSUED UNDER CITY OF MIAMI'S NAME BUT REVENUE PLEDGE IS
LIMITED TO PARKING ACTIVITIES OF THE SYSTEM.
- PARKING SYSTEM NET REVENUES AS OF SEPTEMBER 30, 1983, ARE 1.8 TIMES
CURRENT ANNUAL DEBT SERVICE.
- THE PARKING SYSTEM'S FINANCIAL ADVISORS AND UNDERWRITERS RECOMMEND THAT
NET REVENUE SHOULD BE NO LESS THAN 1.5 TIMES DEBT SERVICE. MAINTAINING
THIS LEVEL IS A MAJOR FACTOR IN CONTINUING PRESENT HIGH BOND RATINGS.
INE
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fit' Y
FINANCIAL CONSIDERATIONS
OBJECTIVES
- THE MIAMI PARKING SYSTEM WILL WORK TO ACHIEVE STATED GOALS TO MAXIMUM
EXTENT POSSIBL. WITHOUT JEOPARDIZING REQUIRED 1.5 TIMES DEBT SERVICE
COVERAGE.
- THE SYSTEM WILL CONTINUE TO SEARCH OUT AND DEVELOP PARKING PROGRAMS WITH
FINANCIAL RETURN WHICH MEET STATED CRITERIA OF 1.5 DEBT SERVICE COVERAGE.
- IN ORDER TO FUND CERTAIN DESIRABLE PROJECTS WHICH ARE INITIALLY UNABLE
TO MEET FINANCIAL RETURN GUIDELINES, THE SYSTEM IS PREPARED TO UTILIZE
ANY NET REVENUES IN EXCESS OF 1.5 TIMES DEBT SERVICE TO SUPPORT NEW
BOND ISSUES OR TO SUBSIDIZE INITIAL PROJECT LOSSES.
- THE PARKING SYSTEM WILL ATTEMPT TO MEET OTHER ELEMENTS OF THE STATED
GOALS BY PROMOTING PUBLIC/PRIVATE PARTNERSHIPS. THROUGH SUCH PARTNER-
SHIPS, THE PARKING SYSTEM WILL PROVIDE DEVELOPERS WITH LOWER -COST, BOND
FINANCED PARKING STRUCTURES. IN EXCHANGE, DEVELOPERS WILL LOCATE PROJECTS
IN CITY -DETERMINED TARGET ZONES, PAY A NEGOTIATED SHARE OF PARKING
REVENUES AND GUARANTEE THE REQUIRED CASH FLOW TO COVER BOND DEBT SERVICE
ON THE PROJECT.
- THE PARKING SYSTEM IS PREPARED TO NEGOTIATE WITH THE CITY OF MIAMI THE
SYSTEM'S FINANCIAL ASSISTANCE TO AND MANAGEMENT OF CERTAIN CITY -OWNED PARKING
STRUCTURES WHICH CURRENTLY OPERATE AT A LOSS AND WHICH MAY BE EXPECTED TO
OPERATE AT A LOSS FOR THE MEDIUM -TERM FUTURE. SUCH FINANCIAL ASSISTANCE
MAY BE ACCOMPLISHED IF THE CITY APPROVES CERTAIN NEW REVENUE PRODUCING
PROGRAMS. NET PROCEEDS FROM SUCH PROGRAMS WOULD FIRST BE USED TO REDUCE
OR ELIMINATE NEGATIVE CASH FLOW FROM CITY -OWNED PARKING OPERATIONS. ONCE
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84-636. .
BE USED TO DEVELOP ADDITIONAL PROJECTS IN ACCORDANCE WITH AGREED UPON
OBJECTIVES.
- THE PROPOSED NEW REVENUE PRODUCING PROGRAMS ARE:
THE SYSTEM WOULD ASSUME RESPONSIBILITY FOR ALL TOWING AND
BOOTING IN THE CITY OF MIAMI AND WOULD FUND ALL CAPITAL
ITEMS NECESSARY TO IMPLEMENT SUCH A PROGRAM.
- "THE SYSTEM WOULD ASSUME RESPONSIBILITY FOR MANAGEMENT AND
r COLLECTION OF PARKING TICKETS.
5
- IF REQUESTED BY OWNERS, THE SYSTEM WOULD ASSUME MANAGEMENT
RESPONSIBILITY ON A CONTRACT FEE BASIS FOR THIRD -PARTY
OPERATIONS, BOTH PRIVATE AND PUBLIC.
4
84-63G .
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THE PROPOSED NEW REVENUC PRODUCING PROGRAMS
-( — A TOWING PROGRAM DESIGNED TO REMOVE VEHICLES FROM LOADING ZONES AND
TRAFFIC LANES WOULD GENERATE $200s000 PER YEAR BY THE END OF THE FIVE
YEAR PROGRAM. AN AVERAGE OF APPROXIMATELY 50 VEHICLES PER DAY WOULD
BE TOWED. THIS COMPARES TO 200 VEHICLES PER DAY IN MAJOR CITIES SUCH
AS BOSTON* NEW YORK CITY OR WASHINGTON* D.C.. THE DEPARTMENT WOULD
ACQUIRE ITS OWN TOW VEHICLES TO ENSURE FAIRNESS AND UNIFORMITY OF RATES.
THE DEPARTMENT CURRENTLY ISSUES APPROXIMATELY 200,000 PARKING TICKETS
PER YEAR. THE COLLECTION RATE OF 55 PERCENT RESULTS IN REVENUES OF
$500,000 PER YEAR TO THE CITY OF MIAMI. THE PARKING SYSTEM IS NOT
COMPENSATED AT THE PRESENT TIME FOR THE TICKET WRITING SERVICE. AN
UPGRADING AND MODERNIZATION OF THE TICKET COLLECTION PROCESS IN CONJUNC—
TION WITH A "BOOTING PROGRAM" AND AN ADJUSTMENT IN THE AMOUNT OF FINES
COULD INCREASE THE COLLECTION RATIO TO 70 PERCENT. THIS COULD RESULT IN
A TOTAL REVENUE INCREASE OF $1,250,000 FOR THE CITY AND THE DEPARTMENT
BY THE END OF THE FIVE YEAR PROGRAM.
— THE DEPARTMENT CURRENTLY MANAGES TWO GARAGES AND EIGHT SURFACE LOTS FOR
VARIOUS GOVERNMENTAL JURISDICTIONS, AS WELL AS THE MANAGEMENT OF ALL
PARKING FOR METRORAIL. MANAGEMENT FEES (NOT INCLUDING METROKAIL) COULD
INCREASE TO $450,000 PER YEAR IN THE FIFTH YEAR OF THE PROGRAM BASED ON
OPPORTUNITIES WHICH CURRENTLY EXIST AT OTHER PUBLICLY AND PRIVATELY OWNED
FACILITIES. THE PARKING MANAGEMENT EXPERTISE OF THE DEPARTMENT WOULD BE
MADE AVAILABLE FOR A FEE. THE FEES WOULD BE EARNED FROM THE MANAGEMENT OF
FACILITIES WHICH WERE FINANCED BY THIRD PARTIES.
5
84-&36. .
GOAL #1:
MIAMI
,
GOAL 02: BALANCING ON -STREET NEEDS AND CONTROLS WHILE MAXIMIZING
PEAK -HOUR TRAFFIC FLOW
GOAL #3: ORIENT ACTIVITIES OF THE PARKING brZiitm lu
TRANSIT OBJECTIVES OF THE CITY OF MIAMI '-
GOAL #4 UTILIZE.THE SYSTEM'S PARKING FACILITIES ITS PARKING MANAGEMENT
EXPERTISE AND ITS BONDING CAPABILITIES TO SUPPORT THE ECONOMIC
DEVELOPMENT GOALS OF THE CITY OF MIAMI
GOAL 05 ASSIST THE CITY OF MIAMI IN ACHIEVING ITS AFFIRMATIVE ACTION
AND MINORITY BUSINESS ENTERPRISE GOALS
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84-636. ,
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GOAL. 'l: MEmNa THE CURRENT' AND FUTURE PARKIryG nt�u UrnG �i_�. ur..
MI AMTI
A
ASSUME RESPONSIBILITY IN COOPERATION WITH METRO DADE COUNTY AND CITY
OF MIAMI OFFICIALS AND CITY -POLICE FOR OVERALL ON -STREET PARKING REGULA-
TIONS.
- INSTITUTE DIALOGUE WITH RESIDENTIAL AND COMMUNITY GROUPS TO IMPROVE
PUBLIC RELATIONS. ,
PLAN FOR CHANGE IN ON -STREET PARKING THROUGH CONSULTATION WITH COMMUNITY
GROUPS, MERCHANTS AND CITY DEPARTMENTS AND OFFICIALS.
- DEVELOP ADDITIONAL OFF-STREET LOTS AND GARAGES:
LOTS - CENTRAL BUSINESS DISTRICT (38 W)
BRICKELL (23 W)
GARAGES - BAYSIDE
COCONUT GROVE
CIVIC CENTER
- INSTITUTE A RESIDENTIAL PARKING PROGRAM WHEN REQUESTED BY COMMUNITY GROUPS
IN IMPACTED RESIDENTIAL AREAS IN THE CITY OF MIAMI.
- DEVELOP A COMPREHENSIVE HANDICAPPED PARKING PROGRAM FOR THE CITY.
ON BEHALF OF THE CITY, ACCEPT RESPONSIBILITY FOR LANDSCAPE AND MAINTENANCE
AROUND MIAMI PARKING SYSTEM FACILITIES (E.G., CALLE OCHO, BISCAYNE BOULEVARD
MEDIAN).
- CONTINUE BEAUTIFICATION PROGRAM OF EXISTING MIAMI PARKING SYSTEM FACILITIES
IN COMMERCIAL AND RESIDENTIAL AREAS.
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GOAL 2e BALANCYNo pN-sTREET NEEDS. AN CONT OLS_WHILE MAXIMI%
TRAP
1 STREETS
FOR TRAFFIC AND PARKING BY INSTALLING 2�000
i IMPROVE UTILIZATION OF S
i ADDITIONAL ON -STREET PARKING METERS.
800 ON BISCAYNE BOULEV
ARD BETWEEN OMNI•AND
NORTHEAST 36TH STREET
150 ON NORTHWEST AND SOUTHWEST 12TH AVENUE
BETWEEN SOUTHWEST 8TH STREET AND
NORTHWEST 7TH STREET
150 ON NORTHWEST 17TH AVENUE BETWEEN THE MIAMI
RIVER AND NORTHWEST 20TH STREET -
200 ON NORTHWEST SOUTH RIVER DRIVE BETWEEN
NORTHWEST LOTH AND 12TH AVENUES
700 ON SOUTHWEST 8TH STREET BETWEEN SOUTHWEST
27TH AVENUE AND RED ROAD
ENSURE PROPER ENFORCEMENT OF REGULATIONS (BUS ZONES, CHURCH PARKING, ETC.)
- ENSURE THAT REGULATIONS PROVIDE OPTIMUM PEAK HOUR TRAFFIC FLOW.
- ADJUST REGULATIONS (LOADING ZONES, METERS, ETC.) TO MINIMIZE CENTRAL
BUSINESS DISTRICT'CONGESTION.
- ANALYZE REGULATIONS IN NON -CENTRAL BUSINESS DISTRICT AREAS (I.E., COCONUT
GROVE, EDISON LITTLE RIVER, ETC.) TO REDUCE TRAFFIC CONGESTION IN THOSE
AREAS.
- PROVIDE ADEQUATE PARKING ENFORCEMENT ON ALL MAJOR TRAFFIC ARTERIALS TO
REDUCE CONGESTION.
- PROVIDE TOW AWAY SERVICE TO CONTROL SERIOUS PARKING ABUSE ON ARTERIALS
DURING PEAK TIME.
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GOAL 3: SUPpORt T.pU9LIC TRANSIT OB�ECtIVES OF THE CI'C .� ,
x9
�f
TE PARKING FACILITIES FOR THE TRANSIT SYSTEM, INCLUDING METRORAIL
OPERA
. x
AND METROBUS-
a NALYZE AND STRUCTURE ENFORCEMENT.TO REDUCE CONGESTION ON BUS ROUTES.
PRIORITIZE ENFORCEMENT ON BUS, ROUTES TO REDUCE WAITING TIMES.
CALIBRATE RATES TO REDUCE COMMUTER DOWNTOWN PARKING AND ENCOURAGE SHOPPER
AND VISITOR USE OF EXISTING FACILITIES.
- DEVELOP A PUBLIC INFORMATION PROGRAM TO ADVISE COMMUTERS AND POTENTIAL
DOWNTOWN VISITORS OF PARKING OPTIONS.
84-636
GOAL 044.
OVLO�MEN? GOALS OF THE CITY OF MIAMI
DEVELOP ADDITIONAL OFF-STREET LOTS AND GARAGES
LOTS - MARTIN LUTHER KING
EAST LITTLE HAVANA
- DESIGN PLAZA
GARAGE - DESIGN PLAZA
ASSESS PARKING NEEDS IN CONJUNCTION WITH THE CITY OF MIAMI COMMUNITY
DEVELOPMENT PROGRAM-
- EXPAND PUBLIC -PRIVATE PARTNERSHIPS (UDAG, ETC.).
- PARTICIPATE IN ANALYTICAL STUDIES (E.G., ORANGE BOWL, EXHIBITION CENTER,
CULTURAL COMPLEX, DOWNTOWN REVITALIZATION).
ORIENT NEW FACILITIES TO SUPPORT CITY ECONOMIC DEVELOPMENT OBJECTIVES
(E.G., BAYSIDE).
10
GOAL 5 t ASSIST Tt1E vi i T vr � Aru-,= +• -•
MINORITY BUSINESS ENTERPRISE GOALS
EXPAND BLACK PARTICIPATION AT ALL LEVELS
- EXPANDED RECRUITMENT
- CAREER LADDER SYSTEM
- IN-SERVICE TRAINING
- MANAGEMENT INTERN PROGRAM
- EXPAND MINORITY BUSINESS ENTERPRISE PROGRAM
- METRORAIL GARAGES
- MIANI PARKING SYSTEM CONTRACTS
- CONSTRUCTION PROGRAM
- EXPAND RELATIONSHIP WITH COMMUNITY GROUPS
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84-636. ,
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MIAMI PARKING SYSTEM
DEPARTMENT OF OFF-STREET PARKING
FINANCIAL PROJECTIONS
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EXHIBIT 1
FINANCIAL PROJECTIONS
EXISTING SYSTEM ONLY
84--s36. .
1.71 1.92 1.92 2.10 2.392..52
•
s r'�
Depar_nen'
of 0f:
Stree_ Parking 1
,
r+
% ni.
Florida
Stat•:ain!
of Sev,AUe3
and Expensas
0--4
Far
Existing
Operations
H
x
Y_F�9S
E'11_3
SEPT73BER 33
PR3JECT_D
A-T°JRL
�
W
1975
1979
1933
1931
1932
1933
1)34
1955
1935
193T
1939
OPERATIt1S REVENUES:
Parking Facilities
S1,026.786
51.165.144
$1,010.959
S1.197.011
$1.977,622
$2,450.000
$2.870.000
$3.157.000
S3.472.700
$3,819•.970"
S4.201.96T
Parking Lots
555.501
507,631
304.462
901.919
1,200.216
1.583.000
1.920,000
2.112,000
2,323,200
2.555.200
2.811.072
;2
On -Street Facilities
537,225
548.006
647,050
837.469
937.243
1,150,000
1.330.000
1.463,000
1.609,300
1►770,230
1'.947.253
Other
6,028
11,804
141,973
54,433
89.?19
95,000
180,000
193.000
217,800
239,580
263 538
Total
$2,225,540
$2,332,585
$2,604,444
$2,990,732
$4.o�04
S5,375.000
$6,330,000
$6,930,000_
$T.623.000
$9,385,300
59.223.830
OPERATING EXPENSES:
Salaries and Fringe
$ 621.776
S 709,511
S 600,014
$ 596,569
S 726.342
$1.000,000
$1.235,000
$1,420,250
$1,562.275
$1,718.503
$1,890,35'3,
Repairs and Maintenance
244,562
211,078
473.652
455.593
559.327
810,000
900.000
990.000
1,089,000
1*197.900
1.317.690
Security and Enforcement 184.926
179.861
235.172
271,662
334.336
465.000
560,000
644.000
708.400
779.240
857,164
Utilities
113.717
134.049
137,889
150.425
209.081
215.000
245,000
281.750
309.925
340.918
375.009
Other
59,457
143,305
?17.265
257,449
510.495
715,000
750.000
862,500
943,753
1,043,625
1,147.989
Total
$1,224,438
$1 38_y 2,804
$1,663,992
$1,741,703
$?.449.082
$3,205,000
$3,690,000
S4,198,500
$4,619,350
$5.080 185
$5,588,2013
Y
,
NON -OPERATING INCOME:
`t
Interest Income
Current Investments
S 19,323
S 19.237
S 58.913
$ 65,316
S 74.980
S 25.000
S 25.000
S 25.000
S 25.000
$ 25.000
S 25,000
,
Restricted Investments 105,467
114,610
562,503
806,490
473,500
375,000
300,000
175,000
175,000
175,000
175,000
Gain (Loss) on Disposal
199,535
(15,912)
a
z
of Property
'�` r��;„�•
Total
$ 124,790
$ 133,847
$ 323,851
S 955,994
S 553,481
S 400,000
S 325 000
S 200,000
S 200,000
S 200,000
S 200,000;
r:
NET REVENUES FOR
31.125.892
$1,083.628
$1.761.303
$2,104.923
$2.353,702
$2.570.000
$2,935,000
$2,931.500
$3,204.650
$3.505.115
S3.835.627
DEBT SERVICE
__:z:z---
--=-------
----------
--------==-
----=::---
==-----:--
--zs:::r-s
-:-=--::::
zzsz--:s:a
-::azssz a
azssssss=:
Debt Service S 461,300 S 459.850 S 969.429 $1.433,732 E1.491.4;3 $1,473,702 S1,525.000 $1.525.000 $1,525,000 $1,525,110.1 S1,525,000-
an .u,bt ^overage Ratio 2.44 2.35 1.92 1.'1', 1.59
11TF: Source: Official Statement for Series 1933 Rand !ssue.
W September, 1983
r�
IIIIII Ij�i rih i''y� IIEI III Ilio
5
EXH
t RE JEXP
PROJCT—EXISTING
INC noeaAiIONS
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11�.I
by
Sam
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to
19Z9 1980 1981
1978
oi
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-
FISCRL YERRS
t4l
�1 sti
`
PROJ-EXSTNG
NET
REWDEBT
EXISTING OPERATIONS
FG 1
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WT fu FOR QMT:
. •
SERVICE= •• •• ••
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i
-EXHIBIT .- 2
FINANCIAL PROJECTIONS
NEW PARKING LOTS
777
All
-c-e«v5 xN
Y�
9t Yam'} rc` w rRF �:
�fi 1
t
MIAMI PARKING SYSTEM rt
DEPARTMENT OF OFF..STREET PARKING a
NEW PARKING LOTS FIVE YEAR PROJECTIONS
FyE FYE
FYE
FYE FYE 1986 987 198
1984 1985
DESIGN 219900
9317
$ 14,400 $ 16,600 a 199a 10,240
3ross Revenues a - .700 8,470 317_
Expenses - 8,130 10,583 11,651
Jperating - 6,700 _
'let Income 45,000 _______
Initial Investment $ 11,651
000) $ 6,700 $ 8,130 a 10,583 --
LOT 23 WEST 22,000
_ 18,200 a 20,000 a 8+785
Gross Revenues $ $ 16,600 ____ 7,260 7,986 13,215
Operating Expenses _ 10,000 10,940 12,014
Net Income 90,000 -'"'-
Initial Investment _ 12,014 $ 13,215
$--(90,000) $=-=10,000 $=-=10=g40 a-====__=__
1,0T 38 WEST 51,909 $ 57,100
$ 39,000 $ 42,900 a 47.190 $ 8,456
3ross Revenues 6,353 8 7,687
Expenses 5,783 40,202 44,222 48,644
Operating 33,217 36.547 _ Net Income 155,000 -
Initial Investment
36547 $ 40,202 $ 44,222 $ 48.644
,
$ (121,783) $
EAST LITTLE HAVANA
FINANCIAL PROJECTIONS
NEW GARAGES
84mm636
r
r 4
# t Avt� f
R g
a t
MIAMI
PARKING SYSTEM
DEPARTMENT
OF OFF-STREET PARKING
NEW GARAGES
FIVE YEAR PROJECTION
FYE FYE
FYE P'YE
FYE
g86
1987
i984
1985
�U$LIC,PRIVATE PARTNERSHIPS
t
OCONUT GROVE
5149800 566,300;
_
110,000 121,000,
Toss Revenues _
_
54.20 52.853
-perating Expenses -
-
459,068 498*153
ther Income --- _
_
-
602,968- 587,253_
et Income
-
)ebt Service _---= --_-----
(143.900 ) $ (89,100) -
eveloper Guarantee
_
----------
==--------
10T 10 GARAGE
$ 936,000
$ - $ -
$ _
_ 2o6,250
$ _
gross Revenues w
_ -
85,830 -
Jperating Expenses
_ _
_ 815,580
Other Income _
-
948,750
Vet Income
Jebt Service
$ (133,170)
_
Developer Guarantee
----------
"--- ---"
-------
DESIGN PLAZA
_ $ 238,200
$ - $ -
$ 110,000
3ross Revenues $ _
.. -
45,540
7perating Expenses
_ -
--- _ 173,740
3ther Income
5069040
Vet Income _
-
Debt Service
$ (3329300)
_
--�
Developer Guarantee $
----"-'---
---------
--------
846
1perating Expenses ��?•t�� ---Y== --
)ther Income - _ -"= 2,528.378 3.614301 '`
`et Income
_ _ 2,879.968 4,250_�64
%?bt Service
$ _ $ (351,590) $ (645,342)
a-==--=--=
1perating Expenses
Ither Income
`et income
�3bt Service
3
295289378
2, 19,968
$ (351,590)
92
-
+.!
sl
-41
F'T M
OW-
EXHIBIT 4
FINANCIAL PROJECTION
NEW METER REVENUES
t
EXNtot 4
MIAMI PARKING SYSTEM
DEPARTMENT OF OFF-STREET PARKING ry
NEW METER REVENUE PROJECTIONS
FYE FYE FYE 19$8'
FYE 19 7
1984 1955 1986 -
500 500
500 250 250
°dew Meters 8 000
- Revenues $ 759000 � 330,000 � 544,500 $ 698,250 � 78,
lew Meter
ft
k qoil
EXHIBIT 5
FIVE YEAR PROJECTED STATEMENT OF REVENUES
INCLUDING NEW LOTSo GARAGES AND METERS
x�xi 3 -4
r f �� �-•��
-
tCi
:.
E7 Hiatt '.
MIAMI PARKING SYSTEM
DEPARTMENT OF OFF—STREET PARKING
YT-�
FIVE YEAR PROJECTED STATEMENT OF REVENUES
(1) ,:.
85-86
86-87 87-88
-
83-84 84-85
$$, 402,410
$12,300,331 $149690,125
$69414,000 $704739000
verating Revenues
6 735,277
5,836,160 t
3,695,783 4,255,091 406809599
)perating Expenses
459,198 583,807
-
200,000
325,000 2_ 0__._ 0._,0DO -
- Ion —Operating Income
Net Revenues Available
for Debt Service(2)
Debt Service
`ebt Service provided
by Developer
let Debt Service
Jet Revenues Available
after Debt Service
'ebt Service Coverage
)epartment and Public/
Private Partnerships
at 1.0 Coverage (3)
Funds Available for
new agreed upon
Projects
3,043,217
1,410,328
1,410,328
$1,632,889
3,417,909
1,520,148
1,520,148
$1,897,761
2.16 2.25
$1,632,889 $1,897,761
3,9_ %8811
1,524,840
1,5�,840
$2,396,971
2.57
$2,396,971
6,923,359
4,402,466
(143,900)
4,2_ 58,566
$2,664,803
2.17
$2,664,803
8,538,655
5,783,266
(554,570)
5,228,696
$3,309,959
2.44
$3,309,959
84-636. ,
AW,
IA Y
r� ct
2 .-
f
..............
h PROJECTED REVENUE/EXPNSE
x sr c
•L+ICLUDINC NEW LOTSCM"ES. METERS
.19B6 logo LOW
Y E R R
EXHIBIT SA
uIli llllllllllllllllllllllpppl II IIIIII IIII �A�lul
� time
IN
NET fEV :FOR OEE
k9
SERVi[
Y
NET
S;
�W
An
17.000
Z
GOD
Emo
a-i
1aOmmo
—�
13.0
CO
11LOOO
to
1983-1984
a yr
P'IH0
JECTED NET RE:V/OEB 1
T_NQ.11DL%G IW I.M. GARAGES. &%D DYERS
1984-1985 1ut;7-1'ao ---
FISCAL YEARS
IIIIIIIIII�II
EXHIBIT IT 6
FINANCIAL PROJECTIONS
CITY -OWNED GARAGES
Anows,. rrj�.+24
r. y-- s< fi+,' �u tlL=". 4, • Yam,#.az. ,r �� _
fa
1XR 1��
t
EXHIBIT 6
MIAMI PARKING SYSTEM
DEPARTMENT OF OFF-STREET PARKING
CITY OF MIAMI OWNED GARAGES PROJECTED REVENUES
FYE FYE FYE FYE FYE
1984 1985 1986 1987 198
1OVERNMENT CENTER
:ross Revenues
$ 120,000
$ 200,000
198,000
$ 708,300
302,500
$ 779,400
332,750
)perating.Expenses
180,000
ther Income
Income
-
( 0,000)
-
2,000
4---- 05 S
44 , 650
:t
ebt Service
19382,000
1,388,000
1,390000
1,3939000
$(1,442,000)
$(1,3860000)
$ (984,200)
$ (946,350)
IORLD TRADE CENTER
$ 857,400
366,025
491,375
19397,000
sl
$ (905,625)
'ross Revenues
$ 820,000
1,000,000
$1,200,000
660,000
$ 1,646,500
726,000
$ 1,811,300
799,000
Aerating Expenses
539,000
600,000
ther Income
let Income
2
-
400,000
-
540,000
1,285,000
-
920,500
1,285,000
1,012,300
1,285,000
debt Service
11285,000
1,285,000
$(1,004,000)
$_(8859000)
$_(745_000)
$__(364_500)
$__(272,700)
:ASH FLOW
Combined Net Cash Flow
after Debt Service $(2,446,000) $(2,271,000) $(1,729,200) $(1,310,850) $(1,178,325)
before new revenue producing programs.
kw
tee-n--,e,
4
t t _
Y
f_
j r4
"
—�f
_i
EXHIBIT
FINANCIAL PROJECTIONS
ADDITIONAL NEW REVENUE PRODUCING PROGRAMS
ft
4
yggY�w�' - - - --
uj!
t1Ze�
F
MIAMI. PARKING SYSTEM
DEPARTMEKING
ENUE PRODUCINGOF OpF.STREET PROGRAMS
ADDITIONAL NEW REV
r PYE
FYE FYE PYE 1987 1988_
} 198y 1985 1986
200,000
1,2509000
400,000
$ 35,000 $ 100,000 $ 125,000
bowing &Booting
T- 350,000 700,000
icket Management
Aanaged Operations 50_,000 100,000 350,000
$==-85,000 $- 550,000 $1,175_000
$ 150,000 $
1,000,000
350,000
$1,500,000
$19850,000
sh flow
or the
In order to assist the City ihaseducing includedginive a
thisanalysisf C
several
owned garages the Department
revenue producing programs(Exhibit
ity7s•negativeSuch rcashmflowtonethe utwo wCity
be first utilized to reduce
the owned garages and the balTheeeffectaof newble eadditional revenue reafter would be sprogram uon
new agreed upon projects. is demonstrate
projected negative cash flow of the City's owned garages
in Exhibit S.
£
tl
" kq &.
J
_-
pr
Y „T
� 1
f
EXHIBIT 8
FINANCIAL PROJECTIONS
CASH FLOW IMPACT OF NEW REVENUE PRODUCING
PROGRAMS ON CITY-MNED GARAGES
it
t i n Rfiyi.G� &
m
� 4
e
EXHIBIT
MIAMI PARKING SYSTEM
DEPARTMENT OF OFF-STREET PARKING
IMPACT ON CASH FLOW FOR CITY -OWNED GARAGES a
INCLUDING NEW REVENUE PRODUCING PROGRAMS
FYE FYE FYE FYE FYE
1984 1985 1986 1987 1988
{
CASH FLOW
Combined Net Cash Flow
after Debt Service a(2,446,000) 200) $(1310,850) �(1,178,325)
$(2,271,000) $(1,729,,
Additional Net Revenues
from New Programs 000 1,500,000 1,850,000
(EXHIBIT 7) 85,000 550,000 1,175,
Total Funds
Required from the ..
City to cover (2,361,000) (1,721,000) (554,200)
negative cash flow
Excess Funds available
for application to _ _ 189,150 671,675
agreed upon Projects