HomeMy WebLinkAboutM-84-0516•
wiY
TO: Honorable Mayor and Members DATE: April 23, 1984
of the City Commission
SUBJECT: FIVE YEAR STRATEGIC AND
` FINANCIAL OPERATIONS PLAN
FROM: Roger M �Farlton
Director
Department of Off —Street Parking
During the past six months the Off —Street Parking Board has developed the
attached Five Year Strategic and Financial Operations Plan which is scheduled
for review by the City Commission in their flay 10, 1984 meeting. This plan
has evolved from discussions with various City Departments and agencies as
well as the City Manager and numerous community leaders. The highlights of
the plan are as follows:
o Six major goals are proposed which include utilization of parking
regulations to improve traffic flow, orientation of certain fliami
Parking System parking activities to support public transit,
utilization of the Department's bonding capacity and expertise to
support the economic development goal: of the City of Miami,
expansion of the Dcf-,,.rtmcnt's activities to Support the City of Miami
affirmativc ccti_ou ,nd minori.ty buSincss �:o�.ls,-,dopti.on of capital
plan %,"hi ch to mcc.t. the 1 ron�th oc downtown
and various, ncichli ol-ho d,: =n;i, zecomp]. sh r:i,� intai.ni ng
the finnneit�l of the P,?rkin,,
o The Department':-, new t.ru:,t indcnturc which _,. <;dopt('d by the City
Commission on Junes :3, 1')%_3 requires a rrjini.mtum'l of 1,21 debt service
coverage to m int,ain the "A" rigid "A--" lrtatinr s by I,00dy's ,:end Standard
and Poors, It i^ prudent: to establish a 1.5 debt service coverage
ratio. The Five Year Strategic and Financial Operations Plan commits
that the Off —Street Parking Board will mutually agree with the City
Commission and City officials on an annual basis regarding
expenditure of certain available funds above 1.5 debt service
coverage.
o To achieve the revenues projected to be available for mutually
agreeable projects, the plan includes development of five garages
including Bayside, Coconut Grove, Civic Center, Design Plaza and
Municipal Lot No. 10 (N.W. 5th Street and NW lst Avenue). Five
surface lots in the Design Plaza, Downtown, Brickell, East Little
Havana, Edison Business District are also included. From an
operational standpoint the plan includes continuation of the
Department's towing program, expansion of responsibilities in parking
ticket management including booting to control scofflaws, new parking
meters in various areas, and expansion of the Department's activities
in managing facilities owned by other organizations.
MOTioN
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o The financial results of the Five Year Strategic and Financial
Operations Plan are that approximately $35,000 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. There 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 Ttiami 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
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84-516
TO: Honorable Mayor and Members of the DATE: April 4, 1984
City Commission
SUBJECT: FIVE YEAR STRATEGIC AND
� FINANCIAL OPERATIONS PLAN
FROM: Roger M. Carlt5,1_JVtr
Director Department of �t & g
RECOMMENDATION
It is recommended that the City Commission accept a Five Year Strategic and
Financial Operations Plan for the Department of Off -Street Parking.
BACKGROUND
The City of Miami Department of Off -Street Parking was established by a
Special Act of the Florida Legislature in 1955. The Department, now known as
the "Miami Parking System," was granted initial responsibility for
constructing garages and managing a small number of surfncc lots which had
been built by the City Public Works Department. During the pnst. 29 years the
Department ha. expanded it:: responsibilit:y to ineiuc;e 33 p^rkintz lots, 7727
on —street. parl�:i.ng meters and five p�.rl;i.nEr E,: ; �.�. l�� 19 1 the tntnl number
of spaces under mi7llrEr„�c. lit, by 29
percent- to `(`,�; 1IT 100', rnj },\' ;n �[�ciltlt,�n;'1 ��•l_ �._vccnt. to 16o'll'j in 1983.
The number of : 2 ; .c ; i.; j't'C jCc_t c i tc i nc l :;e t i)!!i� t;
As with any �,,, ;����, iT.ro�rt:ti }��t�o�rr<r,5 it. th;-t the direction
taken by t.hr }',o;,rd i::fin. nr.i;sl.ly rF�};�ri7r;il��l_e° ��:n�:9 in l�,;:��r,.;�r;�� v.j1.h tor, overall
objective of the City fS nr.Cer'� offi���� rand t-lie City (�C)M&i�e;e,ioil With
recognition of the need to plan this t�rcti��t.h <;n�; irr;}�r�����c ��c;c,r;�i:nnt..��on with the
City of P4ialrii, the Off—Strcct Parking* Goard hc1d Retrc-rat, in November,
1983. In attendance werc the member~ of t.,hc Off --Street P :rkinr, Eorrd, the
Executive Director, the Department's management confultnnt, John Brophy of
Brophy Associates, the Department's engineering consultant., t-Toward t`ay, of
Conrad Associates East and Ron Silver,. the Department's Legal Counsel.
The result of the retreat was that a goals statement and a specific strategy
to achieve the goals were discussed. Of major significance was that the
Executive Director was instructed to prepare a Five Year Strategic and
Financial Operations Plan which would analyze the impact of the various
capital requirements expressed by the City of Miami, review the projects
recommended in a Five Year Capital Program which was accepted by the
Off —Street Parking Board in November, 1982, and incorporate the projected
revenues of major new revenue generating programs.
Phase I: EXISTING OPERfTIONS
The basis of the financial analysis was a five year projection of financial
performance required for the Official Statement for the Advanced Refunding
bond issue which was approved by the City Commission in October, 1983. The
projections which are incorporated in Exhibit 1 reflect that the Department's
net revenues after dEbL service will increase from $1,410,000 to $2,310,627 in
the five year period 1984-1989 assuming a 10 percent increase in revenues and
84-51C
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. fcacibil.ity study. The Civic Center garage, which is the only
example in t!,is c teg.ory, reflects neE,ativc ca h floc; in t.hc anount of
$207,690 during the ,'"i.rst vc�;r, irirrovi.nr, to a projected ho 7i.t.i.%e ca h flow of
$70, 000 at the (on(i of f:; ve c ;r r. of opc.rr:t ion.
The second c,-:tq,,i�v i,= hlihl i e�>> i v. tc p _rtner'ill il_)s, I:xr .le:. parr the Coconut
Grove E'l. �l;c;.�: e, ilui)icil •,1 L.ot. l,c,. 10 (located :t. tl�c 1'ri corner of the People
Mover Guicic;;� y), I>c,,i��u 1']�- �:nd Payside gr,rages. These- fnoiliti.es would
be bui l t, in p,r r nc r !ii p ;ri t.h l,r i v,}Le developern who v'ould fu arcrnt.ec to cover
any neF,:tiv(r;;;sli f]c::., in r.xchrr',Eze for- a capital lensr— a,hich atould allow them
to deprecir,t,c tl7r: .i ,E rr:; ; I,i )c the Department; aperatcs t;lie facilities during
and after the brind i:7-ur- 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 11) 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 3nd 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
d
revenues after debt service of $1,632,889 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 ratinln 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 guideline: 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 operation.:, would provide
sufficient funds to reduce or eliminate the deficits. IL i. projected that
such new pro17r<^n;s (Exhibit: 7) tcould „encr�_tc incrp,;ses of nct revenue: in the
amount of y�8`�, OOU in hi.scsl Year 811 to 1, 8` C�,000 ill 1-i c�J ler r �ti , It is
the intention of the Dcrart.ncnt to fire;-. <�pply wuch notrcvc�nucr_- tc reduce or
eliminate: the ncr ,tive c a;:>Ii flog of the City c,, ned E,c;r apse:. Any c?:ce; : funds
generated wi.11, be u:ted to develop nca; agreed upon projects. Exhi1)it 8
reflect: the; projected cash flow of the two City owned gar�ites including the
impact of the nc.,w additional revenue producing programs on reducing the
deficits.
rnnrrt.nsmfj
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
STATEMENT OF GOALS
f.
- 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-l-nUR TRAFFIC FLOW.
- ORIENT THE ACTIVITIES OF THE PARKING SYSTEM TO SUPPORT THE PUBLIC TRANSIT
ACTIVITIES OF THE CITY OF MIAMI-
- 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.
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REQUIREMENTS
- 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 STANDARD AND POORS.
- CURRENT RATING IS "A" AND ;'A-" RESPECTIVELY.
- BONDS ARE ISSUED UNDER CITY OF MIAMI'S NAVE 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 SYS'1[11'S FINANCIAL ADVISORS AND UNDERWRITERS REC0111END THAT
NET REVENUE S110t11J) [3E NO LESS TITAN 1.5 TIMIES DEBT SCRVICE< MAINTAINING
THIS LEVEL IS A 114JOR FACI'Oft IIJ CONTINUING PRESENT' HIGH BOND RATINGS.
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FINANCIAL CONSIDERATIONS
OBJECTIVES
— THE MIAMI PARKING SYSTEM WILL WORK TO ACHIEVE STATED GOALS TO MAXIMUM
EXTENT POSSIBLE 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 [If=;°tt�t:.Ii`[, [,�Cillitfo (UIDf'f.IP S. 1�[iF SYSTEM IS rRE['ARED TO UTILIZE
ANY NET RE�'ENULS I[t f.�".CBSS (11: 1 . f 1IM;E� � [�[:i�ii S[:�[,VICE. i0 SUPPORT NEW
BOND ISSUES 01� 10 �'U[5510)%['
THE PARKIN(, `F�``�'l Ef; i!I!�[_ /+'r(1:fSP'l"f () i "[ f1 01111.1' ll_fh[E[NITS OF THE STATED
GOALS BY P( C)li�:)TIt�G (�U[:�fIC/['fll!!'�IG P/'RT1,TF-SI11IPS. THROUGH SUCH PARTNER—
SHIPS, THE PARKING yYSTEll t,!ILL PROVIDE:. DEVELOPERS WITH LONER —COST, BOND
FINANCED PARKING STRUCTURES, 114 EXCHANGE, DEVELOPERS [FILL 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 MEDIUMI—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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SUCH NEGATIVE CASH FLOW IS ELIMINATED, PROCEEDS FROM NEW PROGRAMS WOULD
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
COLLECTION OF PARKING TICKETS.
- IF REQUESTED BY OWNERS, THE SYSTEM WOULD ASSUME MANAGEMENT
RESPONSIBILITY ON A CONTRACT FEE BASIS FOR THIRD -PARTY
OPERATIONS, BOTH PRIVATE AND PUBLIC.
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THE PROPOSED NEW REVENUE PRODUCING PROGRAMS
- A TOWING PROGRAM DESIGNED TO REMOVE VEHICLES FROM LOADING ZONES AND
TRAFFIC LANES WOULD GENERATE $200,000 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, N04 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 110DERNI7_ATION OF THE TICKET COLLECTION PROCESS IN CONJUNC—
TION WITH A "POOTING PROGRAll" AND AN ADJUSTMENT IN THE AMOUNT OF FINES
COULD INCREASE Tlf:' COLLECTION RATIO TO 70 PERCENT. THIS COULD RESULT IN
A TOTAL REVINLIC If�CNJ'AS[: OF N41.250,000 FOR THE CITY AND THE DEPARTMENT
BY THE END OF .LH(` L I\`f' YLAR f'ROGRIV .
THE DEPARTMENT CURREtd'rMA
NAGES ANAGES TWO GARAGES AND EIGHT SURFACE LOTS FOR
VARIOUS GOVERNI-1ENTAL JURISDICTIONS, AS WELL AS THE MANAGEMENT OF ALL
PARKING FOR METIRORAIL. MANAGEMENT FEES (NOT INCLUDING METRORAIL) 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 WIOULD BE
MADE AVAILABLE FOR A FEE. THE FEES WOULD BE EARNED FROM THE MANAGEMENT OF
FACILITIES WHICH WERE FINANCED BY THIRD PARTIES.
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ACTION PLAN TO IMPLEMENT THE PROPOSED OFF-STREET PARKING GOALS
GOAL #1: MEETING THE CURRENT AND FUTURE PARKING NEEDS OF THE CITY OF
MIAMI
GOAL #2: BALANCING ON -STREET NEEDS AND CONTROLS WHILE MAXIMIZING
PEAK -HOUR TRAFFIC FLOW
GOAL #3: ORIENT ACTIVITIES OF THE PARKING SYSTEM TO SUPPORT THE PUBLIC
GOAL #4 UTILIZE THE SYSTDi'S PARKING FACILITIES. ITS PARKING MANAGEMENT
EXPERTISE AND ITS PONDING CAPABILITIES TO SUPPORT THE ECONOMIC
DEVELOPf1Efr'l- 00,10 S OE' THE CITY OF P�iI(' 11
GOAL #5 ASSIST THE CITY OF Mllh,ll IN ACHIEVING ITS AFFIRMATIVE ACTION
AND MINORITY BUSINESS Ef-JERPRISE GOALS
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GOAL I; MEETING THE CURRENT AND FUTURE PARKI10 NEEDS OF THE CITY OF
MIAMI
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. BUSIIIIESS DISTRICT (38 W)
BRICKELL (23 11)
GARAGES - BAYSIDE
COCONUT GROVE
CIVIC CE14TI-IZ
- INSTITUTE A RESIDENTIAL PARKENIG 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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r• GOAL 02: BALANCING ON -STREET NEEDS AND CONTROLS WHILE MAXIMIZING PEAK -HOUR
TRAFFIC FLOW "
• IMPROVE UTILIZATION OF STREETS FOR TRAFFIC AND PARKING BY INSTALLING 2,000
ADDITIONAL ON —STREET PARKING METERS.
800 ON BISCAYNE BOULEVARD BETWEEN OMNI AND
NORTHEAST 36TH STREET
150 ON NORTHWEST AND SOUTHWEST 12TH AVENUE
BETWEEN SOUTHWEST OTH 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 SOUTMdEST 8TH STREET BETI'tEEN SOUTHWEST
27TH AVENUE AND RED ROAD
— ENSURE PROPER ENFORCUMEN'T OF REGULATIONS (PUS 7ONES, CHURCH PARKING, ETC.)
— ENSURE THAT RIvGULIVIIQNS i'ROVIDL 0I1111U;ll PFAK HOUR' TRAFFIC I -LOW.
- ADJUST REGUI.P T TOILS (L.OADJNG IOI'dFS, ISETERS, ETC.) TO fiINIMIZE CENTRAL
BUSINESS DISTRICT'CONCESTION.
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 03: SUPPORT TOE PUBLIC TRANSIT OBJECTIVES OF..THE CITY OF MIAMI
OPERATE PARKING FACILITIES FOR THE TRANSIT SYSTEM, INCLUDING METRORAIL
i AND METROBUS.
- ANALYZE AND STRUCTURE ENFORCEMENT.TO REDUCE CONGESTION ON BUS ROUTES.
• PRIORITIZE ENFORCEMENT ON BUS,ROUTES TO REDUCE WAITING TIMES.
E
- CALIBRATE RATES TO REDUCE COMMUTER DOWNTOWN PARKING AND ENCOURAGE SHOPPER
e
AND VISITOR USE OF EXISTING FACILITIES.
e
— DEVELOP A PUBLIC INFORMATION PROGRAM TO ADVISE COMMUTERS AND POTENTIAL
DOWNTOWN VISITORS OF PARKING OPTIONS.
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GOAL #4: UTILIZE THE PARKING SYSTEMS FACILITIES,_IIS PARKING MANAGEMENT
EXPERTISE AND ITS BONDING CAPACITIES TO SUPPORT THE ECONOMIC
DEVELOPMENT COALS 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 APIPlYTICAL STUDIES (E.G., ORANGE BOWL, EXHIBITION CENTER,
CULTURAL COtIPL.EX, DOINTOWIN REVITALIZATION).
- ORIENT NE14 FACILITIES TO SUPPORT CITY ECONOMIC DEVELOPMENT OBJECTIVES
(E.G., BAYSIDE).
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GOAL #4: UTILIZE THE PARKING SYSTEMS FACILITIES,_IIS PARKING MANAGEMENT
EXPERTISE AND ITS BONDING CAPACITIES TO SUPPORT THE ECONOMIC
DEVELOPMENT COALS 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 APIPlYTICAL STUDIES (E.G., ORANGE BOWL, EXHIBITION CENTER,
CULTURAL COtIPL.EX, DOINTOWIN REVITALIZATION).
- ORIENT NE14 FACILITIES TO SUPPORT CITY ECONOMIC DEVELOPMENT OBJECTIVES
(E.G., BAYSIDE).
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GOAL #5: ASSIST THE CITY OF MIAMI IN ACHIEVING ITS AFFIRMATIVE ACTION AND
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
- MIAMI PARKING SYSTEM CONTRACTS
- CONSTRUCTION PROGRAM
- EXPAND RELATIONSHIP WITH COMMUNITY GROUPS
1t
. •r •e •r+ 'r •.y�'r1.3;!f.,i• a••;;.-•'l���R •�.wJ..
MIAMI PARKING SYSTEM
DEPARTMENT OF OFF-STREET PARKING
FINANCIAL PROJECTIONS
~ 1 !
Depar_:vcn'. or Orr -:,tree`. Puking 1
'4i,-i,
Florida
[�
Staternrn�
of 3evenues
and Expen3:s
$4
Cq
Fir Existing;
Operations
H
YEARS ET)ED
;APT=;1aER 33
A2TUAL
_
�i7'.2�
PROJECT=D
-
1979
1979
1999
1931
_
1)33
I)J4
1335
1935
1937
1989
OPERATI:1Z; REVENUES:
Parking Facilities
$1,026,786
$1.165.144
S1.010,959
$1.197.011
$1,977,622
S2.453,009
$2,870.000
$3,157,000
S3,472,700
S3,319,970
$11,201.967
Parking Lots
555,501
507.631
834.462
9011819
1.203.216
1,580,000
1.920,000
2.112,000
2,323,200
2,555,200
2,311,072
On -Street Facilities
537,225
548,006
647,050
837,463
937.243
1,150,000
1,330,000
1,463,000
1.509,300
1,770,230
1,947.253
S
Other
6J023
tt,804
141,973
51+,433
81,?19
95,000
in'000
--193,ow)
217,300
253 538
Total
$2,225,540
$2,332,585
S2.60a.444
3�)0,732
54_^5;i ?0!1
'5,375.000
$5,300,000
$6,930,000
17 62, 3,000
33,335,300
19 223,830
?
OPERATING EXPENSES:
Salaries and Fringe
= 621,776
S 709.511
S 600.014
3 596,569
S 725.3�12
$$1,000,000
31,235,300
11,420,250
$1,562,275
$1,713,503
$1,390,353
Repairs and Maintenance
244,562
211,078
473,652
455,593
559.327
810,000
900,000
990,000
1,039,000
1,197,900
1,317,690
Security and Enforcement
184,925
179.861
235,172
271.662
334,335
455.(109
560,000
644,000
703,30-3
773,240
357,1611
Utilities
113.717
134,04)
137.889
150.425
203,031
215,090
245,000
231.750
309.925
340,913
375,009
Other
59,457
143:305
?17,265
157,449
613,495
715,000
750,000
862,500
943,750
1,043.525
1.147,983
Total
$1,224,438
$1,382,904
$1,663,992
$1,741,703
3Z,III' 9,)82
$3,295 ,000
S3,650,000
$4,198,500
S4,513,350
559()9o,11,5
35,538,204
NO11-OPERATING INCOME:
Interest Income
Current Investments
S 19,323
S 19,237
S 53,313
S 65,316
S 74,980
S 25.000
S 25,000
3 25.000
3 25,000
3 25,000
S 25,000
Restricted Investments
105.467
114.610
562,503
806.490
+473,5nO
375,000
300,000
175,000
175,000
175,000
175.000
Gain (Loss) on Disposal
t99,535
(15,912)
or Property
Total
$1?_4,790
$ 133,847
f 320,951
3 955,994
3 553,480
S 400,000
t 325,000
$200,000
S 200,000
1 200 0.3
S 200,000
NET REVENUES FOR
$1.125,892
$1,083,628
$1,761,303
32,104,923
$2.353,702
52.570,000
$2,935,000
$2.931,500
$3,204,550
3.505.115
33.935,627
DEBT SERVICE
Debt Service
S 461,300
$ 459.853
S 959,429
51.433,7a2
$1,491.4;3
$1,473,702
$1,525.000
$1,525.000
$1,525,000
$1.525,nCl
S1,525,000
Debt roveraee Ratio
2.44
2.36
1.9?.
11.4?
1.59
1.74
1.92
1.92
2.19
2.3:1
2.52
NOTE: Source: Official Statement for Series 1993 Bond Issu^-.
September, 1983
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l-. K: fIrl,.
E F E `d ! E X P P R U V T— E! 1 t S T L N V EXHIBIT IA i
LUSTING' OPERATIONS
k i��
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£r��bC,..�
IMF 10
ed r
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e� w�
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1978 1973 19M 1981 1982 1983 1984 1985 1986 1937 1988
FISCRL YERRS
I . 1 IIIH, I'l: III, 1111hill 11! 1! !,1 L.IL I I !I lill 1111111111 d �lj I IN U I "'Ifl—A WIN
NET REV/DEBT PROJ-EXSTNG UHIBITIB
UISTIn OFEUMONS
Cat ( IRVICE: — — —
000�
A
4
1978 1978 ism 1931 19812 1933 1984 1985 1986 1987 1928
FISCAL YEAR ENDING
i
EXHIBIT 2
MIAMI PARKING SYSTEM
DEPARTMENT OF OFF-STREET PARKING
NEW PARKING LOTS FIVE YEAR PROJECTIONS
FYE
FYE
EYE
FYE
FYE
1984
1985
1986
1987
1988
DESIGN PLAZA
3ross Revenues
$ -
$ 14,400
$ 16,600
$ 19,900
$ 21,900
)perating Expenses
-
7,700
8,470
9,317
10,249
let Income
-
6,700
8,130
10,583
11,651
nitial Investment
75,000
-
-
-
-
$ (75,000)
$ 6,700
$ 8,130
$ 10,583
$ 11,651
LOT 23 WEST
Gross Revenues $ - $ 16,600 $ 18,200 $ 20,000 $ 22,000
Operating Expenses - 6,600 7,260 7,986 8,785
Net Income - 10,000 10,940 12,014 13,215
Initial Investment 90,090 - - - -
$ (90,000) $ 10,000 $ 10,940 $ 12,014 $ 13,215
LOT 38 WEST
iross Revenues $ 39,000 $ 42,900 $ 47,190 $ 51,909 $ 57,100
Operating Expenses 5,783 6,353 6,988 7,687 8,456
Net Income 33.217 36.547 40,202 44,222 48,644
Initial Investment 155,000
$ (121,783) $ 36,547 $ 40,202 $ 44,222 $ 48,644
EAST LITTLE HAVANA
gross Revenues
$
-
$
135,200
$
148,720
$
163,592
$
179,951
)perating Expenses
-
29,900
32,890
36,179
39,797
Aet Income
-
105,300
115,830
127,413
140,154
initial Investment
400,000
-
-
-
-
$
(400,000)
$
105,300
$
115,830
$
127,413
$
140,154
1ARTIN LUTHER KING
4ross Revenues
$
-
$
3,900
$
4,200
$
4,700
$
5,100
perating Expenses
-
6,038
6,641
7,306
8,036
et Income
-
(2,138)
(2,441)
(2,606)
(2,936)
nitial Investment
75,000
-
-
-
-
$
----------
(75,000)
$
----------
(2,138)
$
----------
(2,441)
$
-----------
(2,606)
$
-----------
(2,936)
'OTAL ALL NEW LOTS
rocs Revenues
$
39,000
$
213,000
$
234,910
$
260,101
$
286,051
perating Expenses
5,783
56,591
62,249
68,475
75,323
.et Income
33,217
156,409
172,661
191,626
210,728
initial Investment
795,000
-
-
-
-
$
761,783
$
156,409
$
172,661
$
191,626
$
210,728
1/15/84
84-516
p
MIAMI PARKING SYSTEM EXHIBIT 3
DEPARTMENT OF OFF-STREET PARKING
NEW GARAGES FIVE YEAR PROJECTION
FYE FYE FYE FYE FYE
1984 1985 1986 1987 1988
'UBLIC PRIVATE PARTNERSHIPS
.00ONUT GROVE
Toss Revenues
$
- $
- $
- $
514,800
$
566,300
,persting Expenses
-
-
-
110,000
121,000
Cher Income
-
-
-
54,268
52,853
at Income
-
-
-
459,068
498,153
'ebt Service
-
-
-
602,968
587,253
eveloper Guarantee
$
- $
- $
- $
(143,900)
$
(89,100)
,OT 10 GARAGE
----------
----------
----------
-----------
-----==-___
�ros3 Revenues
$
- $
- $
- $
-
$
936,000
Operating Expenses
-
-
-
-
206,250
Other Income
-
-
-
85,830
'Jet Income
-
-
-
-
815,580
Debt Service
-
-
-
-
948r750
Developer Guarantee
$
- $
- $
- $
-
$
(133,170)
DESIGN PLAZA
.iross Revenues $ - $ - $ - $ - $ 238,200
Dperating Expenses - - - - 110,000
Othcr income - - - 45,540
',et Income - - - - 173, 7140
Dcvc:,].oper Guarantee $ - $ - $ - $ - $ (332,300)
_AYSI1DC GARAGE
:ross Revenues
$ -
$
- $
- $
1,793,880
$
1, 848, 3411
Operating Expenses
-
-
-
412,500
453,000
)ther Income
-
-
-
136,620
133,056
Net Income
-
-
-
1,518,000
1,528,400
)ebt Service
-
-
1,518,000
1,478,400
$ -
$
- $
- $
-
$
50,000
;ON PUBLIC/PRIVATE
PARTNERSHIPS
'IVIC CENTER
(ross Revenues
$ -
$
- $
- $
648,000
$
713,400
)perating Expenses
-
-
-
165,000
181,500
)ther Income
-
-
68,310
66,528
'let Income
-
-
-
551,310
598,428
)ebt Service
-
-
-
759,000
739,200
$
$
- $
- $
(207,690)
$
(140,772)
1/15/84 (cunt. next page)
84--516
w \\
^ }
k
k
cont. (EXHIBIT ])
r
#
/
'OTAR ALL NEW GARAGE .
»
(
}r \s
/
Revenues $ — $
— $ — $ 2,956,680
$ 48802,24% $
)perntina Expenses —
— — 687,500
1,071,750 9
/
±her Income
— —9, 198
--_ a $
'et Income —
— — 2,528,378
3,444,J01 \
2bt Service
— 2, 79;
. .
11,259,643 f
$ — $
— $ — $ (351,590)
$ (6453342) /
15/84
EXHIBIT u
FINANCIAL PROJECTION
NEW METER REVENUES
EXHIBIT 4
FINANCIAL PROJECTION
NEW METER REVENUES
84-51C
LF
EXHIBIT 4
MIAMI
PARKING
SYSTEM
DEPARTMENT
OF OFF—STREET
PARKING
NEW METER
REVENUE
PROJECTIONS
FYE
FYE
FYE
HE FYE
{
1984
1.985
1986
1987 1988
lew Meters 500
500
500
250 250
few Meter Revenues $ 75,000 $
330,000
$ 544,500
$ 698,250 $ 878,000
f*;
EXHIBIT 5
FIVE YEAR PROJECTED STATEMENT OF REVENUES
INCLUDING NEW LOTS, GARAGES AND METERS
E
EXHIBIT 5
)perating Revenues
)perating Expenses
ion -Operating Income
Net Revenues Available
for Debt Service(2)
)ebt Service
1,2bt Service provided
by Developer
MIAMI PARKING SYSTEM
DEPARTMENT OF OFF --STREET: PARKING
FIVE YEAR PROJECTED STATEMENT OF REVENUES (1)
83--84 84-85 85--86 86-87 87-88
$6,414,000
3,695,783
325,000
3,043,217
1,410,328
het Debt Service 1,410,328
;Iet Revenues Available
after Debt Service $1,632,889
'ebt Servicc Coverage
)epartmc.nt ,end Public/
Private P,=rtncrships
3t 1.0 Cover<ge (3)
cunds Available for
new agreed upon
Projects
$7,473,000
4,255,091
200,000
31417,909
1,520,148
1,520,148
$1,897,761
$8,1102, 410
4,680,599
200,000
3,921,811
1,524,840
1,524,840
$2,396,971
$12,300,331
5,836,160
�459,198
6,923,359
4,402,466
(143,900)
4,258,566
$2,664,803
2.16 2.25 2.57 2.17
$1,632,889 $1,897,761 $2,396,971 $2,664,803
$14,690,125
6,735.277
583,807
8,538,655
5,783,266
(554,570)
5,228,696
$3,309,959
2.44
$3,309,959
1) Includes Current Operations, New Parking Lots and Garages, new meter installations, and
Public/Private Partnership projects. Does not include new revenue producing projects.
?) EXHIBIT NO. 2 & 3 reflect additional lots and garages that are under consideration and
factored into the projections.
3) Based upon discussion with the Department's financial advisor and underwriters, public
private partnerships require only 1.0 debt service coverage based upon the lease
structure which would guarantee all negative cash flow.
115/84
84-516
EXHIBIT 5
MIAMI PARKING SYSTEM
DEPARTMENT OF OFFSTREET PARKING
FIVE YEAR PROJECTED STATEMENT OF REVENUES (1)
83-84 84-85 85-86 86-87 87-88
)perating Revenues
$6,414,000
$7,473,000
$8,402,41.0
$12,300,331.
$111,690,125
)perating Expenses
3,695,783
4,255,091
4,680,599
5,816,160
6,735,277
!on —Operating Income
325,000
200,000
200,000
1159,1.98
_ 583,807
Net Revenues Available
for Debt Service(2)
3,043,217
3,417,909
3,921,811
6,923,359
8,538,655
)ebt Service
1,410,328
1,520,148
1,524,840
4,402,466
5,783,266
`ebt Service provided
by Developer
(143,900)
(554,570)
;et Debt Service
1,410,328
1,520,148
1,524,840
4,258,566
5,228,696
�=
,let Revenues Available
after Debt Service
$1,632,889
$1,897,761
$2,396,971
$2,664,803
$3,309,95.
at
'ebt Service_-` Ceverrage
"r
)epac trIcnt _Ild Public/
:
F-i at`e I l t:ucr ,-hips
3t 10 Gavcr:gc (3)
2.16
2.25
2.57
2.17
2.44
:4
.„
rund.s Available for
E
`rF
new agreed upon
Projects
$1,632,889
$1,897,761
$2,396,971
$2,664,803
$3,309,959
1) Includes Current
Operations, New
Parking Lots
and Garages,
new meter installations, and
Public/Private Partnership
projects.
Does not
include new
revenue producing projects.
?) EXHIBIT NO. 2 &
3 reflect additional
lots and garages that are under consideration and
factored into the
projections.
3) Based upon discussion with the
Department's financial
advisor and underwriters, public
private partnerships require
only 1.0 debt
service coverage
based
upon the lease
structure which would guarantee
all negative cash
flow.
15/84
I
OP 4dw o ONO
4m 0, am
wn low �1r+
.r. � rr►
wID oft sip �
am ma sip aP am p� � A
YOP
1983-1984
i987-19M
1984-M 1985-1956 19SS-1987
FISCRL YERR
w rr x r r„ern„z� ��1r N s4k�e ���Y�bp{;117YYillldlllllllllYYIIYI{IIIYIIIIIIYIIIIiI'IIIYIIIIIIIoI
RWIZ
INCLUDING NEW LOTS, GARAGES, AND METERS
T b 0 fi t
ro i
Er 030
I.�._
_
000
OK
i1, OM
i
NET REV FOR DEBT: �—
KET DEBT SERVICE:
��
40
�
i
we am OL* ► rer
�s 400 4mm w 400 �ww �
vu
1983-1964
1984-1985 1985-1986 1986-1937
FISCAL `ERRS
1987-1988
I7
W
T4
84-516
U
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 1988
,OVERNMENT CENTER
ross Revenues
)perating Expenses
they Income
?t Income
ebt Service
TORLD TRADE CENTER
ross Revenues
perating Expenses
ther Income
!et Income
)ebt Service
$ 120,000 $ 200,000
180,000
198,000
(60,000)
2,000
1,382,000
1,388,000
$ 0 ,442,000)
$(1,386,000)
$ 820,000
539,000
281,000
1,285,000
$(1,004,000)
1,000,000
600,000
1,285,000
$ (885,000)
$ 708,300
302,500
405,800
1,390,000
$ (984,200)
$1,200,000
660,000
540,000
1,285,000
$ (745,000)
$ 779,400
332,750
446,650
1,393,000
$ (9146,350)
$ 1,646,500
726,000
920,500
1,285,000
$ (3611,500)
$ 857,400
366,025
491,375
1,397,000
$ (905,625)
$ 1,811,300
799,000
1,285,000
$ (272,700)
,ASH FLOW
Combined Net Cash Flow
after Debt Service $(2,446,000) $(2,271,000) $(1,729,200) $(19310,850) $(1,178,325)
before new revenue producing programs.
rotes:
t) The above projection does not include investment income generated on required bond
reserve balances. If such earning were incorporated into the projection it would result
in a reduction to the additional funds required from the City.
/15/84
84--Sib
EXHIBIT T
W FINANCIAL PROJECTIONS
ADDITIONAL NEW REVENUE PRODUCING PROGRAMS
84-516
11IT19ilNl'11�71�
ie >n111�IfrnRl9mC
EXHIBIT 7
MIAMI PARKING SYSTEM
DEPARTMENT OF OFF-STREET PARKING
ADDITIONAL NEW REVENUE PRODUCING PROGRAMS
FYE HE FYE FYE FYE
1984 1985 1986 1987 1988
rowing & Booting $ 35,000 $ 100,000
$ 125,000
$ 150,000
$ 200,000
Ticket Management -- 350,000
700,000
1,000,000
1,250,000
lanaged Operations 50,000 100,000
350,000
350,000
400,000
$ 85,000 $ 550,000
$1,175,000
$1,500,000
$1,850,000
4/15/84
In order to assist the City in reducing negative cash flow for the City
owned garages the Department has included in this analysis several new
revenue producing programs (Exhibit 7). Such programs net revenues would
be first utilized to reduce the City's negative cash flow on the two City
owned garages and the balance va.ilable t.hcreafter would be used to fund
new agreed upon projects. The effect of new additional revenue program on
projected negative cash flow of the City'ti owned garages is demonstrated
in Exhibit 8.
B4"�1
EXHIBIT
8
MIAMI PARKING
SYSTEM
DEPARTMENT OF OFF—STREET PARKING
IMPACT ON CASH FLOW FOR CTTY—OWNED GARAGES
INCLUDING
NEW REVENUE PRODUCING PROGRAMS
FYE
FYE
FYE
FYE
FYE
-
1984
1985
1986
1987
1988
CASH FLOW
Combined Net Cash Flow
after Debt Service
$(2,446,000)
$(2,271,000)
$(1,729,200)
$(1,310,850)
$(1,178,325)
Additional Net Revenues
from New Programs
(EXHIBIT 7)
85,000
550,000
1,175,000
1,500,000
19850,000
"Total Funds
Required from the
City to cover
(2,361,000)
(19721,000)
(554,200)
—
—
negative cash flow
Excess Funds available
t
for application to
—
—
1899150
671,675
.=
agreed upon Projects
—
84--516