HomeMy WebLinkAboutAccomplishmentsMiami Parking Authority
August 9, 2004
Honorable Mayor and Members of the City Commission:
Arthur Noriega, V.
Executive Director
190 N.E. Third Street
Miami, Florida 33132
Phone (305) 373-6789
Fax (305) 371-9451
www.miamiparking.com
Fiscal Year 2004/2005 has been a challenging year for Miami
Parking Authority. Our successes during the year have been
marked by the continuous progress on our five-year capital
and operating plan.
Accomplishments During the Past Year
The Authority's accomplishments and goals in the last 12
months were primarily focused on four main areas:
Continued to advance our five-year capital plan.
Exploring joint venture opportunities with public and
private partners in Downtown and the Design District.
Continuing our implementation of more technologically
advanced parking solutions.
Continue our efforts to expand the parking inventory
within the City.
The specific accomplishments included the following:
Continued to implement pay and display technology
(P&D) on various parking lots and high revenue on -
street zones such as downtown and Brickell. This
technology allows our customers to pay with cash,
debit or credit card.
Developed a strong partnership with City of Miami
Community Development department to construct parking
facilities in under -developed areas of Miami. This
parking will serve as a catalyst to encourage strong
economic growth and renewed confidence in business
owners. Total dollars allocated for these projects
top $5.3 million.
Completed construction of the new Water Sports parking
lot in the Coconut Grove area.
Continued negotiations to acquire certain land parcels
for future parking facilities.
Signed the development agreement and began permit
process for the development and construction of a
mixed use project located across the street from the
new Federal Courthouse currently under construction.
The project is envisioned as a 1,000 space garage with
retail at the ground floor and 400 condominium units
above the garage.
Finalized Bond Study for bond issue expected to be
completed by November, 2005.
Opened Lots 76-78 (1-395 Lots/Arts & Entertainment
Lots) with 300 new parking spaces.
Purchased a parcel of property in Little Havana to
serve the Tower Theater, Domino Park and Viernes
Culturales.
Completed construction management and oversight of new
parking facility at Southwest Social Services in
Flagami.
Designed three new projects that will begin
construction September 2005 (SW 16th Street/SW 7th
Avenue, Model City Lots, Alternative Program and West
Grove Lot).
Opened a restroom facility in the Watson Island Boat
Ramp.
Broke ground on our Allapattah Parking Plaza garage
adjacent to Goodwill Industries. Completion expected
March 2006.
Designed and implemented City-wide MVP Program to
protect Miami residents from hurricanes and other
major weather disturbances.
During the year ending September 30, 2005, the
Authority estimates it will contribute approximately
$2,000,000 in excess revenues to the City.
Highlights of the 2005-2006 Budget
Completed construction of the 350-space parking garage
in Allapttah.
Finalization of $5.3 million in projects in
partnership with the City's Community Development
Department.
Commence construction of the new Garage No. 1 project
across from the Federal Courthouse.
Finalize development scope for project in the Design
District.
Continue installation of Pay & Display technology at a
value of $3,750,000.
Capital Spending
The budget for the 2005-2006 fiscal year is an ambitious
one. It contemplates issuing approximately $27 million in
new revenue bonds to finance a number of new parking
facilities.
These include the demolition of our Garage #1 and starting
construction of the new Courthouse Garage by mid -year. It
also envisions the completion of the Watson Island parking
facilities, 3 small parking lots under the 1-395 overpass
and a number of additional P&D machines.
These projects are all expected to be completed within the
next 3 years.
Financial Highlights
Revenues
Total operating revenues are budgeted to increase by
$2,251,000 or 19%.
Garage revenues are expected to increase by $385,000 or 14%
due primarily to increased utilization in existing
facilities and the opening of the Allapattah garage.
Lot revenues are budgeted to increase by $1,406,000 or 31%
due to the opening of new facilities, implementation of
rate increases and increased utilization of existing
facilities.
On -Street Revenues are budgeted to increase by $792,000 or
14% due to the increased use of pay and display meters, new
meter installations and the implementation of rate
increases.
Expenses
Operating Expenses are projected to increase by $1,501,000
or 16% to $10,994,000. The increases are primarily in the
areas of labor and benefit costs, security, utilities,
consultants, bank charges, advertising and promotion.
Debt Service
The 2005/2006 budget assumes the issuance of $27,000,000 of
revenue bonds in the first quarter of the fiscal year. Last
year, the Authority negotiated a $25,000,000 forward
starting interest rate swap. Under the terms of the swap
the Authority will pay a variable interest rate until April
2006 and pay at a synthetic fixed interest rate from that
point on. In addition the Authority obtained a $3,000,000,
20-year loan from CDBG funds in connection with the
construction of the Allapattah garage. Debt service for the
year includes interest payments of $1,281,646 and principal
payments of $860,000. A portion of the interest payments
will be funded from bond proceeds.
NET REVENUE AND DEBT SERVICE COVERAGE
The proposed budget for Fiscal Year 2005/2006 will provide
approximately $5,143,000 in net revenue available for debt
service resulting in a debt service coverage of 2.40,
before taking into consideration the capitalized interest.
After subtracting debt service and expenditures for
replacement and renewals, we are estimating an excess
revenue contribution to the City of $2,000,000.
SUMMARY
The results for the current year and the budget for fiscal
year 2005/2006 reflect the continued growth and expansion
for the Miami Parking Authority. Net Income for fiscal
2005/2006 after depreciation, amortization and finance
charges is estimated at $1,944,000.
The Executive Director is particularly pleased that we have
been able to continue to provide the City with a
significant revenue stream for the sixth consecutive year
and at the same time continue to address and meet the
parking needs of our residents, commuters and visitors.
The total amount that the City will be receiving from Miami
Parking Authority for the 2005/2006 fiscal year estimated
at $5,900,000. This figure includes $2,000,000 in excess
revenues from operations, $2,900,000 from parking citation
revenue and $1,000,000 from the operation of various City
owned parking facilities.
The Executive Director is also extremely appreciative of
the efforts of the Authority's employees for their
dedication and hard work and for the Miami Parking
Authority Board who have tirelessly provided direction and
set policy for this organization. Our Board's willingness
to sacrifice their valuable time is an outstanding
stateme-'' to their dedication to public service.
i
Arthu.i Noriega V
Executive Director