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05-05-2026 City Commission Regular Meeting Agenda
CITY OF AVENTURA Aventura Government Center 19200 West Country Club Drive Aventura, FL 33180 ..... � ice.. CITY COMMISSION REGULAR MEETING AGENDA May 5, 2026 6:00 p.m. Aventura Government Center Commission Chambers City Commission Mayor Howard S. Weinberg, Esq. Commissioner Clifford B. Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland, Esq. Commissioner Paul A. Kruss Commissioner Cindy Orlinsky City Manager Bryan Pegues City Clerk Ellisa L. Horvath, MMC City Attorney Robert Meyers Aventura City Commission Regular Meeting Agenda May 5, 2026 1. CALL TO ORDER/ROLL CALL 2. PLEDGE OF ALLEGIANCE 3. ANNOUNCEMENT OF VICE MAYOR 4. AGENDA: Request for Deletions/Emergency Additions 5. COMMISSION REPORTS 6. SPECIAL PRESENTATIONS: • Proclamations • Special Recognitions • Employee Service Awards 7. CONSENT AGENDA: Matters included under the Consent Agenda are self-explanatory and are not expected to require discussion or review. Items will be enacted by one motion. If discussion is desired by any member of the Commission, that item must be removed from the Consent Agenda and considered separately. If the public wishes to speak on a matter on the consent agenda they must inform the City Clerk prior to the start of the meeting. They will be recognized to speak prior to the approval of the consent agenda. A. APPROVAL OF MINUTES: • April 7, 2026 City Commission Regular Meeting • April 23, 2026 City Commission Regular Workshop B. A MOTION TO RATIFY THE CITY MANAGER'S APPOINTMENT OF ALAN CHASET AS SPECIAL MASTER FOR THE CITY OF AVENTURA CODE ENFORCEMENT PROCESS. C. A MOTION TO ACCEPT FOR FILING OF THE ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 AND THE LETTER DATED MARCH 31, 2026 ATTACHED HERETO AS ATTACHMENT "A". 8. ZONING HEARINGS — QUASI-JUDICIAL PUBLIC HEARINGS: Please be advised that the following items as indicated on the Commission agenda are zoning hearings and are quasi-judicial in nature. As such, the quasi-judicial procedures of the City shall be invoked for these items. If you wish to object or comment upon these items, please inform the Mayor when public comments are requested. An opportunity for persons to speak on these items will be made available after the applicant and staff have made their presentations on the items. All testimony, including public testimony and evidence, will be made under oath or affirmation for these quasi-judicial items. Additionally, each person who gives testimony may be subject to cross-examination. If you refuse either to be cross-examined or to be sworn, your testimony will be given its due weight. The general public will not be permitted to cross-examine witnesses, but the public may request the Commission to ask questions of staff or witnesses on their behalf. Persons representing organizations must present evidence of their authority to speak for the organization. Further details of the quasi-judicial procedures may be obtained from the Clerk. Page I of 4 Aventura City Commission Regular Meeting Agenda May 5, 2026 ORDINANCES — SECOND READING/PUBLIC HEARINGS: A. AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING THE OFFICIAL ZONING MAP BY APPLYING THE "AVENTURA CORE SUBDISTRICT OVERLAY (MUC1)" TO AN APPROXIMATE 122-ACRE TRACT OF LAND CURRENTLY ZONED "COMMUNITY BUSINESS DISTRICT (132)", GENERALLY LOCATED EAST OF BISCAYNE BOULEVARD TO WEST COUNTRY CLUB DRIVE, AND SOUTH OF AVENTURA BOULEVARD TO THE WILLIAM LEHMAN CAUSEWAY; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. This Item will be DEFERRED to the June 2, 2026 City Commission Meeting Agenda. B. AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING CHAPTER 31, "LAND DEVELOPMENT REGULATIONS" OF THE CITY CODE OF ORDINANCES BY AMENDING SECTION 31-145(B), "TOWN CENTER (TC1) DISTRICT", SUBSECTION (3), "CONDITIONAL USES PERMITTED", TO ALLOW "HOTELS" IN MIXED -USE STRUCTURES WITHIN THE DISTRICT; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. RESOLUTIONS/PUBLIC HEARINGS: C. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, GRANTING CONDITIONAL USE APPROVAL, PURSUANT TO SECTION 31-145(B)3 OF THE CITY CODE OF ORDINANCES, (1) TO PERMIT A HOTEL; (2) TO PERMIT DENSITY OF 58 DWELLING UNITS PER ACRE FOR A PROJECT PROVIDING HERO HOUSING, WHERE THE CITY CODE PERMITS 25; (3) TO PERMIT HEIGHTS UP TO 23 STORIES (266') FOR A RESIDENTIAL TOWER AND 13 STORIES (157') FOR A HOTEL, WHERE THE CITY CODE PERMITS FOUR (4) STORIES (50'); AND (4) TO PERMIT MINIMUM FLOOR AREAS OF 750 SQUARE FEET FOR ONE -BEDROOM UNITS AND 900 SQUARE FEET FOR TWO - BEDROOM UNITS, WHERE THE MINIMUM REQUIREMENT IS 900 SQUARE FEET AND 1,050 SQUARE FEET FOR ONE AND TWO BEDROOMS RESPECTIVELY; FOR THE PROPERTY LOCATED AT 2999 NE 199 STREET; PROVIDING FOR CONDITIONS OF APPROVAL; AND PROVIDING FOR AN EFFECTIVE DATE. The Quasi -Judicial procedures of the City shall be invoked for this item. D. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, GRANTING VARIANCES FROM THE CITY'S LAND DEVELOPMENT REGULATIONS SECTION 31-171(B)(8) TO PERMIT 356 PARKING SPACES WHERE 448 PARKING SPACES ARE REQUIRED; SECTION 31-144(F)(4)(D)3 TO PERMIT A MINIMUM LANDSCAPED OPEN SPACE OF 24.5% WHERE 33% IS REQUIRED AND A LOT COVERAGE OF 55.24% WHERE A MAXIMUM OF 40% IS PERMITTED, FOR THE PROPERTY LOCATED AT 21291 NE 28 AVENUE; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. The Quasi -Judicial procedures of the City shall be invoked for this item. E. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING CONDITION 1 OF RESOLUTION NO. 2015-69 TO REPLACE THE APPROVED 11 STORY SITE PLAN WITH A NEW 7 STORY SITE PLAN, AND MODIFYING THE PREVIOUSLY GRANTED CONDITIONAL USE APPROVAL, PURSUANT TO SECTION 31 144(F)(2)L OF THE CITY CODE OF ORDINANCES, TO ALLOW A FLOOR AREA RATIO (FAR) OF 1.85 FOR A PROJECT ATTAINING GOLD OR PLATINUM CERTIFICATION UNDER THE CITY'S GREEN BUILDING PROGRAM, WHERE 1.06 IS PERMITTED; AND GRANTING A NEW CONDITIONAL USE APPROVAL, PURSUANT TO SECTION 31- 144(F)(2)(D), TO ALLOW RETAIL USES NOT TO EXCEED FIFTEEN PERCENT (15%) OF THE TOTAL GROSS INTERIOR SQUARE FOOTAGE OF THE BUILDING; FOR THE Page 2 of 4 Aventura City Commission Regular Meeting Agenda May 5, 2026 PROPERTY LOCATED AT 21291 NE 28 AVENUE; PROVIDING FOR CONDITIONS OF APPROVAL; AND PROVIDING FOR AN EFFECTIVE DATE. The Quasi -Judicial procedures of the City shall be invoked for this item. 9. ORDINANCES — SECOND READING/PUBLIC HEARINGS: A. AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING CHAPTER 31, "LAND DEVELOPMENT REGULATIONS" OF THE CITY CODE OF ORDINANCES TO CREATE SECTION 31-144(g) "AVENTURA METROPOLITAN URBAN CENTER ZONING DISTRICT OVERLAY", TO PROVIDE FOR A NEW ZONING DISTRICT OVERLAY AND RELATED REGULATIONS AND STANDARDS; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. This Item will be DEFERRED to the June 2, 2026 City Commission Meeting Agenda. B. AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO. 2025-17 WHICH ORDINANCE ADOPTED A BUDGET FOR THE 2025/2026 FISCAL YEAR BY REVISING THE 2025/2026 FISCAL YEAR OPERATING AND CAPITAL BUDGET AS OUTLINED IN EXHIBIT "A" ATTACHED HERETO; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS ORDINANCE; AND PROVIDING FOR AN EFFECTIVE DATE. 10. ORDINANCES — FIRST READING/PUBLIC HEARINGS: AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING SECTION 14-62 "REGISTRATION" OF CHAPTER 14 OF THE CITY'S CODE OF ORDINANCES; TO ELIMINATE THE REQUIREMENT THAT CONTRACTOR REGISTRATION BE DONE IN PERSON; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. 11. RESOLUTIONS/PUBLIC HEARINGS: A. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING AN INTERLOCAL AGREEMENT BETWEEN MIAMI-DADE COUNTY AND THE CITY OF AVENTURA FOR THE PROVISION OF ON -DEMAND SERVICES; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT ON BEHALF OF THE CITY; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. B. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING RESOLUTION NO. 96-39 WHICH ADOPTED A FEE SCHEDULE FOR ENGINEERING AND PUBLIC WORKS INSPECTION PERMIT AND REVIEW SERVICES AMENDED BY RESOLUTIONS NO. 2006-22, 2011-14, AND 2026-16; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS RESOLUTION; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. 12. STAFF REPORTS 13. PUBLIC COMMENTS 14. OTHER BUSINESS: None. Page 3 of 4 Aventura City Commission Regular Meeting Agenda May 5, 2026 15. ADJOURNMENT FUTURE MEETINGS Meeting dates, times, and location are subject to change. Please check the City's website for the most current schedule. Meetings will be held at the City of Aventura Government Center (19200 West Country Club Drive, Aventura). COMMISSION SPECIAL WORKSHOP — MAY 7, 2026 AT 10 AM COMMISSION REGULAR WORKSHOP — MAY 21, 2026 AT 9 AM COMMISSION REGULAR MEETING — JUNE 2, 2026 AT 6 PM COMMISSION REGULAR WORKSHOP — JUNE 18, 2026 AT 9 AM This meeting is open to the public. In accordance with the Americans with Disabilities Act of 1990, all persons who are disabled and who need special accommodations to participate in this meeting because of that disability should contact the Office of the City Clerk, (305) 466-8901 or cityclerk@cityofaventura.com, not later than two days prior to such proceedings. One or more members of the City of Aventura Advisory Boards may participate in the meeting. Anyone wishing to appeal any decision made by the Aventura City Commission with respect to any matter considered at such meeting or hearing will need a record of the proceedings and, for such purpose, may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. Agenda items are available online at cityofaventura.com for viewing and printing, or may be requested through the Office of the City Clerk at (305) 466-8901 or cityclerk@cityofaventura.com. Page 4 of 4 CITY OF AVENTURA OFFICE OF THE CITY CLERK MEMORANDUM TO: City Commission FROM: Ellisa L. Horvath, MMC, City Clerk DATE: May 1, 2026 SUBJECT: Approval of Minutes May 5, 2026 City Commission Meeting Agenda RECOMMENDATION It is recommended that the City Commission approve the attached minutes, as provided by the City Clerk, for the Commission meetings held as listed below. BACKGROUND Meetings were held and minutes have been provided for Commission approval for the following: • April 7, 2026 City Commission Regular Meeting • April 23, 2026 City Commission Regular Workshop Should you have any questions, please contact me. /elh attachments AVENTURA CITY COMMISSION REGULAR MEETING MINUTES APRIL 7, 2026 6:00 p.m. Aventura Government Center 19200 W. Country Club Drive Aventura, FL 33180 1. CALL TO ORDER/ROLL CALL: The meeting was called to order by Mayor Weinberg at 6:07 p.m. The roll was called and the following were present: Mayor Howard S. Weinberg, Vice Mayor Amit Bloom, Commissioner Clifford B. Ain, Commissioner Gustavo Blachman, Commissioner Rachel S. Friedland, Commissioner Paul A. Kruss, Commissioner Cindy Orlinsky', City Manager Bryan Pegues, City Clerk Ellisa L. Horvath, and City Attorney Robert Meyers. As a quorum was determined to be present, the meeting commenced. 2. PLEDGE OF ALLEGIANCE: The Pledge was led by Mayor Weinberg. 3. COMMISSION REPORTS: No members of the City Commission provided reports. 4. AGENDA: REQUESTS FOR DELETIONS/EMERGENCY ADDITIONS: None. 5. SPECIAL PRESENTATIONS: • Florida Neuroinclusion Toolkit - County Commissioner Raauel Reaalado: Miami -Dade County Commissioner Regalado presented information on the Florida Neuroinclusion Toolkit that she developed as a practical roadmap to help local governments build more inclusive communities for neurodivergent residents. • Proclamations: A proclamation was presented to Miami -Dade County Commissioner Raquel Regalado for Autism Awareness Month (April 2026), in recognition of her development of the Florida Neuroinclusion Toolkit. A proclamation was presented to Jennifer Enslein for Parkinson's Disease Awareness Month (April 2026), in recognition as Founder of the MAR JCC Rock Steady Boxing Program for Parkinson's patients. • Special Recognitions: Certificates of Appointment were presented to the Arts in Aventura Board Members in attendance. ' Participated via Zoom. Aventura Citv Commission Regular Meeting Minutes April 7, 2026 • Employee Service Awards: None. RECESS AND RECONVENE: A motion to recess the meeting for the Local Planning Agency Meeting was offered by Vice Mayor Bloom, seconded by Commissioner Ain, and passed unanimously by roll call vote. The meeting was recessed at 6:42 p.m. The meeting was reconvened at 6:48 p.m., following the Local Planning Agency Meeting, with all those in attendance as previously noted. 6. CONSENT AGENDA: There were no requests from the public to address the City Commission. A motion to approve the items on the Consent Agenda was offered by Vice Mayor Bloom, seconded by Commissioner Ain, and passed unanimously by roll call vote. The following action was taken: A. Minutes approved as follows: APPROVAL OF MINUTES: • March 3, 2026 City Commission Regular Meeting • March 19, 2026 City Commission Special Meeting • March 19, 2026 City Commission Regular Workshop B. Resolution No. 2026-24 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA DECLARING CERTAIN PROPERTY LISTED UNDER THE ASSETS OF THE CITY AS SURPLUS TO THE NEEDS OF THE CITY; DESCRIBING THE MANNER OF DISPOSAL; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. C. Motion approved as follows: A MOTION AUTHORIZING THE APPROPRIATION OF UP TO $19,934.14 FROM THE POLICE FEDERAL FORFEITURE FUNDS FOR THE OUTFITTING OF POLICE EQUIPMENT OF THE TWO VEHICLES FOR THE POLICE AGGRESSIVE DRIVING ENFORCEMENT UNIT IN ACCORDANCE WITH THE CITY MANAGER'S MEMORANDUM. D. Resolution No. 2026-25 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE APPOINTMENT OF MEMBERS TO THE CITY OF AVENTURA ARTS IN AVENTURA BOARD FOR A TWO-YEAR TERM; AND PROVIDING FOR AN EFFECTIVE DATE. E. Resolution No. 2026-26 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, REQUESTING ASSISTANCE UNDER THE FLORIDA INLAND NAVIGATION DISTRICT (FIND) WATERWAYS ASSISTANCE PROGRAM FOR THE ACQUISITION OF A NEW Page 2 of 7 Aventura City Commission Regular Meeting Minutes April 7, 2026 MARINE PATROL PERSONAL WATERCRAFT; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. F. Resolution No. 2026-27 adopted as follows: A RESOLUTION OF THE CITY OF AVENTURA, FLORIDA, AMENDING RESOLUTION 96- 38 WHICH ADOPTED A FEE SCHEDULE FOR BUILDING PERMITS AND WHICH RESOLUTION WAS AMENDED BY RESOLUTION NOS. 98-28, 2000-24, 2009-45, 2019-22, AND 2020-48; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. G. Resolution No. 2026-28 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE WAIVER OF THE FORMAL COMPETITIVE BIDDING REQUIREMENTS ENUMERATED IN THE CITY CODE OF ORDINANCES, ENABLING THE CITY TO ENTER INTO AN AGREEMENT WITH METRO ELEVATOR FOR THE IMMEDIATE PROCUREMENT OF DIAGNOSTIC AND REPAIR SERVICES FOR THE CITY'S PARKING GARAGE ELEVATOR; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. 7. ZONING HEARINGS — QUASI-JUDICIAL PUBLIC HEARINGS: ORDINANCE — FIRST READING/PUBLIC HEARING: Ms. Horvath read the following Ordinance title: A. AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING CHAPTER 31, "LAND DEVELOPMENT REGULATIONS" OF THE CITY CODE OF ORDINANCES BY AMENDING SECTION 31-145(B), "TOWN CENTER (TC1) DISTRICT", SUBSECTION (3), "CONDITIONAL USES PERMITTED", TO ALLOW "HOTELS" IN MIXED -USE STRUCTURES WITHIN THE DISTRICT; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. A motion to approve the Ordinance was offered by Commissioner Blachman and seconded by Commissioner Kruss. Community Development Director Keven Klopp entered the staff report into the record by reference, which recommended approval, as well as the presentation and comments as provided at the Local Planning Agency Meeting. No comments were provided on behalf of the applicant - Brian S. Adler, Esq, Bilzin Sumberg Baena Price & Axelrod, LLP (1450 Brickell Avenue, 23rd Floor, Miami, FL 33131) on behalf of Aventura 2999, LLC for the development of Aventura City Center. Mayor Weinberg opened the public hearing. There being no speakers, the public hearing was closed. No comments were provided by the City Commission. The motion to approve the Ordinance on first reading passed unanimously by roll call vote. Page 3 of 7 Aventura City Commission Regular Meeting Minutes April 7, 2026 ORDINANCE — SECOND READING/PUBLIC HEARING: Ms. Horvath read the following Ordinance title: B. AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING THE OFFICIAL ZONING MAP BY APPLYING THE "AVENTURA CORE SUBDISTRICT OVERLAY (MUC1)" TO AN APPROXIMATE 122-ACRE TRACT OF LAND CURRENTLY ZONED "COMMUNITY BUSINESS DISTRICT (132)", GENERALLY LOCATED EAST OF BISCAYNE BOULEVARD TO WEST COUNTRY CLUB DRIVE, AND SOUTH OF AVENTURA BOULEVARD TO THE WILLIAM LEHMAN CAUSEWAY; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. This Item will be DEFERRED to the May 5, 2026 City Commission Meeting Agenda. Mr. Pegues requested that the item be deferred to the May 5, 2026 City Commission Meeting Agenda. A motion to defer the item to the May 5, 2026 City Commission Meeting Agenda was offered by Commissioner Ain, seconded by Vice Mayor Bloom, and passed unanimously by roll call vote. 8. ORDINANCES — SECOND READING/PUBLIC HEARINGS: Ms. Horvath read the following Ordinance title: A. AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING CHAPTER 31, "LAND DEVELOPMENT REGULATIONS" OF THE CITY CODE OF ORDINANCES TO CREATE SECTION 31-144(g) "AVENTURA METROPOLITAN URBAN CENTER ZONING DISTRICT OVERLAY", TO PROVIDE FOR A NEW ZONING DISTRICT OVERLAY AND RELATED REGULATIONS AND STANDARDS; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. This Item will be DEFERRED to the May 5, 2026 City Commission Meeting Agenda. Mr. Pegues requested that the item be deferred to the May 5, 2026 City Commission Meeting Agenda. A motion to defer the item to the May 5, 2026 City Commission Meeting Agenda was offered by Commissioner Friedland, seconded by Commissioner Ain, and passed unanimously by roll call vote. Ms. Horvath read the following Ordinance title: B. AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING ARTICLE II "LOCAL BUSINESS TAXES' OF CHAPTER 18 "BUSINESS REGULATIONS, TAXES AND PERMITS" OF THE CITY CODE, BY AMENDING SECTION 18-42 "TAX SCHEDULE" BY PROVIDING AN INCREASE OF FIVE (5%) PERCENT; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. A motion to approve the Ordinance was offered by Commissioner Kruss and seconded by Commissioner Ain. Page 4 of 7 Aventura City Commission Regular Meeting Minutes April 7, 2026 Mr. Pegues reviewed the item. Mayor Weinberg opened the public hearing. There being no speakers, the public hearing was closed. No comments were provided by the City Commission. The motion to approve the Ordinance on second reading passed unanimously (6-0) by roll call vote, with Commissioner Orlinsky absent, thus becoming Ordinance No. 2026- 05. Ms. Horvath read the following Ordinance title: C. AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA AMENDING ARTICLE III "ADVISORY BOARDS" OF CHAPTER 2 "ADMINISTRATION" OF THE CITY CODE BY AMENDING SECTION 2-191 "CREATION AND COMPOSITION" BY AUTHORIZING THE CITY MANAGER TO INCREASE THE SIZE OF THE BOARD WHEN NECESSARY AND REMOVING THE RESIDENCY REQUIREMENT FOR BOARD MEMBERS; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. A motion to approve the Ordinance was offered by Commissioner Kruss and seconded by Vice Mayor Bloom. Mr. Pegues reviewed the item. Mayor Weinberg opened the public hearing. There being no speakers, the public hearing was closed. No comments were provided by the City Commission. The motion to approve the Ordinance on second reading passed unanimously by roll call vote, thus becoming Ordinance No. 2026-06. 9. ORDINANCES — FIRST READING/PUBLIC HEARINGS: Ms. Horvath read the following Ordinance title: AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO. 2025-17 WHICH ORDINANCE ADOPTED A BUDGET FOR THE 2025/2026 FISCAL YEAR BY REVISING THE 2025/2026 FISCAL YEAR OPERATING AND CAPITAL BUDGET AS OUTLINED IN EXHIBIT "A" ATTACHED HERETO; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS ORDINANCE; AND PROVIDING FOR AN EFFECTIVE DATE. A motion to approve the Ordinance was offered by Vice Mayor Bloom and seconded by Commissioner Ain. Mr. Pegues reviewed the item. Page 5 of 7 Aventura City Commission Regular Meeting Minutes April 7, 2026 Mayor Weinberg opened the public hearing. There being no speakers, the public hearing was closed. No comments were provided by the City Commission. The motion to approve the Ordinance on first reading passed unanimously by roll call vote. 10. RESOLUTIONS/PUBLIC HEARING: Ms. Horvath read the following Resolution title: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AUTHORIZING THE CITY MANAGER TO CONTINUE TO NEGOTIATE WITH GULFSTREAM PARK FOR THE PURCHASE OF A .84 ACRE PARCEL OF LAND ADJOINING THE EXISTING 3.7 ACRE PARCEL FOR A TOTAL CONVEYANCE OF APPROXIMATELY 4.5 ACRES FROM GULFSTREAM PARK FOR FUTURE USE AS THE NEW CHARTER HIGH SCHOOL; DIRECTING THE CITY MANAGER TO PURCHASE THIS PARCEL IN AN AMOUNT NOT TO EXCEED $6,000,000; AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR THIS PARCEL; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY AND PROPER TO CARRY OUT THE AIMS OF THIS RESOLUTION; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. A motion to approve the Resolution was offered by Commissioner Blachman and seconded by Commissioner Friedland. Mayor Weinberg provided positive comments on the negotiation of additional land to be used for the City's plans for a comprehensive school system for Aventura. Mr. Pegues reviewed the item. Mayor Weinberg opened the public hearing. There being no speakers, the public hearing was closed. No comments were provided by the City Commission. The motion to approve the Resolution passed unanimously (6-0) by roll call vote, with Commissioner Orlinsky absent, thus becoming Resolution No. 2026-29. 11. STAFF REPORTS: No reports were provided. 12. PUBLIC COMMENTS: The following member of the public provided comments: Ian Ursi (student). 13. OTHER BUSINESS: None. 14. ADJOURNMENT: There being no further business to come before the Commission, a motion to adjourn was offered by Commissioner Ain, seconded by Commissioner Kruss, and unanimously approved; thus, adjourning the meeting at 7:11 p.m. Page 6 of 7 Aventura City Commission Regular Meeting Minutes April 7, 2026 Ellisa L. Horvath, MMC, City Clerk Approved by the City Commission on May 5, 2026. Page 7 of 7 AVENTURA CITY COMMISSION REGULAR WORKSHOP MINUTES APRIL 23, 2026 9:00 a.m. Aventura Government Center 19200 W. Country Club Drive Aventura, FL 33180 1. Call to Order/Roll Call: The meeting was called to order by Mayor Weinberg at 10:02 a.m. The following were present: Mayor Howard S. Weinberg, Commissioner Clifford B. Ain, Commissioner Gustavo Blachman, Commissioner Rachel S. Friedland, Commissioner Paul A. Kruss, Commissioner Cindy Orlinsky, City Manager Bryan Pegues, City Clerk Ellisa L. Horvath, and City Attorney Robert Meyers. Vice Mayor Amit Bloom was absent. As a quorum was determined to be present, the meeting commenced. 2. Pledge of Allegiance: The Pledge was already done at the Aventura Government Board Meeting. 3. Discussion of Right -of -Way Closure Fee (City Manager): Mr. Pegues reviewed and recommended the item adding a fee for temporary right-of-way closures pertaining to sidewalks and road lanes, as part of the Public Works & Transportation Department Permit Fee Schedule. The City Commission discussed the item including the following: effective date, developers taking over sidewalks/public rights -of -way without compensation, and increasing fee amounts. Mr. Meyers provided comments on the need for the amount to be reasonable. Mayor Weinberg discussed the mosaic that was part of the condition of approval for the Safra Bank project and the need for that to be addressed prior to a certificate of occupancy. City Manager Summary: It was the consensus of the City Commission for the item to be placed on the May City Commission Meeting Agenda as presented. The following additional items were discussed: Aventura Citv Commission Regular Workshop Minutes — April 23, 2026 Auditor Selection Committee: Mr. Pegues added the time -sensitive item for discussion and reported on the RFP process for a new audit firm, including a Committee to review the auditor proposals submitted and the requirement for one Commission member to serve as Chair of that Committee. He recommended that Commissioner Ain serve as the Chair, since he had a background in finance. He also reported on the Charter Revision Commission looking into increasing the requirement for a new audit firm process from every five years to every seven years. City Manager Summary: It was the consensus of the City Commission for Commissioner Ain to serve as the Chair of the Auditor Selection Committee. Commissioner Ain reported on discussions with Mr. Pegues for the Arts in Aventura Board to indirectly receive funding. In response to a request from Commissioner Blachman, Mr. Pegues reported on the status of the pedestrian bridge from the Brightline Station to Aventura, with a delay due to litigation on easement right issues not involving the City. Mayor Weinberg discussed the ongoing issue with ebikes shared by all municipalities. The Commission discussed additional ways to address the issue as well as transportation options for the schools. It was the consensus of the City Commission for Mr. Pegues to look into age restrictions for ebikes as well as conducting a survey for student transportation needs. The following member of the public provided comments: Enid Weisman (former Mayor). Mayor Weinberg reported on Palantir Technologies at the Aventura Mall, meeting with CEO Alex Karp, and the possibility of the Palantir headquarters to be in Aventura. Mr. Pegues reported on the City's two lobbyists. In response to a request from Commissioner Friedland regarding the Aventura Youth Council, Mr. Pegues and Ms. Horvath reported on the status and process of the Youth Council. It was the consensus of the City Commission for Mr. Pegues to recreate the Youth Council. In response to a request from Commissioner Friedland regarding a City intern program, Mr. Pegues reported on the unofficial program and the limited availability of having a program. Those receiving inquiries regarding internships were directed to contact Mr. Pegues. 4. Adjournment: There being no further business to come before the City Commission, the meeting was adjourned by consensus at 10:50 a.m. Page 2 of 3 Aventura Citv Commission Regular Workshop Minutes — April 23, 2026 Ellisa L. Horvath, MMC, City Clerk Approved by the City Commission on May 5, 2026. Page 3 of 3 CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager DATE: May 1, 2026 SUBJECT: Reappointment of Alan Chaset as a Special Master for the City of Aventura Code Enforcement Process May 5, 2026 City Commission Meeting Agenda RECOMMENDATION It is recommended that the City Commission ratify the City Manager's recommendation to reappoint Alan Chaset as Special Master for the City of Aventura Code Enforcement Process. BACKGROUND Section 4 of Ordinance 96-14, which established the City's Code Enforcement Process, provides for the City Manager to appoint Special Masters for a term of one year, subject to City Commission ratification. The above -referenced individual is submitted to you for reappointment as a Special Master. CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager BY: Melissa Cruz, Finance Director DATE: May 1, 2026 SUBJECT: Annual Comprehensive Financial Report (ACFR) Fiscal Year Ended September 30, 2025 May 5, 2026 City Commission Meeting Agenda RECOMMENDATION It is recommended that the City Commission approve the following motion: A MOTION TO ACCEPT FOR FILING OF THE ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 AND THE LETTER DATED MARCH 31, 2026 ATTACHED HERETO AS ATTACHMENT "A". BACKGROUND The ACFR, a letter from our independent auditors — Citrin Cooperman and a staff - prepared memorandum (dated March 31, 2026 and May 1, 2026, respectively), were distributed electronically to the City Commission on May 1, 2026. The Rules of the Auditor General, Chapter 10.550, require that the ACFR be filed as an official record at a public meeting. This motion satisfies that requirement. In addition, the auditors have requested that their letter dated March 31, 2026, identified as "Attachment A" on the staff -prepared memorandum, be accepted for filing with the City Commission. A representative from the auditing firm will be present at the May 5t" City Commission meeting. jz) ELM= CITY OFAVENTUPA ., .`m�� i' ANNUAL `f� COMPREHENSIVE FINANCIAL REPORT For the Fiscal Year Year Ended September 30, 2025 0 ANNUAL COMPREHENSIVE FINANCIAL REPORT OF THE CITY OF AVENTURA, FLORIDA FOR THE YEAR ENDED SEPTEMBER 30, 2025 W tj Prepared By The Finance Department Melissa Cruz, Finance Director Brent Rogers, Controller City of Aventura, Florida Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2025 Introductory Section (Unaudited): Letter of Transmittal i-ix List of Principal Officials x Organizational Chart xi GFOA Certificate of Achievement xii Financial Section: Independent Auditor's Report 1-4 Management's Discussion and Analysis (Unaudited) 5-14 Basic Financial Statements: Government - Wide Financial Statements: Statement of Net Position 15 Statement of Activities 16 Fund Financial Statements: Balance Sheet - Governmental Funds 17 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 18 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 19 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 20 Statement of Net Position - Proprietary Fund 21 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Fund 22 Statement of Cash Flows - Proprietary Fund 23 Statement of Net Position - Fiduciary Fund - Police Officers' Retirement Plan 24 Statement of Changes in Net Position - Fiduciary Fund - Police Officers' Retirement Plan 25 Notes to Basic Financial Statements 26-61 Required Supplementary Information (Unaudited): Budgetary Comparison Schedules: General Fund 62 Aventura City of Excellence School Fund 63 Don Soffer Aventura High School Fund 64 Notes to Budgetary Comparison Schedules 65 Schedule of Changes in Net Pension Liability and Related Ratios - Police Officers' Retirement Plan 66 Schedule of Contributions - Police Officers' Retirement Plan 67 Schedule of Investment Returns - Police Officers' Retirement Plan 68 Schedule of Changes in Total OPEB Liability and Related Ratios — Other Post -Employment Benefits 69 Supplementary Information: Combining and Individual Fund Financial Statements: Combining Balance Sheet - Nonmajor Governmental Funds 70 City of Aventura, Florida Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2025 (continued) Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 71 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Special Revenue Funds 72-79 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Debt Service Funds 80-83 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Projects Funds 84-85 Statistical Section (Unaudited): Net Position by Component 86 Changes in Net Position 87-88 Governmental Activities Tax Revenues by Source 89 Fund Balances of Governmental Funds 90 Changes in Fund Balances of Governmental Funds 91 General Governmental Revenues by Source 92 Assessed Value and Estimated Actual Assessed Value of Taxable Property 93 Property Tax Rates - Direct and Overlapping Governments 94 Principal Property Taxpayers 95 Property Tax Levies and Collections 96 Ratios of Outstanding Debt by Type 97 Ratios of General Bonded Debt Outstanding 98 Direct and Overlapping Governmental Activity Debt 99 Legal Debt Margin Information 100 Demographic and Economic Statistics 101 Occupational Employment by Group - Miami -Dade County, Florida 102 Full -Time Equivalent City Government Employees by Function 103 Operating Indicators by Function 104 Capital Asset Statistics by Function 105 Compliance Section: Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 106-107 Independent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control over Compliance Required by the Uniform Guidance 108-110 Schedule of Expenditures of Federal Awards 111 Notes to Schedule of Expenditures of Federal Awards 112 Schedule of Findings and Questioned Costs 113 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 114-116 Independent Accountant's Report on Compliance with Section 218.415, Florida Statutes 117 INTRODUCTORY SECTION City of Aventura Government Center 19200 West Country Club Drive Aventura, Florida 33180 March 31, 2026 HOWARD S. WEINBERG, ESQ. MAYOR COMMISSIONERS CLIFFORD B AIN GUSTAVO BLACHMAN AMIT BLOOM RACHEL S. FRIEDLAND, ESQ. PAUL A. KRUSS CINDY ORLINSKY To the Honorable Mayor, BRYANPEGUES Members of the City Commission CITY MANAGER and Citizens of the City of Aventura, Florida In accordance with Section 11.45(3)(a) (4), Florida Statutes, and Article I, Section 4.11 of the City of Aventura (the "City") Charter, we hereby submit the City's Annual Comprehensive Financial Report (the "ACFR") for the fiscal year ended September 30, 2025. The ACFR includes an Introductory, Financial, Statistical and Compliance section. The financial statements included in the ACFR conform to accounting principles generally accepted in the United States ("GAAP") as set forth by the Governmental Accounting Standards Board ("GASB"). Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that has been established for this purpose. Because the cost of internal controls should not exceed their anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. We believe this data fairly reflects the financial position of the City and the results of its operations. Citrin Cooperman & Company, LLP has issued an unmodified ("clean") opinion on the City's financial statements for the fiscal year ended September 30, 2025. The independent auditor's report is located at the front of the Financial Section of this report. Management's Discussion and Analysis ("MD&A") immediately follows the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. Significant Factors Affecting the FY 2025/26 Operations and FY 2026/27 Operating and Capital Budget In recent years, the global and U.S. economies experienced significant disruption due to the COVID-19 pandemic. While the immediate impacts of the pandemic have largely subsided and City operations have returned to pre -pandemic levels, certain economic challenges persist. Inflationary pressures, elevated labor costs, and increased prices for goods and services continue to place pressure on municipal operations and long-term financial planning. The City's FY 2025/26 budget was developed using a conservative approach, with the expectation that major revenue sources, including State Revenue Sharing, have generally stabilized following prior declines. Nevertheless, some uncertainty remains, particularly with respect to future cost escalation and labor market conditions. An additional area of uncertainty is the potential for property tax reform currently under review in Tallahassee. At this time, the scope, timing, and financial impact of any legislative changes are unknown; however, it is reasonably anticipated that such reforms could affect the City's ad valorem revenues. The City Manager has been actively communicating with the City's legislative delegation and contracted lobbyist to monitor developments and assess potential implications. Internally, preliminary discussions have been initiated with department directors to identify and evaluate potential strategies that could help mitigate the effects of possible revenue reductions, should they occur. All capital projects and expenditures continue to be carefully reviewed and prioritized to align with the City's strategic goals and available financial resources. As the City begins planning for the FY 2026/27 budget, it is proceeding in a deliberate and prudent manner, with an emphasis on maintaining fiscal stability, preserving flexibility, and minimizing reliance on General Fund reserves while continuing to provide essential services. PROFILE OF THE GOVERNMENT The City was incorporated on November 7, 1995 and is a political subdivision of the State of Florida. It is located on the Intracoastal Waterway in northeast Miami -Dade County (the "County") between Miami and Fort Lauderdale. The City is 3.2 square miles and serves a population of more than 40,000 residents and 2,500 businesses. Pursuant to its Charter, the City operates under a commission -manager form of government. Under this form of government, the City Commission (the "Commission") and the City Manager are the legislative and executive branches of the government, respectively. The Commission enacts Ordinances, the laws of the City, adopts Resolutions authorizing actions on behalf of the City, reviews plans for development and establishes the policies by which the City is governed. The City Manager is the City's Chief Executive Officer who oversees the day-to-day operations, administers the City's service providers, prepares long- range plans and implements the policies established by the Commission. The Commission is comprised of seven (7) members, including the Mayor and six (6) Commissioners. The Mayor is the ceremonial leader of the City and is considered to be "part-time." The Mayor is elected at large to a four-year term. Each Commissioner has the same authority and ability to bring matters to and to discuss and vote on matters before the Commission. A Commissioner is considered to be "part-time" and is elected to serve a four-year term. For election purposes, the William Lehman Causeway divides the City into two (2) areas. The City Charter requires that two (2) Commissioners reside in the northern area and two (2) Commissioners reside in the southern area and two (2) Commissioners and the Mayor shall be elected without regard to residence in any particular area. Mission Statement Our mission is to join with our community to make Aventura a city of the highest quality and a city of excellence. We do this by providing RESPONSIVE, COST-EFFECTIVE AND INNOVATIVE local government services. The City employed 186 full-time equivalent positions at September 30, 2025 and provides high -quality public services including General Government, Police, Community Services and Public Works/Transportation to its residents and business community. In FY 2024/25, the Commission addressed the following priorities/goals either through formal adoption or supporting them through policy and/or initiatives: Enhance the safety and security of our residents, schools and businesses: • Continued community outreach initiatives to engage the community in joint problem solving and crime prevention techniques. • Continued to utilize innovative technology throughout the community and with our business partners to prevent, reduce and solve crime. • Expanded communications with the public by utilizing social media and community outreach. • Increased the police overtime and events budgets to meet the increased number of police department sponsored events. Provide and support quality educational choices for Aventura students to succeed academically and become productive citizens: • Continued to operate Aventura City of Excellence School K-8 as an "A" rated high performing school. • Continued to operate Don Soffer Aventura High School as an "A" rated high performing school. Maintain efficient and responsive government which embraces the highest standards of service and financial stability: • Had no increase in the tax rate for the 29t" year in a row. • Continued to focus on maintaining the City's infrastructure by providing nearly $2.6 million in funding for park improvements and $3.1 million for road resurfacing capital outlay projects. • Maintained healthy reserves to address economic challenges and unforeseen emergencies. • Continued the model of privatizing many City service areas while maintaining a small workforce which has allowed for a more cost-effective service delivery system, as compared to the traditional government structure. • Continued to utilize technology to improve productivity and expand E-government applications. Continue to explore alternate transportation modes to alleviate traffic and support bicycle friendly initiatives: • Continue to fund the free Aventura Express Shuttle Bus system that serves nearly 10,000 riders a month and extend service to new developments. • Continued to implement recommendations included in the Unfiled Master Plan for Pedestrian/Bicycle Connectivity. • Maintained the Aventura B-Cycle bike share program. • Launched the City's first on -demand ride sharing service in FY 2020/21 The City expanded on - demand services in FY 2022/23 and FY 2025/26 through the addition of more vehicles. The on - demand vehicles serve approximately 11,000 riders a month. • Continued to collaborate with state, county and local officials to address traffic issues. Community Engagement, Parks, Programs and Special Events: • Funded Park Attendants in order to accommodate increased attendance at our park facilities. • Continued the afterschool program at the Community Recreation Center for Aventura students that attend Aventura Waterways K-8. • Continued the youth travel soccer and basketball programs that were established to respond to the increased demand for these community services which are offset by user fees. • Continued the "Community Ride with the Police Department" Special Event which provide opportunities for the residents to interact with the Police. • Provided funding to maintain the Aventura Arts & Cultural Center as a state-of-the-art venue and to support a wide variety of programming for all age groups. • Continued to fund Family Movie Nights. • Hosted the Community Recreation Center showcase, Valentine's Day "Spreading the Love" event along with National Ice Cream Day and Senior Citizens Day. • Provided adequate funding to maintain our parks and recreational facilities at a high level. • Continued to employ the use of the Youth Council. • Hosted a Winter Wonderland event for the community to celebrate the holidays that included a tree and menorah lighting. Environmental Sustainability and Go Green Initiatives • Maintained Tree City USA status. • Continued to improve the energy efficiency of all City facilities including the replacement of worn air conditioning systems. • Ensured that redevelopment projects that require land use/zoning revisions do not have a negative impact on the community. • Included funding to continue to retrofit street lighting throughout the City with more energy efficient LED fixtures. • Monitored and participated in regional efforts to address the impact of rising sea level as well as implemented recommendations found in the City's Comprehensive Stormwater Management Plan that address drainage improvements and the long-range impacts of climate change. • Continued the "Go Green Award Program" sponsored bythe Community Services Board to recognize condominiums and businesses that have made efforts to reduce energy consumption and implement recycling programs. • Provide adequate funding to maintain our signature landscape, streets, rights -of -way and facilities and maintained the silver level certification recognition by the Florida Green Local Government Program. Police Department On March 25, 2000, the Aventura Police Department ("APD") became the youngest agency to ever receive accreditation status through the Commission on Accreditation for Law Enforcement Agencies, Inc. ("CALEA"). The accreditation means the APD has been recognized by an independent organization composed of representatives of the International Association of Chiefs of Police, the National Sheriff's Association, the National Organization of Black Law Enforcement Executives and the Police Executive Research Forum and has complied with over 400 standards that have been established as benchmarks of excellence. The APD has met or exceeded international accreditation standards set by CALEA. The CALEA accreditation process increases the agency's ability to prevent and control crime through more effective and efficient delivery of law enforcement services to the community. The process enhances community understanding of the APD and its role in the community, its goals and objectives. Forthe 91" time, CALEA has awarded reaccreditation to the APD. This prestigious organization has awarded our agency with their Gold Standard and has recognized us as one of their flagship organizations. These coveted awards from a nationally recognized and independent organization, symbolizes the agency's professionalism and distinction. iv The APD is a leader in the field of technology. The agency completed full integration of our E911 system as well as our Computer Aided Dispatch ("CAD") and Records Management System ("RMS") for reports and computer dispatched calls for service. The merge has allowed our 911 dispatchers to instantly share knowledge of changing events with field units and simultaneously provide existing data on suspects and previous incidents. The APD was the first municipality in the nation to implement shot detection technology in both of its charter schools. This cutting -edge technology that ties into our 911 center provides real-time video and mapping location, to our officers and dispatchers, in the event a gunshot is detected on either school campus. We continue to use in car video systems, automatic license plate readers, city-wide TVMS capability and a host of other technological hardware and software to maintain the high level of service to our community. We are very proud of our community service efforts and all of the accomplishments of our Police Explorers Unit. The APD is continually looking for solutions and innovations to truly make us the "City of Excellence". Aventura City of Excellence School Aventura City of Excellence School ("ACES") is a K-8 Municipal Charter School that is part of the City's government and not a separate legal entity or otherwise organized apart from the City. The School opened on August 25, 2003 and operates under a charter granted by the sponsor — the Miami -Dade County Public School District. The School has been at full capacity since its inception and has obtained academic success by receiving an "A" grade from the State of Florida for the past 20 years. The School is budgeted to serve 1,032 students in the 2025/26 school year. The School is owned and governed by the City and managed by Charter Schools USA, Inc. ("CSUSA") The Aventura City of Excellence School has achieved several milestones in the City's short history including: • Being the first School within the City's boundaries and the first municipal sponsored charter school in the County. • In 2005, the School amended the charter to include grades six through eight. • In 2012, the School amended the charter to increase its capacity from 1,020 to 1,032 students beginning with the 2016/17 school year. Don Soffer Aventura High School The Don Soffer Aventura High School ("DSAHS") is a tuition -free public charter school that opened in August 2019. The DSAHS currently has 835 91" through 121" grade students enrolled. The 53,418 square -foot school and the 10,250 square -foot gymnasium are located on two (2) acres at 3151 NE 2131" St., Aventura, FL 33180. DSAHS is a municipal charter school managed by CSUSA and is governed by the City. CSUSA, the first education management company to receive corporation system -wide accreditation through AdvancED is one of the nation's leading charter school management companies. CSUSA currently manages nearly 100 schools in four (4) states serving more than 80,000 students in kindergarten through 121" grade. CSUSA's innovative educational advantages include advanced technology, meaningful parental involvement, student uniforms, consistent and fairly -enforced discipline policies, highly qualified and motivated staff, community focus, integrated character education and high academic growth and performance. Students at DSAHS will discover their passion and build a bridge between their rigorous high school experience and future to become impactful global citizens. Aventura Arts & Cultural Center The Aventura Arts & Cultural Center ("AACC") is a beautiful 14,864 square -foot waterfront performing arts facility located on the intracoastal. Its mission is to enhance the quality of life for Aventura by providing a variety of performing arts and relevant cultural programming for audiences of all ages. The AACC has been managed by the Broward Center for the Performing Arts since its opening and is currently in its 151" season of operation. The AACC has become the cultural heart of the City as thousands have enjoyed a wide range of shows and events in this beautiful waterfront facility. v Budget Process The City's fiscal year begins on October 1st and ends on September 301" of each year as mandated by Florida statutes. The City Manager submits to the Commission the Proposed Operating and Capital Budget for the coming year no later than July 171" of each fiscal year. The preliminary millage rate is based on the certified taxable value that is received on July 15t. The appropriations contained in the proposed budget shall not exceed the funds derived from taxation and other revenue sources. The budget is approved via Commission adoption of an Ordinance at two (2) public meetings scheduled for September and becomes effective October 15t. An annual appropriated budget is adopted for all governmental funds with the exception of the Federal Forfeiture Fund and the Law Enforcement Trust Fund. A separate budget document for the Aventura City of Excellence Fund and the Don Soffer Aventura High School Fund is adopted by the City in May of each year, based on an annual operational fiscal year ending as of June 301". The City Manager is authorized to transfer part or all of an unencumbered appropriation balance within departments within a fund; however, any revisions that alter the total appropriations of any department or fund must be approved by the Commission. The classification detail at which expenditures may not legally exceed appropriations is at the department level. ECONOMIC CONDITION AND OUTLOOK Local Economy The City is an affluent suburb in a metropolitan area and serves as a major retail and medical economic driver and attraction for South Florida. It is home to the over 3 million square foot Aventura Mall, one of the biggest indoor shopping destinations in the greater Miami area, with 300+ luxury retail stores. The strength of the Mall as the City's economic driver was furthered this past year by its addition of "The Abbey", an interconnected open air mall with office uses, restaurants, retail stores and fitness providers. The Abbey, originally developed by Seritage as Esplanade, has provided a significant positive boom for the local economy. The City is home to many other beautiful shopping centers, fine dining establishments, parks and the Aventura Hospital and Medical Center. A Brightline train station — which opened in December 2022 at the doorstep of the Aventura Mall, will be connected directly to the Mall by a footbridge that is scheduled to be completed in the near future. This will further establish the Mall as a major regional destination and support the City's continued transition to transit -oriented development. In September 2025, the Commission adopted the budget for the fiscal year beginning October 1, 2025 with the same tax rate as the prior year of 1.726. This is the second lowest rate in the County, making it the City's 30t" year without a property tax increase. The City's property tax component is responsible for approximately 10% of the total tax bill, with the largest portions being incurred from the County and School Board. In FY 2025/26, the City will maintain the same service levels and programs that our residents and businesses enjoyed in the prior year with the following exceptions: • A 3.0% Cost of Living Adjustment ("COLA") has been added for general employees. • An increase of 7.00% for PPO dental insurance has been added to the budget. • An increase of 2% for insurance premiums for property, liability, cyber liability, auto and workers' compensation has been added to the budget. • The Police Pension Board approved a decrease in the interest assumption from 7.25% to 7.00%. That increased the City's pension contribution by approximately $1.1 million. • A portion of Public Works/Transportation Department staff costs have been allocated to the Stormwater Fund beginning in FY 2025/26. vi $135,210 was added to the Finance Department for the subscription costs of the City's new ERP system. More information about the City's economy may be obtained in the MD&A. Major Capital Improvements One of the City's main priorities is to maintain its infrastructure to a high standard. As a result, the City completed the following major capital improvements during FY 2024/25: ✓ Country Club Drive roadway curbing/drainage improvements ✓ Fencing installation at Waterways Park ✓ Playground resurfacing at Peace and Founders Park ✓ Installation of basketball courts at Founders Park ✓ Police department hardening and reconstruction In addition, the following major capital improvements were in process at the end of FY 2024/25: • Installation of volleyball courts at Veterans Park • Implementation of the City's new ERP system • 191" Street drainage improvements • HVAC replacement at Government Center • Fire suppression for server room at Government Center LONG-TERM FINANCIAL PLANNING AND RELEVANT FINANCIAL POLICIES Maintaining Adequate Fund Balances The City follows GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions which requires that governmental fund financial statements present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the respective governmental funds can be spent. The City's policy is to maintain an adequate General Fund balance to meet seasonal shortfalls in cash flow and reduce susceptibility to emergency and unanticipated expenditures and/or revenue shortfalls. Some of our more significant fund balance classifications include: Committed: This classification includes amounts that can be used only for the specific purposes as determined by adoption of an ordinance by the Commission. Once adopted, the limitation imposed by the ordinance remains in effect until another ordinance either removes or revises the limitation. Effective September 30, 2025, the Commission provided a General Fund Capital Reserve of approximately $1.6 and continued to maintain a Hurricane/Emergency and Disaster Recovery Reserve in the amount of $5.0 million. Unassigned: This classification includes the residual fund balance for the General Fund and represents fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the General Fund. Minimum Level of Unassigned Fund Balance of the General Fund At the beginning of each fiscal year, the total unassigned fund balance shall not be less than 10% of the annual General Fund revenue. If in any fiscal year the City's unassigned fund balance falls below the required threshold, the City shall not utilize any unassigned fund balance to balance the budget. In addition, the City Manager will make every effort to reestablish the minimum unassigned fund balance in a 24 - 36-month period beginning with the year from which the reserve funds fell below the threshold. In FY 2025/26, 10% of the General Fund revenue approximates $5.6 million, while at September 30, 2025 unassigned fund balance approximated $61.3 million. vii Pay -As -You -Go Financing Although the City Charter makes no reference to limitations in establishing debt (i.e., debt limit), the City has limited its borrowing to prudent levels that are able to be satisfied with existing revenue and cash flow projections. In order to minimize our debt issuance (and the related costs) to when it is absolutely necessary, the City has adopted a pay-as-you-go financing policy for CIP projects which include: • A large number of projects having a relatively small dollar value. • Projects which can be broken into phases with a portion completed each year without impairing the overall effectiveness of the project. • Projects which are of a recurring nature. • Projects where the assets acquired will have relatively short useful lives. Privatization of City Services The City utilizes a model of privatizing many of its service areas in order to provide a more cost-effective service delivery system as compared to a traditional government structure. By utilizing outside contractors to provide Building Inspection, Engineering and other services, the City is able to quickly adjust the costs of such services in direct correlation to the demand for the related service. AWARDS AND ACKNOWLEDGEMENTS The Government Finance Officers Association of the United States and Canada ("GFOA") awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Aventura for its annual comprehensive financial report for the fiscal year ended September 30, 2024. This was the 291" consecutive year that the City has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to GFOA to determine its eligibility for another certificate. The GFOA has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Aventura for its Popular Annual Financial Report for the fiscal year ended September 30, 2024. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability, and reader appeal. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. In addition, the GFOA presented a Distinguished Budget Presentation Award to the City of Aventura for its annual Budget for the fiscal year beginning October 1, 2024. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as a financial plan, as an operations guide, and as a communication device. This award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award. Earning all three awards from the GFOA establishes the City of Aventura as a Triple Crown Winner in 2024. viii The preparation of this report would not have been possible without the efficient and dedicated service of the Finance Department and as such we would like to express our appreciation to all members of the Department who assisted in this effort. In addition, we give credit to the City Commission for their continued interest and support in planning and conducting the City's financial operations in a responsible and progressive manner. Respectfully submitted, Bryan P/egues City Manager n/i�- ��� - Melissa Cruz Finance Director ix CITY OF AVENTURA, FLORIDA LIST OF PRINCIPAL OFFICIALS Title Name Mayor Howard Weinberg, Esq. Commissioner Cliff B. Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland, ESQ Commissioner Paul A. Kruss Commissioner Cindy Orlinsky City Manager Bryan Pegues City Attorney Weiss Serota Helfman Cole & Bierman, P.L. Community Development Director Keven Klopp Information Technology Director Carlos Fernandez Finance Director Melissa Cruz Human Resources Gladys Carcamo City Clerk Ellisa L. Horvath Arts & Cultural Center General Manager Jeff Kiltie Community Services Director Kimberly Merchant Public Works/Transportation Director Jake Ozyman Chief of Police Michael Bentollila Don Soffer Aventura High School Principal Geoff McKee Aventura City of Excellence School Principal Andrea Beck x Residents City Commission City Attorney = City Manager = City Clerk ndm��istralive nnlnuaes eucJg©tfClP Preparation Re¢entldn Legal Services Customer Selv€ce ReccrdsClerical support oryanaahonal oversigh¢ communicdfions Elections Finance Department Fin oncefAccounthg F—hosing Community Community Development Services Department Department Planning Parks zoning Special Events Building €aspections Recreation Programming Code Enforcement Athletic Leagues Economic Developmenf Community Recreation Center Occupational Licenses Community Garden Human Resourc Department. PBlS -ll mk—ndijEa Information Technology Police Department Department Information Management Public Works Transportation Department ROW/Medion Molntonance Mass Transit Community Foclfities Maintenance capital Projects Stormwater Drainage Mdlntenonae Floadplain Management Pollee u tr[d Carrnl�nity Relutiona Criminal lnvestlgado s SmHic Enfcvicemenl Em9rgency Preparetlnass Arts &Cultural Charter Center School Department Department K-8 School Facility Management Don Suffer Aventuro Performing Arts Programming Hlgh School' 'Ma�dgett:ent arovldxi by G�l:SA Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of Aventura Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2024 � s `ff�rY' Executive Director/CEO XII FINANCIAL SECTION J Citrin Cooperman & Company, LLP Certified Public Accountants CITRINCOOPERMAN"' 6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308 T : 954.771.0896 F 954.938.9353 citrincooperman.com INDEPENDENT AUDITOR'S REPORT To the Honorable Mayor and Members of the City Commissioners City of Aventura, Florida Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business - type activities, each major fund, and the aggregate remaining fund information of the City of Aventura, Florida (the "City"), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents. In our opinion, based on our audit and the report of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City as of September 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof for the yearthen ended in accordance with accounting principles generally accepted in the United States of America. We did not audit the financial statements of the City of Aventura Police Officers' Retirement Pension Trust Fund (the "Plan"), which represent 82 percent, 84 percent, and 46 percent, respectively, of the assets, net position/fund balance, and revenues/additions of the aggregate remaining fund information as of September 30, 2025. Those statements were audited by other auditors whose reports have been furnished to us, and our opinions, insofar as they relate to the amounts included for the City of Aventura Police Officers' Retirement Pension Trust Fund, are based solely on the reports of the other auditors. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Cirrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. JCitrin Cooperman & Company, LLP CITRIR COOPERMAN' Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's, internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's, ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control -related matters that we identified during the audit. "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Cirrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. K Citrin Cooperman & Company, LLP CITRII1 COOPERMAN`°' Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, budgetary comparison schedules, and the schedules related to pensions and other post -employment benefits as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The accompanying combining and individual fund financial statements, budgetary comparison schedules, and schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements, budgetary comparison schedules and the schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Cirrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 3 0 Citrin Cooperman & Company, LLP CITRINCOOPERMANg Other Reports Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 31, 2026, on our consideration of the City's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City's internal control over financial reporting and compliance. Fort Lauderdale, Florida March 31, 2026 "Citrin Cooperman" is the brand under which Orrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Coopemnan Advisors LLC serve clients' business needs. The two £inns operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. II City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 As the City of Aventura's (the "City") management, we offer the City's financial statement readers this narrative overview and analysis of the City's financial activities for the fiscal year ended September 30, 2025. We encourage readers to consider the information presented herein in conjunction with the Letter of Transmittal, which can be found on pages i through ix of this report. All amounts, unless otherwise indicated, are expressed in thousands of dollars. Financial Highlights • The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by approximately $180.9 million (net position). Of this amount, approximately $60.0 million represents unrestricted net position, which may be used to meet the City's ongoing obligations to citizens and creditors. • The City's total net position increased by approximately $12.9 million over the course of this year's operations. The net position of the City's governmental activities increased by approximately $13.2 million while the net position of the City's business type activities decreased by approximately $0.3 million. • At the close of the current fiscal year, the City's governmental funds reported combined fund balances of approximately $90.5 million, an increase of approximately $9.2 million in comparison with the prior year. Approximately 67.7% ($61.3 million) is available for spending at the government's discretion (unassigned fund balance). • At the end of the current fiscal year, unassigned fund balance of the General Fund was approximately $61.3 million or 113.0% of total General Fund expenditures (inclusive of transfers out). Of this balance, approximately $6.6 million has been committed to the City's disaster recovery fund and for capital reserves, approximately $0.3 million has been assigned for the benefit of the Don Soffer Aventura High School, approximately $0.2 million has been assigned for subsequent year's budget, and approximately $1.2 million is classified as nonspendable. Overview of the Financial Statements The financial section of this annual report consists of four (4) parts —management's discussion and analysis (this section), the basic financial statements, required supplementary information and other financial information that presents combining and individual fund financial statements and budgetary comparison schedules. MANAGEMENT'S DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS Government -Wide (Full Accrual) Fund Governmental Activities Governmental (Modified Accrual) Business -Type Activities Proprietary (Full Accrual) (No Fiduciary Activities) Fiduciary (Full Accrual) Notes to the Financial Statements REQUIRED SUPPLEMENTARY INFORMATION SUPPLEMENTARY INFORMATION Combining Fund Financial Statements & Budgetary Comparison Schedules 5 City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Major Features of the Basic Financial Statements Scope Required financial statements Accounting basis and measurement focus Type of asset, liability, and deferred outflows/inflows information Government -Wide Financial Statements Fund Financial Statements Entire City government (except fiduciary activities) Statement of net position Statement of activities Accrual accounting and economic resources focus All assets and liabilities, both financial and capital, and short-term and long- term. It also includes the consumption and the acquisition of net assets that applies to future period(s). Basic Financial Statements Government -wide financial statements Governmental Funds Activities of the City that are not proprietary or fiduciary Balance sheet Statement of revenues, expenditures, and net changes in fund balances Modified accrual accounting and current financial resources focus Only assets expected to be used up and liabilities that come due during the year to soon thereafter, no capital assets and long term liabilities are included. It also includes the consumption and the acquisition of net assets that applies to future period(s). Proprietary Funds Activities of the City that are operated similar to private business Statement of net position Statement of revenues, expenses, and changes in net position Statement of cash flows Accrual accounting and economic resources focus All assets and liabilities, both financial and capital, and short-term and long- term. It also includes the consumption and the acquisition of net assets that applies to future period(s). Fiduciary Funds Instances in which the City is the trustee or agent for someone else's resources Statement of net position Statement of changes in net position Accrual accounting and economic resources focus All assets and liabilities, both short-term and long- term. It also includes the consumption and the acquisition of net assets that applies to future period(s). The focus of the government -wide financial statements is on the City's overall financial position and its activities. Reporting is similar to that of a private -sector business. The government -wide financial statements report information about the City as a whole and about its activities in a way that helps answer questions about the City's financial health and whether the current year activities contributed positively or negatively to that health. The City's government -wide financial statements include the statement of net position and statement of activities. As described below, these statements do not include the City's fiduciary activities because resources from these funds cannot be used to finance the City's activities. However, the financial statements of fiduciary activities are included in the City's fund financial statements because the City is financially accountable for those resources, even though they belong to other parties. The Statement of Net Position presents the City's long-term and short-term financial information on the assets held and liabilities owed, as well its deferred outflows/inflows of resources. The City's assets are reported when acquired and its liabilities are reported when they are incurred, regardless of the timing of the related cash flows to acquire these assets or liquidate such liabilities. For example, the City reports buildings and infrastructure as assets even though they are not available to pay the obligations it incurs. On the other hand, the City reports liabilities, such as other post - employment benefits even though these liabilities might not be paid until several years into the future. Deferred outflows/inflows of resources represent the consumption/acquisition, respectively, of net assets that applies to a future period(s). 1.1 City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Basic Financial Statements (continued) Government -wide financial statements (continued The difference between the City's total assets, deferred outflows of resources, total liabilities and deferred inflows of resources is net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the City's financial position is improving or deteriorating. Although the City's purpose is not to accumulate net position, in general, as this amount increases it indicates that the City's financial position is improving over time. The Statement of Activities presents the revenues and expenses of the City. The items presented on the statement of activities are measured in a manner similar to the approach used in the private - sector, in that revenues are recognized when earned and expenses are reported when incurred. Accordingly, revenues are reported even when they may not be collected for several months after the end of the accounting period and expenses are recorded even though they may not have used cash during the current period. Both of the government -wide financial statements distinguish City functions that are principally supported by taxes and intergovernmental revenue (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business -type activities). The City's governmental activities include general government, public safety, community services and public works. The City's business -type activities include stormwater utility. Fund financial statements Unlike government -wide financial statements, the focus of fund financial statements is directed to the City's specific activities rather than the City as a whole. Except for the General Fund, separate funds are established to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements. All of the City's funds can be divided into three (3) categories: governmental funds, proprietary funds and fiduciary funds. Governmental funds Financial statements consist of a balance sheet and a statement of revenues, expenditures, and changes in fund balances. These statements are prepared on an accounting basis that is significantly different from that used to prepare the government -wide financial statements. In general, these financial statements have a short-term emphasis and, for the most part, measure and account for cash and other assets that can easily be converted to cash. For example, amounts reported on the balance sheet include items such as cash and receivables but do not include capital assets such as land and buildings. The difference between the fund's total assets, deferred outflows of resources, total liabilities and deferred inflows of resources is fund balance, and generally indicates the amount that can be used to finance the next fiscal year's activities. The operating statement for governmental funds reports only those revenues that were collected during the current period or very shortly after the end of the year. Expenditures are recorded when incurred. II City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Basic Financial Statements (continued) For the most part, the balances and activities accounted for in governmental funds are also reported in the governmental activities' columns of the government -wide financial statements. However, because different accounting basis are used to prepare governmental fund financial statements and government -wide financial statements, there are often significant differences between the totals presented. For this reason, there is an analysis after the governmental funds balance sheet that reconciles the total fund balances for all governmental funds to the amount of net position presented in the governmental activities' column on the statement of net position. Also, there is an analysis after the statement of revenues, expenditures and changes in fund balances that reconciles the total change in fund balances for all governmental funds to the change in net position as reported in the governmental activities' column in the statement of activities. Proprietary funds Financial statements consist of a statement of net position, statement of revenues, expenses, and changes in net position and statement of cash flows. These statements are prepared on an accounting basis that is similar to the basis used to prepare the government -wide financial statements. For financial reporting purposes, proprietary funds are grouped into Enterprise Funds and Internal Service Funds. The City uses Enterprise Funds to account for business -type activities that charge customers a fee for their use of specific goods or services. These funds are used to report the same functions presented as business -type activities in the government -wide financial statements. Although the City does not have any Internal Service Funds, such funds are used to account for services provided and billed on an internal basis. Proprietary funds provide the same type of information as the government -wide financial statements, only in more detail. The City has one major enterprise fund, the Stormwater Utility fund. A statement of cash flows is presented at the fund financial statement level for proprietary funds, but no equivalent statement is presented in the government -wide financial statements for either governmental activities or business -type activities. Fiduciary funds Fiduciary funds are used to account for resources held for another party's benefit outside the government. Fiduciary funds are not reflected in the government -wide financial statement because resources of those funds are not available to support the City's own programs. Fiduciary financial statements consist of a statement of net position and a statement of changes in net position. The City reports one fiduciary fund to account for the Police Officers' Retirement Plan Fund. Notes to the financial statements The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. Required Supplementary Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning various issues such as a comparison between the City's adopted and final budget and actual financial results for its General Fund and major special revenue funds (if applicable). The City adopts an annual appropriated budget for its governmental funds. A budgetary comparison schedule has been provided for the General Fund and major special revenue funds (if applicable) to demonstrate compliance with this budget. Required supplementary information is also presented for the City's defined benefit pension plan including a schedule of funding progress and schedule of employer and State of Florida contributions as well as a schedule of funding progress for other post -employment benefits. City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Combining and Individual Fund Financial Statements and Budgetary Schedules Combining statements referred to earlier in connection with nonmajor governmental, are presented immediately following the required supplementary information. Additional budgetary schedules are presented in this section including, as applicable, nonmajor special revenue funds, debt service funds and capital projects funds. Government -Wide Financial Analysis The table below presents a summary of net position as of 2025 and 2024, derived from the government -wide Statement of Net Position: Assets: Current and other assets Capital assets Total assets Total deferred outflows of resources Liabilities: Long-term liabilities Other liabilities Total liabilities Total deferred inflows of resources Net position: Net investment in capital assets Restricted Unrestricted Total net position Net Position (in thousands) Governmental Business -Type Activities Activities Total 2025 2024 2025 2024 2025 2024 $ 100,808 $ 95,315 $ 3,071 $ 2,770 $ 103,879 $ 98,085 106,340 103,165 8,641 9,213 114,981 112,378 207,148 198,480 11,712 11,983 218,860 210,463 8,309 10,795 - - 8,309 10,795 29,883 32,016 - - 29,883 32,016 10,413 19,544 216 169 10,629 19,713 40,296 51,560 216 169 40,512 51,729 5,798 1,548 - - 5,798 1,548 95,008 90,062 8,641 9,196 103,649 99,258 17,174 14,081 - - 17,174 14,081 57,181 52,024 2,855 2,618 60,036 54,642 $ 169,363 $ 156,167 $ 11,496 $ 11,814 $ 180,859 $ 167,981 As noted earlier, net position may serve over time as a useful indication of a government's financial position. At the close of the most recent fiscal year, the City's assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources by approximately $180.9 million. The largest component of the City's net position is net investment in capital assets and is 57.3% of total net position. This category reflects its investment in capital assets net of any outstanding related debt used to acquire these assets. The City uses these capital assets to provide its citizens with quality services. Consequently, this component of net position is not available for future spending. Although the capital assets are shown net of debt, it should be noted that the resources needed to repay this debt must be provided from other sources. The next largest portion of the City's net position is unrestricted (resources available for spending) and is 33.2% of total net position. Restricted net position represents 9.5% of total net position and contains resources that are subject to external restrictions on how they can be used. Capital assets increased approximately $2.6 million and net investment in capital assets increased by approximately $4.4 million, primarily due to the net effect of new capital/infrastructure projects, increase in accumulated depreciation, disposal of equipment and decrease in related debt. The majority of the improvements were related to building renovations, HVAC replacements and computer upgrades. In addition, significant road resurfacing on Country Club Drive was completed and cross walks were installed at several locations. 9 City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Government -Wide Financial Analysis (continued) Net position trends over time provide an indicator of whether the City's financial condition is improving or deteriorating. Following disruptions caused by the COVID-19 pandemic, the City's operations have fully resumed, resulting in the recovery of previously lost revenues. During the current fiscal year, property tax revenues increased by approximately $1.8 million, driven by growth in the assessed value of taxable property compared to the prior year, while the ad valorem millage rate remained unchanged. Program revenues decreased by $3.0 million, primarily due to a $1.9 million decline in charges for services and a $1.5 million reduction in operating grants. The decrease in charges for services is attributable to reduced development -related activity during the fiscal year. Operating grant revenue declined largely as a result of a $1.4 million decrease in funding from the American Rescue Plan; however, this reduction was partially offset by a $0.4 million increase in state grants for road improvements and federal grants for equipment purchases. The table below presents a summary of changes in net position for the years ended September 30, 2025 and 2024, as derived from the Government -Wide Statement of Activities: Changes in Net Position (in thousands) Governmental Business -Type Activities Activities Total 2025 2024 2025 2024 2025 2024 Revenues and transfers: Program revenues: Charges for services $ 16,992 $ 18,870 $ 1,394 $ 1,466 $ 18,386 $ 20,336 Operating grants and contributions 28,027 29,532 - - 28,027 29,532 Capital grants and contributions 2,045 1,600 2,045 1,600 General revenues: Property taxes 22,509 20,745 22,509 20,745 Utility and other locally levied taxes 12,309 11,871 12,309 11,871 Franchise fees 5,768 5,683 5,768 5,683 Intergovernmental revenues 8,930 8,978 - - 8,930 8,978 Investment income 4,098 5,221 109 112 4,207 5,333 Other revenues 774 11087 - 11 774 1,098 Total revenues 101,452 103,587 1,503 1,589 102,955 105,176 Expenses: General government 9,741 9,487 - - 9,741 9,487 Public safety 33,630 37,253 33,630 37,253 Community services 37,160 35,934 37,160 35,934 Public works 7,210 5,589 7,210 5,589 Interest and fiscal charges 515 525 - - 515 525 Stormwater utility - - 1,821 1,053 1,821 1,053 Total expenses 88,256 88,788 1,821 1,053 90,077 89,841 Change in net position 13,196 14,799 (318) 536 12,878 15,335 Net position, beginning of year 156,167 141,368 11,814 11,278 167,981 152,646 Net position, end of year $ 169,363 $ 156,167 $ 11,496 $ 11,814 $ 180,859 $ 167,981 The activities for the City reflect an overall decrease in revenues of $2.2 million and expenses increased by $0.2 million. The governmental activities were responsible for most of the decreases, while the revenues in the business -type funds were flat. Governmental revenues decreased by $2.1 million, primarily due to a combination of a $1.1 million decrease in investment earnings as well as decreases in charges for services and operating grants and contributions. 10 City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Financial Analysis of the City of Aventura's Funds As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance - related legal requirements. Governmental funds The focus of the City's governmental funds is to provide information on near -term inflows, outflows and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unrestricted fund balance (committed, assigned and unassigned) may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. The General Fund is the City's chief operating fund and at end of the current fiscal year its total fund balance approximated $69.5 million. The City's approved fund balance policy requires a hurricane/emergency reserve of $5.0 million. In addition, the Commission annually approves a portion of fund balance to be reserved for future capital projects, $1.6 million in the current year. As a measure of the General Fund's liquidity, it may be useful to compare both unrestricted fund balance and total fund balance to total general fund expenditures. Unassigned fund balance equals approximately$61.1 million or88.2%ofthe General Fund total fund balance. This amount represents approximately 112% of total general fund expenditures (inclusive of transfers out) and is available for spending at the government's discretion. The total fund balance of the City's General Fund increased by $6.6 million. During the current fiscal year, revenues increased by $0.7 million and expenditures increased by $0.9 million, respectively (including transfers in & out and debt proceeds). Ad Valorem taxes increase by $1.8 million, with no increase in the millage rate. Investment earnings decreased by $0.9 million. Miscellaneous income decreased by $0.3 million as a result of less contributions for the High School's construction costs. The Aventura City of Excellence School Fund is used to record the operations of the Aventura City of Excellence School ("ACES"). The school's fund balance increased by $0.1 million. Revenues decreased by $0.1 million and expenditures decreased by approximately $1.3 million. The Don Soffer Aventura High School Fund is used to record the operations of the Don Soffer Aventura High School, which is in its seventh year of operations. The student population was being phased in over four years, with full enrollment achieved in fiscal year 2022/23. The revenues decreased by approximately $0.7 million and expenditures increased by approximately $0.3 million. Total fund balance increased by $1.1 million. Proprietary fund The proprietary fund is used to record the operations of the stormwater-related activities and experienced a decrease in net position of $0.3 million over the prior year. While revenues were flat compared to the prior year, expenditures increased by $0.7 million due mainly to a City-wide stormwater vulnerability assessment. There were no other significant changes in the operation 11 City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Financial Analysis of the City of Aventura's Funds (continued) During the year, the original budget was amended to reflect an additional $7.0 million in new revenues and expenditures. Revenues and expenditures increased approximately as follows: • $3.2 million was needed to purchase land that will be used for a new high school • $1.0 million expenditures related to the automatic reappropriation of capital -related encumbrances for capital projects that were in process at the end of fiscal year 2024. • $0.3 million expenditures related to Police overtime, related benefit costs, and pension costs. • $0.9 million expenditures related to an increase in contract services for recreation programs. • $0.6 million expenditures related to Public Works Department salaries and contract landscaping services throughout the City. • $2.2 million expenditures to complete projects related to the American Rescue Plan grant. • $1.1 million in savings for the planned transfer to the Aventura City of Excellence School. During the year, General Fund revenues exceeded budgetary estimates and expenditures were less than budgetary estimates, resulting in the net increase to fund balance of approximately $6.6 million. As explained earlier, much of the unrestricted fund balance will continue to be utilized in future years to fund various capital needs. Capital Assets As of September 30, 2025, and 2024, the City had $115.0 million and $112.3 million, respectively, invested in a variety of capital assets, as reflected in the following schedule: Capital assets (in thousands, net of depreciation) Governmental Business -Type Activities Activities Total 2025 2024 2025 2024 2025 2024 Land $ 28,827 $ 25,645 $ - $ - $ 28,827 $ 25,645 Buildings 37,473 36,790 37,473 36,790 Improvements other than buildings 14,387 14,982 14,387 14,982 Furniture, machinery and equipment 6,573 5,961 - - 6,573 5,961 Infrastructure 15,713 17,219 8,560 8,870 24,273 26,089 Right -to -use lease assets 247 256 - 44 247 300 Right -to -use SBITA assets 824 - - 824 - Construction in progress 2,296 2,312 81 299 2,377 2,611 Total $ 106,340 $ 103,165 $ 8,641 $ 9,213 $ 114,981 $ 112,378 Additional information can be found in Note 7 -Capital Assets. Fla City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Debt Administration As of year-end, the City had $11.4 million in debt outstanding compared to the $13.2 million last year, a $1.8 million decrease. All debt is secured only by a covenant to budget and appropriate. Bonded Debt and Notes Payable (in thousands) Governmental Business -Type Activities Activities Total 2025 2024 2025 2024 2025 2024 Non -Ad Valorem bonds $ 11,000 $ 13,015 $ - $ - $ 11,000 $ 13,015 Leases 196 213 196 213 Subscription Liability 245 - 17 245 17 $ 11,441 $ 13,228 $ $ 17 $ 11,441 $ 13,245 Additional information can be found in Note 8 — Long -Term Liabilities of Governmental Activities. Economic Factors and Next Year's Budgets and Rates The State of Florida, by constitution, does not have a state personal income tax and therefore the State operates primarily using sales, gasoline and corporate income taxes. Local governments including cities, counties and school boards primarily rely on property and a limited array of permitted other taxes (e.g., utility taxes, franchise fees and occupational licenses) and intergovernmental revenues to provide funding for their governmental activities. For business -type activities and certain governmental activities (e.g., construction services and recreational programs), a fee or charge is paid by those that utilize the service. The budget does not include any significant expansion or additional areas of service. The total proposed budget for FY 2025/26, including all funds, capital outlay and debt service, (net of interfund eliminations) is $66,337,396. In total, this is $2,796,375 or 4.04% less than the prior year's amended budget. Once again, our strong fiscal policies and prudent budgeting have assisted in the maintenance of all existing service levels and avoiding raising the tax rate for the 30th year in a row. Strong fiscal policies and prudent budgeting have enabled the City to maintain the second lowest operating tax rate within the County, during fiscal year 2025/26, while at the same time provide high - quality services to our residents. The City experienced a 4.7% increase in property values over the prior year while the addition of new construction totaled by approximately $17.3 million. This is the fifth year in the last seven years that we have seen an increase in the City's existing property values. The FY 2025/26 budget totals $66.3 million (net of inter -fund elimination) or 0.4% less than the previous year. Capital Outlay expenditures are budgeted at $5.7 million, maintaining the same level as the prior year. In the coming year, funding has been planned and provided for park facility improvements, police vehicles as well as the continued investment in state-of-the-art technology to better serve and protect our residents. In addition, the City has made it a priority to maintain its infrastructure (e.g., government buildings and its park facilities) to a very high standard in order to ensure their sustainability well into the future. Operating costs increased by $1,183,415 or 2.2% as compared to the previous year's amended budget. The budget maintains our current level for all City services except the following areas: • Personal services increase by $991,093, as a result of a 3.0% Cost of Living Adjustment for salaries for all employees and the addition of one new position. • The police pension contribution increased from 27.696% to 37.650%. 13 City of Aventura, Florida Management's Discussion and Analysis September 30, 2025 Economic Factors and Next Year's Budgets and Rates (continued) • Insurance premiums throughout the budget for property, liability, cyber liability, auto and worker's compensation increased by 2.0% • $135,210 was added in the Finance Department for the subscription costs of the new ERP system. Requests for Information This financial report is designed to provide our citizens, taxpayers, customers and investors and creditors with a general overview of the City's finances and to demonstrate the City's accountability. If you should have any questions pertaining to the information presented in this report or would like additional information, please contact the City's Finance Director at 19200 W. Country Club Drive, Aventura, Florida 33180. F01I BASIC FINANCIAL STATEMENTS City of Aventura Statement of Net Position September 30, 2025 Assets: Cash, cash equivalents and investments Receivables, net of allowance for uncollectibles Due from other governments Prepaids and other assets Inventories Internal balances Capital assets: Nondepreciable Depreciable (net) Total assets Deferred outflows of resources: Deferred outflows relating to pensions Deferred outflows relating to other post employment benefits (OPEB) Deferred charge on refunding Total deferred outflows of resources Liabilities: Accounts payable Accrued liabilities Due to other governments Unearned revenues Accrued interest payable Noncurrent liabilities: Due within one year Due in more than one year Total liabilities Deferred inflows of resources: Deferred inflows relating to pensions Deferred inflows relating to other post employment benefits (OPEB) Total deferred inflows of resources Net position: Governmental Activities $ 91,473,139 2,012,716 1,911,086 1,279,356 13,351 4,118,091 31,123,444 75,217,026 207,148,209 7,180,569 1,029,996 98,454 8,309,019 3,032,515 5,266,868 15,725 2,020,802 77,549 3,736,271 26,146, 664 40,296,394 4,792,348 1,005,948 5,798,296 Net investment in capital assets 95,008,026 Restricted for: Public works/transportation 10,033,453 Public safety/law enforcement 877,067 Community development 3,957,624 Capital projects 1,887,890 Debt service 417,868 Unrestricted 57,180,610 Total net position $ 169,362,538 * Charter Schools are presented as of June 30, 2025 Business -Type Activities $ 2,757,099 314,252 80,848 8,560,175 11,712,374 215,774 215,774 8,641,023 2,855,577 $ 11,496,600 Total $ 94,230,238 2,012,716 2,225,338 1,279,356 13,351 4,118,091 31,204,292 83,777,201 218,860,583 7,180,569 1,029,996 98,454 8,309,019 3,248,289 5,266,868 15,725 2,020,802 77,549 3,736,271 26,146, 664 40,512,168 4,792,348 1,005,948 5,798,296 103,649,049 10,033,453 877,067 3,957,624 1,887,890 417,868 60,036,187 $ 180,859,138 The accompanying notes to the financial statements are an integral part of these statements. F167 City of Aventura, Florida Statement of Activities For the Year Ended September 30, 2025 Functions/Programs: Primary Government: Governmental activities: General government Public safety Community services Public works Interest and fiscal charges Total governmental activities Business -type activities: Stormwater utility Total primary government Net Revenue (Expense) and Program Revenues Change in Net Position Operating Capital Charges for Grants and Grants and Governmental Business -Type Expenses Services Contributions Contributions Activities Activities Total $ 9,740,650 $ - $ 306,920 $ - $ (9,433,730) $ - $ (9,433,730) 33,630,433 12,245,591 4,238,590 - (17,146,252) - (17,146,252) 37,160,611 4,352,862 23,478,731 2,045,014 (7,284,004) - (7,284,004) 7,210,572 393,771 3,169 - (6,813,632) - (6,813,632) 515,135 - - - (515,135) - (515,135) 88,257,401 16,992,224 28,027,410 2,045,014 (41,192,753) - (41,192,753) 1,820,721 1,393,919 - - - (426,802) (426,802) $ 90,078,122 $ 18,386,143 $ 28,027,410 $ 2,045,014 (41,192,753) (426,802) (41,619,555) General revenue: Ad valorem taxes 22,508,948 - 22,508,948 Utility service and other locally levied taxes 12,309,337 - 12,309,337 Franchise fees 5,767,741 - 5,767,741 Intergovernmental, unrestricted 8,930,321 - 8,930,321 Investment income 4,097,473 109,040 4,206,513 Miscellaneous 774,381 - 774,381 Total general revenues 54,388,201 109,040 54,497,241 Change in net position 13,195,448 (317,762) 12,877,686 Net position, beginning 156,167,090 11,814,362 167,981,452 Net position, ending $ 169,362,538 $ 11,496,600 $ 180,859,138 The accompanying notes to the financial statements are an integral part of these statements. 16 City of Aventura, Florida Balance Sheet - Governmental Funds Seotember 30. 2025 Major Funds Aventura City of Don Soffer Excellence Aventura Nonmajor Total General School High School Governmental Governmental Fund Fund * Fund * Funds Funds Assets: Cash and cash equivalents and investments Accounts receivable, net Due from other funds Due from other governments Inventories Prepaid items and other assets Total assets Liabilities: Accounts payable Accrued liabilities Due to other governments Unearned revenues Total liabilities Fund balances: Nonspendable: Inventories Prepaid items and other assets Restricted for: Public works/transportation Public safety/law enforcement Community development Capital projects Debt service Committed for: Capital reserves Hurricane/emergency and disaster recovery operating reserves Assigned for: Charter school operations Subsequent year's budget Unassigned Total fund balances Total liabilities, deferred inflows of resources, and fund balances * As of June 30, 2025. $ 71,683,181 $ 624,030 $ 716,146 $ 18,449,782 $ 91,473,139 2,012,716 - - - 2,012,716 315,093 357,267 3,445,731 - 4,118,091 1,023,821 145,806 96,368 645,091 1,911,086 13,351 - - - 13,351 1.145.172 65.502 60.264 8.418 1.279.356 $ 76,193,334 $ 1,192,605 $ 4,318,509 $ 19,103,291 $ 100,807,739 $ 1,730,809 $ 305,273 $ 73,112 $ 923,321 $ 3,032,515 3,752,984 723,970 596,427 193,487 5,266,868 2,726 - - 12,999 15,725 1.229.638 791.164 2.020.802 6,716,157 1,029,243 669,539 1,920,971 10,335,910 13,351 - - - 13,351 1,145,172 65,502 60,264 8,418 1,279,356 10,033,453 10,033,453 877,067 877,067 3,957,624 3,957,624 1,887,890 1,887,890 417,868 417,868 1,563,864 1,563,864 5,000,000 5,000,000 261,386 97,860 3,588,706 3,947,952 218,956 - - 218,956 61,274,448 - - - 61,274,448 69,477,177 163,362 3,648,970 17,182,320 90,471,829 $ 76,193,334 $ 1,192,605 $ 4,318,509 $ 19,103,291 $ 100,807,739 The accompanying notes to financial statements are an integral part of these statements. 17 City of Aventura, Florida Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position September 30, 2025 Amounts reported for governmental activities in the statement of net position are different as a result of: Total fund balances - governmental funds $ 90,471,829 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds: Governmental capital assets $ 198,959,489 Less: accumulated depreciation (92,619,019) 106,340,470 Long-term liabilities are not due and payable in the current period, and therefore, are not reported in the governmental funds: Bonds payable $ (10,990,000) SBITA payable (245,017) Lease payable (195,881) Total other post employment benefits (OPEB) liability (1,962,414) Net pension liability (12,382,059) Compensated absences (4,107,564) Accrued interest payable (77,549) Deferred charge on refunding 98,454 (29,862,030) Certain funds related to pension and other post employment benefits (OPEB) liabilities; are not reported in the governmental funds: Deferred outflows relating to pensions Deferred inflows relating to pensions Deferred outflows relating to other post employment benefits (OPEB) Deferred inflows relating to other post employment benefits (OPEB) Net position of governmental activities $ 7,180,569 (4,792,348) 1,029,996 (1,005,948) 2,412,269 $ 169,362,538 The accompanying notes to financial statements are an integral part of these statements. �-� City of Aventura, Florida Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended September 30, 2025 Major Funds Aventura Citizens' American City of Don Soffer Independent Rescue Excellence Aventura Transportation Nonmajor Total General Plan Act School High School Trust CCITT) Governmental Governmental Fund Fund Fund* Fund* Fund Funds Funds Revenues: Ad valorem taxes $ 22,508,948 $ $ $ $ $ $ 22,508,948 Utility service and other locally levied taxes 12,309,337 12,309,337 Franchise fees 5,767,741 5,767,741 Licenses, permits and impact fees 75 5,933,064 5,933,139 Intergovernmental revenues 6,274,415 10,905,108 9,752,301 7,614,160 34,545,984 Charges for services 6,439,990 278,453 106,979 - 6,825,422 Fines and forfeitures 3,728,935 - - 85,392 3,814,327 Investment income 3,063,660 77,147 141,020 815,646 4,097,473 Miscellaneous 402,789 2,888,139 1,915,549 - 5,206,477 Total revenues 60,495,890 14,148,847 11,915,849 14,448,262 101,008,848 Expenditures: Current: General government 8,007,265 - 8,007,265 Public safety 26,804,153 - - 4,845,001 31,649,154 Community services 8,010,199 14,013,379 10,686,169 - 32,709,747 Public works 3,870,757 - - 2,109,222 5,979,979 Capital outlay 5,712,531 24,459 93,190 5,870,821 11,701,001 Debt service: Principal 75,236 - - 2,151,790 2,227,026 Interest 14,198 426,885 441,083 Total expenditures 52,494,339 14,037,838 10,779,359 15,403,719 92,715,255 Excess (deficiency) of revenues over (under) expenditures 8,001,551 111,009 1,136,490 (955,457) 8,293,593 Other financing sources (uses): SBITA - 371,807 371,807 Lease 58,375 - 58,375 Transfers in 626,613 2,494,673 3,121,286 Transfers out (2,050,673) (626,612) (2,677,285) Total other financing sources (uses) (1,365,685) - 2,239,868 874,183 Netchangein fund balances 6,635,866 - 111,009 1,136,490 - 1,284,411 9,167,776 Fund balances, beginning of year as previously presented 62,841,311 807,570 52,353 2,512,480 736,020 14,354,319 81,304,053 Changes within financial reporting entity (major to nonmajor fund) - (807,570) - - (736,020) 1,543,590 - Fund Balances, beginning of year, as adjusted 62,841,311 52,353 2,512,480 15,897,909 81,304,053 Fund balances, end ofyear $ 69,477,177 $ $ 163,362 $ 3,648,970 $ $ 17,182,320 $ 90,471,829 * For the year ended June 30, 2025. The accompanying notes to financial statements are an integral part of these statements. 19 City of Aventura, Florida Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended September 30, 2025 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances - total governmental funds $ 9,167,776 Governmental funds report capital outlays as expenditures; however, in the statement of activities, the cost of those assets is depreciated or amortized over their estimated useful lives and reported as depreciation/amortization expense. Expenditure for capital assets $ 10,505,840 Less: net book value of retirements and transfers (44,084) Less: current year depreciation/amortization (7,286,925) 3,174,831 The issuance of long-term debt provides current financial resources to governmental funds, however, has no effect on net position. (430,182) Expenses that are incurred from a prior period that are recognized in the statement of activities but not expected to be liquidated with expendable available financial resources. (248,816) Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. 2,025,000 Repayment of a lease is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. 75,236 Repayment of a subscription -based IT arrangements is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. 126,790 Some expenses reported in the statement of activities do not require the use of current financial resources and; therefore, are not reported as expenditures in governmental funds: Change in other post employment benefits (OPEB) liability $ (624,582) Change in net pension liability 6,680,961 Change in compensated absences 19,240 Amortization of deferred charges (39,161) Change in accrued interest payable (34,891) 6,001,567 Certain changes related to pension and other post employment benefits (OPEB) liabilities are not reported in the net change in the governmental funds: Change in deferred outflows relating to pensions $ (2,687,312) Change in deferred inflows relating to pensions (4,473,143) Change in deferred outflows relating to other post employment benefits (OPEB) 240,543 Change in deferred inflows relating to other post employment benefits (OPEB) 223,158 (6,696,754) Change in net position of governmental activities $ 13,195,448 The accompanying notes to financial statements are an integral part of these statements. 20 City of Aventura, Florida Statement of Net Position Proprietary Fund September 30, 2025 Assets: Current assets: Cash, cash equivalents and investments Due from other governments Total current assets Noncurrent assets: Capital assets nondepreciable Capital assets depreciable (net) Total noncurrent assets Total assets Liabilities: Current liabilities: Accounts payable and accrued liabilities Total liabilities Net position: Investment in capital assets Unrestricted Total net position Stormwater Utility Fund $ 2,757,099 314,252 3,071,351 80,848 8,560,175 8,641,023 11,712, 374 215,774 215,774 8,641,023 2,855,577 $ 11,496,600 The accompanying notes to financial statements are an integral part of these statements. 21 City of Aventura, Florida Statement of Revenues, Expenses and Changes in Net Position Proprietary Fund For the Year Ended September 30, 2025 Operating revenues: Charges for services Operating expenses: Cost of sales and services Depreciation and amortization expense Total operating expenses Operating loss Nonoperating revenues (expenses): Investment income (net) Total nonoperating revenues (expenses) Change in net position Net position, beginning of year Net position, end of year Stormwater Utility Fund $ 1,393,919 1,248,667 572,054 1,820,721 (426,802) 109,040 109,040 (317,762) 11,814,362 $ 11,496,600 The accompanying notes to financial statements are an integral part of these statements. 22 City of Aventura, Florida Statement of Cash Flows Proprietary Fund For the Year Ended September 30, 2025 Stormwater Utility Fund Cash flows from operating activities: Cash received from customers, users and others $ 1,303,716 Cash paid to suppliers (1,185,247) Net cash provided by operating activities 118,469 Cash flows from capital and related financing activities: Payments paid on subscription liability (16,901) Net cash used in capital and related financing activities (16,901) Cash flows from investing activities: Investment income 109,040 Net cash provided by investing activities 1091040 Net increase in cash, cash equivalents and investments 210,608 Cash, cash equivalents and investments, beginning of year 2,546,491 Cash, cash equivalents and investments, end of year $ 2,757,099 Reconciliation of operating loss to net cash provided by operating activities: Operating loss $ (426,802) Adjustments to reconcile operating loss to net cash provided by operating activities: Depreciation and amortization expense 572,054 Changes in assets and liabilities: (Increase) decrease in due from other governments (90,203) Increase (decrease) in accounts payable 63,420 Total adjustments 545,271 Net cash provided by operating activities $ 118,469 The accompanying notes to financial statements are an integral part of these statements. 23 City of Aventura, Florida Statement of Net Position Fiduciary Fund - Police Officers' Retirement Plan September 30, 2025 Pension Trust Fund Assets: Investments, at fair value: Equity securities $ 58,268,990 Government securities 9,353,982 Corporate bonds 4,500,533 Hedge funds 4,105,039 Self -directed DROP accounts 5,081,105 Money market funds 2,236,081 Real estate fund 2,249,834 Fixed income mutual funds 2,063,166 Total investments 87,858,730 Receivables: Accrued investment income 149,740 Accounts receivable - sale of investments 272,473 Total receivables 422,213 Other assets 245,644 Total assets 88,526,587 Liabilities: Accounts payable 64,738 Deferred inflows of resources: Advanced contributions from employer 159,498 Net Position: Net position restricted for defined benefits 83,221,246 Net position restricted for drop benefits 5,081,105 Total net position $ 88,302,351 The accompanying notes to financial statements are an integral part of these statements. 24 City of Aventura, Florida Statement of Changes in Net Position Fiduciary Fund - Police Officers' Retirement Plan For the Year Ended September 30, 2025 Pension Trust Fund Additions: Contributions: City $ 2,274,791 Employees 947,048 Florida chapter 185 648,709 Buyback 123,156 Total contributions 3,993,704 Investment income: Net appreciation in fair value of investments 7,085,012 Interest and dividend income 1.560.162 Total investment income 8,645,174 Less: investment expenses 391,487 Net investment income 8,253,687 Other income: 2,726 Total additions 12,250,117 Deductions: Benefits paid directly to retirees 2,746,453 DROP distributions 1,560,019 Contribution refunds 305,033 Administrative expenses 162,461 Total deductions 4,773,966 Net increase in net position 7,476,151 Net Position, beginning of year 80,826,200 Net Position, end of year $ 88,302,351 The accompanying notes to financial statements are an integral part of these statements. 25 NOTES TO BASIC FINANCIAL STATEMENTS City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1- Summary of Significant Accounting Policies The City of Aventura, Florida (the "City") was incorporated on November 7, 1995. The City operates under a commission -manager form of government and provides the following full range of municipal services as authorized by its charter: public safety, highways and streets, building, licensing and code compliance, culture and recreation, public works and stormwater management, public records and general administrative services. The Annual Comprehensive Financial Report (the "ACFR") of the City includes all funds. The financial statements of the City have been prepared to conform with accounting principles generally accepted in the United States of America ("GAAP") as applicable to state and local governments. The Governmental Accounting Standards Board ("GASB") is the accepted standard -setting body for establishing governmental accounting and financial reporting principles. Significant accounting and reporting policies and practices used by the City are described below: A. Financial Reporting Entity The financial statements were prepared in accordance with GAAP, which establishes standards for defining and reporting on the financial reporting entity. The definition of the financial reporting entity is based upon the concept that elected officials are accountable to their constituents for their actions. One of the objectives of financial reporting is to provide users of financial statements with a basis for assessing the accountability of the elected officials. The financial reporting entity consists of the City, organizations for which the City is financially accountable and other organizations for which the nature and significance of their relationship with the City are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete. The City is financially accountable for a component unit if it appoints a voting majority of the organization's governing board and it is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on the City. Discretely Presented Component Units Discretely presented component units are separate legal entities that meet the component unit criteria described above, but do not meet the criteria for blending, given that they do not function as an internal part of the primary government. Currently, the City has no discretely presented component units. Blended Component Units Blended component units are separate legal entities that meet the component unit criteria described above and whose governing body is the same as, substantially the same as, or appointed by the City Commission and the component unit provides services (financial benefit) entirely to the City. During the year, the City has no blended component units. 26 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1- Summary of Significant Accounting Policies (continued) B. Government Wide and Fund Financial Statements The basic financial statements include both government -wide (based on the City as a whole) and fund financial statements. The government -wide financial statements (i.e., the statement of net position and the statement of activities) report information on all activities of the City. As a general rule, the effect of interfund services provided and used has been eliminated from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business -type activities, which rely to a significant extent on fees and charges for services. The government -wide statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those expensesthat are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operation or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. The net cost (by function) is normally covered by general revenue (i.e., property taxes, sales taxes, franchise taxes, unrestricted intergovernmental revenues, interest income, etc.). Separate fund financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government -wide financial statements. The focus of fund financial statements is on major funds. Major individual governmental funds and the major individual enterprise funds are reported as separate columns in the fund financial statements. GASB sets forth minimum criteria (percentage of assets/deferred outflows, liabilities/deferred inflows, revenues or expenditures/expenses of either fund category for the governmental and enterprise, combined, or funds that management deems of public importance) for the determination of major funds. The nonmajor funds are combined and presented in a single column in the fund financial statements. The government -wide -focus is more on the sustainability of the City as an entity and the change in aggregate financial position resulting from the activities of the fiscal period. The focus of the fund financial statements is on the major individual funds of the governmental and business -type categories, (by category). Each presentation provides valuable information that can be analyzed and compared to enhance the usefulness of the information. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government -wide financial statements are reported usingthe economic resources measurement focus and the accrual basis of accounting, as are the proprietary and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year when an enforceable lien exists and when levied for. Grants and similar items are recognized as revenues as soon as all eligibility requirements imposed by the provider have been met. 27 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1- Summary of Significant Accounting Policies (continued) Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, pension, other postemployment benefits and claims and judgments, are recorded only when due. Property taxes, when levied for, franchise fees, utility taxes, charges for services, impact fees, intergovernmental revenues when eligibility requirements are met and investment income associated with the current fiscal period are all considered to be measurable and have been recognized as revenues of the current fiscal period, if available. All other revenue items such as fines and forfeitures and licenses and permits are considered to be measurable and available when cash is received by the City. Proprietary fund -type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in total net position. Proprietary funds distinguish operating revenues and expenses from non -operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the proprietary fund are charges to customers for sales and services. Operating expenses for proprietary funds include the costs of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses that do not meet this definition are reported as non -operating revenues or expenses. The City owns and operates two charter schools: Aventura City of Excellence School and Don Soffer Aventura High School. These schools are presented as major special revenue funds, as noted below, and have a fiscal year of July 1st through June 30th. The Charter Schools are required to legally adopt budgets and are also required to issue separately audited special purpose financial statements. The City reports the following major governmental funds: General Fund This fund is the principal operating fund of the City. All general tax revenues and other receipts that are not allocated by law or contractual agreement to another fund are accounted for in this fund. Aventura City of Excellence School Fund This fund is used to account for revenues and expenditures from the operations of the Aventura City of Excellence School, a special revenue fund of the City. Don Soffer Aventura High School Fund This fund is used to account for revenues and expenditures from the operations of the Don Soffer Aventura High School, a special revenue fund of the City. m City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1— Summary of Significant Accounting Policies (continued) The City reports the following proprietary fund: Stormwater Utility Fund This fund accounts for the operation, construction, and maintenance of the City's stormwater drainage system. Additionally, the government reports the following fiduciary fund type: City of Aventura Police Officers' Retirement Plan This pension trust fund accounts for the activities of the Police Officers' Retirement Plan that accumulates resources for pension benefits to qualifying police officers. As a general rule, the effect of interfund activity has been eliminated from the government -wide financial statements. Amounts reported as program revenues include: 1) charges to customers or applicants for goods, services or privileges provided, 2) operating grants and contributions and 3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. 1. Cash, cash equivalents and investments - Cash and cash equivalents are defined as demand deposits, money market accounts and other short-term investments with original maturities of three months or less from the date of acquisition. In general, the City maintains a pooled cash account for all funds. This enables the City to invest large amounts of idle cash for short periods of time and to optimize earnings potential. Cash, cash equivalents and investments represent the amount owned by each City fund. Resources of all funds, with the exception of the pension fund, are also combined into investment pools for the purpose of maximizing investment yields. Earnings on pooled cash and investments are allocated monthly based on balances of the respective funds. The City's investments are reported at their estimated fair value except for the City's investment in the Florida PRIME which is recorded/valued at the amortized cost method. The pension plan's investments are reported at estimated fair value. 2. Receivables and parables - Activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (the current portion of interfund loans) or"advancesto/from other funds" (the noncurrent portions of interfund loans). Any residual balances outstanding between the governmental activities and business activities, or differences created between governmental funds due to timing of year end reporting, are reported in the government - wide financial statements as "internal balances." The City recognizes receivables in its various funds based on the accounting basis required for the fund. Allowances are provided for possible uncollectible amounts. 29 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1- Summary of Significant Accounting Policies (continued) 3. Prepaid expenses/expenditures - Certain payments to vendors reflect costs applicable to a future accounting period and are recorded as prepaid items in both government -wide and fund financial statements. These amounts are accounted for under the purchases method. 4. Inventories - Inventories held for resale are reported at the lower of cost (first -in, first -out) or market. Inventories of supplies are reported at cost. These amounts are typically reported as nonspendable in governmental fund financial statements. Inventory (supplies) is accounted for using the consumption method whereby inventories are recorded as expenditures when they are used. 5. Capital assets - Capital assets purchased or acquired with an original cost of $ 5,000 or more are reported at historical cost or estimated historical cost. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are reported at acquisition value. Additions, improvements and other capital outlaysthat significantly extend the useful life of an asset are capitalized. Othercosts incurred for repairs and maintenance are expensed as incurred. Depreciation on all assets is provided on the straight-line basis over the following estimated useful lives: Buildings 25 years Improvements other than buildings 20 - 30 years Infrastructure 20 - 40 years Furniture, machinery and equipment 3-20 years Within governmental funds, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported within the governmental fund financial statements. The City has recorded a right of use lease asset and a software subscription asset as a result of implementing GASB 87 and GASB 96, respectively. These assets are initially measured at an amount equal to the initial measurement of the related liability plus any payments made priorto the terms of these arrangements, less incentives, and plus ancillary charges necessary to place the assets into service. The assets are amortized on a straight-line basis over the life of the respective lease and subscription arrangements. 6. Deferred outflows/inflows of resources - In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The City has pension related amounts, post -employment benefits other than pension (OPEB), and a deferred charge on refunding that qualify for reporting in this category on the government -wide statement of net position. 30 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1- Summary of Significant Accounting Policies (continued) Deferred charge on refunding reported results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until then. The City has pension and OPEB related amounts that qualify for reporting in this category on the government -wide statement of net position. Unavailable revenues, in the governmental fund financial statements, consist of intergovernmental revenues. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. 7. Compensated absences payable - The City's sick leave policy permits employees to accumulate earned but unused sick pay benefits. Upon termination, sick pay is paid out, between 0 - 100% based on length of service. The City's vacation policy is that earned vacation is cumulative although limited to certain maximums based on length of service. Accumulated compensated absences are recorded in the government -wide and proprietary fund financial statements when earned. Expenditures for accumulated compensated absences have been recorded in the governmental funds only if they have matured, (e.g., resulting from employee resignations and retirements). Payments are generally paid out of the General Fund. 8. Lone -term obligations - In the government -wide financial statements and proprietary fund type in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business -type activities or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method, which approximates the effective interest method. Bond issue costs are expensed at issuance. Bonds payable are reported net of the applicable premiums and discounts, if applicable. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as debt issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, and principal payments, are reported as debt service expenditures. 31 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1- Summary of Significant Accounting Policies (continued) 9. Leases and Subscriptions - Leases are defined by the general government as the right to use an underlying asset. As lessee, the City recognizes a lease liability and an intangible right -of - use lease asset at the beginning of a lease unless the lease is considered a short-term lease or transfers ownership of the underlying asset. Right -of -use lease assets are measured based on the net present value of the future lease payments at inception, using the weighted average cost of capital, which approximate the incremental borrowing rate. Re -measurement of a lease liability occurs when there is a change in the lease term and/or other changes that are likely to have a significant impact on the lease liability. The City calculates the amortization of the discount on the lease liability and report that amount as outflows of resources. Payments are allocated first to accrued interest liability and then to the lease liability. Variable lease payments based on the usage of the underlying assets are not included in the lease liability calculations but are recognized as outflows of resources in the period in which the obligation was incurred. The City follows the provisions of GASB 96, Subscription -Based Information Technology Arrangements. The software subscription assets are initially measured at an amount equal to the initial measurement of the related liability plus any payments made prior to the terms of these arrangements, less incentives, plus ancillary charges necessary to place the assets into service. These assets are amortized on a straight-line basis over the life of the related subscription arrangements. Software subscriptions are discussed later in the annual report. 10. Net position - Net position in the government -wide and proprietary funds is categorized as net investment in capital assets; restricted or unrestricted. Net investment in capital assets, is the difference between the cost of capital assets, less accumulated depreciation, reduced by the outstanding balances of any borrowings used for the acquisition, construction or improvement of those assets; and deferred inflows and outflows of resources related to debt; and excluding unexpended proceeds. Restricted consists of net position with constraints placed on their use by external parties (creditors, grantors, contributors, or laws or regulations of other governments) or imposed by law through constitutional provisions or enabling legislation. Unrestricted indicates that portion of net position that is available to fund future operations. Flow assumption: Sometimes the government will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted — net position and unrestricted — net position in the government -wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the government's policy to consider restricted — net position to have been depleted before unrestricted — net position is applied. 11. Fund balance - The City follows GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions which requires that governmental fund financial statements present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the respective governmental funds can be spent. The classifications used in the governmental fund financial statements are as follows: 32 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1- Summary of Significant Accounting Policies (continued) Nonspendable - This classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) are legally or contractually required to be maintained intact. "Not in spendable form" includes items that are not expected to be converted to cash (such as inventories and prepaid amounts) and items such as long-term amount of loans and notes receivable, as well as property acquired for resale. The corpus (or principal) of a permanent fund is an example of an amount that is legally or contractually required to be maintained intact. Restricted - This classification includes amounts for which constraints have been placed on the use of the resources either (a) externally imposed by creditors (such as through a debt covenant), grantors, contributors, or laws or regulations of other governments, or (b) imposed by law through constitutional provisions or enabling legislation. Committed - This classification includes amounts that can be used only for the specific purposes determined by a formal action of the government's highest level of decision making. The City Commission is the highest level of decision -making authority for the government that can, by adoption of an ordinance prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the ordinance remains in place until a similaraction istaken (the adoption of another ordinance) to remove or revise the limitation. Assigned - This classification includes amounts that are constrained by the City's intent to be used for a specific purpose but are neither restricted nor committed. The City Commission has by resolution authorized the City Manager to assign fund balance. The City Commission may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year's budget. Unlike commitments, assignments generally can only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed previously, an additional action is essential to either remove or revise a commitment. Unassigned - This classification includes the residual fund balance for the General Fund. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed or assigned for those specific purposes. Flow assumption: The City considers restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents/contracts that prohibit doing this, such as in grant agreements requiring dollar for dollar spending. Additionally, the City would first use committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used. 12. Fund balance policies - The City's policy is to maintain an adequate General Fund balance to meet seasonal shortfalls in cash flow and reduce susceptibility to emergency and unanticipated expenditures and/or revenue shortfalls. 33 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 1- Summary of Significant Accounting Policies (continued) Minimum Level of Unassigned Fund Balance of the General Fund - At the beginning of each fiscal year, the total unassigned fund balance shall not be less than 10% of the annual General Fund revenue. In any fiscal year where the City's unassigned fund balance falls below the required 10% threshold, the City shall not budget any amounts of unassigned fund balance for the purpose of balancing the budget. In addition, the City Manager will make every effort to reestablish the minimum unassigned fund balance in a 24 - 36 month period beginning with the year from which the reserve funds fell below the 10% threshold. Hurricane/Emergency and Disaster Recovery Reserve - The City's Commission has adopted a fund balance reserve policy to maintain a Hurricane/Emergency and Disaster Recovery's Operating Reserve at a minimum level of $ 5,000,000. This amount is recorded as committed fund balance in the General Fund. 13. Encumbrances - Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of funds are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration. Encumbrances are recorded at the time a purchase order or other commitment is entered into. Encumbrances outstanding at year-end represent the estimated amount of expenditures which would result if unperformed purchase orders and other commitments at year-end are completed. Encumbrances lapse at year-end; however, the City generally intends to honor purchase orders and other commitments in process. As a result, encumbrances outstanding at year-end are re -appropriated, at the City Manager's discretion, in the next fiscal year. 14. Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. 15. Subsequent events — Subsequent events are evaluated by management through March 31, 2026, the date the financial statements were available for issuance. 16. Impact of Changes in Accounting Principles —During the year ended September 30, 2025, the City implemented GASB Statement No.101, Compensated Absences, which revisits the definition and recognition parameters of accrued employee and paid time off. The City also implemented GASB Statement No. 102, Certain Risk Disclosures, which addresses obligations for governmental entities to disclose a variety of risks that could negatively affect the level of service they provide of their ability to meet obligations as they come due. There were no changes to the balances as of October 1, 2024 required for the financials of the City as a result of the adoption of GASB 101. Management has determined that no matters were required to be disclosed under GASB 102. Note 2 - Property Taxes Property taxes are assessed as of January 1 each year and are first billed (levied) and due the following November 1. 34 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 2 - Property Taxes (continued) Under Florida law, the assessment of all properties and the collection of all county, municipal, school board and special district property taxes are consolidated in the Offices of the County Property Appraiser and County Tax Collector. The laws for the State regulating tax assessments are also designed to assure a consistent property valuation method statewide. State statutes permit municipalities to levy property taxes at a rate of up to 10 mills ($ 10 per $ 1,000 of assessed taxable valuation). The millage rate assessed by the City for the year ended September 30, 2025 was 1.7261 mills. The City's tax levy is established by the City Commission prior to October 1 of each year, and the County Property Appraiser incorporates the millage into the total tax levy, which includes Miami - Dade County, Miami -Dade County School Board and certain other special taxing districts. All property is reassessed according to its fair market value as of January 1 each year. Each assessment roll is submitted to the Executive Director of the Florida Department of Revenue for review to determine if the assessment rolls meet all of the appropriate requirements of State Statutes. All real and tangible personal property taxes are due and payable on November 1 each year or as soon as practicable thereafter as the assessment roll is certified by the County Property Appraiser. Miami -Dade County mails each property owner on the assessment roll a notice of the taxes due and collects the taxes for the City. Taxes may be paid upon receipt of the notice from Miami -Dade County, with discounts at the rate of 4% if paid in the month of November, 3% if paid in the month of December, 2% if paid in the month of January and 1% if paid in the month of February. Taxes paid during the month of March are without discount, and all unpaid taxes on real and tangible personal property become delinquent and liens are placed on April 1 of the year following the year in which the taxes were assessed. Procedures for the collection of delinquent taxes by Miami -Dade County are provided for in the laws of Florida. There were no material delinquent property taxes as of September 30, 2025. Note 3 - Deposits and Investments Deposits The City's custodial credit risk policy is in accordance with Florida Statutes. Florida Statutes authorize the deposit of City funds in demand deposits or time deposits of financial institutions approved by the State Treasurer. These are defined as public deposits. All City public deposits are held in qualified public depositories pursuant to Chapter 280, Florida Statutes, "Florida Security for Public Deposits Act." Under the act, all qualified public depositories are required to pledge eligible collateral having a fair value equal to or greater than the average daily or monthly balance of all public deposits times the depository's collateral pledging level. The collateral pledging level may range from 50% to 125% depending upon the depository's financial condition and the length of time that the depository has been established. All collateral must be deposited with the State Treasurer. Any losses to public depositors resulting from insolvency are covered by applicable deposit insurance, sale of securities pledged as collateral and, if necessary, assessment against other qualified public depositories of the same type as the depository in default. The City's bank balances were insured either by the Federal Depository Insurance Corporation or collateralized in the bank's participation in the Florida Security for Public Deposits Act. As of September 30, 2025, the City's bank balance was $ 10,152,836 and $ 9,902,836 of that amount was exposed to custodial credit risk because it was uninsured and collateralized with securities held by the pledging institution. At September 30, 2025, the carrying amount of the City's deposits was approximately $ 5,120,000 with a carrying amount $ 2,955 cash on hand. 35 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 3 - Deposits and Investments (continued) Deposits The Florida SBA Pool, hereinafter referred to as "Florida PRIME", is not a registrant with the Securities and Exchange Commission ("SEC"); however, its board has adopted operating procedures consistent with the requirements for a 2a-7 fund. For the Florida PRIME, a 2a-7 like pool, the value of the City's position is the same as the value of the pool shares and is recorded at amortized cost. At September 30, 2025, the City's investment in the Florida PRIME was that of $ 53,572,987. In accordance with these requirements, the method used to determine the participants' shares sold and redeemed is the amortized cost method. Amortized cost includes accrued income and is a method of calculating an investment's value by adjusting its acquisition cost for the amortization of discount or premium over the period from purchase to maturity. Thus, the City's account balance in the SBA is its amortized cost. The SBA is governed by Chapter 19- 7 of the Florida Administrative Code. These rules provide guidance and establish the general operating procedures for the administration of the SBA. Additionally, the Office of the Auditor General of the State of Florida performs the operational audit of the activities and investment of the SBA. The SBA accounts are not subject to custodial credit risk as these investments are not evidenced by securities that exist in physical or bank entry form. In accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants, the City's investment in the Florida PRIME meets the definition of a qualifying investment pool that measures forfinancial reporting purposes all of its investments at amortized cost and should disclose the presence of any limitations or restrictions on withdrawals. As of September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant's daily access to 100 percent of their account value. On February 7, 2019, the City re -adopted Chapter 6.6 of the Administrative Policy and Directives and Procedures Manual, entitled "Investments Objective and Parameters," as the City's Investment Policy for the management of Public Funds ("the Policy"). The Policy was created in accordance with Section 218.415, Florida Statutes. The Policy applies to all investments held and controlled by the City, with the exception of the Police Officers' Retirement Pension Plan and its debt issuance where there are other existing policies or indentures in effect for the investment of related funds. The City's policy for investments other than pension plan and debt issuance is summarized herein. The Finance Director is designated as investment officer of the City and is responsible for investment decisions and the day-to-day administration of the cash management program. The investment policy establishes permitted investments, asset allocation, issuer limits, credit rating requirements and maturity limits to protectthe City's assets. All investment securities are held by a Trust custodian, and are managed by financial advisors. In general, the City's policy allows to invest in the following: (1) securities and obligations of the United States and its agencies; (2) nonnegotiable interest bearing time deposits or savings accounts provided that such deposits are secured by collateral as prescribed by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes; (3) repurchase agreements collateralized by full or general faith and credit obligations of the U. S. Government or Agency securities; (4) the Florida Local Government Surplus Funds Trust Fund "SBA"; (5) intergovernmental investment pools authorized pursuant to the Florida Interlocal Cooperation Act, provided by Section 163.01, Florida Statutes, and provided that such funds contain no derivatives; (6) money market mutual funds - registered investment companies with the highest credit quality rating; (7) commercial paper of any U.S. company; (8) corporate notes; (9) asset backed securities issued by corporations organized and operating within the United States or by depository institutions licensed by the United States; (10) taxable/tax-exempt municipal bonds; and (11) Israel bonds. 36 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 3 - Deposits and Investments (continued) Investments The City policy for pension investments is under the oversight of the Plan's Board of Trustees (the "Board"). The Board contracts with investment advisory firms and approves any new investment vehicles presented by the consultants. The investment policy statement in effect for fiscal year ended September 30, 2025 was last amended on August 2, 2023. At September 30, 2025, the City had $ 2,000,000 of cash in escrow held by an agent, related to certain traffic improvements and other construction projects. As of September 30, 2025, the City's cash, cash equivalents and investments consisted of the following: Cash, cash equivalents and investments: State Board of Administration - SBA, Florida PRIME $ Government bonds Corporate bonds Deposits with financial institutions and others Government mortgage backed securities Government agencies Deposits held in escrow Municipal/provincial bonds Asset backed securities Government issued commercial mortgage backed securities International bonds Total cash, cash equivalents and investments Fiduciary fund investments: Equity securities Government securities Corporate bonds Hedge funds Self -directed DROP accounts Money market funds Real estate fund Fixed income mutual funds Total fiduciary investments 53,572,987 12,655,422 4,916,239 6,807,079 3,244,334 4,912,961 2,000,000 520,603 2,815,630 1,784,983 1,000,000 $ 94,230,238 $ 58,268,990 9,353,982 4,500,533 4,105,039 5,081,105 2,236,081 2,249,834 2,063,166 $ 87,858,730 37 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 3 - Deposits and Investments (continued) Interest Rate Risk The City's policy is to limit its exposure to fair value losses arising from changes in interest rates by structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity, and investing operating funds primarily in shorter- term securities, money market mutual funds or similar investment pools. This is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. The City's policy is that unless matched with specific cash flow, the City will not directly invest in securities maturing more than seven (7) years from the date of purchase. Because of inherent difficulties in accurately forecasting cash flow requirements, a portion of the portfolio should be continuously invested in readily available funds to ensure that proper liquidity is maintained to meet ongoing obligations. The City does not have a formal investment policy for its pension funds that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Information about the exposure of the City's debt -type investments to this risk using the segmented time distribution model is as follows: Time to Maturity (in Years) Greater Fair Less Than 1-5 6-10 Than Investment Type Value 1 Year Years Years 10 Years City Investments: State Board of Administration - SBA, Florida PRIME $ 53,572,987 $ 53,572,987 $ - $ $ Government bonds 12,655,422 - 12,655,422 Corporate bonds 4,916,239 4,916,239 - Government mortgage backed securities 3,244,334 868,776 706,230 1,669,328 Government agencies 4,912,961 4,912,961 - - Municipal/provincial bonds 520,603 520,603 Asset backed securities 2,815,630 2,815,630 Government issued commercial mortgage backed securities 1,784,983 1,784,983 International bonds 1,000,000 - 1,000,000 - - Subtotal - City Investments 85,423,159 53,572,987 29,474,614 706,230 1,669,328 W City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 3 - Deposits and Investments (continued) Time to Maturity (in Years) Greater Fair Less Than 1-5 6-10 Than Investment Type Value 1 Year Years Years 10 Years Fiduciary Fund Investments: Corporate bonds $ 4,500,533 $ 766,505 $ 2,664,967 $ 700,751 $ 368,310 U.S. treasuries 8,181,632 1,241,331 4,646,907 1,885,642 407,752 U.S. agencies 1,172,350 - 554,630 8,761 608,959 Fixed income funds 2,063,166 117,332 179,026 1,766,808 Subtotal - Fiduciary Fund Total Investments 15,917,681 2,007,836 7,983,836 2,774,180 3,151,829 $ 101,340,840 $ 55,580,823 $ 37,458,450 $ 3,480,410 $ 4,821,157 The dollar weighted average days to maturity (WAM) of Florida PRIME at September 30, 2025, is 45 days. Next interest rate reset dates for floating rate securities are used in the calculation of the WAM. The weighted average life (WAL) of Florida PRIME at September 30, 2025, is 73 days. The City's portfolio weighted average effective duration (years) is 1.93. Credit Risk Generally, credit risk is the risk that an issuer of a debt -type investment will not fulfill its obligation to the holder of the investment. This is measured by assignment of a rating by a nationally -recognized rating organization. The City's investment policy provides strict guidelines and limits investments to highly rated securities with minimum ratings of A (long term securities), A-1/P-1 (short term securities), and AAAm (money market mutual funds). The Finance Director shall determine the appropriate action for any investment held that is downgraded below the minimum rating by one or more rating agencies. U.S. government securities or obligations explicitly guaranteed by the U.S. government are not considered to have credit risk exposure. The pension fund limits its credit risk by limiting its fixed income investments to securities with the top (4) ratings issued by nationally recognized statistical rating organizations. The City's and fiduciary fund's portfolio is rated by Standard & Poor's and Moody's Investor Services, respectively, as follows: Fair Rating Value City Investments: A $ 1,853,299 A- 1,452,473 A+ 1,610,467 AA 35,847 AA- 147,559 AA+ 22,597,700 AAA 2,420,686 AAAm 53,572,987 Not Rated 1,732,141 $ 85,423,159 39 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 3 - Deposits and Investments (continued) Rating Fiduciary Fund Investments: AAA $ AA+ AA AA- A+ A A - BBB+ BBB BB Unrated Concentration Risk Fair Value 191,776 463,608 1,782,824 168,472 686,283 1,266,325 1,443,065 411,239 142,837 9,197 9,352,055 $ 15,917,681 The City's policy is to maintain a diversified portfolio to minimize the risk of loss resulting from concentration of assets in a specific issuer. Specific limits have been established which limit the percentage of portfolio assets that can be invested with a specific issuer. GASB Statement No. 40, Deposit and Investment Risk Disclosures, requires disclosure when the percentage is 5% or more in any one issuer. Investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds, external investment pools, or other pooled investments are excluded from this requirement. At September 30, 2025, the City did not have any concentrations of investments required to be disclosed herein. The pension fund limits investments that may be invested in any one issuer to no more than 5% of plan's net position, other than those issued by the U.S. Government or its Agencies. At September 30, 2025, there were no investments that represented 5% or more of total investments or fiduciary net position. Custodial Credit Risk For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty (e.g., broker- dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The City's investment policy requires securities, with the exception of certificates of deposit, to be registered in the City's name and held with a third -party custodian. M City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 3 - Deposits and Investments (continued) Foreign Credit Risk For an investment, foreign credit risk is the riskthat fluctuations in currency exchange rates may affect transactions conducted in currencies other than U.S. dollars and the carrying value of foreign investments. The City is not exposed to foreign credit risk. The pension fund's investments include American Depository Receipts ("ADRs"), which are non-U.S. equity instruments issued in U.S. dollars and have no foreign credit risk. The total of the investments in foreign securities, which consist of ADR's and foreign bonds, was $ 12,760,374. The investment policy limits the foreign investments to no more than 20% of the Plan's investment balance. As of year-end, the foreign investments were approximately 14.93% of total investments. Note 4 - Fair Value Measurements The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. The City has the following recurring fair value measurements as of September 30, 2025: Fair Value Measurements at Reporting Date Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Fair Identical Assets Inputs Inputs Value (Level1) (Level2) (Level 3) City Investments: Government bonds $ 12,655,422 $ $ 12,655,422 Corporate bonds 4,916,239 4,916,239 Government mortgage backed securities 3,244,334 3,244,334 Government agencies 4,912,961 4,912,961 Municipal/provincial bonds 520,603 520,603 Asset backed securities 2,815,630 2,815,630 Government issued commercial mortgage backed securities 1,784,983 1,784,983 International bonds 1,000,000 1,000,000 Total investments measured at fair value 31,850,172 31,850,172 Investments measured at amortized cost: Florida PRIME (exempt) 53,572,987 - Subtotal - City Investments 85,423,159 31,850,172 41 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 4 - Fair Value Measurements (continued) Fiduciary Fund Investments: Equity securities: Common stocks Mutual funds Total equity securities Debt securities: Corporate bonds U.S. treasury securities U.S. agency securities Fixed income mutual funds Total debt securities Self -directed DROP accounts Total investments measured at fair value Investments measured at the Net Asset Value (NAV)(a) Hedge funds Real estate fund Total investments measured at the NAV Money market funds (exempt) Subtotal - Fiduciary Fund Investments Total Investments Fair Value Measurements at Reporting Date Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Fair Identical Assets Inputs Inputs Value (Level1) (Level2) (Level3) 53,475,631 53,475,631 4,793,359 4,793,359 58,268,990 58,268,990 4,500,533 - 4,500,533 8,181,632 7,843,246 338,386 1,172,350 - 1,172,350 2,063,166 2,063,166 - 15,917,681 9,906,412 6,011,269 5,081,105 - 5,081,105 79,267,776 68,175,402 11,092,374 4,105,039 2,249,834 6,354,873 2,236,081 87,858,730 $ 173,281,889 (a) As required by GAAP, certain investments that are measured at net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total investment line item in the Statement of Fiduciary Net Position. City Investments The City's fixed income securities of $ 31,850,172 classified in Level 2 of the fair value hierarchy are valued using a market standard pricing technique. Pricing service providers synthesize multiple market inputs to value securities based on the securities' relationship to benchmark quoted prices; the price is derived from altered or indirectly observable prices to result in a fair value measure. Fiduciary Fund Investments The following is a description of the valuation methodologies used for asset measured at fair value. Common stock: Valued at the closing price reported on the New York Stock Exchange. • Government securities: Valued using pricing models maximizing the use of observable inputs for similar securities. 42 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 4 - Fair Value Measurements (continued) • Corporate bonds: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing the value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flows approach that maximizes observable inputs, such as current yield of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote, if available. • Mutual funds: Valued at the daily closing price as reported by the Plan. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded. • Hedge funds: Valued based on the net asset value per share, without further adjustment. Net asset value is based upon the fair value of the underlying investment. • Real estate fund: Valued at the net asset value of shares held by the Plan at year end. The Plan has investments in private market real estate investments for which no liquid public market exists. • Money market funds: Valued at the floating net asset value of shares held by the Plan at year end. The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient, including their related unfunded commitments and redemption restrictions: Investments Measured at the NAV Hedge Fund (1) Hedge Fund (2) Real estate fund (3) Total investments measured at the NAV Redemption Frequency (if Redemption Fair Unfunded Currently Notice Value Commitments Eligible) Period $ 5,678 $ - Quarterly 90 Days 4,099,361 - Daily 1 Business Day 2,249,834 - Quarterly 65 Days $ 6,354,873 $ - 43 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 4 - Fair Value Measurements (continued) (1) Hedge fund: The fund is a multi -strategy fund of hedge funds that aims to pursue varying strategies in order to diversify risk and reduce volatility. The fund is a diversified portfolio offering investment solutions through activist long/short equity, credit/special situations, event driven and arbitrage, global long/short equity and other opportunistic situations. The investment is valued at NAV and is redeemable on a quarterly basis. (2) Hedge fund: The fund is a diversified portfolio of common stocks of infrastructure companies and other permitted investments. The fund seeks to achieve maximum total return by investing globally in publicly traded infrastructure companies. Infrastructure companies operate in sectors that include, but are not limited to, utilities, transportation, pipelines and telecommunications, and other applicable businesses as defined by those included in the FTSE Global Core Infrastructure 50/50 Index. The investment is valued at NAV and is redeemable on a daily basis pertaining that it is a business day. (3) Real estate fund: The fund is an open-end core real estate fund with a diversified portfolio of income producing properties located throughout the United States. The investment is valued at NAV and is redeemable on a quarterly basis. Note 5 - Receivables Receivables as of September 30, 2025 for the City's individual major funds and non -major funds in the aggregate consist of the following: Aventura City of Don Soffer Excellence Aventura Non -major General School High School Stormwater Governmental Fund Fund * Fund * Fund Funds Total Receivables: Intergovernmental $ 1,023,821 $ 145,806 $ 96,368 $ 314,252 $ 645,091 $ 2,225,338 Franchise and utility 1,666,123 - - - - 1,666,123 Police services 329,385 329,385 Vendors and miscellaneous 17,208 - - 17,208 Net total receivables $ 3,036,537 $ 145,806 $ 96,368 $ 314,252 $ 645,091 $ 4,238,054 * As of June 30, 2025 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 6 - Interfund Balances and Transfers Interfund receivables and payables at September 30, 2025 were as follows: Due To: Don Soffer Aventura High School Fund Aventura City of Excellence School Fund General Fund Tota I Aventura City of Excellence Internal Srhnnl Flinn Ralanrp* Tntnl $ 3,445,731 $ 3,445,731 357,267 MIFIB611 $ 315,093 $ 3,802,998 *An internal balance of $ 3,487,905 remains because the Don Soffer Aventura High School Fund and the Aventura City of Excellence School Fund are being reported at June 30, 2025. Interfund transfers during the year ended September 30, 2025 were as follows: General Fund Nonmajor Governmental Funds Transfers In $ 626,613 2,494,673 $ 3,121,286 357,267 315,093 $ 4,118,091 Transfers n, 1t $ 2,050,673 626,612 $ 2,677,285 * An internal balance of $ 444,001 remains because the Don Softer Aventura High School Fund and the Aventura City of Excellence School Fund are being reported for the year ended June 30, 2025. Transfers are used to: (1) move revenues from the fund that statute or budget requires to collect them, to the fund that statute or budget requires to expend them from or (2) use of unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. The transfers to the Aventura City of Excellence School Fund from the General Fund are being used to support the operations of the school, from revenues generated through the intersection safety camera program. The remaining transfers represent transfers to meet debt service requirements of the Debt Service Funds. 45 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 7 - Capital Assets Capital assets activity for the year ended September 30, 2025 was as follows: Balance Additions Retirements Balance September 30, and and September 30, Governmental activities: Capital assets, not being depreciated/amortized: Land $ 25,644,586 $ 3,182,271 $ $ 28,826,857 Construction in progress 2,312,413 2,273,671 (2,289,497) 2,296,587 Total capital assets, not being depreciated/amortized 27,956,999 5,455,942 (2,289,497) 31,123,444 Capital assets, being depreciated/amortized: Buildings 67,159,425 2,808,725 69,968,150 Improvements other than buildings 25,217,509 535,281 25,752,790 Infrastructure 49,282,915 14,915 49,297,830 Furniture, machinery and equipment 28,509,872 2,824,003 (10,017,234) 21,316,641 Right -of -use lease assets - vehicles 344,163 58,375 402,538 Right -of -use subscription asset - 1,098,096 1,098,096 Total capital assets, being depreciated/amortized 170,513,884 7,339,395 (10,017,234) 167,836,045 Less accumulated depreciation/amortization for: Buildings 30,369,601 2,125,354 32,494,955 Improvements other than buildings 10,233,951 1,131,795 11,365,746 Infrastructure 32,064,041 1,520,906 33,584,947 Furniture, machinery and equipment 22,549,270 2,167,492 (9,973,150) 14,743,612 Right -of -use lease assets - vehicles 88,381 66,854 155,235 Right -of -use subscription asset - 274,524 274,524 Total accumulated depreciation/amortization 95,305,244 7,286,925 (9,973,150) 92,619,019 Total capital assets, being depreciated/amortized, net 75,208,640 52,470 (44,084) 75,217,026 Governmental activities capital assets, net $ 103,165,639 $ 5,508,412 $ (2,333,581) $ 106,340,470 Business -type activities: Capital assets, not being depreciated/amortized: Construction in progress $ 299,403 $ $ (218,555) $ 80,848 Total capital assets, not being depreciated/amortized 299,403 (218,555) 80,848 Capital assets, being depreciated/amortized: Infrastructure 15,921,845 218,555 16,140,400 Right -of -use subscription asset 78,874 - (78,874) - Total capital assets, being depreciated/amortized 16,000,719 218,555 (78,874) 16,140,400 Less accumulated depreciation/amortization for: Infrastructure 7,051,950 528,275 7,580,225 Right -of -use subscription asset 35,095 43,779 (78,874) - Total accumulated depreciation/amortization 7,087,045 572,054 (78,874) 7,580,225 Total capital assets, being depreciated/amortized, net 8,913,674 (353,499) 8,560,175 Business -type activities capital assets, net $ 9,213,077 $ (353,499) $ (218,555) $ 8,641,023 M. City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 7 - Capital Assets (continued) Depreciation/amortization expense was charged to functions/programs of the primary government as follows: Governmental activities: General government Public safety Community services Public works Business -type activities: Stormwater utility Note 8 - Long -Term Liabilities $ 1,584,336 1,029,291 4,325,203 348,095 $ 7,286,925 $ 572,054 Changes in long-term liabilities during the year ended September 30, 2025 were as follows: Governmental activities: Revenue bonds Leases Subscription liability Compensated absences payable Net pension liability Total OPEB liability Total governmental activities Business -type activities: Subscription liability Balance September 30, 2024 $ 13,015,000 $ 212,742 4,126, 804 19,063,020 1,337,832 Additions Reductions - $ (2,025,000) 58,375 (75,236) 371,807 (126,790) 2,264,043 (2,283,283) - (6,680,961) 624,582 Balance September 30, Due Within 2025 One Year $ 10,990,000 $ 2,080,000 195,881 76,072 245,017 121,103 4,107,564 1,437,647 12,382,059 - 1,962,414 21,449 $ 37,755,398 $ 3,318,807 $ (11,191,270) $ 29,882,935 $ 3,736,271 $ 16,901 $ - $ (16,901) $ - $ Total long- term debt and liabilities $ 37,772,299 $ 3,318,807 $ (11,208,171) $ 29,882,935 $ 3,736,271 Compensated absences, net pension liability and other post -employment benefits attributable to governmental activities are generally liquidated by the General Fund. Revenue bonds as of September 30, 2025 were comprised of the following: Series 2010 Refunding Revenue Bonds, principal is due annually over 18 years in various amounts through April 2029. The bonds bear interest at 3.42%, subject to taxability event, and are payable semi-annually on October 1 and April 1 of each year. The bonds are collateralized by available Non -Ad Valorem revenues. $ 2,880,000 Series 2011 Refunding Revenue Bonds, principal is due annually over 18 years in various amounts through April 2029. The bonds bear interest at 3.64%, subject to taxability event, and are payable semi-annually on October 1 and April 1 of each year. The bonds are collateralized by available Non -Ad Valorem revenues. 1,555,000 47 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 8 - Long -Term Liabilities (continued) Series 2012 Refunding Revenue Bonds, principal is due annually over 15 years in various amounts through August 2027. The bonds bear interest at 2.65%, subject to taxability event, and are payable semi-annually on February 1 and August 1 of each year. The bonds are collateralized by available Non -Ad Valorem revenues. 1,455,000 Series 2018 Revenue Bonds, principal is due annually over 20 years in various amounts through August 2038. The bonds bear interest at 3.68%, subject to taxability event, and are payable semi-annually on February 1 and August 1 of each year. The bonds are collateralized by available Non -Ad Valorem revenues. 5,100,000 $ 10,990,000 Series 2010 and 2011 Refunding Revenue Bonds The City previously issued $ 21,000,000 in Series 1999 Revenue Bonds to finance the acquisition of land, buildings and other improvements related to municipal parks and the City's administrative complex and police station. At September 30, 2014, this bond series was fully defeased. In fiscal year 2010, the City issued Series 2010 Refunding Revenue Bonds to partially advance refund $ 10,580,000 of the then outstanding Series 1999 Revenue Bonds. In fiscal year 2011, the City issued Series 2011 Refunding Revenue Bonds to advance refund the remaining $ 5,700,000 of the then outstanding Series 1999 Revenue Bonds. The City refunded the Series 1999 Revenue Bonds to reduce its aggregate debt service payments by approximately $ 3,166,000. The indentures contain financial provisions as follows: (1) a default rate equal to the maximum rate permitted by law, and a 3%fee on delinquent payments if not made within fifteen days afterthe due date; 2) events of default such as failure to make payment, violation of any covenant contained in the agreements, bankruptcy, or insolvency; and 3) anti -dilution requirements where the aggregate adjusted net revenues will equal or exceed 300% of the maximum annual debt service, and the maximum annual debt service will not exceed 20% of adjusted net revenues, as defined in the debt agreements. Series 2012 Refunding Revenue Bonds The City previously entered into a bond indenture agreement with the Florida Intergovernmental Finance Commission through an interlocal governmental agreement. As a result, the City issued $ 12,610,000 in Series 2002 Revenue Bonds to finance the acquisition of land and construction of a charter school as well as the construction of the community recreation center. At September 30, 2014, this bond series was fully defeased. In fiscal year 2012, the City issued $ 9,885,000 in Series 2012 Refunding Revenue Bonds to advance refund $ 10,165,000 (includinga City contribution of approximately$ 598,000) of the then outstanding Series 2002 Revenue Bonds. The City advance refunded the Series 2002 Revenue Bonds to reduce its total debt service payments by approximately $ 3,810,000. City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 8 - Long -Term Liabilities (continued) The indenture contains financial provisions as follows: (1) a default rate equal to Prime plus 3% and a 3% fee on delinquent payments if not made within fifteen days after the due date; 2) events of default such as failure to make payment, violation of any covenant contained in the agreements, bankruptcy, or insolvency; and 3) anti -dilution requirements where the aggregate adjusted net revenues will equal or exceed 300% of the maximum annual debt service, and the maximum annual debt service will not exceed 20% of adjusted net revenues, as defined in the debt agreements. Series 2018 Revenue Bonds The City previously issued $ 7,100,000 in Series 2018 Revenue Bonds for the construction and equipping the Don Soffer High School within the City. The indentures contain financial provisions as follows: (1) a default rate equal to the current interest rate on the bonds plus 2%, after 5 days of any due date; and 2) events of default such as failure to make payment, violation of any covenant contained in the agreements, bankruptcy, or insolvency. The aggregate annual debt service requirements to maturity for the revenue bonds are approximately as follows: Year Ending September 30, Principal Interest Total 2026 2,080,000 378,477 2,458,477 2027 2,145,000 311,095 2,456,095 2028 1,465,000 241,718 1,706,718 2029 1,520,000 189,691 1,709,691 2030 360,000 135,792 495,792 2031- 2035 2,020,000 467,360 2,487,360 2036 - 2038 1,400,000 91,448 1,491,448 $ 10,990,000 $ 1,815,581 $ 12,805,581 The City does not currently have unused lines of credit or assets placed as collateral for debt. Lease Payable For the year ended September 30, 2025, the financial statements include the effects of GASB Statement No. 87, Leases. The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right -to -use lease asset. For additional information, refer to the disclosures below. The City has entered into 8 leases related to Governmental Activities for the use of various vehicles. The leases have annual payments that range from 5-6 years. As of September 30, 2025, the value of the lease liability is $195,881. The City is required to make fixed annual payments ranging from $9,311 to $77,939 through the terms of the leases. The leases have interest rates ranging from 6.41% to 8.21%. The value of the right to use asset as of September 30, 2025 is $247,303 with accumulated amortization of $155,235 and is included with the Right -to -use lease assets in the Note 7. City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 8 - Long -Term Liabilities (continued) Total future minimum lease payments under lease agreements are as follows: Year Ending September 30, Principal Interest Total 2026 76,072 13,362 89,434 2027 81,147 8,287 89,434 2028 17,937 2,870 2029 10,003 1,492 11,495 2030 10,722 772 11,494 $ 195,881 $ 26,783 $ 222,664 Subscription Liability For the year ended September 30, 2025, the financial statements include the adoption of GASB Statement No. 96, Subscription -Based Information Technology Arrangements. The primary objective of this statement is to enhance the relevance and consistency of information about governments' subscription activities. This statement establishes a single model for subscription accounting based on the principle that subscriptions are financings of the right to use an underlying asset. Under this Statement, an organization is required to recognize a subscription liability and an intangible right -to - use subscription asset. For additional information, refer to the disclosures below. The City entered into a 36 month subscription for the use of Tyler ERP software system. An initial subscription liability was recorded in the amount of $371,807. As of September 30, 2025, the value of the subscription liability is $245,017. The City is required to make annual fixed payments of $126,790. The subscription has an interest rate of 2.3%. The value of the right to use asset as of September 30, 2025 is $823,572 with accumulated amortization of $274,524 and is included with the right -of -use subscription asset in the Note 7. Year Ending September 30, Principal 2026 $ 121,103 2027 123,914 $ 245,017 Note 9 - Commitments and Contingencies Litigation Interest Total $ 5,687 $ 126,790 2,876 126,790 $ 8,563 $ 253,580 Various claims and lawsuits, which arise in the normal course of operations, are pending against the City. It is management's opinion, based on the advice of the City Attorney, that the outcome of these actions, if any, will not have a material adverse effect on the financial statements of the City. Management also believes that any possible adverse effect of litigation against the City will be covered by insurance. 50 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 9 - Commitments and Contingencies (continued) Government Grants Revenue recognized from grants may be subject to audit by the grantor agencies. In the opinion of City management, as a result of such audits, disallowances of grant revenues, if any, would not have a material adverse effect on the City's financial condition. Employment Agreement The City has an employment contract with its City Manager that provides for an annual salary, adjusted for cost -of -living increases and certain benefits. This agreement is effective for an indefinite term subject to termination of the City Manager by the City Commission in accordance with Article III, Section 3.08 of the City Charter. The City Manager must provide four (4) months advance written notice to resign voluntarily. Charter School Agreements The City has two contracts with the School Board of Miami -Dade County, Florida, that allows for Aventura City of Excellence School to provide the residents of the City of Aventura an elementary and middle school education choice; and for the Don Soffer Aventura High School to provide the residents of the City of Aventura a high school education choice. The contracts for the Aventura City of Excellence School and the Don Soffer Aventura High School expire on June 30, 2033 and June 30, 2034, respectively. Both contracts provide for a five-year renewal option by mutual agreement of both parties. Effective July 1, 2024, the City entered into an agreement with Charter School USA, Inc. ("CSUSA") to provide services necessary to organize, manage, staff, operate and maintain the Aventura City of Excellence School. The agreement expires on June 30, 2029. The City also previously entered into a separate management agreement with CSUSA to provide those services necessary to organize, manage, staff, operate and maintain the Don Soffer Aventura High School. The term of the agreement is consistent with the existing Charter, expiring June 30, 2034, with automatic renewals through a term consistent with the then current Charter provided performance standards are satisfied. Pension Funding Economic developments surrounding the overall market -liquidity, credit availability and market collateral levels may result in declines in the value of the investment securities held by the City of Aventura Police Officers' Retirement Plan. Consequently, the City's required contribution amount to the Plan, which is necessary to maintain the actuarial soundness and to provide the level of assets sufficient to meet participant benefits, could significantly increase in future periods. It is management's opinion that future contributions to the Plan will not have a material adverse effect on the City's financial position. 51 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 9 - Commitments and Contingencies (continued) Encumbrances As discussed in Note 1(13.) Summary of Significant Accounting Policies, encumbrance accounting is utilized to the extent necessary to assure effective budgetary control and accountability and to facilitate effective cash planning and control. At year end, the amount of encumbrances, which are reported as either assigned, committed, or restricted fund balance, are expected to be honored upon performance by the vendor in the next year are as follows: General Fund $ 177,662 American Rescue Plan Act Fund 1,781,423 Transportation and Street Maintenance Fund 52,727 Building Fund 99,159 $ 2,110,971 Note 10 - Risk Management The City is exposed to various risks of loss related to torts, thefts of, damage to and destruction of assets, errors and omissions, employee health, workers' compensation and natural disasters for which the City carries commercial insurance. Settlement amounts have not exceeded insurance coverage for any of the past three (3) fiscal years. In addition, there were no reductions in insurance coverage from those in the prior year. Note 11- Post -Employment Benefits other than Pensions (OPEB) Plan Description The City's defined benefit OPEB plan provides benefits to all eligible employees and is a single employer benefit plan administered by the City. Chapter 627 of the Florida Statutes requires that the City make health coverage available to retirees at the employer's group rate. The City provides no funding for any portion of the premiums after retirement, except as discussed below. However, the City recognizes that there is an "implicit subsidy" arising because of the blended rate premium since retiree health care costs, on average, are higher than active employee healthcare costs. The plan is not accounted for as a trust fund and an irrevocable trust has not been established to fund this plan. The plan does not issue a separate financial report. It is the City's current policy to fund the plan on a "pay- as -you -go" basis. There are no assets accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. 52 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 11- Post -Employment Benefits other than Pensions (OPEB) (continued) Benefits Provided Employees who retire from the City and their dependents are eligible to continue to participate in the City's health insurance, life insurance, and long-term care benefits currently offered through the City at the "blended" employee group rate, which the City determines on an annual basis. The retiree must continue to meet all participation requirementsand payall applicable premiums bythe specified due date. Life insurance and long-term care benefits are portable and the retiree must pay premiums to the carrier directly. Generally, the City provides no funding for any portion of the premiums after retirement. Pursuant to City Resolution 2006-64, department directors who retire at age 55 or later with at least 10 years of full-time service are not required to pay a premium for medical or dental coverage for themselves prior to age 65. The retiree is responsible for any spouse or dependent coverage. For these individuals, there is an explicit subsidy where the City provides for the retiree's coverage. As of September 30, 2024, the latest actuarial valuation, health care and dental plan participants consisted of: Active Plan participants 187 Retiree Plan participants 6 193 Total OPEB Liability The City's total OPEB liability of $ 1,962,414 was measured as of September 30, 2024 (measurement date) and was determined by an actuarial valuation as of September 30, 2024. Methods and Assumptions Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. Projections of benefits for financial reporting purposes are based on numerous assumptions concerning the cost of benefits to be provided in the future, long-term investment returns, and the future demographic experience of the current participants. As of the September 30, 2024 actuarial valuation, the following assumptions were made: Discount rate: 4.06% per annum; this rate is based on the September 30, 2024 S&P Municipal Bond 20-year High Grade Rate Index as published by S&P Dow Jones Indices. Salary increases: 3.00% per year. Inflation: 2.50% per year. Marital status: Current spouse coverage is applied. 53 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 11- Post -Employment Benefits other than Pensions (OPEB) (continued) Retirement rates: General - 100% are assumed to retire by age 62 with 6 years of service, or with 30 years of service, regardless of age. Police - 100% are assumed to retire by age 57 and 10 years of service, age 60 regardless of service, or with 23 years of service, regardless of age. Health care participation: - 5% participation assumed. 100% participation assumed for Directors eligible for explicit coverage to age 65, and 5% thereafter. Healthcare care inflation: Initial rate of 7.25% in fiscal year 2025, then 7.00% in fiscal year 2024, grading down to the ultimate trend rate of 4.00% in fiscal year 2075. Medical Aging morbidity factors: Developed based on a study performed by Dale Yamamoto for the Society of Actuaries. Used to measure the annual increases in per capital claim costs for each age and relative cost by gender. Health claims: Developed using active fully insured rates. Dental claims: Developed using the active fully insured rates. Projected employee contributions are assumed to cover the entire cost of claims. Funding method: Entry Age Cost Method (Level Percentage of Pay). Mortality rates: Mortality rates are consistent with mortality rates mandated by Chapter 2015-157, Florida Statutes for pension plans. This law mandates the use of the assumption used in either of the two most recent valuations of the Florida Retirement System (FRS). All mortality rates were based on the Pub-2010 mortality tables with fully generational improvement using Scale MP-2018. The rates are those outlined in Milliman's July 1, 2023 FRS valuation report. Changes: Since the prior measurement date, the discount rate was decreased from 4.87% per annum to 4.06% per annum. Changes in the Total OPEB Liability Total OPEB Liability Balance as of September 30, 2023, measurement date $ 1,337,832 Change due to: Service cost 81,146 Expected interest growth 68,549 Demographic experience 27,119 Benefit payments and refunds (23,058) Assumption changes 470,826 Net changes 624,582 Balance as of September 30, 2024, measurement date $ 1,962,414 54 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 11- Post -Employment Benefits other than Pensions (OPEB) (continued) Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using a discount rate that is 1.00% lower or 1.00% higher than the current discount rate: 1% Decrease Discount Rate 1% Increase (3.06%) (4.06%) (5.06%) Net OPEB liability $ 2,210,627 $ 1,962,414 $ 1,752,859 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: Healthcare Trend Rates Cost Trend Trend Rates Minus 1.00% Rates Plus 1.00% 3.00% - 6.00% 4.00% - 7.00% 5.00% - 8.00% Net OPEB liability $ 1,729,113 $ 1,962,414 $ 2,244,518 OPEB Expense, Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended September 30, 2025, the City recognized OPEB expense of $ 217,341. At September 30, 2025, the City reported deferred outflows of resources and deferred inflows of resourced as follows: Deferred Deferred Outflows Inflows of Resources of Resources Differences between expected and actual experience $ 215,798 $ 756,101 Changes of assumptions 757,738 249,847 Employer contributions subsequent to the measurement date 56,460 - Total $ 1,029,996 $ 1,005,948 The deferred outflows of resources relating from the employer contributions subsequent to the measurement date and prior to the employer's reporting period, in the amount of $ 56,460, will be recognized as a reduction of the net OPEB liability in the subsequent fiscal year ending September 30, 2026. 55 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 11- Post -Employment Benefits other than Pensions (OPEB) (continued) Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as expense as follows: Yearended September 30, Amount 2026 66,096 2027 41,554 2028 (77,765) 2029 (76,829) 2030 (66,711) Thereafter 81,243 $ (32,412) Note 12 - Defined Contribution Pension Plans The City is a single -employer that contributes to four (4) defined contribution pension plans based on employee classification created in accordance with Internal Revenue Code Section 401(a). The plans currently cover all full-time employees of the City. Under these plans, the City contributes between 7% and 18% depending on employee classifications. City contributions for the City Manager, department directors and assistant department directors vest in the year they are contributed. City contributions to general employees vest beginning after one year of service through yearfive in 20% increments. Participants are not permitted to make contributions during the year. The City made plan contributions of approximately $ 1,035,000 during the year. Plan provisions and contribution requirements may be amended by the City Commission. In addition, the City provides to all full-time employees a deferred compensation plan under Section 457 of the Internal Revenue Code. Under this program, employees may voluntarily elect to defer a portion of their salary to future years; with no required contributions from the City. Both programs are administered by ICMA Retirement Corp. The City does not exercise any control or fiduciary responsibility over the Plans' assets. Therefore, the assets, liabilities and transactions are not included in the City's financial statements. Note 13 - Defined Benefit Pension Plan General Information about the Pension Plan Plan Description - The Plan is open solely to active police officers of the City of Aventura. A police officer is any person employed full time in the Police Department of the City, who is certified as a police officer as a condition of employment in accordance with the provisions of Florida Statutes and whose duty is to protect life and property and exercise lawful arrest powers of the State of Florida. The definition includes all supervisory and command personnel whose duties include, in whole or in part, the supervision, training, guidance, and management responsibilities of full-time police officers. All full-time police officers of the City of Aventura, except the Chief of Police, must participate in the pension plan. 56 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 13 - Defined Benefit Pension Plan (continued) Board of Trustees: Two City Commission appointees who are City residents, two elected Members of the System, and a fifth member elected by the other four and appointed by Commission (as a ministerial duty). Plan Membership as of September 30. 2025 Active Plan participants 76 Inactive Plan participants or beneficiaries currently receiving benefits 57 Inactive Plan participants entitled to but not yet receiving benefits 8 Total 141 The financial statements of the Plan are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. The City's contributions are recognized when due and a formal commitment to provide the contributions has been made. Benefits and refunds are recognized when due and payable in accordance with the terms of the Plan. The general administration, management and investment decisions of the Plan and the responsibility for carrying out its provisions isvested in the five (5) members Board of Trustees. Administrative costs of the Plan are financed through current or prior investment earnings. The City has issued audited stand-alone financial statements for the Plan, which may be obtained from the City's Finance Department. Benefits - Normal retirement may be received upon attainment the earlier of age 55 with 10 years of credited service or upon completion of 25 years of credited service, regardless of age. For the first 40 years of service, the monthly benefit received will be 3% of final monthly compensation multiplied by the number of years of service, to a maximum of 80%. Years credited beyond 40 will be taken into account at 2% of final compensation per year. An early retirement benefit may be received upon attainment of age 45 with 10 years of credited service. The benefit may be received either on a deferred basis or an immediate basis. On an immediate basis, the benefit amount will be the normal retirement benefit reduced by 3% per year for each year by which the retirement date precedes the normal retirement date. On a deferred basis, the benefit amount will be the same as the normal retirement benefit except that the final compensation and credited service will be based upon the early retirement date. Disability Retirement - Members who become disabled due to service -incurred injuries, which arise out of performance of service with the City, will receive a monthly benefit amount equal to the member's accrued benefit but not less than 42% of the member's final monthly compensation as of the date of disability, offset by any other payments, such as worker's compensation. Members who become disabled due to non -service -incurred injuries, which do not arise out of performance of service with the City, and who have completed at least 10 years of service, will receive a monthly benefit amount equal to 3% of final monthly compensation for each year of credited service, but not less than 30%. Funding - Effective October 1, 2015, members were required to contribute 10.775% of the annual covered salary. During 2025, the City and State are required to contribute 33.262% of covered payroll. Consistent with the requirements of Sections 112.66 and 185.07 of the Florida Statutes, the City is required to contribute an amount necessaryto maintain the Plan on an actuarially sound basis. Contribution requirements of the Plan members and the City are established and may be changed by an amendment of the City ordinance. The costs of administrating the Plan are paid out of contributions to the Plan. The City's contributions to the plan were $ 2,274,791 for the year ending September 30, 2025. 57 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 13 - Defined Benefit Pension Plan (continued) Deferred Retirement Option Plan Effective October 1, 2019, a deferred retirement option plan ("DROP") was created. A member is eligible to enter the DROP on the earlier of the first day that he/she is eligible for service retirement as defined by Ordinance 2019-12, section 36-26(b)(ii) or delayed retirement as defined in section 36- 26(b)(iii) but with at least 11 years of credited service and attainment of age 57. Upon entering the DROP, a member will no longer accrue credited service or additional pension benefits and will no longer make employee contributions to the Retirement Plan. Instead, the amount of the monthly pension benefit for the benefit option selected by the member will be credited to the member's DROP account. The maximum period that a member may participate in the DROP is five years. After the maximum period of DROP participation, the member must terminate from employment as a City police officer. DROP participation must begin bythe earlierof the date on which a member reaches 25 years of service or the date on which a member reaches age 57 with 11 years of service. A member may elect to enter DROP after the foregoing dates, but his/her maximum participation in the DROP will be reduced by the period of time in which the member delayed entry in the DROP after reaching either of the foregoing maximum DROP entry deadlines. The member's DROP account will be self -directed by the member to mutual funds selected by the Retirement Plan's Board of Trustees from among those offered by a vendor selected by the Board of Trustees. The available mutual funds and the vendor may be changed from time to time by the Board of Trustees. Members will be solely responsible for the gains and losses of their individual self - directed DROP accounts. Members who elect to participate in the DROP shall be required to separate from City service at the conclusion of the DROP period. A member's DROP shall be distributed to the member in a lump sum, rollover, or a combination of both, as soon as administratively practicable and not more than 90 days following the conclusion of the DROP period or approval of the distribution by the Retirement Plan Board of Trustees, whichever occurs last. Neitherthe City, the Retirement Plan, nor its Board of Trustees shall have any liabilityor responsibility to guarantee the principal and/or rate of return for a member's DROP assets. The DROP accounts, although self -directed separate accounts, will remain part of the pension trust, and distributions from a member's account shall not be permitted until termination of employment. The balance of the amounts held by the Plan pursuant to the DROP was $ 8,081,105 as of September 30, 2025. Net Pension Liability The City's net pension liability was measured as of September 30, 2024. The total pension liability used to calculate the net pension liability was determined as of that date. Actuarial Assumptions - The total pension liability was determined by an actuarial valuation as of October 1, 2024 using the following actuarial assumptions: Inflation Salary Increases Discount rate Investment rate of return 2.50% 5.00% 7.00% 6.70% Mortality Rate: PubS.H-2010 (Above Median) for both male and female employees, set forward and back for one year, as applicable. 99 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 13 - Defined Benefit Pension Plan (continued) The long-term expected rate of return on pension plan investments was determined using a building- block method in which best -estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the long term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation are summarized in the following table: Target Long Term Expected Asset Class Allocation Real Rate of Return Domestic Equity International Equity Fixed Income Private Real Estate Hedge Funds MPL/Energy Infrastructure 55.00% 5.81% 10.00% 4.68% 20.00% 1.23% 5.00% 3.58% 5.00% 1.66% 5.00% 4.55% 100.00% Discount Rate -The projection of cash flows used to determine the Discount Rate assumed that Plan Member contributions will be made at the current contribution rate and that Sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the Member rate. Based on those assumptions, the Pension Plan's Fiduciary Net Position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the Long -Term Expected Rate of Return on Pension Plan investments was applied to all periods of projected benefit payments to determine the Total Pension Liability. Changes in Net Pension Liability Reporting period ending, September 30, 2024 Changes for the year: Service cost Interest Change in benefit terms Changes in assumptions Differences between expected and actual experience Contributions - employer Contributions - state Contributions - employee Contributions - buy back Net investment income Benefit payments, including refunds of employee contributor Administrative expenses Net change Reporting period ending, September 30, 2025 Increase (Decrease) Total Pension Plan Fiduciary Net Pension Liability Net Pension Liability (a) (b) (a)-(b) $ 84,210,284 $ 65,147,264 $ 19,063,020 2,264,475 - 2,264,475 6,113, 244 - 6,113, 244 960,890 - 960,890 2,626,484 - 2,626,484 1,311,241 - 1,311,241 - 3,195,984 (3,195,984) - 599,490 (599,490) - 902,012 (902,012) 29,948 29,948 - - 15,423,265 (15,423,265) (4,308,307) (4,308,307) - - (163,456) 163,456 8,997,975 15,678,936 (6,680,961) $ 93,208,259 $ 80,826,200 $ 12,382,059 59 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 13 - Defined Benefit Pension Plan (continued) Sensitivity of the Net Pension Liability to Changes in the Discount Rate - The following presents the net pension liability of the City, calculated using the discount rate of 7.00%, as well as what the City's net pension liability would be if it were calculated using a discount rate that is 1.00% lower or 1.00% higher than the current discount rate: 1% Decrease Discount Rate 1% Increase (6.00%) (7.00%) (8.00%) Net pension liability (asset) $ 24,350,550 $ 12,382,059 $ 2,611,887 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions For the year ended September 30, 2025, the City recognized a pension expense of $ 3,402,994. On September 30, 2025, the Sponsor reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows of Resources Differences between actual and expected experience $ 2,155,881 $ Changes of assumptions 2,101,188 Net difference between projected and actual earnings on pension plan investments - Pension contributions subsequent to the measurement date 2,923,500 Deferred Inflows of Resources 4,792,348 Totals $ 7,180,569 $ 4,792,348 The deferred outflows of resources resulting from the employer contributions to the Plan subsequent to the measurement date and prior to the employer's reporting period, in the amount of $ 2,923,500, will be recognized as a reduction of the net pension liability in the subsequent fiscal year ending September 30, 2026. Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Yearended September 30, Amount 2026 $ 715,693 2027 1,905,119 2028 (1,805,472) 2029 (1,350,619) $ (535,279) .E City of Aventura, Florida Notes to Basic Financial Statements September 30, 2025 Note 14 — Pronouncements Issued, But Not Yet Adopted The GASB has issued several Statements not yet implemented by the City. The Statements which might impact the City are as follows: Statement No. 103 - Financial Reporting Model Improvements, was issued in April 2024. The Statement requires improving key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government's accountability. The Statement also addresses certain application issues. The provisions of this Statement are effective for fiscal year ending September 30, 2026. Statement No. 104 - Disclosure of Certain Capital Assets, was issued in September 2024. The Statement requires users of government financial statements be provided with essential information about certain types of capital assets. The Statement also requires certain types of capital assets be disclosed separately in the capital assets not disclosures. The provisions of this Statement are effective for fiscal years ending September 30, 2026. Statement No. 105 - Subsequent Events, was issued in December 2025. The Statement establishes updated accounting and financial reporting requirements for subsequent events, which are events that occur after the date of the financial statements but before the date the financial statements are available to be issued. The Statement clarifies the subsequent events evaluation period, distinguishes between recognized and nonrecognized subsequent events, and requires disclosure of the date through which subsequent events were evaluated. The Statement also establishes specific note disclosure requirements for certain nonrecognized subsequent events. The provisions of this Statement are effective for fiscal years beginning after June 15, 2026, with earlier application encouraged. The City's management has not yet determined the effect these Statements will have on the City's financial statements. 61 REQUIRED SUPPLEMENTARY INFORMATION City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund For the Year Ended September 30, 2025 Revenues: Ad valorem taxes Utility service and other locally levied taxes Licenses and permits; including franchise fees Intergovernmental revenues Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues Expenditures: General government: City commission City manager Legal City clerk Finance Human resources Information technology Nondepartmental Total general government Public safety: Police Community development Total public safety Community services: Community services Arts and cultural center Total community services Public works: Public works Total public works Capital outlay: Capital outlay Total capital outlay Debt service: Principal Interest Total debt service Total expenditures Excess of revenues over expenditures Other financing sources (uses): Lease proceeds Transfers in Transfers out Appropriated fund balance Total other financing uses Net change in fund balance Variance Budgeted Amounts Actual with Final Original Final Amounts Budget $ 22,417,951 $ 22,417,951 $ 22,508,948 $ 90,997 10, 680, 000 10, 680, 000 12,309,337 1,629,337 4,785,000 4,785,000 5,767,816 982,816 5,413,176 5,875,676 6,274,415 398,739 5,716,610 6,371,145 6,439,990 68,845 3,089,990 3,089,990 3,728,935 638,945 1,500,000 2,296,655 3,063,660 767,005 109,500 109,500 402,789 293,289 53,712,227 55,625,917 60,495,890 4,869,973 468,287 468,287 376,043 92,244 1,591,242 1,678,002 1,280,189 397,813 500,000 500,000 431,740 68,260 577,960 577,960 468,456 109,504 1,225,102 1,225,102 1,207,773 17,329 419,047 419,047 392,071 26,976 1,250,539 1,261,139 1,116,239 144,900 2,866,810 2,822,260 2,734,754 87,506 8,898,987 8,951,797 8,007,265 944,532 26,156,289 26,603,789 26,128,445 475,344 612,424 687,424 675,708 11,716 26,768,713 27,291,213 26,804,153 487,060 5,619,334 6,512,334 6,319,692 192,642 1,573,910 1,740,910 1,690,507 50,403 7,193,244 8,253,244 8,010,199 243,045 3,429,113 3,984,113 3,870,757 113,356 3,429,113 3,984,113 3,870,757 113,356 4,872,670 6,136,573 5,712,531 424,042 4,872,670 6,136,573 5,712,531 424,042 - - 75,236 (75,236) 14,198 (14,198) - - 89,434 (89,434) 51,162,727 54,616,940 52,494,339 2,122,601 2,549,500 1,008,977 8,001,551 6,992,574 - - 58,375 58,375 608,030 608,030 626,613 18,583 (3,157,530) (2,050,675) (2,050,673) 2 361,668 (361,668) (2,549,500) (1,080,977) (1,365,685) (284,708) $ $ (72,000) $ 6,635,866 $ 6,707,866 See notes to required supplementary information. 62 City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Aventura City of Excellence School Fund - Special Revenue Fund For the Year Ended June 30, 2025 Revenues: Intergovernmental revenues Charges for services Investment income Miscellaneous Total revenues Expenditures: Community services Capital outlay Total expenditures Variance Budgeted Amounts Actual with Final Original Final Amounts Budget $ 10,273,471 $ 10,376,560 $ 10,905,108 $ 528,548 285,000 289,876 278,453 (11,423) - 61,857 77,147 15,290 3,156,792 3,325,000 2,888,139 (436,861) 13,715,263 14,053,293 14,148,847 95,554 13,393,513 14,028,402 14,013,379 15,023 321,750 24,891 24,459 432 13,715,263 14,053,293 14,037,838 15,455 Net change in fund balance $ - $ - $ 111,009 $ 111,009 See notes to required supplementary information. 63 City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Don Soffer Aventura High School Fund - Special Revenue Fund For the Year Ended June 30, 2025 Budgeted Amounts Original Final Revenues: Actual Amounts Variance with Final Budget Intergovernmental revenues $ 8,809,204 $ 9,823,234 $ 9,752,301 $ (70,933) Charges for services 100,000 96,773 106,979 10,206 Investment income - 26,290 141,020 114,730 Miscellaneous income 1,159,488 1,712,160 1,915,549 203,389 Total revenues 10,068,692 11,658,457 11,915,849 257,392 Expenditures: Community services 9,912,954 10,575,377 10,686,169 (110,792) Capital outlay 116,991 1601450 93,190 67,260 Total expenditures 10,029,945 10,735,827 10,779,359 (43,532) Net change in fund balance $ 38,747 $ 922,630 $ 1,136,490 $ 213,860 M City of Aventura, Florida Notes to Budgetary Comparison Schedules September 30, 2025 Note 1- Budgets and Budgetary Accounting An annual appropriated budget is adopted for all government funds with the exception of the Federal Forfeiture Fund and the Law Enforcement Trust. All of the funds mentioned in this paragraph are Special Revenue Funds. The City follows these procedures in establishing the budgetary data reflected in the basic financial statements: a. The City Manager submits to the City Commission a proposed operating and capital budget for the ensuing fiscal year. The budget includes proposed expenditures and the means of financing them. b. Public hearings are conducted to obtain taxpayer comments. c. Prior to October 1, the budget is legally enacted through passage of an ordinance. d. Formal budgetary integration is employed as a management control device during the year for the governmental funds described above. e. The City Commission, by ordinance, may make supplemental appropriations for the year up to the amount of revenues in excess of those estimated. The City Commission made several supplemental budgetary appropriations throughout the year including approximately $ 2.3 million in the General Fund. Budgets for the governmental funds are adopted on a basis consistent with generally accepted accounting principles ("GAAP"). g. The City Manager is authorized to transfer part or all of an unencumbered appropriation balance within departments within a fund; however, any revisions that alter the total appropriations of any department or fund must be approved by the City Commission. The classification detail at which expenditures may not legally exceed appropriations is at the department level of the general fund. h. Encumbrances lapse at fiscal year-end. Encumbrances are re -appropriated in the following year's budget. A separate budget document for the Aventura City of Excellence School Fund and the Don Soffer Aventura High School Fund is adopted by the City on May of each year, based on an annual operational fiscal year ending as of June 30th. 65 City of Aventura, Florida Required Supplementary Information Schedule of Changes in Net Pension Liability and Related Ratios (Unaudited) Police Officer's Retirement Plan Last Ten Fiscal Years Reporting period ending: 9/30/2025 9/30/2024 9/30/2023 9/30/2022 9/30/2021 9/30/2020 9/30/2019 9/30/2018 9/30/2017 9/30/2016 Measurement date: 9/30/2024 9/30/2023 9/30/2022 9/30/2021 9/30/2020 9/30/2019 9/30/2018 9/30/2017 9/30/2016 9/30/2015 Total pension liability: Service cost $ 2,264,475 $ 2,111,399 $ 1,968,670 $ 2,138,359 $ 1,993,808 $ 2,107,436 $ 1,960,406 $ 1,946,501 $ 1,810,699 $ 1,896,180 Interest 6,113,244 5,783,733 5,273,819 4,788,701 4,421,716 4,033,828 3,627,275 3,279,516 2,931,936 2,727,885 Changes of benefit terms 960,890 - - - - - 1,173,788 - - 2,797,541 Differences between expected and actual experience 1,311,241 2,073,045 1,388,353 1,097,921 (794,007) (1,226,574) (1,326,392) Changes of assumptions 2,626,484 - - (1,596,026) - 1,856,302 1,534,188 Contributions -buy back 29,948 171,436 10,811 10,039 121,590 - - Benefits payments, including refunds of employee contributions (4,308,307) (3,041,011) (1,808,938) (1,121,573) (898,707) (699,399) (691,515) (514,739) (588,554) (394,472) Net change in total pension liability 8,997,975 5,025,557 7,506,596 7,204,651 5,028,751 5,563,455 7,132,249 4,711,278 4,461,695 5,700,742 Total pension liability - beginning 84,210,284 79,184,727 71,678,131 64,473,480 59,444,729 53,881,274 46,749,025 42,037,747 37,576,052 31,875,310 Total pension liability - ending(a) $ 93,208,259 $ 84,210,284 $ 79,184,727 $ 71,678,131 $ 64,473,480 $ 59,444,729 $ 53,881,274 $ 46,749,025 $ 42,037,747 $ 37,576,052 Plan fiduciary net position: Contributions -employer $ 3,195,984 $ 1,719,185 $ 1,849,234 $ 1,881,922 $ 1,603,198 $ 1,551,880 $ 1,589,440 $ 1,497,898 $ 1,302,614 $ 1,550,643 Contributions -state 599,490 476,859 471,692 382,744 561,953 474,040 435,103 338,364 342,209 310,354 Contributions -employee 902,012 831,887 879,603 924,555 902,513 943,658 956,612 941,916 863,769 541,792 Contributions -buy back 29,948 171,436 - 10,811 10,039 121,590 - - - - Net investment income (loss) 15,423,265 6,523,827 (11,446,124) 11,425,362 4,011,254 837,503 3,511,042 4,262,504 2,158,517 (614,811) Benefit payments, including refunds of employee contributions (4,308,307) (3,041,011) (1,808,938) (1,121,573) (898,707) (699,399) (691,515) (514,739) (588,554) (394,472) Administrative expense (163,456) (140,780) (150,723) (131,204) (87,902) (84,711) (71,805) (74,636) (66,033) (66,115) Net change in plan fiduciary net position 15,678,936 6,541,403 (10,205,256) 13,372,617 6,102,348 3,144,561 5,728,877 6,451,307 4,012,522 1,327,391 Plan fiduciary net position - beginning 65,147,264 58,605,861 68,811,117 51,436,261 45,333,913 42,189,352 36,460,475 30,009,168 25,996,646 24,669,255 Prior period adjustment - - (139,992) - - - - - - Plan fiduciary net position - ending(b) $ 80,826,200 $ 65,147,264 $ 58,605,861 $ 64,668,886 $ 51,436,261 $ 45,333,913 $ 42,189,352 $ 36,460,475 $ 30,009,168 $ 25,996,646 Net pension liability - ending (a) - (b) $ 12,382,059 $ 19,063,020 $ 20,578,866 $ 7,009,245 $ 13,037,219 $ 14,110,816 $ 11,691,922 $ 10,288,550 $ 12,028,579 $ 11,579,406 Plan fiduciary net position as a percentage ofthe total pension liability 86.72% 77.36% 74.01% 90.22% 79.78% 76.26% 78.30% 77.99% 71.39% 69.18% Covered payroll $ 8,371,337 $ 7,724,116 $ 8,163,365 $ 8,580,555 $ 8,375,995 $ 8,668,447 $ 8,878,068 $ 8,741,677 $ 8,129,475 $ 8,047,155 Net pension liability as a pe rce nt age of c ove red pa yrol 1 147.91% 246.80% 252.09% 81.69% 155.65% 162.78% 131.69% 117.70% 147.96% 143.89% City of Aventura, Florida Required Supplementary Information Schedule of Contributions (Unaudited) Police Officer's Retirement Plan Last Ten Fiscal Years Actual Fiscal Actuarially Contribution Contribution Year Ended Determined Actual Deficiency Covered as a % of September 30, Contribution Contribution (Excess) Payroll Covered Payroll 2025 $ 2,923,500 $ 2,923,500 $ - $ 8,371,337 34.92% 2024 $ 2,784,474 $ 2,784,474 $ - $ 8,371,337 33.26% 2023 $ 2,196,044 $ 2,196,044 $ - $ 7,724,116 28.43% 2022 $ 2,320,926 $ 2,320,926 $ - $ 8,163,365 28.43% 2021 $ 2,264,666 $ 2,264,666 $ - $ 8,580,555 26.39% 2020 $ 2,210,676 $ 2,165,151 $ 45,525 $ 8,375,995 25.85% 2019 $ 1,924,394 $ 2,025,920 $ (101,526) $ 8,668,447 23.37% 2018 $ 1,951,222 $ 2,024,543 $ (73,321) $ 8,878,068 22.80% 2017 $ 1,826,049 $ 1,836,262 $ (10,213) $ 8,741,677 21.01% 2016 $ 1,698,166 $ 1,644,823 $ 53,343 $ 8,129,475 20.23% Notes to Schedule: Valuation date 10/1/2024 Mortality rate: Healthy Active Lives: Female: PubS.H-2010 (Above median) for employees, set forward one year. Male: PubS.H-2010 (Above median) for employees, set forward one year. Disabled Lives: 80% PubG.H-2010 for Disabled Retirees/20% PubS.H-2010 for Disables Retirees. All rates are projected generationally with Mortality Improvement Scale MP-2018. Healthy Retiree Lives: Female: PubS.H-2010 for healthy retirees, set forward one year. Male: PubS.H (Below median) for healthy retirees, set forward one year. Interest rate: 7.00% Salary Increases: 5.00% Inflation: 2.50% Actuarial cost method: Entry age normal actuarial cost method Actuarial valuation method: 5 year smoothed market 67 City of Aventura, Florida Required Supplementary Information Schedule of Investment Returns (Unaudited) Police Officer's Retirement Plan Last Ten Fiscal Years Fiscal Year Ended September 30, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Annual money -weighted rate of return, net of investment expenses 10.29 % 23.93 % 11.32 % (16.40) % 20.55 % 8.02 % 1.68 % 8.60 % 11.97 % 7.00 % City of Aventura, Florida Required Supplementary Information Schedule of Changes in Total OPEB Liability and Related Ratios Other Post -Employment Benefits (Unaudited) Last Ten Fiscal Years (1) Reporting period ending: Measurement date: Total OPEB Liability: 9/30/2025 9/30/2024 9/30/2023 9/30/2022 9/30/2021 9/30/2020 9/30/2019 9/30/2018 913012024 913012023 913012011 913012021 913012020 913012019 913012018 913012017 Service cost $ 81,146 $ 80,275 $ 95,563 $ 99,574 $ 112,309 $ 109,038 $ 65,680 $ 33,459 Expected interest growth 68,549 61,989 54,289 47,421 87,298 45,557 27,175 23,363 Demographic experience 27,119 - (776,041) - (636,641) 288,869 611,405 - Benefitpaymentsand refunds (23,058) (21,449) (45,447) (42,276) (88,651) (80,592) (72,858) (7,496) Assumption changes 470,826 (12,887) (259,620) (80,937) 292,938 803,820 (144,961) - Net change in total OPEB liability 624,582 107,928 (931,256) 23,782 (232,747) 1,166,692 486,441 49,326 Total OPEB liability -beginning 1,337,832 1,229,904 2,161,160 2,137,378 2,370,125 1,203,433 716,992 667,666 Total OPEB liability -ending $ 1,962,414 $ 1,337,832 $ 1,229,904 $ 2,161,160 $ 2,137,378 $ 2,370,125 $ 1,203,433 $ 716,992 Covered -employee payroll Total OPEB liability as a percentage of covered -employee payroll $ 21,271,252 $ 19,413,448 $ 18,848,008 $ 16,988,435 $ 16,493,626 $ 16,008,236 $ 15,746,445 $ 12,595,559 9.23% 6.89% 6.53% 12.72% 12.96% 14.81% 7.64% 5.69% Note: (1) This schedule is intended to illustrate information for 10 years. However, until a full 10-year trend is compiled, the City of Aventura should present information for those years for which information is available. Plan Assets: No assets are accumulated in a trust, or equivalent arrangement, that meets the criteria of GASB Codification P52.101 to pay related benefits for the OPEB plan. SUPPLEMENTARY INFORMATION COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS City of Aventura, Florida Combining Balance Sheet Nonmajor Governmental Funds September 30, 2025 Special Revenue Funds Debt Service Funds Capital Projects Funds Citizens' Transportation Series Series Don Soffer American Independent Law and Series 2012(A) 2012(B) Series Aventura Total Rescue Transportation Police Federal Enforcement Street 2010&2011 Debt Debt 2018 Capital High School Nonmajor Plan Act Trust (CITT) Building Education 911 Forfeiture Trust Maintenance Debt Service Service Service Debt Service Projects Construction Governmental Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Funds Assets: Cash, cash equivalents and investments $ 1,997,873 $ 574,624 $ 4,455,590 $ 43,550 $ 87,912 $ 466,955 $ 242,257 $ 9,153,693 $ 77,807 $ 16 $ 417,594 $ - $ 931,906 $ 5 $ 18,449,782 Prepaid items and other assets 8,418 - - - - - - - - - - 8,418 Due from other governments - 603,806 572 40,713 645,091 Total assets $ 2,006,291 $ 1,178,430 $ 4,455,590 $ 44,122 $ 128,625 $ 466,955 $ 242,257 $ 9,153,693 $ 77,807 $ 16 $ 417,594 $ $ 931,906 $ 5 $ 19,103,291 Liabilities: Accounts payable $ 411,001 $ 7,748 $ 472,831 $ $ 164 $ - $ $ 23,110 $ - $ $ $ $ 8,467 $ $ 923,321 Accrued liabilities 99,074 - 12,136 - 4,728 - - - 77,549 - - - - - 193,487 Due to other governments - - 12,999 - - 12,999 Unearned revenues 523,352 267,812 791,164 Total liabilities 1,033,427 275,560 497,966 4,892 23,110 77,549 8,467 1,920,971 Fund Balances: Nonspendable: Prepaid items and other assets 8,418 - - 8,418 Restricted for: Public works/transportation - 902,870 - - 9,130,583 10,033,453 Public safety/law enforcement - - 44,122 123,733 466,955 242,257 - 877,067 Community development - 3,957,624 - - - - - 3,957,624 Capital projects 964,446 - - 923,439 5 1,887,890 Debtservice - - - - - - - - 258 16 417,594 - - - 417,868 Total fund balances 972,864 902,870 3,957,624 44,122 123,733 466,955 242,257 9,130,583 258 16 417,594 923,439 5 17,182,320 Total liabilities and fund balances $ 2,006,291 $ 1,178,430 $ 4,455,590 $ 44,122 $ 128,625 $ 466,955 $ 242,257 $ 9,153,693 $ 77,807 $ 16 $ 417,594 $ $ 931,906 $ 5 $ 19,103,291 70 City of Aventura, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds For the Year Ended Seatember 30.2025 Special Revenue Funds Debt Service Funds Capital Projects Funds Citizens' Transportation Series Series Series Don Soffer American Independent Law and Series 2012(A) 2012(B) 2018 Aventura Total Rescue Transportation Police Federal Enforcement Street 2010 & 2011 Debt Debt Debt Capital High School Nonmajor Plan Act Trust(CITT) Building Education 911 Forfeiture Trust Maintenance Debt Service Service Service Service Projects Construction Governmental Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Funds Revenues: Intergovernmental $ 4,057,563 $ 2,504,798 $ - $ - $ 171,027 $ - $ - $ 880,772 $ - $ - $ - $ - $ - $ - $ 7,614,160 Fines and forfeitures - - - 5,392 - - 80,000 - - - - - - - 85,392 Licenses, permits and impact fees - 182,426 5,502,392 - - - - 211,345 - - - - 36,901 - 5,933,064 Investment income 165,293 58,656 177,026 1,485 4,339 19,138 8,420 345,453 - - - - 35,836 - 815,646 Total revenues 4,222,856 2,745,880 5,679,418 6,877 175,366 19,138 88,420 1,437,570 - - - - 72,737 - 14,448,262 Expenditures: Current: General government - - - - - - - - - - - - - - Public safety - - 4,628,525 - 118,158 - 855 97,463 - - - - - - 4,845,001 Public works - 1,491,039 - - - - - 618,183 - - - - - - 2,109,222 Capital outlay 4,302,579 1,087,991 97,241 - - 17,000 - 302,298 - - - - 62,467 1,245 5t870t821 Debt service: Principal 126,790 - - - - - - - 1,020,000 333,183 371,817 300,000 - - 2,151,790 Interest - - - - - - - - 172,935 27,332 30,658 195,960 - - 426,885 Total expenditures 4,429,369 2,579,030 4,725,766 - 118,158 17,000 855 1,017,944 1,192,935 360,515 402,475 495,960 62,467 1,245 15,403,719 Excess (deficiency) of revenues over (under) expenditures (206,513) 166,850 953,652 6,877 57,208 2,138 87,565 419,626 (1,192,935) (360,515) (402,475) (495,960) 10,270 (1,245) (955,457) Other financing sources (uses) SBITA 371,807 - - - - - - - - - - - - - 371,807 Transfers in - - - - - - - - 1,192,936 360t527 444,000 495,960 - 1,250 2,494,673 Transfers out - - (626,612) - - - - - - - - - - - (626,612) Total other financing sources (uses) 371,807 - (626,612) - - - - - 1,192,936 360t527 444,000 495,960 - 1,250 2,239,868 Net change in fund balances 165,294 166,850 327,040 6,877 57,208 2,138 87,565 419,626 1 12 41,525 - 10,270 5 1,284,411 Fund balances, beginning as previously presented - - 3,630,584 37,245 66,525 464,817 154,692 8,710,957 257 4 376,069 - 913,169 - 14,354,319 Change within financial reporting entity(majorto nonmajorfund) 807,570 736,020 - - - - - - - - - - - - 1,543,590 Fund Balances, beginning of year, as adjusted 807,570 736,020 3,630,584 37,245 66,525 464,817 154,692 8,710,957 257 4 376,069 - 913,169 - 15,897,909 Fund balances, ending $ 972,864 $ 902,870 $ 3,957,624 $ 44,122 $ 123,733 $ 466,955 $ 242,257 $ %130,583 $ 258 $ 16 $ 417,594 $ - $ 923,439 $ 5 $ 17,182,320 71 City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - American Rescue Plan Act Fund - Special Revenue Fund For the Year Ended September 30, 2025 Revenues: Intergovernmental revenues Investment income Total revenues Expenditures: Debt service: Principal Capital outlay Total expenditures Deficiency of revenues under expenditures Other financing sources: SBITA Total other financing sources Net change in fund balance Variance Budgeted Amounts Actual with Final Original Final Amounts Budget $ 2,770,500 $ 5,559,479 $ 4,057,563 $ (1,501,916) 150,000 150,000 165,293 15,293 2,920,500 5,709,479 4,222,856 (1,486,623) - - 126,790 (126,790) 2,920,500 5,709,479 4,302,579 1,406,900 2,920,500 5,709,479 4,429,369 1,280,110 (206,513) (2,766,733) 371,807 371,807 371,807 371,807 $ 165,294 $ (3,138,540) 72 City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Citizens' Independent Transportation Trust (CITT) Fund - Special Revenue Fund For the Year Ended September 30, 2025 Revenues: Intergovernmental revenue Licenses, permits and impact fees Investment income Total revenues Expenditures: Public works Capital outlay Total expenditures Net change in fund balances Variance Budgeted Amounts with Final Original Final Actual Budget $ 2,400,000 $ 2,400,000 $ 2,504,798 $ 104,798 30,000 30,000 182,426 152,426 - - 58,656 58,656 1,643,395 1,643, 395 1,491,039 152,356 8,500 1,097,100 1,087,991 9,109 1,651,895 2,740,495 2,579,030 161,465 (11 775Z 1 nS (11 l21 n AQSI 1 rr, s mn A77 2aS 73 City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Building Fund - Special Revenue Fund For the Year Ended September 30, 2025 Revenues: Licenses, permits and impact fees $ Investment income Total revenues Expenditures: Public safety Capital outlay Total expenditures Excess of revenues over expenditures Other financing sources (uses): Transfers out Total other financing sources (uses) Variance Budgeted Amounts with Final Original Final Actual Budget 5,195,000 $ 5,445,000 $ 5,502,392 $ 57,392 75,000 175,000 177,026 2,026 5,270,000 5,620,000 5,679,418 59,418 4,259,980 4,609,980 4,628,525 (18,545) 391,990 n Sri n"n 391,990 r nni n"n 97,241 n "nr "�� 294,749 n"� ^inn (608,030) (608,030) (626,612) (18,582) (608,030) (608,030) (626,612) (18,582) Net change in fund balance $ 10,000 $ 10,000 $ 327,040 $ 317,040 74 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Police Education Fund - Special Revenue Fund For the Year Ended September 30, 2025 Revenues: Fines and forfeitures Investment income Total revenues Expenditures: Public safety Total expenditures Net change in fund balance Variance Budgeted Amounts with Final Original Final Actual Budget $ 4,000 $ 4,000 $ 5,392 $ 1,392 - - 1,485 1,485 4,000 4,000 4,000 4,000 4,000 - 4,000 $ 6,877 $ 6,877 75 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 911 Fund - Special Revenue Fund For the Year Ended September 30, 2025 Revenues: Intergovernmental revenue Investment income Total revenues Expenditures: Public safety Total expenditures Net change in fund balance Variance Budgeted Amounts with Final Original Final Actual Budget $ 79,000 $ 79,000 $ 171,027 $ 92,027 - - 4,339 4,339 79,000 79,000 175,366 96,366 79,000 79,000 118,158 (39,158) 79,000 79,000 118,158 (39,158) $ - - 57,208 57,208 76 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Federal Forfeiture Fund - Special Revenue Fund For the Year Ended September 30, 2025 Variance Budgeted Amounts with Final Original Final Actual Budget Revenues: Investment income $ - $ 6,500 $ 19,138 $ 12,638 Total revenues - 6,500 19,138 12,638 Expenditures: Capital outlay - 17,000 17,000 - Total expenditures - 17,000 17,000 - Excess (deficiency) of revenues over (under) expenditures - (10,500) 2,138 12,638 Other financing sources: Appropriated fund balance - 10,500 - (10,500) Total other financing sources - 10,500 - (10,500) Net change in fund balance $ - $ - $ 2,138 $ 2,138 77 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Law Enforcement Trust Fund - Special Revenue Fund For the Year Ended September 30, 2025 Revenues: Fines and forfeitures Investment income Total revenues Expenditures: Public safety Total expenditures Net change in fund balance Variance Budgeted Amounts with Final Original Final Actual Budget $ - $ - $ 80,000 $ 80,000 1,000 8,420 7,420 1,000 88,420 87,420 1,000 855 145 1,000 855 145 87,565 $ 87,565 m City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Transportation and Street Maintenance Fund - Special Revenue Fund For the Year Ended September 30, 2025 Revenues: Intergovernmental revenue Licenses, permits and impact fees Investment income Total revenues Expenditures: Public safety Public works Capital outlay Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources: Appropriated fund balance Total other financing sources Net change in fund balance Budgeted Amounts Original Final Variance with Final Actual Budget $ 847,000 $ 847,000 $ 880,772 $ 33,772 - - 211,345 211,345 150,000 182,550 345,453 162,903 997,000 1,029,550 1,437,570 408,020 - 288,550 97,463 191,087 588,615 588,615 618,183 (29,568) 408,385 681,725 302,298 379,427 997,000 1,558,890 1,017,944 540,946 - (529,340) 419,626 948,966 273,340 273,340 $ - $ (256,000) $ (273,340) (273,340) 419,626 $ 675,626 79 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Series 2010 & 2011- Debt Service Fund For the Year Ended September 30, 2025 Variance Budgeted Amounts with Final Original Final Actual Budget Revenues: $ - $ - $ - $ - Expenditures: Debt service: Principal 1,020,000 1,020,000 1,020,000 - Interest 172,936 172,936 172,935 1 Total expenditures 1,192,936 1,192,936 1,192,935 1 Deficiency of revenues under expenditures (1,192,936) (1,192,936) (1,192,935) (1) Other financing sources: Transfers in 1,192,936 1,192,936 1,192,936 - Total other financing sources 1,192,936 1,192,936 1,192,936 - Net change in fund balance $ - $ - $ 1 $ (1) City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Series 2012 (A) - Debt Service Fund For the Year Ended September 30, 2025 Revenues: Expenditures: Debt service: Principal Interest Total expenditures Deficiency of revenues under expenditures Other financing sources: Transfers in Total other financing sources Net change in fund balance Variance Budgeted Amounts with Final Original Final Actual Budget 333,183 333,183 333,183 - 26,899 27,344 27,332 12 360,082 360,527 360,515 12 (360,082) (360,527) (360,515) 12 360,082 360,527 360,527 - 360,082 360,527 360,527 - $ - $ - $ 12 $ 12 81 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Series 2012 (B) - Debt Service Fund For the Year Ended September 30, 2025 Revenues: Expenditures: Debt service: Principal Interest Total expenditures Deficiency of revenues under expenditures Other financing sources: Transfers in Total other financing sources Net change in fund balance Variance Budgeted Amounts with Final Original Final Actual Budget 371,817 371,817 371,817 - 30,332 30,662 30,658 (4) 402,149 402,479 402,475 (4) (402,149) (402,479) (402,475) 402,149 402,479 444,000 41,521 $ - $ - $ 41,525 $ 41,525 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Series 2018 - Debt Service Fund For the Year Ended September 30, 2025 Revenues: Expenditures: Debt service: Principal Interest Total expenditures Deficiency of revenues under expenditures Other financing sources: Transfers in Total other financing sources Net change in fund balance Budgeted Amounts Original Final Variance with Final Actual Budget 300,000 300,000 300,000 195,960 195,960 195,960 495,960 495,960 495,960 (495,960) (495,960) (495,960) 495,960 495,960 495,960 495,960 495,960 495,960 - 83 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Capital Projects Fund For the Year Ended September 30, 2025 Revenues: Licenses, permits and impact fees Investment income Total revenues Expenditures: Capital outlay Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources: Appropriated fund balance Total other financing sources Net change in fund balances Variance Budgeted Amounts with Final Original Final Actual Budget $ - $ - $ 36,901 $ 36,901 35,836 35,836 72,737 72,737 28,100 64,100 62,467 1,633 28,100 64,100 62,467 1,633 (28,100) (64,100) 10,270 74,370 28,100 65,350 28,100 65,350 $ - $ 1,250 $ (65,350) (65,350) 84 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Don Soffer Aventura High School Construction Fund - Capital Projects Fund For the Year Ended September 30, 2025 Revenues: Expenditures: Capital outlay Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources: Transfers in Total other financing sources Net change in fund balances Budgeted Amounts Original Final Variance with Final Actual Budget 1,250 1,245 5 1,250 1,245 5 (1,250) (1,245) (5) 1,250 1,250 - 1,250 1,250 - 5 $ 5 STATISTICAL SECTION STATISTICAL SECTION This part of the City of Aventura's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, required supplementary information, and supplementary information says about the City's overall financial health. Contents Page Financial Trends 86-92 These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time. Revenue Capacity 93-96 These schedules contain information to help the reader assess the City's most significant local revenue source, the property tax. Debt Capacity 96-100 These schedules contain information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future. Demographic and Economic Information 101-102 These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place. Operating Information 103-105 These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant years. City of Aventura, Florida Net Position By Component Last Ten Fiscal Years (Accrual Basis of Accounting) Governmental Activities: Net investment in capital assets Restricted Unrestricted Total governmental activities, net position Business -Type Activities: Net investment in capital assets Unrestricted Total business -type activities, net position Primary Government: Net investment in capital assets Restricted Unrestricted Total primary government, net position 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $ 69,973,180 $ 69,676,810 $ 56,363,585 $ 83,298,863 $ 83,259,653 $ 81,618,679 $ 81,608,195 $ 86,775,707 $ 90,061,817 $ 95,008,026 3,856,017 5,084,902 17,073,477 8,300,569 7,873,676 8,012,142 8,507,330 8,228,027 15,161,889 17,173,902 37,512,481 40,147,287 45,458,005 31,633,822 30,683,450 33,075,470 37,069,874 46,364,281 50,943,384 57,180,610 $ 111,341,678 $ 114,908,999 $ 118,895,067 $ 123,233,254 $ 121,816,779 $ 122,706,291 $ 127,185,399 $ 141,368,015 $ 156,167,090 $ 169,362,538 $ 6,809,456 $ 8,464,648 $ 8,942,582 $ 8,959,654 $ 9,302,065 $ 9,710,999 $ 9,671,638 $ 9,634,926 $ 9,196,176 $ 8,641,023 2,265,033 912,350 314,906 516,304 810,750 623,861 1,194,248 1,642,739 2,618,186 2,855,577 $ 9,074,489 $ 9,376,998 $ 9,257,488 $ 9,475,958 $ 10,112,815 $ 10,334,860 $ 10,865,886 $ 11,277,665 $ 11,814,362 $ 11,496,600 $ 76,782,636 $ 78,141,458 $ 65,306,167 $ 92,258,517 $ 92,561,718 $ 91,329,678 $ 91,279,833 $ 96,410,633 $ 99,257,993 $ 103,649,049 3,856,017 5,084,902 17,073,477 8,300,569 7,873,676 8,012,142 8,507,330 8,228,027 15,161,889 17,173,902 39,777,514 41,059,637 45,772,911 32,150,126 31,494,200 33,699,331 38,264,122 48,007,020 53,561,570 60,036,187 < l')n Air 1 F7 < l )A')RI aa7 < l')R i ") S.. < 1 2) Ina ')l) < 111 Q)Q SQA < i 22 nAl 111 < lip nrl FRS < 1 S') FAS FRn < 1 F7 QR1 AS') < 1 Rn RSQ lip M. City of Aventura, Florida Changes in Net Position Last Ten Fiscal Years (Accrual Basis of Accounting) Expenses: Governmental activities: General government Public safety Community services Public works Interest and fiscal charges Total governmental activities Business -type activities: Stormwater utility Total business -type activities Total primary government expenses Program Revenues: Governmental activities: Charges for services: Public safety Public works Community services Operating grants and contributions Capital grants and contributions Total governmental activities program revenues Business -type activities: Charges for services: Stormwater utility Capital grants and contributions Total business -type activities program revenues Total primary government program revenues 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $ 5,435,311 $ 6,152,071 $ 6,852,644 $ 6,499,306 $ 6,623,623 $ 6,530,759 $ 7,429,382 $ 8,474,985 $ 9,487,338 $ 9,740,650 28,476,913 22,977,305 26,270,646 28,048,176 25,293,219 26,134,934 28,260,645 30,659,924 37,252,614 33,630,433 18,537,066 13,906,239 13,883,644 14,522,255 20,174,129 21,581,551 26,491,889 33,684,863 35,934,324 37,160,611 - 5,972,296 6,808,327 6,594,647 5,078,284 5,490,916 5,995,815 5,207,367 5,588,861 7,210,572 780,591 691,208 823,128 915,785 839,016 705,175 647,028 586,795 524,569 515,135 53,229,881 49,699,119 54,638,389 56,580,169 58,008,271 60,443,335 68,824,759 78,613,934 88,787,706 88,257,401 1,165,564 990,716 1,479,473 1,135,236 1,067,621 1,071,324 1,252,380 1,131,279 1,052,701 1,820,721 1,165,564 990,716 1,479,473 1,135,236 1,067,621 1,071,324 1,252,380 1,131,279 1,052,701 1,820,721 $ 54,395,445 $ 50,689,835 $ 56,117,862 $ 57,715,405 $ 59,075,892 $ 61,514,659 $ 70,077,139 $ 79,745,213 $ 89,840,407 $ 90,078,122 $ 9,155,350 $ 8,438,187 $ 10,703,033 $ 9,013,897 $ 5,956,969 $ 7,257,567 $ 11,289,058 $ 11,836,110 $ 14,117,225 $ 12,245,591 - - - - - 50,451 371,747 197,493 791,854 393,771 1,940,708 2,008,547 2,168,119 2,415,250 1,560,808 1,187,005 2,294,725 3,928,853 3,960,473 4,352,862 10,330,075 8,951,723 9,859,151 9,494,299 11,058,743 13,121,152 17,543,366 27,446,402 29,532,172 28,027,410 475,022 237,244 288,174 1,270,000 994,779 1,623,343 1,499,951 1,111,820 1,600,388 2,045,014 21,901,155 19,635,701 23,018,477 22,193,446 19,571,299 23,239,518 32,998,847 44,520,678 50,002,112 47,064,648 904,116 1,283,915 1,253,514 1,347,009 1,442, 333 1,376,473 1,331,986 1,496,112 1,466, 061 1,393,919 - - - - 252,106 - 458,194 - - - 904,116 1,283,915 1,253,514 1,347,009 1,694,439 1,376,473 1,790,180 1,496,112 1,466, 061 1,393,919 $ 22,805,271 $ 20,919,616 $ 24,271,991 $ 23,540,455 $ 21,265,738 $ 24,615,991 $ 34,789,027 $ 46,016,790 $ 51,468,173 $ 48,458,567 M City of Aventura, Florida Changes in Net Position Last Ten Fiscal Years (continued) (Accrual Basis of Accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Revenue/Expense: Governmental activities $ (31,328,726) $ (30,063,418) $ (31,619,912) $ (34,386,723) $ (38,436,972) $ (37,203,817) $ (35,825,912) $ (34,093,256) $ (38,785,594) $ (41,192,753) Business -type activities (261,448) 293,199 (225,959) 211,773 626,818 305,149 537,800 364,833 413,360 (426,802) Total primary government, net expense $ (31,590,174) $ (29,770,219) $ (31,845,871) $ (34,174,950) $ (37,810,154) $ (36,898,668) $ (35,288,112) $ (33,728,423) $ (38,372,234) $ (41,619,555) General Revenue and Transfers: Governmental activities: Taxes: Ad valorem taxes $ 15,008,874 $ 16,349,089 $ 16,747,025 $ 17,051,593 $ 17,557,171 $ 17,346,855 $ 17,216,330 $ 18,820,560 $ 20,744,917 $ 22,508,948 Utility service taxes and other 7,720,496 7,655,803 8,052,694 9,158,398 9,435,432 9,604,135 10,139,401 11,135,742 11,870,888 12,309,337 Franchise fees 2,365,853 1,979,437 2,544,772 2,399,456 2,201,619 4,381,329 5,138,500 5,736,832 5,682,995 5,767,741 Intergovernmental revenue -unrestricted 6,157,110 7,141,485 6,632,917 6,413,594 5,336,308 6,364,811 8,113,189 9,065,470 8,977,578 8,930,321 Impact fees 255,022 145,498 1,140,494 1,292,803 598,318 - - - - - Investment income (loss) 260,113 347,537 650,183 1,627,125 1,432,822 75,749 (921,297) 3,218,155 5,220,990 4,097,473 Miscellaneous revenues 15,063 11,890 28,560 781,941 459,534 299,850 618,897 299,113 1,087,301 774,381 Net transfers' - - - - (67,841) - - - - - Total governmental activities 31,782,531 33,630,739 35,796,645 38,724,910 36,953,363 38,072,729 40,305,020 48,275,872 53,584,669 54,388,201 Business -type activities: Intergovernmental - (unrestricted) - - 100,000 - - - - - - - Miscellaneous - - - - - (83,813) - 11,651 - Investment income (loss) 11,154 9,310 6,449 6,697 10,039 709 (6,774) 46,946 111,686 109,040 Total business - type activities 11,154 9,310 106,449 6,697 10,039 (83,104) (6,774) 46,946 123,337 109,040 Total primary government $ 31,793,685 $ 33,640,049 $ 35,903,094 $ 38,731,607 $ 36,963,402 $ 37,989,625 $ 40,298,246 $ 48,322,818 $ 53,708,006 $ 54,497,241 Change in Net Position: Governmental activities $ 453,805 $ 3,567,321 $ 4,176,733 $ 4,338,187 $ (1,483,609) $ 868,912 $ 4,479,108 $ 14,182,616 $ 14,799,075 $ 13,195,448 Business -type activities (250,294) 302,509 (119,510) 218,470 636,857 222,045 531,026 411,779 536,697 (317,762) Total primary government $ 203,511 $ 3,869,830 $ 4,057,223 $ 4,556,657 $ (846,752) $ 1,090,957 $ 5,010,134 $ 14,594,395 $ 15,335,772 $ 12,877,686 Note: (1) Effective 2020, the Charter Schools of the City are presented as of and for the year ended June 30th. City of Aventura, Florida Governmental Activities Tax Revenues by Source Last Ten Fiscal Years (Accrual Basis of Accounting) Tax Utility Fiscal Roll Ad Valorem Service Franchise Year Year Taxes Taxes Fees Total 2016 2015 15,008,874 7,720,496 2,365,853 25,095,223 2017 2016 16,349,089 7,655,803 1,979,437 25,984,329 2018 2017 16,747,025 8,052,694 2,544,772 27,344,491 2019 2018 17,051,593 9,158,398 2,399,456 28,609,447 2020 2019 17,557,171 9,435,432 2,201,619 29,194,222 2021 2020 17,346,855 9,604,135 4,381,329 31,332,319 2022 2021 17,216,330 10,139,401 5,138,500 32,494,231 2023 2022 18,820,560 11,135,742 5,736,832 35,693,134 2024 2023 20,744,917 11,870,888 5,682,995 38,298,800 2025 2024 22,508,948 12,309,337 5,767,741 40,586,026 City of Aventura, Florida Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified Accrual Basis of Accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General Fund: Nonspendable $ 416,956 $ 496,322 $ 537,563 $ 630,695 $ 351,524 $ 696,872 $ 694,042 $ 1,207,785 $ 1,169,921 $ 1,158,523 Committed 21,575,911 21,895,756 19,772,304 19,772,304 19,772,304 19,772,304 19,772,304 5,188,299 7,988,970 6,563,864 Assigned 898,495 1,541,402 559,263 399,087 361,257 841,192 691,054 772,506 620,606 480,342 Unassigned 19,724,328 21,290,153 15,541,095 20,350,488 21,148,403 24,156,021 25,782,664 49,030,842 53,061,814 61,274,448 Total General Fund $ 42,615,690 S 45,223,633 S 36,410,225 S 41,152,574 S 41,633,488 $ 45,466,389 S 46,940,064 S 56,199,432 S 62,841,311 $ 69,477,177 All other governmental funds: Nonspendable $ 11,961 $ 11,961 $ 11,961 $ 9,466 $ 9,465 $ 23,019 $ 23,330 $ 1,254,385 $ 1,552,813 $ 134,184 Committed - - - 1,779,618 - - - - - - Restricted 4,286,433 5,084,902 17,073,477 8,300,569 7,873,676 8,012,142 8,507,330 10,424,374 15,161,889 17,173,902 Assigned 3,877,756 2,648,408 3,361,029 15,784 2,028,124 657,245 1,494,773 4,412,929 2,468,580 3,686,566 Unassigned - - - (1,350,803) (2,319,884) (2,473,438) (3,215,374) (5,751,049) (720,540) - Total all other governmental funds $ 8,176,150 $ 7,745,271 $ 20,446,467 $ 8,754,634 $ 7,591,381 $ 6,218,968 $ 6,810,059 $ 10,340,639 $ 18,462,742 $ 20,994,652 a City of Aventura, Florida Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified Accrual Basis of Accounting) Revenues: Ad valorem taxes Utility service and other Franchise fees Licenses, permits and impact fees Intergovernmental revenues Charges for services Fines and forfeitures Investment income (loss) Miscellaneous Total revenues Expenditures: Current: General government Public safety Community services Public works Capital outlay Debt service: Principal Interest Total expenditures Excess (deficiency) of revenues over expenditures Otherfinancing sources (uses): Issuance of debt Sale of general capital assets Transfers in Transfers out Total other financing sources (uses) Net change in fund balances Debt service as a percentage of noncapital expenditures 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $ 15,008,874 $ 16,349,089 $ 16,747,025 $ 17,051,593 $ 17,557,171 $ 17,346,855 $ 17,216,330 $ 18,820,560 $ 20,744,917 $ 22,508,948 7,720,496 7,655,803 8,052,694 9,158,398 9,230,401 9,696,071 10,252,496 11,135,742 11,870,888 12,309,337 2,374,953 1,979,437 2,544,772 2,399,456 2,201,619 4,381,329 5,138,500 5,736,832 5,682,995 5,767,741 5,714,913 5,124,218 8,150,602 5,485,397 2,818,872 2,872,946 6,155,457 5,564,230 8,155,612 5,933,139 13,952,101 14,496,892 15,200,778 17,293,273 17,319,096 20,517,005 25,665,637 34,515,829 37,881,700 34,545,984 5,061,619 4,363,712 4,313,718 4,711,865 3,562,199 3,486,725 4,478,750 6,142,526 6,547,194 6,825,422 3,008,304 2,787,628 2,653,695 2,706,828 1,734,024 2,135,352 3,321,323 4,255,700 4,166,746 3,814,327 260,077 347,537 650,183 1,627,125 1,432,822 75,749 (921,297) 3,218,155 5,220,990 4,097,473 311,886 264,948 514,920 437,552 690,764 339,400 823,223 4,867,061 3,835,328 5,206,477 53,413,223 53,369,264 58,828,387 60,871,487 56,546,968 60,851,432 72,130,419 94,256,635 104,106,370 101,008,848 4,786,053 5,303,756 5,839,354 5,529,600 5,835,984 5,664,264 6,720,684 7,596,584 8,589,850 8,007,265 22,019,805 22,835,279 24,752,571 24,528,213 23,831,441 24,828,526 27,729,442 27,726,682 33,497,672 31,649,154 14,898,678 11,445,973 11,893,206 12,767,001 14,837,524 17,297,056 21,949,087 28,469,787 30,780,549 32,709,747 - 4,421,461 4,733,897 4,783,972 4,877,664 5,230,744 5,848,624 5,846,099 4,308,290 5,979,979 5,125,295 4,653,942 12,150,289 17,247,114 4,339,903 2,935,519 5,210,379 9,569,388 9,670,721 11,701,001 1,790,000 1,850,000 1,930,000 2,120,000 2,705,000 1,785,000 1,845,000 1,900,000 1,965,000 2,227,026 753,904 693,679 769,842 867,530 801,084 670,435 612,437 552,310 490,234 441,083 49,373,735 51,204,090 62,069,159 67,843,430 57,228,600 58,411,544 69,915,653 81,660,850 89,302,316 92,715,255 4,039,488 2,165,174 (3,240,772) (6,971,943) (681,632) 2,439,888 2,214,766 12,595,785 14,804,054 8,293,593 - - 7,100,000 - - - - 344,163 - 430,182 15,063 11,890 28,560 22,459 - - - - - - 2,644,908 2,644,502 9,273,335 3,478,942 3,743,353 2,744,214 5,437,416 3,220,549 8,637,605 3,121,286 (2,644,908) (2,644,502) (9,273,335) (3,478,942) (3,810,994) (2,744,214) (5,587,416) (3,370,549) (8,677,677) (2,677,285) 15,063 11,890 7,128,560 22,459 (67,641) - (150,000) 194,163 (40,072) 874,183 $ 4,054,551 $ 2,177,064 $ 3,887,788 $ (6,949,484) $ (749,273) $ 2,439,888 $ 2,064,766 $ 12,789,948 $ 14,763,982 $ 9,167,776 5.63% 5.46% 4.67% 5.84% 6.41% 4.37% 3.72% 3.40% 3.00% 3.13% 91 City of Aventura, Florida General Governmental Revenues By Source Last Ten Fiscal Years (Modified Accrual Basis of Accounting) Licenses, Fiscal Ad Valorem Utility Taxes Franchise Permits and Year Taxes and Other Fees Impact Fees 2016 $ 15,008,874 $ 7,720,496 $ 2,374,953 $ 5,714,913 $ 2017 16,349,089 7,655,803 1,979,437 5,124,218 2018 16,747,025 8,052,694 2,544,772 8,150,602 2019 17,051,593 9,158,398 2,399,456 5,485,397 2020 17,557,171 9,230,401 2,201,619 2,818,872 2021 17,346,855 9,696,071 4,381,329 2,872,946 2022 17,216,330 10,252,496 5,138,500 6,155,457 2023 18,820,560 11,135,742 5,736,832 5,564,230 2024 20,744,917 11,870,888 5,682,995 8,155,612 2025 22,508,948 12,309,337 5,767,741 5,933,139 Inter - Governmental Charges Fines and Investment Revenues for Services Forfeitures Income (Loss) Miscellaneous Total 13,952,101 $ 5,061,619 $ 3,008,304 $ 260,077 $ 311,886 $ 53,413,223 14,496,892 4,363,712 2,787,628 347,537 264,948 53,369,264 15,200,778 4,313,718 2,653,695 650,183 514,920 58,828,387 17,293,273 4,711,865 2,706,828 1,627,125 437,552 60,871,487 17,319,096 3,562,199 1,734,024 1,432,822 690,764 56,546,968 20,517,005 3,486,725 2,135,352 75,749 339,400 60,851,432 25,665,637 4,478,750 3,321,323 (921,297) 823,223 72,130,419 34,515,829 6,142,526 4,255,700 3,218,155 4,867,061 94,256,635 37,881,700 6,547,194 4,166,746 5,220,990 3,835,328 104,106,370 34,545,984 6,825,422 3,814,327 4,097,473 5,206,477 101,008,848 92 City of Aventura, Florida Assessed Value and Estimated Actual Assessed Value of Taxable Property Last Ten Fiscal Years Less: Tax Tax Exempt Fiscal Roll Real Personal Real Year Year Property Property Property 2016 2015 $ 9,418,840,654 $ 208,455,823 $ (532,334,375) 2017 2016 10,256,329,248 216,738,181 (571,373,185) 2018 2017 10,450,567,929 223,735,802 (575,305,868) 2019 2018 10,669,786,837 251,121,004 (555,067,665) 2020 2019 11,012,770,618 286,759,608 (559,343,594) 2021 2020 10,835,195,692 309,145,157 (594,123,975) 2022 2021 10,775,110,254 301,043,151 (624,796,747) 2023 2022 11,687,926,721 325,924,234 (645,459,416) 2024 2023 12,820,523,428 368,001,457 (682,489,643) 2025 2024 13,861,455,634 361,221,089 (673,452,009) Note: (1) Florida Law requires that all property be assessed at current fair market value. 93 Assessed Total Total Estimated Value as a Taxable Direct Actual Percentage Assessed Tax Taxable of Actual Value Rate Value (1) Value $ 9,094,962,102 1.7261 $ 11,145,485,996 81.602% 9,901,694,244 1.7261 12,029,604,133 82.311% 10,098,997,863 1.7261 11,839,266,628 85.301% 10,365,840,176 1.7261 11,891,380,991 87.171% 10,740,186,632 1.7261 12,261,439,432 87.593% 10,550,216,874 1.7261 11,824,717,397 89.222% 10,451,356,658 1.7261 11,644,779,674 89.751% 11,368,391,539 1.7261 13,439,540,815 84.589% 12,506,035,242 1.7261 16,511,998,267 75.739% 13,549,224,714 1.7261 17,805,429,115 76.096% City of Aventura, Florida Property Tax Rates Direct and Overlapping Governments (Per $ 1,000 of Taxable Value) Last Ten Fiscal Years Overlapping Rates City of Aventura School District Regional Miami -Dade County Other South Total Florida Florida Direct Tax Debt Total Debt Total Water Inland Total Debt Fire Total and Fiscal Roll Operating Service City Operating Service School Management Everglades Okeechobee Navigational Regional Operating Service and Fire County Children's Overlapping Year Year Millage Millage Millage Millage Millage Millage Millage Project Basin District Millage Millage Millage Rescue Debt Library Millage Trust Rates 2016 2015 1.7261 0.0000 1.7261 7.4130 0.1990 7.6120 0.1459 0.0506 0.1586 0.0320 0.3871 4.6669 0.4500 2.4207 0.0086 0.2840 7.8302 0.5000 18.0554 2017 2016 1.7261 0.0000 1.7261 7.1380 0.1840 7.3220 0.1359 0.0471 0.1477 0.0320 0.3627 4.6669 0.4000 2.4207 0.0075 0.2840 7.7791 0.5000 17.6899 2018 2017 1.7261 0.0000 1.7261 6.7740 0.2200 6.9940 0.1275 0.0441 0.1384 0.0320 0.3420 4.6669 0.4000 2.4207 0.0075 0.2840 7.7791 0.4673 17.3085 2019 2018 1.7261 0.0000 1.7261 6.5040 0.2290 6.7330 0.1209 0.0417 0.1310 0.0320 0.3256 4.6669 0.4644 2.4207 0.0000 0.2840 7.8360 0.4415 17.0622 2020 2019 1.7261 0.0000 1.7261 7.0250 0.1230 7.1480 0.1152 0.0397 0.1246 0.0320 0.3115 4.6669 0.4780 2.4207 0.0000 0.2840 7.8496 0.4680 17.5032 2021 2020 1.7261 0.0000 1.7261 6.9360 0.1930 7.1290 0.1103 0.0380 0.1192 0.0320 0.2995 4.6669 0.4780 2.4207 0.0000 0.2840 7.8496 0.4507 17.4549 2022 2021 1.7261 0.0000 1.7261 6.8290 0.1800 7.0090 0.1061 0.0365 0.1146 0.0320 0.2892 4.6669 0.5075 2.4207 0.0000 0.2840 7.8791 0.5000 17.4034 2023 2022 1.7261 0.0000 1.7261 6.4240 0.1650 6.5890 0.0948 0.0327 0.1026 0.0320 0.2621 4.6202 0.4853 2.3965 0.0000 0.2812 7.7832 0.5000 16.8604 2024 2023 1.7261 0.0000 1.7261 6.5660 0.1330 6.6990 0.0948 0.0327 0.1026 0.0288 0.2589 4.5740 0.4355 2.3965 0.0000 0.2812 7.6872 0.5000 16.8712 2025 2024 1.7261 0.0000 1.7261 6.4680 0.1340 6.6020 0.0948 0.0327 0.1026 0.0288 0.2589 4.5740 0.0427 2.3965 0.0000 0.2812 7.6788 0.5000 16.7658 Source: Miami -Dade County Appraiser's Office. M City of Aventura, Florida Principal Property Taxpayers Current Year and Nine Years Ago Taxpayer Type of Use Aventura Mall Ventures Shopping Center $ Miami Beach Health Care Group, Ltd. Hospital & Health Care Facility Turnberry Isle Resort, LP Golf Course, Hotel & Marina Aventura Opportunity Owner LLC Offices & Retail Seritage SRC Finance LLC Shopping Center Florida Power & Light Co. Electrical Utility Company Promventure Limited Partnership Shopping Center Camden Summit Partnership, LP Rental Apartment Complex 1 OX Centre LLC Office Building SCG Atlas Aventura LLC Multi -Family Residences CC-Aventura Inc. Independent/Assisted Living Facility OTP Capital LLC Office Building NNN Aventura Harbour Centre, LLC Mixed Use Zones & Offices LivingFacility Bruce Strohm and D. Neithercut TRS Rental Apartment Complex Totals Source: Miami -Dade County - Office of the Property Appraiser. Fiscal Year 2025 Percentage Total Taxable Taxable Assessed Assessed Value Rank Value 774, 371,992 1 5.72% 211,507,433 2 1.56% 169,048,537 3 1.25% 94,974,740 4 0.70% 91,972,491 5 0.68% 89,671,419 6 0.66% 84,391,003 7 0.62% 75,195,963 8 0.55% 67,848,000 9 0.50% 67,684,638 10 0.50% $ 1,726,666,216 95 2016 Percentage Total Taxable Taxable Assessed Assessed Value Rank Value $ 474,199, 930 1 5.21 % 127,628,736 2 1.40% 79,191,401 3 0.87% 44,815,631 6 0.49% 43, 878, 780 7 0.48% 46,083,472 5 0.51% 67,600,000 4 0.74% 41,200,000 8 0.45% 40,884,800 9 0.45% 40,640,000 10 0.45% 12.74% $ 1,006,122,750 11.06% City of Aventura, Florida Property Tax Levies and Collections Last Ten Fiscal Years Percentage Percentage of Current of Total (1) Tax (2) Tax Tax Property Property Net Current Collections Delinquent Total Collection Fiscal Roll Tax Tax Tax Tax to Net Tax Tax to Property Year Year Levy Discount Levy Collection Tax Levy Collection Collection Tax Levy 2016 2015 15,698,814 627,953 15,070,861 14,932,036 99.08% 76,838 15,008,874 95.61% 2017 2016 17,091,314 683,653 16,407,661 15,905,409 96.94% 443,680 16,349,089 95.66% 2018 2017 17,431,880 697,275 16,734,605 16,211,763 96.88% 535,262 16,747,025 96.07% 2019 2018 17,892,477 715,699 17,176,778 16,413,368 95.56% 638,225 17,051,593 95.30% 2020 2019 18,538,636 741,545 17,797,091 16,771,344 94.24% 785,827 17,557,171 94.71% 2021 2020 18,210,729 728,429 17,482,300 16,827,280 96.25% 519,575 17,346,855 95.26% 2022 2021 18,040,087 721,603 17,318,484 16,771,383 96.84% 444,947 17,216,330 95.43% 2023 2021 19,622,981 784,919 18,838,062 18,319,511 97.25% 500,236 18,819,747 95.91% 2024 2023 21,586,667 863,467 20,723,200 20,139,813 97.18% 609,814 20,749,627 96.12% 2025 2024 23,387,317 935,493 22,451,824 21,737,438 96.82% 771,510 22,508,948 96.24% Source: Miami -Dade County, Florida, Tax Collector. Notes: (1) Florida Law allows up to a 4% discount for timely payment of property taxes. (2) Includes corrections and penalties. 99 City of Aventura, Florida Ratios of Outstanding Debt by Type Last Ten Fiscal Years Business -Type Governmental Activities Activities General Total Percentage Per Fiscal Obligation Revenue Subscription Line of Subscription Outstanding Primary of Personal Capita Year Bonds Bonds Leases Liabilities Credit Liabilities Bonds Government Income (1) (1) 2016 $ 22,015,000 $ $ $ $ $ $ 22,015,000 * $ 584.05 2017 20,165,000 20,165,000 * 534.97 2018 25,335,000 25,335,000 * 670.42 2019 23,215,000 23,215,000 * 610.42 2020 20,510,000 20,510,000 * 508.04 2021 18,725,000 18,725,000 * 465.31 2022 16,880,000 16,880,000 * 419.41 2023 14,980,000 344,163 41,874 15,366,037 * 383.15 2024 13,015,000 212,742 16,901 13,244,643 * 331.72 2025 10,990,000 195,881 245,017 - 11,430,898 * 284.56 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements. (1) See the Schedule of Demographic and Economic Statistics for personal income and population data. * Information not available. 97 City of Aventura, Florida Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Less: Ratio Amounts of Net Net Available Assessed Bonded Bonded Gross in Debt Net Value of Debt to Debt Fiscal Bonded Service Bonded Taxable Assessed Per Year Debt Funds Debt Property Value Capita (1) 2016 $ 22,015,000 $ 380,498 $ 21,634,502 $ 9,094,962,102 0.24% $ 573.95 2017 20,165,000 408,361 19,756,639 9,901,694,244 0.20% 524.13 2018 25,335,000 478,742 24,856,258 10,098,997,863 0.25% 657.75 2019 23,215,000 536,587 22,678,413 10,365,840,176 0.22% 596.31 2020 20,510,000 258,892 20,251,108 10,740,186,632 0.19% 501.63 2021 18,725,000 297,898 18,427,102 10,550,216,874 0.17% 457.91 2022 16,880,000 335,118 16,544,882 10,451,356,658 0.16% 411.08 2023 14,980,000 376,327 14,603,673 11,368,391,539 0.13% 364.15 2024 13,015,000 376,330 12,638,670 12,506,035,242 0.10% 324.52 2025 10,990,000 495,417 10,494,583 13,549,224,714 0.08% 261.25 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements. (1) See the Schedule of Demographic and Economic Statistics for population data. City of Aventura, Florida Direct and Overlapping Governmental Activity Debt September 30, 2025 Jurisdiction Overlapping debt: Miami -Dade Board of County Commissioners (2) Miami -Dade County School Board (2) Debt Outstanding $ 5,441,802,639 2,721,181,000 Estimated Percentage Applicable to City of Aventura (1) Estimated Share of Overlapping Debt 2.873% $ 156,369,422 2.873% 78,192,748 Subtotal overlapping debt 8,162,983,639 234,562,170 Direct debt: City of Aventura 11,430,898 100.000% 11,430,898 Subtotal direct debt 11,430,898 11,430,898 Total direct and overlapping debt $ 8,174,414,537 $ 245,993,068 Notes: (1) The percentage of the overlap is calculated as follows: Overlapping portion of the government's revenue base (City of Aventura Total revenue base of the overlapping government (Miami -Dade County Assessed value of taxable property is the base used in the above calculation. (2) Source: Miami -Dade County & Miami -Dade County Public Schools, Finance Department. City of Aventura, Florida Legal Debt Margin Information Last Ten Fiscal Years Debt limit Total net debt applicable to limit Legal debt margin Total net debt applicable to the limit as a percentage of debt limit 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $ 909,496,210 $ 990,169,424 $ 1,009,899,786 $ 1,036,584,018 $ 1,074,018,663 $ 1,055,021,687 $ 1,045,135,666 $ 1,072,293,212 $ 1,250,603,524 $ 1,354,922,471 $ 909,496,210 $ 990,169,424 $ 1,009,899,786 $ 1,036,584,018 $ 1,074,018,663 $ 1,055,021,687 $ 1,045,135,666 $ 1,072,293,212 $ 1,250,603,524 $ 1,354,922,471 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Legal Debt Margin Calculation for Fiscal Year 2023 Assessed valuation oftaxable real and personal property $ 1,354,922,471 Bonded debt limit - 10% above (1) $ 1,354,922,471 Amount of debt applicable to debt limit: Total bonded debt $ 12,638,670 Less: debt to be repaid from specified revenue sources: Covenant to budget and appropriate (12,638,670) Total net debt applicable to limit Legal Debt Margin (1) $ 1,354,922,471 Note: (1) The City Charter allows revenue bonds to be issued when authorized bythe City Commission as long as five (5) ofthe seven (7) Commission members approve the debt. Ad Valorem (general obligation bonds) must be approved by referendum ofthe electorate. The Charter provides no limit on the amount ofthe general obligation debt; however, the adopted Capital Improvement Program provides that general obligation bonds shall not exceed 10% ofthe City's total assessed value. 100 City of Aventura, Florida Demographic and Economic Statistics Last Ten Fiscal Years Personal Income Per Capita (Amounts Personal Unemployment Fiscal Population Expressed in Income Rate Year (1) Thousands) (2) (3) 2016 37,611 * * 5.5% 2017 37,694 * * 4.3% 2018 37,694 * * 3.4% 2019 37,790 * * 2.5% 2020 38,031 * * 7.0% 2021 40,371 * * 5.3% 2022 40,242 2,268,079 56,361 0.9% 2023 40,247 2,291,664 56,940 1.6% 2024 40,104 2,267,119 56,561 2.1% 2025 40,171 2,284,203 56,862 3.1% Data sources: (1) Years are as of April 1 of each year per the University of Florida Bureau of Economics & Business Research. (2) Represents income per capita for Miami -Dade County as provided by the U.S. Department of Commerce, Bureau of Economic Analysis. (3) Florida Department of Labor, Bureau of Labor Market Information. * Information not available. 101 City of Aventura, Florida Occupational Employment by Group - Miami -Dade County, Florida Current Year and Nine Years Ago 2025 2016 Percentage Percentage of Total of Total Occupational Groups SOC Code Employees Rank Employment Employees Rank Employment Office and Administrative Support 430000 377,790 1 11.89% 206,910 1 20.63% Sales and Related 410000 307,350 2 9.67% 149,740 2 14.93% Food Preparation and Serving Related 350000 273,650 3 8.61% 103,320 3 10.30% Transportation and Material Moving 530000 237,560 4 7.48% 80,920 4 8.07% Business and Financial Operations 130000 196,860 5 6.19% 39,130 11 3.90% Management 110000 212,120 6 6.67% 60,300 6 6.01% Healthcare Practitioners and Technical 290000 181,060 7 5.70% 66,200 5 6.60% Educational Instruction and Library 250000 121,880 8 3.84% 53,410 7 5.33% Installation, Maintenance, and Repair 490000 114,010 9 3.59% 41,480 10 4.14% Construction and Extraction 470000 107,210 10 3.37% 30,020 13 2.99% Protective Service 330000 93,930 11 2.96% 44,180 8 4.41% Retail Salespersons 412031 90,630 12 2.85% 36,340 12 3.62% Building and Grounds Cleaning and Maintenance 370000 91,610 13 2.88% 28,120 15 2.80% Healthcare Support 310000 89,470 14 2.82% 42,490 9 4.24% Production 510000 84,390 15 2.66% - - - Computer and Mathematical 150000 74,070 16 2.33% 20,390 16 2.03% Customer Service Representatives 434051 66,740 17 2.10% - - General and Operations Managers 111021 65,550 18 2.06% Registered Nurses 291141 59,880 19 1.88% Office Clerks, General 439061 57,590 20 1.81% Cashiers 412011 56,790 21 1.79% Personal Care and Service 390000 56,730 22 1.79% Stockers and Order Fillers 537065 55,460 23 1.75% 353031 55,110 24 1.73% Fa Waiters and Waitresses 353023 50,600 25 1.59% - 3,178,040 100.00% 1,002,950 100.00% Total Source: Represents Metropolitan and Nonmetropolitan Area Occupational Employment for the entire Miami, Fort Lauderdale, West Palm Beach, Florida Metropolitan Division as provided by the U.S. Department of Labor, Bureau of Labor Statistics as of May 2022. Estimates do not include self-employed workers. 102 City of Aventura, Florida Full -Time Equivalent City Government Employees by Function Last Ten Fiscal Years Function: General government Public safety: Sworn Civilians Community services Public works/transportation (1) Community development Total 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 22 22 22 21 21 23 24 23 26 20 83 82 85 89 88 92 92 85 93 96 39 39 36 37 37 32 36 37 37 32 14 10 8 16 17 15 18 18 18 22 - 6 7 7 7 8 8 8 10 8 8 8 8 6 6 7 6 7 7 8 166 167 166 176 176 177 184 178 191 186 Source: Various City departments. (1) Prior to October 1, 2016 this function was previously combined with Community services. 103 City of Aventura, Florida Operating Indicators by Function Last Ten Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Function: Public safety: Part 1 Crimes reported* 2,126 2,091 2,334 2,082 1,638 1,560 1,759 1,827 1,841 1,518 Arrests 1,560 1,232 1,326 1,209 969 991 906 979 965 685 Traffic citations 19,596 13,343 10,277 8,976 3,939 4,212 6,796 6,832 5,722 5,316 Parking citations issued 618 889 795 1,174 424 817 1,297 1,620 970 560 Calls for service 15,688 15,248 17,934 16,515 15,730 17,653 19,964 18,968 20,792 20,362 Accidents 2,071 2,162 2,042 1,923 1,414 1,709 1,871 1,775 1,704 1,632 Community development: Building permits issued 4,959 4,560 6,330 5,063 3,273 3,954 5,302 4,693 4,963 5,895 Building inspections conducted 12,055 11,257 14,236 15,803 10,232 11,282 17,673 23,085 18,645 21,398 Code notice of violations issued 109 150 119 76 121 153 253 233 243 253 City business tax receipts issued 2,625 2,438 2,704 819 579 1,933 2,092 2,491 3,073 2,375 Community services: Recreation center memberships 1,132 1,093 1,021 984 795 814 1,324 1,161 1,462 1,570 Special event attendance 35,895 39,587 36,376 35,215 15,962 88,852 39,367 40,307 43,373 43,190 Shuttle bus ridership 274,223 274,532 300,858 300,123 157,060 148,456 139,790 93,172 115,249 124,761 On -Demand Transportation N/A N/A N/A N/A N/A N/A 62,925 111,964 111,175 143,799 Charter school enrollment: Aventura City Excellence School (K-8) 1,020 1,020 1,020 1,020 1,020 1,032 1032 1,032 1,032 1,032 Don Soffer Aventura High School(1) - - - 200 415 620 620 800 800 800 Source: Various City departments. * Part 1 crimes include: homicide, sex offenses, robbery, aggravated assault, burglary, larceny, arson and auto theft. (1) Information is not applicable as the Don Soffer Aventura High School opened in August 2019. N/A: Information not available. 104 City of Aventura, Florida Capital Asset Statistics by Function Last Ten Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Function: Police Stations 1 1 1 1 1 1 1 Fire stations (1) 2 2 2 2 2 2 2 Parks and recreation: Public recreation areas 6 7 7 7 7 7 7 Public recreation acreage 30.50 32.00 32.00 32.00 32.00 32.00 32.00 Baseball/softball diamonds 2 2 2 2 2 2 2 Soccer/football fields 3 3 3 3 3 3 3 Tennis courts 3 3 3 3 3 3 3 Pickleball courts 0 0 0 0 0 0 0 Community recreation centers 1 1 1 1 1 1 1 Arts and Cultural Center 1 1 1 1 1 1 1 Libraries (1) 1 1 1 1 1 1 1 Public works: Street lights 824 937 937 937 937 937 937 Miles of roads 13.80 13.80 13.80 14.00 14.00 14.00 14.00 Charter schools: Aventura City Excellence School (K-8) 1 1 Don Soffer Aventura High School N/A N/A Transit routes/minibuses (2) Permanent 5 6 Seasonal 1 0 On -Demand Transportation N/A N/A Notes: (1) Owned and operated by Miami -Dade County, Florida. (2) Operated under contractual agreement. N/A: Information not available. 1 1 1 2 2 2 7 7 7 32.00 32.00 32.00 2 2 2 3 3 3 3 5 5 0 5 5 1 1 1 1 1 1 1 1 1 937 937 937 14.00 14.00 14.00 1 1 1 1 1 1 1 1 N/A 1.00 1 1 1 1 1 1 6 6 6 6 6 3 3 3 N/A N/A N/A N/A 2 8 8 10 105 COMPLIANCE SECTION Citrin Cooperman & Company, LLP Certificd Public Accountants CITRINCOOPERMAN' 6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308 T : 954.771.0896 F 954.938.9353 citrincooperman.com Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards To The Honorable Mayor, City Commission City of Aventura, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business -type activities, each major fund and the aggregate remaining fund information of the City of Aventura, Florida (the "City"), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the City's basic financial statements, and have issued our report thereon dated March 31, 2026. Our report includes a reference to other auditors who audited the financial statements of the City of Aventura Police Officers' Retirement Pension Trust Fund, as described in our report on the City's financial statements. This report does not include the results of the other auditor's testing of internal control over financial reporting or compliance and other matters that are reported separately by those auditors. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA him, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firths of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. i 4W CITE_ COOPERMAN" Citrin Cooperman & Company, LLP Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the City's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of This Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. It Fort Lauderdale, Florida March 31, 2026 "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA him, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firths of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. 'Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 107 Citrin Cooperman & Company, LLP Certified Public Accountants CITRINCOOPERMAN' 6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308 T : 954.771.0896 F 954.938.9353 citrincooperman.com INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE To the Honorable Mayor and Members of the City Commission City of Aventura, Florida Report on Compliance for Each Major Federal Program Opinion on Each Major Federal Program We have audited the City of Aventura, Florida's, compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the City of Aventura, Florida's, major federal programs for the year ended September 30, 2025. The City of Aventura, Florida's, major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. In our opinion, the City of Aventura, Florida, complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended September 30, 2025. Basis for Opinion on Each Major Federal Program We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards, the Uniform Guidance, are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the City of Aventura, Florida, and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the City of Aventura, Florida's, compliance with the compliance requirements referred to above. Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to City of Aventura, Florida's, federal programs. "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA him, and Curet Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firths of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 108 vCitrin Cooperman & Company, LLP CITE,-. COOPERMAN" Auditor's Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the City of Aventura, Florida's, compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards, the Uniform Guidance, will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City of Aventura, Florida's, compliance with the requirements of each major federal program as a whole. In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, the Uniform Guidance, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the City of Aventura's, Florida, compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. Obtain an understanding of the City of Aventura, Florida's, internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the City of Aventura, Florida's internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA him, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 109 4WCitrin Cooperman & Company, LLP CITE_ COOPERMAN" Report on Internal Control over Compliance A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Fort Lauderdale, Florida March 31, 2026 "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA him, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firths of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. 'Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 110 City of Aventura, Florida Schedule of Expenditures of Federal Awards For the Year Ended September 30, 2025 Assistance Listing Pass -Through Total federal Provided to Federal Grantor/Pass-Through Grantor/Program or Cluster Title Number Identifying Number Expenditures Subrecipients United States Department of Justice Direct Program Public Safety Partnership and Community Policing Grants 16.710 $ 27,511 $ - Homeless Initiative 16.738 10,000 - Equitable Sharing Program 16.922 17,000 - Total United States Department of Justice 54,511 - U.S. Department of Treasury Passed Through Florida Division of Emergency Management COVID-19 - Coronavirus State and Local Fiscal Recovery Funds 21.027 Y5012 4,057,563 - United States Department of Homeland Security Passed Through Florida Division of Emergency Management Disaster Grants - Public Assistance (Presidentially Declared Disasters) 97.036 Z2155 306,519 - United States Department of Agriculture Passed Through Florida Department of Education Child Nutrition Cluster National School Lunch Program 10.555 Unknown 157,135 - Total Expenditures of Federal Awards $ 4,575,728 $ - See notes to schedule of expenditures of federal awards. 111 City of Aventura, Florida Notes to Schedule of Expenditures of Federal Awards September 30, 2025 Note 1- Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of the City of Aventura, Florida (the "City"). The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City. Note 2 - Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Note 3 - Indirect Cost Rate The City elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance. 112 City of Aventura, Florida Schedule of Findings and Questioned Costs For the Year Ended September 30, 2025 SECTION I - SUMMARY OF AUDITOR'S RESULTS Financial Statements Type of auditor's report issued: Internal control over financial reporting: Material weakness(es) identified? Significant deficiency(ies) identified? Noncompliance material to financial statements noted? Federal Awards Internal control over major federal programs: Material weakness(es) identified? Significant deficiency(ies) identified? Type of auditor's report issued on compliance for major federal programs: Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Identification of major federal program: CFDA No. Federal Program or Cluster 21.027 U.S. Department of the Treasury COVID-19 Coronavirus State and Local Fiscal Recovery Funds Dollar threshold used to distinguish between Type A and Type B programs: Auditee qualified as low -risk auditee? SECTION II - FINANCIAL STATEMENT FINDINGS None Reported. Unmodified Opinion yes X no yes X none reported yes X no yes X no yes X none reported Unmodified Opinion yes X no $ 1,000,000 yes X no SECTION III - FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS None Reported. 113 Citrin Cooperman & Company, LLP Certificd Public Accountants CITRINCOOPERMAN' 6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308 T : 954.771.0896 F 954.938.9353 citrincooperman.com MANAGEMENT LETTER IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA To the Honorable Mayor and Members of City Commission City of Aventura, Florida Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business - type activities, each major fund, and the aggregate remaining fund information of the City of Aventura, Florida, (the "City"), as of and for the year ended September 30, 2025, and have issued our report thereon dated March 31, 2026. We did not audit the financial statements of the City of Aventura Police Officers' Retirement Pension Trust Fund. Those financial statements were audited by other auditors whose reports thereon have been furnished to us, and our opinion, insofar as it relates to the amounts included for the City of Aventura Police Officers' Retirement Pension Trust Fund is based on the reports of the other auditors. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Other Reporting Requirements We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; Independent Auditor's Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance; Schedule of Findings and Questioned Costs; and Independent Accountant's Report on an examination conducted in accordance with AICPA Professional Standards. Disclosures in those reports and schedule, which are dated March 31, 2026, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no findings and recommendations made in the preceding annual financial audit report. "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA him, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firths of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 114 0 CITRIN COOPERMAN°° Citrin Cooperman & Company, LLP Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. This information is disclosed in the notes to the financial statements, Note 1. Financial Condition and Management Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the City met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the City did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the City. It is management's responsibility to monitor the City's financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by the same. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. This report does not include any matters that were reported on by other auditors as identified above. In connection with our audit, we did not have any such recommendations. Property Assessed Clean Energy (PACE) Programs As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, the City is required to include a statement as to whether a PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes, did operate within the City's geographical boundaries during the fiscal year under audit. As required by Section 10.554(1)(i)6.b., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the City, a list of all program administrators and third -party administrators that administered the program. A list of program and third -party administrators can be found here: • https://www.miamidade.gov/global/economy/resilience/energy. page As required by Section 10.554(1)(i)6.c., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the City, the full names and contact information of each such program administrator and third -party administrator. The full names and contact information for such program and third -party administrators can be found here: • https://floridapace.gov/contractor-list/ Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, fraud waste, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. "Citrin Cooperman" is the brand under which Crtrn Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 115 0 CITRIN COOPERMAN°° Citrin Cooperman & Company, LLP Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal, State, and other granting agencies, Members of the City Commission, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. Fort Lauderdale, Florida March 31, 2026 "Citrin Cooperman' is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 116 Citrin Cooperman & Company, LLP Certified Public Accountants CITR�. COOPERMAN' 6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308 T : 954.771.0896 F 954.938.9353 citrincooperman.com INDEPENDENT ACCOUNTANT'S REPORT ON COMPLIANCE WITH SECTION 218.415 FLORIDA STATUTES To The Honorable Mayor and Members of City Commission City of Aventura, Florida We have examined the City of Aventura, Florida's (the "City") compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies (the "specified requirements"), during the year ended September 30, 2025. Management is responsible for the City's compliance with the specified requirements. Our responsibility is to express an opinion on the City's compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the City complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the City complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent of the City and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement. Our examination does not provide a legal determination on the City's compliance with the specified requirements. In our opinion, the City complied, in all material respects, with the specified requirements for the year ended September 30, 2025. This report is intended solely for the information and use of the City Commission, management, and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties. Fort Lauderdale, Florida March 31, 2026 "Citrin Cooperman' is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. 117 M 1Noun .,mil„ FL ..� md 19200 West Country Club Drive Aventura, Florida 33180 Phone: 305-466-8920 Fax: 305-466-8939 cityofaventura.com ATTACHMENTA A Letter from our Independent Auditors — Citrin Cooperman, LLC Dated March 31, 2026 Citrin Cooperman & Company, LLP Certified Public Accountants COOPERMAN"` 6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308 T : 954.771.0896 F 954.938.9353 citrincooperman.com March 31, 2026 To the Honorable Mayor, City Commission and City Manager City of Aventura, Florida Aventura, Florida We have audited the financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of City of Aventura, Florida (the "City") for the year ended September 30, 2025. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards and GoternmentAuditing Standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letters to you dated February 18, 2025. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Matters Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during the year, except for the implementation of GASB Statement No. 101 Compensated Absences, and 102, Certain Risk Disclosures. We noted no transactions entered into by the City during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimate affecting the City's financial statements was as follows: • Net pension liabi§_o related to the Police Officers Retirement Plan - The City contracted the services of pension consultants/actuaries and properly recorded the required activity to the City's accounting records in accordance with GASB Statement No. 68, Accounting and Financial Reporting for Pensions - An Amendment of GASB Statement No. 27 and other applicable governmental accounting pronouncements. • Net OPEB obligation - In Florida, state statutes require that the employer make health insurance coverage available to retirees at the employer's group rate. This creates an implicit cost arising as a result of the blended rate premium since retiree health care costs, on average, are higher than those of active employee healthcare costs. The City obtained an actuarial valuation to disclose and record its estimated costs and liability (asset) in accordance with the requirements of GASB Statement No. 75, Accounting and Financial Reporting for Post -Employment Benefits Other than Pensions (OPEB). "Citrin Cooperman" is the brand under which titan Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. J CITRII COOPERMAN° Citrin Cooperman & Company, LLP City of Aventura, Florida March 31, 2025 Page 2 The financial statement disclosures are neutral, consistent, and clear. Difficulties Encountered in Performing the Audit We encountered no difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. There are no uncorrected misstatements. Adjusting journal entries were posted during the audit and are attached to this letter as exhibit A. Disagreements nrith Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated (DATE). Management Consultations nnth Other Independent Auditors In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the City's financial statements or a determination of the type of auditor's opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the City's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. "Citrin Cooperman" is the brand under which titan Cooperman & Company, LLP, a licensed independent CPA firth, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an altcmative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. J CITRII COOPERMAN° Citrin Cooperman & Company, LLP City of Aventura, Florida March 31, 2025 Page 3 Other Matters We applied certain limited procedures to the management's discussion and analysis, budget and actual schedules, and schedules related to pensions and other post -employment benefits which are required supplementary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the budgetary comparison schedules and combining and individual fund financial statements and schedules which accompany the financial statements but are not RSI. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the introductory and statistical sections, which accompany the financial statements but are not RSI. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Restriction of Use This information is intended solely for the use of the City Commission and management of the City and is not intended to be, and should not be, used by anyone other than these specified parties. Very truly yours, CITRIN COOPERNIA & C &1P iNY LLP "Citrin Cooperman" is the brand under which titan Cooperman & Company, LLP, a licensed independent CPA firth, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them. CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager 'l BY: Keven Klopp, Community Development Director A DATE: April 3, 2026 SUBJECT: Request to Amend the Land Development Regulations of the City of Aventura Section 31-145(b) Town Center District (TC1) to Allow Hotels in Mixed -Use Structures - City Case File LDR2603-0001 April 7, 2026 Local Planning Agency Meeting Agenda April 7, 2026 City Commission Meeting Agenda (First Reading) May 5, 2026 City Commission Meeting Agenda (Second Reading) RECOMMENDATION It is recommended that the City Commission approve an amendment to Section 31-145(b) Town Center District (TC1) of the City of Aventura Land Development Regulations (the "LDRs") to allow hotels in mixed use structures if first approved as a conditional use. This change will facilitate the development of "Aventura City Center". THE REQUEST The "Applicant", Brian S. Adler, P.A., of Bilzin Sumberg Baena Price & Axelrod LLP, on behalf of the Aventura 2999, LLC, is requesting an amendment to Section 31-145(b), "Town Center District (TC1)", Subsection (3), "Conditional Uses Permitted" to allow hotels with a minimum of 100 rooms in mixed -use structures. The amendment will facilitate the development of a Marriott extended stay hotel as part of the mixed -use development known as "Aventura City Center". The applicant's Letter of Intent is attached as Exhibit #1. BACKGROUND The Applicant is proposing a mixed -use development on property located at the northeast intersection of NE 191 Street and NE 29 Avenue, south of William Lehman Causeway (SR856) and legally described in Exhibit "2" (the "Property"). The infill development will add to an existing 121,265 SF office building, 248 residential units within a 24-story tower at the western side of the Property, and a 153-room hotel in a 13-story tower on the LDR2603-0001 Page 2 of 3 eastern side. Approximately 25,000 square feet of retail space will activate the ground level of both buildings, while 881 parking spaces will be incorporated within the towers and screened from public view with a kinetic facade. Renderings of the development as presented to City Commission Workshop are attached as Exhibit #3. Hotels are permitted uses in TC3, TC4 and TC5 Town Center Districts. Allowing hotels in TC1 as a conditional use will further the intent of the Town Center Districts of encouraging the development of residential and commercial uses in a well -planned and compatible manner. If the proposed amendment to the Land Development Regulations is approved, the next step in the development process will entail a subsequent application for Conditional Use approval to be presented to the City Commission at a public hearing. THE PROPOSED AMENDMENT The proposed amendment to Section 31-145 of the Land development Regulations is as follows': Sec. 31-145. Town Center Zoning Districts. (b) Town Center District (TC1). The following regulations shall apply to all TC1 Districts: (3) Conditional uses permitted. The following uses may be established if first approved as a conditional use: q. For projects that provide residential units as HERO Housing, increased density above 25 units per acre up to 70 units per acre. r. Hotels, with a minimum of 100 rooms. ANALYSIS The request was reviewed by staff under the Section 31-77(g) Standards for reviewing proposed amendments to the text of the LDR of the City Code of Ordinances: 1 Underlined text indicates insertions. Stricken -through text indicates deletions. LDR2603-0001 Page 3 of 3 (1) The proposed amendment is legally required. The proposed amendment is legally required to implement the requested revision to the Land Development Regulations (LDRs). (2) The proposed amendment is consistent with the goals and objectives of the Comprehensive Plan. The proposed amendment is consistent with the goals and objectives of the Comprehensive Plan which established the Town Center land use category as a hub for future urban development in Aventura. (3) The proposed amendment is consistent with the authority and purpose of the LDR. The proposed amendment is consistent with the authority and purpose of the Land Development Regulations. The purpose of the LDRs is to implement further the Comprehensive Plan of the City by establishing regulations, procedures and standards for review and approval of all development and uses in the City. (4) The proposed amendment furthers the orderly development of the City. The proposed amendment furthers the orderly development of the City as per details provided on Paragraph 3 above. (5) The proposed amendment improves the administration or execution of the development process. The proposed amendment improves the administration or execution of the development process as it provides a process and regulations to implement for approvals of developments in the Town Center Zoning Districts. CITY OF AVENTURA ORDINANCE NO. 2026- AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING CHAPTER 31, "LAND DEVELOPMENT REGULATIONS" OF THE CITY CODE OF ORDINANCES BY AMENDING SECTION 31-145(B), "TOWN CENTER (TC1) DISTRICT", SUBSECTION (3), "CONDITIONAL USES PERMITTED", TO ALLOW "HOTELS" IN MIXED -USE STRUCTURES WITHIN THE DISTRICT; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission of the City of Aventura, Florida (the "City"), finds it periodically necessary to amend its Code of Ordinances (the "City Code") in order to update regulations and procedures to implement municipal goals and objectives; and WHEREAS, the Applicant, Brian S. Adler, Esq., of Bilzin Sumberg, on behalf of the Aventura 2999, LLC through Application No. LDR2603-0001 has requested from the City an amendment to Section 31-145(b) "Town Center (TC1) District", of Chapter 31, of the Land Development Regulations (`LDRs") of the City Code to allow for hotel uses as a conditional use within the district; and WHEREAS, the City Commission finds that the proposed amendment to Section 31-145 of the City Code allows for more diverse projects and uses within the district consistent with the applicable goals, objectives and policies of the City's Comprehensive Plan; and WHEREAS, the City Commission has been designated as the Local Planning Agency for the City pursuant to Section 163.3174, Florida Statutes, and as the Local Planning Agency has determined that the proposed amendment is consistent with the applicable provisions of the City Comprehensive Plan; and WHEREAS, the Local Planning Agency has reviewed the proposed amendment and has recommended approval to the City Commission; and WHEREAS, the City Commission has held the required public hearings, duly noticed in accordance with the law; and WHEREAS, the City Commission has reviewed the proposed amendment, and finds that it is in the best interest of the public to amend Section 31-145 of the LDRs as set forth in this Ordinance; and City of Aventura Ordinance No. 2026- WHEREAS, the City Commission has reviewed the action set forth in the ordinance and has determined that such action is consistent with the Comprehensive Plan. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AS FOLLOWS: Section 1. Findings. That the foregoing "Whereas" clauses are hereby ratified and incorporated as the legislative intent of this Ordinance. Section 2. City Code Amended. That Sections 31-145(b) "Town Center (TC1) District" of Article VII "Use Regulations", of Chapter 31 "Land Development Regulations" of the City Code are hereby amended to read as follows': Sec. 31-145. Town Center Zoning Districts. (b) Town Center District (TC1). The following regulations shall apply to all TC1 Districts: (3) Conditional uses permitted. The following uses may be established if first approved as a conditional use: q. For projects that provide residential units as HERO Housing, increased density above 25 units per acre up to 70 units per acre. r. Hotels, with a minimum of 100 rooms. Section 3. Severability. That the provisions of this Ordinance are declared to be severable and if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining sections, sentences, clauses, and phrases of this Ordinance but they shall remain in effect, it being the legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part. Underlined text indicates additions. Stricken- through text indicates deletions. Double underline indicates changes made between first and second reading. Page 2 of 4 City of Aventura Ordinance No. 2026- PASSED on first reading this 7t" day of April, 2026. PASSED AND ADOPTED on second reading this 5t" day of May, 2026. ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: ROBERT MEYERS CITY ATTORNEY WEISS SEROTA HELFMAN COLE + BIERMAN, P.L. HOWARD S. WEINBERG, ESQ. MAYOR Page 4 of 4 Bilzin Sumberg Brian S. Adler, Esq. Tel 305-350-2351 Fax 305-351-2206 badler@bilzin.com March 16, 2026 VIA E-MAIL Mr. Keven Klopp Community Development Director City of Aventura 19200 West Country Club Drive, 4th Floor Aventura, Florida 33180 Aventura City Center Application for Conditional Use and Site Plan Approval Property Located at 2999 NE 191 st Street, Aventura, Florida (the "Property") Dear Mr. Klopp, The undersigned represents Aventura 2999, LLC (the "Applicant"), the owner and developer of the property located at 2999 NE 191 st Street, Aventura, Florida (the "Property"). The Applicant entity is being acquired by The Apollo Companies, a South Florida -based development group with extensive experience in the development, construction, and management of high - quality residential, hospitality, office, and mixed -use projects throughout the region. The Apollo Companies was named Developer of the Year by the Latin Builders Association ("LBA") and received RED Awards for 2024 and again by the LBA in 2025. We are seeking to bring this same recognized excellence to the Aventura City Center development within the City. Please accept this letter as our formal Letter of Intent in connection with the Conditional Use Approval requests on the Property. A. The Property The Property consists of two adjacent folio numbers, Miami -Dade County Property Appraiser Folio Nos. 28-1235-014-0091 and 28-2203-021-0020 and contains approximately 4.285 net acres. The property is located east of Biscayne Boulevard, along NE 191" Street and NE 291 Avenue, immediately west of and abutting the City of Aventura Government Center/City Hall. The Property houses a ten story, approximately 121,000 square foot office building the centers on the property but otherwise defines the property with large open parking fields. The rear of the Property enjoys high visibility along the well -travelled William Lehman Causeway where it currently is mostly an isolated building as reflected below. MIAMI 13614316.3 105596/309423 Bilzin Sumberg Baena Price & Axelrod LLP 11450 Brickell Avenue, 23rd Floor, Miami, Florida 33131-3456 Tel 305.374.7580 1 Fax 305.374.7593 1 bilzin.com Mr. Keven Klopp March 16, 2026 Page 3 G Bilzin Sumberg The proposed development seeks to not only redefine the area behind the City Government Center, but to visually activate and upgrade the face of the Causeway with attractive additions to complement the existing office building. B. Land Use and Zoninjj and Current Approval: The Property is designated Town Center on the City of Aventura Comprehensive Plan Future Land Use Map and is currently zoned TC-1, or Town Center 1. Through City of Aventura Resolution 2023-67, the City granted several Conditional Use requests for a development approval consisting of 69 dwelling units per acre, for a total of 295 units including hero housing, ground floor residential units in a 26 story building with a stand alone parking structure. The existing approval has been extended and preserved, however, the Applicant is seeking to replace the existing approval with a less -intense, attractive mixed use development. The Applicant previously received Conditional Use Approval which among other requests, approved a twenty-six (26) story, 295-unit development pursuant to Resolution No. 2023-67. MIAMI 13614316.3 105596/309423 Keven Ma. March 16, 2 26 �3 Bilzin Sumberg March 16, 2026 Page 4 C. Proposed Development: As noted above, the existing development is currently preserved at 26 stories and 295 units. The Applicant seeks to replace the previously approved plans in order to further enhance the project and respond to evolving market conditions. The proposed mixed -use development seeks to lower the height from the approved twenty-six stories to a twenty-three (23) story luxury multi- family residential building containing a total of 248 (rather than the approved 295) residential units, together with approximately 10,175 square feet of ground -floor retail space designed to activate the streetscape and provide neighborhood -serving fine dining and retail opportunities. The new development also proposes to include a hotel, which are permitted in various forms in the TC- 3, TC-4 and TC-5 Town Center zoning districts, but currently not within the TC-1 zoning district. Therefore, as part of this request, the Applicant is requesting the City modify the TC-1 zoning district to allow hotels as a conditional use., as well as to lower the minimum size of one bedroom residential units from 800 square feet to 750 square feet. The residential program proposes ten (10) Hero Housing units, supporting the City of Aventura's workforce housing objectives and providing attainable housing options for essential members of the local workforce. The proposed development also features approximately 13,400 square feet of resident amenities, which are anticipated to include: • An elevated pool deck; • Fitness center; • Resident clubroom and lounge areas; • Co -working and business facilities; • Spa and wellness amenities; • Dog grooming and pet facilities; and • Electronic package lockers and service areas The proposed hotel is slated to be a separate Marriott -branded extended stay hotel consisting of approximately 153 guest rooms. The project is designed to deliver a high -quality hospitality experience that complements the surrounding mixed -use environment and supports the continued demand for an extended stay hotel for the high demand tourist designation that the City is known for, while adhering to the stay limitations imposed by Section 31-21 of the City Code. The hotel will feature its own amenities, totaling approximately 13,000 square feet, including a host of benefits including: • An elevated pool and sun deck; • Fitness center; • Rooftop lounge and lobby bar•, and • Conference room and meeting spaces These amenities are designed to enhance the overall guest experience while supporting the City's vision for a vibrant, high -quality mixed -use destination within the Town Center district. As reflected in the attached renderings, the proposed development reflects a significant visual and functional upgrade to complement the existing development on site. Carefully designed MIAMI 13614316.3 105596/309423 Mr. Keven Klopp March 16, 2026 Page 5 C� 1Bilzin Sumberg to take advantage of the site's high visibility, the proposed development features aesthetically pleasing facades not only fronting along NE 191" Street and NE 29�h Avenue, but will also upgrade and otherwise define the otherwise mostly barren strip along this stretch of the William Lehman Causeway. D. Parking and Circulation: The project includes three separate parking areas, a structured parking garage providing approximately 439 parking spaces under the residential component, 442 parking spaces below the hotel component, and 71 surface parking spaces, designed pursuant to the City's Alternative Parking Standards and reflecting a fifteen percent (15%) parking reduction consistent with the zoning analysis incorporated as part of the currently approved development. Parking will accommodate both residential, hotel and retail uses and will be integrated within the building design to minimize visual impacts while maintaining efficient vehicular circulation throughout the site. E. Community Intezration: The Applicant looks forward to working closely with the City's Community Development Department throughout the development process and remains committed to maintaining open communication with surrounding property owners and stakeholders to ensure a smooth and collaborative review process. The proposed modifications will further enhance the architectural quality and functionality of the development while continuing to support the City's planning goals for the Town Center district by providing high -quality residential housing, neighborhood -serving retail, and a vibrant pedestrian -oriented environment. F. Conclusion: Based on the foregoing, the Applicant respectfully requests the City's favorable review and approval of the proposed development, and we look forward to the redevelopment of the City being a welcome addition to this important and visible segment of the City. Thank you for your review of this request and we look forward to continuing to work collaboratively with City staff throughout the review process. Thank you in advance for your time and consideration. Very truly yours, Bilzin Sumberg Baena Price & Axelrod LLP By: Brian S. Adler, P.A., a Partner By: Brian S. Adler, President MIAMI 13614316.3 105596/309423 EXHIBIT 2 LEGAL DESCRIPTION L1Kya01 A PORTION OF TRACT II OF FIFTH ADDITION BISCAYNE YACHT AND COUNTRY CLUB, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 99, AT PAGE 20, OF THE PUBLIC RECORDS OF MIAM I - DADE COUNTY, FLORIDA, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTH WEST CORNER OF SAID TRACT II: THENCE N87"32'00"E ALONG THE NORTH LINE OF SAID TRACT II FOR 334.64 FEET TO A POINT OF CURVE; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE TO TH E LEFT HAVING A RADIUS OF 5829.58 FEET AND A CENTRAL ANGLE OF 00 " 42' 04" FOR AN ARC DISTANCE OF 71.33 FEET TO A POINT ON THE ARC OF A CURVE TO THE NORTHEAST SAID POINT BEARS S09"50'42"W FROM THE CENTER OF SAID CURVE; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT HAVIN G A RADIUS OF 1290.92 FEET AND A CENTRAL ANGLE OF 09 " 08'59" FOR AN ARC DISTANCE OF 206. 15 FEET: THENCE N83"59'09" FOR 158.32 FEET TO A POINT; THENCE S02"27'24" FOR 157.27 FEET TO A POINT; THENCE N87"32'36"E FOR 125.00 FEET TO A POINT: THENCE S02" 27'24" FOR 56.00 FEET TO A POINT ON THE SOUTH LINE OF SAID TRACT II ; THENCE S87"32'36"W ALONG THE SOUTH LINE OF SAID TRACT II FOR 22 0.73 FEET; THENCE S87"32'36"W ALONG THE SOUTH LINE OF SAID TRACT II FOR 670.25 FEET TO THE SOUTHWEST CORNER OF SAID TRACT II; THENCE NO2"58'20"W ALONG THE WEST LINE OF SAID TRACT II FOR 229.93 FEET TO THE POINT OF BEGINNING; LESS THE SOUTH 35 FEET OF THE WEST 70 FEET OF SAID TRACT II CONVEYED TO MIAMI-DADE COUNTY FOR HIGHWAY RIGHT-OF-WAY, TOGETHER WITH THE BENEFIT OF THE FOLLOWING: EASEMENT FOR THE INSTALLA TION, OPERATION, MAINTENANCE, REPAIR AND/OR REPLACEMENT OF (A) SUB- SURFACE PIPES, LINES AND CONDUITS TO PROVIDE REASONABLE QUANTITIES OF WATER, ELECTRICITY, GAS, TELEPHONE SERV ICE, STORM WATER, DRAINAGE, SEWERAGE AND SANITATION FACILITIES, AND (B) A SURFACE STORM DRAINAGE TO CARRY AWAY STORM DRAINAGE CREATED BY THAT CERTAIN NON- EXCLUSIVE MUTUAL GRANT OF EASEMENT AND SANITARY LIFT STATION AGREEMENT FILED DECEMBER 24, 1984 AT OFFICIAL RECORDS BOOK 12363, PAGE 1680, AS EXTEN DED AND MODIFIED BY THAT CERTAIN NON- EXCLUSIVE GRANT OF EASEMENT AND SANITARY LIFT STATION AGREEMENT FILED FEBRUARY 28, 1986 IN OFFICIAL RECORDS BOOK 12805, PAGE 2214, SUBJECT TO THE TERMS AND PROVISIONS THEREOF. PARCEL 2: A PARCEL OF LAND IN SECTION 3, TOWNSHIP 52 SOUTH, RANGE 42 EAST, MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF THE RIGHT-OF-WAY OF STATE ROAD 852 AS RECORDED IN OFFICIAL RECORDS BOOK 7001, AT PAGE 72 1, OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA; THENCE N87"32'00" E, 115.00 FEET TO THE POINT OF BEGINNING; THENCE NO2 " 28'00" W, 10 1.51 FEET TO AN INTERSECTION WITH A NON- TANGENTIAL CURVE, CONCAVE TO THE NORTHEAST, HAVING A TANGENT BEARING OF S66"27't6" E AND A RADIUS OF 1290.92 FEET; THENCE SOUTHEASTERLY FOR 308.64 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 13°41'55"' TO AN INTERSECTION WITH A NON -TANGENTIAL CURVE, CONCAVE TO THE NORTH, HAVING A TANGENT BEARING OF S86" 50'00" WANDA RADIUS OF 5829.58 FEET; THENCE WESTERLY FOR 71.21 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 00 " 42' 00"; THENCE S87"32'00" W, 219.64 FEET TO THE POINT OF BEGINNING �� la I _ �:• �����` F�l� , � �� � - •fit .rl.� �i�. AA. r f t z w AVENTURA _ CITY CENTER PW ." z# AVENTURA C I T Y C E N T E R HE D O OMPANIES 0 mm- W70 �Pll 1-1 PF -rr job,, a 11 m 1 -4 N L44 16J4 MR11 Tr, Ir, t I T = ale IRV "��1,I1 -- '� �l � • I 1 WT�� ftft nkI�. � � ° � ■ �; I lill Ill :u�l ', _ I , r R.. INS IIII I 4! J 1 tl i I INNI NORTHEAST ELEVATION ..... ..... ou- AVENTURA CITY CENTER AVENTURA OR , T.MqL4: HOTEL MAIN ENTRANCE -0 -1 ,. Ng �f �' ..'fir � � fi i?', i ` •. CIO okmoo k f .J ..own _ AVENTJRA CITY CENTER AV_ E_N_ TUBA r. v c E rr r E a .xoAPOLLO NOW . L dlilp POOL VIEW NAM 4 Misr ISO! AVENTURA CITY CENTER AVENTURA JOR THEAPO LLO m CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager f BY: Keven R. Klopp, Community Development Director DATE: May 1, 2026 SUBJECT: Request by Aventura 2999 LLC of Conditional Use Approvals for the Development of Aventura City Center on Property Located at 2999 NE 191 Street (CUP2604-0001) May 5, 2026 Local Planning Agency Meeting Agenda May 5, 2026 City Commission Meeting Agenda RECOMMENDATION It is recommended that the City Commission approve the requested Conditional Use application to facilitate a mixed -use development known as Aventura City Center on property located at 2999 NE 191 Street. THE REQUEST The "Applicant", Aventura 2999 LLC, is requesting Conditional Use approval pursuant to Section 31-145(b)(3)r of the City's Land Development Regulations (the "LDRs") to permit a hotel; Section 31-145(b)(3)q, to permit a residential density of 58 dwelling units per acre for projects that provide units as HERO Housing, where the maximum density allowed is 25 dwelling units per acre; Section 31-145(b)(3)e to permit a residential tower of 23 stories (266') and a hotel tower of 13 stories (157'), where the maximum height allowed is 4 stories (50'); and Section 31-145(b)(3)g to permit floor areas of 750 square feet for one bedroom units and 900 square feet for two -bedroom units where the minimum floor areas allowed are 900 square feet and 1,050 square feet for one and two bedrooms respectively; all for the property identified with folios 28-1235-014-0091 and 28-2203-021- 0020 and legally described in Exhibit "A". The applicant's Letter of Intent is attached as Exhibit "2" of this report. BACKGROUND OWNER OF PROPERTY: Aventura 2999 LLC NAME OF APPLICANT Aventura 2999 LLC LOCATION OF PROPERTY SIZE OF PROPERTY THE PROJECT 2999 NE 191 Street Aventura, FL 33180 Folios: 28-1235-014-0091 and 28-2203-021-0020 See Exhibit "3" for Location Map 4.28 acres +/- See Exhibit "A" for Legal Description The subject property consists of two (2) parcels totaling approximately 186,967 square feet (4.2859 acres) of land located on the NE intersection of NE 29 Avenue and NE 191 Street and south of William Lehman Causeway. The proposed infill development will modify the site of an existing 121,265-square-foot office building by adding a 248-unit residential building with 10,175 square feet of ground -floor retail on the west side, and a 150-room hotel with 17,509 square feet of commercial space on the east side. See Exhibit #4 for the proposed development. The request to establish a hotel in this district is contingent to the approval on second reading of a request to amend the code to permit hotels as a conditional use in TC-1. If these requests are granted, the next steps on the approval process will require the applicant to apply for Administrative Site Plan Approval (ASPA). In addition, the unusual configuration and design of this development will require signage to be approved by City Commission under the sign variance process. ANALYSIS Zoning: Subject Property Properties to the North Properties to the South Properties to the East Properties to the West Existing Land Use — Subject Property Properties to the North Properties to the South Properties to the East Properties to the West TC1 Town Center District B2 Community Business District RMF3 Multifamily Medium Density Residential CF Community Facility District TC1 Town Center District B2 Community Business District Office Building Regional Shopping Center Multifamily Residential Government Center Utilities Hotel 2 Future Land Use — Subject Property Properties to the North Properties to the South Properties to the East Properties to the West Town Center Business and Office Town Center Town Center Business and Office Access — The site is accessible via the intersection of NE 191 Street and NE 29 Avenue. Standards for Review - The following is staff's evaluation of the proposed use using the criteria for approval of conditional uses found in Section 31-73(c) of the City's Land Development Regulations. 1. The proposed use shall be consistent with the Comprehensive Plan. The proposed use is consistent with the City of Aventura Comprehensive Plan. The future land use designation for this parcel is Town Center; mixed use developments are appropriate for this land use designation and consistent with the Comprehensive Plan. 2. The establishment, maintenance or operation of the proposed use shall not be detrimental to or endanger the public health, safety or general welfare. The establishment, maintenance and operation of the proposed use will not be detrimental to or endanger the public health, safety or general welfare. 3. The proposed use shall be consistent with the community character of the immediate neighborhood of the proposed use. The proposed use is consistent with community character of the immediate neighborhood. The development is adjacent to properties with compatible uses such as residential, hotel and offices. 4. Utilities, roadway capacity, drainage and other necessary public facilities, including police, fire and emergency services shall exist at the City's adopted levels of service or will be available concurrent with demand as provided for in the requirement of these LDR's. City public facilities and services will continue to operate within the required levels of service once the development is completed. 5. Adequate measures exist or shall be taken to provide ingress and egress to the proposed use in a manner that minimizes traffic congestion in the public streets. The Applicant has taken adequate measures to provide ingress and egress to the development in a manner that minimizes traffic congestion in the public streets. 3 Proposed measures include additional signage and markings intended to improve traffic along the intersecting roads. 6. The establishment of the conditional use shall not impede the development of surrounding properties for uses permitted in the zoning district. The conditional use will not have any detrimental effect on the ability of surrounding properties to develop with uses permitted in their zoning districts. 7. The design of the proposed use shall minimize adverse effects, including visual impacts of the proposed use on adjacent property through the use of building orientation, setbacks, buffers, landscaping and other design criteria. The proposed use extends the visual character of the adjacent developments along the causeway and introduces a pedestrian -friendly, human -scale retail environment at the ground level, consistent with the intent of town center developments. Public Hearing Notice - Notice of this public hearing has been published, posted and mailed in accordance with Section 31-71(e) of the City Code. RECOMMENDED CONDITIONS OF APPROVAL: 1. Building permits must be consistent with drawings signed and sealed on April 15, 2026, and attached in Exhibit #4, unless otherwise subsequently amended by an administrative site plan approval. The referenced plans are being reviewed under Administrative Site Plan Approval regulations, the TC-1 zoning district regulations, and all other applicable regulations as provided within the City of Aventura Land Development Regulations. 2. Ten (10) Hero Housing units, physical details of which are to be finalized prior to site plan approval, and administration of which shall proceed pursuant to a HERO Housing Agreement that shall be executed prior to first permit issuance. An administrative fee of $1,000 per HERO Housing Unit proffered with the request for conditional use approval — in this case $10,000 — shall be paid prior to site plan approval. 3. Prior to receiving permits for any permanent structure, obtain Miami -Dade County Schools' issuance of a finding that School Concurrency has been met and pay applicable School Impact Fees. 4. A contribution of $1,200,000 to be used by the City to offset the impacts of the development shall be provided in accordance with the following schedule: $300,000 shall be paid at the time of issuance of the building permit for the multifamily building, $300,000 shall be paid at the time of issuance of the building 4 permit for the hotel building, and $600,000 shall be paid at the time of issuance of the first Certificate of Occupancy, temporary or otherwise, for the first building completed within the development. 5. Transportation Demand Management: A shuttle to and from the Brightline Station shall be established and maintained by the Development. Shuttle shall be operational no later than 1 month after full certificate of occupancy issuance for whichever building is completed first. 6. Non -vehicular Multi -use Path: Applicant shall fund the design and construction of a non -vehicular multi -use path from ICON to West Country Club Drive within the southernmost portion of the FDOT right-of-way along Lehman Causeway, including the required barriers from the Lehman Causeway and the Aventura Government Center. 7. Tree Preservation: Minimize the number of trees to be removed from the site or find in -city location for transplants. 8. The preceding conditions are in addition to and not in lieu of impact fees 5 EXHIBIT "A" LEGAL DESCRIPTION L1Kya01 A PORTION OF TRACT II OF FIFTH ADDITION BISCAYNE YACHT AND COUNTRY CLUB, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 99, AT PAGE 20, OF THE PUBLIC RECORDS OF MIAM I - DADE COUNTY, FLORIDA, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTH WEST CORNER OF SAID TRACT II: THENCE N87"32'00"E ALONG THE NORTH LINE OF SAID TRACT II FOR 334.64 FEET TO A POINT OF CURVE; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE TO TH E LEFT HAVING A RADIUS OF 5829.58 FEET AND A CENTRAL ANGLE OF 00 " 42' 04" FOR AN ARC DISTANCE OF 71.33 FEET TO A POINT ON THE ARC OF A CURVE TO THE NORTHEAST SAID POINT BEARS S09"50'42"W FROM THE CENTER OF SAID CURVE; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT HAVIN G A RADIUS OF 1290.92 FEET AND A CENTRAL ANGLE OF 09 " 08'59" FOR AN ARC DISTANCE OF 206. 15 FEET: THENCE N83"59'09" FOR 158.32 FEET TO A POINT; THENCE S02"27'24" FOR 157.27 FEET TO A POINT; THENCE N87"32'36"E FOR 125.00 FEET TO A POINT: THENCE S02" 27'24" FOR 56.00 FEET TO A POINT ON THE SOUTH LINE OF SAID TRACT II ; THENCE S87"32'36"W ALONG THE SOUTH LINE OF SAID TRACT II FOR 22 0.73 FEET; THENCE S87"32'36"W ALONG THE SOUTH LINE OF SAID TRACT II FOR 670.25 FEET TO THE SOUTHWEST CORNER OF SAID TRACT II; THENCE NO2"58'20"W ALONG THE WEST LINE OF SAID TRACT II FOR 229.93 FEET TO THE POINT OF BEGINNING; LESS THE SOUTH 35 FEET OF THE WEST 70 FEET OF SAID TRACT II CONVEYED TO MIAMI-DADE COUNTY FOR HIGHWAY RIGHT-OF-WAY, TOGETHER WITH THE BENEFIT OF THE FOLLOWING: EASEMENT FOR THE INSTALLA TION, OPERATION, MAINTENANCE, REPAIR AND/OR REPLACEMENT OF (A) SUB- SURFACE PIPES, LINES AND CONDUITS TO PROVIDE REASONABLE QUANTITIES OF WATER, ELECTRICITY, GAS, TELEPHONE SERV ICE, STORM WATER, DRAINAGE, SEWERAGE AND SANITATION FACILITIES, AND (B) A SURFACE STORM DRAINAGE TO CARRY AWAY STORM DRAINAGE CREATED BY THAT CERTAIN NON- EXCLUSIVE MUTUAL GRANT OF EASEMENT AND SANITARY LIFT STATION AGREEMENT FILED DECEMBER 24, 1984 AT OFFICIAL RECORDS BOOK 12363, PAGE 1680, AS EXTEN DED AND MODIFIED BY THAT CERTAIN NON- EXCLUSIVE GRANT OF EASEMENT AND SANITARY LIFT STATION AGREEMENT FILED FEBRUARY 28, 1986 IN OFFICIAL RECORDS BOOK 12805, PAGE 2214, SUBJECT TO THE TERMS AND PROVISIONS THEREOF. PARCEL 2: A PARCEL OF LAND IN SECTION 3, TOWNSHIP 52 SOUTH, RANGE 42 EAST, MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF THE RIGHT-OF-WAY OF STATE ROAD 852 AS RECORDED IN OFFICIAL RECORDS BOOK 7001, AT PAGE 72 1, OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA; THENCE N87"32'00" E, 115.00 FEET TO THE POINT OF BEGINNING; THENCE NO2 " 28'00" W, 10 1.51 FEET TO AN INTERSECTION WITH A NON- TANGENTIAL CURVE, CONCAVE TO THE NORTHEAST, HAVING A TANGENT BEARING OF S66"27't6" E AND A RADIUS OF 1290.92 FEET; THENCE SOUTHEASTERLY FOR 308.64 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 13°41'55"' TO AN INTERSECTION WITH A NON -TANGENTIAL CURVE, CONCAVE TO THE NORTH, HAVING A TANGENT BEARING OF S86" 50'00" WANDA RADIUS OF 5829.58 FEET; THENCE WESTERLY FOR 71.21 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 00 " 42' 00"; THENCE S87"32'00" W, 219.64 FEET TO THE POINT OF BEGINNING EXHIBIT "2" VIA E-MAIL Mr. Keven Klopp Community Development Director City of Aventura 19200 West Country Club Drive, 4th Floor Aventura, Florida 33180 C> Bilzin Sumberg Brian S. Adler, Esq. Tel 305-350-2351 Fax 305-351-2206 badler@bilzin.com April 14, 2026 Aventura City Center Application for Conditional Use Property Located at 2999 NE 191 st Street, Aventura, Florida (the "Property") Dear Mr. Klopp: LETTER OF INTENT The undersigned represents Aventura 2999, LLC (the "Applicant"), the owner and developer of the property located at 2999 NE 191 st Street, Aventura, Florida (the "Property"). The Applicant entity is being acquired by The Apollo Companies, a South Florida -based development group with extensive experience in the development, construction, and management of high - quality residential, hospitality, office, and mixed -use projects throughout the region. The Apollo Companies was named Developer of the Year by the Latin Builders Association ("LBA") and received RED Awards for 2024 and again by the LBA in 2025. We are seeking to bring this same recognized excellence to the Aventura City Center development within the City. Please accept this letter as our formal Letter of Intent in connection with the Conditional Use Approval requests on the Property. A. The Property The Property consists of two adjacent folio numbers, Miami -Dade County Property Appraiser Folio Nos. 28-1235-014-0091 and 28-2203-021-0020 and contains approximately 4.285 net acres. The property is located east of Biscayne Boulevard, along NE 191St Street and NE 20 MIAMI 13701323.2 105596/309423 Bilzin Sumberg Baena Price & Axelrod LLP 11450 Brickell Avenue, 23rd Floor, Miami, Florida 33131-3456 Tel 305.374.7580 1 Fax 305.374.7593 1 bilzin.com Mr. Keven Klopp April 14, 2026 Page 3 C-1` Bilzin Sumberg Avenue, immediately west of and abutting the City of Aventura Government Center/City Hall. The Property houses a ten story, approximately 121,000 square foot office building the centers on the property but otherwise defines the property with large open parking fields. The rear of the Property enjoys high visibility along the well -travelled William Lehman Causeway where it currently is mostly an isolated building as reflected below. The proposed development seeks to not only redefine the area behind the City Government Center, but to visually activate and upgrade the face of the Causeway with attractive additions to complement the existing office building. B. Land Use and Zoning and Current Approval: The Property is designated Town Center on the City of Aventura Comprehensive Plan Future Land Use Map and is currently zoned TC-1, or Town Center 1. Through City of Aventura Resolution 2023-67, the City granted several Conditional Use requests for a development approval consisting of 69 dwelling units per acre, for a total of 295 MIAMI 13701323.2 105596/309423 Mr. Keven Klopp April 14, 2026 Page 4 C> Bilzin Sumberg units including hero housing, ground floor residential units in a 26-story building with a standalone parking structure. The existing approval has been extended and preserved, however, the Applicant is seeking to replace the existing approval with a less -intense, attractive mixed -use development. The Applicant previously received Conditional Use Approval which among other requests, approved a twenty-six (26) story, 295-unit development pursuant to Resolution No. 2023-67. C. Proposed Development: As noted above, the existing development is currently preserved at 26 stories and 295 units. The Applicant seeks to replace the previously approved plans in order to further enhance the proposed development and respond to evolving market conditions. The proposed mixed -use development seeks to lower the height from the approved twenty-six stories to a twenty-three (23) story luxury multi -family residential building containing a total of 248 (rather than the approved 295) residential units, together with approximately 10,175 square feet of ground -floor retail space designed to activate the streetscape and provide neighborhood -serving fine dining and retail opportunities. The new development also proposes to include a hotel, which is permitted in various forms in the TC-3, TC-4 and TC-5 Town Center zoning districts, but currently not within the TC- 1 zoning district. Therefore, as part of this request, the Applicant is simultaneously seeking an amendment to the City Code to modify the TC-1 zoning district to allow hotels as a conditional use in the TC-1 district. As part of this request, the Applicant is seeking conditional use approval pursuant to City Code Section 31-145(b)(3)(g), to allow one -bedroom residential units at a minimum of 750 square feet rather than 800 square feet, and two -bedroom residential units at a minimum of 900 square feet rather than 1,050 square feet. The residential program proposes ten (10) Hero Housing units, supporting the City of Aventura's workforce housing objectives and providing attainable housing options for essential members of the local workforce. The proposed development also features approximately 13,400 square feet of resident amenities, which are anticipated to include: • An elevated pool deck; • Fitness center; • Resident clubroom and lounge areas; • Co -working and business facilities; • Spa and wellness amenities; • Dog grooming and pet facilities; and • Electronic package lockers and service areas The proposed hotel is slated to be a separate Marriott -branded extended stay hotel consisting of approximately 153 guest rooms. The project is designed to deliver a high -quality hospitality experience that complements the surrounding mixed -use environment and supports the continued demand for an extended stay hotel for the high demand tourist designation that the City is known for, while adhering to the stay limitations imposed by Section 31-21 of the City Code. The hotel will feature its own amenities, totaling approximately 13,000 square feet, MIAMI 13701323.2 105596/309423 Mr. Keven Klopp April 14, 2026 Page 5 including a host of benefits including: • An elevated pool and sun deck; • Fitness center; • Rooftop lounge and lobby bar; and • Conference room and meeting spaces CJ Bilzin Sumberg These amenities are designed to enhance the overall guest experience while supporting the City's vision for a vibrant, high -quality mixed -use destination within the Town Center district. As reflected in the attached renderings, the proposed development reflects a significant visual and functional upgrade to complement the existing development on site. Carefully designed to take advantage of the site's high visibility, the proposed development features aesthetically pleasing facades not only fronting along NE 191" Street and NE 29 h Avenue, but will also upgrade and otherwise define the otherwise mostly barren strip along this stretch of the William Lehman Causeway. D. Parking and Circulation: The project includes three separate parking areas, a structured parking garage providing approximately 422 parking spaces under the residential component, 420 parking spaces below the hotel component, and 111 surface parking spaces, designed pursuant to the City's Alternative Parking Standards. Under the City's general standards, 1,105 parking spaces would be required to effectuate the development. The Applicant, however, through incorporating the City's alternative parking standards into the development, is permitted a fifteen percent (15%) parking reduction consistent with the zoning analysis incorporated as part of the currently approved development. Therefore, a total of 939 parking spaces are required to service the development. The Applicant is exceeding this amount by 14 spaces for a total of 953 parking spaces. Parking will accommodate both residential, hotel, and retail uses and will be integrated within the building design to minimize visual impacts while maintaining efficient vehicular circulation throughout the site. E. Community Integration: The Applicant looks forward to working closely with the City's Community Development Department throughout the development process and remains committed to maintaining open communication with surrounding property owners and stakeholders to ensure a smooth and collaborative review process. The proposed modifications will further enhance the architectural quality and functionality of the development while continuing to support the City's planning goals for the Town Center district by providing high -quality residential housing, neighborhood -serving retail, and a vibrant pedestrian -oriented environment. F. Conclusion: Based on the foregoing, the Applicant respectfully requests the City's favorable review and approval of the conditional uses. Thank you for your review of this request and we look forward to continuing to work MIAMI 13701323.2 105596/309423 Mr. Keven Klopp April 14, 2026 Page 6 C�O Bilzin Sumberg collaboratively with City staff throughout the review process. Thank you in advance for your time and consideration. Very truly yours, By: Brian S. Adler MIAMI 13 7013 23.2 105 5 96/3 09423 EL- LOCATION MAP � a_�❑ z 1�❑ EIR o � 1 c nNE 203RD S1 ���� �-r fr r•r li r'i'rti `1 1 . 1 1 1 1 1 1 1 O O a, 1 ❑ 1 z 1 NE 207TH ST 1 u al -III U ❑ � � EZPg4v® z PJ�N v -i r 0 D. A L❑� CSC N ICII 1 2999-NEJL- �191� =[❑LjuN,E Us' , - rcr CL06-DR y AJ��O �GGO J0 r--L-jI"L __i ® 28-1235-014-0091 & 28-2203-021-0020 Aventura Municipal Boundary EXHIBIT #: 3 DATE: 03/03/2026 DA ITEM(S): City File No.: CUP2604-0001 kv74 41qM E A �HMANCSWY -----�--- � N. � =299 NE 1:ST 11 E19-$T NE 190TH ST "lam d �I �C NE 188TH ST NE 37 Sr NE 185TH ST AVE ■ 0 250 500 1,000 Feet I I I I I I I 2A 0 0.25 0.5 1 Miles N I I I I I I I I r AVENTURA CITY CENTER EXHIBIT 4 INDEX A-000 COVER SHEET A-001 ZONING DATA A-101 SITE PLAN A-102 CONTEXT PHOTOS A-103 SOLAR STUDY A-104 SITE CONTEXT A-105 FAR DIAGRAM A-106 URBAN CONNECTION A-107 OPEN SPACE DIAGRAM A-108 LOT COVERAGE DIAGRAM A-200 GROUND FLOOR PLAN A-201 2ND FLOOR- HOTEL A-202 TYP. PARKING LEVEL(3RD-8TH) A-203 AMENITIES FLOOR PLAN (9TH) A-204 UNITS FLOOR PLAN (10TH -22RD) A-300 SOUTH ELEVATION A-301 WEST ELEVATION A-302 NORTH ELEVATION A-303 EAST ELEVATION A-400 SITE PLAN DETAILS A-500 RENDERINGS A-501 RENDERINGS A-502 RENDERINGS A-503 SW STREET VIEW A-600 SW VIEW A-601 NW VIEW A-602 NE VIEW A-603 SE VIEW A-604 SW VIEW A-700 MULIFAMILY SIGNAGE PLAN A-701 MULIFAMILY SIGNAGE PLAN VIEWS A-702 MULIFAMILY SIGNAGE PLAN VIEWS A-703 MULIFAMILY SIGNAGE PLAN VIEWS A305 0 Fto-:, iN.— NIDIA AVENTURACITY CENTERC/�YM/�RES M/�RTIN.a CARDCARDONAi 5001 SW 74th Ct R 100, Miami. FL 33155 �m�i G?contacto@caymoresmartin.com sY2999 NE 191st St, Miami, FL 33180 669 5040 /FRED ARC'' zsi.oe oa oo J SHEETA-000 CITYOF AVENTURA RESOLUTION NO. 2026- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, GRANTING CONDITIONAL USE APPROVAL, PURSUANT TO SECTION 31-145(B)3 OF THE CITY CODE OF ORDINANCES, (1) TO PERMIT A HOTEL; (2) TO PERMIT DENSITY OF 58 DWELLING UNITS PER ACRE FOR A PROJECT PROVIDING HERO HOUSING, WHERE THE CITY CODE PERMITS 25; (3) TO PERMIT HEIGHTS UP TO 23 STORIES (266') FOR A RESIDENTIAL TOWER AND 13 STORIES (157') FOR A HOTEL, WHERE THE CITY CODE PERMITS FOUR (4) STORIES (50'); AND (4) TO PERMIT MINIMUM FLOOR AREAS OF 750 SQUARE FEET FOR ONE -BEDROOM UNITS AND 900 SQUARE FEET FOR TWO -BEDROOM UNITS, WHERE THE MINIMUM REQUIREMENT IS 900 SQUARE FEET AND 1,050 SQUARE FEET FOR ONE AND TWO BEDROOMS RESPECTIVELY; FOR THE PROPERTY LOCATED AT 2999 NE 199 STREET; PROVIDING FOR CONDITIONS OF APPROVAL; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, pursuant to Chapter 31, "Land Development Regulation", Article VII, Use Regulation, Section 31-145(b) "Town Center District (TC1)" of the City Code of Ordinances, the applicant, Aventura 2999 LLC ("Applicant"), has applied to the City of Aventura (the "City") for Conditional Use approval (Application No. CUP2604-0001) related to the development of a mixed use project (the "Development") located at 2999 NE 191 Street, in the TC1 District, as legally described in Exhibit "A" (the "Property"); and WHEREAS, pursuant to City Code Section 31-145(b)(3)r, the Applicant has requested Conditional Use Approval to permit a hotel; and WHEREAS, pursuant to City Code Section 31-145(b)(3)q, the Applicant has requested Conditional Use Approval to permit a density of 58 dwelling units per acre for a project providing Hero Housing, where the City Code permits 25; and WHEREAS, pursuant to City Code Section 31-145(b)(3)e, the applicant has requested Conditional Use Approval to permit heights up to 23 stories (266') on a residential tower and up to 13 stories (157') on a hotel tower, where the City Code permits 4 stories (50'); and WHEREAS, pursuant to City Code Section 31-145(b)(3)g, the Applicant has requested Conditional Use Approval to allow floor areas of 750 square feet for one - bedroom units and 900 square feet for two -bedroom units, where City Code requires minimum floor areas of 900 square feet and 1,050 square feet respectively; and WHEREAS, following proper notice, the City Commission has held a public hearing as provided by law; and City of Aventura Resolution No. 2026- WHEREAS, the City Commission finds that the Application meets the criteria of the applicable codes and ordinances, to the extent the Application is granted herein, and it is in the best interest of the City to grant the request for Conditional Use Approval. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, THAT: Section 1. The foregoing " WHEREAS" clauses are ratified and confirmed as being true and correct and are made a specific part of this Resolution. Section 2. The application for Conditional Use: (1) to permit a hotel; (2) to permit densities of 58 dwelling units per acre for a project providing Hero Housing, where the City Code permits 25; (3) to permit heights up to 23 stories (266') on a residential tower and up to 13 stories (157') on a hotel tower, where the City Code permit 4 stories (50'), and (4) to permit floor areas of 750 square feet for one -bedroom units and 900 square feet for two -bedroom units, where City Code requires minimum floor areas of 900 square feet and 1,050 square feet respectively for the Property, is hereby granted, subject to the conditions set out in Section 3 of this Resolution. Section 3. Approval of the application above is subject to the following conditions: 1. Building permits must be consistent with drawings signed and sealed on April 15, 2026, and attached in Exhibit #4, unless otherwise subsequently amended by an administrative site plan approval. The referenced plans are being reviewed under Administrative Site Plan Approval regulations, the TC-1 zoning district regulations, and all other applicable regulations as provided within the City of Aventura Land Development Regulations. 2. Ten (10) Hero Housing units, physical details of which are to be finalized prior to site plan approval, and administration of which shall proceed pursuant to a HERO Housing Agreement that shall be executed prior to first permit issuance. An administrative fee of $1,000 per HERO Housing Unit proffered with the request for conditional use approval — in this case $10,000 — shall be paid prior to site plan approval. 3. Prior to receiving permits for any permanent structure, obtain Miami -Dade County Schools' issuance of a finding that School Concurrency has been met and pay applicable School Impact Fees. Page 2 of 4 City of Aventura Resolution No. 2026- 4. A contribution of $1,200,000 to be used by the City to offset the impacts of the development shall be provided in accordance with the following schedule: $300,000 shall be paid at the time of issuance of the building permit for the multifamily building, $300,000 shall be paid at the time of issuance of the building permit for the hotel building, and $600,000 shall be paid at the time of issuance of the first Certificate of Occupancy, temporary or otherwise, for the first building completed within the development. 5. Transportation Demand Management: A shuttle to and from the Brightline Station shall be established and maintained by the Development. Shuttle shall be operational no later than 1 month after full certificate of occupancy issuance for whichever building is completed first. 6. Non -vehicular Multi -use Path: Applicant shall fund the design and construction of a non -vehicular multi -use path from ICON to West Country Club Drive within the southernmost portion of the FDOT right-of-way along Lehman Causeway, including the required barriers from the Lehman Causeway and the Aventura Government Center. 7. Tree Preservation: Minimize the number of trees to be removed from the site or find in -city location for transplants. 8. The preceding conditions are in addition to and not in lieu of impact fees. Section 4. The City Manager is authorized to issue permits in accordance with the approvals and conditions herein provided and to indicate such approvals and conditions upon the records of the City. Section 5. Issuance of this development order by the City of Aventura does not in any way create any right on the part of an applicant to obtain a permit from a state or federal agency and does not create any liability on the part of the City of Aventura for issuance of the development order if the applicant fails to obtain requisite approvals or fulfill the obligations imposed by a state or federal agency or undertakes actions that result in a violation of state or federal law. All applicable state and federal permits must be obtained before commencement of the development. This condition is included pursuant to Section 166.033, Florida Statutes, as amended. Section 6. This Resolution shall become effective immediately upon its adoption. Page 3 of 4 City of Aventura Resolution No. 2026- The foregoing Resolution was offered by Commissioner , who moved its adoption. The motion was seconded by Commissioner , and upon being put to a vote, the vote was as follows: Commissioner Clifford B Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland Commissioner Paul A. Kruss Commissioner Cindy Orlinsky Mayor Howard S. Weinberg PASSED AND ADOPTED this 5t" day of May, 2026. HOWARD S. WEINBERG, ESQ. MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: ROBERT MEYERS CITY ATTORNEY WEISS SEROTA HELFMAN COLE + BIERMAN, P.L. Page 4 of 4 EXHIBIT "A" LEGAL DESCRIPTION L1Kya01 A PORTION OF TRACT II OF FIFTH ADDITION BISCAYNE YACHT AND COUNTRY CLUB, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 99, AT PAGE 20, OF THE PUBLIC RECORDS OF MIAM I - DADE COUNTY, FLORIDA, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTH WEST CORNER OF SAID TRACT II: THENCE N87"32'00"E ALONG THE NORTH LINE OF SAID TRACT II FOR 334.64 FEET TO A POINT OF CURVE; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE TO TH E LEFT HAVING A RADIUS OF 5829.58 FEET AND A CENTRAL ANGLE OF 00 " 42' 04" FOR AN ARC DISTANCE OF 71.33 FEET TO A POINT ON THE ARC OF A CURVE TO THE NORTHEAST SAID POINT BEARS S09"50'42"W FROM THE CENTER OF SAID CURVE; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT HAVIN G A RADIUS OF 1290.92 FEET AND A CENTRAL ANGLE OF 09 " 08'59" FOR AN ARC DISTANCE OF 206. 15 FEET: THENCE N83"59'09" FOR 158.32 FEET TO A POINT; THENCE S02"27'24" FOR 157.27 FEET TO A POINT; THENCE N87"32'36"E FOR 125.00 FEET TO A POINT: THENCE S02" 27'24" FOR 56.00 FEET TO A POINT ON THE SOUTH LINE OF SAID TRACT II ; THENCE S87"32'36"W ALONG THE SOUTH LINE OF SAID TRACT II FOR 22 0.73 FEET; THENCE S87"32'36"W ALONG THE SOUTH LINE OF SAID TRACT II FOR 670.25 FEET TO THE SOUTHWEST CORNER OF SAID TRACT II; THENCE NO2"58'20"W ALONG THE WEST LINE OF SAID TRACT II FOR 229.93 FEET TO THE POINT OF BEGINNING; LESS THE SOUTH 35 FEET OF THE WEST 70 FEET OF SAID TRACT II CONVEYED TO MIAMI-DADE COUNTY FOR HIGHWAY RIGHT-OF-WAY, TOGETHER WITH THE BENEFIT OF THE FOLLOWING: EASEMENT FOR THE INSTALLA TION, OPERATION, MAINTENANCE, REPAIR AND/OR REPLACEMENT OF (A) SUB- SURFACE PIPES, LINES AND CONDUITS TO PROVIDE REASONABLE QUANTITIES OF WATER, ELECTRICITY, GAS, TELEPHONE SERV ICE, STORM WATER, DRAINAGE, SEWERAGE AND SANITATION FACILITIES, AND (B) A SURFACE STORM DRAINAGE TO CARRY AWAY STORM DRAINAGE CREATED BY THAT CERTAIN NON- EXCLUSIVE MUTUAL GRANT OF EASEMENT AND SANITARY LIFT STATION AGREEMENT FILED DECEMBER 24, 1984 AT OFFICIAL RECORDS BOOK 12363, PAGE 1680, AS EXTEN DED AND MODIFIED BY THAT CERTAIN NON- EXCLUSIVE GRANT OF EASEMENT AND SANITARY LIFT STATION AGREEMENT FILED FEBRUARY 28, 1986 IN OFFICIAL RECORDS BOOK 12805, PAGE 2214, SUBJECT TO THE TERMS AND PROVISIONS THEREOF. PARCEL 2: A PARCEL OF LAND IN SECTION 3, TOWNSHIP 52 SOUTH, RANGE 42 EAST, MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF THE RIGHT-OF-WAY OF STATE ROAD 852 AS RECORDED IN OFFICIAL RECORDS BOOK 7001, AT PAGE 72 1, OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA; THENCE N87"32'00" E, 115.00 FEET TO THE POINT OF BEGINNING; THENCE NO2 " 28'00" W, 10 1.51 FEET TO AN INTERSECTION WITH A NON- TANGENTIAL CURVE, CONCAVE TO THE NORTHEAST, HAVING A TANGENT BEARING OF S66"27't6" E AND A RADIUS OF 1290.92 FEET; THENCE SOUTHEASTERLY FOR 308.64 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 13°41'55"' TO AN INTERSECTION WITH A NON -TANGENTIAL CURVE, CONCAVE TO THE NORTH, HAVING A TANGENT BEARING OF S86" 50'00" WANDA RADIUS OF 5829.58 FEET; THENCE WESTERLY FOR 71.21 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 00 " 42' 00"; THENCE S87"32'00" W, 219.64 FEET TO THE POINT OF BEGINNING r AVENTURA CITY CENTER EXHIBIT 4 INDEX A-000 COVER SHEET A-001 ZONING DATA A-101 SITE PLAN A-102 CONTEXT PHOTOS A-103 SOLAR STUDY A-104 SITE CONTEXT A-105 FAR DIAGRAM A-106 URBAN CONNECTION A-107 OPEN SPACE DIAGRAM A-108 LOT COVERAGE DIAGRAM A-200 GROUND FLOOR PLAN A-201 2ND FLOOR- HOTEL A-202 TYP. PARKING LEVEL(3RD-8TH) A-203 AMENITIES FLOOR PLAN (9TH) A-204 UNITS FLOOR PLAN (10TH -22RD) A-300 SOUTH ELEVATION A-301 WEST ELEVATION A-302 NORTH ELEVATION A-303 EAST ELEVATION A-400 SITE PLAN DETAILS A-500 RENDERINGS A-501 RENDERINGS A-502 RENDERINGS A-503 SW STREET VIEW A-600 SW VIEW A-601 NW VIEW A-602 NE VIEW A-603 SE VIEW A-604 SW VIEW A-700 MULIFAMILY SIGNAGE PLAN A-701 MULIFAMILY SIGNAGE PLAN VIEWS A-702 MULIFAMILY SIGNAGE PLAN VIEWS A-703 MULIFAMILY SIGNAGE PLAN VIEWS A305 0 Fto-:, iN.— NIDIA AVENTURACITY CENTERC/�YM/�RES M/�RTIN.a CARDCARDONAi 5001 SW 74th Ct R 100, Miami. FL 33155 �m�i G?contacto@caymoresmartin.com sY2999 NE 191st St, Miami, FL 33180 669 5040 /FRED ARC'' zsi.oe oa oo J SHEETA-000 CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission 1 ; FROM: Bryan Pegues, City Manager BY: Keven R. Klopp, Community Development Director DATE: May 1, 2026 SUBJECT: Request by Medical Offices of Uptown Aventura LLC for Variances to Develop a Medical Office Building on Property Located at 21291 NE 28 Avenue (VAR2604-0001) May 5, 2026 Local Planning Agency Meeting Agenda May 5, 2026 City Commission Meeting Agenda RECOMMENDATION It is recommended that the City Commission approve the requested variances to facilitate the development of a medical office building on property located at 21291 NE 28 Avenue. THE REQUEST The "Applicant", Medical Offices of Uptown Aventura LLC, is requesting a variance from the City's Land Development Regulations (the "LDRs") Section 31-171(b)(8) to permit 356 parking spaces where 448 parking spaces are required; Section 31-144(f)(4)(d)3 to permit a minimum landscaped open space of 24.5% where 33% is required, and a lot coverage of 55.24% where a maximum of 40% is permitted, for the property identified with folio 28- 1234-001-0220, legally described in Exhibit "A". The applicant's Letter of Intent is attached as Exhibit "1". Section 31-171(b) of the LDRs establishes the off-street parking requirements for each use and occupancy. Under subsection (8), medical office buildings must provide one parking space per 300 square feet of gross floor area. Subsection (10) requires coffee shops to provide one space per 200 square feet of gross floor area, and subsection (11) requires retail stores to provide one space per 250 square feet of gross floor area. The project includes 120,649 square feet of office space, 11,047 square feet of retail space, and a 361-square-foot coffee shop, resulting in a total requirement of 448 parking spaces. The Applicant is requesting a variance to calculate parking based on net floor area, excluding accessory areas from the office square footage. Using the proposed 93,136 square feet of net office area, the office parking requirement would be reduced from 402 spaces to 310, lowering the overall parking requirement to 356 spaces. The property is zoned MO, Medical Office District; in this district, minimum landscaped open space requirements are 33% of the total lot area. Based on this parameter, the project should provide 23,449 square feet of landscaped open space. The project is proposing approximately 17,400 square feet (24.5%) of open space, including pervious walkways. The MO district permits a maximum lot coverage of 40%, equal to 28,423 square feet. Under the City's Green Building Program, the LDRs allow Conditional Use approval for additional lot coverage if the project achieves a gold or platinum certification and provides a green roof equivalent to the area of the requested increase. The project was previously approved for 55.24 % lot coverage, equivalent to 39,250 square feet, under Resolution 2015-69 through this program. The building is set to achieve Green Building certification; however, because the new proposal does not include a green roof, a variance is now requested. In addition, the City Code establishes open space and lot coverage requirements based on the gross lot area. This property, originally 1.63 gross acres, will be reduced to 1.36 acres after road dedications for public use facilities. BACKGROUND OWNER OF PROPERTY: RL Aventura Mob LLC NAME OF APPLICANT Medical Offices of Uptown Aventura LLC LOCATION OF PROPERTY 21291 NE 28 Avenue Aventura, FL 33180 Folio: 28-1234-001-0220 See exhibit #2 for Location Map SIZE OF PROPERTY 1.63 gross acres +/- (+/- 1.36 net acre) See exhibit #A for Legal Description ANALYSIS Zoning: Subject Property MO Medical Office District Properties to the North MO Medical Office District Properties to the South MO Medical Office District Properties to the East MO Medical Office District Properties to the West MO Medical Office District 2 Existing Land Use — Subject Property Properties to the North Properties to the South Properties to the East Properties to the West Future Land Use — Subject Property Properties to the North Properties to the South Properties to the East Properties to the West Vacant Medical Offices - Hotel Self -storage Facilities Self -storage Facilities Assisted Living Facilities Business and Office Business and Office Business and Office Business and Office Business and Office The Site - The site consists of a 71,177-square-foot (1.63-acre) parcel located on the southeast corner of NE 213 Street and NE 27 Avenue. The south and east boundaries of the property are bordering land developed with self -storage facilities. The Project — The project proposes a 7-story building featuring more than 11,000 square feet of ground -floor retail, a parking garage with 356 spaces on levels two through four, and 93,136 square feet of office space on levels five through seven. ANALYSIS Consistency with Comprehensive Master Plan — The request will be consistent with the City of Aventura Comprehensive Plan since medical offices and retail are allowed uses within the Business and Office land use category. Citizen Comments — Notices were mailed and the property was posted as required by City Code. The Community Development Department has received no written citizen comments to date. Criteria The guidelines for approval of variances as required by Section 31-76(e) of the City' s Land Development Regulation state: Standards of review. A variance shall be granted only where competent and substantial evidence presented in the particular case shows that all of the following are met: (1) The particular physical surroundings, shape, topographical condition, or other physical or environmental condition of the specific property involved would result in a particular hardship upon the owner, as distinguished from a mere inconvenience, if the regulations were carried out literally. 3 The Applicant is dedicating portions, specifically on the north and west sides, of the Property to the City. Because of these dedications, the Property area and development footprint will be smaller than what was originally contemplated. Additionally, the Property is more narrow than other parcels in the general vicinity. (2) The conditions upon which the request for a variance is based are unique to the parcel and would not be generally applicable to other property within the vicinity. As above, the Applicant's Property is the narrowest parcel in the surrounding area that is contemplated for medical office use. As such, the variances would not be generally applicable to other property within the vicinity. (3) The alleged difficulty or hardship is not economic and has not been deliberately created to establish a use or structure, which is not otherwise consistent with the LDR. The hardship is not economic and has not been deliberately created by the Applicant but based on the Property's configuration and additional dedications. (4) The granting of the variance will not be detrimental to the public welfare or injurious to other property or improvements in the vicinity. The granting of the variances will not be detrimental to the public welfare or injurious to other property or improvements in the vicinity, rather, the granting of the variances will effectuate the development of approximately 100,000 square feet of offices that will have a positive impact on the public health and general welfare of the community. (5) The proposed variance will not substantially increase the congestion in the public streets, or increase the danger of fire, or endanger the public safety, or substantially diminish or impair property values within the vicinity. The proposed variance aligns the parking count with actual daily visitation and does not congest public streets, increase fire risk, endanger public safety, or negatively affect nearby property values. Likewise, the Project's reduced landscape open space will not diminish levels of service, increase fire danger, compromise public safety, or impair property values in the surrounding area. Based on this analysis, it is recommended that the request for variances be granted. 12 4 EXHIBIT "A" LEGAL DESCRIPTION A northwesterly portion of Lot 3, in Block 3, of MAP OF HALLANDALE, being Section 34, Township 51 South, Range 42 East, as recorded in Plat Book "B", at Page 13, of be Public Records of Miami -Dade County, Florida; said northwesterly portion of Lot 3, being more particularly described as follows: BEGINNING at the Northwesterly corner of the aforesaid Lot 3, run South 01°15' 22" East, along the westerly line of said Lot 3, a distance of 150.05 feet; thence run North 89' 57' 41" East, a distance of 475.00 feet to a point; thence run North 01*15' 22" West, a distance of 149.73 feet to a point on the northerly line of the aforesaid Lot 3; thence run westerly along the northerly line of aforesaid Lot 3 a distance of 475.00 feet to the POINT OF BEGINNING 19 4919-7369-5134 Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E April 15, 2026 Mr. Keven Klopp Community Development Director City of Aventura Government Center 19200 W. Country Club Drive, 4th Floor Aventura, Florida 33180 Bilzin Sumberg Brian S. Adler, Esq. Tel 305-350-2351 Fax 305-351-2206 badler@bilzin.com Medical Offices at Uptown Aventura LLC 21291 NE 28t" Avenue Modification of Resolution, Conditional Use and Non -Use Variance Requests Dear Mr. Klopp: LETTER OF INTENT The undersigned represents Medical Offices at Uptown Aventura LLC (the "Applicant"), the Applicant and contract purchaser of the +/- 1.63 gross acre (+/- 1.36 net acre) parcel of land located at 21291 NE 281" Avenue in the City of Aventura (the "City"), further identified by Miami - Dade County (the "County") Property Appraiser Tax Folio No. 28-1234-001-0220 (the "Property"). The Applicant respectfully submits this formal letter of intent in support of their proposed requests for: (1) Modification of the conditional use for floor area ratio approved under Resolution No. 2015-69, to allow an FAR of 1.85 under the green building incentive standards under Section 14-114, where 1.06 is permitted. and to amend the site plan approved at public hearing, (2) Non - Use Variance request from City Code Section 31-171(8) related to required parking to calculate parking based on gross leasable rather than gross floor area, (3) Non -Use Variance from City Code Section 31-144(f)(4)(d) related to minimum landscaped open space, a (4) Non -Use Variance from City Code Section 31-144(f)(4)(a) to permit a lot coverage of 55.24% where 40% is permitted'; and (5) Conditional Use Approval pursuant to Section 31-144(f)(2)(d) to allow retail uses not to exceed fifteen percent (15%) as part of a non-residential development (the "Applications"). For your convenience, the approximate boundaries and location of the Property are outlined below in green: 1 Resolution 2015-69 granted conditional use for a lot coverage of 55.24% where 40% is permitted using the bonus standards for a green roof and/or green roof amenities pursuant to City Code Section 14-11 5(11)(iii). However, as the revised plans are reducing the proposed development foam 11 stories to 7 stories, the green roof is not being provided. However, the same footprint and lot coverage as approved in the 2015 resolution are being proposed as part of the new development. Bilzin Suinberg Baena Price & Axelrod LLP 11450 Brickell Avenue, 23rd Floor, Miami, Florida 33131-3456 Tel 305.374.7580 1 Fax 305.374.7593 1 bilzin.com Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15, 2026 Page 2 I. Proposed Development Plan Bilzin Sumberg The Applicant seeks to develop the Property with a seven (7) story state-of-the-art facility consisting of a 130,729 gross square foot/104,544 leasable square foot office space with ancillary retail and a coffee shop, and 135,752 square feet of parking, for a total of 266,481 square feet (the "Project") pursuant to the enclosed plans prepared by Caymares Martin Architectural & Engineering Design (the "2026 Site Plan"). On November 3, 2015, the City Commission issued Resolution No. 2015-69, granting Conditional Use Approva12 to effectuate the development of an eleven (11) story office facility totaling a footprint of approximately 367,267 SF (the "2015 Site Plan"). The Applicant now seeks to modify Resolution No. 2015-69 to reflect the development proposed in the 2026 Site Plan, which lowers the office building from eleven (11) to seven (7) stories,with limited ground floor retail and a restaurant/cafe, and reduces the overall square footage by over 27%, but in the same footprint of the original building. The Applicant's proposal is less impactful than the development depicted in the 2015 Site Plan while still providing the City with comparable offices. This proposal is consistent with the objectives and policies outlined in Future Land Use Element of the City's Comprehensive Plan, specifically Policy 11.1, which states that the City "shall facilitate redevelopment of substandard or underdeveloped areas to... promote energy conservation." The original Site Plan was never developed but remains active. However, construction initially commenced, the site went into bankruptcy and foreclosure, and rebar remains on the site for several years. The 2026 Site Plan reduces the square building height and square footage with an aesthetically pleasing and well thought out development plan, and provides the opportunity to convert the existing construction zone into a beautiful development that will provide employment and services to the area. 2 Resolution 2015-69 granted conditional use approval for a lot coverage of 55.24% where 40% is permitted, and to allow a Floor Area Ratio of 2.0 where 1.50 was permitted. MIAMI 13503633.4 105389 308910 4 15 2026 3:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15, 2026 Page 3 Bilzin Sumberg For your convenience, the below legend highlights the difference between the 2015 Site Plan and the 2026 Site Plan: BUILDING FLOOR AREA TABULATION BUILDING FLOOR AREA TABULATION APPROVED PROPOSED FLOOR LEVEL. BLDG FLOOR AREA - (SF) OFFICE SPACES GROSS FLOOR AREA - (SF} PARKING GROSS FLOOR AREA - (SF) GREEN AREA - (SF) ON 517E PARKING SPACES BLDG FLOOR AREA -(SF) OFFICE SPACES GROSS FLOOR AREA -(SE) PARKING GROSS FLOOR AREA -(SF) GREEN AREA I OPEN SPACE - (SF) ON SITE PARKING SPACES 1 ST LEVEL RWND FLOOR) 11,576 5,791 20,480 13,838 39 17,060 IU47 19.447 18,749 43 2ND FLOOR LEVEL 8.762 7,020 22,212 41 733 0 37 865 103 3RD FLOOR LEVEL 620 37 612 97 733 0 37.865 103 4TH FLOOR LEVEL 620 37.612 97 733 0 40,575 197 5TH FLOOR LEVEL 620 37,612 97 37,197 31 069 6TH FLOOR LEVEL 62D 37,612 97 37.126 31 D55 7TH FLOOR LEVEL 620 87,612 73 37 147 31,012 '31"FLOOR LEVEL 29842 25257 0 8148 0 WA ROOF 9TH FLOOR LEVEL 29 500 25257 0 1 0 1 DTH FLOOR LEVEL 29842 25257 0 1 0 11TH FLOOR LEVEL 29500 25257 0 0 am ROOF LEVEL WA WA 513W j7 142112 113039 2251551 FA 1 1 7,92 100.0046 8D.11 % 1 _A _A _l We are pleased to present the proposed updated development to the City to transform this vacant and historically underutilized parcel into a development that serves the needs of the City's rapidly growing population. II. Land Use and Zoning Analysis The Property is designated "Business and Office" under the City's Comprehensive Future Land Use Map as reflected below. The Business and Office designation specifically includes retail professional services, commercial and professional offices and medical buildings. For your convenience, the Property is depicted below in green: BROWARD_COUNTY I`TVI DADS COUNTY Or �z r 4 I W� �!` - Town Center _ Medium -High Density Residential Parks and Recreation The Property is zoned Medical Office ("MO") on the City's Official Zoning Map as reflected in green below. The MO zoning district similarly permits business, professional and medical offices and other uses supporting the medical profession associated with the hospital. This zoning district, per City Code Section 31-144(f), may apply to land designated "Business and Office" on the City's Future Land Use Map. MIAMI 13503633.4 105389 308910 4 15 2026 3:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15, 2026 Page 4 Bilzin Sumberg City Code Section 31-144(f)(1) outlines the permitted uses in the City's MO zoning district. Business/professional offices, medical laboratories, dental and medical offices, and restaurants are permitted uses in the MO zoning district. Retail uses not exceeding 15% gross floor area is permitted in the district through conditional use approval. The Applicant is proposing a conditional use to allow ground floor retail of approximately 8.5%, less than the 15% authorized under the code for conditional use approval as ancillary retail. BROWARD COUNTY MIAMI DADS COUNTY III. Requests N�-� E 214TH TER 13'2; In order to effectuate the Applicant's proposal in accordance with the development intentions outlined in the City's Comprehensive Plan and land development regulations outlined in the Code, the Applicant respectfully makes the following requests to the City Commission: (i) Approval of an Amendment to Condition 1 of Resolution No. 2015-69 to replace the referenced 11-story site plan with the new proposed 7-story site plan, (ii) Modification Conditional Use Approval granted pursuant to Resolution No. 2015-69 to allow a an FAR of 1.85 where 1.06 is permitted, (iii) Conditional Use Approval to allow less than 15% gross interior square footage as retail pursuant to City Code Section 31-144(f)(2)(d), (iv) Approval of a Non -Use Variance to permit 356 parking spaces where 448 parking spaces are required pursuant to City Code Section 31-171(8). Specifically, the Applicant seeks to calculate the required parking spaces using the Gross Leasable Area, rather than the total Gross Floor Area of the entire development provided under the Code, thus eliminating parking for back of house, storage, and the lobby area, (v) Approval of a Non -Use Variance of the City's minimum landscaped open space requirements to permit 24.5% of the Property's total lot area to be landscaped open space, where 33% is required pursuant to City Code Section 31-144(f)(4)(d), and (vi) Approval of a Variance to permit a lot coverage of 55.24% where 40% is permitted pursuant to City Code Section 31-144(f)(4)(d)(3). MIAMI 13503633.4 105389 308910 4 15 2026 3:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15. 2026 Page 5 Bilzin Sumberg IV. Justification for the Amendment of Resolution No. 2015-69 and Modification of Conditional Use The proposed amendment to the site plan, the conditional use for the minor addition of accessory retail, and the minor modification of the FAR conditional use, which remains under City Code Section 14-114's maximum FAR of 2.0, require City Commission approval pursuant to City Code -Section 31-73(c), which outlines the City's general standards of review for the granting of conditional use approvals. The Project satisfies these standards as outlined below: (1) The proposed use shall be consistent with the Comprehensive Plan; o The proposed use is consistent with the City's Comprehensive Plan, as it facilitates the redevelopment of an underutilized and vacant parcel in a manner that is consistent with Policy 11.1 of the Comprehensive Plan. As discussed above, the office use is specifically permitted in "Business and Office" designated lands pursuant to the City Comprehensive Plan's Land Use Element. Further, commercial/retail is one of the main identified commercial uses permitted in the district. Further, while the building is in the Medical Office zoning district, for all intents and purposes, it is not part of a medical campus, and if reviewed as a standalone office building in the B2 district, retail would be a permitted use. The only outright retail prohibition in the MO district is standalone retail which is not what is proposed. (2) The establishment, maintenance or operation of the proposed use shall not be detrimental to or endanger the public health, safety, or general welfare, - The implementation of the proposed office use would have a positive impact on the public health and general welfare of the community, as over 100,000 SF of office space would be an important additional health resource for City residents. Further, the proposed plan represents a reduction in height, FAR and square footage over what is approved on site. (3) The proposed use shall be consistent with the community character of the immediate neighborhood of the proposed use; o The majority of the surrounding neighborhood, as depicted on the above maps, is designated for "Business and Office" and is zoned MO. The Applicant's proposal is consistent with the planning intentions of the City, and is already approved at a larger scale and therefore inherently consistent with the neighboring use. (4) Utilities, roadway capacity, drainage, and other necessary public facilities, including police, fire and emergency services, shall exist at the City's adopted levels of service, or will be available concurrent with demand as provided for in the requirements of these LDRs; o Resolution No. 2015-69 granted Conditional Use approval for a proposed development that was more impactful than the Applicant's current proposed development. The current Project, contains 100,000 less square feet and reduces the height by four stories, would not impose the same demand on City services as the currently approved project under Resolution No. 2015-69. (5) Adequate measures exist or shall be taken to provide ingress and egress to the proposed use in a manner that minimizes traffic congestion in the public streets; MIAMI 13503633.4 105389/308910 4/15/2026 5:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April Page 2026 6Bilzin Sumberg o Ingress and egress to the Property will be nearly identical to the 2015 Site Plan approved under Resolution No. 2015-69. (6) The establishment of the conditional use shall not impede the development of surrounding properties for uses permitted in the zoning district, and o As previously determined, the establishment of the conditional use will not impede the development of surrounding properties, and is lower in height and impact than previously approved. (7) The design of the proposed use shall minimize adverse effects, including visual impacts, of the proposed use on adjacent property through the use of building orientation, setbacks, buffers, landscaping and other design criteria. o The Applicant seeks to provide the City with nearly the same design and building orientation as previously approved under Resolution No. 2015-69, but with a tower heiaht. V. Justification for the Non -Use Variance Approval The Applicant is seeking (1) a Non -Use Variance from City Code Section 31-171(8) to permit the Project's required parking to be calculated based on the Gross Leasable Area, rather than the total Gross Floor Area of the proposed development, and (2) a Non -Use Variance from City Code Section 31-144(f)(4)(d) related to landscaped open space and lot coverage. a. Parking City Code Section 31-171(b)(8) provides that business, professional and medical offices each require one (1) parking space per 300 square feet of gross floor area. City Code Section 31- 21 defines Gross Floor Area as "the floor area inside of the exterior walls including elevators, stair wells, common corridors, trash rooms, common lobbies, common rest rooms, meter rooms and ancillary power equipment rooms." The Applicant respectfully requests a parking reduction that accounts solely for the Gross Floor Area of the proposed office spaces, rather than the exterior walls including elevators, stair wells, common corridors, trash rooms, common lobbies, common restrooms, meter rooms and ancillary power equipment rooms. This request is being made as a result of the Applicant's commitment to dedicate portions of the Property abutting NE 2131" Street to the north and NE 27t" Avenue to the west. As a result of this commitment, which has lessened the total lot area of the Property and impacted the total Gross Floor Area of the Project, the Applicant is seeking relief from the City in order to effectuate the development of the Project, which serves an important City and Countywide demand. Importantly, the City Code affords the ability for administrative parking reductions as those outlined above. City Code Section 31-144(f)(4)(d) outlines the City's landscape open space requirements for proposed developments in the MO zoning district. As discussed above, the Applicant is dedicating portions of the Property abutting NE 213th Street and NE 27t" Avenue. As a result of these dedications, the total lot area of the Property is being decreased which creates a hardship in meeting the City's landscaped open space requirements. As such, the Applicant is seeking a non-use variance from requirements outlined in City Code Section 31-144(f)(4)(d) to effectuate the development of the Project while maintaining compliance with the City's land development regulations. Additionally, Section 31-76(i) of the City Code specifically contemplates administrative variances for parking where the variance is a result of the dedication of private property to the City. Given the variance and the application proceeding as a whole, the variance MIAMI 13503633.4 105389/308910 4/15/2026 5:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15. 2026 Page 7 Bilzin Sumberg request is being presented to the City Commission with the remainder of the other requests to consider the application and variance as a whole. b. Landscaped Open Space Regarding landscaped open space, the Applicant is seeking a variance to allow 24.5% landscaped open space where 33% is required under the City Code. It is important to note that similar standalone office buildings in the B2 district do not have express open space requirements, and the OP, Office Park district, which contemplates similar office buildings, carries a 22% open space requirement, which the proposed development exceeds by approximately 11 % of the required open space. In contrast, the MO district, where the property is located, provides for a 33% open space, which is more easily accommodated on larger parcels or medical campus style properties rather than 1.63-acre parcel with dedications. The proposed landscaping is nicely apportioned, and while the approved site plan satisfied the landscape requirements, it was able to achieve it with rooftop landscaping which is not proposed as part of the redesigned building which seeks to lower the height and impact of the proposed development. City Code Section 31-76(e) outlines the City's general standards of review for the granting of Non -Use Variances. The Project satisfies these standards in the following manner: (1) The particular physical surroundings, shape, topographical condition, or other physical or environmental condition of the specific property involved would result in a particular hardship upon the owner, as distinguished from a mere inconvenience, if the regulations were carried out literally. o The Applicant is dedicating portions, specifically on the north and west sides, of the Property to the City. Because of these dedications, the Property area and development footprint will be smaller than what was originally contemplated. Additionally, the Property is more narrow than other parcels in the general vicinity. For example, the three (3) parcels of land to the Property's north average a lot depth of approximately 215', and the parcel of land to the west has a lot depth of approximately 415'. The Applicant's corner Property, with only 115' of lot depth including the dedicated area, cannot provide the amount of parking required under the Code, as the garage is not able to accommodate two double rows of parking. (2) The conditions upon which the request for a variance is based are unique to the parcel and would not be generally applicable to other property within the vicinity. o As above, the Applicant's Property is the narrowest parcel in the surrounding area that is contemplated for medical office use. As such, the variances would not be generally applicable to other property within the vicinity. (3) The alleged difficulty or hardship is not economic and has not been deliberately created to establish a use or structure which is not otherwise consistent with the LDR. o The hardship is not economic and has not been deliberately created by the Applicant but based on the Property's configuration and additional dedications. MIAMI 13503633.4 105389/308910 4/15/2026 5:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15, 2026 Page 8 Bilzin Sumberg (4) The granting of the variances will not be detrimental to the public welfare or injurious to other property or improvements in the vicinity. o The granting of the variances will not be detrimental to the public welfare or injurious to other property or improvements in the vicinity, rather, the granting of the variances will effectuate the development of over 100,000 SF offices that will have a positive impact on the public health and general welfare of the community. Further, the variance is based on the actual uses rather than the back of house or lobby area. Finally, many of the occupants will use the restaurant and retail, without triggering additional parking needs for standalone trips. (5) The proposed variance will not substantially increase the congestion in the public streets, or increase the danger of fire, or endanger the public safety, or substantially diminish or impair property values within the vicinity. o The Project's proposed parking calculation accounts for the actual parking spaces generated by leasable space of the office use, rather than spaces generated by elevators, stair wells, common corridors, trash rooms, common lobbies, common restrooms, meter rooms and ancillary power equipment rooms. As such, the proposed variance supports a parking count that accurately reflects daily visitation to the Property, and does not congest the public streets, or increase the danger of fire, or endanger the public safety, or substantially diminish or impair property values within the vicinity. o The Project's proposed landscape open space reduction of approximately eight (8) percentage points is not a reduction that would correlate to a decrease in the levels of service related to public streets, or increase the danger of fire, or endanger the public safety, or substantially diminish or impair property values within the vicinity. Based upon the foregoing, we respectfully request approval of the above requests. Thank you for your review of the foregoing. Should you have any questions, please do not hesitate to contact me at (305) 350-2351. Very truly yours, Brian S. Adler AM MIAMI 13503633.4 105389/308910 4/15/2026 5:08 PM LOCATION MAP EXHIBIT #: 2 C j 21291 NE 1 [ 28 AVE �a 1 z Op 0 ' 4w C=1Ell n �P NE 207TH ST 1 N COUNT '- B km! �LJ�uN,E t J RY cLL'JB-DR JE 203RD ST JEN A r A 1 WILLIAM L•E'HM'AN RAMP 1 �y�qN Sly N� 192N� SZI� I Y J D � I 1 a 0 i 1 1, o I I I I - a If ® 28-1234-001-0220 . �i _ Aventura Municipal Boundary -3: 0 DATE: 03/03/2026 AGENDA ITEM(S): City File No.: CUP2604-0002 VAR2604-0001 z N m NE 211TH ST NE 214TH TER 0 120 240 480 Feet I I I I I I I 0 0.25 0.5 1 Miles N I I I I I I I I CITY OF AVENTURA RESOLUTION NO. 2026- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, GRANTING VARIANCES FROM THE CITY'S LAND DEVELOPMENT REGULATIONS SECTION 31-171(B)(8) TO PERMIT 356 PARKING SPACES WHERE 448 PARKING SPACES ARE REQUIRED; SECTION 31-144(F)(4)(D)3 TO PERMIT A MINIMUM LANDSCAPED OPEN SPACE OF 24.5% WHERE 33% IS REQUIRED AND A LOT COVERAGE OF 55.24% WHERE A MAXIMUM OF 40% IS PERMITTED, FOR THE PROPERTY LOCATED AT 21291 NE 28 AVENUE; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the applicant, Medical Offices of Uptown Aventura LLC (the "Applicant"), through Application No. VAR2604-0001 ("Application"), is requesting a variance from Section 31-171(b)(8) to permit 356 parking where 448 parking spaces are required; and WHEREAS, the Applicant, through the same Application, is requesting a variance from Section 31-144(f)(4)(d)3 to permit: (1) a minimum landscaped open space of 24.5% where 33% is required and (2) a lot coverage of 55.24% where a maximum of 40% is permitted; and WHEREAS, following proper notice, the City Commission held a public hearing as provided by law; and WHEREAS, the City Commission finds that the Application meets the criteria of the applicable codes and ordinances, to the extent the Application is granted herein. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, THAT: Section 1. Application for variance from Section 31-171(b)(8) to permit 356 parking spaces where 448 are required and variance from Section 31-144(f)(4)(d)3 to permit: (1) a minimum landscaped open space of 24.5% where 33% is required, and (2) a lot coverage of 55.24% where a maximum of 40% is permitted, to facilitate the development of the Property legally described in Exhibit "A", is hereby granted. Section 2. The City Manager is authorized to cause the issuance of permits in accordance with the approvals and conditions herein provided and to indicate such approvals and conditions upon the records of the City. Section 3. Issuance of this development order by the City of Aventura does not in any way create any right on the part of an applicant to obtain a permit from a state or City of Aventura Resolution No. 2026-_ federal agency and does not create any liability on the part of the City of Aventura for issuance of the development order if the applicant fails to obtain requisite approvals or fulfill the obligations imposed by a state or federal agency or undertakes actions that result in a violation of state or federal law. All applicable state and federal permits must be obtained before commencement of the development. This condition is included pursuant to Section 166.033, Florida Statutes, as amended. Section 4. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution was offered by Commissioner , who moved its adoption. The motion was seconded by Commissioner and upon being put to a vote, the vote was as follows: Commissioner Clifford B Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland Commissioner Paul A. Kruss Commissioner Cindy Orlinsky Mayor Howard S. Weinberg PASSED AND ADOPTED this 5t" day of May, 2026. ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: ROBERT MEYERS CITY ATTORNEY WEISS SEROTA HELFMAN COLE + BIERMAN, P.L. HOWARD S. WEINBERG, ESQ. MAYOR Page 2 of 2 4 EXHIBIT "A" LEGAL DESCRIPTION A northwesterly portion of Lot 3, in Block 3, of MAP OF HALLANDALE, being Section 34, Township 51 South, Range 42 East, as recorded in Plat Book "B", at Page 13, of be Public Records of Miami -Dade County, Florida; said northwesterly portion of Lot 3, being more particularly described as follows: BEGINNING at the Northwesterly corner of the aforesaid Lot 3, run South 01°15' 22" East, along the westerly line of said Lot 3, a distance of 150.05 feet; thence run North 89' 57' 41" East, a distance of 475.00 feet to a point; thence run North 01*15' 22" West, a distance of 149.73 feet to a point on the northerly line of the aforesaid Lot 3; thence run westerly along the northerly line of aforesaid Lot 3 a distance of 475.00 feet to the POINT OF BEGINNING 19 4919-7369-5134 CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager BY: Keven R. Klopp, Community Development Director DATE: May 1, 2026 SUBJECT: Request by Medical Offices at Uptown Aventura LLC for Conditional Use Approvals to Allow the Development of a Medical Office Building on Property Located at 21291 NE 28 Avenue (CUP2604-0002) May 5, 2026 Local Planning Agency Meeting Agenda May 5, 2026 City Commission Meeting Agenda RECOMMENDATION It is recommended that the City Commission approve the requested Conditional Use application to facilitate the development of a medical office building on property located at 21291 NE 28 Avenue. THE REQUEST The Applicant, Medical Offices of Uptown Aventura LLC, is requesting approval of two amendments to a previously granted Conditional Use, along with one new Conditional Use request. First, pursuant to Section 31-73(f)(1) of the Land Development Regulations, the Applicant seeks to amend Condition 1 of Resolution No. 2015-69 to replace the previously approved 11-story site plan with the newly proposed 7-story site plan listed as Exhibit #4. Second, the Applicant requests a modification to the Conditional Use Approval under Section 31-144(f)(2)1 to allow a Floor Area Ratio (FAR) of 1.85 for buildings that achieve Gold or Platinum certification under the City's Green Building Program, where an FAR of 1.06 is otherwise permitted. Additionally, the Applicant is seeking a new Conditional Use Approval pursuant to Section 31-144(f)(2)(d) to allow retail uses not to exceed fifteen percent (15%) of the total gross interior square footage of the building as part of the non-residential development. The subject property is identified with folio number 28-1234-001-0220 and is legally described in Exhibit A. The Applicant's Letter of Intent is provided as Exhibit #2. BACKGROUND OWNER OF PROPERTY: NAME OF APPLICANT LOCATION OF PROPERTY SIZE OF PROPERTY THE PROJECT RL Aventura Mob LLC Medical Offices of Uptown Aventura LLC PA�N4%S■►1a 1181:1F-11 i7 _ Aventura, FL 33180 Folio: 28-1234-001-0220 See exhibit #3 for Location Map 1.63 gross acres +/- (+/- 1.36 net acre) See exhibit #A for Legal Description The subject property consists of a 71,177-square-foot (1.63-acre) parcel located on the southeast corner of NE 213 Street and NE 28 Avenue. The south and east boundaries of the property are bordering land developed with self -storage facilities. The property began limited foundation work in 2021 in anticipation of a site approval that was in its final stages of approval. The work stalled due to bankruptcy and foreclosure, leaving exposed rebar on the site for several years. The new proposal includes a 7-story building featuring more than 11,000 square feet of ground -floor retail, a parking garage with 356 spaces on levels two through four, and 93,136 square feet of office space on levels five through seven. In conjunction with this request, the Applicant is seeking variances for reduced open space, reduced parking, and increased lot coverage. The next step in the review process will require submission of an application for a Major Modification to the Administrative Site Plan Approval (ASPA). The applicant has agreed to make a level of parking in the development available for up to 6 school -related evening events per year, details to be finalized prior to permitting. ANALYSIS Zoning: Subject Property Properties to the North Properties to the South Properties to the East Properties to the West MO Medical Office District MO Medical Office District MO Medical Office District MO Medical Office District MO Medical Office District 2 Existing Land Use — Subject Property Properties to the North Properties to the South Properties to the East Properties to the West Future Land Use — Subject Property Properties to the North Properties to the South Properties to the East Properties to the West Vacant Medical Offices - Hotel Self -storage Facilities Self -storage Facilities Assisted Living Facilities Business and Office Business and Office Business and Office Business and Office Business and Office Access — The site is accessible via the intersection of NE 213 Street and NE 28 Avenue. Standards for Review - The following is staff's evaluation of the proposed use using the criteria for approval of conditional uses found in Section 31-73(c) of the City's Land Development Regulations. 1. The proposed use shall be consistent with the Comprehensive Plan. The proposed use is consistent with the City's Comprehensive Plan, as it facilitates the redevelopment of an underutilized and vacant parcel in a manner that is consistent with Policy 11.1 of the Future Land Use Element of the Comprehensive Plan. The office use is specifically permitted in "Business and Office" designated lands pursuant to the City Comprehensive Plan's Land Use Element. 2. The establishment, maintenance or operation of the proposed use shall not be detrimental to or endanger the public health, safety or general welfare. The establishment, maintenance and operation of the proposed use will not be detrimental to or endanger the public health, safety or general welfare. The implementation of the proposed office use would have a positive impact on the public health and general welfare of the community, as over 90,000 SF of office space would be an important additional health resource for City residents. 3. The proposed use shall be consistent with the community character of the immediate neighborhood of the proposed use. The majority of the surrounding neighborhood is designated for "Business and Office" and is zoned MO. The Applicant's proposal is consistent with the planning intentions of the City, and is already approved at a larger scale and therefore inherently consistent with the neighboring use. 3 4. Utilities, roadway capacity, drainage and other necessary public facilities, including police, fire and emergency services shall exist at the City's adopted levels of service or will be available concurrent with demand as provided for in the requirement of these LDR's. City public facilities and services will continue to operate within the required levels of service once the development is completed. 5. Adequate measures exist or shall be taken to provide ingress and egress to the proposed use in a manner that minimizes traffic congestion in the public streets. Per Resolution 2015-69, the Applicant is required to complete all roadway improvements adjacent to the Property enhancing the traffic circulation in the public streets as well as the ingress and egress to the site. 6. The establishment of the conditional use shall not impede the development of surrounding properties for uses permitted in the zoning district. The conditional use will not have any detrimental effect on the ability of surrounding properties to develop with uses permitted in their zoning districts. 7. The design of the proposed use shall minimize adverse effects, including visual impacts of the proposed use on adjacent property through the use of building orientation, setbacks, buffers, landscaping and other design criteria. The proposed structure is designed to enhance the building's facade along the public streets and provide ground floor retail and landscaping, complementing the design elements of the new developments to the north. Public Hearing Notice - Notice of this public hearing has been published, posted and mailed in accordance with Section 31-71(e) of the City Code. 12 RECOMMENDED CONDITIONS OF APPROVAL: 1. Plans submitted for approval must be consistent with those signed and sealed on April 10, 2026, as listed on Exhibit #1. 2. Prior to issuance of a building permit by the City for the proposed development, the applicant shall: (i) enter into and record in the Public Records of Miami -Dade County, at its expense, and in form satisfactory to the City Manager and City Attorney, the Agreement and Covenant in fulfillment of all requirements of the City's Green Building Program; and (ii) provide to the City a performance bond or other security approved by the City Manager and City Attorney in the amount of 5% of building construction costs as approved by the City's Building Official to guarantee attainment of the Gold or Platinum Green Building Certification. iii) Record in the Public Records of Miami- Dade County, at its expense, in a form satisfactory to the City Manager and City Attorney, a right of way deed to the City for the road widenings on NE 28 Avenue and on NE 213 Street pursuant to City of Aventura Resolution No. 2015- 69. iv) Enter into an agreement with the City whereby parking spaces at the Development will be made available to the City during evening hours for up to 6 charter school related events per year. Parking to be made available shall not exceed 1 level of parking. The referenced agreement shall set forth liability terms and conditions. 3. Prior to issuance of a Certificate of Occupancy or Temporary Certificate of Occupancy, the applicant shall complete all roadway improvements on NE 28 Avenue and NE 213 Street consistent with the Aventura Eco Offices civil set prepared by Fortin, Leavy, Skiles, dated 08/20/20, revised on 05/24/21, and attached as Exhibit #4, unless otherwise subsequently amended by an administrative site plan approval to the satisfaction of the City Manager pursuant City of Aventura Resolution No. 2015- 69. 5 4 EXHIBIT "A" LEGAL DESCRIPTION A northwesterly portion of Lot 3, in Block 3, of MAP OF HALLANDALE, being Section 34, Township 51 South, Range 42 East, as recorded in Plat Book "B", at Page 13, of be Public Records of Miami -Dade County, Florida; said northwesterly portion of Lot 3, being more particularly described as follows: BEGINNING at the Northwesterly corner of the aforesaid Lot 3, run South 01°15' 22" East, along the westerly line of said Lot 3, a distance of 150.05 feet; thence run North 89' 57' 41" East, a distance of 475.00 feet to a point; thence run North 01*15' 22" West, a distance of 149.73 feet to a point on the northerly line of the aforesaid Lot 3; thence run westerly along the northerly line of aforesaid Lot 3 a distance of 475.00 feet to the POINT OF BEGINNING 19 4919-7369-5134 AVENTURA OFFICE 21291 NE 28 TH AVENUE, CITY OF AVENTURA, MIAMI—DADE COUNTY, FLORIDA. ARCHITECT: CAYMARES MARTIN ARCHITECTURE & ENGINEERING DESIGN, INC. 5001 SW 74TH COURT, SUITE 100 MIAMI, FL 33155 TEL. 305-669-5040 w w.caymaresmartin.com ARCH. NIDIA CARDONA, LIC#AR 92468 olenia@caymaresmartin.com C CAYIAARE�lAARIIN D'gaany NIDIANo-q by CARDCARDONA Dare: ONA202604.10 14:AI27 Ro U) W U_ LL J LL J pw 0 UU) wa Q J z � Q z-- W Q Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E April 15, 2026 Mr. Keven Klopp Community Development Director City of Aventura Government Center 19200 W. Country Club Drive, 4th Floor Aventura, Florida 33180 Bilzin Sumberg Brian S. Adler, Esq. Tel 305-350-2351 Fax 305-351-2206 badler@bilzin.com Medical Offices at Uptown Aventura LLC 21291 NE 28t" Avenue Modification of Resolution, Conditional Use and Non -Use Variance Requests Dear Mr. Klopp: LETTER OF INTENT The undersigned represents Medical Offices at Uptown Aventura LLC (the "Applicant"), the Applicant and contract purchaser of the +/- 1.63 gross acre (+/- 1.36 net acre) parcel of land located at 21291 NE 281" Avenue in the City of Aventura (the "City"), further identified by Miami - Dade County (the "County") Property Appraiser Tax Folio No. 28-1234-001-0220 (the "Property"). The Applicant respectfully submits this formal letter of intent in support of their proposed requests for: (1) Modification of the conditional use for floor area ratio approved under Resolution No. 2015-69, to allow an FAR of 1.85 under the green building incentive standards under Section 14-114, where 1.06 is permitted. and to amend the site plan approved at public hearing, (2) Non - Use Variance request from City Code Section 31-171(8) related to required parking to calculate parking based on gross leasable rather than gross floor area, (3) Non -Use Variance from City Code Section 31-144(f)(4)(d) related to minimum landscaped open space, a (4) Non -Use Variance from City Code Section 31-144(f)(4)(a) to permit a lot coverage of 55.24% where 40% is permitted'; and (5) Conditional Use Approval pursuant to Section 31-144(f)(2)(d) to allow retail uses not to exceed fifteen percent (15%) as part of a non-residential development (the "Applications"). For your convenience, the approximate boundaries and location of the Property are outlined below in green: 1 Resolution 2015-69 granted conditional use for a lot coverage of 55.24% where 40% is permitted using the bonus standards for a green roof and/or green roof amenities pursuant to City Code Section 14-11 5(11)(iii). However, as the revised plans are reducing the proposed development foam 11 stories to 7 stories, the green roof is not being provided. However, the same footprint and lot coverage as approved in the 2015 resolution are being proposed as part of the new development. Bilzin Suinberg Baena Price & Axelrod LLP 11450 Brickell Avenue, 23rd Floor, Miami, Florida 33131-3456 Tel 305.374.7580 1 Fax 305.374.7593 1 bilzin.com Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15, 2026 Page 2 I. Proposed Development Plan Bilzin Sumberg The Applicant seeks to develop the Property with a seven (7) story state-of-the-art facility consisting of a 130,729 gross square foot/104,544 leasable square foot office space with ancillary retail and a coffee shop, and 135,752 square feet of parking, for a total of 266,481 square feet (the "Project") pursuant to the enclosed plans prepared by Caymares Martin Architectural & Engineering Design (the "2026 Site Plan"). On November 3, 2015, the City Commission issued Resolution No. 2015-69, granting Conditional Use Approva12 to effectuate the development of an eleven (11) story office facility totaling a footprint of approximately 367,267 SF (the "2015 Site Plan"). The Applicant now seeks to modify Resolution No. 2015-69 to reflect the development proposed in the 2026 Site Plan, which lowers the office building from eleven (11) to seven (7) stories,with limited ground floor retail and a restaurant/cafe, and reduces the overall square footage by over 27%, but in the same footprint of the original building. The Applicant's proposal is less impactful than the development depicted in the 2015 Site Plan while still providing the City with comparable offices. This proposal is consistent with the objectives and policies outlined in Future Land Use Element of the City's Comprehensive Plan, specifically Policy 11.1, which states that the City "shall facilitate redevelopment of substandard or underdeveloped areas to... promote energy conservation." The original Site Plan was never developed but remains active. However, construction initially commenced, the site went into bankruptcy and foreclosure, and rebar remains on the site for several years. The 2026 Site Plan reduces the square building height and square footage with an aesthetically pleasing and well thought out development plan, and provides the opportunity to convert the existing construction zone into a beautiful development that will provide employment and services to the area. 2 Resolution 2015-69 granted conditional use approval for a lot coverage of 55.24% where 40% is permitted, and to allow a Floor Area Ratio of 2.0 where 1.50 was permitted. MIAMI 13503633.4 105389 308910 4 15 2026 3:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15, 2026 Page 3 Bilzin Sumberg For your convenience, the below legend highlights the difference between the 2015 Site Plan and the 2026 Site Plan: BUILDING FLOOR AREA TABULATION BUILDING FLOOR AREA TABULATION APPROVED PROPOSED FLOOR LEVEL. BLDG FLOOR AREA - (SF) OFFICE SPACES GROSS FLOOR AREA - (SF} PARKING GROSS FLOOR AREA - (SF) GREEN AREA - (SF) ON 517E PARKING SPACES BLDG FLOOR AREA -(SF) OFFICE SPACES GROSS FLOOR AREA -(SE) PARKING GROSS FLOOR AREA -(SF) GREEN AREA I OPEN SPACE - (SF) ON SITE PARKING SPACES 1 ST LEVEL RWND FLOOR) 11,576 5,791 20,480 13,838 39 17,060 IU47 19.447 18,749 43 2ND FLOOR LEVEL 8.762 7,020 22,212 41 733 0 37 865 103 3RD FLOOR LEVEL 620 37 612 97 733 0 37.865 103 4TH FLOOR LEVEL 620 37.612 97 733 0 40,575 197 5TH FLOOR LEVEL 620 37,612 97 37,197 31 069 6TH FLOOR LEVEL 62D 37,612 97 37.126 31 D55 7TH FLOOR LEVEL 620 87,612 73 37 147 31,012 '31"FLOOR LEVEL 29842 25257 0 8148 0 WA ROOF 9TH FLOOR LEVEL 29 500 25257 0 1 0 1 DTH FLOOR LEVEL 29842 25257 0 1 0 11TH FLOOR LEVEL 29500 25257 0 0 am ROOF LEVEL WA WA 513W j7 142112 113039 2251551 FA 1 1 7,92 100.0046 8D.11 % 1 _A _A _l We are pleased to present the proposed updated development to the City to transform this vacant and historically underutilized parcel into a development that serves the needs of the City's rapidly growing population. II. Land Use and Zoning Analysis The Property is designated "Business and Office" under the City's Comprehensive Future Land Use Map as reflected below. The Business and Office designation specifically includes retail professional services, commercial and professional offices and medical buildings. For your convenience, the Property is depicted below in green: BROWARD_COUNTY I`TVI DADS COUNTY Or �z r 4 I W� �!` - Town Center _ Medium -High Density Residential Parks and Recreation The Property is zoned Medical Office ("MO") on the City's Official Zoning Map as reflected in green below. The MO zoning district similarly permits business, professional and medical offices and other uses supporting the medical profession associated with the hospital. This zoning district, per City Code Section 31-144(f), may apply to land designated "Business and Office" on the City's Future Land Use Map. MIAMI 13503633.4 105389 308910 4 15 2026 3:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15, 2026 Page 4 Bilzin Sumberg City Code Section 31-144(f)(1) outlines the permitted uses in the City's MO zoning district. Business/professional offices, medical laboratories, dental and medical offices, and restaurants are permitted uses in the MO zoning district. Retail uses not exceeding 15% gross floor area is permitted in the district through conditional use approval. The Applicant is proposing a conditional use to allow ground floor retail of approximately 8.5%, less than the 15% authorized under the code for conditional use approval as ancillary retail. BROWARD COUNTY MIAMI DADS COUNTY III. Requests N�-� E 214TH TER 13'2; In order to effectuate the Applicant's proposal in accordance with the development intentions outlined in the City's Comprehensive Plan and land development regulations outlined in the Code, the Applicant respectfully makes the following requests to the City Commission: (i) Approval of an Amendment to Condition 1 of Resolution No. 2015-69 to replace the referenced 11-story site plan with the new proposed 7-story site plan, (ii) Modification Conditional Use Approval granted pursuant to Resolution No. 2015-69 to allow a an FAR of 1.85 where 1.06 is permitted, (iii) Conditional Use Approval to allow less than 15% gross interior square footage as retail pursuant to City Code Section 31-144(f)(2)(d), (iv) Approval of a Non -Use Variance to permit 356 parking spaces where 448 parking spaces are required pursuant to City Code Section 31-171(8). Specifically, the Applicant seeks to calculate the required parking spaces using the Gross Leasable Area, rather than the total Gross Floor Area of the entire development provided under the Code, thus eliminating parking for back of house, storage, and the lobby area, (v) Approval of a Non -Use Variance of the City's minimum landscaped open space requirements to permit 24.5% of the Property's total lot area to be landscaped open space, where 33% is required pursuant to City Code Section 31-144(f)(4)(d), and (vi) Approval of a Variance to permit a lot coverage of 55.24% where 40% is permitted pursuant to City Code Section 31-144(f)(4)(d)(3). MIAMI 13503633.4 105389 308910 4 15 2026 3:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15. 2026 Page 5 Bilzin Sumberg IV. Justification for the Amendment of Resolution No. 2015-69 and Modification of Conditional Use The proposed amendment to the site plan, the conditional use for the minor addition of accessory retail, and the minor modification of the FAR conditional use, which remains under City Code Section 14-114's maximum FAR of 2.0, require City Commission approval pursuant to City Code -Section 31-73(c), which outlines the City's general standards of review for the granting of conditional use approvals. The Project satisfies these standards as outlined below: (1) The proposed use shall be consistent with the Comprehensive Plan; o The proposed use is consistent with the City's Comprehensive Plan, as it facilitates the redevelopment of an underutilized and vacant parcel in a manner that is consistent with Policy 11.1 of the Comprehensive Plan. As discussed above, the office use is specifically permitted in "Business and Office" designated lands pursuant to the City Comprehensive Plan's Land Use Element. Further, commercial/retail is one of the main identified commercial uses permitted in the district. Further, while the building is in the Medical Office zoning district, for all intents and purposes, it is not part of a medical campus, and if reviewed as a standalone office building in the B2 district, retail would be a permitted use. The only outright retail prohibition in the MO district is standalone retail which is not what is proposed. (2) The establishment, maintenance or operation of the proposed use shall not be detrimental to or endanger the public health, safety, or general welfare, - The implementation of the proposed office use would have a positive impact on the public health and general welfare of the community, as over 100,000 SF of office space would be an important additional health resource for City residents. Further, the proposed plan represents a reduction in height, FAR and square footage over what is approved on site. (3) The proposed use shall be consistent with the community character of the immediate neighborhood of the proposed use; o The majority of the surrounding neighborhood, as depicted on the above maps, is designated for "Business and Office" and is zoned MO. The Applicant's proposal is consistent with the planning intentions of the City, and is already approved at a larger scale and therefore inherently consistent with the neighboring use. (4) Utilities, roadway capacity, drainage, and other necessary public facilities, including police, fire and emergency services, shall exist at the City's adopted levels of service, or will be available concurrent with demand as provided for in the requirements of these LDRs; o Resolution No. 2015-69 granted Conditional Use approval for a proposed development that was more impactful than the Applicant's current proposed development. The current Project, contains 100,000 less square feet and reduces the height by four stories, would not impose the same demand on City services as the currently approved project under Resolution No. 2015-69. (5) Adequate measures exist or shall be taken to provide ingress and egress to the proposed use in a manner that minimizes traffic congestion in the public streets; MIAMI 13503633.4 105389/308910 4/15/2026 5:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April Page 2026 6Bilzin Sumberg o Ingress and egress to the Property will be nearly identical to the 2015 Site Plan approved under Resolution No. 2015-69. (6) The establishment of the conditional use shall not impede the development of surrounding properties for uses permitted in the zoning district, and o As previously determined, the establishment of the conditional use will not impede the development of surrounding properties, and is lower in height and impact than previously approved. (7) The design of the proposed use shall minimize adverse effects, including visual impacts, of the proposed use on adjacent property through the use of building orientation, setbacks, buffers, landscaping and other design criteria. o The Applicant seeks to provide the City with nearly the same design and building orientation as previously approved under Resolution No. 2015-69, but with a tower heiaht. V. Justification for the Non -Use Variance Approval The Applicant is seeking (1) a Non -Use Variance from City Code Section 31-171(8) to permit the Project's required parking to be calculated based on the Gross Leasable Area, rather than the total Gross Floor Area of the proposed development, and (2) a Non -Use Variance from City Code Section 31-144(f)(4)(d) related to landscaped open space and lot coverage. a. Parking City Code Section 31-171(b)(8) provides that business, professional and medical offices each require one (1) parking space per 300 square feet of gross floor area. City Code Section 31- 21 defines Gross Floor Area as "the floor area inside of the exterior walls including elevators, stair wells, common corridors, trash rooms, common lobbies, common rest rooms, meter rooms and ancillary power equipment rooms." The Applicant respectfully requests a parking reduction that accounts solely for the Gross Floor Area of the proposed office spaces, rather than the exterior walls including elevators, stair wells, common corridors, trash rooms, common lobbies, common restrooms, meter rooms and ancillary power equipment rooms. This request is being made as a result of the Applicant's commitment to dedicate portions of the Property abutting NE 2131" Street to the north and NE 27t" Avenue to the west. As a result of this commitment, which has lessened the total lot area of the Property and impacted the total Gross Floor Area of the Project, the Applicant is seeking relief from the City in order to effectuate the development of the Project, which serves an important City and Countywide demand. Importantly, the City Code affords the ability for administrative parking reductions as those outlined above. City Code Section 31-144(f)(4)(d) outlines the City's landscape open space requirements for proposed developments in the MO zoning district. As discussed above, the Applicant is dedicating portions of the Property abutting NE 213th Street and NE 27t" Avenue. As a result of these dedications, the total lot area of the Property is being decreased which creates a hardship in meeting the City's landscaped open space requirements. As such, the Applicant is seeking a non-use variance from requirements outlined in City Code Section 31-144(f)(4)(d) to effectuate the development of the Project while maintaining compliance with the City's land development regulations. Additionally, Section 31-76(i) of the City Code specifically contemplates administrative variances for parking where the variance is a result of the dedication of private property to the City. Given the variance and the application proceeding as a whole, the variance MIAMI 13503633.4 105389/308910 4/15/2026 5:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15. 2026 Page 7 Bilzin Sumberg request is being presented to the City Commission with the remainder of the other requests to consider the application and variance as a whole. b. Landscaped Open Space Regarding landscaped open space, the Applicant is seeking a variance to allow 24.5% landscaped open space where 33% is required under the City Code. It is important to note that similar standalone office buildings in the B2 district do not have express open space requirements, and the OP, Office Park district, which contemplates similar office buildings, carries a 22% open space requirement, which the proposed development exceeds by approximately 11 % of the required open space. In contrast, the MO district, where the property is located, provides for a 33% open space, which is more easily accommodated on larger parcels or medical campus style properties rather than 1.63-acre parcel with dedications. The proposed landscaping is nicely apportioned, and while the approved site plan satisfied the landscape requirements, it was able to achieve it with rooftop landscaping which is not proposed as part of the redesigned building which seeks to lower the height and impact of the proposed development. City Code Section 31-76(e) outlines the City's general standards of review for the granting of Non -Use Variances. The Project satisfies these standards in the following manner: (1) The particular physical surroundings, shape, topographical condition, or other physical or environmental condition of the specific property involved would result in a particular hardship upon the owner, as distinguished from a mere inconvenience, if the regulations were carried out literally. o The Applicant is dedicating portions, specifically on the north and west sides, of the Property to the City. Because of these dedications, the Property area and development footprint will be smaller than what was originally contemplated. Additionally, the Property is more narrow than other parcels in the general vicinity. For example, the three (3) parcels of land to the Property's north average a lot depth of approximately 215', and the parcel of land to the west has a lot depth of approximately 415'. The Applicant's corner Property, with only 115' of lot depth including the dedicated area, cannot provide the amount of parking required under the Code, as the garage is not able to accommodate two double rows of parking. (2) The conditions upon which the request for a variance is based are unique to the parcel and would not be generally applicable to other property within the vicinity. o As above, the Applicant's Property is the narrowest parcel in the surrounding area that is contemplated for medical office use. As such, the variances would not be generally applicable to other property within the vicinity. (3) The alleged difficulty or hardship is not economic and has not been deliberately created to establish a use or structure which is not otherwise consistent with the LDR. o The hardship is not economic and has not been deliberately created by the Applicant but based on the Property's configuration and additional dedications. MIAMI 13503633.4 105389/308910 4/15/2026 5:08 PM Docusign Envelope ID: A4DD6534-89BA-48FC-B46B-9B6C2DD2B08E Letter of Intent April 15, 2026 Page 8 Bilzin Sumberg (4) The granting of the variances will not be detrimental to the public welfare or injurious to other property or improvements in the vicinity. o The granting of the variances will not be detrimental to the public welfare or injurious to other property or improvements in the vicinity, rather, the granting of the variances will effectuate the development of over 100,000 SF offices that will have a positive impact on the public health and general welfare of the community. Further, the variance is based on the actual uses rather than the back of house or lobby area. Finally, many of the occupants will use the restaurant and retail, without triggering additional parking needs for standalone trips. (5) The proposed variance will not substantially increase the congestion in the public streets, or increase the danger of fire, or endanger the public safety, or substantially diminish or impair property values within the vicinity. o The Project's proposed parking calculation accounts for the actual parking spaces generated by leasable space of the office use, rather than spaces generated by elevators, stair wells, common corridors, trash rooms, common lobbies, common restrooms, meter rooms and ancillary power equipment rooms. As such, the proposed variance supports a parking count that accurately reflects daily visitation to the Property, and does not congest the public streets, or increase the danger of fire, or endanger the public safety, or substantially diminish or impair property values within the vicinity. o The Project's proposed landscape open space reduction of approximately eight (8) percentage points is not a reduction that would correlate to a decrease in the levels of service related to public streets, or increase the danger of fire, or endanger the public safety, or substantially diminish or impair property values within the vicinity. Based upon the foregoing, we respectfully request approval of the above requests. Thank you for your review of the foregoing. Should you have any questions, please do not hesitate to contact me at (305) 350-2351. Very truly yours, Brian S. Adler AM MIAMI 13503633.4 105389/308910 4/15/2026 5:08 PM LOCATION MAP EXHIBIT #: 3 C j 21291 NE 1 [ 28 AVE �a 1 z Op 0 ' 4w C=1Ell n �P NE 207TH ST 1 N COUNT '- B km! �LJ�uN,E t J RY cLL'JB-DR JE 203RD ST JEN A r A 1 WILLIAM L•E'HM'AN RAMP 1 �y�qN Sly N� 192N� SZI� I Y J D � I 1 a 0 i 1 1, o I I I I - a If ® 28-1234-001-0220 . �i _ Aventura Municipal Boundary -3: 0 DATE: 03/03/2026 AGENDA ITEM(S): City File No.: CUP2604-0002 VAR2604-0001 z N m NE 211TH ST NE 214TH TER 0 120 240 480 Feet I I I I I I I 0 0.25 0.5 1 Miles N I I I I I I I I Aw[F=H=rU1RA Eco OFFUCIES NEMCAL OFMCE BUEMNO - MWE [PLANE ,.„,a,,., ot, ,iR°_ ousts v=i. ffl'al vII loads) .' CU[ 3 , ROci: JS N.E. 213TH STREET 3 I N.E. 211TH STREET J J N.E. 209TH STREET LOCATION SKETCH O SECTION 34, TOWNSHIP 51 SOUTH, RANGE 42 EAST SCALE: 1" = 200' FLOOD LEGEND Com merc[o 1. nd-trld DEau/Wc- surer..^£ IF-11E—1 sT11—TE1 PE—T <wv..TTowEm IF— -EN1110N.—IL TDWao iMIEau 11 oreEna[muac[s a[auiT a BENT. vEs/(g 01—axEt HrvH Diu H11TE Da D— a 11-NI °r Tws aaoaEary eEEN °cuJ n C-1 °a SHEET INDEX SHEET No. TITLE Cl COVER SHEET C2 & C3 NOTES C4 ADJACENT DRIVEWAY PLAN C5 ONSITE DEMOLITION PLAN C6 STORMWATER POLLUTION PREVENTION PLAN C7 STORMWATER POLLUTION PREVENTION DETAILS C8 ONSITE PAVING AND MARKING PLAN C9 NE 28TH AVENUE RIGHT OF WAY DEMOLITION, GEOMETRY, MARKING AND SIGNAGE PLANS C10 NE 28TH AVENUE RIGHT OF WAY GRADING AND DRAINAGE PLANS C11 NE 281h AVENUE RIGHT OF WA V PAVING AND DRAINAGE DETAILS C 1 2 VEHICLE PATH EXHIBIT C13 GRADING AND DRAINAGE PLAN & SECTIONS C14 WATER AND SEWER PLAN C15 & C16 PAVING AND DRAINAGE SECTIONS & DETAILS FA1 FIRE ACCESS EXHIBIT nsinsa sas Haov seal. ma�ar, PE H lnH asla gals= �mm PEaMr Paou "r.H,wHs.w.Hw�H. Michae I m nEliva a"E �� 1 �DDaw�r„as a==aDna ,F1TogE S.S.O.C.O.F. DESIGN TICKET oare:zozl.os.za////Oiphiillii����\\\\\ NO. 106505717 DATE: 04/16/2015 VaZqueZ lsaaa9-oa oo 1"ORTIN, L.EAVY, SKILES, INC. 'zao�z,�P COVER SHEET AVENTURA ECO OFFICES CONSULTING ENGINEERS, SURVEYORS & MAPPERS = „sOSho n MEDICAL OFFICE BUILDING - CIVIL PLANS City ofAventu Miami Oade County, F/o�ida 3 �� 5heT3C1s CITY OF AVENTURA RESOLUTION NO. 2026- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING CONDITION 1 OF RESOLUTION NO. 2015-69 TO REPLACE THE APPROVED 11-STORY SITE PLAN WITH A NEW 7-STORY SITE PLAN, AND MODIFYING THE PREVIOUSLY GRANTED CONDITIONAL USE APPROVAL, PURSUANT TO SECTION 31-144(F)(2)L OF THE CITY CODE OF ORDINANCES, TO ALLOW A FLOOR AREA RATIO (FAR) OF 1.85 FOR A PROJECT ATTAINING GOLD OR PLATINUM CERTIFICATION UNDER THE CITY'S GREEN BUILDING PROGRAM, WHERE 1.06 IS PERMITTED; AND GRANTING A NEW CONDITIONAL USE APPROVAL, PURSUANT TO SECTION 31-144(F)(2)(D), TO ALLOW RETAIL USES NOT TO EXCEED FIFTEEN PERCENT (15%) OF THE TOTAL GROSS INTERIOR SQUARE FOOTAGE OF THE BUILDING; FOR THE PROPERTY LOCATED AT 21291 NE 28 AVENUE; PROVIDING FOR CONDITIONS OF APPROVAL; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, pursuant to Chapter 31, "Land Development Regulation", Article VII, Use Regulation, Section 31-145(f) "Medical Office District (MO)" of the City Code of Ordinances, the applicant, Medical Offices of Uptown Aventura LLC (the "Applicant"), has applied to the City of Aventura (the "City") for Conditional Use approval (Application No. CUP2604-0002) related to the development of a medical office building (the "Development") located at 21291 NE 28 Avenue, in the MO District, as legally described in Exhibit "A" (the "Property"); and WHEREAS, pursuant to City Code Section 31-73(f)(1), the Applicant has requested to amend the previously granted Conditional Use to amend Condition 1 of Resolution 2015-69 to replace the previously approved 11-story site plan with the proposed 7-story plan; and WHEREAS, pursuant to City Code Section 31-144(f)(2)I, the Applicant has requested a modification to the Conditional Use Approval to allow a Floor Area Ratio (FAR) of 1.85 for buildings that achieve Gold or Platinum certification under the City's Green Building Program, where an FAR of 1.06 is otherwise permitted; and WHEREAS, pursuant to Section 31-144(f)(2)(d) the Applicant has requested Conditional Use Approval to allow retail uses not to exceed fifteen percent (15%) of the total gross interior square footage of the building as part of the non-residential development; and City of Aventura Resolution No. 2026- WHEREAS, following proper notice, the City Commission has held a public hearing as provided by law; and WHEREAS, the City Commission finds that the Application meets the criteria of the applicable codes and ordinances, to the extent the Application is granted herein, and it is in the best interest of the City to grant the request for Conditional Use Approval. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, THAT: Section 1. The foregoing " WHEREAS" clauses are ratified and confirmed as being true and correct and are made a specific part of this Resolution. Section 2. The request to (1) amend Condition 1 of Resolution 2015-69 to include the new 7-story plan, (2) to permit an FAR of 1.85 for buildings that achieve Gold or Platinum certification under the City's Green Building Program, where a 1.06 FAR is otherwise permitted, and (3) to permit retail uses not to exceed fifteen percent (15%) of the total gross interior square footage of the building as part of the non-residential development, is hereby granted for the Property, subject to the conditions set out in Section 3 of this Resolution. Section 3. Approval of the application above is subject to the following conditions: 1. Building permits must be consistent with drawings signed and sealed on April 10, 2026, and listed as Exhibit #1, unless otherwise subsequently amended by an administrative site plan approval. The referenced plans are being reviewed under Administrative Site Plan Approval regulations, the MO zoning district regulations, and all other applicable regulations as provided within the City of Aventura Land Development Regulations. 2. Prior to issuance of a building permit by the City for the proposed development, the applicant shall: (i) Enter into and record in the Public Records of Miami -Dade County, at its expense, and in form satisfactory to the City Manager and City Attorney, the Agreement and Covenant in fulfillment of all requirements of the City's Green Building Program. (ii) Provide to the City a performance bond or other security approved by the City Manager and City Attorney in the amount of 5% of building construction costs as approved by the City's Building Official to guarantee attainment of the Gold or Platinum Green Building Certification. iii) Record in the Public Records of Miami- Dade County, at its expense, in a form satisfactory to the City Manager and City Attorney, a right of way deed Page 2 of 4 City of Aventura Resolution No. 2026- to the City for the road widenings on NE 28 Avenue and on NE 213 Street pursuant to City of Aventura Resolution No. 2015- 69. iv) Enter into an agreement with the City whereby parking spaces at the Development will be made available to the City during evening hours for up to 6 charter school -related events per year, at the discretion of the City. Parking to be made available shall not exceed 1 level of parking. The referenced agreement shall set forth liability terms and conditions. 3. Prior to issuance of a Certificate of Occupancy or Temporary Certificate of Occupancy, the applicant shall complete all roadway improvements on NE 28 Avenue and NE 213 Street consistent with the plans for Aventura Eco Offices civil set prepared by Fortin, Leavy, Skiles, dated 08/20/20, revised on 05/24/21 and attached as Exhibit #4, unless otherwise subsequently amended by an administrative site plan approval, and to the satisfaction of the City Manager pursuant City of Aventura Resolution No. 2015- 69. Section 4. The City Manager is authorized to issue permits in accordance with the approvals and conditions herein provided and to indicate such approvals and conditions upon the records of the City. Section 5. Issuance of this development order by the City of Aventura does not in any way create any right on the part of an applicant to obtain a permit from a state or federal agency and does not create any liability on the part of the City of Aventura for issuance of the development order if the applicant fails to obtain requisite approvals or fulfill the obligations imposed by a state or federal agency or undertakes actions that result in a violation of state or federal law. All applicable state and federal permits must be obtained before commencement of the development. This condition is included pursuant to Section 166.033, Florida Statutes, as amended. Section 6. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution was offered by Commissioner , who moved its adoption. The motion was seconded by Commissioner and upon being put to a vote, the vote was as follows: Commissioner Clifford B Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland Commissioner Paul A. Kruss Commissioner Cindy Orlinsky Mayor Howard S. Weinberg Page 3 of 4 City of Aventura Resolution No. 2026- PASSED AND ADOPTED this 5t" day of May, 2026. ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: ROBERT MEYERS CITY ATTORNEY WEISS SEROTA HELFMAN COLE + BIERMAN, P.L. HOWARD S. WEINBERG, ESQ. MAYOR Page 4 of 4 4 EXHIBIT "A" LEGAL DESCRIPTION A northwesterly portion of Lot 3, in Block 3, of MAP OF HALLANDALE, being Section 34, Township 51 South, Range 42 East, as recorded in Plat Book "B", at Page 13, of be Public Records of Miami -Dade County, Florida; said northwesterly portion of Lot 3, being more particularly described as follows: BEGINNING at the Northwesterly corner of the aforesaid Lot 3, run South 01°15' 22" East, along the westerly line of said Lot 3, a distance of 150.05 feet; thence run North 89' 57' 41" East, a distance of 475.00 feet to a point; thence run North 01*15' 22" West, a distance of 149.73 feet to a point on the northerly line of the aforesaid Lot 3; thence run westerly along the northerly line of aforesaid Lot 3 a distance of 475.00 feet to the POINT OF BEGINNING 19 4919-7369-5134 AVENTURA OFFICE 21291 NE 28 TH AVENUE, CITY OF AVENTURA, MIAMI—DADE COUNTY, FLORIDA. ARCHITECT: CAYMARES MARTIN ARCHITECTURE & ENGINEERING DESIGN, INC. 5001 SW 74TH COURT, SUITE 100 MIAMI, FL 33155 TEL. 305-669-5040 w w.caymaresmartin.com ARCH. NIDIA CARDONA, LIC#AR 92468 olenia@caymaresmartin.com C CAYIAARE�lAARIIN D'gaany NIDIANo-q by CARDCARDONA Dare: ONA202604.10 14:AI27 Ro U) W U_ LL J LL J pw 0 UU) wa Q J z � Q z-- W Q Aw[F=H=rU1RA Eco OFFUCIES NEMCAL OFMCE BUEMNO - MWE [PLANE ,.„,a,,., ot, ,iR°_ ousts v=i. ffl'al vII loads) .' CU[ 3 , ROci: JS N.E. 213TH STREET 3 I N.E. 211TH STREET J J N.E. 209TH STREET LOCATION SKETCH O SECTION 34, TOWNSHIP 51 SOUTH, RANGE 42 EAST SCALE: 1" = 200' FLOOD LEGEND Com merc[o 1. nd-trld DEau/Wc- surer..^£ IF-11E—1 sT11—TE1 PE—T <wv..TTowEm IF— -EN1110N.—IL TDWao iMIEau 11 oreEna[muac[s a[auiT a BENT. vEs/(g 01—axEt HrvH Diu H11TE Da D— a 11-NI °r Tws aaoaEary eEEN °cuJ n C-1 °a SHEET INDEX SHEET No. TITLE Cl COVER SHEET C2 & C3 NOTES C4 ADJACENT DRIVEWAY PLAN C5 ONSITE DEMOLITION PLAN C6 STORMWATER POLLUTION PREVENTION PLAN C7 STORMWATER POLLUTION PREVENTION DETAILS C8 ONSITE PAVING AND MARKING PLAN C9 NE 28TH AVENUE RIGHT OF WAY DEMOLITION, GEOMETRY, MARKING AND SIGNAGE PLANS C10 NE 28TH AVENUE RIGHT OF WAY GRADING AND DRAINAGE PLANS C11 NE 281h AVENUE RIGHT OF WA V PAVING AND DRAINAGE DETAILS C 1 2 VEHICLE PATH EXHIBIT C13 GRADING AND DRAINAGE PLAN & SECTIONS C14 WATER AND SEWER PLAN C15 & C16 PAVING AND DRAINAGE SECTIONS & DETAILS FA1 FIRE ACCESS EXHIBIT nsinsa sas Haov seal. ma�ar, PE H lnH asla gals= �mm PEaMr Paou "r.H,wHs.w.Hw�H. Michae I m nEliva a"E �� 1 �DDaw�r„as a==aDna ,F1TogE S.S.O.C.O.F. DESIGN TICKET oare:zozl.os.za////Oiphiillii����\\\\\ NO. 106505717 DATE: 04/16/2015 VaZqueZ lsaaa9-oa oo 1"ORTIN, L.EAVY, SKILES, INC. 'zao�z,�P COVER SHEET AVENTURA ECO OFFICES CONSULTING ENGINEERS, SURVEYORS & MAPPERS = „sOSho n MEDICAL OFFICE BUILDING - CIVIL PLANS City ofAventu Miami Oade County, F/o�ida 3 �� 5heT3C1s CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager BY: Melissa Cruz, Finance Director DATE: April 3, 2026 SUBJECT: Mid -Year Budget Amendment Ordinance — FY 2025/26 April 7, 2026 City Commission Meeting Agenda (First Reading) May 5, 2026 City Commission Meeting Agenda (Second Reading) RECOMMENDATION It is recommended that the City Commission approve the attached ordinance amending the FY 2025/26 budget. BACKGROUND This mid -year budget amendment addresses various items that were not included in the originally adopted FY 2025/26 Budget. These items require additional funding through a formal budget amendment. Some of these items may have been previously discussed with the Commission but now require formal action. For simplicity, the following narrative summarizes all items in "Fund/Account Number sequence" consistent with their presentation the FY 2025/26 Budget Amendments Schedule ("Exhibit A"). General Fund — (001) — $1,488,910 net increase Revenues — $1,488,910 increase — In FY 2025/26, actual revenues anticipated to be received exceeded the amounts originally budgeted. These additional revenues will cover FY 2025/26 expenditure spend overages in the General Fund. The revenue sources covering these expenditures include: • COPS Secure Out School (331250) $243,850 • Public Safety -Miscellaneous State Grants (334200) 30,100 • Interest Earnings -Investments (3611000) 251,870 1 • Miscellaneous Revenue -Other (369900) 3,220 • Carryover (399900) 959,870 City Manager (00115000) $84,135 increase 531090 — Lobbyist requires an $84,135 budget amendment for the addition of a State Lobbyist to assist the City in obtaining more funding. Finance (00130000) $34,585 increase The below accounts require a budget amendment due to the reclassification of the Purchasing Agent role to a Procurement Manager position. This new role carries expanded responsibilities and a broader, higher -level scope. • 512000 — Regular Salaries $28,395 • 521000 — FICA & Medicare Taxes 2,175 • 522000 — City Pension Contribution 3,975 • 524000 —Workers' Compensation 40 Human Resources (00135000) $3,220 increase 664080 - >$5,000 Equipment requires a budget amendment in the amount of $3,220 to fund one-half of the total cost of new gym equipment, estimated at $6,440. This portion of the expense will be reimbursed through the City's health insurance wellness funds, as reflected under Miscellaneous Revenue —Other (369900). The remaining $3,220 will be funded by the Police Department and paid from the City's Capital Reserve funds, as detailed below. Information Technoloav (00140000) $10.000 increase 555010 — Educational Assistance requires a $10,000 budget amendment for the projected tuition reimbursement to an employee working on their Master's degree in accordance with City policy. This expense was not anticipated and was not included in the originally adopted budget. Police (00145000) - $307,270 increase 512000/514010 — Regular Salaries/Holiday Pay requires a net zero budget amendment for the movement of $275,000 from the Holiday Pay line item to Regular Salaries as the Holiday Pay code is now being recorded in the Regular Salaries line item. 2 555000 — Conferences/Seminars/Training requires a $243,850 budget amendment due to the receipt of a grant supporting the CREST program, which provides advanced crisis intervention training. The corresponding revenue has been adjusted above in the revenue line for COPS Secure Out School (331250). The total grant awarded is $350,000, with a portion of expenditures incurred in FY 2024/25 and the remaining balance to be expended in FY 2025/26. 664080 - >$5,000 Equipment requires a $63,420 budget amendment. Of this amount, $60,200 is allocated for the purchase and installation of a Police boat lift, which was not included in the originally adopted budget. The City will receive a matching grant for this project, with $30,100 budgeted in Public Safety -Miscellaneous State Grants (334200) and the remaining $30,100 funded from the Capital Reserve account (669999). Additionally, approximately $6,440 is allocated for the purchase of new gym equipment. Of this total, $3,220 will be expended from this account, with the remaining $3,220 funded by the Human Resources Department, as noted above. Community Services (00155000) — $39,500 increase 546010 — Repairs & Maintenance — Buildings requires a $15,600 budget amendment for mold remediation at the Founders Park office, which was not anticipated in the originally adopted budget. 546020 — Repairs & Maintenance - Equipment requires a $19,000 budget amendment for splash pad maintenance costs recorded in this account. These expenditures are being reclassed from the Public Works (00160000) Repairs & Maintenance — Streets (546050) as detailed below. 664080 - > $5,000 Equipment requires a $4,900 budget amendment for the HVAC replacement at the Founders Park office. This project is being completed in conjunction with the mold remediation and related HVAC modifications. Public Works/Transportation (00160000) — $2,085 increase 546020 — Repairs & Maintenance Equipment requires a $15,000 budget amendment due to expenditures being higher than anticipated in the originally adopted budget. 546050 — Repairs & Maintenance - Streets requires a ($19,000) budget amendment to reflect the reclassification of splash pad maintenance costs to Community Services (00155000) Repairs & Maintenance — Equipment (546020), as noted above. 664080 - >$5,000 Equipment requires a $6,085 budget amendment for an emergency pump replacement for right-of-way irrigation on W. Country Club Drive. Arts & Cultural Center (00165000) — $173,400 increase 531030 — AACC Staff Services requires a $33,500 budget amendment due for outside marketing support services billed to the City by Broward Performing Arts Center that was not anticipated in the originally adopted budget. Of this amount, $7,100 is being reallocated from the AACC Marketing account (531040) as detailed below. 531040 — AACC Marketing requires a ($7,100) budget amendment to reflect the reallocation of funds to AACC Staff Services (531030) as noted above. This adjustment aligns with current coding practices, whereby only Public Relations firm expenses are recorded under this line item. 664100 — Repairs & Replacements requires a $147,000 budget amendment primarily for the remaining costs associated with the replacement of the chiller/pump system. This project was completed during FY 2025/26. Non -Departmental (00190000) — ($125,155) decrease 534080 — Other requires a $66,150 budget amendment primarily due to additional Holiday decoration costs in recognition of the City's 30t" anniversary. These costs were not included in the originally adopted budget. 669999 — Capital Reserve requires a ($191,305) budget amendment due to the capital projects listed below. • Police Boat Lift - $30,100 • New Gym Equipment - $3,220 • Founders Park Office HVAC Replacement - $4,900 • Emergency ROW Pump Replacement - $6,085 • AACC Remaining Chiller/Pump(s) Replacement cost - $147,000 Transfers (00195000) — $959,870 increase 991395 — Transfer to DSAHS Construction Fund requires a $959,870 budget amendment to fund known expenditures to date for the new high school construction project. These expenditures were unknown at the time of the originally adopted, and additional expenditures are anticipated and will be amended as needed. A detailed list of these expenditures is provided below under the DSAHS Construction Fund (395) section. Funding for this transfer will be derived from the City's Carryover Revenue account (399900). E Transportation & Street Maintenance Fund (120) - $131,000 net increase 531010 — Engineering requires a $131,000 budget amendment to cover expenditures associated with the Vision Zero Safety Action Plan Grant. The project is anticipated to be completed during FY 2025/26. Total project costs are expected to be approximately $300,000 with a portion expended in the previous fiscal year. The City will be reimbursed by a Federal Grant totaling approximately $256,000. The revenue from Federal Grants (331245) will cover the above anticipated expenditures of $131,000 reflected in this amendment. Building Fund (164) — $698,889 net increase 664110 — Equipment — Government Center requires a $750,000 budget amendment to cover interior design services, general contractor fees and associated products for the fourth (4t") floor Building Division renovation. This project includes updates to the Women's and Men's restrooms, flooring, furniture, wall paint and wallpapers, window treatments, breakroom art, and the Building Director/Officials office. 669999 — Capital Reserve requires a budget amendment of ($51,111) amendment due to the above capital project. The additional revenue to fund the Building Division renovation will be provided by the Carryover account (399900) in the amount of $698,889. Capital Projects Fund (392) - $50,585 net increase 664080 - >$5,000 Equipment requires a $8,085 budget amendment for the purchase of an additional ballistic shield. 664090 — <$5,000 Equipment requires a $42,500 budget amendment to cover the purchase of necessary vests including replacements for those expiring before the start of the new fiscal year on October 1, 2026, and new vests for the incoming Police Officers. Approximately $17,000 of this cost will be reimbursed through a grant. The remaining balance will be offset by the following revenue: • Bulletproof Vest (331220) - $17,000 • Carryover (399900) - $33,585 DSAHS Construction Fund (395) — $959,870 net increase This fund was established in FY 2024/25 to support the construction of the new Don Soffer Aventura High School ("DSAHS"). Expenditures were not known at the time of the FY 2025/26 budget preparation and remain partially unknown. The City is amending the FY 2025/26 budget for known expenditures at this time, as outlined below: • 531500 — Architect/Engineer $218,340 • 531510 — Construction Manager At Risk 379,900 • 531530 — Project Management 360,000 • 549010 — Licenses/Permit Fees 515 • 552060 — Other Operating Supplies 35 • 664090 - <$5,000 Equipment 1,080 This increase will be funded by the following revenue source: • Transfer from General Fund (381001) - $959,870 If you should have any questions related to this memorandum, please contact the City Manager. n. CITY OF AVENTURA ORDINANCE NO. 2026- AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO. 2025-17 WHICH ORDINANCE ADOPTED A BUDGET FOR THE 2025/2026 FISCAL YEAR BY REVISING THE 2025/2026 FISCAL YEAR OPERATING AND CAPITAL BUDGET AS OUTLINED IN EXHIBIT "A" ATTACHED HERETO; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS ORDINANCE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, upon the periodic review and analysis of current budgetary commitments and obligations, and based upon the projected needs and requirements of the City and upon the recommendations of the City Manager (and the concurrence of the Finance Director as to Accounting Principles), it is deemed necessary to adjust, amend and implement the 2025/2026 Operating and Capital Budget as set forth in Exhibit "A" attached hereto and made a part hereof. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AS FOLLOWS: Section 1. That the recitals contained in the preamble to this Ordinance are incorporated by reference herein. Section 2. That the City Commission hereby authorizes the amendment of Ordinance No. 2025-17, which Ordinance adopted a budget for the 2025/2026 fiscal year, by revising the 2025/2026 budget as set forth on the attached Exhibit "A" which exhibits are deemed incorporated by reference as though set forth in full herein. Section 3. That the City Manager is hereby authorized to do all things necessary to carry out the aims of this Ordinance. City of Aventura Ordinance No. 2026- Section 4. Effective Date. That this Ordinance shall be effective immediately upon adoption on second reading and shall be applicable retroactively from and after October 1, 2025. The foregoing Ordinance was offered by Vice Mayor Bloom, who moved its adoption on first reading. This motion was seconded by Commissioner Ain, and upon being put to a vote, the vote was as follows: Commissioner Clifford B. Ain Yes Commissioner Gustavo F. Blachman Yes Commissioner Rachel S. Friedland Yes Commissioner Paul A. Kruss Yes Commissioner Cindy Orlinsky Yes Vice Mayor Amit Bloom Yes Mayor Howard S. Weinberg Yes The foregoing Ordinance was offered by Commissioner , who moved its adoption on second reading. This motion was seconded by Commissioner , and upon being put to a vote, the vote was as follows: Commissioner Clifford B. Ain Commissioner Gustavo F. Blachman Commissioner Rachel S. Friedland Commissioner Paul A. Kruss Commissioner Cindy Orlinsky Vice Mayor Amit Bloom Mayor Howard S. Weinberg Page 2 of 3 City of Aventura Ordinance No. 2026- PASSED on first reading this 7t" day of April, 2026. PASSED AND ADOPTED on second reading this 5t" day of May, 2026. HOWARD S. WEINBERG, ESQ. MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: ROBERT MEYERS CITY ATTORNEY WEISS SEROTA HELFMAN COLE + BIERMAN, P.L. Page 3 of 3 Fiscal Year 2025/26 Exhibit A 331250 COPS Secure Out School $ - $ 243,850 $ 243,850 334200 Public Safety -Miscellaneous State Grants 135,000 30,100 165,100 361100 Interest Earnings -Investments 1,500,000 251,870 1,751,870 369900 Miscellaneous Revenue -Other 25,000 3,220 28,220 399900 Carryover Total General Fund Revenues 177,662 $ - 959,870 1,137,532 531090 Lobbyist 512000 Regular Salaries 521000 FICA & Medicare Taxes 522000 City Pension Contribution 524000 Workers' Compensation 664080 >$5,000 Equipment City Manager 00115000 Total City Manager $ Finance 00130000 Total Finance $ Human Resources 00135000 Total Human Resources $ 120,000 $ 84,135 $ 204,135 120,000 $ 84,135 $ 204,135 810,291 $ 28,395 $ 838,686 61,987 2,175 64,162 116,896 3,975 120,871 1,074 40 1,114 990,248 $ 34,585 $ 1,024,833 - $ 3,220 $ - $ 3,220 $ 3,220 3,220 555010 512000 514010 555000 664080 Fiscal Year 2025/26 Exhibit A Information Technology 00140000 Educational Assistance $ - $ Total Information Technology $ - $ Police 00145000 Regular Salaries $ 13,037,052 $ Holiday Pay 275,000 Conferences/Seminars/Training 121,000 >$5,000 Equipment 723,212 Total Police $ 14,156,264 $ Community Services 00155000 546010 Repairs & Maintenance - Buildings $ 200,000 $ 546020 Repairs & Maintenance - Equipment 13,000 664080 >$5,000 Equipment 73,000 Total Community Services $ 286,000 $ Public Works/Transporation 00160000 546020 Repairs & Maintenance -Equipment $ 5,500 $ 546050 Repairs & Maintenance -Streets 140,400 664080 >$5,000 Equipment - Total Public Works/Transporation $ 145,900 $ Arts & Cultural Center 00165000 531030 AACC Staff Services $ 676,365 $ 531040 AACC Marketing 33,500 664100 Repairs & Replacements - Total Arts & Cultural Center $ 709,865 $ 10,000 $ 10,000 10,000 $ 10,000 275,000 $ 13,312,052 (275,000) - 243,850 364,850 63,420 786,632 307,270 $ 14,463,534 15,600 $ 215,600 19,000 32,000 4,900 77,900 39,500 $ 325,500 15,000 $ 20,500 (19,000) 121,400 6,085 6,085 2,085 $ 147,985 33,500 $ 709,865 (7,100) 26,400 147,000 147,000 173,400 $ 883,265 City of Aventura Object Code Total Description Budget Amendment Amended Budget Budget Amended Budget FY2025/26 Amendment FY2025/26 Total General Fund Expenditures $ 18,034,1 Transportation & Street Maintenance Fund - 120 Revenues 12000000 & Street Maintenance Fund Revenues $ - $ 131,000 $ Transportation & Street Maintenance Fund - 120 Public Works/Transportation Expenditures 12060000 131,000 Total Transportation & Street Maintenance Fund Expenditures $ 35,00 166,000 Object Code City of Aventura Budget Amendment Amended Budget Budget Amended Budget Description FY2025/26 Amendment FY2025/26 Building Fund - 164 Revenues 16400000 Total Building Fund Revenues $ Building Fund - 164 Community Development Expenditures 16450000 Total Building Fund Expenditures $ 150,270 Capital Projects Fund - 392 Revenues 39200000 Total Capital Projects Fund Revenues $ 33,085 $ 83,670 Capital Projects Fund - 392 Police Expenditures 39245000 Total Capital Projects Fund Expenditures $ 83,670 City of Aventura Object Code Description otal DSAHS DSAHS Budget Amendment Amended Budget Budget Amended Budget FY2025/26 Amendment FY2025/26 DSAHS Construction Fund - 395 Revenues 39500000 Fund Revenues $ - $ 959,870 $ DSAHS Construction Fund -395 Expenditures 39575000 Fund Expenditures $ - $ 9! CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager BY: Keven Klopp, Community Development Director DATE: May 1, 2026 SUBJECT: Building Permit Processes — Contractor Registration Revision May 5, 2026 City Commission Meeting Agenda (First Reading) June 2, 2026 City Commission Meeting Agenda (Second Reading) RECOMMENDATION As the Community Development Department continues to transition the building permit process to one that will be completely digital, it is recommended that a revision be made to that portion of the City Code which currently requires contractors to register in person. BACKGROUND The City Code currently requires contractors, when registering for the first time, to do so in person. This requirement was appropriate and effective when permitting was entirely an in -person process; it was effective as a fraud deterrent. The requirement is no longer efficient nor necessary. Removing this requirement will help to provide the full benefits of digital permitting to the applicants and eliminate an inefficient task currently being performed by the building clerks. CITY OF AVENTURA ORDINANCE NO. 2026- AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING SECTION 14-62 "REGISTRATION" OF CHAPTER 14 OF THE CITY'S CODE OF ORDINANCES; TO ELIMINATE THE REQUIREMENT THAT CONTRACTOR REGISTRATION BE DONE IN PERSON; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN CODE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Aventura ("City") periodically performs a review of its Code of Ordinances ("Code") to identify and eliminate outdated requirements; and WHEREAS, the City continues to make efficiency improvements that allow business to be conducted digitally; and WHEREAS, the City Commission finds it is in the best interest of the City to amend the Code of Ordinances to eliminate the requirement that contractors register in person. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AS FOLLOWS, THAT: Section 1. Recitals Incorporated. Each of the above -stated recitals are hereby adopted and confirmed. Section 2. City Code Amendment. Chapter 14, Section 62, of the City Code is hereby amended as follows, with additions to the existing Code being underlined and deletions being marked with strikethro inh: Sec. 14-62. Registration. All contractors performing work within the municipal boundaries of the City, or who have made application for building permits from the City, shall be required to register annually with the City. All such contractors shall register with the City Community Development Department of the time of the renewal of their lnnol business tax reneint nr within seven days thereof, nr prior to being issued tie a building permit; whinheyer applies. Registrations must be renewed annually on or before Seat er August 30th for the following flsGlyear. Requirements for registration shall be as follows: (1) The qualifier for the contractor must provide each of the items listed Ain thh paragraph. SUGh qualifier must personally appear at the City's Development Department not have a prinGipal plaGe of business IGGated on the State. a. A current certificate of competency. City of Aventura Ordinance No. 2026- b. A current liability and workers' compensation certificate of insurance, addressed to the City. c. (i) If licensed by Miami -Dade County, both a State registration and Miami - Dade County registration are required; or (ii) Current State certificate (if State - certified contractor). d. An e-mail address o irrent Innal business tax reneipt from the area of primary business (2) All building permits applications must be signed by the qualifier and notarized. (3) If the Community Development Department deems necessary, the qualifier must appear at all building inspections, sign for all building permits and appear at any and all times required. Failure to appear will result in all privileges to engage in contracting in the City being subject to revocation. (4) The fee for this registration shall be $35.00 per year, or as may be amended by resolution of the City Commission. The fee component of registration shall not be applicable in those instances where preempted by F.S. § 205.065. Section 3. Severability. The provisions of this Ordinance are declared to be severable and if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining sections, sentences, clauses, and phrases of this Ordinance but they shall remain in effect, it being the legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part. Section 4. Inclusion in the Code. It is the intention of the City Commission, and it is hereby ordained that the provisions of this Ordinance shall become and be made a part of the Code of the City of Aventura; that the sections of this Ordinance may be re- numbered or re -lettered to accomplish such intention; and that the word "Ordinance" shall be changed to "Section" or other appropriate word. Section 5. Effective Date. This Ordinance shall be effective immediately upon adoption on second reading. Page 2 of 4 City of Aventura Ordinance No. 2026- The foregoing Ordinance was offered by Commissioner , who moved its adoption on first reading. This motion was seconded by Commissioner and upon being put to a vote, the vote was as follows: Commissioner Clifford B. Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland Commissioner Paul A. Kruss Commissioner Cindy Orlinsky Mayor Howard S. Weinberg The foregoing Ordinance was offered by Commissioner , who moved its adoption on second reading. This motion was seconded by Commissioner and upon being put to a vote, the vote was as follows: Commissioner Clifford B. Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland Commissioner Paul A. Kruss Commissioner Cindy Orlinsky Mayor Howard S. Weinberg PASSED on first reading this 5t" day of May, 2026. PASSED AND ADOPTED on second reading this 2nd day of June, 2026. Page 3 of 4 City of Aventura Ordinance No. 2026- HOWARD S. WEINBERG, ESQ. MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: ROBERT MEYERS CITY ATTORNEY WEISS SEROTA HELFMAN COLE + BIERMAN, P.L. Page 4 of 4 CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager BY: Jake Ozyman, Public Works & Transportation Director DATE: May 1, 2026 SUBJECT: Interlocal Agreement with Miami -Dade County for CITT Funding of On -Demand Transit Service May 5, 2026 City Commission Meeting Agenda RECOMMENDATION It is recommended that the City Commission authorize the City Manager to enter into an Interlocal Agreement with Miami -Dade County, required to continue receiving Citizens' Independent Transportation Trust (CITT) funding for the on -demand transit service. BACKGROUND The City of Aventura provides on -demand transportation services to residents through the on -demand transit program. A significant portion of the operating cost for this service is funded by the Citizens' Independent Transportation Trust (CITT), administered by Miami -Dade County. To maintain eligibility for ongoing CITT funding, the County requires the City to execute an Interlocal Agreement in substantially the same form as the draft attached as Exhibit "A." Execution of this agreement is necessary to ensure continued financial support for the on -demand service. CITY OF AVENTURA RESOLUTION NO. 2026- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING AN INTERLOCAL AGREEMENT BETWEEN MIAMI-DADE COUNTY AND THE CITY OF AVENTURA FOR THE PROVISION OF ON -DEMAND SERVICES; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT ON BEHALF OF THE CITY; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Aventura (the "City") provides on -demand transportation services to its residents; and WHEREAS, a portion of the on -demand service is funded through the Citizens' Independent Transportation Trust ("CITT"), which is overseen by Miami -Dade County (the "County"); and WHEREAS, to continue to receive CITT funding, the County requires that the City enter into an Interlocal Agreement, in substantially the same form as attached hereto as Exhibit "A"; and WHEREAS, the City Commission has held the required public hearing, duly noticed in accordance with the law; and WHEREAS, it is in the City's best interest to continue providing on -demand transportation services to its residents. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, THAT: Section 1. Recitals. Each of the above -stated recitals are hereby adopted, confirmed, and incorporated herein. Section 2. Approval. The Interlocal Agreement between Miami -Dade County and the City of Aventura, attached hereto as Exhibit "A", is approved in substantially the same form. Section 3. Implementation. The City Manager is authorized to execute the Interlocal Agreement on behalf of the City in substantially the same form as attached hereto as Exhibit "A" and any necessary amendments or document in furtherance of the Interlocal Agreement. City of Aventura Resolution No. 2026- Section 4. Effective Date. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution was offered by Commissioner adoption. The motion was seconded by Commissioner a vote, the vote was as follows: Commissioner Clifford B. Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland Commissioner Paul A. Kruss Commissioner Cindy Orlinsky Mayor Howard S. Weinberg PASSED AND ADOPTED this 5t" day of May, 2026. ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: , who moved its , and upon being put to HOWARD S. WEINBERG, ESQ. MAYOR ROBERT MEYERS CITY ATTORNEY WEISS SEROTA HELFMAN COLE + BIERMAN, P.L. Page 2 of 2 Interlocal Agreement Between Miami -Dade County and City of Aventura For the Provision of On -Demand Services This is an Interlocal Agreement, made and entered into by and between Miami -Dade County, a political subdivision of the State of Florida, hereinafter referred to as "the County" and "City of Aventura", a municipal corporation of the State of Florida, hereinafter referred to as "the Municipality". WITNESSETH: WHEREAS, the Municipality wishes to enhance local mobility through the provision of locally operated On -demand public transportation services; and WHEREAS, these services provide the Municipality with an opportunity to match the local travel needs of the residents while improving first and last -mile connectivity; and Q WHEREAS, the provision of these services can help minimize the need for specialized transportation services by the County; and 4_0 WHEREAS, the proposed On -Demand service will complement the existing Miami -Dade Department of Transportation and Public Works (DTPW) bus routes and help increase the use of X these regional services; and w WHEREAS, the Municipality has sponsored and is willing to provide an alternative form of supplemental public transportation throughout the Municipality and has secured and obligated the necessary funds to provide; NOW THEREFORE, IN CONSIDERATION of the mutual terms, conditions, promises, covenants and payments hereinafter set forth, the County and the Municipality agree as follows: pg. 1 ARTICLE 1 DEFINITIONS 1.1 "A. D.A." shall mean the Americans with Disabilities Act of 1990, as amended 1.2 "Contractor" shall mean any entity, public or private On -demand public transportation services as described in this Agreement under contract to the Municipality. 1.3 "On -demand" shall mean flexible routing with dynamic vehicle dispatching and the trip is no longer than five (5) miles in distance. 1.4 "The County" shall include Miami -Dade County, the Miami -Dade Department of Transportation and Public Works Miami -Dade. Consumer Services Department, and authorized representatives thereof. 1.5 "The Municipality" shall mean City of Aventura and authorized representatives thereof. 1.6 "FDOT" shall mean the Florida Department of Transportation and authorized representatives thereof. 1.7 "DTPW' shall mean the Miami -Dade Department of Transportation and Public Works Q and authorized representatives thereof. 4_0 1.8 "US DOT" shall refer to the U.S. Department of Transportation, its rules and regulations and representatives thereof. X 1.9 "FTA" shall mean the Federal Transit Administration, its rules and regulations, and w representatives thereof. 1.10 "PTRD" shall refer to the Passenger Transportation Regulatory Division of DTPW. 1.11 "Federal Reporting Requirements" shall mean those requirements referenced in 49 CFR Section 5335(a), as may be amended from time to time, and found in the National Transit Database Reporting Manual published by the FTA. 1.12 "Fares" for the On -demand service shall mean individual transportation fees paid by public transit passengers in accordance with a schedule of fares adopted by County Ordinance. "On -demand" section 29-124 of the Code of Miami -Dade County provides that municipalities may fund On -demand transportation services as defined in the section 212.055(1) (e), Florida Statues. 1.13 "STS", Special Transportation Service, is the component of the conventional transit system designed to provide comparable On -demand service to disabled individuals as mandated in the A. D.A.. pg. 2 1.14 "Park -and -Ride Facility" Shall mean parking lots, garages, or other structures where the public can park their vehicles and board public transit, which includes but is not limited to buses and rail. ARTICLE 2 GENERAL REQUIREMENTS 2.1 Compliance with Applicable Laws and Regulations. The Municipality and its contractors, if any, shall comply with all existing and future laws, statutes, ordinances, codes, rules, regulations and procedural requirements, whether federal, state, or local, which are applicable to or in any manner affect, the provision of the On -demand service. The Municipality shall be responsible for requiring compliance of its employees, contractors, and agents with all applicable county, state and federal requirements, including, but not limited to, all safety, mechanical, and vehicular standards mandated by DTPW/PTRD. The Municipality shall be responsible for obtaining copies of the appropriate laws, regulations, ordinances, and documents and complying therewith. 2.2 The County Regulatory Requirements. Prior to the commencement of the On -demand service under this Agreement, the Municipality and/or its contractors, if any, shall have current and valid certificates of transportation, permits, and chauffeur registrations as required by Chapter 31 of the County Code. The Municipality and its contractors shall maintain such certificates, registrations and permits current during the Period of this Agreement. In no event shall the Municipality or any of its contractors provide any transportation services contemplated by this Agreement until any and all County regulatory requirements are satisfied. 2.3 Vehicle Licensing. All vehicles utilized to provide On -demand service shall at all times be properly licensed and permitted in accordance with applicable federal, state and county requirements. Vehicle operators shall comply with all safety, mechanical and vehicular standards mandated by any applicable county, state and federal requirements including, but not limited to, all safety, mechanical and vehicular standards mandated by DTPW/PTRD. 2.4 Vehicle Standards. Vehicles shall comply with all of the Requirements contained in Chapter 30 and 31 of the Code of Miami -Dade County, pertinent state statutes and other directives as may be prescribed and required by DTPW/PTRD. All vehicles utilized to provide transportation services authorized by this Agreement shall at all times display a current and valid county permit and shall comply with safety, mechanical and vehicular requirements mandated by applicable county, state or federal requirements, including A. D.A.. 2.5 Chauffeur Requirements. Vehicle chauffeurs shall at all times have a current and valid county chauffeur's registration, vehicle chauffeurs shall also comply with any safety, mechanical and vehicle standards mandated by applicable county, state and federal requirements and as may be prescribed and required by DTPW/PTRD. pg. 3 ORW_ 4_0 X w 2.6 Proof of Compliance Prior to Operation. The Municipality and/or its contractors, if any shall provide the County with proof of compliance with licensure, insurance and any other requirements mandated by the County Code, state statute or federal law prior to commencement of the On -demand service. 2.7 Purchase of Services/Sole Responsibility. The parties concur that this Agreement is a contract for the provision of On -demand service provided by the Municipality for the benefit of residents of the Municipality and of the County. Municipality employees, agents and contractors providing On -demand services shall be considered to be, at all times, solely employees, agents or contractors of the Municipality under its sole direction and not employees, agents or contractors of the County. 2.8 Compliance with A.D.A.. The Municipality's On -demand service shall comply with all applicable requirements of the A.D.A.. The Municipality and the County recognize their joint obligation to provide STS in the area served by the Municipality's On -demand service. In fulfillment of the Municipality's obligation, the Municipality hereby allows the County to provide STS service at no cost to the Municipality. To the extent that any terms in the Agreement are in conflict with A.D.A., the requirements of the A.D.A. shall control. 2.9 Compliance with Procurement Requirements. The Municipality agrees to comply with applicable federal and state procurement requirements, as may be amended from time to time when entering into contracts with third parties to fulfill the obligations under this Agreement. 2.10 County's Right to Submit Proposals and Bids. The County shall be notified and given the opportunity to bid upon any Requests for Proposals (RFP), Requests for Qualifications (RFQ), or requests for bids issued by the Municipality for provision of services pursuant to this Agreement. 2.11 Drug -free Workplace and Testing. In accordance with the County Code, the Municipality shall certify that it will have a drug -free workplace program. Further, the Municipality shall require pre -employment drug testing and other periodic drug testing for all persons holding safety -sensitive positions, as defined by U.S. D.O.T., related to transit operation. Effective upon execution of the Agreement, the Municipality shall require that its employees or contractor if applicable, comply with all applicable requirements of the U.S. D.O.T. regulations for drug and alcohol testing. To the extent that any terms in this Agreement are inconsistent with the US DOT regulation, the requirements of the U.S. D.O.T. shall control. 2.12 Municipality Representative. The Municipality shall designate individual(s) to act as liaison to the County and notify the County thereof. The Municipality shall promptly notify the County of any changes. 2.13 County Representative. The County shall designate individual(s) to act as liaison to the Municipality and notify the Municipality thereof. The County shall promptly notify the Municipality of any changes. 2.14 Amendments or modifications. Unless provided otherwise elsewhere in this Agreement, amendments and modifications to this Agreement must be in writing and shall require the ORW_ X w signatures of the County Mayor or designee and the Mayor of the Municipality, or their designees, subject to authorization by their respective Boards. Notwithstanding the foregoing, amendments to this Agreement regarding alignments, schedules, and fares, as described in Section 2-150 (c) of the County Code, may be approved by the County Mayor or designee and the Municipality Manager or their designees. ARTICLE 3 ON -DEMAND SERVICE 3.1 Provision of On -demand Services. The Municipality shall provide On -demand service as contained in Exhibits 1 and 2 attached herein. Such service plan must be subject to public input and approval by DTPW prior to implementation. Public notices shall comply with Title VI requirements, per Section 8.3 of this Agreement. In addition, the Municipality must notify the County under the following circumstances: 1) Prior to raising fares; 2) If the Municipality decides to site or locate a vehicle storage facility, maintenance facility or operations center which requires land acquisition or the displacement of persons from their residences and businesses for which a National Environmental Q Policy Act (NEPA) process has not been completed (NOTE: A facility does not include bus shelters, transit stations or power substations); }' 3) Prior to the submission of the Municipality's Title VI Plan, the Public Participation Plan must be reviewed and approved by the County's Office of Civil Rights and X Labor Relations for the DTPW. The plan must include an outreach plan to engage w the Municipality's pre -determine traditionally underserved community; or 4) Prior to conducting either an Environmental Assessment (EA) or an Environmental Impact Statement (EIS) for new projects. 3.2 Fares. The Municipality shall operate the On -demand service charging a fare in accordance with public transit fares established by the Municipality's legislative board, as may be modified from time to time. Initially no fare shall be collected until such a time as the Municipality's legislative board enacts an Ordinance with an alternative fare structure. If an alternate fare structure is enacted, the Municipality shall accept all DTPW passes, transfers, or identification entitling a passenger to ride a vehicle without paying any additional fare. Qualified passengers shall pay no fare. DTPW Easy Cards and Tickets, or identification entitling a passenger shall be accepted to enable passengers to ride the On - demand service without paying an additional fare. 3.3 Connection and Coordination with County Bus Routes. All Municipality On -demand services shall be designed to feed the regional transit service in the most efficient manner possible. pg. 5 3.4 Operation of Routes in Their Entirety. The Municipality shall be responsible for ensuring that On -demand service is operated in its entirety with no deviation from the approved routes and schedules unless otherwise authorized by the County. 3.5 On -demand Service Information. The County shall provide information on the Municipality's On -demand service through DTPW's routine and customary public information dissemination processes, including its transit information telephone service, and transit website. 3.6 Issuance of On -demand Schedules. The County shall make available to its Metrobus, Metrorail and Metromover passengers maps and span of services provided by the Municipality to DTPW. 3.7 Route Modifications. Before any major service change, including the development of new On -demand services, service area changes greater than 25% (based on existing service area), or discontinuation of an On -demand service, the Municipality shall perform a technical analysis of proposed service areas and span of service schedules of the On - demand service. The proposed service shall not begin or discontinue operation without first obtaining successful review and approval of DTPW, Service Planning and Scheduling Division. The Municipality shall follow DTPW's Procedure for Establishment of App-Based On -demand Transit Service. 3.8 Use of Logo. The Municipality may wish to design a logo uniquely identifying its On - demand service. If they do so, such logo shall at all times be displayed on the exterior of all vehicles operation pursuant to this Agreement. 3.9 Non -Interference and Non -Disturbance. The County and the Municipality hereby mutually agree not to interfere with or unreasonably impede the free flow of pedestrian movement or of each other's public transit vehicular traffic or passengers accessing or egressing County Metrobus or Municipality On -demand in-service vehicles. 3.10 Miscellaneous. The Municipality or Municipality's Contractor shall provide adequate customer service training to its employees. Drivers, dispatchers and supervisors shall be subject to a training program inclusive of the recommended practices established by the American Public Transportation Association (APTA) in documents BTS-BO-RP-001-07 and BTS-BO-RP 0002-07 (copies have been previously been provided to the Municipality). • ORW_ 4_0 X w ARTICLE 4 RECORDS AND REPORTS 4.1 Reporting Requirements. The Municipality shall collect or assure the collection of the following information (based on anonymized data): • Number of completed rides • Average journey time • Average distance per ride • Average utilization (passengers per vehicle hour) • Ridership (Average weekday, Saturday and Sunday) • Vehicle miles driven • Vehicle hours driven • No show rate • Cancellation rate • Average wait time • Average percentage of on -time pick up requests • Average percentage of requested rides completed • Top pick-up and drop-off locations • Number of passengers picked -up and dropped off at Metrorail, Miami -Dade Transitway and Park -and Rides. • Percentage of bookings shared transit facilities including Reports shall be submitted to the County on a quarterly basis. Additionally, the Municipality shall comply with any Federal and State reporting requirements applicable to the subject service. Quarterly reports shall include the information listed above in an aggregated format, including trends noticed. Quarterly reports shall be submitted to the County no later than the 15t" day of January, April, July and October. The Municipality shall meet or exceed DTPW's adopted service standards for On -demand transportation services. 4.2 Real Time Data. The Municipality agrees to provide to the County the real-time On -demand service route information in General On -Demand Format Specification, also known as GOFS-lite. This format is compatible with, and may be integrated into, the County's smartphone transit tracker application and common third -party applications. ARTICLE 5 INSURANCE The parties hereto acknowledge the Municipality is self -insured governmental entity subject to the limitations of Section 768.28, F.S. The Municipality shall institute and maintain a fiscally sound and prudent risk management program with regard to its obligations under this Agreement in accordance with the provision of Section 768.28, F.S. The Municipality shall collect and keep on file documentation of insurance of any and all private providers operating in the Municipality's On - demand service. In the event that the Municipality contracts with a private vendor for services, pg. 7 ORW_ 4_0 X w the Municipality shall require contractor to meet the insurance requirements shown in Figure 1, as minimum. The Municipality shall further require the private operator to include the County as a named insured and shall provide the County with a copy of the insurance policy purchased by any contractor prior to the provision of On -demand service operations. Figure 1 Insurance Check List 1. Worker's Compensation and Employer's Liability per the statutory limits of the state of Florida. 2. Commercial General liability (occurrence form), limits of liability $1,000,000 per occurrence for bodily injury property damage to include premises/ operations; products and completed operations; independent Contractors; broad form property damage endorsement and contractual indemnity (hold harmless endorsement exactly as written in "insurance requirements" of specifications). 3. Automobile Liability- $ 1,000,000 each occurrence owned/non-owned/ hired automobiles included. 4. Excess Liability- $ .00 per occurrence to follow the primary coverage. 5. The Municipality must be named as an additional insured on the liability policies and it must be named as an additional insured on the liability policies; and it must be stated on the certificate. 6. Other Insurance as indicated: Builders Risk completed value Liquor liability Fire legal liability Protection and indemnity Employee dishonesty bond X_Other blanket fidelity bond 7. Thirty days written cancellation notice required 8. Best's guide rating B+: VI or better, latest edition. 9. The certificate must state the bid number and title. $ 10, 000.00 e OR 4_0 X w ARTICLE 6 INDEMNIFICATION 6.1 The Municipality shall, to the extent permitted by law at all-time hereafter, indemnify and hold harmless the County, and its officers, agents, employees and instrumentalities from any and all liability, claims, losses and causes of action, including attorneys' fees and costs of defense which the County or its officers, employees, agents or instrumentalities may incur as a result of claims, demands suits, causes of actions or proceedings of any kinds or nature arising out of, or relating to or resulting from the negligence of the Municipality and/or its officers, employees, agents or instrumentalities, during the term of this Agreement. The Municipality shall resolve all claims and losses in connection therewith, and shall investigate and defend all claims, suits or actions of any kind or nature in the name of the County, where applicable, including appellate proceedings, and shall pay all costs, judgments and reasonable attorneys' fees which may issue thereon. The Municipality expressly understands and agrees that any insurance protection required by this Agreement or otherwise provided by the Municipality shall in no way limit the responsibility to indemnify, keep and save harmless and defend the County or its officers, employees, agents or instrumentalities as herein provided. Nothing herein shall be deemed to indemnify the County from any liability or claim arising out of the negligent performance or failure of performance of the County, its officers, employees, agents or instrumentalities or any other related third party. This paragraph is subject to the limitations of Section 768.28, F.S. 6.2 The County shall, to the extent permitted by law at all times hereafter, indemnify and hold harmless the Municipality, and its officers, agents, employees and instrumentalities from any and all liability, claims, losses, and causes of action, including attorneys' fees and costs of defense which the Municipality or its officers, employees, agents or instrumentalities may incur as a result of claims, demands, suits, causes, of actions or proceedings of any kind or nature arising out of, or relating to or resulting from the negligence of the County and/or its officers, employees, agents or instrumentalities, during the term of this agreement. The County shall pay all claims and losses in connections therewith, and shall investigate and defend all claims, suits or actions of any kind or nature in the name of the Municipality, where applicable, including appellate proceedings, and shall pay all costs, judgments and reasonable attorney's fees which may issue thereon. The County expressly understands and agrees that any insurance protection required by this Agreement or otherwise provided by the County shall in no way limit the responsibility to indemnify, keep and save harmless and defend the Municipality or its officers, employees, agents or instrumentalities as herein provided. Nothing herein shall be deemed to indemnify the Municipality from any liability or claim arising out of the negligent performance or failure of performance of the Municipality, its officers, employees, agents or instrumentalities or any other related third party. This paragraph is subject to the limitations of Section 768.28, F.S. 6.3 In the event the Municipality contracts for transportation services authorized by this Agreement, the contractor shall, in its contract with the Municipality, be required to indemnify and hold harmless the County, and its officers, agents employees and instrumentalities from any and all liability, claims, liabilities, losses, and causes of action, including reasonable attorneys' fees and cost of defense which the County, the Municipality or their officers, employees, agents and instrumentalities may incur as a result of claims, pg. 9 4_0 X w demands, suits, causes of actions or proceedings of any kind or nature arising out of, or relating to or resulting from the provision of transportation services by the contractor and/or its officers, employees, agents or independent contractors. The contractor shall be required to pay all claims and losses in connection therewith, and shall investigate and defend all claims, suits or actions of any kind or nature in the name of the County and Municipality, where applicable, including appellate proceedings, and shall pay all costs, judgments and attorneys' fees which may issue thereon. The Municipality shall require that the contract between and Municipality and the contractor include a provision which states that the contractor expressly understands and agrees that any insurance protection required by this agreement or otherwise provided by the contractor shall in no way limit the responsibility to indemnify, keep and save harmless and defend the County and the Municipality or their officers, employees, agents or instrumentalities as herein provided. Nothing herein shall be deemed to indemnify the County and the Municipality from any liability or claim arising out of the negligent performance of the County and the Municipality, their officers, employees, agents or instrumentalities or any other related third party. ARTICLE 7 FINANCIAL ASSISTANCE 7.1 Grant Matching Funds. Grant Matching Funds. The Municipality may, at its sole option, provide grant -matching funds for state and/or federal grants for capital or operating funds to be used for the Transportation Services. The County, upon agreement with the Q Municipality, may, but shall not be required to, provide all or part of cash or other types of matches required for state and federal grants which may be received by the Municipality 4_0 for the On -demand service, or for expansion of the On -demand service, in future years. It is the sole responsibility of the Municipality to determine the source and dollar amount X per source of funds to comprise the total contribution to the County for the provision of the w On -demand services as required in this agreement. 7.2 In the event the County seeks federal or state funds and a condition of receipt of said funds is the provision of operating statistics for the National Transit Database, County may require Municipality to maintain and provide the necessary data. Municipality's Share of supplemental Federal Funding. Beginning with the first year in which the On -demand service's operating statistics are reflected in the National Transit Database, where those operating statistics result in new or supplemental funds are solely attributable to the On - demand service's properly reported operations, the County agrees to pay the Municipality its attributable share of federal formula funds received from US DOT no less than sixty(60) days after funding is received from the federal government, less any direct grants received by the Municipality from the County for the On -demand service, provided that the funds remitted to the Municipality herein shall be used for the expansion, enhancement or maintenance of the On -demand service program. 7.3 Comparable Agreements. In the event that the County enters into an Interlocal Agreement with any other municipality for On -demand services which are comparable to the services provided herein, County may agree to amend this Agreement, if requested by the Municipality, to provide substantially equivalent favorable terms to the Municipality as those provided in such other County/ Municipality Interlocal Agreements. pg. 10 ARTICLE 8 TERMS, MODIFICATIONS AND MISCELLANEOUS PROVISIONS 8.1 Terms of Agreement. This Agreement shall commence upon approval of the County's Board of County Commissioners and the Municipality's legislative board and the execution by the County Mayor or designee and Mayor of the Municipality or designee and shall remain in force for five years thereafter. This Agreement may be renewed for up to two (5) five-year automatic option to renew under the same contract terms and conditions, upon mutual agreement by the County Mayor or designee and the City Manager or designee. All parties have the right to terminate (see 8.4 and 8.5). 8.2 Renegotiation or Modification. Any substantive changes in the level of service to be provided by the Municipality as set forth herein shall only be implemented after a legally noticed public hearing was held, the County and the Municipality have entered into a written agreement describing the changed services, and the provisions of the County Code have been exercised. 8.3 Title VI and VII Civil Rights Act of 1964. The Municipality and its Contractors shall not discriminate against any person because of race, color, sex, religious background, ancestry or national origin in the performance of the Agreement. The Municipality and its Contractor agree to comply with any portion of the Title VI and VII of the Civil Rights Act of 1964 applicable to the operation of this route. The Municipality shall guarantee adequate public engagement prior to establishing a new, modifying, or discontinuing an existing On -demand service. The following steps must be performed: 1) Advertise a notice of public hearing in English and Spanish; and 2) Conduct a minimum of one public hearing that gives the community an opportunity to voice their opinion concerning the proposed service. The Municipality shall provide to the County proof of newspaper Ad, and meeting minutes or adopted resolution. 8.35 Americans with Disabilities Act (A.D.A.) Title II of 1990. The Municipality, and its Contractors shall not discriminate against any person because of race, sex, religious background, ancestry, national origin or disability in the performance of the Agreement. The Municipality and its contractors agree to comply with all parts of the A.D.A. Title II applicable to the operation of this route. Furthermore, the Municipality, prior to putting into place and operating this route, shall provide the following evidence to the County of compliance with Tittle II of the A.D.A. as mandated by the Code of Federal Regulations Title 49 Parts 27.13 and 27.15: 1. The name and contact information of the Municipality's A.D.A. Coordinator. 2. Evidence of A.D.A. notice posted in an accessible format on the Municipality's website. 3. The A.D.A. notice shall be comprised of the following: a. Notice of nondiscrimination on the basis of disability (see Appendix X for sample), b. A.D.A. grievance procedure. pg. 11 4_0 X w C. An online contact form if applicable. d. Accessible contact information of the designated A.D.A. Coordinator, including phone number and email address. 8.4 Termination for Cause. This Agreement may be terminated for cause by either party upon no less than thirty (30) days written notice to the other party, except when On -demand service operations are in violation of health and/or safety -related provisions of state statutes or the County Code, in which case termination shall be determined by the County Mayor or designee. Said notice shall be delivered by verified facsimile transmission or certified mail, return receipt requested. The noticed party shall have the opportunity to cure any stated cause for termination within a reasonable notice period, in which case the termination party may cancel the termination notice using the same means by which the notice of termination was delivered. 8.5 Termination without Cause. The County or the Municipality may terminate this Agreement without cause upon no less than sixty (60) days written notice to the other party. If the County or the Municipality terminates this Agreement with or without cause, the Municipality agrees to reimburse the County on a prorated basis for any financial assistance it has received for the On -demand service for the year. 8.6 Notices. All notices and other communications required to be remitted pursuant to this Agreement to either party hereto shall be in writing and shall be delivered by verified facsimile transmission or certified mail, return receipt requested, to the parties at the Q address indicated below: FOR MIAMI-DADE COUNTY: Miami -Dade County Department of Transportation and Public Works 701 NW 1st Court, Suite 1700 Miami, Florida 33136 Attention: Director Fax: (786) 469-5406 FOR MUNICIPALITY City of Aventura 19200 W Country Club Dr Aventura, FL 33180 Attention: City Manager Phone: (305) 466-8995 4_0 X w 8.7 Complete and Binding Agreement. This writing embodies the full and complete agreement of the parties. No other terms, conditions or modifications shall be binding upon the parties unless in writing and signed by the parties. 8.8 Execution. This document shall be executed in five (5) counterparts, each of which shall be deemed an original. pg. 12 8.9 Governing Law. This Agreement shall be construed in accordance with the laws of the State of Florida. IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective and duly authorized officers the day and year first above written. ATTEST: ATTEST: JUAN FERNANDEZ-BARQUIN, CLERK By: DEPUTY CLERK Approved by County Attorney as to form and legal sufficiency Approved by City Attorney as to form and legal sufficiency City of Aventura A Municipal Corporation of the State of Florida M Bryan Pegues Date City Manager Miami -Dade County, a political Subdivision of the State of Florida 4_0 By Its Board of County Commissioners X w By: Daniella Levine Cava Date Miami -Dade County Mayoror Designee pg. 13 Exhibit 1 (Service Area Map) Pick-up / drop-off within the identified Service Area Boundary POINTS OF INTEREST: 1. Aventura City Government Center 2. Aventura Community Recreation Center 3. Aventura Arts & Cultural Center 4. Founders Park S. Peace Park 6. Veterans Park 7. Waterways Dog Park S. Waterways Park 9. Aventura Mall 10. Aventura Hospital 11. JW Marriott 12. Williams Island 13. Aventura City of Excellence School 14. Don Soffer Aventura High School Regional Transit Connection Miami -Dade Transit Metrobus Regional Transit Connection Broward County Transit Regional Transit Connection Brightline High -Speed Rail pg. 14 I' 4_0 X W Exhibit 2 (Span of Service Schedule) Schedule: Monday — Sunday 7:00 a.m. to 10:00 p.m. (no service on Thanksgiving, Christmas, and New Years day) 4_0 X w pg. 15 CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Bryan Pegues, City Manager BY: Jake Ozyman, Public Works & Transportation Director DATE: May 1, 2026 SUBJECT: Amending the Fee Schedule for Engineering and Public Works Inspection Permit and Review Services to Add Temporary Right -of - Way Closure Fee May 5, 2026 City Commission Meeting Agenda RECOMMENDATION It is recommended that the City Commission adopt a resolution amending the Public Works Department Permit Fee Schedule. BACKGROUND Construction activity in the City has grown steadily in recent years, and contractors and utility providers now routinely request temporary closures of sidewalks, parking lanes, and travel lanes to support their work. Although the City recovers its review and inspection costs through existing permit fees, there is currently no mechanism to recover the value of the public space taken out of service or the operational impacts resulting from reduced pedestrian access, roadway capacity, or curbside availability. Many nearby jurisdictions charge daily fees for temporary use of the public right-of-way, typically based on linear feet or square footage. These fees recognize the value of public space, promote efficient construction staging, and ensure that the public is compensated when access is restricted. To align with regional practice, the following section is proposed for inclusion in the Public Works Fee Schedule: Temporary Right -of -Way Closure A non-refundable minimum fee of $300.00 and an initial inspection fee of $120.00 shall be assessed. A non-refundable fee for a permit issued under this article for the partial or full obstruction by construction -related activities exceeding 24 hours in duration shall be as follows: a. Sidewalk closure per linear feet per day b. Lane Closure per linear feet per day Fee $0.20 $0.35 These rates provide a straightforward, regionally consistent method for valuing temporary ROW use. They are scaled to the size and duration of the closure, making them predictable for applicants and simple for staff to administer. Page 2 of 2 CITY OF AVENTURA RESOLUTION NO. 2026- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING RESOLUTION NO. 96-39 WHICH ADOPTED A FEE SCHEDULE FOR ENGINEERING AND PUBLIC WORKS INSPECTION PERMIT AND REVIEW SERVICES AMENDED BY RESOLUTIONS NO. 2006-22, 2011-14, AND 2026-16; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS RESOLUTION; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, pursuant to Ordinance No. 96-25; the City Commission authorized a fee schedule for engineering and public works inspection permit and review services provided by the City; and WHEREAS, the City Commission adopted Resolution No. 96-39, which established the fee schedule for engineering and public works inspection permit and review services; and WHEREAS, the City Commission adopted Resolution No. 2006-22, Resolution No. 2011-14, and Resolution No. 2026-16, amending the fee schedule for engineering and public works inspection permit and review services; and WHEREAS, the City Commission has held the required public hearing, duly noticed in accordance with the law; and WHEREAS, the City Commission has deemed it necessary to further amend the fee schedule for engineering and public works inspection permit and review services. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, THAT: Section 1. Recitals. Each of the above -stated recitals are hereby adopted, confirmed, and incorporated herein. Section 2. Adoption. The fee schedule for engineering and public works inspection permit and review services adopted by Resolution No. 96-25, amended by Resolution No. 2006-22, Resolution No. 2011-14, and Resolution 2026-16, is hereby amended as set forth in Exhibit "A" attached hereto and incorporated herein. City of Aventura Resolution No. 2026- Section 3. Implementation. The City Manager is hereby authorized to take such further action as may be necessary to implement the purpose and provisions of this Resolution. Section 4. Effective Date. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution was offered by Commissioner , who moved its adoption. The motion was seconded by Commissioner and upon being put to a vote, the vote was as follows: Commissioner Clifford B Ain Commissioner Gustavo Blachman Commissioner Amit Bloom Commissioner Rachel S. Friedland Commissioner Paul A. Kruss Commissioner Cindy Orlinsky Mayor Howard S. Weinberg PASSED AND ADOPTED this 5t" day of May, 2026. HOWARD S. WEINBERG, ESQ. MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: ROBERT MEYERS CITY ATTORNEY WEISS SEROTA HELFMAN COLE + BIERMAN, P.L. Page 2 of 2 City of Aventura Public Works & Transportation Department Permit Fee Schedule Effective March 3, 2026 (Undated Anr117, 2026) The Department shall charge and collect fees for the items and rates listed in the following schedule: A. Fees for public works construction, under permit issued by the Department, in canal, road and street rights -of -way, and utility or other easements are fixed as follows: For installation or repair of sanitary and storm sewers, water lines, gas lines, buried electric, telephone, CATV, service laterals or other underground utilities: Fee a. For 100 linear feet or less $250.00 b. For each additional 100 linear feet or fraction thereof. $130.00 2. For each installation or repair of exfiltration drains consisting of one catch basin, exfiltration trench, or slab covered trench. Repairs to pipes associated with drainage to be charged per each instance of repair: Fee a. For each inlet and associated exfiltration trench, continuous $230.00 systems to be charged per inlet 3. For installation or removal of poles or antennas in the public right-of-way: Fee a. For each utility pole or anchor $180.00 b. For each telecommunication stand-alone or stealth pole $1,350.00 installation c. For each telecommunication antenna in the public right -of- $1,350.00 way 4. For construction or replacement of concrete work in the public right-of-way: Fee a. Sidewalks For 100 linear feet or less $180.00 For each additional 100 linear feet or fraction thereof $90.00 b. Curb, gutter, Curb and Gutter, Valley Gutter, curb separators, etc.: For 100 linear feet or less $300.00 For each additional 100 linear feet or fraction thereof $170.00 5. For construction of driveways on private property Fee $210.00 6. For driveway approaches on the public right-of-way: Fee a. For each residential driveway approach width of 20 feet or $50.00 less (each driveway approach) Page 1 of 5 City of Aventura O Public Works & Transportation Department Permit Fee Schedule Effective March 3, 2026 "� s (Undated Anr117, 2026) b. For each commercial driveway approach, or for each driveway $100.00 approach on a major roadway (arterial, collector, section -line, Y2 section -line) roadway, or for each residential driveway approach width greater than 20 feet. (each driveway approach) 7. For construction of street pavements, including paving of parkways and shoulders (includes base and subgrade): Fee a. One lane or two-lane pavements (width of pavement being 0 to 24 feet): For 100 linear feet or less $650.00 For each additional 100 linear feet or fraction thereof $260.00 b. Three or more lanes of pavement (aggregate width greater than 24 feet): For 100 linear feet or less $740.00 For each additional 100 linear feet or fraction thereof $310.00 8. For repair, resurfacing, milling, and resurfacing, patching, or pavement restoration in public rights -of -way: a. For each 1,000 square feet or fraction thereof Fee $50.00 9. For the installation of embankment and/or subgrade material in dedicated or zoned rights -of -way, excluding base rock and asphalt: Fee a. For 100 linear feet or less $180.00 b. For each additional 100 linear feet or fraction thereof $90.00 10. For erection of street name signs, traffic or directional signs, etc.: Fee a. For each sign $20.00 11. For construction of bridges: Fee a. For bridge roadway area of 1,000 square feet or less $6,130.00 b. For each additional 100 square feet or fraction thereof $1,530.00 12. For installation of permanent type traffic barricades, guardrails, bollards or guideposts: Fee a. For each 100 linear feet or fraction thereof $140.00 13. For construction of street culvert or driveway culvert: Fee a. For each 100 linear feet or fraction thereof $180.00 Page 2 of 5 City of Aventura Public Works & Transportation Department Permit Fee Schedule Effective March 3, 2026 "� s " (Undated Aoril7, 2026) 14. Installation of culvert pipe to enclose existing drainage ditch or canal: a. For each 100 linear feet or fraction thereof Fee $820.00 15. Installation of new traffic signals (includes signals, poles and all incidental wiring, interconnects, etc.): Fee a. For each new Traffic Signal per intersection $1, 330.00 b. For each new Rapid Flashing Beacon, Feed Back Sign, School $490.00 Flashing Signals, etc. 16. For upgrade, modification, or repair of existing traffic signals (includes signals, poles, incidental wiring, interconnects, etc.): Fee a. For each upgraded, modified, or repaired Traffic Signal per $820.00 intersection b. For each upgraded, modified, or repaired Rapid Flashing $400.00 Beacon, Feed Back Sign, School Flashing Signals, etc. c. Induction loop(s) repair per intersection $400.00 17. For installation or removal of each monitoring well and $140.00 for each soil boring Fee $140.00 18. For each soft dig Fee $30.00 B. Penalty Fees: When work for which a permit is required is commenced prior to obtaining a permit a penalty fee will be imposed. THE PENALTY FEE WILL BE DOUBLE THE ORIGINAL PERMIT FEE. The payment of such penalty fee shall not relieve any person, firm, or corporation from fully complying with all of the requirements of all applicable regulations and codes, nor shall it relieve them from being subject to any of the penalties therein. C. Extension of Permit: A permit may be extended, at the discretion of the Department for a period of up to, but not more than one year, from the expiration date of the original permit, provided the Permit Section of the Department is notified of the request for an extension prior to the expiration of the permit. If the permit is allowed to expire without requesting an extension, a new permit will be required, including appropriate fees, for the remainder of the uncompleted work. This extension provision only applies to Construction -related Permits addressed in this schedule; it does not apply to permits or fees related to temporary use of rights of way or Department controlled land or easements, to Oversize/Overweight Permits. Page 3 of 5 City of Aventura Public Works & Transportation Department Permit Fee Schedule Effective March 3, 2026 (Undated Aoril7, 2026) D. Final Inspection Requested after Expiration of Permit: A fee of $230.00 will be assessed when a final inspection is requested after a permit's expiration date. This fee will re -open an expired permit for a period of thirty (30) days in order to conduct a final inspection. Failed inspections during this time period will be charged under (G). E. Special Projects: A fee equal to actual staff time and related costs, shall be assessed for special projects requiring research or other work by the Department (and/or other City departments or staff), such as to address special circumstances, or in order to answer questions proposed by property owners, homeowners' associations, developers, attorneys, realtors, contractors, consultants, designers or municipalities, etc., in connection with, for example: (a) the use, restrictions, re -subdivision, and development of properties, including rights -of -way and easements; (b) the requirements and fees for permitting, platting, bonding, licensing, impact fees, concurrency, road engineering and/or construction, etc.; and/or (c) the determination of any existing violations on the property through a review of departmental records. Such special fee will only be levied for requests outside the scope of normal departmental work. A minimum fee of $300.00 shall be charged. F. Inspection Fee Fee $120.00 G. Re -Inspection Fee Fee $90.00 H. Processing Fees (non-refundable) Fee a. Upfront Design Review Processing Fee $80.00 b. Permit processing fee $80.00 I. Maintenance of Traffic (MOT) Review for permits Fee a. MOT Review fee per permit includes vehicular, bicycle and $70.00 pedestrian b. MOT Small Reviews (work not exceeding more than 6 hours $330.00 within the right-of-way, no road closures, no detours) per phase c. MOT Complex review (work exceeding more than 6 hours $555.00 within the right of way and/or includes road closure, lane closures, detour, etc.) per phase d. Resubmittal of MOT Small Reviews $290.00 e. Resubmittal of MOT Complex review $520.00 Page 4 of 5 City of Aventura Public Works & Transportation Department Permit Fee Schedule Effective March 3, 2026 (Undated Anr117, 2026) J. Flood Plain Review a. Residential b. Commercial K. Engineering Review 1. Site Plan Review a. Schematic Engineering Plan Review 2. Paving, Grading, and Drainage Plan Review Fee $85.00 $100.00 Fee $750.00 Fee a. Project Value up to $300,000 $1,000.00 b. For each additional $1,000 or fraction thereof $3.50 L. Temporary Right -of -Way Closure A non-refundable minimum fee of $300.00, and an initial inspection fee of $120.00, shall be assessed. A non-refundable fee for a permit issued under this article for the partial or full obstruction by construction -related activities exceeding 24 hours in duration shall be as follows: a. Sidewalk closure per linear feet per day b. Lane Closure per linear feet per day Page 5 of 5 Fee $0.20 $0.35