HomeMy WebLinkAboutR-94-0513J-94-586
7/13/94
RESOLUTION NO. 9 4 "' 50
A RESOLUTION, WITH A`.['TACHMENTS, AUTHORIZING
THE CITY MANAGER TO EXECUTE THE FOLLOWING
AGREEMENTS, IN SUBSTANTIALLY THE ATTACHED
FORMS, BETWEEN THE CITY OF MIAMMI AND AETNA
LIFE INSURANCE COMPANY, PERTAINING TO THE
MIAMI CONVENTION CENTER, 400 S.E. 2.ND AVENUE,
MIAMI, FLORIDA: 1) SETTLEMENT AGREEMENT, 2)
LEASE ASSUMPTION AGREEMENT, 3) PARKING RIGHTS
ASSUMPTION AGREEMENT, AND 4) AMENDMENT 95 TO
LEASE; SAID AGREEMENTS TO BE SUBJECT TO
APPROVAL BY THE TRUSTEE UNDER THE TRUST
INDENTURE AGREEMENT SECURING THE SPECIAL
REVENUE BONDS FOR THIS PROJECT.
WHEREAS, the City of Miami, Miami Center. Associates, Ltd.,
as lessee of the Hyatt Hotel ("MCA"), and Aetna Life Insurance
Company, as mortgagee of the Hyatt Hotel ("Aetna"), have been
involved in extensive litigation, both in Bankruptcy and State
Court, concerning the parties' respective rights in the lease
affecting the Hyatt Hotel ("Hotel") and other matters pertaining
to the Miami Convention Center; and
WHEREAS, Aetna is about to complete its foreclosure action
against MCA whereby it will acquire title to MCA's leasehold
interest in the Hotel; and
WHEREAS, the City and Aetna have agreed to settle all
disputes as to the Lease, pursuant to a Settlement Agreement
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J U L 1 11 1994
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which provides for, (a) Aetna's obligation to renovate the Hotel
to first class condition, (b) Aetna's assumption of the Lease,
(c) modification of the Lease to include, among other things,
payment of minimum base rent to the City of Miami in the amount
of $125,000 per year, and (d) dismissal of the bankruptcy case;
and
WHEREAS, the settlement, which is subject to the approval of
the Bankruptcy Court, requires Aetna and the City to execute the
following documents: 1) Settlement Agreement, 2) Lease Assumption
Agreement, 3) Parking Rights Assumption Agreement, and 4)
Amendment #5 to Lease; and
WHEREAS, the Lease provides that any amendments thereto are
subject to the prior written consent of the Trustee under the
Trust Indenture Agreement securing the special revenue bonds of
the City
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The City Manager is hereby authorized to
execute the following agreements, in substantially the attached
forms, between the City of Miami and Aetna Life Insurance
Company, pertaining to the Miami Convention Center, 400 S.E. 2nd
Avenue, Miami, Florida: 1) Settlement Agreement, 2) Lease
Assumption Agreement, 3) Parking Rights Assumption Agreement, and
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! 4) Amendment #5 to Lease; said agreements to be subject to
approval by the Trustee under the Trust Indenture Agreement
securing the special revenue bonds for this project.
Section 3. This Resolution shall become effective
immediately upon its adoption.
I
PASSED AND ADOPTED this 1.4th day of July , 1994.
ST PHEN P. CZAR , MAYOR
A E
MATTY HIRAI
CITY CLERK
PREPARED ANU1 APPROVED BY:
L M FEE -S E I J.�S i
ASSI ANT CITY ATTO$AEY
APPROVED AS TO FORM AND CORRECTNESS:
A. QU I4qN J91qgs, III
CITY ATTO Y
ORS:csk:1:M4476
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v
1ARAMEWMA.7
7/6/94
THIS SETTLEMENT AGREEMENT ( the "Settlement Agreement") is made
as of July 1, 1994, by and between the CITY OF MIAMI, a municipal
corporation of the State of Florida (the "City"), and AETNA LIFE
INSURANCE COMPANY, a Connecticut corporation, or any affiliated
entity which is Aetna's assignee hereunder ("Aetna").
AB I TALE s
A. The City is the Lessor under that certain Lease and
Agreement for Development dated September 13, 1979, between the
City and Miami Associates, Ltd., a Florida limited partnership
("MCA"), recorded in Official Records Book 10830, at Page 368 of
the Public Records of Dade County, Florida, as amended by First
Supplement to Lease and Agreement for Development, dated July 1,
1980, recorded in Official Records Book 10830, at Page 440, of the
Public Records of Dade County, Florida, as restated by unrecorded
Lease and Agreement for Development, dated September 13, 1979., and
as further amended by unrecorded Amendment No. 1 to Lease
Agreement, dated September 11, 1986, unrecorded Amendment #2 to
Lease Agreement, dated September 1, 1987, unrecorded Amendment #3
to Lease Agreement, dated September 1, 19&8 and Amendment #4 to
Lease Agreement dated December 23,- 1992, -recorded in -Official
Records Book 15757, Page 4219 (collectively, the "Lease").
B. Pursuant to the "Loan Documents" described and defined in
Aetna's Complaint filed in the Foreclosure Action (defined below),
Aetna acquired a first mortgage lien encumbering the leasehold
estate under the Lease and the improvements known as the Hyatt
Regency Hotel, Miami, Florida and certain related real and personal
property and rights described in the Loan Documents (all of which
is collectively hereinafter called "Aetna's Collateral").
C. Aetna is the holder of a Certificate of Sale issued
pursuant to the foreclosure action styled Aetna Life Insurance
Companv v. Miami Center Associates, Ltd., et al., Case No. 91-
49791, Dade County Circuit Court (the "Foreclosure Action") in
which Aetna sought foreclosure of its mortgage and other Loan
Documents encumbering Aetna's Collateral.
D.. MCA is the debtor in a Chapter 11 bankruptcy case styled
In re. Miami Center Associates, Ltd Case No. 91-15467 BKC AJC
(the "Bankruptcy Case"), pending in the United States Bankruptcy
Court for the Southern District of Florida (the "Bankruptcy
Court"), in which Aetna is stayed from completing the Foreclosure
Action until further order of the Bankruptcy Court.
94- 513
E. The City has instituted an action styled The City of
Miami vs. Miami tenter Associates. Ltd.. et al, Case No. 94-1652 CA
(21) in the Circuit Court of the 11th Judicial Circuit in and for
Dade County, Florida, (the "State Court Action") in which the City
seeks to terminate the Lease and to enforce various remedies under
the Lease, including damages, as a result of certain alleged
defaults on the part of MCA (the "Alleged MCA Defaults"). Aetna
has filed a counterclaim against the City in the State Court Action
in which Aetna seeks a declaratory judgment to declare its rights
under the Lease and damages from the City.
F. Kenneth Welt (the "Trustee") has been appointed as
trustee in the Bankruptcy Case pursuant to Section 1104(a)(1) of
the Bankruptcy Code.
G. Aetna has agreed to finance the cost of performing a
renovation of the Motel (the "Aetna Renovation Program"), which
renovation program is referred to as the "Lessee Renovation
Program" in the Lease Amendment mentioned below.
H. Aetna and the City have agreed to resolve herein all of
their disputes as to the Lease, the State Court Action and all
related matters.
NOW, THEREFORE, in consideration of the mutual covenants and
obligations set forth herein, the parties agree as follows:
1. Effective Date. The "Effective Date" of this Settlement
Agreement shall be the date on which (a) this Settlement Agreement
has been: (i) executed and delivered by the City and the Lessee;
(ii) duly approved by the Board of Commissioners of the City; and
(iii) duly approved by Aetna's committee; and (b) an order of the
Bankruptcy Court dismissing the Bankruptcy Case shall have become
final, provided that if such an order shall not have been entered
by August 15, 1994, either party shall nave the right to terminate
this Settlement Agreement by sending notice to the other party.
2.1 Assmption of the Lease. Concurrently herewith, Aetna
and the City shall enter into the following documents (the "Lease
Assumption Documents"), which shall take effect upon the Effective
Date:
(i) a Lease Assumption Agreement (the "Lease
Assumption") in substantially the form of Exhibit "A" hereto.
(ii) Amendment #5 (the "Lease Amendment") in
substantially the form of Exhibit.°B" hereto, setting forth
certain amendments to the Lease, as more particularly set
forth therein.
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94- 513
R
(iii)'a Parking Rights Assumption Agreement (the "Parking
Rights Assumption") in substantially the form of Exhibit "C"
hereto.
2.2 Pismiss1. The parties have supported and shall continue
to support a motion for the entry of an order of the Bankruptcy
Court dismissing the Bankruptcy Case. In the event the Bankruptcy
Case is dismissed, Aetna shall promptly seek entry of a certificate
of title (the "Certificate of Title") transferring to it or its
affiliate all of Aetna's Collateral. Simultaneously with the
execution of this Settlement Agreement, the City and Aetna shall
enter into the Lease Assumption Documents. While the motion to
dismiss the Bankruptcy Case is pending, the City shall not permit
any party other than Aetna to assume the Lease; shall not enter
into any amendment of the Lease other than the Lease Amendment; and
shall not enter into any lease of the Hotel with any party other
than the Trustee or Aetna.
2.3 State Court Acjion. Promptly after the Effective Date,
the City shall voluntarily dismiss the State Court Action, as to
Aetna, with prejudice, and Aetna shall voluntarily dismiss its
counterclaim, with prejudice.
3, Cure of Defa i1 The execution and delivery of the
Lease Assumption Documents by Aetna all of which together include
Aetna's covenant to renovate and restore the Hotel to first class
condition under the Aetna Renovation Program, constitutes as of the
Effective Date complete satisfaction. and performance of all of the
conditions of- Section -11. 7 (a) of the Lease, 'and all- other
obligations and conditions of the Lease relating to Aetna's cure of
the Alleged MCA Defaults, and any other defaults of MCA thereunder.
4. Misgellaneous.
4.1 Aetna and the City each agree that they shall each
take all such other actions that the other may reasonably request
from time to time in order to accomplish and satisfy the provisions
and purposes of this Settlement Agreement and that neither of them
shall, in any pending case or action or otherwise, take any action
which will prevent, delay or interfere with the performance of this
Settlement Agreement or the transactions contemplated hereby.
4.2 This Settlement Agreement and the Lease Assumption
Documents are, and shall be deemed to be, the product of joint
drafting by the parties hereto and shall not be construed against
either of them as the drafter thereof.
4.3 This Settlement Agreement may be executed any number
of counterparts, each of which shall be deemed to be an original
and all of which, taken together, shall constitute one and the same
agreement.
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94- 513
4.4 This Settlement Agreement and the Lease Assumption
Documents are made for the sole protection of parties hereto and
their successors and assigns, and no other person shall have any
right of action hereunder or thereunder.
4.5 No provision of this Settlement Agreement or the
Lease Amendment shall be amended, waived or modified except by an
instrument in writing signed by the parties hereto.
4.6 This Settlement Agreement is conditioned upon and
becomes enforceable upon dismissal of the Bankruptcy Case. If the
Bankruptcy Case is not dismissed, the rights of the parties are
restored to status quo ante and nothing herein shall be construed
as a waiver of any rights or admission against interest in
connection with the Bankruptcy Case, the State Court Action or any
other litigation.
4.7 The provisions of Paragraphs 2(b) and (c) of the
Lease Amendment are subject to approval of City's bond counsel.
Should said bond counsel not approve such provisions prior to July
8, 1994, the parties shall re -execute a replacement of the Lease
Amendment deleting Paragraphs 2(b) and (c) thereof.
IN WITNESS WHEREOF, the City and Aetna have caused these
presents to be executed in their respective names, and their
respective seals to be hereunto affixed, by their proper officers
duly authorized, as of the day and year first above written.
Attest:
City Clerk
Approved as to Form and
Correctness
City Attorney
0
THE CITY OF MIAMI, a Florida
municipal corporation
By:
Cesar H. Odio, City Manager
(Subject to City Ccomi anion Approval)
[SEAL]
_4. 94- 513
Witnesses:
Print Name:
Print Name:
AETNA LIFE INSURANCE COMPANY,
a Connecticut corporation
By:
Name:
Title:
STATE OF FLORIDA )
SS.
COUNTY OF DADE )
The foregoing instrument was acknowledged before me on the
day of July, 1994, by Cesar H. Odio, City Manager of the CITY OF
MIAMI, a Florida municipal corporation, on behalf of and as the act
and deed of the corporation and that the seal affixed thereto is
the true and corporate seal of said corporation. He is personally
known to me and did not take an oath.
Witness my hand and official seal in the County and State last
aforesaid this — day of July, 1994.
Notary Public
My Commission Expires:
STATE OF
. SS.
COUNTY OF )
The foregoing instrument was acknowledged before me this _
day of July, 1994 by , as of
AETNA LIFE INSURANCE COMPANY, a Connecticut corporation, on behalf
of the corporation. He is personally known to me and did not take
an oath.
Witness my hand and official seal in the County and State last
aforesaid this — day of July, 1994.
My Commission Expires:
Notary Public
-5- 94- 513
- EXHIBIT "A"
I:\RAK\AE\MC\LAA
07/06/94
LEASE ASSUMPTION AGREEMENT
THIS LEASE ASSUMPTION AGREEMENT dated July 1, 1994 (this
"Lease Assumption Agreement"), is between the City of Miami, a
municipal corporation of the State of Florida (the "City") and
Aetna Life Insurance Company, a Connecticut corporation, or its
nominee ("Lessee").
RECITAL:
A. The City and Miami Center Associates, Ltd., a Florida
limited partnership (herein called "MCA"), have executed that
certain Lease and Agreement for Development dated September 13,
1979, recorded in Official Records Book 10830, at Page 368 of the
Public Records of Dade County, Florida, as amended by First
Supplement to Lease and Agreement for Development, dated July 1,
1980, recorded in Official Records Book 10830, at Page 440, of the
Public Records of Dade County, Florida, as restated by unrecorded
Lease and Agreement for Development, dated September 13, 1979, and
as further amended by unrecorded Amendment No. 1 to Lease
Agreement, dated September 11, 1986, unrecorded Amendment #2 to
Lease Agreement, dated September 1, 1987, unrecorded Amendment #3
to Lease Agreement, dated September 1, 1988, Amendment #4 to Lease
Agreement dated December 23, 1992, recorded in Official Records
Book 15757, Page 4219, in the Public Records of Dade .County,
Florida, and Amendment #5 to Lease Agreement ("Amendment #511),
dated of even date herewith, and recorded concurrently herewith in
the Public Records of Dade County, Florida (collectively, the
"Lease").
B. The City and the Lessee have entered into that certain
Settlement Agreement of even date herewith (the "Settlement
Agreement") pursuant to which they have agreed to execute and
deliver this Lease Assumption Agreement.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and
other valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:
1. In accordance with and subject to the Settlement
Agreement: (i) Lessee assumes, as of the Commencement Date (defined
in Amendment #5), all rights, title and interest of MCA under the
Lease, and (ii) Lessee hereby agrees to perform all of its
obligations under the Lease which arise from and after the date of
this Lease Assumption Agreement.
2. City hereby consents to the foregoing.
94- 513
IN WITNESS WHEREOF, the City and Lessee have caused these
presents to be executed in their respective names, and their
respective seals to be hereunto affixed, by their proper officers
duly authorized, as of the day and year first above written.
Attest: THE CITY OF MIAMI, a Florida
Municipal corporation
CityClerk By.
Cesar H. Odio, City Manager
(Subject to City Comission Approval)
Approved as to Form and [SEAL]
Correctness
City Attorney
Witnesses:
AETNA LIFE INSURANCE COMPANY,
a Connecticut corporation
By:
Print Name: Name:
Title:
Print.Name-
STATE OF FLORIDA )
SS.
COUNTY OF DADE )
The foregoing instrument was acknowledged before me on the
day of July, 1994, by Cesar H. Odio, City Manager of the City
of Miami, a Florida municipal corporation, on behalf of and as the
act and deed of the corporation and that the seal affixed thereto
is the true and corporate seal of said corporation. He is
personally known to me and did not take an oath.
Witness my hand and official seal in the County and State last
aforesaid this — day of July, 1994.
My Commission Expires:
Notary Public
Print Name of Notary
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STATE OF )
SS.
COUNTY OF }
The foregoing instrument was acknowledged before me this
day of July, 1994 by , as of
AETNA LIFE INSURANCE COMPANY, a Connecticut corporation, on behalf
of the corporation. He is personally known to me and did not take
an oath.
Witness my hand and official seal in the County and State last
aforesaid this day of July, 1994.
Notary Public
Print Name of Notary
My Commission Expires:
THIS INSTRUME.TT PREPARED BY:
Valdes-Fauli, Bischoff, Kriss
& Mandler, P.A.
Suite 3400-One Biscayne Tower
2 South Biscayne Boulevard
Miami, Florida _33131-1897
94- 513
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94- 5i3
EXHIBIT "B"
\RAK\AE\MC\AMEND#5.8
07/07/94 1:18 pm
Amendment #5 dated July 1, 1994 ("Amendment #5"), a -mending a
Lease and Agreement for Development dated September 13, 1979,
between The City of Miami, a municipal corporation of the State of
Florida (the "City") and Miami Center Associates, Ltd., a Florida
limited partnership (herein called "MCA"), recorded in Official
Records Book 10830, at Page 368 of the Public Records of Dade
County, Florida, as amended by First Supplement to Lease and
Agreement for Development, dated July 1, 1980, recorded in Official
Records Book 10830, at Page 440, of the Public Records of Dade
County, Florida, as restated by unrecorded Lease and Agreement for
Development, dated September 13, 1979, and as further amended by
unrecorded Amendment No. 1 to Lease Agreement, dated September 11,
1986, unrecorded Amendment #2 to Lease Agreement, dated September
1, 1987, unrecorded Amendment #3 to Lease Agreement, dated
September 1, 1988 and Amendment #4 to Lease Agreement dated
December 23, 1992, recorded in Official Records Book 15757, Page
4219 (collectively, the "Lease").
RECITALS
A. Aetna Life Insurance Company, a Connecticut corporation
( "Aetna") , :is the. holder of a Certificate of Sale. issued pursuant
to the foreclosure action styled Aetna Life Insurance Company v.
Miami CenterAss-Qczates. Ltd.. et al., Case No. 91-49791, Dade
County Circuit Court (the "Foreclosure Action"
B. MCA is the debtor in a Chapter 11 bankruptcy case (the
"Bankruptcy Case") styled In re-, Miami Center Associates Ltd..
Case No. 91-15467 BKC AJC, pending in the United States Bankruptcy
Court for the Southern District of Florida (the "Bankruptcy
Court") .
C. Kenneth Welt (the "Trustee") has been appointed as
trustee pursuant to Section 1104(a)(1) of the Bankruptcy Code.
D. In settlement of all pending litigation and lease
disputes between them both in Bankruptcy Court and state court, the
City and Aetna have entered into a certain Settlement Agreement of
even date which provides, inter alia, that Aetna shall complete its
Foreclosure Action, renovate the Hotel and assume the Lease as
modified and amended by certain agreed upon terms and conditions
set forth hereinbelow. This Amendment #5 is made in connection
with and is an integral part of such settlement.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and
mutual obligations and covenants herein contained, and subject to
the terms and conditions hereinafter stated, the City and Aetna or
its nominee ("Lessee") desire to enter into this Amendment for the
purpose of modifying certain provisions of the Lease and agree as
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The "Effective Date" of this Amendment #5 shall be the
date on which (a) this Amendment has been: (i) executed and
delivered by Lessee and the City; (ii) duly approved by the Board
of Commissioners of the City; and (iii) duly approved by Aetna's
committee, and 'b) an order of. the Bankruptcy Court dismissing the
Bankruptcy Case shall have become final., Bra ed that if such an
order shall not have been entered by August 15, 1994, either party
shall have the right to terminate this Amendment by sending notice
to the other party.
2. Rent
(a) The first paragraph of Section 3.2(a) of the Lease
is hereby amended to read as follows:
"(a) In addition to the Base Rent, commencing on January
1, 1995, Lessee shall pay to City Additional Rent
annually based upon annual Gross Sales computed as
follows:
Dollar Volume of a Percentage of
Gross Sales (Annual) Gross Sales
$ 0-$18,999,999
0W
19,000,000-22,000,000
1.6%.
22,000,001-214,000,000
1.9%
24,000,001-26,000,000
2.2%
26,000,001-28,000,000
2.5%-
28,000,001-30,000,000
2.7W
30,000,001-32,000,000
3.0%,
32,000,001-34,000,000
3.2!k
34,000,001-36,000,000
3.3%
36,000,001-38,000,000
3.4`k
38,000,001-40,000,000
3.5W
40,000,001-41,666,667
3.6*
"By way of example, if Gross Sales for a calendar year
were $25,000,000, Additional Rent for such year would be
$550,000."
(b) Section 3.2(b) of the Lease is hereby deleted.
(c) Section 3.3 of the Lease is hereby amended to read
as follows:
! "3.3 Rent Days. Additional Rent shall be payable in
arrears within ninety (90) days following the close of each
calendar year."
(d) Commencing on the Effective Date and on January 1 of
each calendar year thereafter, Lessee shall pay minimum rent (the
"Minimum Rent") in the amount of One Hundred Twenty -Five Thousand
Dollars ($125,000) per year. Minimum Rent for the period
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commencing on the Effective Date and ending on December 31 of the
calendar year in which the Effective Date occurs shall be prorated
on a per diem basis. Minimum Rent shall not be subject to the
deferral provisions of Section 3.2(c) and (d) of the Lease. The
amount of Minimum Rent paid for any calendar year shall be credited
against the amount of any Additional Rent payable for such calendar
year.
(e) Except as set forth in this Paragraph 2, nothing in
this Amendment shall amend or affect the amount of Additional Rent
payable pursuant to the Lease.
(f) Lessee shall pay all Additional Rent which may have
been deferred pursuant to Section 3.2(d) not later than five (5)
years following the date on which such Additional Rent accrues, or
the date on which Lessee sells its interest in the Hotel to a third
party, whichever occurs first.
(g) For purposes of clause (iii) of Section 3(d) of the
Lease, the insurance proceeds from Hurricane Andrew shall not be
included in the sums advanced by Lessee.
(h) Following the sale of Lessee's interest in the Hotel
to a third party, the following sentences shall be added at the end
of Section 3.2(d):
"Notwithstanding contrary provisions, no
payment of Additional Rent may be deferred by
-Developer's First Mortgagee for more than f iwe
(5) years from the date on which such Addi-
tional Rent accrues. The deferred Additional
Rent shall accrue with interest equal to 'r4%,
above the rate paid by the City on its Revenue
Bonds."
3. Lessee Renovation Program
(a) Promptly following the Effective Date, Lessee shall
commence to renovate and restore the Hotel to first class condition
substantially in accordance with the preliminary scope attached
hereto as Exhibit "A." This work shall include the restoration of
the damage caused by Hurricane Andrew. The work to be done by
Lessee in accordance with such preliminary scope is herein called
the "Lessee Renovation Program".
I
(b) The proposed budget for such work is also attached
hereto as Exhibit "A"; however, Lessee agrees to renovate and
restore the Hotel to first class condition even if the cost of said
i
renovation and restoration exceeds the budgeted amount.
(c) Lessee will cause the Lessee Renovation Program to
be completed within fifteen (15) months following the Effective
Date. Section 18.5(a) of the Lease shall be applicable to this
Paragraph 3.
94- 513
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(d) City will assist Lessee in expediting the issuance
to Lessee of all necessary licenses, permits and governmental
authorizations in connection with the Lessee Renovation Program.
(e) The provisions of Section 5.14 of the Lease shall
apply to the Lessee Renovation Program.
( f ) Lessee will use its best of forts to complete all but
six (6) floors of the guest rooms not later than December 31, 1994.
(g) Lessee will use its best efforts to complete all of
the guest rooms not later than February 28, 1995.
(h) Lessee will furnish to the City monthly progress
reports of the Lessee Renovation Program.
4. City Renovations.
(a) Lessee shall renovate the improvements within the
"City Area", which for this purpose shall mean all space in the
Premises which City is currently obligated to maintain. Such
renovations are herein called the "City Renovations".
(b) Lessee shall complete the City Renovations during
the performance of the Lessee Renovation Program. Lessee shall
submit to the City paid invoices from its contractors showing the
actual cost of completing the City Renovations. The City shall
give Lessee credit for the actual cost of the City Renovations by
permitting Lessee to deduct -such actual cost from -the next payment
or payments of Minimum Rent due under Paragraph 2(d) of this
Amendment.
5. Survey. Within thirty (30) days following the Effective
Date (but not sooner than the approval of the identity of the
surveyor by City's Bond Counsel), Lessee agrees to engage a
surveyor and cause such surveyor to commence to cause all the areas
held by Lessee and the City within the Premises to be surveyed, at
Lessee's sole cost and expense (not to exceed $20,000). Lessee
agrees to cause such survey to be completed as promptly as
practicable, but in any event not more than nine (9) months
following the Effective Date. The survey shall include the legal
description of each space within the Premises owned by Lessee and
the City, including the Corridor described in Paragraph 10 below as
well as any other information reasonably required by City's Bond
Counsel in order to verify compliance with Paragraph 6 below. The
surveyor to be employed by Lessee shall be first approved by City's
Bond Counsel.
6. Trugt indenture Requirements. Lessee acknowledges that
City's obligation to transfer the spaces described in paragraph 10
below as well as any other transfer of space contemplated in the
Agreement are subject to City's satisfaction that the exchange or
transfer of space does not cause the areas owned by City to fall
below the minimum area required pursuant to the Special Revenue
Refunding Bonds Series 1987 which were issued by City on March 1,
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1988 (the "Trust Indenture Requirements"). Accordingly, Lessee and
City agree that in the event any of the transfers contemplated
hereby cause the Trust Indenture Requirements to be violated, then
the parries will negotiate in good faith the conveyance of space by
Lessee in exchange for easements from City to permit the use of
such space or other rights to permit the use of such space at no
:ost .
7. Exercise Raom. Following the completion of the survey
described in Paragraph 5 above, the parties intend to negotiate for
the construction by Lessee of an exercise room within the Hotel,
the location, size and terms of which shall be subject to further
agreement of the parties.
8. Capital Improvements to or Replacements of Physical
plgnt.
(a) Lessee shall reimburse City for fifty percent (50U
of the costs and expenses paid by City for making, from and after
the Effective Date, any capital improvements to or replacements of
the physical plant located in the area depicted in Exhibit "B",
which City has constructed in accordance with Section 7 of the
Lease (the "Physical Plant").
(b) Lessee shall receive a credit against any Additional
Rent it shall be obligated to pay hereunder, in the amount of the
"Accumulated Physical Plant Credit". For this purpose, the Accumu-
lated Physical Plant Credit shall mean the sum of all amounts paid
by MCA in respect of depreciation pursuant to Section 7.4 of Lease,
without interest.
(c) Lessee shall receive a credit against any amounts it
shall be obligated to reimburse pursuant to Paragraph 8(a) for all
amounts paid following the Effective Date in respect of deprecia-
tion pursuant to Section 7.4 of the Lease.
(a) Lessee shall not be permitted to assign the Lease or
any interest therein until the Lessee Renovation Program has been
completed. After completion of the Lessee Renovation Program,
Lessee may assign the Lease without the consent of City, provided
that Lessee (and any assignee of Lessee) either (i) at all times
engages a "First Class Hotel Company" to manage the Hotel, or (ii)
at all times holds a franchise from a "First Class Hotel Company".
For this purpose, a "First Class Hotel Company" shall mean any
company and product type which, at the time of its engagement,
enjoys a reputation in the hotel industry comparable in standing to
(or better than) that which is currently enjoyed by Hyatt
Corporation and its Hyatt Regency product type.
10. Corridor
The definition of the Demised Premises is hereby amended
to add the area identified in Exhibit "C" by hatchmarks, which was
formerly a corridor between the "Jasmine Exhibition Hall" and the
94- 513
-5-
"Hibiscus Banquet or )Meeting Room", and has since been incorporated
into a room encompassing all such areas. Lessee shall not be
required to pay to City any additional rents or other charges for
such area.
11. FF&E Reserve,. Lessee shall not be required to fund
reserves for .replacements pursuant to Section 15.2 of the Lease, so
long as Lessee is not in default under its obligation to make
deposits to the "Capital Reserve Fund" established by Section 5.4
of the Management Agreement between MCA and Hyatt Corporation,
dated June 28, 1978, as amended through and including the Amendment
No. 2 To Management Agreement dated as of March 31, 1994 between
Hyatt Corporation and Lessee (the "Management Agreement").
Notwithstanding the foregoing, Lessee agrees that if an event of
default shall occur under Section 5.4 of the Management Agreement
or if the Management Agreement is terminated, then, in any such
event the Capital Reserve Fund shall, at a minimum, equal the
amount that Lessee should have deposited in the FF&E Reserve
Account, had it been funded pursuant to Section 15.2 of the Lease.
Lessee agrees to deposit any deficiency, should there be one.
12. Exhhibit Spa- e. It is the intention of the parties that
the City's "Riverfront Exhibit Hall" be the primary space for
exhibits and that the Jasmine/Hibiscus Room be booked for exhibits
only if at the time of booking the City's "Riverfront Exhibit Hall"
is already booked on a definite basis for another function. For
purposes of this Section, "exhibits" shall mean displays of
information or products at booths or tables, independent of a
catered function. "Exhibits" shall also exclude displays of any
private group which are intended only for the members of such group
and are not intended for use by any larger group. By way of
example, the displays of information by an accounting firm to it
own personnel would not be considered to be an exhibit. The
Jasmine/Hibiscus Room shall not be used for exhibits without the
prior written consent of the City Manager or the Executive Director
of the City's Department of Conferences and Conventions, which
consent shall not be unreasonably withheld or delayed. Lessee
shall make all requests for use of the Jasmine/Hibiscus Room, in
writing, to the Executive Director of the City's Department of
Conferences and Conventions. The failure of the City Manager or
the Executive Director to respond within five days of such request
shall be deemed a denial of such request.
In the event that Lessee violates the terms of this provision
the City shall have the following remedies:
(a) to remove the exhibits without any notice or
liability to Lessee, at Lessee's sole cost and expense;
(b) to charge Lessee, as liquidated damages, for each day
that an exhibit or exhibits are held in the Jasmine/Hibiscus Room
without the City's consent, the higher of (i) $4,500 or (ii) the
amount charged by the City for the use of the Riverfront Exhibit
Hall at the time of the unauthorized use; and
94- 513
-6-
(c) In the event that Lessee fails to pay the charge for
unauthorized use within 5 days after the date of last use, or if
this provision is violated more than 2 times each year, then the
City may seek any other remedies available to it under the Lease.
13, Parking. (a) City acknowledges that Lessee is entitled
to any and all parking rights granted to MCA, which consist of
rights under (a) the Parking Agreement dated as of July 1, 1980
between City and MCA, (b) the Management Agreement dated as of
March 16, 1982 between City and the Department of Off -Street
Parking, and (c) the Lease Agreement dated September 1, 1982
between MCA and the Department of Off -Street Parking.
(b) City shall use its best efforts to cause the
existing Lease between the Department of Off -Street Parking of the
City and the State of Florida to be extended or renewed beyond
September 16, 2009, its current expiration date. If such lease is
not extended or renewed, or at any time as such lease, as extended
or renewed, shall expire prior to the expiration or earlier
termination of the term of the Lease, City shall make available to
Lessee alternate parking spaces, either in the Parking Garage or
elsewhere in the proximate vicinity of the Hotel.
14. Default. (a) The failure of either party to perform any
of its agreements hereunder shall be subject to the default
provisions of Section 18 of the Lease.
(b) In the event the Lessee Renovation Program is not com-
pleted within -the time period required hereby (the "Delivery
Deadline") , Lessee shall be obligated to pay a penalty for each day
of late delivery (the "Daily Penalty") calculated in accordance
with this Paragraph 14(b). The Daily Penalty shall be calculated
by multiplying the "Percentage of Incompletion" by $1,000. For
this purpose:
(i) The "Percentage of Incompletion" shall mean the
percentage of the Lessee Renovation Program which has not
been "substantially completed" as of the Delivery
Deadline.
(ii) The determination of the extent of work which
has not been "substantially completed" shall be made by
an independent architect acceptable to both parties.
"Punchlist" items shall not be considered in determining
the extent of work which has not been substantially
completed.
• (iii) In the event the Percentage of Incompletion
is less than fifteen percent (15%), no Daily Penalty
shall be payable hereunder.
(c) In the event the "Percentage of Incompletion" exceeds
eighty percent (80W), or in the event Lessee breaches its
agreements pursuant to Paragraphs 3(f) or (g) hereof, the default
provisions of Section 18 of the Lease shall be applicable;
94- 513
otherwise, the.Daily Penalty provided pursuant to Paragraph 14(b)
hereof shall be City's sole remedy for failure to complete the
Lessee Renovation Program within the applicable period permitted
hereunder.
15. Default by City. Section 18.2 of the Lease is
hereby amended to read as follows:
{ "18.2 Default by City. There shall be an event of
` default by the City under this Lease if the City shall have
S failed to perform or comply with any material term or
provision hereof and such failure to perform shall continue
for more than thirty (30) days after Developer shall. have
given the notice of such failure; or, if the default cannot
reasonably be cured within thirty (30) days, the City shall
fail to begin to cure such default within said thirty (30)
days and thereafter diligently proceed to remedy the matter to
the extent such matter is possible to cure. In any such
i event, the Developer at any time thereafter, (in addition to
any other remedy available to Developer as a matter of law or
as set forth herein) may give a written notice of termination
to the City, and on the date specified in such notice, which
date shall not be less than thirty (30) days, this Lease shall
terminate and the Developer's obligations hereunder shall
cease, unless before such date the City shall have cured the
default. The Developer's remedies for an event of default by
i the City shall also include, without limitation, the right to
f perform any obligation of the City hereunder and the City
shall pay the costs of Developer of curing such default (plus
interest on such costs at the rate at which money may be
available to Developer from its commercial sources), provided
that if the City's default consists of a matter jeopardizing
I life safety or the failure to provide hot or chilled water,
the Developer shall have the right to cure such default prior
to the expiration of the period during which the City is
permitted to cure such default hereunder. In addition to
j payment of interest expense incurred by the Developer
attributable to any delay caused by the City, the City shall
also pay such other reasonable costs and expenses incurred by
the Developer attributable to such delay. Notwithstanding any
provisions in this Lease under which the Developer may declare
a default and terminate or cancel this Lease or the City's
rights or interest thereunder, no notice of default given by
the Developer to the City shall cause this Lease to terminate
without prior written consent of the Developer's First
Mortgagee."
16. Restatement. It is the intention of the parties to enter
into a restatement of the Lease following the completion of the
survey contemplated by Paragraph 5 hereof, as provided in Section
20.19(c) of the Lease.
17. management of Convention Center. City presently is a
party to a management agreement with FMG, Inc. (the "Management
Agreement"), which is currently scheduled to expire on April 15,
-8-
94-- 5►13
1997. Upon the.expiration or other termination of the Management
Agreement, Lessee waives the requirement of Section 8.6 of the
Lease which would otherwise require City to engage a professional
management firm to manage the Convention Center (excluding the
Conference Center), for a two year period (said two-year period
being herein called the "Trial Period"). If, during the Trial
Period, (a) the gross revenues of the Convention Center (excluding
the Conference Center) are not less (on an annual basis) than the
gross revenues during the last eight years that such property was
managed by FMG, Inc. (said eight -year period being herein called
the "Baseline Period"), (b) the number of rooms generated annually
by the Convention Center (excluding the Conference Center) during
the Trial Period are not less than the number of rooms generated
annually by the Convention Center during the Baseline Period, and
(c) the value of future bookings generated annually by the
Convention Center (excluding the Conference Center) during Trial
Period is not less than the value of the future bookings generated
by the Convention Center (excluding the Conference Center) during
the Baseline Period, the requirements of Section 8.6 of the Lease
shall be permanently waived, and the parties shall enter into an
amendment of this Lease deleting Section 8.6 from the Lease. If
the standard described in the preceding sentence is not satisfied
during the Trial Period, Lessee's waiver of the provisions of
Section 8.6 shall terminate, and the provisions of Section 8.6
shall again be applicable.
18. No Other Modification. Except as modified hereby, all of
the terms and conditions contained in the Lease shall remain in
full* force and effect. This Amendment -shall be -binding upon Aetna
as Lessee, and on all future nominees, successors and assigns of
Aetna as Lessee and any and all other successors, Lessees and/or
Mortgagees.
IN WITNESS WHEREOF, the City of Miami and Lessee have caused
these presents to be executed in their respective names, and their
respective seals to be hereunto affixed, by their proper officers
duly authorized, as of the day and year first above written.
Attest: 7M CITY:
THE CITY OF MIAMI, a Florida
Municipal corporation
By:
City Clerk Cesar H. Odio, City Manager
(Subject to City Commission Approval)
(SEAL]
Approved as to Form and
Correctness
City Attorney 9 4 - 513
-9-
Witnesses:
Print Name:
Print Name:
THE LESSEE:
AETNA LIFE INSURANCE COMPANY, a
Connecticut corporation
By:
Name: --
Title:
STATE OF FLORIDA )
SS.
COUNTY OF DADE )
The foregoing instrument was acknowledged before me on the
day of July, 1994, by Cesar H. Odio, City Manager of the City of
Miami, a Florida municipal corporation, on behalf of and as the act
and deed of the corporation and that the seal affixed thereto is
the true and corporate seal of said corporation. He is personally
known to me and did not take an oath.
Witness my hand and official seal in the County and State last
aforesaid this __ day of July, 1994.
Notary Public
My Commission Expires:
STATE OF
SS.
COUNTY OF )
The foregoing instrument was acknowledged before me this _
day of July, 1994 by , as of
AETNA LIFE INSURANCE COMPANY, a Connecticut corporation, on behalf
of the corporation. He is personally known to me and did not take
an oath.
Witness my hand and official seal in the County and State last
aforesaid this day of July, 1994.
My Commission Expires:
-10-
Notary Public
94- 513
EXHIBITS:
A - Lessee Renovation Program
B - Description of Physical Plant
C - Description of Corridor
THIS INSTRUMENT PREPARED BY:
RONA.0 A. KRISS
VALDES-FAULI, BISCHOFF,
KRISS & MANDLFSR, P.A.
Suite 3400 - One Biscayne Tower
2 South Biscayne Boulevard
Miami, Florida 33131
Telephone: (305) 376-6000
III .
II
E
1
94- 513
i
EXHI®IT A --RENOVATION PROGRAM
MONT" 10 11 12 13 14 1s 16 11 1E
1 a 4 1 2 9 4 1 2 3 4 1 $ 3 4 1 a 3 4 1 2 a .+ I w2 a 4 1 2 a 4 1 2 44
04&mWVArCh Pik
Atch w. Pao i &pM
Con*U. Dacimma
OkYrde•" Wo*
tom" vandoraconw.
ME IewWMB lon
Punch
TOTAL DURATIOM PUDLIC AREAM 14 MIDNVHS
L
WAIT MEGEENCY UAW-OMIPOOM AMV COIWXK pM
r------._--� : a
2 3 aT a a i= a x a
DONVVA#ch Plcpo* y
mow" FFGE -
C "from FFO.E Pt1cEg
hep.Rs GC Dovigegrg,
Devietr r Revlvg DOM N
Pike FF&E has4smsog0
N
/leaiev Dudgel
P—haso FFAE *+
a
O.C. r at:t�tt FFiE
e
! PwNq Review
N
was: This ecAe¢u!e p ¢tssed mn 1ta oasts beaky to stabs &VIM, A" THREE ftoofm 9f FWOMS
for 1Ae si.-O* a W gw G.C. 04 bastsksttun a ata PI*CP. t ! ++ey m m ts9siktp Eat
NDOM.PMMCT OUPAT" .o o MOMM
• VMt
UML►RY MULFT & AMI KYATT RMVATION BUDGET
OUANTfTY
AMOUNT TOTAL
I
SUMMARY Or- BASE ®UDGET
L UEST'ROOMS / CORRIDORS
Guestrooms
$3,816.070
Corridors
S 515.7 36
Total Guest Rooms
EXTERIOR
$4,331,806
Exterior Carpet
$4.970
Pots & Plants
$20,000
®aor Contmi System
32.=
Total Exterior
$27,470
LAY
5239,650
FOOD & BEVERAGE
.
Specialty Restaurant
S66,025
Casual Restaurant
$116,530
Lounge
Si 96.000
Total Food & Beverage
S378,S55
PUBLIC FES'TROOMS
$16,890
PALM C OURTIATRIUM
S 17 6, 62 S
6ALlR00k MSEETING SPACE
Pretunction
S76,349
Regency Ballroom
S220,940
Meeting Rooms
5111.326
Total Ballroom
3408,615
l
PUBLIC AREA GENERAL.
Interior Landscape .
$30.000
interior Signage
$40,000
Elevators (FF&E)
S62,600
Total Public Areas
IREC�TK)NALAREAS
S132,600
Exercise Room
S55,000
Pool Area
S 10.0Q 0
Total Recreational Areas
$65,000
ADMISTAATTVE AREAS
$ 2 3, 2 5 0
AMEPACANS WITH DISABILMES ACT (ADA)
L%CHANICAL
S95,250
Elevators
S350,000
Guestrooms
2104.335
Telephone
S 3 G b. 0 0 C'
Kitchen Allowance
S35.000
Exterior
S45,000
Laundry
S23,000
Health Department
S28,625
_
HVAC
5�`.] o
Total Mechanical
OTHER
51,005,960
Warehousing/Trash Removal SOQ
Total Others S27,500
PFCFESSKXOLFEES S573,000 9 4 — Jr 3
OONnNGEI1CY _ S5001000
TOTAL PROJECT $8,002,171
4/15/94 Preps 1 11:27 AM
•
MtE1.l WAMVY DFtAFr WAW HYATT RaWovAMN BLOarr
QUANTITY
AMOUNT
TOTAL
1
G OM SUMMARY
Typical DoublwDouble
258
$4,955
$1,278.295
Typical King
219
$5,234
$1.146.163
Oversize King Al
18
S6,110
$109,982
Oversize Fling s2
19
S7.270
$138.134
Oversize Fang #3
19
S7,425
$141,084
Triangular ling
16
S7,037
$112,600
BedlSitting Room
SA
$8,091
$307,475
Triangular Parlor
22
$8,008
$176.183
Two Bay Parlor
6
S24.608
$147,651
Total (without additional hems)
$3,557.565
Additional Items
$258, 505
Total Guestrooms
S3,816,070
Corridors
$ 515.736
Total Guestrooms i Corridors
$4,331,606
Per Room (without Corridors)
$6,205
Per Room (with Corridors)
37,044
GUESTROOM BREAKDOWN
j
Total Materiel
•
32,308,936
Total Labor
S699,773
Total Frieght/Taz/Contractor's Fee
$461,306
Total Miscellaneous
$97,550
Total Guestrooms (without additional Otems)
•GRAND
$3,557,565 •
i(
I
i
4
I
TOTAL GUESTROOMS
S4,331,806
94- 5i3-
• W�
1
�1
p NAR'r DRAFT a&Am myATT REWWATON BUDGET
QUANTITY
AMOUNT
TOTAL
CTYPICAL DOUBLEIDOUBLE GUEST ROOM
DoubleMoUble v ®uAntlty 255 ROOMS
46
$7.69
$354
Carpet
C
C
64
$2.25
$144
arp
Vinyl
9t3.00
S27
fMth Vinyl
Overdrape with Blackout
1
S290
$290
Shaer Fabrication & Fabric
2
$93
i185
®ecispread
2
$218
$436
Bed set
2
$95
5190
- INeadt�lyd
1
$595
$595
Armoire
1
i135
5135
Piightstsnd
Nigh
1
$165
$165
Desk
2332
$
$$75
Desk Chair b Fabric
1
1
75
5
Bedside Lamp
1
$55
S55
$
Desk Lamp
2
$55
$111
Art with frame
1
1
$11
$1 1
14 foot Telephone Cord
1
$1
S 17
S 17
Rate/Fire Safety Card
33,121
SUBTOTAL
Labor/installation
42
S4
$168
Carpet
4
$12
$48
Comer Guards
64
$8
S512
' Room Vinyl
_ 9
.. S6
- S54
Bath Vinyl
- Paint Ceilings, Boors, frames and trim
1
$165
silo
S165
$110
FF&E install, removal & warehousing
1
$1,057
SUBTOTAL
$627
Fro ight/Tax/Contractor's Fee 15%
S150
Miscellaneous
$4,955
Grand Total
256
S4,955
S1.278,295
DoublatDouble Rooms
'. 94- .513
11:27 AM
rRELNANA" DRAFr aaAMI KYATT RENOVAT*N ISLwGET
OUANTTr1f
AMOUNT
TOTAL
TYPICAL LONG GUEST ROOM
King - Quantity 219 Rooms
Carpet
46
$7.69
$354
Room Vmyt
64
$2.25
$144
Bath Vinyl
9
$3.00
S27
Overdrape with 843*00
Sheer Fabrication a Fabrik
1
$290
$290
Bedspread
1
$119
$1 19
Bed set
1
$328.60
$329
Headboard
1
$110
$110
Dresser
1
S400
$400
Ni$htstand
2
$135
$270
Desk
1
S165
$165
Desk Chair 6 Fabric
1
$166
$166
Bedside Lamp
2
$43
S86
Lounge Chair and Fabric
1
$420
S420
Desk Lamp
1
$55
$55
Art with frame
2
$55
$110
14 foot Telephone Cord
1
$11
$11
Raie/Fire Safety Card
1
S17
$17
Floor Lamp
1
$60
$60
Bench
1
3231
$231
SUBTOTAL
S3,364
j
Lsbor/instafiation
Carpet
42
$4
S168
Corner Guards
4
$12
S48
Room Vinyl
64
SB
S512
Bath Vinyl
9
$6
S54
Paint Ceilings, Doors, frames and trim
1
$165
$165
FF&E install, removal & warehousing
1
$110
$110
SUBTOTAL
S 1.057
FreightrTax/Contractor's Fee 1S%.
$663
miscellaneous
$15 0
Grand Total
S5.234
King Rooms
219
S5.234
S1,146,163
418194 .. Paps 4
94- 513
11:27 AM
• ORE U MARYORA" ORW KYATTf1ENOVATM BUDGET
OUANTrIY
AMOUNT
TOTAL
TYPICAL OVERSUED TONG GUEST ROOM 01
Oversized King of - Quantity 18 Rooms
Carpet
56
$7.69
$431
Room Vnyl
a5
$2.25
$191
Bath Vinyl
9
S 3
S 27
Overdrape ankh Blackout
Sheer Fabrication & Fabric
1
$290
S220
Bedspread
1
$119
$119
Bed set
1
3328.80
$329
Headb ow
1
$110
$1 10
Dresser
1
$400
$400
Nightstand
2
S135
$270
Desk
1
$165
$165
Desk Chair & Fabric
1
S 166
S 166
bedside lamp
2
S43
S86
Lounge Chair and Fabric
1
$420
$420
Desk Lamp
1
S55
$55
Art with frame
2
355
S 110
14 toot Telephone Cord
1
$1 1
$11
Rate/Fire Safety Card
1
$17
$17
Floor lamp
1
$60
S60
Vanity Console
1
$295
S295
Square Bench
1
$141
S 141
Ottoman
1
$214
S214
SUBTOTAL
S3,907
Labor/Installation
Carpet
51
$4
5204
Comer Guards
4
$12
S48
bloom Vinyl
85
$8
S680
Bath Vinyl
9
S6
S54
Paint Ceilings. Doors, frames and trim
1
S180
$180
FF&E install, removal d warehousing
1
S 1 1 c
silo
SUBTOTAL
S 1.276
Freight,?ax/Contraclor's Fee 15% �
S777
tMiscellanecus
S 150
Grand Total
S6,110
Oversized King Roorz,s I1
Is
S61110
S 109,982
ueisa4
•
I
FRELANNARr DRAFT 44AMI HYATT RENOVATION 9Lf0QET
OUA T TY
AMOUNT
TOTAL
TYPICAL OVERStMD MNG GUEST ROOM d12
Oversixad King 82 - Ounntlty 19 Rooms
Carpet
76
$7.69
S584
Room Vinyl
97
$2.25
3218
Bath Vinyl
9
$3
$27
Overdrape wlth Blackout
Sheer Fabrication A Fabric
2
$290
$580
• Bedspread
1
$119
$119
Bed set
1
$328.80
$329
Headboard
1
$110
$110
Dresser
1
$350
$350
Nightstand
2
S135
$270
Desk
1
$165
$165
Desk Chair & Fabric
1
$166
$166
Bedside i.8mp
2
$43
$66
Lounge Chair and Fabric
1
$420
S420
Desk Lamp
1
$55
$55
Art with frame
2
$55
$110
14 foot Telephone Cord
1
$1 1
$11
Rate/Fire Safety Card
1
$17
$17
Floor Lamp
1
S80
$80
Coffee Table
1
$150
Si50
Sofa and Fabric
1
S690
S690
Table Lamp
1
$75
$75
Side Table
1
S 135
S 135
. -SUBTOTAL
$4,747
L-aborlinstallation
Carpet
69
$4
$276
Comer Guards
4
S12
$48
Room Vinyl
97
$8
S776
Bath Vinyl
9
S6
S54
!
Paint Ceilings. Doors, frames and trim
1
5180
5180
i
FF&E install, removal b warehousing
1
S 110
silo
SUBTOTAL.
S 1,444
f
Freifl ht/Tax/Contractoes Fee 15%
S929
!
AAiecolfanso+j;
a 1 S 0
I
Grand Total
S7,270
!Oversized King Rooms 82
19
$7,270
S136,134
nape a
94- 513
11:27 AM
••
i
PRE.SONARY
DRAff MAIM HYATT RENOVATION DUDGE'T
QUAN'TiT1r
AMOUNT
TOTAL
`-
TYPICAL OVERSIZED KING GUEST ROOM M3
I
Oversized King 03 - Quantity 19 Rooms
Carpet
76
$7.69
$584
Room Vinyl
as
$2.2 5
$191
1
Bath Vinyl
9
33
$27
!
Overdrape with Blackout
Sheer Fabrication & Fabric
1
$290
$290
Bedspread
1
$119
S 119
Bed set
1
$328.80
$329
Headboard
1
$1 10
silo
Armoire
1
S595
S595
Nightstand
2
$135
S270
I
Desk
1
$165
S165
Desk Chair & Fabric
1
$166
S166
Bedside Lamp
2
S43
S86
Lounge Chair and Fabric
2
$420
S840
Desk Lamp
1
$55
S55
AM with frame
2
$55
Silo
14 toot Telephone Cord
1
$1 1
S 11
Rate/Fire Safety Card
1
$17
S 17
Floor Lamp
1
$60
$60
14' Window Treatment
1
5500
S500
Console
1
S295
S295
30' Round Side Table
1
$158
S i 58
SUSMTAL
S4,978
Labor/Installation
i
i
Carpet
69
S4
5276
i
Comer Guards
4
S12
$48
Room Vinyl
85
$8
S680
Bath Vinyl
9
S 6
S 54
Paint Ceilings. Doors. frames and trim
1
S180
S180
FF&E install, removal & warehousing
1
silo
51 10
SUBTOTAL
S 1, 34 8
Freight/Tax]Contractor's Fee 15°o
S949
tiAiscatianeous
S 15 0
rand To.�l a7.4..5
! Oversized King Rooms p3 19 S7,425 S141,084
I
•
t
PREUWNAFtY
DRAFT UAMi HYATT RENOVATION BUDGET
+
QUANTITY
AMOUNT
TOTAL
TYPICAL TRIANGULAR KING GUEST ROOM
Triangular King o Quantity 16 Rooms
i
Carpet
82
$7.69
S631
Room Vinyl
57
S2.25
$128
Bath Vinyl
27
63
$81
{
Overtrape with Blackout
Sher Febricadon & Fabric
1
$705
$705
Bedspread
1
$119
$119
Bed set
1
S328.80
$329
Headboard
1
$110
$110
Armoire
1
$495
$495
Nightstand
2
$135
$270
Desk
1
$165
S165
Desk Chair & Fabric
1
$166
$166
Bedside Lamp
2
$43
S86
Sofa
1
$690
$690
Table Lamp
1
S75
$75
Desk Lamp
1
$55
$55
Decorative Mirror
1
S70
S70
Art with frame
2
S55
Silo
Coffee Table
1
5150
5150
End Table
1
S 135
S 135
Desk Telephone
1
$93
$93
Full Length Mirror
1
$28
$28
Rate/Fire Safety Card
1
$17
$17
•
SUBTOTAL
34,708
Labor installation
j
Carpet'
75
54
S300
Room Vinyl
57
$8
S456
Bath Vinyl
27
S 6
S 162
1
Paint Ceilings, Doors, frames and trim
1
$210
S210
FF&E install, removal & warehousing
1
$110
silo
SUBTOTAL
S1.238
FreightTTax/Contracior's Fee 15%
S892
Miscel►aneous
S200
Grand Total
$7,037
Trsngular King Rooms
16
$7,037
S112,60p
I�I
1
i
1
.
_
94- 513
418194
Pego a
ri 27 AM
'RZAW4ARY DRAFT "AM WAIT FtDMVAT►oN aLwET
OUANTrTY
AMOUNT
TOTAL
TYPICAL B6DJSf3'iUdG ROOM
Brd/3ltting Roam - ®uanttty 3S Roams
Carpet
53
$7.69
$408
Room Vinyl
79
$2.26
$178
Bath Vinyl
9
$3
$27
Overdrape wtth l$lacicout
Sheer Fabrication & Fabric
1
$705
$705
Bedspread Keg
1
$119
S 119
Bedset Fling
1
S328.80
S329
Headboard King
1
$1 10
$1 10
Dresser
1
S350
S350
Nightstand
2
$135
S270
Desk
1
$16 5
S 16 5
Desk Chair S Fabric
2
$166
$332
Lounge Chair S Fabric
2
S420
$840
Sala Bad
1
$700
$700
End Table
2
$135
S270
Coffee Table
1
$150
S150
Bedside Lamp
2
$43
S86
Table Lamp
2
$75
$150
Desk Lamp
1
$55
$55
Decorative Mirror
1
S70
$70
Art with Frame
3
S55
$165
. -Desk Telephone
1
- S 9 3
$ 9 3
Full Length Mirror
1
328
S28
Rate/Fire Safety Card
1
$17
S 17
SUBTOTAL S5,616
Labor/installation
j Carpet
48
S4
S192
j Carpet Guards
4
S12
S48
Room Vinyl
79
S8
S632
Bath Vinyl
9
$6
S54
Paint Ceilings, Doors. frames and trim
1
S210
S210
FFGE install, removal b vwwshousirg
1
$11 ri
S 110
SUBTOTAL S1.246
Freight/Tax/Contractors Fee 15% S1,029
Miscellaneous $200
Grand Total S8,091
CGed/Sitting Rooms 38 38,091 $307.475
94- 513
418194 Pape 9 11:27 AM
• •R 11MINARY LIRArr IIiAM1 KYATT RENOVATION BUDGET
QUANTITY
AMOUNT
TOTAL
1 C
TYPICAL TRIANGULAR PARLOR ROOM
Triangular Parlor Room e Quantity 22 Rooms
Carpet
82
$7.69
$631
Room Vinyl
57
$2.25
$128
Bath V'myl
27
$3
381
Overdrape with Blackout
Sheer Fabrication & Fabric
1
$705
$705
Dresser
1
$350
$350
Lounge Chair & Fabric
2
$420
$840
I
Sleeper Sofa
1
$700
$700
End Table
2
$135
$270
Coffee Table
1
$150
S150
Table Larnp
2
S75
$150
Dresser Lamp
1
$75
$76
Hanging Lamp
1
$270
$270
Table
1
S165
S165
Chair & Fabric
4
$166
$664
Decorative Mirror
1
$70
S70
Art with Frame
3
$55
$165
Desk Telephone
1
S93
$93
Full Length Mirror
1
$28
S28
Rate/Fire Safety Card
1
$17
$17
SUBTOTAL
S5;S52
Labor/installation
Carpet
75
$4
S300
Room Vinyl
57
S8
$456
Bath Vinyl
27
S6
S162
Paint Ceilings, Doors, frames and trim
1
S210
S210
FF&E install, removal & warehousing
1
$110
$110
SUBTOTAL
51.238
Fre:ght1T"'Contractoes Fee 15%
S1.018
Miscellaneous
$200
(
Grand Total
S8,008
Triangular Parlor Rooms
22
Se'008
317E,183
947 513
418194
Page 10
1127 AM
PRE AMNARY DRAFT MAN HYATT REMOVATION BUDGET
OUANTI Y
TYPICALTWO SAY PARLOR DOOM
Two Bay Parlor Room - Quantity 5 Rooms
Carpet
Room vinyl
Bath Vinyl
Overdrape with Blackout
Sheer Fabrication & Fabric
Sofa Bed
Sofa
Armoire
Desk
Desk Chair & Fabric
Lounge Chair & Fabric
Bar Stool
Hanging Lamp
Game Table
Floor Lamp
Desk Lamp/Side Table
Table Chair
Decorative Mirror
Art with frame
Patio Set (Two Tables, Four Chairs)
Desk Telephone
Full Length Mirror
l- Rate]Fire Safety Card
Sofa Table/Server
Coffee Table
Side Table
Round Side Table
Lamp at Bar
3Pc. Entertainment Center
SUBTOTAL
Labor/installation
Carpet
Comer Guards
Room Vinyl
Bath Vinyl
Paint Ceilings, Doors, frames and trim
Refinish Bar Top/Millwork
FF&E install, removal & warehousing
SUBTOTAL
Frei ghtfTax/Contracior's Fee 15%
Miscellaneous
Grand Total
Two Bay Parlor Rooms
418194 Page 11
92
91
9
2
1
1
1
1
1
2
3
1
1
2
1
6
1
a
1
1
1
.1
1
1
1
1
1
i
AMOUNT TOTAL
S7.69
$2.25
33
S390
S2.757
52,757
S660
$210
$143
$750
S153
S525
S324
$230
$205
S210
S70
S85
$100
S93
S28
-S17
S295
$415
$200
S200
S120
S2.000
$707
$205
$27
$780
$2.757
$2,757
$660
$210
$143
$1.500
$459
S525
S324
$460
$205
S1,258
$70
$340
$100
$93
$28
S17
S295
$415
S200
$200
S120
S2.000
S16,855
84
S4
S336
4
S12
$48
91
S3
S728
9
66
S54
1
S330
S ;30
1
S2,500
$2,500
1
S200
S200
$4.196
$3,158
$400
S24,6$4— 513
6
924,608
S147,651
11:27 AM
' -
PREUMNAARY DRAFT AKAW 1a'YATT RENOVATION BLW T
OUANTTTY
AMOUNT
TOTAL
l
ADDMONAL GUEST ROOM ITEMS
Replace shower sinkitrim
140
$375
$52,500
Replace shower heads
615
S35
$21,525
Replace vanity mirror
300
$125
$37,500
Furnish and install connecting door hardware
1
$6,000
$6,000
NOW roam number and rtirucbonal signage
Room
615
S55
$33,825
- Floors
19
$520
$9,880
Door kick plates
615
$85
$52,275
Repair of hurricane damaged rooms
SO
$500
$25,000
Trash Removal
1
320.000
$20,000
Total
$258,505
i
f
• PREIJUSNARY DRAFT 62"1 RYATT RENOVATION Nd BUDGET
CUAMTT7Y
AMOUNT
TOTAL
I
( GUEST Room CORROOR
j
Carpet
5,700
$21.10
S120,270
Carpet BaseAristallation
12,635
33
S37,905
i
Wall vinyl
91500
S4
S38,000
Drapery Treatment/Installagon
19
56so
S12,350
Consoae
19
$563
S10,697
=Arnps
38
$199
$7,562
Ash/Trash Containers
38
$100
$3,800
Mirrors
19
S396
S7,524
` Total
I
� Installation
S238,108
Wall Vinyl I Yt
9,500
58.50
580,750
i Carpet
51700
S7
$39,900
I Paint Trim/Ceiling
1
$15,000
S15,000
Repair/Stain/Paint Doors d Frames
684
S50
S34,200
Vending Areas:
Tile Floors
1,710
S7
S11,970
Wall Treatment
4,256
$1.50
S6,384
4 Refinish Service Doors
19
S300.0
$5,700
_ Install Furniture
19
550
$950
i Now Light Lens Over doors
.9323
S.4,B
St 5,504
Subtotal Installation
S210,358
Freight/Tax/Contractor's Fee 15%
S67,270
Guest Corridors Total
S515,736
GRAND TOTAL GUESTROOMS
S 4 , 331,8 06 -
94- 513
1127 AM
PREUMNARY DRAFT MAMA HYATT PIENOVAnON BUDGET
f
AUANTiTY
AMOUNT
TOTAL
�.EXTERIOR
Exterior Carpet
142
$35
$4,970
Pots & plants
1
$20,000
S20,000
1
Door Control System
1
$2,500
$2,500
TOTAL EXTERIOR
S27,470
j
i
LOBBY
f
New carpet to replace existing carpet areas
200
$40
$8,000
New hard surface floor
116s0
$1'7
S28,050
New furniture and lamps
1
$23.000
S23.000
I
New art and decor
1
$7,000
$7.000
Refinish millwork
1
$4.000
$4.000
Renovate front desk
1
12000
S12,000
Feature wall finish
1
7000
$7,000
CAlumn/soffit/wall finish
1
25000
S25.000
1I
Ceiling and lighting modifications
1
$108,000
S108,000
Low walls
80
$50
$4,000
Wall lights
16
$350
$5.600
Column lights
32
- $250
S8.000
TOTAL LOBBY
523.9,6S0
(
94- 513
'
aisiaa Pans 1/
7..'17 All -
• •
lRti1%111►dARY t7R►F'T MAUI HyArr RENpVATION 0LX)M
OUANTTTY
AWIOUNT
TOTAL
(
1.
FOOD 6 BEVERAGE AREAS
Soeciatty Restaurant
New carpet
450
$55
$24.750
Now chairs
85
$345
$32,775
Booths
a
S1.000
$6,000
Refinish mfltwork
1
$2,500
$2,500
Total Speciality Restaurant
9rtformal Restaurant
$66,025
New carpet
533
S40
S21,320
New hard surface floor at buffet
150
$11
S1,650
New wall treatment
2.300
$2
S4.600
Refinish millwork
1
$3,000
$3,000
Paint/ and lighting
3,800
$2
$7,600
Renovate buffet
1
$18,000
S18,000
Now chairs
140
$200
S28,000
-New banquettes
.14
S850
$11,900
New tables
45
$300
S13.500
New decor
1
S5,000
S51000
New window treatment
56
535
$1,960
Totat Informal Restaurant
1_Ounoe/Bar
- $116,530
Total renovation
3,920
350
S196,000
GRAND TOTAL F3B AREAS
t
S378.555
C
_
.
94- . 513
418194
Pape 13
1127 AM
1
P1iF.LlAI{f IARY DRAFT I"MI HYATT IIEWYAr*N evDa T
OUANTITY
AMOUNT
TOTAL
FLOW SPACE AT LOBBY AREA
Decor Page
1
$4,000
$4,000
T®tal Lobby Area Flow Space
I
$4,000
} PUBLIC RESTROOMS AT ®ALLROOM AND LOBBY LEVEL
Add lighting
1
$2,500
$2,500
New wall treatment
1
$4,000
S4,000
Repair/replace hardware
1
$2,000
S2,000
Decor
1
$1,000
$1,000
i 'Paint coiling
2,260
$1.50
$3.390
j Total Restrooms
S12 d80
PALM COURT
Demo fountains
1
$2,000
$2,000
I Demo of walls/steps/planters
350
$5
$1,750
New carpet
520
$40
$20,800
New screens.
1,500
$15
S22.500
New low wall
270
$35
$9,450
New stairs and ramp
1
$6,000
$6.000
f Modify water fountains
1
$15,000
$15,000
New fumhure
1
S20,125
$20,125
New bar
1
$8,000
$8,000
Upgrade landscape
1
S12,000
S12,000
Upgrade fighting
1
$7,000
$7,000
New wall, soffit & column treatment
1
S52,000
$52,000
Total Palm Court
S176.625
94- 51.3
Page 16 11:27 AM
' P RE M P"" tMA" =AMA HYATT RfNpVAT10N BUDGET
®UAN77TY AMOUNT TOTAL
BALL ROOMIMEETING SPACE
i
New carpet
New wall treatenent
Now folding wall treatment
New wall light fixtures
Repair folding walls
Renovate entrance doors
Repair/replace light slimming system
Refinish millwork
Total Ballroom
New carpet
i New wall treatment
I New folding wall treatment
New wall light fixtures
Repair folding wall
New window treatment
Refinish millwork
Renovate entrance doors
Total Meeting Room
f
Pre -function and Flow Area
I
New carpet
New wall treatment
{ Refinish millwork and columns
Paint high ceiling
New window treatment
` Total Pre -Function & Flow Area
' GRAND TOTAL DALLROOMWEE 1NG ROOMS
418104
papR 17
1,516
$40
$60,640
456
$25
S11,400
1,380
S30
$41,400
10
S450
$4,500
1
S25,000
$25,000
14
S1,000
$14,000
1
S55,000
S55,000
1
S9,000
$9,000
S220,940
1.408
S40
S56,320
690
S23
$15.870
322
$28
$9.016
12
$450
$5.400
1
$6.000
$6,000
112
S60
$6,720
1
$3,000
$3,000
9
$1,000
S9,000
$111,326
729
S40
$29.160
583
S23
S13.409
1
S7.500
S7,500
6.900
S2
S13,800
104
S120
$12,480
$76.349
5�108,o i 5
94= 5D
11 ;27 AM
PUBLIC AREA GENERAL
Partial interior landscape
Partial interior signage
•
Renovate 5 "st service elevators
Renovate elevator lobby
Total General Public Area
RECREATIONAL. AREAS
New 600 sQ. ft. exercise room and equipment
Renovate pool bathrooms
Renovate flow areas to pool
Total Recreational Areas
ADIWNIMATIYE AREAS
New carpet and base
New wall treatment
Total Administrative Areas
(ADA) AMERICANS WPTH DISABIL MES ACT
Public Areas
i
New door hardware
Insulate drain tines
New lower level ramp handrail
'
New exterior ramp handrail at street
Pool lift
Lower two public phonesrinstall TDDs
Furnish and Install two drinking fountains
Furnish and ftlau audio visual
fire alarm in all public areas
Lift cr ramp at Palm Court
I
Total ADA Public Area
Guest lgomS
Modify 19 handicap rooms
4 roll in showers
Portable room service
Total Guestrgorns
TOTAL AMERICANS WITH DISABIUTIES ACT
418194 Pape Is
r
1 $30.000 $30.000
1 $40,000 $40,000
1 $50,000 $50,000
280 $45 $12,600
$132,600
1 $55,000 S55,000
1 $6,000 S6,000
1 $4,000 $4,000
$65,000
450 335 $15,750
1 $7.Soo $7,500
S23,250
1
$6,500
$8,500
1
5150
S150
50
$60
S3,000
180
S60
S10,800
1
S4,000
$4.000
1
$2.500
52.500
1
$4.600
$4,600
40
$500
520,000
1
S12.000
S12.000
$65,550
19 $300 S5,700
4 •$4.500 S18,000
1 S6,000 $6,000
S29,700
S95,250
94- '513
11:27 AM
'
PRMXWA" DRAFT SAAW MratT RENOVAMN BUDGET
OUANTTrY
AMOUNT
TOTAL
I
NECHANICAL
New elevator micro processor controls
5
$70,000
5350,000
Repair guestroom sliding glass doors
t819
$100
361.900
- Upgrade gue3tr00m locks to Include time it date
615
$69
$42,435
Furnish and install telephone "em
1
$369,000
5369,000
Include: 2 pies per room,
Auto wake-up, Nolte mail
Rebuild air handle{ M a. 830
1
$30,000
$30,000
Furnish & install coil for air handier 06
1
$8,000
58,000
Fumish d install A/C to elevator equipment room
1
$13,000
$13,000
Repair/replace food and beverage equipment
1
335,000
$35,000
Health Department Issues
3 compartment sink
1
$4,025
54,025
Re -grout kitchen floor
1
$20,000
$20,000
Water service to Riverfront Hall
1
$4,600
54,600
Lint collection for laundry
1
$14.000
$14,000
Overhaul ironer
1
$9,000
$9,000
Caulk, waterproof and repair roof parapet
1
$30,000
- $30,000
Repair building comers
1
$15.000
$15,000
Total Mechanical
51.005,960
07M
Warehousing
1
520,000
520,000
Trash removal
1
$7,500
$7,500
I
i
Total Other
$27,500
l
PROFESSIONAL FEES
i
Interior Designer
1
5100,000
5100,000
Purchasing 5% of $3,500.000 (Project FF&E)
1
$175,000
S175,000
j
Project Adminisirstion/Management
1
5168,000
5188,000
Architects/Engineers/Consultants
1
550,000
S50.000
1
f
Reimbursables
1
$60.000
S60,000
Total Profess'sonal Fees
S57S.:�JG
'
j
CONTWGENCY
$ 5 0 0, 0 0 0
GRAND TOTAL
58,002.171
I
t
94- 513
418/94 pop 19
1127 AM
EXHIBIT B — DESCRIPTION OF PHYSICAL PLANT
&Ocala
CITY s►a..sa
L�V , a e . • • .\ �, PHYSICAL PLANT
!@MA:7G 6AI0 titly� r� ' �
UNIVERSi
y � I
• HOTF f e • •$� d�
L q
0"Mm"t twolet
WAS" In cc
s
O ` \
\ go" QiLAVWM
t.0/M"IZl ww.syrg 1 0 I , • .
hds
r
City of Miami / University ®f Miami
JAMES L., KNIGHT INTERNATIONAL CENTER
EXHIBIT C — DESCRIPTIOA OF CORRIDOR AREA
aOCaon
l Iry
V • s • • s
\
e e
IERSYCO
71
� a
• " , y.
Ll
nwuca
• yPr
GROL
• LE
j� City of Miami/ University Miami
G� 0�
JAMES L. I�NIGI�IT I"'TERNATI®NAL CENTER
do
PREPARED BY: EXHIBIT "C" I : \RAK\AE\MC\PRAA.2
07/06/94
Ronald A. Kriss, Esq.
VALDES-FAULI, BISCHOFF,
KRISS & MANDLER, P.A.
Suite 3400, One Biscayne Tower
2 South Biscayne Boulevard
Miami, Florida 33131-1803.
HARKING RIGHTS ASSUMPTION AGREEMENT
THIS PARKING RIGHTS ASSUMPTION AGREEMENT dated July _, 1994
(this "Parking Rights Assumption Agreement"), is between the City
of Miami, a municipal corporation of the State of Florida (the
"City") and Aetna Life Insurance Company, a Connecticut corpora-
tion, or its nominee ("Lessee").
LMCITALS
A. The City and Miami Center Associates, Ltd., a Florida
limited partnership (herein called "MCA"), have executed that
certain Lease and Agreement for Development dated. September 13,
1979, recorded in Official Records Book 10830, at Page 368 of the
Public Records of Dade County, Florida, as amended by First
Supplement to Lease and Agreement for Development, dated July 1,
1980, recorded in Official Records Book 10830, at Page 440, of the
Public Records of Dade County, Florida, as restated by unrecorded
Lease and Agreement for Development, dated September 13, 1979, and
as further amended by unrecorded Amendment No. 1 to Lease
Agreement, dated September 11, 1986, unrecorded Amendment #2 to
Lease Agreement, dated September 1, 1987, unrecorded Amendment #3
to Lease Agreement, dated September 1, 1988, Amendment #4 to Lease
Agreement dated December 23, 1992, recorded in Official Records
Book 15757, Page 4219, in the Public Records of Dade County,
Florida, and Amendment #5 to Lease Agreement ("Amendment #5"),
dated of even date herewith, and recorded concurrently herewith in
the Public Records of Dade County, Florida (collectively, the
"Lease").
B. The City and the Lessee have entered into that certain
Settlement Agreement of even date herewith (the "Settlement
Agreement") pursuant to which they have agreed to execute and
deliver this Parking Rights Assumption Agreement.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and
other valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:
1. In accordance with and subject to the Settlement
Agreement: (i) Lessee assumes, as of the Commencement Date (defined
in Amendment #5), any and all of MCA's rights, title and interest
in and to: (a) the Parking Agreement dated as of July 1, 1980,
between City and MCA, recorded in Official Records Book 10834, at
Page 1069, of the Public Records of Dade County, Florida, (b) the
Management Agreement dated as of March 16, 1982, between City and
94- 513
the Department of Off -Street Parking, and (c) the Lease Agreement
dated September 1, 1982 between City and the Department of Off -
Street Parking (collectively, the "Parking Rights"); and (ii)
Lessee agrees to perform all of its obligations with respect to the
Parking Rights which arise from and after the date of this Parking
Rights Assumption Agreement.
2. City hereby consents to the foregoing.
IN WITNESS WHEREOF, the City and Lessee have caused these
presents to be executed in their respective names, and their
respective seals to be hereunto affixed, by their proper officers
duly authorized, as of the day and year first above written.
Attest: THE CITY OF MIAMI, a Florida
Municipal corporation
By:
City Clerk Cesar H. Odio, City Manager
(Subject to City Ca 1, ission Approval)
[SEAL,]
Approved as to Form and
Correctness
City Attorney
Witnesses:
Print Name:
Print Name:
AETNA LIFE INSURANCE COMPANY,
a Connecticut corporation
By:
Name:
Title:
94- 513
STATE OF FLORIDA )
SS.
COUNTY OF DADE )
The foregoing instrument was acknowledged before me on the
day of July, 1994, by Cesar H. Odio, City Manager of the City
of Miami, a Florida municipal corporation, on behalf of and as the
act and deed of the corporation and that the seal affixed thereto
is the true and corporate seal of said corporation. He is
personally known to me and did not take an oath.
Witness my hand and official seal in the County and State last
aforesaid this ___. day of July, 1994.
Notary Public
Print Name of Notary
I My Commission Expires:
l
I STATE OF )
COUNTY OF )
The foregoing instrument was acknowledged before me this
f day of July, 1994 by as of
AETNA LIFE INSURANCE COMPANY, a Connecticut corporation, on behalf
of the corporation. He is personally known to me and did not take
an,oath.
Witness my hand and official seal in the County and State last
aforesaid this day of July, 1994.
Notary Public
Print Name of Notary
My Commission Expires:
L•1LA%MB11SM%".2
-3 94- 513
=114 1 by.
YJ feu I—TI ti f. 17f 1'1 I tWzjl.� fGG51 =I`7
i
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
To; Honorable Mayor and Members DATE .July 7, 1994 FILE:
of the City Commission
su@JECT: Resolution Ratifying
Execution of Agreements
Alva- Between City and Aetna
Cesa o Life Insurance Company
FROM: city REFERENCES
d ENCL08LIKS .
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the
attached Resolution ratifying and confirming the execution by the
City Manager of the following documents pertaining to litigation
between the City of Miami and Aetna Life Insurance Company:
1. Settlement Agreement
2. Lease Assumption Agreement
3, Amendment #5 to Lease Agreement
4. Parking Rights Assumption
BACKGROUND:
In order to settle all pending litigation and lease disputes
between the parties, the Department of Conferences, Conventions
and Public Facilities recommends the adoption of the attached
Resolution ratifying and confirming the execution by the City
Manager of the documents mentioned above between the City of
Miami ("City") and Aetna Life Tnsurance Company ("Aetna").
The City has been engaged in litigation pertaining to lease
disputes and related matters. Aetna has agreed to finance the
cost to renovate and restore the Hyatt Regency Miami hotel to
first class condition, and Aetna and the City have agreed to
resolve all of their disputes as to the Lease and all related
matters, as outlined in the documents mentioned above.
Attachment
94- 513
ATTACHED IS qjM FCI ZOVING ORIGINAL LEGISLATICIN FFCi THE CITY OF MIAMI
IAW DEPARTMENT:
:
LEGISLATION DESCRIPTION
J-94-586 Resolauthori7.e City Mgr. to exeoute agreements w/Aetna. Ins.
re Miaxni. Convention Center.
RECEIVED BY:
AGENDA OFFICE SIGNATURE
CSK