The URL can be used to link to this page

Home My WebLink AboutR-93-0370J-93-561 6/29/93 RESOLUTION NO. v ' A RESOLUTION DIRECTING THE CITY MANAGER TO EXTEND PRESENTLY EXISTING CONCESSION RIGHTS HELD BY VIRGINIA KEY MARINA, INC. PURSUANT TO THAT CERTAIN CONCESSION AGREEMENT BETWEENTHE CITY OF MIAMI AND VIRGINIA KEY MARINA, DATED MAY 19, 1978, AS AMENDED, TO ALLOW FOR THE CONTINUED OPERATION OF THE CONCESSIONS ON A MONTH -TO -MONTH BASIS FOR A PERIOD NOT TO EXCEED NINETY (90) DAYS FROM THE DATE OF THIS RESOLUTION; FURTHER STIPULATING THAT DURING SAID EXTENSION PERIOD, VIRGINIA KEY MARINA, INC. WILL CONTINUE TO PAY THE CITY OF MIAMI 10.3 PERCENT.' OF ITS GROSS REVENUES. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is hereby directed to extend presently existing concession rights held by Virginia Key Marina, Inc. pursuant to that certain Concession Agreement between the City of Miami and Virginia Key Marina, Inc., dated May 19, 1978, as amended, to allow for the continued operation of the concessions on a month -to --month basis for a period not to exceed ninety (90) days from the date of this Resolution, further stipulating that during said extension period, Virginia Key Marina, Inc. will continue to pay the City of Miami 10.3 percent of its gross revenues. C:T i' ic,' nC' 5 �' Re2o.uticn No. 0 �;eoti.orn 2. This Res o1,1"ti.on shall 1)eGome e:frective immediately upon its adoption. PASSED AND ADOPTED this ?2th day of shun, 1993. -7 XAVg1;F L . 6UAREZ, MAYOR l ATTEST: MATTY HIRAI CITY CLERK PREPARED AND APPROVED BY: = f INDA K. KEA SON ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: LKK:esk:M -2- 03- 370 I iPaT�fZ-��Ff�1C� N4��f�Fi!�t�f�li�?� Honorable Mayor and members of the City Commission Jul, i Resolution Authorizing s')R.) -T Execution of Lease Agreement with Bayside Seafood Restaurant and F�L Cesar H is REF FREN ES Brewpub Partnership City. af4et F1JCLOsuRFs For June 29, 1993 Commission Meeting P,EsQ_MKN1D_AT_T_Q t__;_ It is respectfully recommended that the City Commission adopt the attached Resolution authorizing the City Manager to execute a .Lease Agreement between the City of Miami and Bayside Seafood Restaurant and Brewpub Partnership ("Brewpub") to operate a restaurant, brewery and marine -related retail facility on City -owned waterfront property of approximately 2.88 acres. The subject property is located adjacent to and immediately west of Miami Marine Stadium on the southerly shoreline of the Marine Stadium Basin and is more commonly known as "the Virginia Key Basin property". The terms of the subject lease agreement are for a period of 20 years with an option to renew said lease for two additional terms of five years each, a minimum annual rent of $200,000 and Brewpub's capital and equipment investment of no less than $2 million. City staff members have negotiated the terms of a Lease Agreement between the City and Bayside Seafood Restaurant and Brewpub Partnership, pursuant to the results of the special referendum election held on September 3, 1991 which authorized the proposed lease of City -owned property. On September 14, 1989, by Resolution No. 89-904, the City Commission determined that the development of approximately 2.88 acres of City -owned, waterfront property located adjacent to and immediately west of Miami Marine Stadium, more commonly known as Virginia Key Basin, would best be accomplished by the Unified Development Project process for a restaurant with ancillary marine - related retail uses. On June 7, 1990, by Resolution No. 90-499, the City Commission authorized the issuance of a Request for Unified Development Proposals for a Restaurant with marine -related retail and recreational uses at Virginia Key Basin, selected a certified public account firm and appointed members of a review committee to 93- 369 3-1 u^ 93- 370 Honorable 11ayoz an( �7o�ni�e2-c of the City. Commission Page 2 evalu -e the proposals. The Request for Unified Development PropoZ-als was issued on June 21, 1990 and one response proposal was received on September 21., 1990, the published date for receipt. After considering the extensive analysis and discussion interviews heone proposal by the Review committee, kaki g unto consideration the conducted with the proposer, the City Manager findings of the certified public accounting firm, transmitted to the City Commission his recons in r mlmeid, 1991, by accordance with the City Code. Therefore, on Ap mana er Resolution No. 91-276, the Commission authorized the City g to negotiate a lease agreement with Virginia Key Marina Associates, Inc. and Bayside Seafood Restaurant, Inca the partners comprising Bayside Seafood Restaurant and Brewp is ub Partnership. This resolution required to the he city City Manager present consied der t on and lease agreement approval prior to execution. On July 11, 1991, by Resolution No. 91-�18, the City Commission found the proposed minimum lease t a specialbein the munic pa beelection st ebe st of the public and directed held on September 3, 1991 for the purpose of submitting to the qualified electors of the City of Miami for their approval the or disapproval, the City Manager's authorization to execute The proposed lease agreement with the proposed minimum terms. the official ballot used at said election was substantially in following forms PROPOSED LEASE OF CITY -OWNED LAND ON "VIRGINIA KEY BASIN PROPERTY." "Shall the City of Miami be authorized to lease 2.88 acres of City -owned land ("Virginia Key Basin Property") for 20 years with two lease renewal options totalling ten years, subject to capital and equipment investments of $2 million and a minimum annual rent of $200,000, and to such additional requirements as determined by the City Commission, to Bayside Seafood Restaurant and Brewpub Partnership to operate a restaurant, brewery and marine -related retail facility?" 93-- 369 a 93- 370 LJ Iionorab7 e Mayor and Members of the City Commission Page 3 0 Therefore, a special municipal election was held resulting in the approval of the electorate. At this time, Bayside Seafood Restaurant and Brewpub Partnership state they have secured the financing requirements set forth by the referendum and are desirous of entering into the attached proposed lease agreement. Financing in the amount of $2,150,000 will be provided by way of: 1) a $953,000 investment in capital and tenant improvements by the management/operator of the restaurant, Specialty Restaurants Corporation, evidenced by an assignment of funds by Home Insurance Company for this specific project; 2) a $500,000 equipment investment by Specialty Restaurants Corporation evidenced by a letter of intent with equipment leasing company, specifically Lee Equipment Company; 3) a $150,000 equipment investment by Bayside Seafood Restaurant, Inc., evidenced by a letter of intent with S & S Equipment Sales, Inc.; 4) a $147,000 investment in operating cash by Specialty Restaurants Corporation to be evidenced by a letter of assignment of funds for this specific project; 5) a $200,000 capital investment by Virginia Key Marina Associates, Inc. to be evidenced by a letter, from a financial institution; 6) a $100,000 capital investment by Bayside Seafood Restaurant, Inc. evidenced by a letter from Barnett Bank of South Florida, N.A.; and 7) $100,000 of pre -development expenses incurred to date by Bayside Seafood Restaurant, Inc. and Brewpub Partnership. The improvements will consist of a restaurant complex of approximately 2,000 square feet containing a cocktail lounge serving not less than 75 guests; approximately 8,000 square feet for a full service dining room with no less than 300 persons capacity; approximately 5,000 square feet to be used for marine oriented retail sales and services; and not less than 3,000 square feet for an outdoor deck area. Upon execution of the lease agreement, the lessee will provide a $200,000 irrevocable letter of credit in favor of the City as a security deposit refundable upon successful completion of the aforementioned improvements to be evidenced by a certificate of occupancy. The lease term will commence upon execution of this agreement. The minimum rent will begin to accrue upon commencement of the lease term, however, the proposed lease defers the minimum annual guaranteed rent for the first six months of the lease term (proposed as July 1993 through December. 1993) which deferral shall be paid over the first six months of the fourth year of the lease term (proposed as July 1996 through December 1996) in addition to the rental amounts due for that time period. 9 3 - 369 93- 3640 3 Honorable Mayor and ARembers of the City Commission Page n Upon execution of the lease, the lessee will also reimburse the City for $37,550.21. representing direct costs incurred in evaluating all proposal submissions, including advertisement, printing, appraisal fees and the certified public accounting firms' fees. Said reimbursement will be paid over a six month period in equal monthly installments upon execution of this agreement. In order to complete the implementation of the Unified Development Project process, it is recommended that the attached Resolution be adopted, in its entirety, authorizing the City Manager to execute the lease agreement as approved by the City Attorney. Attachments: Proposed Resolution Proposed Lease Agreement 93- �.� 93- laou ��o lift h F' 7 r 7i I I i p..... re.rlr•7'^ i,!r ne; C•v'-.�, 47111)c: 20 , 1993 rhr it;t i 4la (`lt(:r vcr llirectt-,i- c;f 71rz�:�t ti-any r�6ei"�C,r2. Ci ty of M 1 )I,) i .100 Ti{-c`aynr:' uIevC-1Id !-",Ili t.r-• 4 fin w i7irF„ , rlci-it-ia . 31 ,1 Submitted ixitc, the U, record in connection item . f 3 on Witty Hirai C1 ty (,'lerk vil'. r'AX. (305) 11*1--c)710 IZC : CLATM N(1PiBEP t 1, n( Sr,E,:.TA1,TY i?FSTAUR.11N'l'c t:t)I?i<::}•A1'IOir DATL Or, i.nss : I" - 1 o M.— Cucrvu: Yrn.t �-houIcl he awnrc: tha V. ttr_rt 1s ar: n4 gcjitry .irsprl invoC,t:lrjatJofI trndc2- the direcLion of the Del-,dlh County, c;Pr,r(ji.a irP c3t,I ai-tment . They have T-cccnO y i-equt�!; t.c'd, J n accord m, with Gearcji a � a4: , o complete COPY of cru►_' t i.l c�. The Home (4onpany has nc) lntr�rmat Jon, .rl. this. point ill times, which indi4u(i es that. RAc-tairt-all t..,, Corhol ation is involvo(l i?! sot-.tinci t.hl_-s f i rl . IF ne):alb comity, c:cmclr:VIPs ttlat O:ar Insurrsd 1N ir►vc,lvc"d In this iive', n t.:rt�C, th,;2. [{orrjr: In8ut inrc C,on[,r.rl-oy viia-rr h4 ol)l1cjat c-d II(-)t. to n.zkc- a payrlellt under the p(Aic), of irisuk�+nc-�. r{'itij liltU]'l1��t�Glr Wa:a [)T OVIOC'_i tr, the Tnr;1)1'C:cJ':: k i tt.r_.r & Compar►y. . very tvull youj_ e r.r-- 4, .Jac.,k t{rya 1 y r+r,ncrelI 93-- 369 93-- 370