HomeMy WebLinkAboutR-93-0712J-93-833
11/4/93
93- 712
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WHEREAS, the Downtown Development Authority (mA) wishes to lease
City -owned property within the base of the Laser
Light
Tower
located in
Bayfront Park for the purpose of constructing
offices to
house
its present
operations; and
WHEREAS, the City of Miami is desirous of entering into a lease
agreement with the DDA for said space.
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 a lease
agreement, in a form acceptable to the City Attorney, with the MA. for the
City --owned property at the base of the Laser Light Tower located in Bayfront
Park, to be utilized by MA for its offices.
i
CITY COVMSSIOX
WMETING OF
NOV 2 3 1993
Resolution Na
93- 712
, J"
11 N."
4 Seotion 3. The terms set forth in Exhibit "A," attached hereto, are
hereby approved, axd shal1 be included in the subjeot Agreement.
Seotion 4. This Resolution shall become effective immediately upon its
adoption.
PASSED AND ADOPTED this 23rd day of November 1993.
' ST PHEN P. CLP4RK MAyOR
A
IL,
MATtY HIRAI
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JEM/mis/M3976
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93- 712
(4-ULI -of ffiiulni
CESAR H. OOIQ
CITY MANAGEn
October 21, 1993
Mr. Matthew D. Schwartz
Executive Director
Downtown Development Authority
suite 1810
One Biscayne Tower
Miami., Florida 33131
Re: Proposed Lease
Dear Mr. Schwartz:
EXHIBIT
Q V. sox ;%30700
MIAMI, rLCRICA 03*33-0708
306-260-6400
FAX 3013•285-I038
This letter serves as a summary of the terms which are being
negotiated for the DDA office space to be constructed in the
Bayfront Park Lasser Light Tower.
The City of Miami will provide funding for capital
improvements to approximately 5,300 square feet of the ground
level space by constructing DDA office and conference room space,
including an area for the Downtown Neighborhood Enhancement Team
office within the existing structure.
Tho cost of the improvements at a reasonable rate of return
will be amortized over the initial tam of the lease at an annual
cost of $10 per square foot. The DDA will be responsible for its
own utility charges, maintenance of the interior space, and for
providing insurance coverage to the satisfaction of my staff.
Once the construction bid process is complete, the lease is to be
executed within sixty (60) days. construction should commence
simultaneous with the execution of the lease agreement. The
first year's rent will be due and payable at the commencement of
the lease term which will coincide with the Certificate of
Occupancy. Subsequent rent payments will be payable each month
in advance at the rate of 1/12 of the annual rent. At the
expiration of the initial term and once the capital improvements
have been amortized, the lease will be renegotiated.
The aforementioned terms and conditions are being offered to
the DDA subject to the approval of the city of Miami Commission.
Please provide me with your proposed build -out plan at your
earliest convenience.
Si le� 1y,
Cesar H. Odio
93- 712
CITY OF WAN'h. FLORIDA
INTER -OFFICE MEMORANDUM
CA=.10
The Honorable Mayor and 1c, n ♦ n
TO Members of the City Commission DATE U`:� C, '� 093 FILE
Laser Light Tower
SUBJECT Lease Agreement
FROM
Cesit. Odio
City Manager
Recommendation
It is respectfully
attached agreement
Laser Light Tower
Background
REFERENCES.
ENCLOSURESFor November 18, 1993
City Commission Meeting
requested that the City Commission approve the
leasing City -owned property at the base of the
in Bayfront Park, to the DDA.
The DDA's present office space lease expires on June 30, 1993.
In the process of seeking future office space, it was suggested
that the DDA consider the possibility of occupying space at the
base of the Laser Light Tower in Bayfront Park. Upon evaluation
of the existing space and DDA's needs, it was determined that
relocation of DDA's offices to the Laser Light Tower would be
feasible and beneficial to the DDA, Downtown, Bayfront Park and
the City of Miami.
It is estimated that construction costs for improvement of the
space would be approximately $500,000. It has been proposed that
the City provide funding to improve the space and that DDA pay
rent of $10/square foot to the City (approximately'$60,000 per
year), until such time as construction costs have been repaid.
Upon repayment, the lease agreement would be renegotiated to
determine the amount of future payments to the City.
The proposed plan will accommodate the present staff and support
facilities of the DDA and, in addition, a Downtown Information
Center, a Conference Center for community use and an office for a
Downtown NET representative.
At its meeting on October 28, 1993, the DDA Board of Directors
approved the proposed relocation of the DDA's offices to the
Laser Light Tower.
To complete the required construction improvements by the end of
its present lease (June 30, 1993), the DDA respectfully requests
that the City Commission approve the attached Lease Agreement.
CHO/MDS/jt
93- '712
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