HomeMy WebLinkAboutM-88-110714
CITY OF MIAMI FLORIDA
INTER -OFFICE MEMORANDUM
TO Honorable Mayor and Members
of the City Commission
FROM Cesar H. Odi �Yt
City Manager
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RECOMMENDATION:
047E 0 vT 2 4 1988
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17
sUEUECT Resolution Authorizing Execution
of Amendment No. 3 to Lease
with MCA; Amendment to Lease
REFERENCES lth University of Miami
ENCLOSURES
It is respectfully recommended that the City Commission adopt the
attached resolution which authorizes the City Manager to execute
the following agreements: (1) a first amendment to the Lease
Between the City and the University of Miami relative to the
Miami Convention Center; and (2) Amendment No. 3 to the Lease
Between the City and Miami Center Associates, Ltd. ("MCA")
relative to the Miami Convention Center.
BACKGROUND:
Pursuant to Section 1.04 of the Lease Agreement dated July 1,
1983 Between the City and the University of Miami, the University
of Miami ("University") was granted an option to lease up to
6,277 net square feet of conference room space on A-3 level of
the Miami Convention Center. By way of a letter to the City
Manager on February 25, 1988, the University affirmatively
exercised that option. As an option payment, the University pays
$81.30 per square foot. The University is receiving
approximately 4,000 square feet and is making one option payment
of $320,972.40. The additional conference rooms then become part
of the space leased by the City to the University and are subject
to all terms and conditions of the original lease. The City
Attorney's Office and independent counsel for the University have
prepared a Lease Agreement effectuating the exercise of this
option.
The conference rooms subject to the University option are
currently operated, managed and controlled by MCA, the Miami
Convention Center Developer. Pursuant to Amendment No. 2 entered
into between the City and MCA in 1987, these rooms were
transferred to MCA expressly, subject and subordinate to the
University option in the event the University ever exercised such
option. It was agreed in Amendment No. 2 that in the event MCA
had to surrender and release these rooms to the University, MCA
would receive the option payment being made by the University of
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8-S-1107
1
Honorable Mayor and Members
of the City Commission
September , 1988
Page 2
$81.30 per square foot of transferred space as consideration for
exercising its option to lease the additional conference rooms
under the lease.
The Office of the City Attorney and counsel for MCA have prepared
the appropriate Amendment No. 3 to the Lease Between the City and
MCA wherein, as set forth in Amendment No. 2, MCA receives the
option payments and transfers these conference rooms back to the
City for subsequent lease to the University.
CH0/yv/P991
Attachments
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