HomeMy WebLinkAboutR-87-0906�j
J-87-865
10/19/87
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
PAY TO BAYSIDE CENTER LIMITED PARTNERSHIP
THE RENTAL CREDIT IN THE AMOUNT OF
$1,675,000 PLUS THE OPPORTUNITY LOSS COST
EARNED THEREON, IN ACCORDANCE WITH THE
MIAMARINA AGREEMENT DATED OCTOBER 24, 1985,
WITH SAID PAYMENT TO BE MADE FROM THE MARINA
ENTERPRISE FUND RETAINED EARNINGS.
WHEREAS, Bayside Center Limited Partnership and the City
reached certain agreements pursuant to which Bayside Center
Limited Partnership made an advance rental payment under the
leases to the City, which the City applied to the said purchase
and sale; and
WHEREAS, in accordance with the Miamarina Agreement, which
was authorized by Resolution 85-929, on September 12, 1985, and
executed on October 24, 1985, the City is required to pay to
Bayside Center Limited Partnership a Rental Credit in the
amount of $1,675,000 plus the Opportunity Loss Cost earned
thereon; and
WHEREAS, at the City Commission Meeting of
September 8, 1987, it was determined that the City would
operate the Miamarina for a minimum period of one year; and
WHEREAS, in accordance with the Miamarina Agreement, once
the operator of the Miamarina has been determined to be other
than Bayside Center Limited Partnership, the City is required
to repay or cause to be repaid the Rental Credit, consisting of
$1,675,000 plus the Opportunity Loss Cost earned thereon in the
approximate amount of $341,000 as of September 30, 19ptnTtnjtOMMK1SSION
t MEETING OF
OCT 1987
IN No. 87—! *'
WHEREAS, in accordance with the agreement, failure to make
such payments may result in the withholding of rental payments
due by Bayside Center Limited Partnership under the Ground
Leases for the Retail Center and for the Parking Garage
(hereafter "Ground Leases"); and
WHEREAS, the City may not legally pledge, on a primary
basis, the Bayside Specialty Center rental revenues until this
indebtedness is paid; and
WHEREAS, in order to utilize funding from the Sunshine
State Bond Pool for City-wide Park Projects including the
Renovation of the Neighborhood Parks System and the Bayfront
Park Redevelopment Project, the rental income from the Bayside
Specialty Center Ground Lease must be used to cover the debt
service;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is authorized to pay to
Bayside Center Limited Partnership the Rental Credit in the
amount of $1,675,000 plus the Opportunity Loss Cost in the
approximate amount of $341,000 as of September 30, 1987, in
accordance with the Miamarina Agreement dated October 24, 1985,
with said payment to be made from the Marina Enterprise Fund
Retained Earnings.
C
PASSED AND ADOPTED this 22nd clay of October , 1967,
zl� 1 .74
�fAVIER L . S U ARx' , MAY
ATTEST:
Y HIRAI, CITY CLERK
PLANNING REVIEW:
N/A
SERGIO RODRIGUEZ, DIRECTOR
PLANNING DEPARTMENT
FINANCIAL REVIEW:
(Zzr---Z-
C.—ECIA, DIRECTOR
FINAL'IltE DEPARTMENT
BUDGETARY REVI
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DEPT. OF MAN A 'NT ANll BUDGET
PREPARED AND APPROVED BY:
064wf ;rA
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
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RFC/bss/M560
— 3 —
TO
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
of the City Commission
'r �
dei_a�A. , Dougherty
City Attorney
C:.iE "E
October 22, 1987
SL E7 _ t
City Commission Meeting
October 22, 1987
REFERENCES Agenda Items 415, #35, #48,
#51, 456, #62, #86 and #75
ENCLOSURFF ( 5 )
The following information and material should be considered by
you in your deliberations at today's Meeting:
Agenda Item #15 (J-87-836) [Resolution accepting bid V
authorizing execution of contract] This item, as
distributed, did not provide for your approval of the
Chief Procurement Officer's rejection of written bid
award protects in oonneotion with this contract.
Approval of the Chief Procurement Officer's decision
will have to be considered by you at the time this item
is acted upon.
Agenda Item #35 (J-87-846) [Resolution authorizing
agreements and allocating funds for Economic
Development/Physioal Improvement Projects] This item,
as distributed, failed to establish a time period for
the allocations to remain valid. Accordingly, at the
request of the Community Development Department, we
have added a time period of 1 year for the Taeoley
Economic Development Corporation, Inc. Project (TEDC)
and the International Car Wash, Inc. Project with a 6
months time period being provided for the Diesel
Services, Inc. Project. No other changes have been
made.
Agenda Item #46 (J-87-865) [Resolution authorizing
reimbursement to Hayside Center Limited Partnership]
In order to establish proof of the fact of the City's
performance of obligations which are reflected in
existing contract documents, our office has modified
this item, as distributed, by using exact terminology
which traoks the language of the said contract
documents. Please substitute the attached approved
resolution in your Agenda Paoket.
Agenda item 451 (J-87-873) [Resolution authorizing
acceptance of appraisal proposals]. The reference in
87 -906
Honorable Mayor and Members October 22, 1987
of the City Commission Page 2
the distributed item to the location of parcels being
considered for acquisition as "NW Sth Street" has been
changed, for accuracy, to "NW 6th Street".
Agenda Item TSB (J-87-929) [Resolution declaring most
advantageous method to develop property] This item
presents an integrated development package for your
consideration and seeks authorization to have the City
Manager prepare a draft of the Request For Proposals
for your approval. Language has been added stating
that such proposed integrated development package has
been incorporated in the City's lease agreement with
the Federal government.
Agenda Item 062 (J-87-940) [Model City Pilot
Development Program Resolution] We are attaching a
resolution prepared at the request of the Director of
the Department of Community Development who is urging
re-evaluation of your September 28, 1987 position with
respect to the method of control and implementation of
the Model City Pilot Development Program. Following a
meeting on Tuesday. October 20, 1987 of the Board of
Directors of the Martin Luther King Eoonomio
Development Corporation (MLKEDC); we received a copy of
a proposal presented by that body and, yesterday, we
prepared the attached Resolution (J-87-951) for your
consideration reflecting your approval of MLKEDC's
proposal. The Resolution distributed in the packet
(J-87-940) has been modified to remove the City
Commission as the appointing body for the loan and
advisory committees which will be functioning as
advisory committees to RUEDC; the provisions
pertaining to Miami Capital Development, Ino. and the
amendment of an earlier resolution which had allocated
funds for Christian Hospital have not been changed.
Please substitute the attached modified Resolution (No.
J-87-940) in your packet.
NOTE: In adopting the Consent Agenda (Items *1 through 463).
there should be an announcement made by the Mayor that Items #15.
#35, •46, #51, i56 and 482 are being voted upon 'as modified'.
r
V
Agenda item e66 (9-87-944) [Emergency Ordinance making
fiscal 1987 year and budgetary adjustments] This item,
8'7-906.
401'-
Honorable Mayor and Members
of the City Commission
October 22, 1987
Page 3
as distributed, did not reflect a $500,000 contribution
to the General Fund in the form of funds received from
the Metro Dade Tourist Bed Tax and inaoourately
referred to interest earnings from oertain Bond issues.
The attached approved ordinance cures this omission and
should be substituted in your packet.
Agenda Item #78 (J-87-747) [Ordinance relating to use
of local labor force by city construction project
contractors] As adopted on first reading and
distributed in the Agenda Packet, this ordinance fails
to clearly set forth its nonapplioability to any
employee -employer relationships or apprenticeships -
agreement under which contractors receiving bid awards
may be bound or obligated to perform. As modified, the
attached ordinance applies to new and replacement
laborers, mechanics, and apprentices. Please
substitute the attached ordinance in your Agenda
Packet.
LAD/RFC1rb1P459
cc: Cesar H. Odic, City Manager
Natty Hirai, City Clerk
Frank Castenada, Director, Department of Community Development
Donald W. Cather, Director, Department of Public Works
Carlos B. Garcia, Finance Director
John Gilchrist, Director, Development Department
Art Mullins, Chief Procurement Officer
Manohar S. Surana, Director, Department of Man gement and Budget
Ron S. Williams, Direotor,
General Services Administration Department
Att: Albert Armada, Property and Lease Manager
#0 0 CITY Oi' MIAMI. PLORIOA 0
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members
of the city Commission
FROM:
Cesar H. Udi
&,
City Manager
RECOMMENDATION:
OATE: OCT 1 31987 RILE:
sueJECT: Resolution Authorizing the
City Manager reimburse Bayside
Center Limited Partnership
REFERENCES: For City commission Meeting
ENCLOSURES: of October 22, 1967
Resolution
it is respectfully recommended that the City Commission adopt bie
attached resolution authorizing the City Manager to reimburse
Bayside Center Limited Partnership the principal amount of
$1,675,000 plus accrued interest, for the purchase of the
management agreement with New World Marinas inc. , in accordance
with the Miamarina Agreement, dated October 24, 1985, with said
reimbursement to be paid from the I-larina Enterprise round Retained
Earnings.
BACKGRUU ND :
The Department of Development recommends that the City Commission
adopt the attached resolution authorizing the City Manager to
reimburse Bayside Center Limited Partnership $1,657,000 plus
accrued interest, for the purchase of the manLgeraent agreement
with New World Marinas inc., in accordance with the kiamor ina
Agreement, dated Oc:tobeL z4, 1965, with said reimbursement to be
paid from the Marina Enterprise Fund Retained Earnings.
By resolution 85-928, on September 12, 1985 the City Manager was
authorized to execute an agreement of purchase and sale with New
World Marinas Inc., using $1,675,000 advanced to the City by
Bayside center Limited Partnership, under certain terms and
conditions set forth in the Miamarina Agreement. By Resolution
85-929, adopted September 12, 1985, the City Manager was
authorized and subsequently executed, on October 24, 1985, the
Miamarino Agreement with Bayside Center Limited Partnership.
In accordance with this agreement, once the operator of the
Miamarina has been determined to be other than Bayside Center
Limited Partnership, (as was done at the City Commission Meeting
of September 8, 1987), the City is obligated to reimburse the
principal amount of $1,675,000, plus accrued interest. Based
upon the rate, established in the agreement, of 1i above the
prime rate from time to time as charged by The Chase hanhattan
Bank, N.A. , the accrued interest is estimated to be approxiraately
y6 -
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0
Hunorable Mayor anna Hembers
of the City Commission
Page two
4j4l,000, as of September Al.
further allows that failure to
Partnership may result in their
i967. The Miamarina Agreement
reimburse dayside Center Limited
witt►noldir►g of rental payments.
in order to proceed with the City -wine Neighborhood Park.
Renovation Projects and the Bayfront Paris Redevelopment Project,
the City has chosen to utilize monies from the iunshine State
Bond Pool with the rental income from the E3ayside Specialty
Center pledged to cover debt service. However, these rental
revenues may not be used on a primary basis until ttie
indebtedness is paid. it is therefore perceived to be in ttte
City's interest to proceed with reimbursement utilizing the
Marina Enterprise Fund Retained Earnings.
It is recommended that this item oe considered at uie City
Commission Meeting of October 22, 1987.
Attachments:
Resolution
t4