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Home My WebLink AboutR-85-1028I J-85-1030 13/I"185 RESOLOTTON NO. Sr -102S A RESOLUTION AUTHOR[?.TNG THE CITY MANAGER TO EXECUTE, Ttit; Nt.(,OTIATED At;REEMENT, TN SUBSTANTIALLY THE ATTACHED FORM, 4E'T4REN THE CITY AND THE HOARD OF TRUS'TOP THE INTERVAI, IMPROVEMENT TRUST FUND OF THE STATE OF FLORIDA FOR THE RE[,FASE OF 1)RF,11 RESTRICTTONS ON CER`CATN LANDS ADJACENT TO BAYFRON'P DARK WITH[N ViR RAYSIDE SPF.(-'IAI,TY. CENTER I.XASED AREA MORE PARTTCOLARLY DESCRTBEI) HRRE[N; ANT) FOR THE ESTARLISHMENT OF A TRUST FUND TO 13F; PUNDEID FROM 7.4% OF THH; RENTAL f.NCOME RECEIVED BY TIE CITY FROM THE BAYSIDE RETAIL PARCEL LEASE FOR 'PliR ACQUISITION AND IMPROVEMENT OF �3A)'FRONT AND RIVERFRONT LANDS WI Tr3IN THE CITY OF MIAMI EXCEPT THAT [4' STATE ADVANCES A PORTION OF THE. PURCHASE PRICE FOR THE COMMODORE BAY ACQUISITION, CITY WILL REIMBURSE THE S'TA'I'F, FOR THE SUM ADVANCED PLUS INTEREST AND THE CITY WILL, INCREASE ITS CONTRIBUTION TO THE TRUST FUND TO 17.8% OF THE RENTAL INCOME RECEIVED BY THE CITY FROM THE RETAIL PARCEL LEASE UN'PIL SUCH TTME AS THE PURCHASE PRICK; PI,IJS INTEREST IS REPAID, AND FURTHER RESCINDING RESOLUTION NO. 85-923 ADOPTED SEPTEMBER 12, 1985 IN ITS ENTIRETY WHICH RELATED TO THIS SAME SUBJECT MATTER. WHEREAS, the Board of Trustees of the Internal. Improvement Trust Fund of the State of Florida (the "Trustees") conveyed to the City of Miami certain lands adjacent to Bayfront Park as described in need No. 19447, recorded in Deed Rook 3130, at Page 257, of the Public Records of Dade County, Florida; and WHEREAS, the above described deed contains certain restrictions regarding the use and development of such .lands ("Deed Restrictions"); and WHEREAS, a portion of the above described lands is included within an area that the City leased to Bayside Center Limited Partnership ("Bayside") for the development of the Bayside Specialty Center pursuant to the Retail Parcel Lease Agreement between Bayside .and the City dated January 15, 1985, as amended from time to time ( "Lease Agreement") ; and WHEREAS, Bayside has requested that the City obtain a release from the Deed Restrictions; and i 1 CITY COMMISSION MEETING OF OCT 10 1985 ON r ,� No. .� 1 04 A WHEREAS, the Florida Board of Trustees find that increased public access and enjoyment of Bayfront and Riverfr_ -)nt lands is desirable and, together with the City, desires to establish a mechanism to enhance p,ihl is access to City waterfront and WHEREAS, the herein proposed aqr- 12ment hetween the City and the Trustees would release the pr-,)per. ry adjacent h--) 13ayfront Park within the 13ayside Specialty Center leasecl area `r.om the need Restrictions; and WHEREAS, the term of the release of the Deed Restrictions would coincide with the term and renewal options of. the Lease Agreement; and WHEREAS, the proposed agreement: requires that the City establish a Trust Fund to be funded from 7.4� of the rental income received by the City from the Lease Agreement For the acquisition and improvement of Bayfront and Riverfront lands within the City of. Miami as identified by a priority list to be developed by the City and approved by the Trustees; and WHEREAS, the proposed agreement also provides that the highest priority for acquisition shall be the Barnacle Addition in Coconut Grove, a/k/a Commodore Bay Tract provided, however that the City will not be required to purchase the Barnacle Addition unless the appropriate State Selection Committee places said property on the Conservation and Recreational Lands (CARL) or Save Our Coast acquisition lists; and WHEREAS, the State has agreed to pay 50% of the purchase price of the Barnacle Addition and further, to advance the City up to 50% of the purchase price, if necessary, pursuant to an agreement to be entered into between them, in which case City shall increase its contribution to the Trust Fund to 17.8% of the rental income received under the Lease Agreement until such time as City has reimbursed the State for its advancement and the interest thereon; $=' NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA. r w s M1� { / 8. -102 Sect ion 1.. The City Commission hereby the City Mana3?r to execute the Agr.eeln(�nt-_ and RnleaGe of Deed Restrictions and Reverter, in substantially the form attached herF�to, between the City of: 'Miami and the Beard of Trustees of the Tnternal Tmprovement Trust Fund of the ;t ate of Florida t,, nr_ovide for the release of th�� ne(?(3 Restrictions on certain lands adjac,arnt_ to • Bayfront Park within the Rayside Specialty Center lease are as mc)re particul3rly l,,scribed in Exhibit "A" t3f the attache:l Agreement and for the establishment of a Trust Fund, to be funded from 17.4% of the rental income received by the City from Bayside pursuant L-() the Lease Agreement, for the acquisition and improvement of Bayfront and Riv?rFront lands within the City of Miami, and to further provide, under certain conditions, for the purchase of the Barnacle Addition using, in part, funds advanced by the State at which time the City would increase, to 1.7.8% of the rental income received under the Lease Agreement, its contributions to the Trust Fund until such time as the advancement of funds by the State, and interest thereon, is paid oFF. Section 2. Resolution No. 85-923 adopted September 12, 1985 dealing with the same subject is hereby rescinded in its entirety. ED AND ADOPTED this loth day of OCTOBER , 1985. AlE;-:-MAURICE A. FERRE �MAURICE A. FERRE, Mayor MA7TY HIRAI City Clerk PREPARED AND APPROVED BY: G. MI RIAM MAER Assistant City Attorney GMM/wpc/ab/pb/B209 APPRO=NE S TO FORM AND CORR LUCIA A. DO ERTY City Attorney 8 ' -1028 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO Honorable Mayor and DATE Members of the City Comm i s s i or SUBJECT Sergio Pereira FROM City Manager REFERENCES ENCLOSURES October 3, 1985 FILE. Bayside/Waiver of Deed Restrictions 34 For City Commission Meeting of October 10, 1985 Resolution, Waiver It is recommended that the City Commission adopt the attached Resolution authorizin the City_ Manager to execute the negotiate ,Rreement in a form acceptable to the C-fty Attorney between the City and the Florida Board of Trustees of tie Internal Improvement Trust and ror the release o eed restrictions on certain lands wit in t e Sayside Specialty Center leased area, and further establishing a land acquisition an2 improvement Trust Fund from rental income received by the City from EF`ie Baysl2e Lease. The City is to submit a riorit __ list of acquisitions to the Trustees for approval with the irs priority to be the ComiMore _ay Tract In Coconut Grove. If the State purchases is ro ert a Cit will be required to pay back 0 of the purchase price to the State using 7. nf the aysi a rental income as a revenue s ream until such time as the purchase price plus interest is repaid. For all other purposes, the acquisition Trust shall be funded by 7. , of the ayside rental income. The City Commission adopted Resolution No. 85-578 on June 13, 1985, requesting the Florida Board of Trustees to waive Deed Restrictions on Bay Bottom lands deeded to the City from the State on 1949 which include a part of the upland area leased to the Bayside Center Limited Partnership for Bayside. The City's request for the waiver was placed on the Trustee's Agenda for August 20, 1985 with the State Department of Natural Resources recommendation of approval, providing however that 35% of net revenues X. 8� ~1028 AL N Honorable Mayor and Members of the City Commission October 3, 1985 received by the City from Bayside be placed in. a Trust, as compensation for the waiver, for the acquisition of waterfront lands. Through negotiations, it was resolved that 17.8% of the rental income from the Bayside Retail Parcel would be acceptable to the Board of Trustees, pending the City Commission's review and approval. It was determined that the percentage of land on which the deed restriction applied was 17.8% of the entire leased area. After review of the proposed agreement at the September 12, 1985 Commission meeting, the City Manager was instructed to request reconsideration of the agreement by the Board of Trustees specifically to lower the percentage of Bayside rental income from 17.8% to 7.4%. Commissioner J.L. Plummer, Jr. represented the City in negotiating and obtaining approval of an agreement as described above from the Board of Trustees at the October 1, 1985 Cabinet meeting. It is requested that the attached Resolution be adopted, authorizing the City Manager to execute the negotiated Agreement in a form acceptable to the City Attorney, between the City and the Florida Board of Trustees for the release of deed restrictions on certain lands leased for Bayside, and further for the establishment of a Trust Fund funded from rental income received from the Bayside Specialty Center lease for the acquisition and improvement of Bayfront and Riverfront lands within the City of Miami. SP/JEG/bf