HomeMy WebLinkAboutR-80-0035le
RESOLUTION : No. 80 - 3 5
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ACCEPT A $4,994,000 URBAN DEVELOPMENT ACTION
GRANT FROM THE U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT, DATED OCTOBER 19, 1979,;TO
CONSTRUCT THE NECESSARY SUPPORTS AND ATTENDANT
FACILITIES FOR AN AIR -RIGHTS PROJECT ABOVE THE
PARKING GARAGE SERVING THE CITY OF MIAMI/'
UNIVERSITY OF MIAMI JAMES L. KNIGHT INTERNATIONAL
CENTER; FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE NECESSARY CONTRACT(S) AND/OR AGREEMENT(S)
TO IMPLEMENT AND ACCOMPLISH THE SAID GRANT
PROJECT, SUBJECT TO THE APPROPRIATE EXECUTION
OF CORRESPONDING DOCUMENTS.
WHEREAS, the City
ppDevelopment
Miami applied for anUrban Develo ment
the U.B. Department of Housing and Urban
nt-of $4,994,090 to construct the necessary
abovethe
the City of Miami%University'' of Miami James L.
Action Grant (UDAG) to
Development in the amou
supports and attendant
facilities
parking garage serving
parking
for an air
Knight-lnternational .Conference Center;, and
WHEREAS,, Miami World Trade Center, Inc. is an
the control of Sefrius Corp. aiid has designated,Sefrius
take such real estate development activities as may be required
create a World Trade -Center facility in Miami in which
order to
World
and
Trade Center,
WHEREAS,
entity under
Cor under-
P
to
in
Miami
Inc. will implement the World Trade Center functions;
Sefrius Corp. and Miami Center Associates, Inc. have
organized Miami World Trade Center Associates, Ltd. for the purpose of
developing the Miami World Trade Center; and "DOCUMENT INDEX
E MM �- r�
Miami' World Trade Center AssoT ate , Ltd. has agreed
WHEREAS,
to enterinto an agreement with Miami World Trade Center, Inc.,
pursuant towhich Miami World Trade Center, Inc. will manage the World
Trade Center. portion of
the building as
a qualified and internationally
f forts , to,'assure
recognized World Trade Center and will use its best e
the continuing designation of the World Trade Center Association as',
to plan for and operate the approved World Trade Center for
authorized
Miami; and
WHEREAS
Miami World. Trade Center Associates, Ltd. was
granted by the Commission the rights of
rights above the parking garage; and
first refusal for development
CITY COMMISSION
MEETING OF
JAN 2 4 1980
PBOIIRaN No 8 0 - 3 5
mom
WHEREAS, Dade Savings and Loan .Association has ::agreed :to
finance the construction of a
merit rights consisting of 300
World Trade Center using such
develop-
000 square feet to be leased to Miami
'World Trade Center Associates,, Ltd. and 150
own use;
lease the
000 squre feet
for its
and
WHEREAS, Dade Savings and Loan Association has agreed to`
air space above`. the parking garage for such construction
with the following :terms; and conditions:
(a) The initial lease term will be for 30
years with two
renewal terms of'30.years each with provisions of refurbishing and
updating of the air rights structure.
(b) The rental payments are as follows:
1) $150,000 per year beginning upon delivery of
form for the office tower escalated annually by the change in
the; plat -
the;. CPI.
2) $150000 per year derived from World Trade -Center
leasing activities phased as follows:.;
a) $50,000 per annum upon achievement of 50% occupancy.
b) $100,000 per annum upon achievement of'75%.occupancy.
c) $150,000per ;annum upon achievement of 90% occupancy.
d) The $150, 000 shall be = payable in any event ' after
5 years from the delivery of the platform to the
developer.
e) The '.$150,000per annum will escalate based upon the
WHEREAS,
writer for the Miami Conference Center
actual percentage' increase :achieved
'on
basis after the, World' Trade Center port
building has reached 90% occupancy, but
is to be lower than $150,000
an annual
ion of the
in no case
per year escalated
annually by the change in the CPI;: and
smith, Barney Associates
under -
and place
approximately eight' million dollars ($8,000,000) in revenue bonds for
the City 's bond
has agreed
to purchase
the construction of a 1,500 car parking garage to serve the Conference
Center
and the World Trade Center; and
WHEREAS, the :U. S. Department of Housing and Urban Development,
on November 16, 1979
additional costs. in ; the, development;' of the parking garage necessary to
support a - 450
000 square foot office tower and attendant facilities;
OF
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
MIAMI, FLORIDA:
Section 1. The City Manager is hereby; authorized to accept
a $4,994,000 Urban Development Action Grant (UDAG Grant Number B-80
0009), dated October 19, 1979,.-andsigned by the Assistant Secretary for
Community` Planning and Development, on November 16, 1979, to construct
'the necessary supports and attendant facilities for an air -rights ,project
above the parking garage serving the City of Miami/University of Miami
Jmaes L. Knight International Conference Center and the World Trade
AA-12-
Center.
Section 2. The City Manager is hereby authorizedto execute
appropriate
the Grant Agreement on'.behalf of the City, subject to the
execution of,corresponding;documents.
Section.3. The City Manager is.hereby authorized to execute
the necessary'contract(s) and/or.agreement(s) to implement and accomplish
the said grant project.
PASSED AND ADOPTED this 24 day -of January, 1980.
ATTEST:
Ral i G. Ongie, ;City ? Cl
PREPARED` 'AND
APPROVED BY:
Robert F. C ark- Ais . c1$.ty Attorney
MAURICE`:A.FERRE.
Maurice,A: Ferre,_ M,.a
o r
APPROVED AS TO FORM AND CORRECTNESS:
�j ,tea;
1
Geo
./Knox,
City Attorney
V
■