HomeMy WebLinkAboutSummary FormMAR -25-2009 0:17
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• Date: Q3/25/92
CITY OF MIAMI 305 416 2156 P.02
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FIDE 1D: Qg-002-C;1G Matter ID No. '
Requesting Department: Ci y Manager's Office
Commission Meeting Date: 04/02/09 District Impacted: 2
Type: X Resolution Q Ordinance [ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Fourth Modification of Lease.and Development Agreement
Purpose of Item;
RE.6
A Resolution, of the Miami City Commission, with attachments, authorizing the City Manager to
execute a Fourth Modification of the Lease Agreement ("Modification's, in substantially the attached
form, with Parrot Jungle and Gardens of 'Watson Island, Inc. ('Parrot Jungle'), a Florida for profit
corporation, for the purpose of granting a forty eight (48) month deferment of Annual Minimum Rent
in the amount of $400,000.00 for an aggregate of $1,600,000.00 and Annual Percentage Rent
commencing April 1, 2009, to March 31, 2013 (the "Deferral Period"), payment of the deferred rent
inclusive of percentage rent and taxes is due on or before December 31, 2020; this deferment will
allow Parrot Jungle to retain a minimum of 400 jobs and to secure the City's interest and obligation
under the Department of Housing and Urban Development ("HUD") Section 108 Loan made to Parrot
Jungle and protect the City's CDBG entitlement, with other terms and conditiow as more particularly
set forth in said agreement.
Information:
See attached.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below,
General Account No: _
Special Revenue Account No:
CIP Project No
NO is this item funded by Homeland Defense/Neighborhood improvement Bonds?
Start Up Capital Cost:
Maintenance Cost: _
Total Fiscal Impact: _
Fina! Approvals
CIP Budget
If usir or rcoi ving capital finds
Grants Risk Mai
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Chief City Mail
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Background Information:
On September 2, 1997 the City of Miami ("City") entered into a Lease and Development Agreement
with Parrot Jungle and Gardens of Watson Island, Inc. ("Parrot Jungle") for an initial 45 year term
with a 15 year option period. Due to unforeseen circumstances, Parrot Jungle has requested that the
City grant it a deferment of Minimum Annual Rent and Annual Percentage Rent for forty-eight (48)
months in order to retain its existing jobs. The Administration recommends this deferment in order to
secure the City's interest in the HUD 108 loan made to Parrot Jungle and protect the City's CDBG
entitlement. The City is willing to modify the terms of the Lease to defer the Annual Minimum Rent
in the amount of $400,000.00 for an aggregate of $1,600,000.00 and Percentage Rent commencing on
April 1, 2009 to March 31, 2013 (the "Deferral Period"), payment of the deferred rent inclusive of
percentage rent and taxes is due on or before December 31, 2020. If Parrot Jungle pays its HUD 108
loan in full by no later than December 31, 2020, the Deferred Rent (for the Deferral Period) shall
convert to and become a permanent abatement.
Parrot Jungle acknowledges that the Property is subject to certain restrictions contained in Deed No.
19447 made by the Trustees of the Internal Improvement Fund of the State of Florida ("Trustees") to
,the City dated February 24, 1949, as modified by that Partial Modification of Deed dated August 18,
1997 as it pertains to its Lease. Parrot Jungle shall remain responsible for any and all payment of
state fees and shall continue to pay such state fees during the Deferral Period that is due and payable
to the Trustees under this Agreement.
Parrot Jungle has also agreed that for all City of Miami sponsored events held at Parrot Jungle and
Gardens of Watson Island the fee charged shall be "at cost" for a ten (10) year period from the date of
execution of the Agreement.
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