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Resolution
File Number: 10-00639
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE A SECOND AMENDMENT
TO THE LEASE AGREEMENT ("AMENDMENT"), IN SUBSTANTIALLY THE
ATTACHED FORM, BETWEEN THE CITY OF MIAMI AND RICKENBACKER
MARINA, INC., A FLORIDA CORPORATION ("RICKENBACKER"), TO PROVIDE
FOR THE FOLLOWING: 1) A MODIFICATION OF RICKENBACKER'S RENEWAL
OPTIONS FOR THE DRY STORAGE FACILITIES FROM THREE (3) ONE-YEAR
OPTIONS, TO ONE (1) THREE-YEAR OPTION, EXERCISED IMMEDIATELY,
THEREBY MATCHING THE DRY STORAGE TERM OF THE LEASE TO THE WET
STORAGE TERM OF THE LEASE FROM JANUARY 8, 2009 TO JULY 7, 2016; 2)
PERCENTAGE RENT FOR DRY STORAGE FACILITIES TO BE INCREASED ONE
PERCENT (1 %) ANNUALLY, COMMENCING JULY 8, 2013 AND EVERY YEAR
THEREAFTER OF THE TERM, WITH ADDITIONAL TERMS AND CONDITIONS AS
MORE PARTICULARLY SET FORTH IN THE AMENDMENT.
WHEREAS, the City of Miami ("City") is the owner of real property and improvements located at
3301 Rickenbacker Causeway, Miami, Florida (the "Property"); and
WHEREAS, Rickenbacker Marina, Inc., a Florida for profit corporation ("Rickenbacker"), leases
City -owned property from the City under a lease ("Lease") dated July 8, 1977, as assignee pursuant to
that assignment of the lease dated January 31, 1983 from Michael D. Brandon as Trustee under an
unrecorded trust for Marina Biscayne, Ltd., which was subsequently assigned to Rickenbacker
pursuant to that assignment of the lease dated June 25, 1986, for the operation of a full service
waterfront marina; and
WHEREAS, the term of the Lease, together with the options to renew, was to expire on January 7,
2009; and
WHEREAS, Rickenbacker requested the City to extend the term of the Lease in order to amortize
the cost of certain capital improvements that Rickenbacker plans to perform on the Property; and
WHEREAS, on December 11, 2008, pursuant to Resolution No. 08-0704, the City Commission by
a four-fifths (4/5ths) affirmative vote, in accordance with Section 29-B of the Charter of the City of
Miami, authorized the extension of the term of the Lease for a period not to exceed seven and one-half
(7%%) years subject to certain other requirements, including the requirement that the City and
Rickenbacker negotiate the terms of an amendment to the Lease ("Amendment") on or before March
3, 2009, with said negotiated terms to be brought back for City Commission approval on or before
March 12, 2009; and
WHEREAS, the City and Rickenbacker entered into a First Amendment to Lease effective January
8, 2009, for the purpose of extending the term of the wet storage facilities including moorings,
City of Miami Page I of 3 File Id: 10-00639 (version: 1) Printed On: 5125/2010
File Number: 10-00639
restaurant and tiki deck, restrooms/showers, office/store and fuel dock facilities, and other ancillary
facilities and services of the Property, for seven and one-half (7'/2) years to July 7, 2016, and the dry
storage facilities of the Property for a term of four and one-half (4'/2) years to July 7, 2013, with three
(3) one-year options to renew the Lease, subject to approval by the City Manager; and
WHEREAS, Rickenbacker has requested the City to modify the term of the dry storage facilities in
order to allow it to amortize the additional cost of certain capital improvements that Rickenbacker plans
to perform on the Property and the parties desire to enter into this Amendment for the purpose of
modifying the dry storage facilities term of the Lease to the Property;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is authorized {1} to execute a Second Amendment to the Lease,
in substantially the attached form, including the following provisions:
a. A modification of Rickenbacker's renewal options for the dry storage facilities from three
(3) one-year options to one (1) three-year option, exercised immediately, thereby
matching the dry storage term of the Lease to the wet storage term of the Lease, from
January 8, 2009 to July 7, 2016;
b. Percentage rent for dry storage facilities to be increased one percent (1%) annually,
commencing July 8, 2013 and every year thereafter of the term;
c. Rickenbacker acknowledges that the City intends to assign its obligations to construct
the new parking facility to the Miami Parking Authority ("MPA"), and upon such
assignment, shall recognize that MPA may perform the City's obligations with respect to
the new parking facility;
Section 3. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS
sl�_
JULIE O. BRU
CITY ATTORNEY
City of Miami Page 2 of 3 File Id. 10-00639 (11ersion: 1) Printed On: 5/25/2010
File Number 10-00639
Footnotes:
{1 } The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter
and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 3 of 3 File Id. 10-00639 (Version: 1) Printed On: 5/25/2010