HomeMy WebLinkAboutSummary Form>� °f`.`" AGENDA ITEM SUMMARY FORM
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FILE ID: /Q — Q
Date: 4/28/2010 Requesting Department: Public Facilities/Asset Mgmt.
Commission Meeting Date: 6/10/2010 District Impacted: 2
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item Law Department
Matter ID No. 10-
❑ Other 1137
Subject: Second Amendment to Lease Agreement between City of Miami and Rickenbacker Marina,
Inc., as assigned, for use of city -owned property located at 3301 Rickenbacker Causeway Miami,
Florida.
Purpose of Item:
A Resolution of the Miami City Commission, authorizing the City Manager to execute a Second
Amendment to the Lease Agreement ("Amendment") between the City of Miami and Rickenbacker
Marina., Inc. ("Rickenbacker"), as assid, ! far. property located at 3301 Rickenbacker Causeway,
Miaml Florida ("Property"), to provide for a modification of Rickenbacker's renewal options for dry
storage facilities from three 1 -year options to one 3 -year option, exercised immediately, thereby
matching the dry storage term of the Lease to the wet storage term from January 8, 2009 to July 7,
2016, and percentage rent for the dry storage facilities to be increased one (1%) annually,
commencing July 8, 2013 and every year thereafter, with additional terms and conditions as more
particularly set forth in the Amendment.
Background Information: See attached
Budget Impact Analysis.
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Yes 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: n/a
Maintenance Cost: n/a
Total Fiscal Impact: n/a '
Final Approvals
CIP lylfi- Budge '
If using or receive capital funds
Grants /+!��/1' Risk Manageme
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Purchasing �/�� Dept. Directori��r�
Chief City Manager
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Subject: Second Amendment to Lease Agreement between City of Miami and Rickenbacker Marina,
Inc., as assigned, for use of city -owned property located at 3301 Rickenbacker Causeway, Miami,
Florida.
Background Information:
Rickenbacker Marina, Inc. ("Rickenbacker") has requested that the City modify the three 1 -year renewal
options of its dry storage facilities term of its lease to a 3 -year option term, to be exercised immediately.
The current dry storage facilities term expires July 7, 2013. On March 12, 2009, by Resolution No. 08-
0704, the City Commission by 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 of Rickenbacker for a
period not to exceed seven and one-half (7'/2) years. The City and Rickenbacker executed a lease
effective January 9, 2009, for seven and one-half (7'/2) years. The term of the wet storage facilities was
extended for seven and one-half (7'/2) years to July 7, 2016, including restaurant, fuel facilities, and
other related services. The term of the dry storage facilities was extended for four and one-half (4'/2)
years to July 7, 2013, with three one-year options to renew, subject to approval of the City Manager, at
his sole discretion. Rickenbacker is requesting that the City modify its current dry storage facilities term
of the lease from January 8, 2009 to July 7, 2016, exercised immediately, thereby matching the dry
storage facilities term with the wet storage facilities term. Rickenbacker is requesting this modification
in order to recoup certain additional costs,pf capital improvements that were not anticipated at the time
of its initial request. Due to ongoing demelopment of the Virginia Key Master Plan, it is in the best
interest of the City to grant this dry storage facilities term at this time to coincide with the termination
date of the lease.
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