HomeMy WebLinkAboutcover memoAPR-27-2004 15:15 CITY MANAGERS OFFICE
�0S 41.6 1019 P.01/04
TO
FROM:
The Honorable
of City
Iola
Administrator / City Manager
CITY OF MIAMI, FLORIDA
INTEROFFICE MEMORANDUM
skud Mersa
mission
DATE;
SUBJECT
APR 2 7 20
Resolution Approving Partial
Modification of Restrictions
AEPERENCES:
EMOWBupES:
FILE
.9MMENIATJON;
The administration recommends that the Miami City Commission adopt the attached Resolution
authorizing the City Manager to execute a Partial Modification of Restrictions, in a form
acceptable to the City Attorney, between the City of Miami and the Board of Trustees of the
Internal Improvement Trust Fund ("TUTF"), to alio* the City to lease approximately 10.79 acres
of upland and approximately 13.35 acres of submerged land to Flagstone Yslattd Gardens, LLC, a
Delaware limited liability company, Vida and successor by merger to Flagstone Properties, LLC,
a Florida limited liability Company ("Flagstone"), for the development and operation of a mega
yacht marina and mixed use wat*rfront project. Said Reaalution further provides for the City to
commence paying TATF a fee of a 3% of the total rent received by the City under the /ease on the
Date of Completion and with terms and conditions as more particularly set forth in the waiver of
restrictions and reverter.
BACKGROUND;
The City and Flagstone entered into that certain Agreement to Enter into Ground Lease dated
January 1, 2003 (the "Agreement to Enter Into Ground Lease"). Pursuant to the Agreement to
Enter Into Ground Lease, City aid Flagstone agreed to enter into a Ground Lease (the "Ground
Lease"), subject to certain terms and conditions set forth in the Agreement to Enter Into Ground
Lease.
In accordance with the conditions contained in the Agreement to Enter Into Ground Lease, the
City sought a Partial Modification of Restrictions for the property to be leased to Flagstone from
the Board of Trustees of the Internal Improvement Trust Fund. The City has negotiated a foe of
15% of the rental revenues received by the City as consideration for the rilair granting the
Partie►l Modification of Restrictions. The City will be required to Commence paying this fee on
the Date of Completion, The Date of Completion is defined as the date on which Flagstone
commences paying Base Rent to the City.
It is therefore requested that the Commission adopt the attached legislation so This matter can be
presented to the TIITF at their June meeting. Delaying a decision on this matter will require the
nia, er• • - heard by the TT1TF in August, 2004 since they do not meet in July.
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ems - Meyer CC - Waiver