HomeMy WebLinkAboutR-04-0309City of Miami
Legislation
Resolution: R-04-0309
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00465 Final Action Date: 5/6/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY
MANAGER TO EXECUTE A PARTIAL MODIFICATION OF RESTRICTIONS AND
REVERTER, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN THE
CITY OF MIAMI ("CITY") AND THE BOARD OF TRUSTEES OF THE INTERNAL
IMPROVEMENT TRUST FUND ("TIITF"), TO ALLOW THE CITY TO LEASE
APPROXIMATELY 10.79 ACRES OF UPLAND AND APPROXIMATELY 13.35
ACRES OF SUBMERGED LAND TO FLAGSTONE ISLAND GARDENS, LLC, A
DELAWARE LIMITED LIABILITY COMPANY, F/K/A AND SUCCESSOR BY MERGER
TO FLAGSTONE PROPERTIES, LLC, A FLORIDA LIMITED LIABILITY COMPANY,
FOR THE DEVELOPMENT AND OPERATION OF A MEGA -YACHT MARINA AND
MIXED USE WATERFRONT PROJECT; FURTHER PROVIDING THE CITY TO
COMMENCE PAYING TIITF A FEE OF FIFTEEN PERCENT (15%) OF THE TOTAL
RENT RECEIVED BY THE CITY UNDER THE LEASE ON THE DATE OR
COMPLETION, WITH TERMS AND CONDITIONS AS MORE PARTICULARLY SET
FORTH IN THE WAIVER OF RESTRICTIONS AND REVERTER.
WHEREAS, the City of Miami ("City") and Flagstone Island Gardens, LLC, a Delaware limited
liability company, F/K/A and successor by merger to Flagstone Properties, LLC, a Florida limited
liability company("Flagstone"), entered into an Agreement to Enter into Ground Lease, on January 1,
2003 ("Agreement"); and
WHEREAS, pursuant to the Agreement, the City and Flagstone agreed to enter into a Ground
Lease, in substantially the attached form, attached as "Exhibit C," subject to and in accordance with
the terms and conditions set forth in the Agreement; and
WHEREAS, in accordance with the Agreement, 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 ("TIITF");
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 Partial Modification of Restrictions and
Reverter, in a form acceptable to the City Attorney, between the City and the TIITF, to allow the City
to lease approximately 10.79 acres of upland and approximately 13.35 acres of submerged land to
Flagstone, for the development and operation of a mega -yacht marina and mixed use waterfront
project.
Section 3. It is further provided that the City commence paying TIITF a fee of fifteen percent
(15%) of the total rent received by the City under the lease on the date of completion, with terms and
City of Miami
Page 1 of 2 File Id: 04-00465 (Version: 2) Printed On: 9/12/2016
File Number: 04-00465 Enactment Number: R-04-0309
conditions as more particularly set forth in the Waiver of Restrictions and Reverter.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
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 2 of 2 File Id: 04-00465 (Version: 2) Printed On: 9/12/2016