HomeMy WebLinkAboutworksheetNO0--04-2004 10:27 CITY MANAGERS OFFICE
TO
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Comm'
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onager
CITY or MAW, FLORIDA
INTER -OFFICE MEMORANDUM
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November 4, 2004
FCLB
swam. Worksheet for Agenda Item
November 18, 2004
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Department Requesting Agenda Item: Economic Development
1. Subject: Amendment to the Lease Agreement between the City of
iviiarni and new assignee Bayshare Landing, LLC (the "Company")
2 Ptupose anew, To add a new Section 30.3 to the Lease Agreement to
provide that in the event the existing Lease is terminated in a bankruptcy
proceeding involving the Company, the City Mil enter into a now lease with the
Leasehold Mortgagee, upon the same terms as the existing Lease and subject to
the provisions set forth in tire Amendment, provided (1) the Leasehold Mortgages
pays all past due rents and other clmges due to the City, and (2) the actions of the
Leasehold. Mortgagee have not advera ely of eotad the interests of the City under
the Lease Agreement or otherwise resulted in the termination of the Lease
Agreement.
3. History of item: The City of Miami entered into a lease with 13ayahore
Properties dated September 20, 1985 (the "Lease Agreement"), for the leasing of
certain property located at approximately 2350 South Bayahore Drive, Miami,
Florida (the "Property"), commencing September 30, 1985 and expiring on May
31, 2035. Pursuant to an Assignment of Lease dated Mauch 16, 1986, Bayshorere
Properties, Inc. arraigned its rights under the Lease Agreement to Grove Marina
Market, Ltd., which assigned its rights under the Lease Agreement to Bayshore
Landing, LLC (the "Company") on August 20, 2004. The Company has requested
an amendment to the Leaao Agreement to add certain provisions to protect the
Leasehold Mortgagee in the event the Lease Agreement is terminated in a
bankruptcy proceeding involving the Company. The Leasehold Mortgagee would
by required to make a written request for such. new lease within sixty 00) days
after the City Manager has given the Leasehold Mortgagee notice of such
termination, accompanied by payment of ail past due rents and other ohsrge s
owed to tho City by the Company.
4. Does this item correlate with the CIP plan or Strategic Plan? If so, how?
No
S. Does this item have any effect on residents within the City of Miami? If so, how?
No
NOV-04-2004 10:28
CITY MANAGERS OFFICE 305 416 1019 P.02
Honorable Ivycr and Members
of the City Commission
Page 2
b. Will this item impact any specific District? Um which one?
No
7. Does this item have any fiscal impact? (please provide dollar amotmt)
No
Approved bys Ditecto / Chief / Manager
TOTAL P.02