HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 60 6 " 00 q 8
Date: 3/10/2006
Commission Meeting Date: 4/6/2006
Requesting Department: Public Facilities
District Impacted: 2
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Real Estate and Financial Advisory Services in connection with potential disposition of James
L. Knight Center Complex
Purpose of Item:
The administration recommends the City Commission adopt the attached Resolution accepting the
recommendation of the City Manager to approve the findings of the evaluation committee, pursuant to
the Request for Letters of Interest (RFLI), that the firms most qualified to provide real estate and
financial advisory services in connection with the potential disposition of the James L. Knight Center
complex are: (1) Staubach Company, Northeast, Inc. and (2) Cushman and Wakefield, Inc.;
authorizing the City Manager to negotiate an agreement with the top ranked firm; further authorizing
the City Manager to negotiate an agreement with the second -ranked firm in the event negotiations
fails with the top ranked firm; directing that the negotiated agreement be presented to the City
Commission for consideration.
Background Information:
See attached.
Budget Impact Analysis
NO 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:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP N/A Budget
If using or receivin capital funds
Grants N/A
Purchasin
Chi
N/A
Risk ManagemenA AB
Dept. Direct().�.1!>T/
City Manager V_c< ' VIM.7
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Subject: Real Estate and Financial Advisory Services in connection with potential disposition of James
L. Knight Center Complex
The City of Miami is interested in possibly disposing of the James L. Knight Center complex (the
"Property") that is located in downtown Miami, Florida. The Property encompasses the City's
Convention Center and the sites of the Hyatt Hotel and the UM Conference Center, located at 400 SE 2
Avenue, Miami, Florida (collectively, the "Convention Center"); the Parking Garage located at 100 SE 2
Street, Miami, Florida (the "Parking Garage"); the walkway between the Office Tower; and the
Convention Center. The Property consists of approximately 5.7 acres and is subject to various leases.
To assist in this effort, the City issued a RFLI for real estate and financial advisory services. Two
proposals were received and evaluated by the Evaluation Committee. The Evaluation Committee
recommended the City negotiate an agreement with the top ranked firm, Staubach, and in the event
negotiations fail, to negotiate an agreement with the second ranked firm, Cushman and Wakefield.
Among other things, the consultant will assist the City in developing a strategy for the successful
disposal of the Property, as a whole or in separate parcels, and will advise and represent the City in
negotiating transactions deemed by the City to be the most advantageous and in its best interest.
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