HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miarnigov.com
File Number: 06-01263
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT, IN
SUBSTANTIALLY THE ATTACHED FORM, WITH STAUBACH COMPANY,
NORTHEAST ("STAUBACH"), FOR THE PURPOSE OF PROVIDING REAL
ESTATE AND FINANCIAL ADVISORY SERVICES IN CONNECTION WITH THE
POTENTIAL DISPOSITION OF THE JAMES L. KNIGHT CENTER COMPLEX;
PROVIDING FOR A FEE OF $200,000, FOR PHASE 1 SERVICES; ALLOCATING
FUNDS FROM CAPITAL IMPROVEMENTS PROJECT NOS. 311047 AND
344102 UNDER B#70500; PROVIDING THAT IN THE EVENT THE CITY OF
MIAMI ("CITY") ELECTS TO PROCEED WITH DISPOSITION OF THE
PROPERTY, OR PORTIONS THEREOF; STAUBACH SHALL PROVIDE
MARKETING AND DISPOSITION SERVICES FOR WHICH THEY WILL BE PAID
A COMMISSION OF 1.5% OF THE FIRST $15 MILLION OF SALE PROCEEDS
AND 3% OF SALES PROCEEDS IN EXCESS OF $15 MILLION, PER
TRANSACTION, AND THE INITIAL $200,000 FEE DUE FOR PHASE 1, SHALL
BE CREDITED AGAINST THE COMMISSION EARNED; PROVIDING THAT IN
THE EVENT THE CITY WISHES TO ACQUIRE ANY OF THE VARIOUS
INTERESTS FOR THE PURPOSE OF FACILITATING THE OVERALL
DISPOSITION OF THE PROR.ERT-YFSTAUBACH SHALL BE PAID 2% OF THE
PURCHASE PRICE; FURTHER PROVIDING THAT STAUBACH MAY RECEIVE
UP TO $50,000, IN REIMBURSABLE EXPENSES ASSOCIATED WITH
ENGAGING THE SERVICES OF AN ARCHITECTURAL FIRM, APPROVED BY
THE CITY, TO STUDY RE -USE CONCEPTS.
WHEREAS, on January 18, 2006, the City of Miami ("City") issued a Request for Letters of
Interest ("RFLI"') seeking a qualified firm with extensive real estate financial advisory background and
experience to provide negotiation and financial advisory services to the City in connection with the
potential sale of the James L. Knight Center complex (the "Property") located in downtown Miami;
WHEREAS, the Property encompasses the City's Convention Center and the sites of the Hyatt
Hotel and University of Miami Conference Center located at 400 Southeast 2 Avenue, Miami, Florida;
the Parking Garage located at 100 Southeast 2 Street, Miami, Florida; and the walkway between the
Office Tower and the Convention Center; and
WHEREAS, two (2) proposals were received and evaluated by the Evaluation Committee; and
WHEREAS, on April 6, 2006, the City Commission adopted Resolution No. 06-211, authorizing
the negotiation of a contract with the top -ranked firm, Staubach Company, Northeast Inc. ("Staubach")
and in the event negotiations failed, to negotiate with the second ranked firm, Cushman and
Wakefield, Inc.; and
WHEREAS, the City and Staubach have finalized negotiations;
City of Miami Page 1 of 2 Printed On: 8/31/2606
File Number, 06-01263
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 an Agreement, in substantially the
attached form, with Staubach, for the purpose of providing real estate and financial advisory services
in connection with the potential disposition of the James L. Knight Center complex, with said
agreement to provide for a fee of $200,000, for Phase 1 of the services, with funds allocated from
Capital Improvement Project Nos. 311047 and 344102 under B#70500.
Section 3. In the event the City elects to proceed with disposition of the property, or portions
thereof, Staubach will provide marketing and disposition services for which they shall be paid a
commission of 1.5% of the first $15 million of sale proceeds and 3% of sale proceeds in excess of $15
million, per transaction, and the initial $200,000 fee due for Phase 1 shall be credited against the
commission earned.
Section 4. In the event the City wishes to acquire any of the various interests for the purpose of
facilitating the overall disposition of the property, Staubach shall be paid 2% of the purchase price and
Staubach may receive up to $50,000, in reimbursable expenses associated with engaging the services
of an architectural firm, approved by the City, to study re -use concepts.
Section 5. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor-.{2}
APPROVED AS TO FORM AND CORRECTNESS:
Footnotes:
{1) The herein authorization is further subject to compliance with all requirements that may t
imposed by the City Attorney, including but not limited to those prescribed by applicable City Chart'
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.
Cry of Miami Page 2 of 2 Printed On: 8/31/2006