HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 06-02267
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE AMENDMENT NO. 4
("AGREEMENT") OF THE LEASE AGREEMENT, AS ASSIGNED AND AMENDED,
IN SUBSTANTIALLY THE ATTACHED FORM, BETWEEN THE CITY OF MIAMI
("CITY") AND NEW SPANISH CONCEPTS, LLC, A LIMITED LIABILITY COMPANY,
FOR THE CITY -OWNED PROPERTY LOCATED AT 1000 SOUTH MIAMI
AVENUE, MIAMI, FLORIDA, TO PROVIDE FOR: 1) AN 18 MONTH DEFERMENT
OF MINIMUM ANNUAL RENT AND ANNUAL PERCENTAGE RENT
(COLLECTIVELY THE "DEFERRED RENT") DUE AND PAYABLE RETROACTIVE
FROM JUNE 1, 2006 TO NOVEMBER 30, 2007; 2) CALCULATION OF INTEREST
ON THE DEFERRED RENT AT A RATE OF SEVEN PERCENT (7%) PER ANNUM;
3) PAYMENT OF THE DEFERRED RENT INCLUSIVE OF INTEREST AND TAXES
ON OR BEFORE FEBRUARY 28, 2013, PROVIDED, HOWEVER, IF GROSS
SALES FOR THE CALENDAR YEAR OF JANUARY 1, 2012, AND ENDING
DECEMBER 31, 2012, EXCEED $3,500,000, SAID DEFERRED RENT INCLUDING
INTEREST SHALL BECOME AN ABATEMENT; (4) FAILURE TO PAY IN FULL
THE DEFERRED RENT INCLUSIVE OF ANY INTEREST DUE AND TAXES ON OR
BEFORE FEBRUARY 28, 2013,SHALL RESULT IN A DEFAULT OF THE LEASE
AGREEMENT; (5) CLOSURE OF THE PREMISES FOR A PERIOD NOT TO
EXCEED SIX (6) MONTHS FROM THE DATE OF EXECUTION OF THIS
AGREEMENT TO PROVIDE FOR THE IMPLEMENTATION OF A NEW
RESTAURANT CONCEPT; AND (6) FUTURE TEMPORARY CLOSURES
NECESSARY TO MAKE RENOVATIONS, IMPROVEMENTS OR ALTERATIONS IN
CONNECTION WITH ANY FUTURE CHANGE OF CONCEPT, WITH ADDITIONAL
TERMS AND CONDITIONS AS MORE PARTICULARLY SET FORTH IN THE
AGREEMENT.
WHEREAS, pursuant to Resolution No. 02-582, adopted May 23, 2002, the City Commission
authorized: (i) the assignment of the lease rights under the Agreement with Firehouse IV of Miami, Inc.
to New Spanish Concepts, LLC ("Tenant"), for the leasing, management and operation of a restaurant
on City -owned property located at 1000 South Miami Avenue, Miami, Florida ("Property"), and (ii) the
amendment of certain terms of the Agreement; and
WHEREAS, due to unforeseen conditions involving the management and operation of the
Property, the Tenant has requested the City defer 18 months of minimum annual rent and annual
percentage rent in order to implement a new concept in the Property and the parties agree it is in the
best interest of the City to allow such deferral of minimum annual rent and annual percentage rent
subject to certain requirements being met;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
City of Miami Page 1 of 2 Printed On: 1/19/2007
File Number: 06-02267
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 Amendment No. 4 ("Agreement") of the
lease agreement, as assigned and amended, in substantially the attached form, between the City and
the Tenant, for the Property, to provide for:1) an 18 month deferment of minimum annual rent and
annual percentage rent (collectively the "Deferred Rent") due and payable retroactive from June 1,
2006 to November 30, 2007; 2) calculation of interest on the Deferred Rent at a rate of seven percent
(7%) per annum; 3) payment of the Deferred Rent inclusive of interest and taxes on or before
February 28, 2013, provided, however, if gross sales for the calendar year of January 1, 2012, and
ending December 31, 2012, exceed $3,500,000, said Deferred Rent including interest shall become an
abatement; (4) failure to pay in full the Deferred Rent inclusive of any interest due and taxes on or
before February 28, 2013, shall result in a default of the Lease Agreement; (5) closure of the premises
for a period not to exceed six (6) months from the date of execution of this Agreement to provide for
the implementation of a new restaurant concept; and (6) future temporary closures necessary to make
renovations, improvements or alterations in connection with any future change of concept, with
additional terms and conditions as more particularly set forth in the Agreement.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JORGE. F; RNA DEZ
CITY A O' NEY
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 Printed On: 1/19/2007