HomeMy WebLinkAboutR-07-0071City of Miami
Legislation
Resolution: R-07-0071
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 06-02267 Final Action Date: 2/8/2007
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
RENTATA RATE OF SEVEN PERCENT (7%) PERANNUM; 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:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
City of Miami
Page 1 of 2 File Id: 06-02267 (Version: 1) Printed On: 3/15/2017
File Number: 06-02267 Enactment Number: R-07-0071
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}
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: 06-02267 (Version: 1) Printed On: 3/15/2017