HomeMy WebLinkAboutSummary FormDate: 6/12/08
AGENDA ITEM SUMMARY FORM
FILE ID: D3-00-73
RE.2
Requesting Department: Public Facilities
Commission Meeting Date:7/10/08 District Impacted: 2
Type: /1 Resolution n Ordinance n Emergency Ordinance n Discussion Item
❑ Other
Subject: Resolution Authorizing Execution of an Agreement with University of Miami regarding its
Lease Agreement at the James L. Knight Center
Purpose of Item:
A Resolution authorizing the City Manager to execute an agreement, in substantially the attached
form, with the University of Miami ("University") to provide for the University to (i) assign to an
entity designated by the City its interest in the lease agreement between the City and the University,
dated July 1, 1983, as amended, relating to the James L. Knight Conference Center ("Conference
Center Lease"), effective December 31, 2009; or (ii) amend the Conference Center Lease to provide
that it may be terminated by the City, in its sole discretion, effective December 31, 2009.
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:
GIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP nJ 4
If using or receiving capital funds
Grants
�1-
$0.00
$0.00
Final Approvals
(SIGN AND DATE)
Budget
Purchasin
Chief
A -
Risk Management ►\J /-
Dept. Director
City Manager
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Subject: Resolution Authorizing Execution of an Agreement with University of Miami regarding its
Lease Agreement at the James L. Knight Center
The City and the University entered into a thirty (30) year lease, dated July 1, 1983, as amended, to
provide for the University to manage and operate the conference center within the James L. Knight
Center. The Lease provided for the University to use the conference center for all types of educational
activities, with emphasis upon continuing education and for such other lawful activities as are within the
scope of the purposes of the University and which do not violate areas or primacy of other constituent
institutions within the convention center. The Lease was for a period of 30 years, commencing October
1, 1982, with two 30-year options. The initial term of the lease will expire on September 30, 2012.
The City is desirous of renovating the James L. Knight Center and has requested that the University
agree to an early release of their space. In order to assist the City, the University has agreed to enter into
an agreement whereby it will either (i) assign to an entity designated by the City its interest in the
Conference Center Lease, effective December 31, 2009 or (ii) amend the Conference Center Lease to
provide that it may be terminated by the City, in its sole discretion, effective December 31, 2009, at the
City's option.
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