HomeMy WebLinkAboutTerm SheetMUSEUM PARK
TERM SHEET
DOCUMENT: Non b finding Memorandum of Understanding (MOU).
PARTIES:
PURPOSE:
City, County, MSEA, Miami Art Museum of Dade County Association,
Inc., (MAM), the Museum of Science, Inc. (MSM) and the Historical
Association of Southern Florida, Inc. (HASF)
To establish the parties' intent to implement the Museum Park Project.
The parties' obligations under the MOU are contingent upon availability
of funds and their ability to agree on the terms of the Definitive
Agreements.
PROJECT COMPONENTS:
Museum Component:
• Each Museum will serve as developer of its own facility and
will contract for the design, development and construction of its
own facility, each in 4 acres of land.
• Each Museum will own its own building and be responsible for
the operation of its facility.
• The Museums will cooperate with the City in developing a plan
to incorporate science and art elements and programming in the
Park.
• The Museums will cooperate to develop the Museum Parking.
Facilities (goal of 500 spaces) as a single under -building
structure, but each will be responsible for the construction and
operation of its own portion of the facility. ,
• Construction will be funded as shown below, and each Museum
will be responsible for its own cost overruns.
• MSM will provide space for HASF in its facility.
Park Component;
• Approximately 21 acres, to be developed and operated by the
City in general conformance with the site plan developed by
Cooper Robertson (Site Plan). 1A-A,s'k.+c.1F4-A+ti, A-ia'- .t k
• If the OMNI CRA boundaries are expanded to include the Park,
the City will fund the component from TIIF. If it is not, and no
other sufficient funds are identified, the scope of this component
will be adjusted accordingly.
Infrastructure:
• The County will be responsible for re -opening the Bicentennial
Park MetroMover Station and improvements to Pump Station
#2, if considered necessary by the Miami -Dade Water and
Sewer Department.
• The City kill pay up to $2 million toward environmental
remediation, but there is no agreement as to which party will pay
excess environmental costs, if any.
City and Museums will identify and allocate financial
responsibility for shared infrastructure, such as roadways and
utilities that are used by both the museums and the park.
• Museums are responsible for their own site improvements (i.e.
utility relocation, street improvements and roadways within their
respective sites).
STRUCTURE: The City will lease the Museum parcels to MSEA (Lease) and MSEA will
sub -lease each parcel to the corresponding Museum (Subleases). The
Lease and the Subleases will be for a term of 30 years with automatic
renewals up to 99 years. Upon expiration, the parties will negotiate for the
continued use of the properties for Museum purposes.
DEFINITIVE DOCUMENTS: The MOU is non -binding. It requires the parties to
negotiate and execute the following documents, at a later date not defined
in the MOU. The definitive document will come before each board, for
approval:
1. Lease and Subleases
2. Master Development Agreement
3. Master Management Agreement
FUNDINGi4: The funding for this Project is described in Exhibit "D" to the MOU, a
copy of which is attached to this Term Sheet.