HomeMy WebLinkAboutSubmittal-Overview of Jungle IslandOVERVIEW
OF
JUNGLE ISLAN
SUBMITTED INTO ThE
PUBLIC RECORD FOR
FTEM ON
December 8th, 2011
Status Summary
O The City is responsible as a guarantor for 80% of
HUD Section 108 loan for Parrot Jungle in the
amount of $25 million. (County responsible for 20°
® Current principal balance of the loan is $15 560,000
with City's participation at S 12,448,000
® The County & City's interest are subordinated to th
interest of a private lender.
O Currently Parrot Jungle is not in default of any
obligation to the City, but is responsible for
refinancing settlement costs
ri
City Clerk
Synopsis of Development Effor
11/07/95
09/26/96
09/09/98
The relocation and the expansion of Parrot Jungle was
approved by voters of the City of Miami ("City") throug
referendum.
Through Resolution 96-671, the City formally approved a
Lease and Development Agreement with Parrot Jungle for
the relocation and expansion of the Parrot Jungle Project.
The Joint Participation. Agreement between Miami -Dade
County ("County") and the City for the Section 108 Lo
Guarantee Application was executed, whereby
agrees to assume 80% of the loan.
Lease Agreement Synopsis
Lease Agreement Executed: September 2, 1997
Possession Date: October 1, 2000
Grand Opening of Jungle Island: June 28, 2003
Lease Agreement Term: 45 years (September 30, 2045 end date)
Options to Renew: One, 15-year Option
Rent Structure: Greater of the Minimum Annual Rent or Percentage Ren
Minimum Annual Rent:
(i) $200,000 for Lease Years 1 and 2 & $300,000 for Lease Years 3 and 4
$400,000 for each and every Lease Year
(iii) Rent Escalation: On the first day of the 10th lease year and every 10 year
thereafter, the Minimum Rent shall increase by greater of: CPI (with 30% cap
$100,000. Rent during option period is adjusted based upon appraisal.
Percentage Rent:
5% of Gross Revenue up to
6% of Gross Revenue •
Lease Rent Deferral
Rent Deferral: 4th Lease Amendment - deferred rent effective Apri
2009 through March 31, 2013
Rent Deferral Structure:
$400,000 per annum deferred for an aggregate of $1,900,00
payable on December 31, 2020
Parrot Jungle is still responsible for paying all state fees
(State of Florida Trustees of the Internal Improvement Fund
If Parrot Jungle pays its HUD loan in full on or before
August 1, 2020, then the deferred rent minus S800,000 shall
convert to a permanent abatement with the S800,000 to be paid
by December 31, 2020
HUD Section 108 Commitments
11/24/03
07/10/07
07/28/07
The City and County jointly executed a letter to US
for consideration to approve the substitution of the Ci
guarantor for 80% loan guarantee for the Parrot Jungle
Section 108 loan.
The City Commission authorized the Manager to execute
agreements providing for the City's assumption of 80% o
the County's liability to HUD under the Section 108 loan
Parrot Jungle.
The City and the County execute the Participation
Agreement and the Amended Pledge Agreement and
forward to US HUD for their execution. Agreement
includes a deferral of Parrot Jungle's obligation to pay
HUD loan until 2/1/2012.
Amount paid by City on behalf of Parrot Jun*
*
. . ... . . .
CityC
Public -Sector Debts
Development Agreement Amendment: $17,277,403 (8O% City/20% Cou.
-Due in monthly installments between Jan. 2020 to Jan 2030)
HUD Loan (Refinanced): s$15, 560, 000 (CDBG Backed: City 80%, County
-Jungle Island obligated to make first payment August 2012 ($1.5iii+/-)
City -granted Rent Deferral (April 2009 to March 2013) : $ 1,900,000 (+/
-Deferred to December 2020
Note Payable to the City (Property Tax): $ 366,658 (Remaining Balance
-Due in monthly installments between September 2009 to August 2013)
Other Debts to County
Parrot Jungle HUD Loan Payment Obligations_.
Alternating "Interest" (February) and "Interest+Principle" (August
payments continue through August 2019.