HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
I/ —to 0% 7
Date: 08/15/2011 Requesting Department: Public Facilities/Asset Management
Commission Meeting Date: 09/15/2011 District Impacted: 2
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance (1 Discussion Item
❑ Other
Law Department
Matter ID No.
A-040190
Subject: Resolution approving Amended and Restated Partial Modification of Restrictions to Deed No.
19447-F.
Purpose of Item:
The administration recommends that the Miami City Commission adopt the attached Resolution
authorizing the City Manager to execute the Amended and Restated Partial Modification of
Restrictions to Deed No. 19447-F, in substantially the attached form (the "Amended and Restated
State Partial Waiver"), with the Board of Trustees of the Internal Improvement Trust Fund of the State
of Florida (the "Board of Trustees") and Flagstone Island Gardens, LLC ("Flagstone"), with (1) any
future contemplated material modifications to the referenced Amended and Restated Ground Lease(s)
and/or Amended and Restated Agreement to Enter Into Ground Lease(s) subject to prior discussion
and review with the Division of State Lands, State of Florida Department of Environmental
Protection, and (2) any future material amendments to the Amended and Restated Ground Lease(s)
and/or Amended and Restated Agreement to Enter Into Ground Lease(s) subject to prior approval by
the Board of Trustees.
Background Information:
See Supplemental Sheet
Budget Impact Analysis
YES Is this item related to revenue? $300,000
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP N/A
If using or receiving capital funds
Grants N/A Risk Management
Purchasing N/A Dept. Director
Chief
�r��j('2j,------ City Manager
Final Approvals
(SIGN AND DATE)
Budget N/A
Page 1 of 2
Subject: Resolution approving Amended and Restated Partial Modification of Restrictions related to
Deed No. 19447-F.
Background Information:
The City of Miami ("City") is the owner of certain real property located on Watson Island at
approximately 1050 MacArthur Causeway, Miami, Florida (the "Property"). Pursuant to the
processes for the City's Mega Yacht Marina and Mixed Use Waterfront Development Request for
Proposal ("RFP"), for development on the Property of a mega -yacht marina with its ancillary
facilities, retail, parking, hotels and all other related facilities (the "Project") Flagstone Properties,
LLC ("Flagstone") submitted a proposal and was selected as the successful proposer. On November
6, 2001 the City polled the electors regarding leasing the Property to Flagstone for the Project and the
voters returned an affirmative vote.
Flagstone and the City, pursuant to City Commission Resolution No. 02-1304, adopted December 12,
2002, entered into an Agreement to Enter Into Ground Lease, dated January 1, 2003 ("Agreement to
Enter") including the form of proposed Ground Lease ("Ground Lease"). Flagstone requested
modifications to the Agreement to Enter and to the Ground Lease to allow sufficient time to secure
financing and begin and complete construction of the Project. Pursuant to the modifications, the
parties negotiated and desire to enter into the terms and conditions of Exhibit A ("Exhibit A"), the
Amended and Restated Agreement to Enter into Ground Lease ("Amended and Restated Agreement
to Enter") and the Amended and Restated Ground Lease(s) ("Amended and Restated Ground
Lease(s)"), all of which were authorized by the City Commission, subject to subsequent State of
Florida required approval, on September 23, 2010 pursuant to Resolution No. R-10-0402
("Authorizing Resolution").
The proposed changes of the amended and restated agreements required approval by the Board of
Trustees of the Internal Improvement Trust Fund of the State of Florida ("Board of Trustees") as
required by the Partial Modification of Restrictions for the Property. The Board of Trustees at its
August 16, 2011 meeting authorized the execution and delivery of the Amended and Restated Partial
Modification of Restrictions to Deed No. 19447-F with the City and Flagstone (the "Amended and
Restated State Partial Waiver") incorporating the new terms and conditions of Exhibit A, Amended
and Restated Agreement to Enter, and the Amended and Restated Ground Lease(s).
Page 2 of 2