HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: ' 11-01035
Date: 11/7/2011 • Requesting Department: Public Facilities/Asset Management
Commission Meeting Date: •11/.1_7/2011 ' District Impacted: 3
Type: ® Resolution ❑ Ordinance El Emergency Ordinance ❑ Discussion Item
❑ Other .
• 'Subject:Approval.ofMiami Ballpark Parking Facilities Interlocal & Lease Agreement
Purpose of Item:
Law Department
Matter ID No. .
09-2751
A Resolution'of.the Miami City' Commission authorizing the City Manager to execute an interlocal
agreement by and between:the City of Miami, Florida and the Department of Off -Street Parking of the
City of Miami, in substantially the attached form, subject to an approving opinion from Bond Coun-
sel, for the lease, operation and management of the parking and retail facilities at the Miami Ballpark;
located at 501 Marlins Way, Miami, Florida; further establishing a special revenue fund entitled: "Mi-
ami Ballpark Parking Facilities."
Background Information:
Budget Impact Analysis
YES Is this item related to revenue?
:...YES Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No: XXX
.. CIP Project No:
NO • Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost
Maintenance Cost:..
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
. CIP Budget
.Gran s . Risk Manageme
Purchasing . • . ' ' Dept. Director
Chief � City Manager
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Background Information
In April 2009, pursuant to the City Parking Agreement, the City of Miami ("City") agreed to construct
four (4) parking garages and six (6) surface parking lots ("Facilities") in support of the new Miami Ball-.
park, a public -purpose project of Miami -Dade County ("County") and the City, located at 501 Marlins
Way, Miami, Florida ("Ballpark Project"). lncluded within -the .Facilities, are approximately 53,000E
square feet of space to be leased to commercial tenants ("Retail Facilities").
The attached agreement leases the Facilities to the Department of Off -Street Parking ("MPA") for the
operation and management of the Facilities, including the sub -leasing of the Retail Facilities to potential
subtenants.
The City and Marlins Stadium Operator, LLC ("Marlins") further agreed on the bulk reservation of the
available parking spaces for use during Major League Baseball games and other stadium events.
Funds paid by the Marlins for the parking spaces, convention development tax receipts from the County,
and a portion of the parking surcharge generated at the Facilities have been pledged for the,repayment of
those certain City of Miami, Florida Tax -Exempt Special Obligation Parking Revenue Bonds, Series
2010A and City of Miami, Florida Taxable Special Obligation Parking Revenue Bonds, Series 2010B
("Revenue Bonds"), previously authorized by Resolution No. R-09-0509, passed and adopted on Octo-
ber 22, 2009.
The sub -leasing of the Retail Facilities will be a joint project of the City and the MPA, in consultation
with Terranova Corporation, with the goal of creating a 365-day/year-round entertainment destination
with 24-hour appeal, which shall include specialty shopping, entertainment, and assorted dining options.
The Retail Facilities will operate in concert with the new Ballpark, and serve as an economic catalyst for
the surrounding area.
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