HomeMy WebLinkAboutSubmittal-Overview of Jungle IslandOVERVIEW
OF
JUNGLE ISLAND
June 19th, 00
A2-0066/.- of -3:),191e 1..stak-0/
Synopsis of Development Effbrts
/9.) rrhe relocation and the expansion 01 Jungle Islalnd \vas
approved by voters of the City of Miami ("City")
through a referendum.
09/.2ti/<)H Through (Resolution 96-G 7 1, the City fOi'n all\'
approved a (.ease dud Development Agreement
("I4('e) \\ ith Jungle Island for the relocation and
expansion of the Parrot Jungle Project.
{ }(fr ; { }!)/98 The .Joint Participation ,\e,Tee lent I)(t\\ �cli
l '1iallil-I )rld C. linty ("Comity") and the City' fir
the I lUl) Section 1Oti Loan Guarantee Application
\\ as executed, whereby the City agreed to assume
,sO"c) of the loan.
Submitted into the public
record in connection with
items sP.i on 06-19-12
Priscilla A. Thompson
City Clerk
Synopsis of HLTD Loan Financing
'Elie City is responsible as a guarantor for 80% of a I IUI) loan
fi)r .Jungle Island in the amount of $25 million The County is
responsible for 2 O°4.
Refinancing of the $1. ,560,000.000 principle amount of the
loan in November 2'01 1 resulted in the City's participation as
$12, 448, 000. 00
The County 8z City's interest sir(' subordinated to the interest
of a private lender.
Jlingle Island remitted payment of $531,944.32 for the HUD
refinancing settlement Costs and is ('llrl'('lltly not ill Clefitllt of
any obligation to the City. Jingle Island owes the County
$169,130.68 as a result of refinancing and February 20 1
)aynletlt.
Submitted into the public
record in connection with
items SP.1 on 06-19-12
Priscilla A. Thompson
City Clerk
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Lease & Developrnent Agreement
Lease and Development Agreement Executed:
September bct1' f,, 199
Possession Date: October 1, `?OOO
Grand Opening: .June t2s, 0003
Lease Agreement Term: ._r years
September 30, 2045 C11(i (Int('
Options to Renew: One, year Option, S() long as not in
default.
Submitted into the public
record in connection with
items sP.i on 06-19-12
Priscilla A. Thompson
City Clerk
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Lease & Development Agreement
Rent Structure: Greater of the Minimum Annual Rent or
Percentage Rent
Minimum Annual Relit:
(i) $200,000 fbr Lease Years and & $300,000 for Lease
Years :> and
(ii) $400,000 for each and eV('I'V IA 'a sc Year
(iii) Rent Escalation: On the first day of the loth lease year
and er e1'y 1 (} years thereafter, the Minimum Relit shall increase
by greater of: CPI (N\ itll 30 cap) or $ l00,000. Current
minimum $J 00, 000.
Percentage Rent:
5 % of Gross Revenue tip to $ 2c } na.iaa ican
6% of (;foss Fk\ enue in excess of $GEC} million
Submitted into the public
record in connection with
items sP.i on 06-19-12
Priscilla A. Thompson
City Clerk
First & Second Lease Modificatioris
On April Ili, 2OOO, the first modification clarified
cl('fillitiOils ,lild language in the Lease.
On August 1:3, `.00` , the second 111O(lifi('ati011 to the
IA'ase amended the property's le al description and
sketch. Essentially a 11eW legal description ;111(l sketch
\\ e're 1)rc)\ i(IC(1 to simultaneously exclude and iilc'liicle
acreage as part of' the Subject Property definition.
,.11„III
III
Submitted into the public
record in connection with
items sP.i on 06-19-12
Priscilla A. Thompson
City Clerk
oN
Third Lease Modification
On October 09, 2O08, it a(I(le(l and expat1(le(l
definitions in th f)llo\villg respects:
-.\(l(liti(llfll Imp'men-letlts" as defined in the Or'i illa)
lease, \V ('r(' clarified to include a theme hotel and
1'('lat('(l retail and entertainment.
Percentage Rent for tll(' .Additional Illll)r'OVeill(ellt.s
(hotel and related retail and entertainment) \v a,s
defined t() l)(' 1 Of associated Gross RevCl111('.
Addition of Sale/Transfer terms: Jungle lslan(1 shall
pay City : of the net l)1.Oc('(e(ls derived ti'011l the sale,
transfer or IP() of .I1it10e
Submitted into the public
record in connection with
items sP.1 on 06-19-12
Priscilla A. Thompson
City Clerk
I'.
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Fourth Lease \4oclification
O11 .Itlll(.e 214, '2009, tile fOtll'tll modification deferred rent
effective April 1, 2O09 t111.Otlll March 3f, 2013 with
the f011(m i11" rent deferral structure:
(i) 't'O,OOO per ;ltllltllll (lClerrc'cl for an aggregate of at least
$1,600,000 pava1)1c. oft December 31, 20 .0 (as of June
15, 2012, 1ltc. Unrrc'llt (lcfi•1'I'Cd is 492,154.15
(ii) Parrot .ltiltu;l0 is still rcSl)0nsilde for l)a\'inL),' a11 state tees
(State of' 1lO1 1(l;l Trustees or the Internal Improvement
Fund)
(iii) h11.1-c)t .11lit lc' p,tti.s its 11t 11) loan in {fill on or 1)(46re
.\ ui list 1 202O, then a11 deferred rants \\ ith the e\clusi0n
of $800,000 «-i11 be abated.
Submitted into the public
record in connection with
items sP.i on 06-19-12
Priscilla A. Thompson
City Clerk
Debts to City and County
PastIII'I) Loan 1',ivirwlrts (,))Heed. To l)c\. ,\ rce11R 1t ink �2O(); ): $'17, 277,-1,03
(s0% Cit1' = $13, S21,918) / 20% County = -185)
.)tingle Island to p;tv 11t 1I) Loan (l11 or 1n 1hre Aug. 1, 2020, or elect to further
defer 1.7i1y111("11ts, \\ Ili <1 )nu Illt(.'l'(`st )'tilt(', begi1111111g 2020 and ending 2030
('its'-u;'1';111t('41 [tent I)(.lcu1'r i1 ( CI' Lease Amend. June oc)O,l): ,4+'2,492,-1.34
Rent 1'ay11I('11ts 11'{lr)1 ,1lll'. 1, 2009 to Mar. 1 . '!() I.i deli I're(l tcl I)c('. :i 1, 2()20
N(lte I}a\'a111c' tO the City - 1'l'(ll)CI'tV Tax (Approved l\Tav 27, 20() )):
() I I ;; 111;111 y $800, oo0. Remaining Balance <? 219,989
1)tle in monthly i11sta1lI11['11t• Ii'o111 Sep. 2009) to .Atug. 2O1 3
Not( Payable to the County (Past 1 lt'1)): '=1, 701,78i'
Due i11 Ili -animal installments From .ltilj' 201 I. to .1tI11' 'JO'r( )
} Amounts continue to accrue based on percentage of gross sa l c, reporti r --
" Jungle Island current ~Pith payment obligation.
Submitted into the public
record in connection with
items sP.i on 06-19-12
Priscilla A. Thompson
City Clerk
Debts to City and County (cont)
Note I'ayal,le to the County (II11I) Interest Dispute): +'9.15,0-11
Deferred to September 201 it sufficient cash f1Ovv, else July 1 .,, 202O.
V I'ay1 MCI It t() the (" t ti' : $42,000,000
1)tu. i\tU1Iist 1, 0(y)()
Total Due to City: $16.5 million
Total Due to Coiinty: $11.3 million
Future Ohli?atiotls:
IRA.) Loan (Refinanced): $'1.5,560,000
(soy% City = $1 448, 000 / 20 % Colin t v = $3,112, 00a,1
It,11l(I.�l'1i1(l >l)li0;�1tc��l t() Milli(' next payment, , lii llioii in .1tt . °jc>1'�
I m
Submitted into the public
record in connection with
items sP.1 on 06-19-12
Priscilla A. Thompson
City Clerk
Jungle Island HUD Loan Payment Obligations
After Refinance
Pint Date
Est. New Int.
Rate
Principal Prnt
Interest Pmt
"Total Due
08/01/2012
0.29% $1,945,000.00
$86,747.00 $2,031, 7 47.00
02/01/2013 0.4 1%
$83,732.25
$83,732.25
08/01/2013
0.41%
$1,945,000.00
$83,732.25 $2,028,732.25
02/0 1 /2014
8/01/2014
02/0 1 /201 5
0.6 5%
0.65%
$1,945,000.00
,$ 7 9,550.50
$ 7 9,550.50
$79,550..50 $2,024,550.50
0.92%
8/01 /20 15 0.92%
$ 7 3,034.75
$ 7 3,034. 7 5
$1,945,000.00 $ 7 3,034. 7 5 $2,018,034..75
08 /01 /2019
0.92%
$1,945,000.00 i $19,936.25
. 1 964 936.25
TOTAL:
$15,560,00.00 $941,931.10 $16,501.,931.10
Alternating "Intel est "(Februarj) arni 'interest + Principle.' ug-ust)
payments continue through .4tf 'u.st•l, 2i1I9.
iV
Submitted into the public
record in connection with
items SPA on 06-19-12
Priscilla A. Thompson
City Clerk
—c
items sP.i on 06-19-12
Priscilla A. Thompson
City Clerk
Submitted into the public
record in connection with
items sP.i on 06-19-12
Priscilla A. Thompson
City Clerk