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Master Report
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File Number: 05-00594
File Type: Resolution
Version: 1 Reference:
Status: Consent Agenda
Controlling Body: City Commission
File Name: Authorizing Amendment to Lease Agreement -Rusty Pelican Introduced: 6/15/2005
Requester: Department of Economic Cost: Final Action:
Development
Title:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING
THE CITY MANAGER TO EXECUTE AN AMENDMENT, IN SUBSTANTIALLY THE ATTACHED
FORM, TO THE LEASE AGREEMENT BETWEEN THE CITY OF MIAMI AND BISCAYNE BAY
RESTAURANT (D/B/A RUSTY PELICAN) TO PROVIDE FOR: (1) AN EXTENSION OF THE
BASE TERM TO EXPIRE ON OCTOBER 1, 2027, WITH TWO (2) FIVE-YEAR OPTIONS TO
RENEW; (2) BASE RENT TO INCREASE TO $360,000, PER YEAR COMMENCING ON THE
EXECUTION DATE OF THE AMENDMENT; (3) PERCENTAGE RENT TO INCREASE UPON THE
EARLIER OF (I) COMPLETION OF THE REQUIRED CAPITAL IMPROVEMENTS OR (II)
TWENTY-FOUR (24) MONTHS AFTER ISSUANCE OF THE FIRST BUILDING PERMIT, TO 7%
OF GROSS REVENUES FROM $0 - $12,000,000, ANNUALLY AND 8% OF GROSS REVENUES
OVER $12,000,000, ANNUALLY; AND (4) CONSTRUCTION OF CAPITAL IMPROVEMENTS BY
LESSEE, AT ITS SOLE COST, WITH A COST OF NOT LESS THAN $3,000,000, INCLUDING
SOFT COSTS, WITH TERMS AND CONDITIONS AS MORE PARTICULARLY SET FORTH IN THE
AMENDMENT.
Sponsors:
Notes:
Indexes:
Attachments: 05-00594-resolution.pdf,05-00594-exhibit.pdf,05-00594-exhibitA.pdf,05-00594-exhibitB.pdf,05-00594-
summary form.pdf,
History of Legislative File
Version: Acting Body: Date: Action: Sent To: Due Date: Return Date: Result:
1 Office of the City 6/27/2005 Reviewed and
Attorney Approved
1 City Commission 7/7/2005 DEFERRED
City of Miami Page 1 Printed on 9/16/2024