HomeMy WebLinkAboutsummary formDate: 6/7/2005
AGENDA ITEM SUMMARY FORM
FILE ID: 05 o 0,5 q 4
Requesting Department: Economic Development
Commission Meeting Date: 7/7/2005 District Impacted: 2
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Amendment to Lease Agreement with Biscayne Bay Restaurant. d/b/a Rusty Pelican
Purpose of Item:
A Resolution of the members of the Miami City Commission authorizing execution of 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 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) 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, and with terms and conditions as more
particularly set forth in the Amendment.
Background Information:
On July 24, 2003, the City Commission authorized submission for consideration by the electorate a
ballot question to amend Section 29-B of the City Charter to authorize the City Commission to amend
the Lease with Biscayne Bay Restaurant to extend the original expiration date, which currently
expires October 1, 2012, and increase the minimum guarantee to the City.
The electorate approved the proposed extension and modification to the Lease on November 4, 2003.
The attached amendment incorporates the lease extension subject to the City obtaining a waiver of
deed restriction from the State of Florida Board of Trustees of the Internal Improvement Trust Fund
and the Lessee constructing improvements at a cost of not less than $3,000,000, including soft costs.
The required improvements include increasing the existing parking by at least 120 additional parking
spaces, expanding the restaurant to provide at least 3,000 SF of additional banquet space, and
constructing a pedestrian walkway along the east shoreline of the Property. It should be noted that the
lease amendment provides for Lessee to use best efforts to obtain the required permits to construct the
pedestrian walkway. If after using its best efforts, Lessee cannot obtain the required permits, then
Lessee shall be released from its obligation to construct the pedestrian walkway.
Paee 1 of 2
RE: Amendment to Lease Agreement with Biscayne Bay Restaurant, d/b/a Rusty Pelican
Page 2
Budget Impact Analysis
YES Is this item related to revenue?
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:
Final Approvals
(SIGN AND DATE)
CIP r7 /c Budget
If using or receiving capital funds
Grants 0 /4 Risk Manageme
Purchasing_ r /G Dept. Director "W� ��
Chief �1v City Manager I ����'
n /a
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