HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00872
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO AMEND THE AGREEMENT WITH
STAUBACH TO PROVIDE FOR A SCOPE AND COMPENSATION RELATED TO
THE REDEVELOPMENT OF THE JAMES L. KNIGHT CENTER COMPLEX SOUTH
SIDE ASSETS ON SUBSTANTIALLY THE TERMS DESCRIBED IN EXHIBIT"A"
HERETO; PROVIDING FOR A FLAT FEE IN THE AMOUNT OF $250,000 TO
STAUBACH IN CONNECTION WITH ANY NEGOTIATIONS FOR A NEW OR
AMENDED LEASE WITH HYATT; PROVIDING FOR A CAP OF $100,000 ON ANY
FEE TO BE PAID TO STAUBACH IN CONNECTION WITH ANY ACQUISITION OF
THE UNIVERSITY OF MIAMI'S LEASEHOLD INTEREST; FURTHER
ESTABLISHING THE COMMISSION RELATED TO A NEW LEASE FOR ANY
REDEVELOPMENT OF THE PROPERTY AT A RATE OF 1.5% OF THE FIRST $15
MILLION OF LAND VALUE USED TO CALCULATE THE GROUND LEASE
PAYMENTS AND 3% OF LAND VALUE IN EXCESS OF $15 MILLION; SAID FEES
TO BE PAID ONLY UPON CONSUMMATION OF THE RESPECTIVE
TRANSACTION; WITH FUNDS IN THE AMOUNT OF $250,000 ALLOCATED
UNDER B#70500 AND WITH TERMS AND CONDITIONS AS MORE
PARTICULARLY DESCRIBED IN EXHIBIT "A'.
WHEREAS, on September 12, 2006, following a competitive process, the City Commission
adopted Resolution 06-0537 authorizing execution of an agreement with Staubach to provide real
estate and financial advisory services in connection with the possible disposition of the James L.
Knight Center complex; and
WHEREAS, Staubach completed the analysis portion of phase I of its scope of work and
developed five scenarios upon which the City can proceed, which scenarios were presented to the City
Commission; and
WHEREAS; Staubach determined that the City could maximize value and redevelopment
opportunities for the property by dividing the James L. Knight Center complex (the "Property") into the
"North Side" assets (north of 1-95 ramp) and "South Side" assets (south of 1-95); and
WHEREAS, on May 10, 2007, the City Commission authorized the preparation of an Invitation
for Bid (IFB) for the sale of the North Side assets and the exploration of the scenarios that
contemplate the redevelopment of the assets and/or amending or entering into a new lease with the
Hyatt; and
WHEREAS, the City Commission has determined it to be in the best interest of the City to
retain the services of Staubach to assist in negotiations with Hyatt by providing the relevant expertise
necessary to analyze offers;
CIO of Miami Page I of 2 Printed On: 6/26/2007
File Number: 07-00872
necessary to analyze offers;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is hereby authorized{1} execute an amendment to the agreement
with Staubach to provide for a scope and compensation related to the redevelopment of the James L.
Knight Center complex South Side assets on substantially the terms described in Exhibit "A" hereto
providing for a flat fee in the amount of $250,000 to Staubach in connection with any negotiations for a
new or amended lease with Hyatt; providing for a cap of $100,000 on any fee to be paid to Staubach
in connection with any acquisition of the University of Miami's leasehold interest; further establishing
the commission related to a new lease for any redevelopment of the property at a rate of 1.5% of the
first $15 million of land value used to calculate the ground lease payments and 3% of land value in
excess of $15 million; said fees to be paid only upon consummation of the respective transaction; with
funds in the amount of $250,000 hereby allocated under B#70500 and with terms and conditions as
more particularly described in Exhibit "A".
Section 3. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
APPR (..ys
TO FORM AND ORRECTNESS:
JORG"L.ERNANDEZ
CITY ATTORNEY l %
Footnotes:
{1 } The herein authorization is further subject to compliance with all requirements that may
be imposed by the City Attorney, including but not limited to those prescribed by applicable
City Charter and Code provisions.
{2} If the Mayor does, not sign this Resolution, it shall become effective at the end of ten
calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it
shall become effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 Printed On: 6/26/2007