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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00869
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
DECLARING SURPLUS AND AUTHORIZING THE CITY MANAGER, TO ISSUE AN
INVITATION FOR BID, IN SUBSTANTIALLY THE ATTACHED FORM, FOR THE
SALE OF THE CITY OF MIAMI ("CITY") OWNED REAL PROPERTY LOCATED AT
APPROXIMATELY 100 SOUTHEAST 2ND STREET, MIAMI, FLORIDA (THE
"PROPERTY"), MORE PARTICULARLY DESCRIBED AS TRACT "A" OF WORLD
TRADE CENTER, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT
BOOK 115, PAGE 41, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY,
FLORIDA, WHICH PROPERTY INCLUDES THE FEE SIMPLE PURCHASE OF
THE PARKING GARAGE AND THE CITY'S INTEREST AS LANDLORD UNDER
THE RETAIL LEASE AND OFFICE LEASE; ESTABLISHING $49,000,000 AS A
MINIMUM BID PRICE; FURTHER AUTHORIZING THE CITY MANAGER TO: (I)
EMPLOY SUCH PROCEDURES AS MAY BE REQUIRED BY THE CITY CHARTER
OR CODE FOR PURPOSES OF DISPOSING OF THE PROPERTY; (II) ACCEPT
RESPONSIVE AND RESPONSIBLE BIDS; (III) NEGOTIATE A PURCHASE AND
SALE AGREEMENT; AND (IV) PRESENT THE NEGOTIATED AGREEMENT TO
THE CITY COMMISSION FOR FINAL APPROVAL.
WHEREAS, the City of Miami ("City") is the fee simple owner of the parking garage located at
approximately 100 Southeast 2nd Street, Miami, Florida ("Property"); and
WHEREAS, the City entered into a lease for the development of certain retail in the air rights
above the garage which is currently master leased to Blue Capital US East Coast Properties, LP
("Retail Lease"); and
WHEREAS, the City further entered into an office air rights lease for the development of an
office tower which is currently master leased to Blue Capital US East Coast Properties, LP ("Office
Lease"); and
WHEREAS, on September 12, 2006, following a competitive process, the City Commission
adopted Resolution No. 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 has determined that the City can maximize value and redevelopment
opportunities for the Property by dividing the property into the "North Side" assets (north of 1-95 ramp)
and "South Side" assets (south of 1-95 ramp); and
City of Miami Page 1 of 2 Printed On: 6/27/2007
File Number; 07-00869
WHEREAS, following consideration of Staubach's recommendations, 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
WHEREAS, the City Commission has determined it to be in the best interest of the City to
declare the Property surplus and issue an IFB;
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 -owned real Property, more particularly described as Tract "A" of World
Trade Center, according to the Plat thereof, recorded in Plat Book 115, Page 41, of the Public
Records of Miami -Dade County, Florida, which property includes the fee simple interest of the parking
garage and the City's interest as landlord under the Retail Lease and Office Lease, is declared
surplus.
Section 3. The City Manager is authorized{1} to issue an IFB, in substantially the attached
form, for the sale of the Property with a minimum bid price of $49,000,000.
Section 4. The City Manager is further authorized{1} to: (i) employ such procedures as may be
required by the City Charter or Code for purposes of disposing of the Property; (ii) accept responsible
and responsive bids; (iii) negotiate a purchase and sale agreement; and (iv) present the negotiated
agreement to the City Commission for final approval.
Section 5. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JOR L. F RNANDEZ
CITY.A,T,11? ` NEY
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.
Ciry of Miami Page 2 of 2 Printed On: 6/26/2007