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Master Report
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 10-00562
File Type: Resolution
Version: 2 Reference:
Status: In Commission
Controlling Body: City Commission
File Name: Approving Terms -Ground Lease Agmt-Flagstone Introduced: 4/28/2010
Requester: Honorable Mayor Tomas Cost: Final Action:
Regalado
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING
EXHIBIT A HERETO ("EXHIBIT A"), THE AMENDED AND RESTATED AGREEMENT TO
ENTER INTO GROUND LEASE ("AMENDED AND RESTATED AGREEMENT TO ENTER"), AND
THE AMENDED AND RESTATED GROUND LEASE(S) ("AMENDED AND RESTATED GROUND
LEASE(S)") (EACH IN SUBSTANTIALLY THE ATTACHED FORM(S)), BETWEEN THE CITY OF
MIAMI ("CITY") AND FLAGSTONE ISLAND GARDENS, LLC ("FLAGSTONE"), AND
AUTHORIZING AND DIRECTING THE CITY MANAGER AND THE CITY ATTORNEY TO
EXECUTE EXHIBIT A, THE AMENDED AND RESTATED AGREEMENT TO ENTER, AND THE
AMENDED AND RESTATED GROUND LEASE PROVIDING FOR, INTERALIA: (1)
FLAGSTONE'S OPTION TO DEVELOP THE MEGA -YACHT MARINA WITH ITS ANCILLARY
FACILITIES, RETAIL, PARKING, HOTELS AND ALL OTHER RELATED FACILITIES (THE
"PROJECT") IN ITS ENTIRETY ALL AT ONCE OR THROUGH PHASED DEVELOPMENT ON A
COMPONENT BY COMPONENT BASIS; (2) EXTENDING THE POSSESSION DATE FROM
FEBRUARY 1, 2010 TO FEBRUARY 1, 2013, OR SOONER, AT FLAGSTONE'S OPTION; (3)
ESTABLISHING AN ANNUAL PAYMENT SCHEDULE FOR ALL COMPONENTS COMMENCING
WITH THREE HUNDRED THOUSAND DOLLARS ($300,000) AND INCREASING TO TWO
MILLION DOLLARS ($2,000,000) NO LATER THAN THE YEAR 2018, SUBJECT TO CERTAIN
CREDITS AND OTHER CONDITIONS RELATED TO DEVELOPMENT ON A COMPONENT BY
COMPONENT BASIS; (4) EXTENDING CERTAIN MILESTONE DATES IN THE TIMELINES FOR
CONSTRUCTION COMMENCEMENT, COMPLETION, AND OTHER DEVELOPMENT MATTERS
AS SET FORTH IN EXHIBIT A; AND (5) PROVIDING FOR SECURITY DEPOSIT(S) ON A
COMPONENT BY COMPONENT BASIS, PROVIDED, HOWEVER THAT SUCH APPROVAL,
AUTHORIZATION AND DIRECTION ARE ALL SUBJECT TO AND CONDITIONED UPON A
SATISFACTORY DETERMINATION OF SECTION VIII, ENTITLED "STATE WAIVER" OF
EXHIBIT A REGARDING PAYMENTS TO THE STATE OF FLORIDA ("STATE"), WITH ANY
INCREASE IN THE PERCENTAGE OF BASE RENT REQUESTED BY THE STATE OR ANY
OTHER INCREASE IN PAYMENTS BY THE CITY REGARDING THE STATE WAIVER
REQUIRING FURTHER APPROVAL, AUTHORIZATION AND DIRECTION BY THE CITY
COMMISSION; FURTHER AUTHORIZING AND DIRECTING THE CITY MANAGER AND THE
CITY ATTORNEY TO MAKE NON -SUBSTANTIVE REVISIONS AS NECESSARY TO EXHIBIT A,
THE AMENDED AND RESTATED AGREEMENT TO ENTER, THE AMENDED AND RESTATED
GROUND LEASE(S) ALL DOCUMENTS RELATING TO THE STATE WAIVER.
Sponsors:
Notes:
Indexes:
Attachments: 10-00562 Legislation.pdf,10-00562 Exhibit.pdf,10-00562 Exhibit 2.pdf,
History of Legislative File
City of Miami Page 1 Printed on 9/27/2024
City of Miami
Master Report
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Version: Acting Body: Date: Action: Sent To: Due Date: Return Date: Result:
2 Office of the City 5/12/2010 Review Pending
Attorney
1 City Commission 5/13/2010 DEFERRED Pass
City of Miami Page 2 Printed on 9/27/2024