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City of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 12-00201
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE ANY AND ALL DOCUMENTS
CANCELING AND TERMINATING THE LEASE AGREEMENT BETWEEN THE
CITY OF MIAMI AND OLYMPIA BUILDING PARTNERSHIP, LTD., INCLUDING
TERMINATION AND CANCELLATION OF THE SUBLEASE WITH OLYMPIA
RESIDENTIAL BUILDING PARTNERS, LTD., TRANSFERRING POSSESSION OF
THE COMMERCIAL AND RESIDENTIAL PROPERTY TO THE CITY OF MIAMI,
ASSIGNING ALL EXISTING COMMERCIAL AND RESIDENTIAL TENANT LEASES
TO THE CITY OF MIAMI, RELEASING OLYMPIA BUILDING PARTNERSHIP, LTD.,
OF ALL COVENANTS, CONDITIONS, AND OBLIGATIONS ARISING UNDER THE
LEASE, SATISFYING LEASEHOLD MORTGAGES, AND ACCEPTING THE
TRANSFER OF TENANT SECURITY DEPOSIT FUNDS FROM OLYMPIA
BUILDING PARTNERSHIP, LTD., IN SETTLEMENT OF ANYAND ALL CLAIMS
AND DEMANDS AGAINST THE OLYMPIA BUILDING PARTNERSHIP, LTD., IN
THE CASE OF CITY OF MIAMI VS. OLYMPIA BUILDING PARTNERSHIP, LTD.,
PENDING IN THE CIRCUIT COURT IN AND FOR MIAMI-DADE COUNTY, CASE
NO. 03-28667-CA-27.
WHEREAS, the City of Miami ("City") filed a lawsuit against the Olympia Building Partnership,
Ltd., in the Circuit Court of the Eleventh Judicial Circuit, in and for Miami -Dade County, Florida, Case
No.: 03-28667 CA 27, concerning a dispute over rent due under a 40-year lease agreement executed
in 1995 with Olympia Building Partnership, Ltd., for affordable housing units and commercial space in
the historic Olympia Building ("Lease Agreement"); and
WHEREAS, funding for the original affordable housing development project was financed in
part with two Housing and Urban Development ("HUD") loans to the Olympia Residential Building
Partners, Ltd., for $1.5 million and $600,000, and this settlement is contingent upon the Housing and
Commercial Loan Committee releasing Olympia Residential Building Partners, Ltd., of is HUD loan
obligations; and
WHEREAS, the residential portion of the property was subleased to the Olympia Residential
Building Partners., Ltd., with approval by the City; and
WHEREAS, Defendant Olympia Building Partnership, Ltd., has agreed to transfer to the City,
the management and possession of the residential and commercial properties which are the subject of
the lease agreement, without disturbing the possession of the units occupied by tenants, in exchange
for the City Manager executing any and all documents necessary to cancel and terminate the lease
and sublease, thereby releasing Olympia Building Partnership, Ltd., of all covenants, conditions, and
obligations arising under the lease; and
City of Miami
Page 1 of 2 File Id: 12-00201 (Version: 1) Printed On: 3/30/2012
File Number: 12-00201
WHEREAS, pursuant to the settlement agreement, the City has agreed to maintain the
residential property as affordable housing through May 5, 2015; and
WHEREAS, pursuant to the settlement, the City Manager will execute documents assigning all
existing tenant leases to the City, accepting the transfer of security deposit funds from Olympia
Building Partnership,, Ltd., and Olympia Residential Building Partnership., Ltd., and satisfying
leasehold mortgages securing HUD loans to Olympia Residential Building Partners, Ltd.; and
WHEREAS, the Office of the City Attorney has investigated this claim and lawsuit, and
recommends that said claim and lawsuit be settled by terminating the lease agreement and
transferring the leasehold property back to the City;
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 fully set forth in this Section.
Section 2. The City Manager is authorized{1} to execute all necessary documents, in a form
acceptable to the City Attorney, to terminate the Lease Agreement and effectuate the settlement.
Section 3. The City Attorney is authorized{1} to execute a settlement stipulation and effectuate
the settlement.
Section 4: This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O.-BRU C.
CITY ATTORNEY
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.
City of Miami Page 2 of 2 File Id: 12-00201 (Version: 1) Printed On: 3/30/2012