HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: /4' - 00.36 3
Date: 3/30/2012 Requesting Department: Public Facilities/Asset Management
Commission Meeting Date: 04/12/2012 District Impacted: 2
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Resolution for a Management Agreement between Olympia Center, Inc., and the City for the
Gusman Center.
Law Department
Matter ID No.
10-1985
Purpose of Item:
The administration recommends that the Miami City Commission adopt the attached Resolution
authorizing the City Manager to execute a Management Agreement, in substantially the attached
form, for a fifteen (15) year initial term commencing retroactively on April 1, 2011 with up to three
(3) options to renew for terms of fifteen (15) years each, with Olympia Center, Inc., a Florida not -for -
profit organization for the development, management, and use of the retail and housing component at
the Gusman Center; further authorizing the City Manager to execute all other necessary document(s)
for said purpose to comply with the requirements of the Internal Revenue Code of 1986, as amended,
the City's obligation under the Sunshine State Loan Pool Program and the City's Homeland
Defense/Neighborhood Capital Improvements Bond Program subject to and approving opinion of
Bond Counsel.
Background Information:
See Supplemental Sheet
Budget Impact Analysis
NO 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:
CIP N/A.
fdusi K tta(
Grantso ; A
Purchasing N/A
Chief
Final Approvals
(SIGN AND DATE)
Budget N/A
Risk Management
Dept. Director
City Manager
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Subject: Resolution for a Management Agreement between Olympia Center, Inc., and the City for the
Gusman Center.
Background Information:
The City is the owner of certain real property located at 174 East Flagler Street, Miami, Florida, a/k/a Olympia
Building which consists of retail and affordable housing components (collectively the "Property") pursuant to
the Special Warranty Deed dated July 24, 1975 recorded in Official Records Book 9053, Page 723, in Miami
Dade County, Florida. The City Commission authorized the Off -Street Parking Board of the City of Miami
doing business as the Miami Parking Authority (hereinafter "MPA") to administer the Property pursuant to the
Special Warranty Deed dated July 24, 1975 and Ordinance No. 8435, adopted July 31, 1975. MPA named the
City its successor in the administration and operation of the Property under MPA Resolution 11-01. The City
entered into a Management Agreement with Olympia Center Inc., (the "Provider") to manage and operate the
abutting Gusman Theater pursuant to Resolution No. 11-0113, adopted March 24, 2011.
The Provider is a Florida not -for -profit organization established on September 17, 2010 for the purposes
of promoting and preserving the Property, and the City desires to transfer the administration and operation of
the Property to the Provider and the Parties agree that the Provider will continue to operate the Property as a
retail component on the ground floor and affordable housing units on the floors above.
The Provider has agreed to operate, manage, and maintain the Property solely out of the revenues derived from
the Property and from the Provider's trustees.
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