HomeMy WebLinkAboutR-13-0217City of Miami
Legislation
Resolution: R-13-0217
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 13-00641 Final Action Date: 6/13/2013
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE THE FIRST AMENDMENT TO
THE AMENDED AND RESTATED AGREEMENT TO ENTER INTO GROUND LEASE
BY AND BETWEEN FLAGSTONE ISLAND GARDENS, LLC ("FLAGSTONE") AND
THE CITY OF MIAMI ("CITY") DATED AS FEBRUARY 1, 2010 ("AGREEMENT TO
ENTER"), IN SUBSTANTIALLY THE ATTACHED FORM, PROVIDING FOR, INTER
ALIA: (1) EXTENDING THE POSSESSION DATE FROM SEPTEMBER 1, 2013 TO
JUNE 2, 2014, OR SOONER AT FLAGSTONE'S OPTION; (2) EXTENDING THE
LEASE DELIVERY DATE ALSO KNOWN AS OUTSIDE DATE FOR THE MARINA
COMPONENT FROM SEPTEMBER 1, 2013 TO JUNE 2, 2014, OR SOONER AT
FLAGSTONE'S OPTION; (3) BEGINNING OCTOBER 1, 2013, INCREASING
FLAGSTONE'S MONTHLY PAYMENT TO THE CITY TO $83,333.33 TO AN ANNUAL
PAYMENT OF ONE MILLION DOLLARS ($1,000,000.00); AND (4) RATIFYING ALL
OTHER TERMS OF THE AGREEMENT TO ENTER.
WHEREAS, the City of Miami ("City") and Flagstone Island Gardens, LLC ("Flagstone") have
previously entered into an Amended and Restated Agreement to Enter Into Ground Lease dated as of
February 1, 2010 for a Mega Yacht Marina and Mixed Use Waterfront Development (the "Project") on
City -owned property at Watson Island; and
WHEREAS, the Agreement to Enter contains a covenant of good faith and fair dealing; and
WHEREAS, certain required conditions precedent that must be met for the future execution of
the Project of a long term Ground Lease(s) with Flagstone; and
WHEREAS, Flagstone currently has entered into a Letter of Intent with The Related
Companies for financing/Joint Venture for the Project; and
WHEREAS, Flagstone has requested an extension of the Possession Date and the Lease
Delivery Date for the Marina Component as set forth in the Agreement to Enter to allow it sufficient
time to satisfy the conditions precedent; and
WHEREAS, Flagstone has continued to make all required payments to the City and to fulfill its
continuing obligations to the City under the Agreement to Enter, including making monthly payment in
the amount of $41,677.77 during Fiscal Year 2011, $62,500 during Fiscal Year 2012 to increase to
$83,333.33 for Fiscal Year 2013, for a total annual Fiscal Year 2013 payment amount of
$1.000,000.00;
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 hereby
City of Miami
Page 1 of 2 File Id: 13-00641 (Version: 2) Printed On: 8/31/2017
File Number: 13-00641 Enactment Number: R-13-0217
adopted by reference thereto and incorporated herein as if fully set forth in this Section.
Section 2. The City Manager is authorized{1} to execute the First Amendment to the Amended
and Restated Agreement To Enter Into Ground Lease by and between Flagstone and the City dated
as February 1, 2010 ("Agreement To Enter"), in substantially the attached form, providing for, inter
alia: (1) extending the Possession Date from September 1, 2013 to June 2, 2014, or sooner at
Flagstone's option (2) extending the Lease Delivery Date also known as Outside Date for the Marina
Component from September 1, 2013 to June 2, 2014, or sooner at Flagstone's option; (3) beginning
October 1, 2013, increasing Flagstone's monthly payment to the City to $83,333.33 to an annual
payment of one million dollars ($1,000,000.00); and (4) ratifying all other terms of the Agreement to
Enter.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.{2}
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 File Id: 13-00641 (Version: 2) Printed On: 8/31/2017