HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: /3— 0O6'1//
Law Department
Matter ID No.
Date: 06/03/2013 Requesting Department: Public Facilities/Asset Mgmt
Commission Meeting Date: 06/13/2013 District Impacted: 2
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance n Discussion Item
❑ Other
Subject: A Resolution, with attachments, amending the Amended and Restated Agreement to Enter Into
Ground Lease between Flagstone Island Gardens, LLC and the City of Miami.
Purpose of Item:
A Resolution of the Miami City Commission with attachments, 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") 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 a/k/a 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.
Background Information:
See Supplemental Sheet attached.
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:
Final Approvals
(SIGN AND DATE) J -�
CIP N/A Budget
If psingot re eivi .oapifa1 fiends
Grants N/A
Purchasing N/A
Chief
Risk Management
Dept. Director
City Manager
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SUPPLEMENTAL PAGE
Subject: A Resolution, with attachments, amending the Amended and Restated Agreement to Enter Into
Ground Lease between Flagstone Island Gardens, LLC and the City of Miami.
Background Information:
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. The Agreement to Enter contains a covenant of good faith and fair
dealing and contained certain required conditions precedent that must be met for the future execution
of the Project of a long term Ground Lease(s) with Flagstone.
Flagstone currently has entered into a Letter of Intent with The Related Group for financing/Joint
Venture for the Project. 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. 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 FY 2011, $62,500 during FY 2012 to
increase to $83,333.33 for FY 2013, for a total annual FY 2013 payment amount of $1,000,000.00.
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