HomeMy WebLinkAboutSummary FormDate: 4/15/14
AGENDA ITEM SUMMARY FORM
FILE ID: 14700363
Requesting Department: Public Facilities/Asset Management
Commission Meeting Date: 5/8/2014 District Impacted: 2
Type: ►/ Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
n Other
Law Department
Matter ID No.
13-2765
Subject: Resolution granting the City Manager the authority to enter into a Hold Harmless Agreement
between the City of Miami, Bayside, LLP and SkyRise Miami, LLC
Purpose of Item:
The administration recommends that the Miami City Commission adopt the attached Resolution
authorizing the City Manager to execute a Hold Harmless Agreement ("Agreement"), in substantially
the attached form, between the City of Miami ("City"), Bayside Marketplace, LLC ("Bayside"), a for -
profit Florida Corporation, and SkyRise Miami, LLC ("Skyrise"), a for -profit Florida Corporation,
authorizing SkyRise to apply for permits on the current Bayside prime leased premises ("Prime
Leased Premises"), as more particularly described in Exhibit "A" attached hereto and made a part
hereof, to commence limited work on the foundation, however, no vertical construction shall be
allowed until an amendment to the Bayside lease ("Prime Lease") is approved by the Miami City
Commission and the City's electorate by way of a public referendum ("Referendum").
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
Final Approvals
(SIGN AND DATE
Budge
Risk Managemen
Dept. Director
City Manag
If using or receiving c ital funds
Grants N/ pA
Purchasing N/A
Chief
/y
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Subject: Resolution Granting to the City Manager the authority to enter into a Hold Harmless
Agreement between the City of Miami, Bayside LLP and SkyRise Miami, LLC.
Background Information:
The City owns certain property commonly known as Bayside Marketplace, LLC ("Bayside") and
leases a portion of Bayside ("Prime Leased Premises") to Bayside Marketplace LLC ("Tenant")
pursuant to the Amended and Restated Lease Agreement between City and Tenant, as successor by
merger to Bayside Center Limited Partnership (as amended, the "Prime Lease"). SkyRise has
subleased, subject to certain conditions set forth in the Sublease, including Referendum approval, a
portion of the Prime Leased Premises ("Sublet Premises") from Tenant pursuant to a Bayside
Marketplace Sub -Ground Lease ("Sublease").
SkyRise desires to construct an approximately one thousand (1,000) foot tall mixed use commercial
and recreational facility on the Sublet Premises requiring vertical construction beyond that currently
authorized in the Prime Lease ("Project"). The Tenant must obtain City Commission approval of an
amendment to the Prime Lease in order to authorize SkyRise to construct the Project in addition to the
approval of the City's electorate at an August 26, 2014 or November 4, 2014 referendum
("Referendum").
SkyRise must commence foundation work prior to June 12, 2014 in order to preserve an existing FAA
Approval and the City requires that SkyRise and the Tenant execute this Hold Harmless Agreement
("Agreement") as a condition to allow SkyRise to commence a portion of the foundation work on the
Prime Leased Premises.
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