HomeMy WebLinkAboutSummary FormDate: 6/3/2014
AGENDA ITEM SUMMARY FORM
14-00526
FILE ID:
Law Department
Matter ID No.
13-2765
Requesting Department: Public Facilities/Asset Mgmt.
Commission Meeting Date: 6/12/2014 District Impacted: 2
Type: I Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: A Resolution making provisions for a municipal election referendum ballot question authorizing
amendments to the Garage Lease and Retail Lease A_ greements between the City of Miami ("City") and Bayside
Marketplace, LLC.
Purpose ahem:
A Resolution of the Miami City Commission, with attachment(s), making provisions for a municipal election
on August 26, 2014, for the purpose of submitting to the electorate at said election the following ballot
question: "Should the City extend the existing leases from 46 to 99 years with Bayside Marketplace LLC on the
16.85 acres of waterfront land (Bayside Marketplace) conditioned on the City receiving: upfront payment of
$10,000,000; minimum guaranteed yearly rent of approximately $3,516,002 (which escalates); percentage rent;
minimum $22,000,000 improvements to Bayside Marketplace including additional parking; increased
contribution to Bayside Minority Foundation; and development of a $400,000,000 privately funded 1,000 foot
observation and entertainment tower (Skyrise Miami)?";designating and appointing the City Clerk as the
official representative of the City Commission with respect to the use of such registration books and records,
authorizing and directing the City Clerk to publish notice of the adoption of this resolution and the provisions
thereof pursuant to applicable law; and directing the City Clerk to cause a certified copy of the herein
resolution to be delivered to the Supervisor of Elections of Miami -Dade County, Florida pursuant to applicable
law.
Background Information:
See Supplemental Page
Budget Impact Analysis
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
Bud
If using or receiving capital funds
Grants 1V/A
Purchasing N/A
Chief
Risk Management
Dept. Director ,
City Manager 0 ` a7003
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SUPPLEMENTAL PAGE
Subject: A Resolution making provisions for a municipal election referendum ballot question authorizing
amendments to the Garage Lease and Retail Lease Agreements between the City of Miami ("City") and Bayside
Marketplace, LLC.
Background Information:
The City Commission wishes to poll the electors of the City of Miami as to whether the City of Miami shall be
authorized to execute amendments to the existing Garage Lease and Retail Lease Agreements between the City
of Miami and Bayside Marketplace LLC.
In exchange for extending the term of the Retail Lease by 53 years, increasing the cap on refinancing to 80% of
the appraised value of the improvements and increasing the maximum allowable square footage to include the
development of a 1,000 foot tall observation and entertainment tower known as Skyrise, the City will receive
an up -front payment of $10,000,000 plus 3% of the first $125,000,000 in refinancing for a total payment of
$13,750,000; the current annual minimum base rent of $1,000,000 will be increased to $1,540,000 and the
percentage rent calculation will be changed from a calculation involving a percentage of the Developer's
profits, which the City has received $0.00 over the life of the Lease, to 6% of their gross revenues above a
natural breakpoint of $25,666,666; a minimum base rent for the Skyrise Tower in the amount of $1,059,082
and 1% of the Gross sales of SkyRise over a breakpoint; and an increase to the annual contribution to the
Bayside Minority Foundation to $350,000.
In exchange for extending the term of the Garage Lease by 53 years and the right to build additional parking
spaces, the current annual minimum base rent of $10,000 will be increased to $916,920 and the percentage rent
calculation will be changed from a percentage of the Developer's profits, to 15% of their gross revenues above
a natural breakpoint of $6,112,800.
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