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HomeMy WebLinkAboutLegislationCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 14-00523 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AUTHORIZING THE CITY MANAGER TO EXECUTE A SECOND AMENDMENT TO THE MINORITY PARTICIPATION AGREEMENT ("AGREEMENT"), BETWEEN THE CITY OF MIAMI ("CITY") AND BAYSIDE MARKETPLACE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, SUCCESSOR BY MERGER TO BAYSIDE CENTER LIMITED PARTNERSHIP, IN SUBSTANTIALLY THE ATTACHED FORM, TO MODIFY THE ANNUAL FOUNDATION CONTRIBUTION FROM THE GREATER OF TEN PERCENT (10%) OF THE "NET INCOME AVAILABLE FOR DISTRIBUTION", AS DEFINED IN THE RETAIL LEASE WITH BAYSIDE MARKETPLACE, LLC, OR $100,000.00 TO AN ANNUAL AMOUNT OF $350,000.00, WITH TWO PERCENT (2%) ANNUAL INCREASES FOR THE REMAINDER OF THE AGREEMENT. WHEREAS, the Minority Participation Agreement ("Agreement") is an Exhibit to the Lease Agreement between the City of Miami ("City") and Bayside Marketplace, LLC ("Developer") for the development of the Bayside Specialty Center; and WHEREAS, the Agreement calls for, among other things, the creation of a foundation, with the purpose of administering loan guarantee programs for venture capital loans to minority business enterprises, creating a vocational/educational scholarship fund for minorities and to provide technical assistance and resources to local community development corporations engaged in economic development of minority business enterprises, and WHEREAS, the Miami Bayside Foundation, Inc. ("Foundation") was created as a result of the Agreement and the Developer contributes the greater of 10% of the "Net Income Available for Distribution", as defined in the Retail Lease with Developer or $100,000; and WHEREAS, the City and Developer wish to amend the Lease Agreement to remove the calculation of the Net Income Available for Distribution; and WHEREAS, The Developer wishes to amend the payment to the foundation to an annual payment of $350,000 with annual increases of 2%. Pursuant to the Agreement, a four -fifths (4/5ths) affirmative vote by the Miami City Commission is required to amend the Agreement; 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 adopted by reference and incorporated as fully set forth in this Section. Section 2. By a four -fifths (4/5ths) affirmative vote, the City Manager is authorized{1} execute a Second Amendment to the Minority Participation Agreement, between the City and the Developer, in substantially the attached form, to modify the annual Foundation Contribution from the greater of ten City of Miami Page 1 of 2 File Id: 14-00523 (Version: 1) Printed On: 6/4/2014 File Number: 14-00523 percent (10%) of the "Net Income Available for Distribution", as defined in the Retail Lease with Bayside Marketplace, LLC, or $100,000.00 to an annual amount of $350,000.00, with two percent (2%) annual increases for the remainder of the Agreement. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor. {2} APPROVED AS TO FORM AND CORRECTNESS: VICTORIA MENDEZ CITY ATTORNEY 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: 14-00523 (Version: 1) Printed On: 6/4/2014