HomeMy WebLinkAboutR-14-0242City of Miami
Legislation
Resolution: R-14-0242
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-00523 Final Action Date: 6/26/2014
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BYA
FOUR -FIFTHS (4/STHS) 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,
City of Miami
Page 1 of 2 File Id: 14-00523 (Version: 21 Printed On: 1/4/2018
File Number: 14-00523 Enactment Number: R-14-0242
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.
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: 14-00523 (Version: 21 Printed On: 1/4/2018