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HomeMy WebLinkAboutSummary FormDate: 5/15/2014 AGENDA ITEM SUMMARY FORM 14-00523 FILE ID: Law Department Matter ID No. l 3•- a7 Requesting Department: Public Facilities/Asset Mgmt. Commission Meeting Date: 6/12/2014 District Impacted: 2 Type: I Resolution n Ordinance n Emergency Ordinance n Discussion Item ❑ Other Subject: Resolution for the Amendment to the Minority Participation Agreement between Bayside Marketplace, LLC and the City of Miami. P uapose of Kum. . A Resolution of the Miami City Commission, with attachment(s), by a four -fifths (4/5ths) affirmative vote, authorizing the City Manager to execute a Second Amendment to the Minority Participation Agreement, between the City of Miami ("City") and Bayside Marketplace, LLC, a Delaware Limited Liability Company, successor by merger to Bayside Center Limited Partnership ("Developer"), in substantially the attached form to modify the annual Foundation Contribution from the greater of 10% of the "Net Income Available for Distribution", as defined in the Retail Lease with Bayside Marketplace, LLC, or $100,000 to an annual amount of $350,000 with 2% annual increases for the remainder of the agreement. Background Information: See Supplemental Page 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: 0 Maintenance Cost: 0 Total Fiscal Impact: 0 Final Approvals (SIGN AND DATE) wr vw CIP N/A Budge .� IY If using or receiving capital funds Grants N/A Risk Managemen Purchasing N/A Dept. Director Chief City Manager Page 1 of 2 SUPPLEMENTAL PAGE Subject: Resolution for the Amendment to the Minority Participation Agreement between Bayside Marketplace, LLC and the City of Miami. Background Information: The Minority Participation Agreement ("Agreement") is Exhibit H of the Lease Agreement between the City of Miami ("City") and Bayside Marketplace, LLC ("Developer") for the development of the Bayside Specialty Center. 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. 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. The City and Developer wish to amend the Lease Agreement to remove the calculation of the Net Income Available for Distribution. 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. Page 2 of 2