HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-00525 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, A FOURTH AMENDMENT TO THE
LEASE AGREEMENT, GARAGE PARCEL, ("AMENDMENT") 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, FOR
CITY -OWNED PROPERTY LOCATED AT 401 BISCAYNE BOULEVARD, MIAMI,
FLORIDA, TO MODIFY CERTAIN PROVISIONS OF THE LEASE, AS STATED
HEREIN, TO INCLUDE THE EXTENSION OF THE CURRENT LEASE TERM,
PROVIDED ALL RENEWAL OPTIONS ARE VALIDLY EXERCISED, BY
FIFTY-THREE (53) YEARS, AMENDING THE RENTAL PAYMENTS, INCREASING
THE ALLOWABLE NUMBER OF PARKING SPACES IN THE GARAGE, ALLOWING
THE ADDITION OF A RETAIL LINER TO THE GARAGE, REQUIRING RENT
ADJUSTMENTS BASED ON APPRAISALS CONDUCTED UPON THE FIRST
RENEWAL TERM FOR THE EXISTING SQUARE FOOTAGE, ESTABLISHING A
TRANSFER FEE FROM THE DEVELOPER, SUBJECT TO APPROVAL OF THE
AMENDMENT BY REFERENDUM, WITH ADDITIONAL TERMS AND CONDITIONS
AS MORE PARTICULARLY SET FORTH IN THE AMENDMENT, WHICH TERMS
MAY BE AMENDED BY THE CITY MANAGER AND THE CITY ATTORNEY AS MAY
BE NECESSARY IN ORDER TO MEET THE BEST INTERESTS OF THE CITY.
WHEREAS, City of Miami ("City") and Bayside Marketplace, LLC, a Delaware limited liability
company, successor by merger to Bayside Center Limited Partnership ("Developer") are the current
landlord and tenant, respectively, for certain premises located at Bayside Marketplace in Miami,
Florida, as more particularly described in the lease ("Leased Property"); and
WHEREAS, the City and the Developer, under that certain Lease Agreement dated as of
January 14, 1985, as amended by that certain First Amendment to the Lease Agreement dated as of
October 17, 1985, as further amended by that certain Second Amendment to the Lease Agreement
dated as of September 13, 1988, and as further amended by that certain Third Amendment to the
Lease Agreement dated as of April 15, 1993 (collectively and together with any attachments, exhibits
or riders thereto, the "Lease"), desire to modify certain provisions of the Lease, on the terms and
conditions set forth herein and subject to any conditions, approvals, reservations and stipulations
existing by virtue of applicable laws, rules, regulations and business negotiations relative to the
particulars of the Amendment as follows; and
WHEREAS, in exchange for extending the term of the Garage Lease by fifty-three (53) years
and the right to build additional parking spaces, the current annual minimum base rent of $10,000.00
will be increased to $916,920.00 and the percentage rent calculation will be changed from a
percentage of the Developer's profits, to fifteen percent (15%) of their gross revenues above a natural
breakpoint of $6,112,800.00;
City of Miami Page 1 of 2 File Id: 14-00525 (Version: 1) Printed On: 6/4/2014
File Number: 14-00525
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. The City Manager is authorized{1} to negotiate and execute, in a form acceptable to
the City Attorney, a Fourth Amendment to the Lease Agreement, garage parcel, (the "Amendment")
between the City and the Developer, in substantially the attached form, for the City -owned property
located at 401 Biscayne Boulevard, Miami, Florida, to modify certain provisions of the lease, as stated
herein, to include the extension of the current lease term, provided all renewal options are validly
exercised, by fifty-three (53) years, amending the rental payments, increasing the allowable number of
parking spaces in the garage, allowing the addition of a retail liner to the garage, requiring rent
adjustments based on appraisals conducted upon the first renewal term for the existing square
footage, establishing a Transfer Fee from the Developer, subject to approval of the Amendment by
referendum, with additional terms and conditions as more particularly set forth in the Amendment,
which terms may be amended by the City Manager and the City Attorney as may be necessary in
order to meet the best interests of the City.
Section 3. This Resolution shall become effective immediately upon 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: 14-00525 (Version: 1) Printed On: 6/4/2014