HomeMy WebLinkAboutSummary FormFILE ID:
Date: 5/27/2014
Commission Meeting Date: 6/12/2014
AGENDA ITEM SUMMARY FORM
14-00525
Law Department
Matter ID No.
13-2765
Requesting Department: Public Facilities/Asset Mgmt.
District Impacted: 2
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Resolution to negotiate and execute a Fourth Amendment to the Lease Agreement, garage parcel, (the
"Amendment"), between the City of Miami ("City") and Bayside Marketplace, LLC.
Purpose of Item:
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, (the "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 Blvd., 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.
Background Information:
See Supplemental Page
Budget Impact Analysis
YES 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 DATA
If using or receiving capital funds
Grants IVA
Purchasing N/A
Chief (. G-a j"l—✓'
Bud
Risk Management
Dept. Director
City Manage
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Subject: Resolution to negotiate and execute a Fourth Amendment to the Lease Agreement, garage parcel, (the
"Amendment"), between the City of Miami ("City") and Bayside Marketplace, LLC.
Background Information:
The City and 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 (the "Leased Property").
The City and 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:
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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