HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM
File ID: #2028
Date: 03/27/2017
Commission Meeting Date: 04/27/2017
Type: Discussion Item
Subject: Discussion - Hyatt MOU
Purpose of Item:
Requesting Department: Department of
Real Estate and Asset Management
Sponsored By:
District Impacted: District 2
A Discussion Item of the Miami City Commission, with attachment(s), considering a
Memorandum of Understanding ("MOU") to be executed by the City Manager, inclusive
of a non -binding Term Sheet, in substantially the attached form, between the City of
Miami ("City") and Hyatt Equities, LLC ("Hyatt"), whereby the City shall negotiate an
amended and restated land lease between the City and Hyatt, with terms and conditions
more particularly described in the attached MOU.
Background of Item:
The City of Miami ("City") is the owner of the James L. Knight Convention Center
located at 400 S.E. 2nd Avenue, Miami, Florida 33131 ("Convention Center"). Per the
Lease Agreement originally dated September 13, 1979, as supplemented and amended
("Lease"), Hyatt currently leases the property connected to the Convention Center from
the City, and is the owner of the hotel structure known as the Hyatt Regency Miami
("Hotel").
The City and Hyatt desire to enter into an amended and restated lease ("New Lease"),
which will extend the lease term to a total of 99 years, expand the leased premises to
include the Convention Center, amend the parking agreement, and require Hyatt to
redevelop the site according to the terms specified in the attached Memorandum of
Understanding ("MOU"). The attached MOU is a non -binding expression of the terms to
be negotiated and agreed upon between the City and Hyatt for the New Lease. The
New Lease shall be subject to final review and approval by the City Commission and
shall further be subject to approval by referendum.
Budget Impact Analysis
Item has NO budget impact
Item is NOT Related to Revenue
Item is NOT funded by Bonds
Total Fiscal Impact:
N/A
Real Estate and Asset Management
Office of Management and Budget
Office of Management and Budget
City Manager's Office
Legislative Division
City Manager's Office
Office of the City Attorney
Office of the City Attorney
City Commission
Reviewed B
Aldo Bustamante
Everton Garvis
Christopher M Rose
Alberto N. Parjus
Carolina Aguila
Daniel J. Alfonso
Carolina Aguila
Carolina Aguila
Maricarmen Lopez
Department Head Review
Budget Analyst Review
Budget Review
Assistant City Manager Review
Legislative Division Review
City Manager Review
Deputy City Attorney Review
Approved Form and Correctness
Meeting
Completed 03/28/2017 7:24 AM
Completed 03/28/2017 3:03 PM
Completed 04/04/2017 11:32 AM
Completed 04/04/2017 3:02 PM
Skipped 04/03/2017 8:18 AM
Completed 04/04/2017 3:05 PM
Skipped 04/03/2017 8:18 AM
Skipped 04/03/2017 8:18 AM
Completed 04/27/2017 9:00 AM