HomeMy WebLinkAboutResolutionCity of Miami
Resolution
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 2576 Final Action Date: 7/13/2017
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
DIRECTING THE CITY ATTORNEY TO PREPARE AN AMENDMENT TO THE
CHARTER OF THE CITY OF MIAMI, FLORIDA ("CHARTER") FOR
CONSIDERATION AT THE REFERENDUM SPECIAL ELECTION TO BE HELD
CONCURRENTLY WITH THE GENERAL MUNICIPAL ELECTION SCHEDULED
FOR NOVEMBER 7, 2017, PROPOSING, UPON APPROVAL OF THE
ELECTORATE, TO AMEND SECTION 29-B OF THE CHARTER ENTITLED
"CITY -OWNED PROPERTY SALE OF LEASE -GENERALLY," TO AUTHORIZE
THE CITY COMMISSION BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE,
TO WAIVE COMPETITIVE BIDDING AND TO EXECUTE AN AMENDED AND
RESTATED LEASE WITH HYATT EQUITIES, LLC, TO EXTEND THE
CURRENT LEASE TERM TO A TOTAL OF NINETY-NINE (99) YEARS, WITH
AN ANNUAL BASE RENT PAYABLE TO THE CITY OF MIAMI ("CITY") OF AT
LEAST TWO MILLION DOLLARS ($2,000,000.00), PLUS ADDITIONAL
PERCENTAGE RENT FOR OTHER USES, WITH RESTRICTIONS,
REVERSIONS, AND RETENTION BY THE CITY OF ALL OTHER RIGHTS, TO
BE REDEVELOPED PURSUANT TO A COMPREHENSIVE REDEVELOPMENT
MASTER PLAN INCORPORATING THE JAMES L. KNIGHT CONVENTION
CENTER LAND REQUIRING CITY COMMISSION APPROVAL.
WHEREAS, the City of Miami ("City") is the owner of the James L. Knight Convention
Center located at 400 Southeast 2nd Avenue, Miami, Florida ("Convention Center"); and
WHEREAS, the City is also the owner and landlord of the land upon which the hotel
structure known as the Hyatt Regency Miami ("Hotel") is located and leased by Hyatt Equities,
LLC ("Hyatt"); and
WHEREAS, per the Lease Agreement originally dated September 13, 1979, as
supplemented and amended ("Lease"), Hyatt currently leases the Hotel; and
WHEREAS, 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 ninety-nine 99 years, expand the
leased premises to include the land upon which the Convention Center is located, amend the
parking agreement, and require Hyatt to redevelop the site according to the terms specified in
the attached non -binding Memorandum of Understanding ("MOU"); and
WHEREAS, pursuant to Resolution No. 17-0261, adopted on May 25, 2017, the City
Commission approved a Reconciliation Agreement to settle the existing claims and
controversies with Hyatt as further specified therein; and
WHEREAS, included in the Reconciliation Agreement was a non -binding MOU outlining
the basic terms of the proposed New Lease; and
City of Miami Page 1 of 2 File ID: 2576 (Revision:) Printed On: 1/24/2025
File ID: 2576 Enactment Number:
WHEREAS, the City Commission has determined that the New Lease, as preliminarily
contemplated by the MOU, will be in the City's best interest;
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 if fully set forth in this Section
Section 2. The City Attorney is directed to prepare an amendment to the Charter of the
City of Miami, Florida ("Charter") for consideration at the Referendum Special Election to be
held concurrently with the General Municipal Election scheduled for November 7, 2017,
proposing, upon approval of the electorate, to amend Section 29-b of the Charter entitled "City -
owned property sale of lease -generally," to authorize the City Commission by a four -fifths
(4/5ths) affirmative vote, to waive competitive bidding and to execute an amended and restated
lease with Hyatt to extend the current lease term to a total of ninety-nine (99) years, with an
annual base rent to the City of at least two million dollars ($2,000,000.00), plus additional
percentage rent for other uses, with restrictions, reversions, and retention by the City of all other
rights, and to incorporate the James L. Knight Convention Center land into a comprehensive
redevelopment master plan requiring City Commission approval.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
APPROVED AS TO FORM AND CORRECTNESS:
1 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) 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: 2576 (Revision:) Printed on: 1/24/2025