HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-17-0322
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 2297
Revision: A
File Type: Resolution Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: City Commission
File Name: Direct City Atty - Charter Amendment - 5th Introduced: 5/4/2017
Amendment Montys Lease
Requesting Dept: Department of Real Estate and Asset Final Action Date: 7/13/2017
Management
Title: 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, AS AMENDED, ("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/STHS) AFFIRMATIVE VOTE TO WAIVE COMPETITIVE BIDDING
AND TO EXECUTE A FIFTH AMENDMENT ("FIFTH AMENDMENT"), IN
SUBSTANTIALLY THE ATTACHED FORM, TO THE LEASE AGREEMENT ("LEASE")
BETWEEN THE CITY OF MIAMI ("CITY") AND ALIGNED BAYSHORE MARINA LLC
("BAYSHORE MARINA") FOR CITY -OWNED PROPERTY LOCATED AT 2550 SOUTH
BAYSHORE DRIVE, MIAMI, FLORIDA ("PROPERTY") TO MODIFY CERTAIN
PROVISIONS OF THE LEASE AS STATED HEREIN INCLUDING THE EXTENSION OF
THE CURRENT LEASE TERM BY AN ADDITIONAL TERM OF APPROXIMATELY
THIRTY-TWO (32) YEARS WITH TWO (2) ADDITIONAL TEN (10) YEAR OPTIONS TO
RENEW, AN ADDITIONAL MINIMUM RENT PAYMENT OF TWO HUNDRED
THOUSAND DOLLARS ($200,000.00) PER LEASE YEAR (A MINIMUM OF TEN
MILLION DOLLARS [$10,000,000.00] OVER THE BASE TERM OF THE AMENDED
LEASE EXCLUDING RENEWAL OPTIONS), OR ONE AND THREE QUARTERS
PERCENT (1.75%) OF GROSS RENT RECEIPTS DERIVED FROM THE PROPERTY,
WHICHEVER IS GREATER, AS ADDITIONAL RENT DUE TO THE CITY, INCLUSIVE
OF SIGNIFICANT CAPITAL IMPROVEMENTS TO THE PROPERTY OF A MINIMUM
OF SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($7,500,000.00) TO BE
SPENT WITHIN THREE (3) YEARS OF APPROVAL OF THE FIFTH AMENDMENT BY
THE ELECTORATE, THE CREATION OF A CAPITAL ACCOUNT REQUIRING A
MINIMUM ADDITIONAL INVESTMENT TO THE PROPERTY OF FOUR MILLION
DOLLARS ($4,000,000.00) OVER THE FULL AMENDED LEASE TERM INCLUDING
RENEWAL OPTIONS, IMPLEMENTATION OF A TRANSFER FEE IF THE PROPERTY
IS TRANSFERRED OR ASSIGNED, A REFINANCING FEE SHOULD THE PROPERTY
BE REFINANCED AFTER THE INITIAL REFINANCING; SUBJECT TO TWO (2)
INDEPENDENT APPRAISALS OBTAINED BY THE CITY AFFIRMING FAIR MARKET
VALUE OF THE PROPERTY; FURTHER PROVIDING FOR CONSENT TO THE
RELATED SUBMERGED LANDS LEASE AND WAIVER OF DEED RESTRICTIONS
REQUIRED FROM THE STATE OF FLORIDA; SUBJECT TO APPROVAL OF THE
AMENDMENT BY REFERENDUM, CONSENT TO THE RELATED SUBMERGED LAND
LEASE, AND WAIVER OF DEED RESTRICTIONS BY THE STATE OF FLORIDA; WITH
ADDITIONAL TERMS AND CONDITIONS AS MORE PARTICULARLY SET FORTH IN
THE FIFTH AMENDMENT.
City of Miami Page 1 of 2 Printed on: 3/19/2026
City of Miami
Master Report
Enactment Number: R-17-0322
Notes:
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Links:
Attachments: 2297 Exhibit (PDF)
2297 Pre -Legislation (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Aldo Bustamante 6/8/2017 Department Head Review Completed
Everton Garvis 6/9/2017 Budget Analyst Review Completed
Christopher M Rose 6/12/2017 Budget Review Completed
Alberto N. Parjus 6/12/2017 Assistant City Manager Review Completed
Daniel J. Alfonso 6/12/2017 City Manager Review Completed
City Commission 7/13/2017 Meeting Completed
City Commission 7/13/2017 ADOPTED WITH Passed
MODIFICATION(S)
A Mayor's Office 7/21/2017 Signed by the Mayor Completed
A City Clerk's Office 7/21/2017 Signed and Attested by the City Completed
Clerk
A Legislative Division 12/13/2017 Legislative Division Review Completed
A Barnaby L. Min 12/13/2017 Deputy Attorney Review Completed
A Victoria Mendez 12/14/2017 Approved Form and Completed
Correctness with Modification(s)
City of Miami Page 2 of 2 Printed on: 3/19/2026