HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-17-0351
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 2585
Revision: A
File Name: Charter Amendment-Monty's Aligned Bayshore
Requesting Dept: Department of Real Estate and Asset
Management
File Type: Resolution Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: City Commission
Introduced: 6/27/2017
Final Action Date: 7/27/2017
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING, SETTING FORTH, AND SUBMITTING TO THE ELECTORATE A
PROPOSED CHARTER AMENDMENT AMENDING THE CHARTER OF THE CITY OF
MIAMI, FLORIDA, AS AMENDED ("CHARTER"); SPECIFICALLY BY AMENDING
SECTION 29-B OF THE CHARTER, ENTITLED "CITY -OWNED PROPERTY SALE OR
LEASE -GENERALLY", TO AUTHORIZE THE CITY COMMISSION ("COMMISSION") BY
A FOUR -FIFTHS (4/STHS) AFFIRMATIVE VOTE TO WAIVE COMPETITIVE BIDDING
AND TO EXECUTE A FIFTH AMENDMENT ("FIFTH AMENDMENT") TO THE LEASE
AGREEMENT ("LEASE") BETWEEN THE CITY OF MIAMI ("CITY") AND ALIGNED
BAYSHORE MARINA, LLC ("BAYSHORE MARINA"), ALSO KNOWN AS MONTY'S,
FOR CITY -OWNED WATERFRONT PROPERTY LOCATED AT 2550 SOUTH
BAYSHORE DRIVE, MIAMI, FLORIDA ("PROPERTY"), TO EXTEND THE CURRENT
LEASE TERM BY AN ADDITIONAL TERM OF APPROXIMATELY THIRTY-TWO (32)
YEARS (TO EXPIRE MAY 31, 2067), WITH TWO (2) ADDITIONAL TEN (10) YEAR
OPTIONS TO RENEW, FOR A TOTAL TERM OF FIFTY TWO (52) YEARS (TO EXPIRE
MAY 31, 2087); 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) OR ONE AND THREE QUARTERS PERCENT (1.75%) OF GROSS RENT
RECEIPTS FROM THE PROPERTY, WHICHEVER IS GREATER, AS ADDITIONAL
RENT DUE TO THE CITY AND, COMMENCING JANUARY 1, 2019, MINIMUM ANNUAL
TOTAL RENT (INCLUSIVE OF THE ADDITIONAL MINIMUM RENT) SHALL BE ONE
MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000.00), PLUS AN
ADDITIONAL TWENTY FIVE THOUSAND DOLLARS ($25,000.00) TO BE PAID ON AN
ANNUAL BASIS FOR THE FULL AMENDED TERM TO A SPECIAL FUND TO BE
ESTABLISHED BY THE CITY FOR THE BENEFIT OF LOW INCOME HOUSING
RENOVATION; FURTHER PROVIDING 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 THE
ELECTORATE'S APPROVAL OF THE FIFTH AMENDMENT TO THE LEASE; THE
CREATION OF A CAPITAL ACCOUNT REQUIRING A MINIMUM ADDITIONAL
INVESTMENT IN THE PROPERTY OF FOUR MILLION DOLLARS ($4,000,000.00)
OVER THE TOTAL AMENDED LEASE TERM, INCLUSIVE OF THE RENEWAL
OPTIONS; REQUIRING A TRANSFER FEE PAYMENT TO THE CITY IF THE
PROPERTY IS TRANSFERRED OR ASSIGNED; AND FURTHER REQUIRING A
REFINANCING FEE PAYMENT TO THE CITY SHOULD THE PROPERTY BE
REFINANCED AFTER THE INITIAL REFINANCING; AND PURSUANT TO SECTION
29-B OF THE CHARTER, ENTITLED "CITY OWNED PROPERTY SALE OR LEASE -
GENERALLY," AND SUBPART A, SECTION 3(F)(III), ENTITLED "POWERS," TWO (2)
INDEPENDENT APPRAISALS HAVING BEEN OBTAINED BY THE CITY AFFIRMING
FAIR MARKET VALUE OF THE FIFTH AMENDMENT; ACKNOWLEDGING THE CITY'S
SEPARATE AUTHORIZATION BY RESOLUTION NO. 17-0323, ADOPTED JULY 13,
City of Miami Page 1 of 2 Printed on: 3/19/2026
City of Miami
Master Report
Enactment Number: R-17-0351
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
2017, OF THE CITY'S RELATED MODIFICATION OF SUBMERGED LANDS LEASE
AND WAIVER OF DEED RESTRICTIONS REQUIRED WITH THE STATE OF FLORIDA,
BOARD OF TRUSTEES OF THE INTERNAL IMPROVEMENT TRUST FUND, AND
OTHER RESTRICTIONS, REVERSIONS, AND RETENTION BY THE CITY OF ALL
OTHER RIGHTS; CALLING FOR A REFERENDUM SPECIAL ELECTION AND
PROVIDING THAT THE CHARTER AMENDMENT SHALL BE SUBMITTED TO THE
ELECTORATE AT THE REFERENDUM SPECIAL ELECTION TO BE HELD
CONCURRENTLY WITH THE GENERAL MUNICIPAL ELECTION ON NOVEMBER 7,
2017; DESIGNATING AND APPOINTING THE CITY CLERK ("CLERK") AS THE
OFFICIAL REPRESENTATIVE OF THE COMMISSION WITH RESPECT TO THE USE
OF VOTER REGISTRATION BOOKS AND RECORDS; FURTHER DIRECTING THE
CLERK TO CAUSE A CERTIFIED COPY OF THE HEREIN RESOLUTION TO BE
DELIVERED TO THE SUPERVISOR OF ELECTIONS OF MIAMI-DADE COUNTY,
FLORIDA NOT LESS THAN FORTY-FIVE (45) DAYS PRIOR TO THE DATE OF SUCH
REFERENDUM SPECIAL ELECTION; PROVIDING AN IMMEDIATE EFFECTIVE DATE
FOR THIS RESOLUTION.
Notes:
Links:
Attachments: 2585 Exhibit No. 1 (PDF)
2585-Submittal-DREAM-CBRE Appraisal (PDF)
2585-Submittal-DREAM-Joseph Blake and Associates Appraisal (PDF)
2585-Legislation-SUB Memo From City Manager (PDF)
2585-Legislation-SUB (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Aldo Bustamante 7/6/2017 Department Head Review Completed
Everton Garvis 7/6/2017 Budget Analyst Review Completed
Christopher M Rose 7/6/2017 Budget Review Completed
Alberto N. Parjus 7/6/2017 Assistant City Manager Review Completed
Legislative Division 7/11/2017 Legislative Division Review Completed
Daniel J. Alfonso 7/17/2017 City Manager Review Completed
A City Commission 7/27/2017 Meeting Completed
A City Commission 7/27/2017 ADOPTED WITH Passed
MODIFICATION(S)
A Mayor's Office 8/4/2017 Signed by the Mayor Completed
A City Clerk's Office 8/4/2017 Signed and Attested by the City Completed
Clerk
A Legislative Division 8/10/2017 Legislative Division Review Completed
(PRV)
A Barnaby L. Min 8/11/2017 Deputy Attorney Review Completed
A Victoria Mendez 9/20/2017 Approved Form and Completed
Correctness with Modification(s)
City of Miami Page 2 of 2 Printed on: 3/19/2026