HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-17-0594
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 3337
Revision: A
File Type: Resolution Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: City Commission
File Name: Authorize Amendment No. 5 - Aligned Bayshore Introduced: 11/28/2017
Marina, LLC
Requesting Dept: Department of Real Estate and Asset Final Action Date: 12/14/2017
Management
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
OFFICIALLY ACKNOWLEDGING THE CITY CLERK'S CERTIFICATION OF THE
RESULTS OF THE REFERENDUM SPECIAL ELECTION HELD ON NOVEMBER 7,
2017, AS APPROVED PURSUANT TO RESOLUTION NO. 17-0575 ADOPTED
DECEMBER 14, 2017, FOR A CHARTER AMENDMENT AMENDING THE CHARTER
OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CHARTER") BY AMENDING
SECTION 29-B OF THE CHARTER, ENTITLED "CITY -OWNED PROPERTY SALE OR
LEASE -GENERALLY", TO AUTHORIZE THE CITY MANAGER BY A FOUR -FIFTHS
(4/STHS) AFFIRMATIVE VOTE OF THE CITY COMMISSION ("COMMISSION") 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
City of Miami Page 1 of 2 Printed on: 3/19/2026
City of Miami
Master Report
Enactment Number: R-17-0594
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
"POWERS," TWO (2) INDEPENDENT APPRAISALS HAVING BEEN OBTAINED BY
THE CITY AFFIRMING FAIR MARKET VALUE OF THE PROPERTY;
ACKNOWLEDGING THE CITY'S SEPARATE AUTHORIZATION BY RESOLUTION NO.
17-0323 ADOPTED JULY 13, 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.
Notes:
Links:
Attachments: 3337 Exhibit (PDF)
3337 Back -Up Documents (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Mark Burns 11/28/2017 Department Head Review Completed
Everton Garvis 11/28/2017 Budget Analyst Review Completed
Christopher M Rose 11/30/2017 Budget Review Completed
Alberto N. Parjus 11/30/2017 Assistant City Manager Review Completed
Legislative Division 11/30/2017 Legislative Division Review Completed
Daniel J. Alfonso 12/2/2017 City Manager Review Completed
Victoria Mendez 12/5/2017 Approved Form and Completed
Correctness
City Commission 12/14/2017 Meeting Completed
City Commission 12/14/2017 ADOPTED WITH Passed
MODIFICATION(S)
A Mayor's Office 12/14/2017 Signed by the Mayor Completed
A City Clerk's Office 12/14/2017 Signed and Attested by the City Completed
Clerk
A Legislative Division 12/20/2017 Legislative Division Review Completed
A Barnaby L. Min 12/20/2017 Deputy Attorney Review Completed
A Victoria Mendez 12/20/2017 Approved Form and Completed
Correctness with Modification(s)
A City Clerk's Office 12/21/2017 Rendered Completed
City of Miami Page 2 of 2 Printed on: 3/19/2026