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Resolution
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 9374 Final Action Date: 7/22/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION DIRECTING THE CITY
ATTORNEY TO PREPARE AN AMENDMENT TO THE CHARTER OF THE CITY OF
MIAMI, FLORIDA, AS AMENDED ("CITY CHARTER"), FOR CONSIDERATION AT A
SPECIAL ELECTION SCHEDULED FOR NOVEMBER 2, 2021 PROPOSING TO
AMEND SECTION 29-B OF THE CITY CHARTER, TITLED "CITY -OWNED PROPERTY
SALE OR LEASE - GENERALLY," TO AUTHORIZE THE CITY COMMISSION, BY A
FOUR -FIFTHS (4/STHS) AFFIRMATIVE VOTE, TO WAIVE COMPETITIVE BIDDING
AND AUTHORIZE THE CITY MANAGER TO NEGOTIATE AND EXECUTE A GROUND
LEASE AND MASTER DEVELOPMENT AGREEMENT, IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY, BETWEEN THE CITY OF MIAMI ("CITY") AND SUNTEX
MARINA INVESTORS, LLC OR AN AFFILIATE THEREOF ("SUNTEX") FOR
APPROXIMATELY TWENTY SEVEN (27) ACRES OF CITY -OWNED PROPERTY
(INCLUDING UPLANDS AND SUBMERGED LANDS) IN VIRGINIA KEY AND
LOCATED AT 3301, 3307, 3605, AND 3501 RICKENBACKER CAUSEWAY, MIAMI,
FLORIDA AND IDENTIFIED AS FOLIO NOS. 01-4217-000-0020, 01-4218-000-0030,
01-4218-000-0031, 01-4218-000-0010, AND 01-4217-000-0030 (COLLECTIVELY,
"PROPERTY") FOR AN INITIAL TERM OF FORTY FIVE (45) YEARS WITH TWO (2)
FIFTEEN (15) YEAR RENEWAL TERMS WITH THE CUMULATIVE TERM, INCLUSIVE
OF BOTH RENEWALS, NOT TO EXCEED SEVENTY-FIVE (75) YEARS AND
PROVIDING FOR AN ANNUAL RENT EQUAL TO THE GREATER OF FAIR MARKET
VALUE AS DETERMINED BY TWO (2) INDEPENDENT STATE CERTIFIED
APPRAISERS OR (A) TWO MILLION SEVEN HUNDRED AND FIFTY THOUSAND
DOLLARS ($2,750,000.00) PLUS (B) A PERCENTAGE RENT EQUAL TO SEVEN
PERCENT (7%) OF THE GROSS REVENUES GENERATED FROM WET SLIP AND
DRY STORAGE, SEVEN PERCENT (7%) OF GROSS REVENUES GENERATED
FROM FUEL SALES, SEVEN PERCENT (7%) OF THE GROSS REVENUES
GENERATED FROM SUBLEASE INCOME, AND FIVE PERCENT (5%) OF GROSS
REVENUES GENERATED FROM OTHER INCOME -GENERATING SOURCES
RECEIVED FROM THE PROJECT FOR THE DEVELOPMENT OF A WORLD -CLASS
MIXED -USE MARINA FACILITY WITH A MINIMUM CAPITAL COMMITMENT BY
SUNTEX OF ONE HUNDRED MILLION DOLLARS ($100,000,000.00); AUTHORIZING
THE USE OF THE PROPERTY FOR A MIXED -USE WATERFRONT FACILITY
INCLUDING, BUT NOT LIMITED TO, MARINAS, BOATYARD, DOCK MASTER'S
OFFICES, SHIP'S STORES, DRY RACK BOAT AND OTHER VESSEL STORAGE,
WET SLIP DOCKS, RESTAURANTS, RETAIL, FUEL FACILITIES, AND OTHER
RECREATIONAL AND MARINE RELATED USES, WITH RESTRICTIONS,
REVERSIONS, AND RETENTION BY THE CITY OF ALL OTHER RIGHTS.
SPONSOR(S): Commissioner Alex Diaz de la Portilla
WHEREAS, the City of Miami ("City") owns in fee simple the waterfront properties on
Virginia Key known as the Rickenbacker Marina and Marine Stadium Marina, including
approximately twenty-seven (27) acres of combined uplands and submerged lands, located at
3301, 3307, 3605, and 3501 Rickenbacker Causeway, Miami, Florida ("Property"); and
City of Miami Page 1 of 3 File ID: 9374 (Revision:) Printed On: 5/29/2025
File ID: 9374 Enactment Number:
WHEREAS, Suntex Marina Investors, LLC or an affiliate thereof ("Suntex") desires to
design and develop the Property for the purposes of constructing a mixed -use world class
marine facility including, but not limited to, marinas, boatyards, dock master's offices, ship's
stores, dry rack boat and other vessel storage, wetslip docks, restaurants, retail, fuel facilities,
and other recreational and marine -related uses ("Project"); and
WHEREAS, the City and Suntex desire to negotiate and enter into a Ground Lease and
Master Development Agreement ("Lease") of the Property for an initial term of forty-five (45)
years with two (2) fifteen (15) year options to renew for a maximum possible term of seventy-
five (75) years; and
WHEREAS, the Project shall be world class and require a minimum capital commitment
from Suntex of one hundred million dollars ($100,000,000.00); and
WHEREAS, Suntex will pay to the City an annual rent equal to the greater of fair market
value as determined by two (2) independent State certified appraisers or (a) two million seven
hundred and fifty thousand dollars ($2,750,000.00) ("Base Rent") plus (b) seven percent (7%) of
gross revenues generated from wet slip and dry storage, gross revenues generated from fuel
sales, and gross revenues generated from sublease income, and five percent (5%) of gross
revenues generated from other income -generating sources received from the Project
("Percentage Rent"); and
WHEREAS, for purposes of calculating Percentage Rent, gross revenues means the total
amount of income received by Suntex prior to deductions; and
WHEREAS, the City will negotiate with Suntex to ensure the financial return to the City
meets or exceeds fair market value through a minimum rent, profit sharing, or other similar
financial contribution from Suntex to the City, but in no event less than the Base Rent plus
Percentage Rent; and
WHEREAS, Suntex proposes to design, fund, construct, and operate the Project, which
will include, without limitation, floating dock systems, a public coastal promenade, and ample
parking facilities; and
WHEREAS, the Project will help implement major components of the Virginia Key Master
Plan and will include new resiliency standards, public promenades, open green space, and shall
incorporate green elements into the design; and
WHEREAS, the Lease will allow reasonable public access to the water and reasonable
public use of the Property and comply with other waterfront setback and view -corridor
requirements of the Charter of the City of Miami, Florida, as amended ("City Charter"); and
WHEREAS, the approval of the Lease shall be subject to compliance with all laws,
regulations, or restrictions imposed upon the Property; and
WHEREAS, Suntex shall be responsible for all expenses and costs associated with the
Project and the Property, including, without limitation, reimbursing the City for all bond funds
and other restricted funds utilized at the Property or any portion thereof and any costs imposed
by the State pursuant to the deed restriction; and
WHEREAS, the City Commission has determined that the Lease and the Project are in the
City's best interest;
City of Miami Page 2 of 3 File ID: 9374 (Revision:) Printed on: 5/29/2025
File ID: 9374 Enactment Number:
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 City Charter for
consideration at a Special Election to be held November 2, 2021 proposing to amend Section
29-B of the City Charter, titled "City -Owned Property Sale or Lease -Generally," to authorize the
City Commission, by a four -fifths (4/5ths) affirmative vote, to waive competitive bidding and
authorize the City Manager to negotiate and execute a Lease, in a form acceptable to the City
Attorney, between the City and Suntex for approximately twenty seven (27) acres of City -owned
property in Virginia Key and located at 3301, 3307, 3605, and 3501 Rickenbacker Causeway,
Miami, Florida 33149, commonly known as the Rickenbacker Marina and Marine Stadium
Marina and identified as folio nos. 01-4217-000-0020, 01-4218-000-0030, 01-4218-000-0031,
01-4218-000-0010, and 01-4217-000-0030 for an initial term of forty-five (45) years with two (2)
fifteen (15) year options to renew for a total possible term not to exceed seventy-five (75) years
and providing for an annual rent equal to the greater of fair market value as determined by two
(2) independent State certified appraisers or (a) two million five hundred thousand dollars
($2,500,000.00) plus (b) a percentage rent equal to seven percent (7%) of the gross revenues
generated from wet slip and dry storage, seven percent (7%) of gross revenues generated from
fuel sales, seven percent (7%) of the gross revenues generated from sublease income, and five
percent (5%) of gross revenues generated from other income -generating sources received from
the Project, authorizing the use of the Property for a mixed -use waterfront facility including, but
not limited to, marinas, boatyard, dock master's offices, ship's stores, dry rack boat and other
vessel storage, wetslip docks, restaurants, and other recreational and marine related uses for
the development of a world -class mixed -use marina facility with a minimum capital commitment
by Suntex of one hundred million dollars ($100,000,000.00), with restrictions, reversions, and
retention by the City of all other rights.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
APPROVED AS TO FORM AND CORRECTNESS:
ndez, City Attor ey ) 7/1372021
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 3 of 3 File ID: 9374 (Revision:) Printed on: 5/29/2025