HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-21-0319
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 8944
Revision: B
File Name: Amend Agreement - Jungle Island
Requesting Dept: Department of Real Estate and Asset
Management
File Type: Resolution
Status: ADOPTED
Controlling Body: City Commission
Introduced: 4/20/2021
Final Action Date: 7/22/2021
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY
MANAGER TO NEGOTIATE AND EXECUTE AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT DATED APRIL 20, 2000, AS AMENDED AND
ASSIGNED, BETWEEN THE CITY OF MIAMI ("CITY"), MIAMI-DADE COUNTY
("COUNTY"), AND ESJ JI LEASEHOLD, LLC ("ESJ"), IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY AND SUBJECT TO APPROVAL BY THE COUNTY, PROVIDING
FOR ESJ TO PAY A PORTION OF THE AMOUNTS DUE TO THE CITY PURSUANT TO
THE DEFERRAL OF PAYMENTS APPROVED BY RESOLUTION NO. R-07-0405 IN A
LUMP SUM PAYMENT OF EIGHT MILLION DOLLARS ($8,000,000.00) AND
PROVIDING THAT THE REMAINING BALANCE WILL BE REDUCED BY ONE MILLION
TWENTY ONE THOUSAND NINE HUNDRED TWENTY THREE DOLLARS
($1,021,923.00) IF THE HOTEL CONSTRUCTION IS COMPLETED BY JUNE 30, 2026
AND WILL FURTHER BE REDUCED BY TWO MILLION DOLLARS ($2,000,000.00)
AND ACCRUED INTEREST WILL BE WAIVED IF PAID IN FULL BY JANUARY 31,
2028; FURTHER AUTHORIZING THE SUBORDINATION OF SUCH AMOUNTS OWED
TO THE CITY TO ESJ'S INSTITUTIONAL FINANCING FOR THE HOTEL
CONSTRUCTION; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE
AND EXECUTE A SIXTH MODIFICATION TO THE LEASE AND DEVELOPMENT
AGREEMENT DATED SEPTEMBER 2, 1997, AS AMENDED AND ASSIGNED,
BETWEEN THE CITY AND ESJ, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY,
WHEREBY ESJ WILL BE GIVEN A RENT CREDIT OF SEVEN HUNDRED FIFTY
THOUSAND DOLLARS ($750,000.00) SPREAD EQUALLY OVER THREE (3) YEARS,
PROVIDING THAT THE BREAKPOINT FOR PERCENTAGE RENT OF THE PARK
WILL BE REDUCED TO EIGHTEEN MILLION DOLLARS ($18,000,000.00) AND THE
BREAKPOINT FOR PERCENTAGE RENT OF THE HOTEL WILL BE REDUCED TO
TWENTY ONE MILLION DOLLARS ($21,000,000.00) WITH RESTRICTIONS,
REVERSIONS, AND RETENTION BY THE CITY OF ALL OTHER RIGHTS; FURTHER
AUTHORIZING THE CITY MANAGER TO ACCEPT FROM ESJ AN AMOUNT EQUAL
TO APPROXIMATELY EIGHT HUNDRED FIFTY TWO THOUSAND DOLLARS
($852,000.00) AS FULL PAYMENT OF THE OUTSTANDING RENT AND TAXES
DEFERRED PURSUANT TO RESOLUTION NO. R-09-0178; RATIFYING, APPROVING,
AND CONFIRMING THE CONSENT TO THE YGRENE LOAN DATED AUGUST 9,
2017; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE ANY OTHER RELATED DOCUMENTS AS MAY BE NECESSARY TO
ACCOMPLISH THE PROPOSED TRANSACTIONS, ALL IN FORMS ACCEPTABLE TO
THE CITY ATTORNEY.
Notes:
Pursuant to the resolution, this item became effective immediately upon adoption by the
Commission.
Links:
City of Miami Page 1 of 2 Printed on: 5/29/2025
City of Miami
Master Report
Enactment Number: R-21-0319
Attachments: 8944 Back -Up Documents (PDF)
8944 Pre -Legislation (PDF)
8944 Submittal -Debora Arditi-Letter from Kerry Gruson (PDF)
8944 Submittal -Greg Baldwin -Edward Dugger & Assoc. Memo (PDF)
8944 Submittal -Greg Baldwin-WebMD Article (PDF)
History of Legislative File:
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Revision: Acting Body: Date: Action: Result:
Anthony Barcena 5/7/2021 Department Head Review Completed
Ann -Marie Sharpe 5/7/2021 Risk Review Completed
Pedro Lacret 5/11/2021 Budget Analyst Review Completed
Leon P Michel 5/11/2021 Budget Review Completed
Fernando Casamayor 5/11/2021 Assistant City Manager Review Completed
Arthur Noriega V 5/12/2021 City Manager Review Completed
Legislative Division 5/13/2021 Legislative Division Review Completed
Jacqueline Lorenzo 5/27/2021 ACA Review Completed
Barnaby L. Min 5/27/2021 Deputy City Attorney Review Completed
Victoria Mendez 6/1/2021 Approved Form and Completed
Correctness
City Commission 6/10/2021 Meeting Completed
City Commission 6/10/2021 DEFERRED Passed
A Legislative Division 6/10/2021 Legislative Division Review Completed
A Jacqueline Lorenzo 6/15/2021 ACA Review Completed
A Barnaby L. Min 6/15/2021 Deputy Attorney Review Completed
A City Commission 6/24/2021 Meeting Completed
A City Commission 6/24/2021 DEFERRED Passed
B Legislative Division 6/28/2021 Legislative Division Review Completed
B Jacqueline Lorenzo 6/28/2021 ACA Review Completed
B Barnaby L. Min 6/28/2021 Deputy Attorney Review Completed
B City Commission 7/8/2021 Meeting Completed
B City Commission 7/8/2021 DEFERRED Passed
B City Commission 7/22/2021 Meeting Completed
B City Commission 7/22/2021 ADOPTED Passed
B Victoria Mendez 7/22/2021 Approved Form and Completed
Correctness
B City Clerk's Office 7/23/2021 Rendered Completed
City of Miami Page 2 of 2 Printed on: 5/29/2025