HomeMy WebLinkAboutR-78-0074RESOLUTION No.7 8 a ? 4
A RESOLUTION AUTHOR12ING Tilt CITY MANAGER TO
EXECUTE CONTRACTS WITt# MIAMI ASSOCIATES LTD,
FOR THE DEVELOPMENT, OPERATION AND CONSTRUCTION
OF THE CITY OF MIAMI CONVENTION CENTER/UNIVERSITY
OF MIAMI JAMES L. KNIGHT INTERNATIONAL CENTER
SUBSTANTIALLY IN ACCORDANCE WITH THE TERMS ANb
CONDITIONS OF THE LEASE AND AGREEMENT FOR PRIVATE
DEVELOPMENT ANb THE CONSTRUCTION MANAGEMENT
SERVICES AGREEMENT ATTACHED SUBJECT TO PROVISIONS
AND EXCEPTIONS AS RECOMMENDED BY THE CITY COMMISSION
BE IT RESOLVED 13Y THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
execute contracts with Miami Associates Ltd, for the Development,
Operation, and Construction of the City of Miami Convention
Center/University of Miami James L. Knight International Center
substantially in accordance with the terms and conditions of the
"Lease and Agreement for Private Development between the City
of Miami and Miami Associates, Ltd." and the "Construction
Management Services Agreement between the City of Miami and
Miami Associates, Inc." subject to the provisions and exceptions
as recommended by the City Commission in Section 2.
Section 2. The following provisions and exceptions
are to be incorporated into the aforementioned contracts prior
"DOCUMENT INDEX
t _ 1
a. Paragraph 4.2: The Agreement will provide
substantially as follows that the Developer will pay Performance
Rent on the basis of 20 percent of "Net Operation Profit" as
further defined therein or as a percentage of Room Sales, net
of commissions, in accordance with the following schedules of
Performance Rent, depending upon the actual number of rooms to
be built. The Agreement will also provide for interpolation
of Performance Rent where actual number of rooms is between the
two schedules. The Performance Rent to be paid to the City will
be the higher of the two computations,
to execution by the City Manager:
CITY COMMISSION
MEETING OF
J A N 3 4 1978
R noN NO.
Rom: ,,.,,.
r,.,,..Ilet
SCHEMLES OE 'ERF'ORMANCE RENT
SALES LEVEL (ROOMS ONLY)
NET OT COMMISSIONS IN $1,000
500 ROOMS
0
5,000
5,500
6,000
6,500
7,000
7,500
8,000
8,500
9,000
9,500
10,000
to
to
to
to
to
to
to
to
5,000
5,500
6,000
6,500
7,000
7,500
8,000
8,500
to 9,000
to 9,500
to 10,000
& above
607 ROOMS
0
8,500
9,000
9,500
10,000
10,500
11,000
11,500
12,000
12,500
13,000
13,500
to 8,500
to 9,000
to 9,500
to10,000
to10,500
to 11, 000
to 11, 500
to 12; 000
to 12, 500
to13,000
to 13, 500
to 14,000
PERCENT
.0.
2.0
2.3
2.6
2.9
3.2
3.5
3,8
4.1
4.4
4.7
5.0
Additionally, the Agreement will be revised to include City
participation in all foreseen and unforseen revenue sources,
recognizing that the Developer will have the right to generate
such revenue producing sources.
b. Paragraph 4.7: The Agreement will provide that
only City of Miami Ad Valorum taxes will be credited against rents
payable to the City.
c. Paragraph 5.6: The Agreement will be changed to read
"The Commission of the City of Miami" in lieu of the word "City".
d. Paragraph 8.2: The Agreement will be changed to
provide that the. Developer will have the equal right to the use of
Convention Center's facilities as the City.
e. Paragraph 10.2: The Agreement will provide for a
definition of a "first class hotel" in accordance with standards
as defined by the American hotel Association.
f. Paragraph 12: The Agreement will be revised to
provide for renegotiation of the City's participation in the event
gambling is legalized and incorporated into this facility.
g. Paragraph 19.4: The Agreement will be revised to
delete the second, third and fourth sentences beginning with
the phrase "Notice of the..." and ending with the phrase "...State
of Florida,"
h, Paragraph 19.8: The Agreement will clearly establish
that 5 years will be the maximum term of the Developer's right
of first refusal,
i. Paragraph 19,9: The Agreement will be revised by
adding a provision to limit the budget for pre -opening expense
to $500,000, unles otherwise approved by the Commission of the
City of Miami.
j. Paragraph 19.18: This Agreement will add a provision
such that any substantial changes will have to be approved by the
Commission of the City of Miami.
PASSED AND ADOPTED this 24 day of JatrarY ,1978.
TEST:
RALi G. ONGIE, CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
ASSISTANT CITY ATTORNEY
Maurice A. Ferre
MAURICE A. FERRE, MAYO R
-
THIS PREPARED RESOLUTION IN RELATION TO A REGULAR
AGENDA ITEM WAS ACTUALLY DISCUSSED AND PASSED DURING
THE AFTERNOON SESSION. THE ORIGINAL IS TO BE FOUND
AMONG THE PAPERS OF THE PLANNING & ZONING MATTERS
IN THE MEETING OF SAME DATE.