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AGENDA ITEM SUMMARY FORM
File ID: #2028
Date: 03/27/2017 Requesting Department: Department of Real
Estate and Asset Management
Commission Meeting Date: 04/27/2017 District Impacted: District 2
Type: Discussion Item
Subject: Discussion - Hyatt MOU
Purpose of Item:
A Discussion Item of the Miami City Commission, with attachment(s), considering a
Memorandum of Understanding ("MOU") to be executed by the City Manager, inclusive
of a non-binding Term Sheet, in substantially the attached form, between the City of
Miami ("City") and Hyatt Equities, LLC ("Hyatt"), whereby the City shall negotiate an
amended and restated land lease between the City and Hyatt, with terms and conditions
more particularly described in the attached MOU.
Background of Item:
The City of Miami ("City") is the owner of the James L. Knight Convention Center
located at 400 S.E. 2nd Avenue, Miami, Florida 33131 ("Convention Center"). Per the
Lease Agreement originally dated September 13, 1979, as supplemented and amended
("Lease"), Hyatt currently leases the property connected to the Convention Center from
the City, and is the owner of the hotel structure known as the Hyatt Regency Miami
("Hotel").
The City and Hyatt desire to enter into an amended and restated lease ("New Lease"),
which will extend the lease term to a total of 99 years, expand the leased premises to
include the Convention Center, amend the parking agreement, and require Hyatt to
redevelop the site according to the terms specified in the attached Memorandum of
Understanding ("MOU"). The attached MOU is a non-binding expression of the terms to
be negotiated and agreed upon between the City and Hyatt for the New Lease. The
New Lease shall be subject to final review and approval by the City Commission and
shall further be subject to approval by referendum.
Budget Impact Analysis
Item has NO budget impact
Item is NOT Related to Revenue
Item is NOT funded by Homeland Defense/Neighborhood Improvement Bonds
Total Fiscal Impact:
N/A
Reviewed By
Real Estate and Asset Management Aldo Bustamante Department Head Review
Office of Management and Budget Everton Garvis Budget Analyst Review
Office of Management and Budget Christopher Rose Budget Review
City Manager's Office Alberto Parjus Assistant City Manager Review
City Manager's Office Daniel Alfonso City Manager Review
Meeting
Completed 3/28/2017
Completed 3/28/2017
Completed 4/4/2017
Completed 4/4/2017
Completed 4/4/2017
Completed 4/27/2017