HomeMy WebLinkAboutAgenda Item Summary Form",A1' UF..4y
AGENDA ITEM SUMMARY FORM
File ID: #6052
Date: 06/18/2019 Requesting Department: Department of Real
Estate and Asset Management
Commission Meeting Date: 06/27/2019 Sponsored By:
District Impacted: District 1
Type: Resolution
Subject: Appraise - Melreese Golf Course
Purpose of Item:
A Resolution of the Miami City Commission authorizing the City Manager to retain
CBRE Valuation & Advisory Services as the appraisal company to provide an appraised
value of the Melreese Golf Course property, located generally at 1400 NW 37th Avenue,
Miami, Florida 33125 in connection with the negotiations between the City of Miami and
Miami Freedom Park, LLC.
Background of Item:
The City of Miami ("City") owns the property located generally at 1400 NW 37th Avenue,
Miami, Florida 33125, commonly known as the Melreese Golf Course ("Melreese").
The City Commission, at its meeting on July 18, 2018, pursuant to Resolution No. 18-
0309, approved a ballot question and accompanying term sheet that set forth the
various terms of a lease agreement with Miami Freedom Park LLC ("MFP"), including
that "annual rent payable to the City by MFP will be equal to the greater of (a) the Fair
Market Value of the Leased Premises or (b) 5.0% of the Rent, but under no
circumstances less than $3,577,000 per year."
At the November 6, 2018 Special Election, City of Miami ("City") voters approved a
referendum, by over sixty percent (60%), approving an amendment to Section 29-B of
the Charter of the City of Miami, Florida, as amended, authorizing the City Commission
to negotiate and execute a ninety nine (99) year lease with MFP for approximately
seventy three (73) acres of City -owned land; waiving competitive bidding; converting
Melreese, at no cost to the City, to a soccer stadium with a minimum of 1,000,000
square feet of office, retail, and commercial uses; a minimum of 750 hotel rooms;
providing for a living wage for on-site employees; and for a minimum rent of
$3,577,365.00 and a twenty million dollar ($20,000,000) contribution to the City for a
fifty-eight (58) acre public park or other green space ("Project")
The City Commission, at its meeting on March 14, 2019, pursuant to Resolution No. 19-
0117, expressed an interest in being advised of and selecting all outside consultants,
law firms, real estate appraisers or brokerage firms, surveyors, mappers, or any other
vendor, contractor, or provider for this Project.
CBRE Valuation & Advisory Services previously completed an appraisal of the Melreese
property on May 21, 2018 and therefore is sufficiently familiar with the site to prepare an
appraisal of Melreese in an expeditious manner.
The City Commission approves the City Manager's selection of CBRE Valuation &
Advisory Services as the appraiser to determine the fair market value of the Melreese
property for purposes of negotiating the rent and other financial provisions of the lease
agreement with MFP.
Budget Impact Analysis
Item is NOT funded by Bonds
Item is an Expenditure
Item is NOT Related to Revenue
Total Fiscal Impact:
$5,900.00
04002.221100.531000.0000.00000
Reviewed By
Real Estate and Asset Management Daniel Rotenberg
Office of Management and Budget
Pedro Lacret
Office of Management and Budget
Christopher M Rose
City Manager's Office
Fernando Casamayor
City Manager's Office
Nikolas Pascual
Legislative Division
Marta Gomez
Office of the City Attorney
Daniel Diaz
Office of the City Attorney
Barnaby L. Min
Office of the City Attorney
Victoria Mendez
City Commission
Maricarmen Lopez
Department Head Review
Completed
06/14/2019 1:29 PM
Budget Analyst Review
Completed
06/15/2019 11:16 AM
Budget Review
Completed
06/15/2019 11:18 AM
Assistant City Manager Review
Completed
06/17/2019 11:58 AM
City Manager Review
Completed
06/18/2019 11:03 AM
Legislative Division Review
Completed
06/18/2019 4:52 PM
ACA Review
Completed
06/18/2019 5:02 PM
Deputy City Attorney Review
Completed
06/18/2019 5:32 PM
Approved Form and Correctness
Completed
06/18/2019 7:14 PM
Meeting
Completed
06/27/2019 9:00 AM
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City of Miami
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Legislation
Resolution
File Number: 6052
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date:6/27/2019
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY
MANAGER TO RETAIN CBRE, INC., THROUGH ITS VALUATION AND ADVISORY
SERVICES DIVISION, AS THE APPRAISAL COMPANY TO PROVIDE AN
APPRAISED VALUE OF THE MELREESE GOLF COURSE PROPERTY, LOCATED
GENERALLY AT 1400 NORTHWEST 37TH AVENUE, MIAMI, FLORIDA 33125, IN
CONNECTION WITH THE NEGOTIATIONS BETWEEN THE CITY OF MIAMI AND
MIAMI FREEDOM PARK, LLC.
WHEREAS, the City of Miami ("City") owns the property located generally at 1400
Northwest 37th Avenue, Miami, Florida, 33125, commonly known as the Melreese Golf Course
("Melreese"); and
WHEREAS, the City Commission, at its meeting on July 18, 2018, pursuant to
Resolution No. 18-0309, approved a ballot question and accompanying term sheet that set forth
the various terms of a proposed lease agreement with Miami Freedom Park, LLC ("MFP"),
including a term providing that "annual rent payable to the City by MFP will be equal to the
greater of (a) the Fair Market Value of the Leased Premises or (b) 5.0% of the Rent, but under
no circumstances less than $3,577,000 per year"; and
WHEREAS, at the November 6, 2018 Special Election, City of Miami ("City") voters
approved a the amendment to Section 29-B of the Charter of the City of Miami, Florida, as
amended, authorizing the City Commission to negotiate and execute a ninety nine (99) year
lease with MFP for approximately seventy three (73) acres of City -owned land; waiving
competitive bidding; converting Melreese, at no cost to the City, to a soccer stadium with a
minimum of 1,000,000 square feet of office, retail, and commercial uses; a minimum of 750
hotel rooms; providing for a living wage for on-site employees; and for a minimum rent of
$3,577,365.00, in addition to a twenty million dollar ($20,000,000.00) contribution to the City for
a fifty-eight (58) acre public park or other green space ("Project"); and
WHEREAS, the City Commission, at its meeting on March 14, 2019, pursuant to
Resolution No. 19-0117, expressed an interest in being advised of and selecting all outside
consultants, law firms, real estate appraisers or brokerage firms, surveyors, mappers, or any
other vendor, contractor, or provider for the Project; and
WHEREAS, CBRE, Inc., through its Valuation and Advisory Services Division ("CBRE"),
previously completed an appraisal of Melreese on May 21, 2018 and, therefore, is sufficiently
familiar with the site to prepare an updated appraisal in an expeditious manner; and
WHEREAS, the City Commission approves the City Manager's selection of CBRE,
pursuant to his authority under Section 18-85 of the Code of the City of Miami, Florida, as
amended ("City Code"), as the appraisal company to determine the fair market value of
Melreese for the purposes of negotiating the rent and other financial provisions of the proposed
lease agreement with MFP;
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 fully set forth in this Section.
Section 2. The City Manager's selection, pursuant to his authority under Section 18-85
of the City Code, of CBRE as the appraisal company to provide appraisal services in connection
with the negotiation of the Project with MFP is hereby authorized.'
Section 3. This Resolution shall become effective immediately upon adoption and
signature of the mayor.2
APPROVED AS TO FORM AND CORRECTNESS:
1
i ria i . ndez, City Attor iey 6/18/2019
' The herein authorization is further subject to compliance with all requirements that may be imposed by
the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provisions
2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten 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