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HomeMy WebLinkAboutAgenda Item Summary Form1IVF rVG s O.• �'� F{` 3 AGENDA ITEM SUMMARY FORM File ID: #6354 oR ti9 Date: 08/13/2019 Requesting Department: Department of Real Estate and Asset Manaaement Commission Meeting Date: 10/24/2019 Sponsored By: District Impacted: District 2 Type: Resolution Subject: Execute Fifth Amendment - Bayside Marketplace Purpose of Item: A Resolution of the Miami City Commission, with attachment(s), authorizing the City Manager to execute a Fifth Amendment to the Amended and Restated Lease Agreement, retail parcel, (the "Amendment"), between the City of Miami ("City") and Bayside Marketplace, LLC, a Delaware Limited Liability Company, successor by merger to Bayside Center Limited Partnership ("Developer"), in substantially the attached form, for City -owned property located at 401 Biscayne Blvd., Miami, Florida, to modify certain provisions of the Lease, as stated herein, to include amending the height limitation of new structures to one hundred ninety (190) feet above grade-, with additional terms and conditions as more particularly set forth in the Amendment. Backaround of Item: The City and Developer are the current landlord and tenant, respectively, under that certain Amended and Restated Lease Agreement dated as of October 15, 1985, as amended by that certain First Amendment to Amended and Restated Lease Agreement dated as of August 19, 1986, as further amended by that certain Second Amendment to Amended and Restated Lease Agreement dated as of November 24, 1987, as further amended by that certain Third Amendment to Amended and Restated Lease Agreement dated as of April 15, 1993 as further amended by that certain Release and Settlement Agreement dated as of December 30, 2008 and as further amended by that certain Fourth Amendment to Amended and Restated Lease Agreement dated September 24th, 2014 (collectively and together with any attachments, exhibits or riders thereto, the "Lease") for certain premises located at Bayside Marketplace in Miami, Florida, as more particularly described in the Lease (the "Leased Property"). A memorandum of the Lease was recorded in Book 12684, at Page 157, and supplemented in Book 13492, at Page 3199, both of the Public Records of Miami -Dade County, Florida. The City and Developer desire to modify certain provisions of the Lease, on the terms and conditions set forth herein, and subject to approval from the Miami City Commission as follows: Amend the height limitation of new structures to one hundred ninety (190) feet above grade. Budaet Impact Analvsis Item has NO budget impact Item is NOT Related to Revenue Item is NOT funded by Bonds Total Fiscal Impact: N/A Reviewed By Real Estate and Asset Management Aldo Bustamante 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 Valentin J Alvarez Office of the City Attorney Daniel Diaz Office of the City Attorney Barnaby L. Min City Commission Todd B. Hannon Legislative Division Valentin J Alvarez City Commission Maricarmen Lopez Office of the Mayor Mayor's Office Office of the City Clerk City Clerk's Office Legislative Division Valentin J Alvarez Office of the City Attorney Daniel Diaz Office of the City Attorney Barnaby L. Min Office of the City Attorney Victoria Mendez Office of the City Clerk City Clerk's Office Department Head Review Completed 08/13/2019 12:29 PM Budget Analyst Review Completed 08/14/2019 11:51 AM Budget Review Completed 08/22/2019 6:50 AM Assistant City Manager Review Completed 08/22/2019 5:16 PM City Manager Review Completed 08/23/2019 10:40 AM Legislative Division Review Completed 09/05/2019 11:08 AM ACA Review Completed 09/10/2019 4:19 PM Deputy City Attorney Review Completed 09/10/2019 4:31 PM Meeting Completed 09/26/2019 9:00 AM Legislative Division Review Completed 10/10/2019 1:48 PM Meeting Completed 10/24/2019 9:00 AM Signed Completed 11/04/2019 5:49 PM Signed and Attested by the City Clerk Completed 11/04/2019 6:30 PM Legislative Division Review Completed 12/05/2019 10:21 AM ACA Review Completed 12/05/2019 10:25 AM Deputy Attorney Review Completed 12/05/2019 10:34 AM Approved Form and Correctness with Modification(s) Completed Rendered Completed 12/20/2019 6:05 PM City of Miami City Hall Legislation 3500 Pan American Drive Miami, FL 33133 is Resolution www.miamigov.com Enactment Number: R-19-0428 File Number: 6354 Final Action Date:10/24/2019 A RESOLUTION OF THE MIAMI CITY COMMISSION, AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A FIFTH AMENDMENT TO THE AMENDED AND RESTATED LEASE AGREEMENT (RETAIL PARCEL) ("LEASE") BETWEEN THE CITY OF MIAMI ("CITY") AND BAYSIDE MARKETPLACE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, SUCCESSOR BY MERGER TO BAYSIDE CENTER LIMITED PARTNERSHIP ("DEVELOPER"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR THE CITY -OWNED PROPERTY LOCATED AT 401 BISCAYNE BOULEVARD, MIAMI, FLORIDA TO MODIFY CERTAIN PROVISIONS OF THE LEASE TO INCLUDE AMENDING THE HEIGHT LIMITATION FOR A TEMPORARY FERRIS WHEEL ("FERRIS WHEEL") TO ONE HUNDRED EIGHTY FEET (180') ABOVE GRADE SUBJECT TO ALL APPLICABLE LAWS, RULES, AND REGULATIONS OF THE CITY OF MIAMI WITH ADDITIONAL TERMS AND CONDITIONS AS MORE PARTICULARLY SET FORTH IN THE FIFTH AMENDMENT TO THE LEASE, WHICH INCLUDE BUT ARE NOT LIMITED TO A) THE EXPRESS RESERVATION OF ALL AIR RIGHTS TO THE CITY; B) AN INCREASE IN HEIGHT FOR THE FERRIS WHEEL ONLY; C) THE LOCATION OF THE FERRIS WHEEL AS DEPICTED ON THE EXHIBIT TO THE FIFTH AMENDMENT; D) THE PAYMENT BY THE DEVELOPER TO THE CITY OF TEN PERCENT (10%) OF GROSS RECEIPTS OF TICKET SALES FROM THE FERRIS WHEEL AND PAYMENT OF THE APPROPRIATE TICKET SURCHARGE, PURSUANT TO SECTION 53-1 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED; AND E) THAT ALL OTHER HEIGHT LIMITATIONS REMAIN IN EFFECT. WHEREAS, the City of Miami ("City") and Bayside Marketplace, LLC, a Delaware Limited Liability Company, successor by merger to Bayside Center Limited Partnership ("Developer'), are the current landlord and tenant, respectively, under that certain Amended and Restated Lease Agreement dated October 15, 1985, as amended by that certain First Amendment to Amended and Restated Lease Agreement dated August 19, 1986, as further amended by that certain Second Amendment to Amended and Restated Lease Agreement dated November 24, 1987, as further amended by that certain Third Amendment to Amended and Restated Lease Agreement dated April 15, 1993, as further amended by that certain Release and Settlement Agreement dated December 30, 2008, and as further amended by that certain Fourth Amendment to Amended and Restated Lease Agreement dated September 24, 2014 (collectively and together with all attachments, exhibits, or riders thereto, "Lease") for certain premises located at Bayside Marketplace in Miami, Florida, as more particularly described in the Lease ("Leased Property"); and WHEREAS, a memorandum of the Lease was recorded in Book 12684, at Page 157 and supplemented in Book 13492, at Page 3199 of the Public Records of Miami -Dade County, Florida; and WHEREAS, the City and the Developer (collectively, "Parties") desire to modify certain provisions of the Lease, as more specifically set forth in the Fifth Amendment to the Lease ("Fifth Amendment") and to specifically include an amendment to the height limitation for a Temporary Ferris Wheel ("Ferris Wheel") to one hundred eighty feet (180') above grade; and WHEREAS, the Parties desire to cause ten percent (10%) of all revenue generated form Ferris Wheel ticket sales to go to the City; and WHEREAS, the Fifth Amendment was presented to the Waterfront Advisory Board ("WAB") on July 9, 2019 but due to a lack of a quorum, no action was taken by WAB; and WHEREAS, the Fifth Amendment is subject to all other applicable laws, rules, and regulations of the City of Miami including Ordinance No. 13114, the Zoning Ordinance of the City of Miami, Florida, as amended ("Miami 21 Code"); and WHEREAS, the Parties hereby specifically acknowledge that the operation of the Ferris Wheel and all uses related directly or indirectly to the Fifth Amendment shall be subject to Section 53-1 of the Code of the City of Miami, Florida, as amended ("City Code") pertaining to ticket surcharges on paid admissions to events within the City; 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 Manager is authorized' to negotiate and execute the Fifth Amendment, in a form acceptable to the City Attorney, for the Leased Property to modify certain provisions of the Lease including amending the height limitation for the Ferris Wheel to one hundred eighty feet (180') above grade, subject to all applicable laws, rules, and regulations of the City, with additional terms and conditions as more particularly set forth in the Fifth Amendment, which include but are not limited to: a) the express reservation of all air rights to the City; b) the increase in height for the Ferris Wheel only; c) the location of the Ferris Wheel as depicted on the Exhibit to the Fifth Amendment; d) the payment by the Developer to the City of ten percent (10%) of gross receipts of ticket sales from the Ferris Wheel and payment of the appropriate ticket surcharge, pursuant to Section 53-1 of the Code of the City of Miami, Florida, as amended; and e) that all other height limitations remain in effect. Section 3. This Resolution shall become effective immediately upon adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: 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 City Code provisions. 2 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.