Post on 05-Jul-2018
8/15/2019 467-2004 RDA Reso 2
1/6
RESOLUTION
NO.
4 6 7 -
2004
E S O L U T I O N
OF
HE
CHAIRMAN
A N D
M E M B E R S
OF
THE
MAM
EACH
R ED EVEL O PM EN T
A G E N C Y
A U T H O R I Z I N G
THE
CHAIRMAN
A N D
S E C R E T A R Y
TO
EXECUTE
THE
I R S T
AMENDMENT
TO
A G R E E M E N T
OFEASE
B E T W E E N
THE
MAM
EACH
R E D E V E L O P M E N T
A G E N C Y
AND
RDP
ROYAL
PALM
HOTEL
L I M I T E D
PARTNERSHIP (
RDP )
R E G A R D I N G
TOWN
PARK
O T E L
C O R P O R A T I O N ,
THE
O T E L
MANAGER,
AS
EQUTY
O W N E R .
WHEREAS,
on November
25,
2003
he
C h a i r m a n
and
Members
ohe
ami
Beach
e d e v e l o p m e n t Agency (
DA
author ized
th e
Chairman
and Secretary
toexecu t e
the
Lete
o
n t e n t (
LOI)
e g o t i a t e d
b e t ween
the
ity
o
iami
Beach ,
the
RDA
and
RDP
Roya
Palm
Hotel
L i m i t e d
Partnersh ip (
R D P
and
o
e n a n t )
and
u r t h e r
a u t h o r i z e d
the
reparation
ofthe
l o s i n g d o c u m e n t s
to
e f l e c t
the terms
o u t l i n e d
in
he
LO;
and
H E R E A S ,
the a p p r o v e d
r e f e r e n c e d
LO,
and
he
cosng
o c u m e n t s ,
c o n t e m p l a t e d
an
m e n d m e n t
to
he Ground
L e a s e
beween
he
RDA
n d
RDPlTenant
to
o n t i n u e
to
ecognize
T o w n
Pak
Hoe
C o r p o r a t i o n
a
e n n e s s e e
c o r p o r a t i o n , (
T o w n
Park ),
hich
is
he
p resen t
H o t e l
M a n a g e r
and
one
f
the
q u i t y
o w n e r s
o
enant
as
an
q u i t y
o w n e r
fo
urposes
o
he
Gound
Lease
A g r e e m e n t ;
and
H E R E A S ,
T o w n
Park
cur rent ly
holds
a
one
e r c e n t10
0
limted
a r t n e r s h i p
i n t e r e s t
in
enant;
and
W H E R E A S ,
on
pril
30
001,
Town
Park
and
A D C
R o y a l
Palm
Holdings,
LLC
B o r r o w e r )
b e c a m e
part ies
to
a
oan
A g r e e m e n t ,
dated
A p r i l
30
0 0 1 (he
o a n
A g r e e m e n t ) ,
whereby
Town
Park
agreed
to convey
to
orrower
a forty-
e v e n
and
6/
100
e r c e n t
47
60/
0
l a s sA
imited
partnership
in te res t
in
enant, in
c o n s i d e r a t i o n
fo r
Borrower'
s
x e c u t i o n
and
del ivery
o
tha
e r t a i n P u r c h a s e
M o n e y
P r o m i s s o r y
Note
in
favo
o
Town
Park (
he
o t e ) ,whch
Note
e v i d e n c e s
the
oa n
by
own
Park
to
orrower (
the
oan );
and
H E R E A S , in
ssence,
Town
P a r k
would
no
longe
a v e
an
quity
o w n e r s h i p
p o s i t i o n
as
efined
in
he
Ground
L e a s e ,
by
irtue
o
ubstituting
its
equity
p o s i t i o n
w i t h
a
r o m i s s o r y
noe
hich RDP
intends
to
payoff;
and W H E R E A S ,
p u r s u a n t to
e c t i o n
4
1 (f)
o
the
o a n Agreemen t ,
T o w n
Park
e s i r e s
to
confirm
tha
the
Loan
will
be
t reated
as
an
q u i t y
inees
in
T e n a n t
fo
u r p o s e s
o
the
r o u n d
L e a s e
so
on g
as
h e
Loan
is
outstanding;
and
H E R E A S ,
the
i t y / RD A
is
no
v e r s e
to
his
concep
as
art
o
h e
global
s e t t l e m e n t
a c h i e v e d
and
r e f e r e n c e d
in
the
LO,
approved
on
o v e m b e r
25,
2003;
n d
W H E R E A S ,
RDP
has
x p r e s s e d
8/15/2019 467-2004 RDA Reso 2
2/6
8/15/2019 467-2004 RDA Reso 2
3/6
CllY
OF
MIAMI
BEACH
COIVIVIISSION
ITEM
SUMMARY
Condensed
Title:
A Resolution
to execute
the
First
Amendment
to
Agreement
of
Lease
between
the
Miami
Beach
Redevelopment
Agency
and
RDP
Roya l
Palm
Hotel
Limited
Partnership (
RDP )
regarding
Town
Park
Hotel
Cor
oration,
the
Hotel Mana
e,
as
E ui Owner.
Issue:
Should
the
Redevelopment
Agency
approve
the
execution
of
the
First Amendment
to
Agreement
of
Lease?
Item
Summa
IRecommendation:
The attached
Amendment
to
the Lease
Agreement
will
permit
RDP to
complete
its
purchase
of
the
remaining
1
nterest
from
Town
Park
and,
with
the
ccompanying
addtiona
m e n d m e n t s
tothe
Lease
p r o p o s e d
inthe
ached
m e n d m e n t ,
the
D A l C i t y w i l l
still
aso
c h i e v e
the
e n e f i t s
o
reat ing
Town
Park a s
if
it
e re
still
an
quty
o w n e r ,
and
aso
e n a n t
wll
a l s o
be
u a r a n t e e d
the
b l i g a t i o n
to
und
Opera t ing
D e f i c i t s
inthe
Hotel,
which
was
not
re
i r e d
ifown
Park
was
Hoe
m a n a
e
n d
eu
owne.
dvisory
Boad
IN/
A
nanca
Information:
S o u r c e
o
F u n d s :
D
i n a n c e
D e p t .
Cty
l e r k '
s
fice
egis lat ive
h r i s t i n aM
C u e r v o
T\
G E N D A \
2004\
Jan1404\
RDAo y a I P a l m
Towne
Park.
SUM
doc
AGENDA
I T E M
3 D
I
8/15/2019 467-2004 RDA Reso 2
4/6
CITY
OF
MIAMI
BEACH
CITY HALL
1700
O N V E N T I O N
CENTER
DRIVE
MIAMI BEACH,
FLORIDA33139
w w .
mambeachl.
gov
EDEVELOPMENT
A G E N C Y
M E M O R A N D U M
From:
Chairman
David
Dermer
a n d
Members
o
Mam
Beach
R e d e v e l o p m e n t
A g e n c y
Joge
M
onzalez \\ ~ ~
E x e c u t i v e
Director '
0~
.
D a t e :January
4,
2004To
A
ESOLUTION
OF
THE
C H A I R M A N
AND
MEMBERS
O
THE
IAMI
BEACH
R E D E V E L O P M E N T
AGENCY
A U T H O R I Z I N G
THE
H A I R M A N
AND
SECRETARY
TO
EXECUTE
THE
FIRST
A M E N D M E N T
TO
A G R E E M E N T
OF
LEASE
ETWEEN
THE
MIAMI
BEACH
R E D E V E L O P M E N T
AGENCY
AND
RDP
OYAL
PALM
HOTEL
LIMITED
P A R T N E R S H IP (
RDP)
E G A R D I N G
TOWN
PARK
O T E L
C O R P O R A T I O N ,
THE
HOTEL
MANAGER
AS
E Q U I T Y
O W N E R .
A D M I N I S T R A T I O N
R E C O M M E N D A T I O N :
Subject :
A d o p t
the
e s o l u t i o n . ANAL
YSIS:
O
o v e m b e r 25,
2003,
the
Charman
and
e m b e r so
he
Mam
B e a c h
R e d e v e l o p m e n t
A g e n c y
RDA
u t h o r i z e d
theh a i r m a n
and
e c r e t a r y
to
xecute
the
L e t t e r
of
Intent (
LO)e g o t i a t e d
b e t ween
the
Cty
o
Miami
B ea c h ,
the
Miami
Beach
R e d e v e l o p m e n t
Agency
and
R D P R o y a l
Pam
Hote l
Limited
Partnership (
D P
and
r
T e n a n t )
and
further
u t h o r i z e d the
r e p a r a t i o no
the
l o s i n g
d o c u m e n t s
to
re f lec t
the
erms
oulined
in
he
LO.
The
pproved
LOI referenced,
a n d
the Cosing
D o c u m e n t s ,
c o n t e m p l a t e d
an
m e n d m e n t
to
he
round
Lease
to
o n t i n u e
to
recognize
Town
Park
Hotel
C o r p o r a t i o n ,
a
T e n n e s s e e
c o r p o r a t i o n , (
Town
ark ) ,
whois
the
present
Hoe
M a n a g e r
and
ne
o
the
equty
w n e r s
o
e n a n t
asan
equty
owner
fo
pu r pose s
o
h e Lease
A g r e e m e n t .
Town
Park
urrently
h o l d s
a
on e
p e r c e n t (
10
0
i m i t e d
p a r t n e r s h i p
interest
in
Tenant.
On
Ap
30
2001,
o w n
P a r k and
PADC
Royal
Palm
H o l d i n g s , LLC (
Borrower )
became
parties
to
a
o a n
Agreemen t ,
d a t e d
Ap
0 ,
2001 (
the
oan
A g r e e m e n t ) ,
whereby
T o w n
Park
agreed
to
o n v e y
to
o r r o w e r
a
orty-
seven
n d66
00
percent (
47.
660/
0
ass
A
imted
a r t n e r s h i p
i n t e r e s tin
e n a n t ,in
o n s i d e r a t i o n
for
B o r r o w e r '
s
x e c u t i o n
and
e l i v e r y
o
t h a t
certain
P u r c h a s e
M o n e y
Promissory
Note
in
a v o r
o
own
Park (
the
ote ),
which
Note
e v i d e n c e s
the
oan
by
o w n
Park
to
B o r r o w e r (
the
L o a n ) .
In
s s e n c e ,
Town
a rk
wouldno
onger
h a v e
an
quity
o w n e r s h i p
position,
as
e f i n e d
in
the
e a s e ,by
i r t u e of
s u b s t i t u t i n g
its
equty
posit ion
witha
r o m i s s o r y
noe
h i ch
RD P
in tends
to
a y o f f .
Pursuant
to
e c t i o n
4
01(
)
o
he
Loan
g r e e m e n t ,
T o w n
Park
e s i r e s
to
o n f i r m
that the
o a n
wll
8/15/2019 467-2004 RDA Reso 2
5/6
April
30
003
Redevelopment
Agency
M e m o r a n d u m
Royal
Palm -
Towne
P a r k
Pa ge
2
o
2
heCty
D A are
no
v e r s e
to
h is
c o n c e p t
as
pat
o
he
goba
e t t l e m e n t a c h i e v e d
and
re fe renced
in
the
LO
p p r o v e d
on
November
2 5 ,
2003.
o w e v e r ,
RDP
has
e x p r e s s e d
a
eedto
ave
his
p o r t i o n of
the
e t t l e m e n t a p p r o v e d
prior
to
the
completion
o
ll
c l o s i n g
d o c u m e n t s .
The
t t a c h e d
A m e n d m e n t
to
he
Lease
A g r e e m e n t
wll
e r m i t
RD P
to
omplete
its
u r c h a s e
o
he
r e m a i n i n g
1%
inees
from
Town
a r k
and,
wth
the
c c o m p a n y i n g
a d d i t i o n a l
amendments
to
he
Lease
p r o p o s e d in
he
ttached
A m e n d m e n t ,the
D A l C i t y
wll
sill
also
a c h i e v e
th e b e n e f i t s
or e a t i n g
T o w n
Park
as
if
it
ee
till
an
q u i t y
owne,
nd
aso
e n a n t
wll
aso
be
u a r a n t e e d the
o b l i g a t i o nto
und O p e r a t i n g
Deficits
inthe
otel,
which
was
no
e q u i r e d
if
own
Park
was
Hotel
manager
a n d
e q u i t y
owne.
ased
upon
the
esolution
of
al
o u t s t a n d i n g
cams
n d
i s s u e s ,
pendng
he
f inal
cosng
d o c u m e n t s ,
it
s
r e c o m m e n d e d tha
the
Charman
and
e m b e r s
of
the
Mam
B e a c h R e d e v e l o p m e n t
Agency
a d o p t
the
atached
R e s o l u t i o n
and
a u t h o r i z e execution
o th e a m e n d m e n t .
JMG
A A f u r a r
T\
G E N D A \
8/15/2019 467-2004 RDA Reso 2
6/6
67
00'
1TY
OFMIAMI
BEACHCTY
ALL 1700
C O N V E N T I O N
CENTER
DRIVE
MAM
B E A C H ,
FLORIDA
3 3 1 3 9
w w w .
m i a m i b e a c h f l ,
gov Ofice
o
the
City
M a n a g e r T e l e p h o n e
305
673-
7010
F a c s i m i l e
3 0 5 673-
7782
April
28,
2004
M.
on
P e e b l e s RD P
Roya
Pam
Hotel,
LD 550
Bltmoe
W ay
Suite
970
C o r a l
Gables,
FL
33134
DeaM.
P e e b l e s :
E n c l o s e d
please
find
he
irst
A m e n d m e n t [
Re
own
Pk
to
g reemen t
of
Lease b e t w e e n
R D P
Royal
Pam
otel L i m i t e d
P a r t n e r s h i p
and
the
i a m i B e a c h
Redevelopment
A g e n c y .
P l e a s e
sign
and
return
a ll
t h ree (
3
o r i g i n a l sand
a
ully
e x e c u t e d copy
willbe
o r w a r d e d to
you
f o r
your
fes
If
you
have any
q u e s t i o n s
please do no t
hes i ta te
tocontact mea (305
73-
010.
S i n c e r e l y ,
c~
b
A s s i s t a n t
City
M a n a g e r
CMC/
ra r
F
I C M G R I $
A L L I C H R I S T I N \
R D A I R O Y A L
P A L M
1ST
A M E N D
TO
LEASE-
T O W N P A R K
TRM.
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