8/15/2019 98-22753 RESO

1/7

RESOLUTIONNO.

98 -

22753

A

E S O L U T I O N OF

HE MAYOR

AN D

M E M B E R S

OF

THE

IT Y

C O M M I S S I O N OF

HE

CTY

OF

AM

BEACH

L O R I D A ,

EXTENDING

THE T E R M I N A T I O N

DATE

OF

THE

SCROW A G R E E M E N T

D A T E DAS

F

OCTOBER

21

997,

AS

M E NDE D,

BETWEEN

THE

IAMI

B E A C H

R E D E V E L O P M E N T AGENCY, THE

CTY

RDP

ROYAL

ALM

HOTEL

LIMTED

P A R T N E R S H I P ,

A N D BLOOM&

INSKER, FO RAN

ADDITIONAL PERIOD OFSEVENTY

H R E E

DAYS

ND

PROVIDING

AN

E F F E C T I V E

DATE.

WHEREAS,

the

i a m i

Beach R e d e v e l o p m e n t

A g e n c y (

the

RDA),

the

Cty

o

M i a m i

Beach,

Florida (

the

Cty ),

RDP

Roya

Palm Hotel Limited

Partnership (

R D P ) ,

and

Bloom &

M i n s k e r , as

escrow

agent (

he

s c r o w Agen ),

entered

into

an

escrow

a g r e e m e n tand

and d e n d u m

to

scrow

agreement, together

wth

e r t a i n exhibits

thereto (

c o l l e c t i v e l y ,

the

s c r o w

Agreement ) ,

d a t e d

asOctober

21

997;

n d

W H E R E A S ,

said Escrow Agreement provided,

in

part,tha u n l e s s certain

C o n d i t i o n s (

a~

uch

term

ise f i n e d inhe

E s c r o w

A g r e e m e n t ) , w h e r e met

on

p r i o r

toaate s e v e n t y -

five (

75)

days

from

October21

9 9 7 (

that

is,

January

49 9 8 ) ,thescrowA g e n t

was

i n s t r u c t e d

to destroy

all s i g n a t u r e son

the

s c r o w e d

Documents (as

u ch te rmis

e f i n e d

in the Escrow

Agreement ;

and

WHEREAS,

Condi t ion

No.

4

on

x h i b i t B

to

he E s c r o w

A g r e e m e n t ,

w h i c h

Condition

r e q u i r e d

RDP

to

p r e s e n t

to

heDAandheD A to a p p r o v e

a

u a r a n t e e d m a x i m u m price

c o n s t r u c t i o n c o n t r a c t , whcho n t r a c t w as

to

be

n

full

forceandffect forthe

constructiono

he

Hotel c o n t e m p l a t e d

in

the

r o u n d

L e a s e and

the

otel

Development

A g r e e m e n t (as

uch

terms

are

d e f i n e d

in

he

Escrow g r e e m e n t ) ;andH E R E A S ,

such

c o n d i t i o n was

ot

met

by

a n u a r y4

1998

n d

W H E R E A S , said

deadne

of

January

 4

998

w as e x t e n d e d

fo

sixty (

60

aysto

arch5

998,

pursuant to

a irst Amendment

to

sc row

A g r e e m e n t

dateds

o

J a n u a r y

4

998 ;

and

H E R E A S ,

thef o r e s a i d

C o n d i t i o n

No.

4

on

Exhibit

B

o

the

Escrowg r e e m e n t

was

no

o m p l e t e d

by

M a r c h5

998;

an d W H E R E A S , sad d e a d l was

xtended

foixty (

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WHEREAS,

there arestill

unresolved

issues

as to

the

aforesaid

ConditionNo. 4

and

H E R E A S ,

the

Cty,

DA and RDP have

beenworking

d i l i g e n t l yto

e s o l v e

the

open

i s s u e s

and

break

s c r o w

sotha

o n s t r u c t i o n o

the

Hotel

my

o m m e n c e ;

and

H E R E A S it

is

e c e s s a r y

and

e s i r a b l e

a n d

in

hebest

n t e r e s t

of

the

City

a n d

its

c i t i z e n stox t e n d

thee r m i n a t io n

Date (as

uch

t e r m

is

e f i n e d

in

the

Escrow

A g r e e m e n t , foran

a d d i t i o n a l

p e r i o d

o

eventy-

three

days.

NOW

H E R E F O R E , BEITULY

E S O L V E D

BYTHE

AYORAND

M E M B E R S

OF

THE

CTY

O M M I S S I O N

OFTHE

CITY

OF

AM

BEACH

L O R I D A ,as

f o l l o w s :

1

he

M a y o r

andCity

Clerk

ae

e r e b y autho r i zed a n d

directedtoxecute

an d

deliverthe

h i r d Amendment

to

scrow A g r e e m e n t ,

a t t a c h e d

hereto

as E x h i b i t

A

nd

b

hs

r e f e r e n c e

made part

hereof,and

such

ther

documents

an d

i n s t r u m e n t s

as

my

be

necessary

toextend

he

T e r m i n a t i o n

Date (s d e f i n e din

the

s c r o w A g r e e m e n t ,

fo

a

period

o

s e v e n t y -

three (

73)

d a y s

f rom

May4998(to

J u l y

16,

1998)..

2

l

a c t i o n

h e r e t o f o r e t a k e n by

he Cty

M a n a g e r

andity

staf

in

order

to

x t e n d

the

e r m i n a t io n Dae

n d e r

the

E s c r o w

A g r e e m e n t

is

e r e b y

rat i f ied, c o n f i r m e d

and approved.

3he

Cty

anager,

City

Clerk,

andity

Attorney

and

h e i r

r e s p e c t i v e

d e s i g n e e s

andu t s i d e

c o u n s e l

ar e

hereby

u t h o r i z e dtoak e

such

c t i o n s

asmay

be

necessaryto

f f e c t u a t e

the

purposeso

hi s

Resolut ion

4

his

Resolution

shal l

t a k e

e f f e c t

i m m e d i a t e l y

u po n

i t s

a d o p t i o n

PASSED

AND

ADOPTED

this

20th

day

o

May ,

1998

11 ,

4I (;

f

AYOR

A T T E S T :

A P P R O V E D

AS

TO

F O R M L A N G U A G E

FOR E X E C U T I O N

aA .

J

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3/7

TY

OF MAM

BEACH

TY

HALL

1700

O N V E N T I O N

C E N T E R

DRIVE MIAMI

BEACH,

33139

1ttp:\\

iam

-

e a c h .

f

s  O M M S S O N M E M O R A t "

l D U M

N O .

31

q

9TOayor

NesenO. a s d i n

and

Memers

o

the

Cty

C o m m i s s i o n

DATE

May20

1998

F R O M :

Segoo d r i g u e z , Cty Manager S U B J E C T :AESOLUTION

OF THE

MAYOR

AN D

CTY

C O M M I S S I O NOTHE

ITY

O IAMI

B E A C H , F L O R I D A ,

EXTENDINGTHEE R M I N A T I O N D A T E OF

THE E S C R O W

AGREEMENT

DATED

ASOF

C T O B E R

2 997

AS

A M E N D E D ,

B E T W E E N THEMAM

BEACH

R E D E V E L O P M E N T AGENCY,

THECTY

O

MAM

BEACH,

FLORIDA,

RDPOYAL

P A L M

HOTEL

IMITED

P A R T N E R S H I P ,

AND

LOOM &

INSKER,

FOR

AN

D D I T I O N A L

PEROD

OF

SEVENTY

THREE

DAYS;

AND PROVIDING

AN

E F F E C T I V E

DATE

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

Adop

theResoution. B A C K G R O U N D

On

O c t o b e r

21

997,an

scrow

Ageemen

was

entered into

by

he

City;

the

amBeach

R e d e v e l o p m e n t

Agency (

RDA;

the

deveoper

o

the

African

American

Hotel,

Roya

Palm

Hotel

Lmted

Partnership

RDP;

nd

Boom&

Mnsker,

  an

scrow

agent. The E s c r o w

A g r e e m e n t

p r o v i d e d

ha,

un less

certan

cond i t ions

wee

me

n

o

rior

to

a n u a r y

4

998

the

Escrowg e n t

was

instructed

to

d e s t r o y

al

signatures

on

he

s c r o w e d

documents.

C o n d i t i o n

N

4on

Exhibit

Bo

the

s c r o w

A g r e e m e n t

required

the

developer

to

presen

to

the

City/RDA

and

s u b s e q u e n t l y

the

tyRD A

to

approve,

  au a r a n t e e d

maximum

price ( GMP)

constructon

c o n t r a c t .

That

contract

must

be

nul

force

and efec

fo

the

o n s t r u c t i o n

o

he

hotel.Ths cond it ion waso

met

by

a n u a r y

1998

nd, p u r s u a n ttoesouionNo.287

98

aid

date was

exended

 o

sixty

60

days

to

a r c h

5,

1998

pursuan

to

a

Frs

Amendment

to

E s c r o w

A g r e e m e n t ,

a n d

o

8/15/2019 98-22753 RESO

4/7

ANALYSIS

The

developer

is

working

dligenly

wthTishman

Constructon

the

City'

s/ RDA'

s

consutan,

to

finaize

al

remaining

technca

ssues.

There

aesill

unesoved

ssues

as

to

the

aforesadCondton

No.

4Ind d i t i o n ,

the

roject

fna

approvals

have

been

o

d m i n i s t r a t iv e

hod

due to

the

u n r e s o l v e d

Cty-

wide

FAR

i ssues.

The

Escrow

A g r e e m e n t

mus

project

can

r e a l i s t i c a l l y

thee r m i n a t i o n o

ths

d o c u m e n t s .

be

x t e n d e din

rder

to

ssure that

the

begn

wthn

seventy-

three (

73)

days

agreement

as r e q u i r e d

in

the

closing

A

ths

e x t e n d e d

1 9 9 8 .

me

t

s

r e c o m m e n d e d thatthe

o

an

addtona

seveny-

three

e s c r o w

a g r e e m e n t

73)

days

to

July

be6

O N C L U S I O N

The

Cty

Commission

and

the

DA

should

approve

an

xtension

fo

an

a d d i t i o n a l

s e v e n t y -

hee

73) daysSR

J;

Pht t a c h m e n t s

8/15/2019 98-22753 RESO

5/7

EXHIBIT

A

THIRD

AMENDMENT

TO

ESCROW

AGREEMENT

hLu~

is THIRD AMENDMENT

TO

ESCROW

AGREEMENT,

dated

as ofthe~

d ay

of

1998,

etween MIAMI

BEACH

E D E V E L O P M E N T

A G E N C Y ,

aubl ic

body

o r p o r a t e

and

p o l i ti c (

the"

g e n c y ) ;an d the

IT Y

OF

IAMI

B E A C H ,

  a

unicipal

c o r p o r a t i o n

of

the

t a t eo

l o r id a (

the

City )RDPOYAL PALM

HOTELLMTED

A R T N E R S H I P

a

lorida

lmted

p a r t n e r s h i p (

RDP ) ;

and

BLOOM&

I N S K E R (

he

Escrow

Agen").

R E C I T A L S :

A

The

a r t i e s to

hs

Thrd

m e n d m e n t

to

Escrow

Agreement

e x e c u t e d

tha

certain

Escrow

A g r e e m e n t ( he

Escrow

A g r e e m e n t ) d a t e d

as

o

October

21,

1997,

pu r s u an t

to

which

c e r t a i n

d o c u m e n t s r e l a t i n g

tohch

he

easing,

e v e l o p m e n t

a n d

operationo

a

o n v e n t i o n

c e n t e r

hoe

to

e

constructed

on

he

r o p e r t y

c o m m o n l y known

as

535

and

1545

ollins

Avenue,

Miami

Beach,

Florida

were

s c r o w e d

The

s c r o w

Agreement

contains

an

d d e n d u m toEscrow A g r e e m e n t

dated

as

f October

21

997,

a

i r s t

A m e n d m e n t

tos c r o w Agreement daedso

January

4

9 9 8 ,

a n d

a

e c o n d Amendment

to

scrow

A g r e e m e n t

d a t e d

as

M a r c h

4

9 9 8 .

The

Escrow

A g r e e m e n t , t o g e t h e r

w i th

th e

Addendum

a n d said

a m e n d m e n t s ,

ise r e i n referredto

s

the

II

g r e e m e n t .

B

The

p a r t i e s

w i s h

to

amend

c e r t a i n

o

he p r o v i s i o n s

o

the

Agreement.C

Bye s o l u t i o n

adopted ~,

998,

he A g e n c y

and

he

Ci ty

have

a u t h o r i z e d and

i r e c t e d

the

a p p r o p r i a t e

oficers

of

the

Agencyandh e

Cty

om e n d

the

A g r e e m e n t

as

e r e i n a f t e r

set

forth.

NOW,

T H E R E F O R E ,inxchange for

the

m u t u a l

p r o m is es

c o n t a i n e d

herein,

and

other

good

and

a l u a b l e

c o n s i d e r a t i o n ,

th e r e c e i p t

and

d e q u a c y

owhich

ae

hereby

c o n c l u s i v e l y

a c k n o w l e d g e d ,

theartieso

his Agreement

a g r e e as

folows:

1

e r e i n .

Recitals. T h e

f o r e g o i n g Recitals

ae

rue

a n d

c o r r e c t

and

ae

n c o r p o r a t e d

2

m e n d m e n t

to

e c t i o n

5

the Escrow

Agreement.

e c t i o n5

o

he E s c r o w

A g r e e m e n t

is

m e n d e d

to

change

th e

s e v e n t y -

five(5

day

period

c o n t a i n e d

in

the

second

line

on P a g e

3

f

the Escrow

g r e e m e n tto

two

u n d r e d

and

sxty-

egh (

68) a y s .

3o

u r t h e r m o d i f ic a t i o n s .

8/15/2019 98-22753 RESO

6/7

IN

WITNESS WHEREOF,

the

par t ies

have executed

this

Third

Amendment

to Escrow

Agreement

as

of

the

date

first set

forth

above.

OJ~

eL.

~

APPROVED

AS TO

FORM &

LANGUAGE

FOR

EXeCUnON

Q (~

R e d ~

Agency

General

Counsel

1/~

f

D o t e

oJJ~

E S S E S :

OJ~

C~.

O ~

P P R O V E D

AS

TO

FORM&

L A N G U A G E

FOR

E X E C U T I O N

7 ;

j;

o

D a t e

W I T N E S S E S :

J~

M I A M I

B E A C ~

f 7 D E V E L O P M E N T

A G E N C Y

By ?

JM

A T T E S T :

B y : ~

~

jU

18

I

ate:

C I T Y

OF

MAMI

J J E t C H ,

F L O R I D A

By:

1f11U

Neisen

Kasd in ,

Mayor

T E S ~ ~

p~~obert

Parcher,

S e c r e t a r y

5/~/

1

I

ae

RDP

ROYAL

PALM

HOTEL

L I M I T E D

P A R T N E R S H I P  B

ADC

H O S P I T L I T Y C O R P O R A T I O N ,

  I

it s

n e r a l

p

e

By:

a t e :

o/

u 1

8/15/2019 98-22753 RESO

7/7

The

unde rs i gned ,

as

Escrow

Agent

under

the

Agreement,

h e r e b y

a c k n o w l e d g e s

rece ip t

of

the

foregoing

Third

Amendment

toEscrow

Agreement.

WITNESSES:

BLOOM &

MINSKER, as

Escrow

Agent

By:

Joel

N. Minsker,

P.A

oa~

By:

p..~ ...

Date:

F:\

AT()\. l O T L \

D A M E N D _

ESC