99-23178 RESO (1)

8/15/2019 99-23178 RESO (1)

1/11

8/15/2019 99-23178 RESO (1)

2/11

NOW,

THEREFORE,

BE

IT

DULY RESOLVED BY

THE

MAYOR AND CITY

COMMISSION

OF THE

CITY

OF MAM

BEACH,

FLORIDA. that the

Mayor

and

City

Commission

hereby

approve

the

Development

Agreement

onFirst

reading

for

purposes

of

setting

a

second

public

hearing

on

July

7

1 9 9 9

at

230

p

.

andfurther setting

a

public

hearing.

p u r s u a n t

to

e c t i o n 82

36

through820

of

the

c o d e

o f t h e

City

Miami

B e a c h ,

onJuy

7

999at

2

1

pm,

or

approvalo

the

Lease

A g r e e m e n t

b e t w e e n the

Cityo

am

B e a c h

andi nc o ln Plaza

P a r t n e r s

LLCto

ease

the

ste

locatede t w e e n17ht r e e t

and

L i n c o l n

L a n e

and

Jefferson

a n d

Michigan

Avenues.

P S S E D

a n d

A D O P T E D this

26thay

of

My9 9 9 . A T T E S T :f~

CTY

LERK11

8/15/2019 99-23178 RESO (1)

3/11

TY

OF

MAM

BEACH

HALL

1700

O N V E N T I O N

CENTER DRIVE MIAMI BEACH,

3 3 1 3 9 htp\\

c.i a m i - b e a c h .

f1

u O M M I S S I O N

M E M O R N U M

NO. :

s

8

9O:

Mayor N e i s e n O

K a s d i n

an d

Members

o

the

Cty

Co

mission

D A T E :

May

26

9 9 9

FROM:

S e r g i o

R o d r i g u e z City Manager

S U B J E C T :

A

ESOL

IF

THEA Y O R ANDCTY

COMMISSION

O

HECTYOF

MIAMI

BEACHLORDA,

P P R O V I N G

ON

IRST R E A D I N G ,

THE

E V E L O P M E N T

A G R E E M E N T ,

IN

C C O R D A N C EWTH

THEEQUIREMENTS

OFTHEL O R I D A LOCAL G O V E R N M E N T D E V E L O P M E N T

AGREEMENT

ACT,BETWEEN

THE

CTY

F

MIAMI E CH

A ND

L I N C O L N

PLAZA

PARTNERS

LLC.

FO R

D E V E L O P M E N T

OF

THETE

O C A T E D

A

7TH STREET

AND

I N C O L N LANE

AND JEFFERSON

AND

MICHIGAN

A V E N U E S

AND

E T T I N G THE

SECOND

PUBLCE A R I N G

FOR C O N S I D E R A T I O N

O

HE DEVELOPMENT

AGREEMENT ON JUNE

23

999,

AND P U R S U A N T

TO

SECTION

826

T H R O U G H

82

40

F

THE

CODE

O

THE

ITY OF

I A M I

BEACH,

ON

UNE

23

999,

FORP P R O V A L

OF THE

LEASE

A G R E E M E N T

BETWEEN

THE

ITY

OFIAMI BEACHANDI N C O L N

PLAZA

A R T N E R S

LLC

TO

LEASE

THE

IT E

LOCATED BETWEEN

17TH

S T R E E T

AND

L I N C O L N

LANE

N D

J E F F E R S O N

A N D

M I C H I G A N

A V E N U E S .

R E C O M M E N D A T I O N :

A p p r o v e

the

Deveopmen

A g r e e m e n t

on

first

r e a d i n g

f o r

purposes

oettinga

second

public

h e a r i n g

on

June

3,

1999.

B A C K G R O U N D :

On

anuary 5

1998 ,

the

Gy~

am

Beach

ssued

RFP20

7

98

s e e k i n g

p r o p o s a l s

fo

he

e v e l o p m e n t

of

P u b l i c -

P r i v a t e

Parkng

faclities.

O

Apl

6

998,

p r o p o s a l s

from

five(

5

different

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

were

submitted

andvaluated

by

an

v a l u a t i o n

C o m m i t t e e .

On

July

15 998,

the Cty

o m m i s s i o n

authorized

n e g o t i a t i o n s

c o m m e n c e

wth

four (

4

f

th e

p r o p o s e d

d e v e l o p m e n t

projectsas

f o l l o w s :

Ste

1

unicipal

P a r k i n g

S y s t e m s

Ste

2

unicipal

P a r k i n g

8/15/2019 99-23178 RESO (1)

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May

26 /

99

C o m m i s s i o n

M e m o r a n d u m

Page

2

n

S e p t e m b e r

10,

1 9 9 8 ,

the

ity issued

RFP

111-

97

8.

to

v a l u a t e the

ou (

)unicipal

surface

parking

lots

r o p o s e d

fo

the


o

ubic-

r i v a t e

Parkng

a c i l i t i e s .O

e p t e m b e r23

9 9 8 ,

the

ity

C o m m i s s i o n authorized

the A d m i n i s t r a t i o n

to

ontract

with

HNTB

to

c o n d u c t

such

an

e v a l u a t i o n

o f

the

r o p o s e d

d e v e l o p m e n t s .

On

February

3

9 9 9 ,

the

ty

C o m m i s s i o n

referred

Phase

If H N T B '

s

e p o r t

and

e c o m m e n d a t i o n s .

regarding

the

r o p o s e d P u b l i c -

Private

D e v e l o p m e n t

Proposals,

to

the

Fnance

and

i t y w i d e

Projects

C o m m i t t e e ,

which

met

on

e b r u a r y

25

9 9 9 .

On

a r c h

3 999,

he

Cty

o m m i s s i o n acceped

he

F i n a n c eand

i t y w i d e

P r o j e c t s

C o m m i t t e e '

s

e p o r t to

phase

the

e v e l o p m e n t p r o j e c t s

a n d

d i r e c t e d

the A d m i n i s t r a t i o n

to

e g i n negotiations

forSte

1

and

Ste

4

nd

toegin d i s c u s s i o n s

wth

ite

3

totry

o

work

out

the

dfferences

and

l l o w

fo

o s s i b l e

agreement

onerms

that

c an

be p r e s e n t e d backto

the

o m m i t t e e .

OnApril

14,

999 ,

the

City

C o m m i s s i o n

d i r e c t e d

the

d m i n i s t r a t i o n

to

e g o t i a t e

wth

ark O n e

fo

the

Oth

Street

u b l i c -

Parkng

G a r a g e ste

h i l e

stating

hat

the

Ctywas

not w a i v i n g

its

rights

tor o c e e d

on

ts

own, h o u l d

the

e g o t i a t i o n s be

unsuccessful.

To

facilitate

the

negotiations, the

City

Attorney

e n g a g e d

the

firm

of

Bloom &

Minsker

to

assist

a n d

draft

the

attached

Ground

L e a s e

A g r e e m e n t

and


A g r e e m e n t .

P u r s u a n t

to

the

provisionso

Cty

r d i n a n c e

92

7 8 3 (

the

Shapiro

Ordinance ).

th e

leaseo

ny

C i t y -

owned property

fo ra

eriod

of

fiveyears

o

ore,ncluding

o p t i o n

periods.

is

u b j e c t

to

he

f o l l o w i n g conditions:

a

lanning

D e p a r t m e n t

analysis

a

public hearing

to

obtain

c i t i z e n

input

an a d v e r t i s e d

public

bidding

p r o c e s s

an

i n d e p e n d e n t

appraisal

to

e t e r m i n e the

far

arket

or

e n t a l value

o f t h e

p r o p e r t y

S a i d

O r d i n a n c e

further

p r o v i d e s

tha

except

fo r

the

ublic

h e a r i n g

and

the

lanning

D e p a r t m e n t

analysis.

the above

r e f e r e n c e d

conditions

m a y

be

aived

bya

5

ths vote

o f t h e

City

C o m m i s s i o n

upon a

inding

t h a t

the

public

interest

woud

bee r v e d

bya i v i n g

such

conditions.

A

ublic h e a r i n g

will

be

ed

on

June

23rd,

9 9 9 , and the

Planning

Department

a n a l y s i s

o

the

proposed

L e a s e

Agreement

wll

en c l u d e d

fo

Cty

C o m m i s s i o n

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

on

sad

a t e ;

therefore

no

a i v e r s

are

requested

a

hs

t i m e . Approval

T i m e l i n e s : M ay26999

June

22

999

u ne

23,

1999

A p p r o v a l

o


A g r e e m e n ton

irst

Reading

Review

by

Planning

Board A p p r o v a l

o

evelopment

A g r e e m e n t

and

Lease

A g r e e m e n t


8/15/2019 99-23178 RESO (1)

5/11

May

26 /99

C o m m i s s i o n

M e m o r a n d u m

Page

3

he

p r o p o s e d


at

the

te

he

e v e l o p m e n t

r e g u l a t i o n s a p p l i c a b l e

to

the

it e

the

improvements

to

be

constructed

by

the

developer (

t e n a n t )

thei m e f r a m e

by

hich

the e v e l o p e r (

t e n a n t )

shal

obtain

al

building

permts

and

o m p l e t e construction,

subject

to

n a v o i d a b l e

deays

The

Cty

C o m m i s s i o n

must

hod

w o

public h e a r i n g s to

ente

ino

a

Development

A g r e e m e n t .

Ths

e s o l u t i o n

wllpprove

the


A g r e e m e n t

on

irst

h e a r i n g

and

wll

set

the

e c o n d

public

h e a r i n g

on

une

23,

9 9 9 .

The

ub jec t

Cty

and

is

r e s e n t l y

zoned G o v e r n m e n t

Use (

GU.he

r o p o s e d

p u b l i c -

p r i v a t e developmentsr e p r e s e n t

private

or

joint g o v e r n m e n t / private

usesn

the G U

d i s t r i c t .

P u r s u a n t

to

S e c t i o n

142-423

o

he

C i t y

C o d e .

any

uch

use

r e q u i r e s

review

by

the

P l a n n i n g

Board

prior

to

a p p r o v a l

by

he

Cty

o m m i s s i o n .

On

June

22

9 9 9 ,

the

d e v e l o p e r s

wll

present

their proposed


projects

tohe

Planning

Board.

utlining

the

s e s

and

s e t t i n g forth

the

a p p l i c a b l e


r e g u l a t i o n s .

Pursuant

toection 142-

425

o

he

Cty

C o d e .

th e

City

C o m m i s s i o n

must

confirmthe

e v e l o p m e n t

r e g u l a t i o n stha

pply

as

a

e s u l t of

such

r o p o s e d

p r i v a t e

o

o i n t

g o v e r n m e n t /

pivate

use

o

be

h e

a v e r a g e

o

he

r e q u i r e m e n t s

inhe

s u r r o u n d i n g

d i s t r i c t s .

as

etermined

by

the

l a n n i n g an d

Zonng

Director.

he

P l a n n i n g

and

Zoning

D i r e c t o r

has d e t e r m i n e d

that

the

development

regulations

for

CDwill

appy

to

ths

it e

and

saddevelopment

r e g u l a t i o n s

are

o n f i r m e d

in

he D e v e l o p m e n t

A g r e e m e n t .

C O N S U L T A N T '

SE C O M M E N D A T I O N : H N T B

evaluated

the

p r o p o s a l s

and

e c o m m e n d e d

that

th e

City

s h o u l d notsel

its

property

to

he

d e v e l o p e r s

a

ny

o

hei t e s

b u t

s h o u l d

instead

e g o t i a t e

l e a s e s

w h e r e i n :

the

u a r a n t e e d

l e a s e

p a y m e n t s

s h o u l d

be

n

hee i g h b o r h o o d

of10%

o

he

market

v a l u eohe

City

owned

land

based

on

th e

u l t i m a t e

zoning

o f t h e p r o p e r t y .

the

e rm

o

he

land

l e a s e s

should

be

in

h e

average

of

40to

45

ears

in

r d e r

to

alow

the

d e v e l o p e r

to

c h i ev e

a

e a s o n a b l e

profit

and

the

ty

e t a i n

control

o

its

property.the

ity should

alsO.

ob~

n

additional

m o n t h l y

p a y m e n t s

b a s e d

on

gross

r e v e n u e s (

profit

s h a r i n g )

g e n e r a t e d o y

theverall

d e v e l o p m e n t . r e q u i r ethe

e v e l o p e r

a

ach

s i te

to

ay

the

ity

a

u m p

su m

a m o u n t

fo

he

e s t i m a t e d

o

actual

losses

in

p a r k i n g

revenue

during

the

ime

the

ste

s

n o p e r a b l e

for

p a r k i n g .

A P P R A I S A L S :

The

appraisals

of

the

Public-

Private

P a r k i n g

p r o j e c t s

were

c o m p l e t e d on

arch

19. 9 9 9 .

by

Alhale &

8/15/2019 99-23178 RESO (1)

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May

26 /

99

C o m m i s s i o n

M e m o r a n d u m

Page

4 Site

1

Michigan

S i t e

2

ite

3:

Ste

4: W a s h i n g t o n

17

S.

Lenox &

17

h

St.

Collins &

10"

S. &

16

hS.

A p p r a i s e d Value:

5

70.

000 2

800

000 $

2

00,

000 $3

00,

000 .ighest &

es t

Use

@

3

1

59

Proposed

Less

than

h i g h e s t

TBD

es s

than

highest

Ste

a s

limitations

D e v e l o p m e n t :

and

best

u s e and

e s t

usef f e c t i n g

a b i l i t y

toevelop

the

h i g h e s t

and

est

use

i t h o u t

a d d i t i o n a l

land.

As

r e p o r t e d

on

Apil

289 9 9 ,

staff

pepared

a

r o j e c t e d p r o j e c t

cashflow

analyss

n

rder

to

e c o n c i l e

the

fara r k e t

vaue

andthe

annua

rent

payable

to

the

Cty,

based

u p o n

the

r o p o s e d

v a l u e

in

use

ANALYSIS:

B a s e d on theconsutan

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

and

a s e d

on

hep p r a i s a l s

submitted,

the

A d m i n i s t r a t i o n

has

c o n d u c t e d

n e g o t i a t i o n s

for

t h r e e (

3

of

the

four (

4

p r o jec t s ,

as

prioritized

byhe City

C o m m is s io n . (

e g o t i a t i o n s

for

Ste

2

wll

commence

uponcompletion

o

egotiations

w i t h

the

proposers

on

S i t e1te

3

nd

Ste

4

if

o

directed

bythe

C i t y

Commission.)

The

r e c o m m e n d e d

negotiated

terms

o

the

p r o p o s e d

p r o j e c t are

d e l i n e a t e d

below.

TERMS:

Lincoln

Paza Partners.

M i ch i g a n /

J e f f e r s o n &

17th

S.

wner:

City

o

Mam

Beach

D e v e l o p e r / T e n a n t :

Lincoln

P l a z a

P a r t n e r s

LL C

P r i n c i p a l s :

50%-

Scott

Robins

50%-

R

o n a h u e

P e e b l e s

Project D e s c r i p t i o n :

711

s p a c e

garage

34

510

s

retat

106,

0 0

s

ffice

P r o j e c t

Cos

8/15/2019 99-23178 RESO (1)

7/11

May

26 /99

C o m m i s s i o n

Memorandum

Page

5

o s s e s s i o n

Date: S e c u r i t y

Deposit:

CO

Date

Rent during

Possession

Date

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

P e r i o d :

Base

Rent

a

elay

Date:

Delay

Date

Base

Rent

A d j u s t m e n t s :

P e r c e n t a g e

Ren

s

a

ercentage

of

gross

r e v e n u e s ) :

o--

4IJ '_Rep p r a i s a l s :

R e a l

Estate

Taxes:

to

p e r a t e

surface

p a r k i n g

lots

during

this

period.)One

ear

from

e x e c u t i o n ,

no

subject

to

navoidable

delays.

Upon

p o s s e s s i o n ,

one

year ofa s e

rent

will

berovided

as

e c u r i t y d e p o s i t

until

CO

date.

Earlier

o

ate upon

w h i c h

TCOO

is

o b t a i n e d

o

2

years

from

p o s s e s s i o n

date.

175

O O /

a n n u a l l y

T h i s

fee

e p r e s e n t s

the

ity'

s

r o j e c t e d

loss

o f r e v e n u e

on

he

i t e .

W

re

r e q u i r i n g

d e v e l o p e r s

to

c o m p e n s a t e

Ctyor

ths

loss

during

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

or

2

years from

o s s e s s i o n

date.)250,

000

foe a s e y e a r s

1

i n c r e a s i n g

to $

00,

00 for

lease

y e a r s

6

10

Earlier

ofCO

D a t e

o

e a r s

from p o s s e s s i o n date. n o t

subject

to

n a v o i d a b l e

delays.

B a s e

rent

wll

be

djusted

a

he

end

of

the

10th

ease

ear

and

v e r y

5h

ease

year

t h e r e a f t e r .

b a s e d

upon

the

l e s s e r

of

12%r

the

c u m u l a t i v e

CP I

o v e r

the

r e v i o u s

5

ear

period.

Aheearlier

o(

i)

s a l e

o

ther o j e c t

or (

ii)

e g i n n i n g

in

e a r

9

and

every

L e a s e

Year t h e r e a f t e r .

percentage

rent

of

2

5%

of

gross

revenues

wllbe

c a l c u l a t e d

in additionto

base

rent.

Only

in

e a s e

Year

9e r c e n t a g e

ren

wll

be

payable.

inqual i n s t a l l m e n t s

over

five

years.

in L e a s e Y e a r s

11

t h r o u g h

Lease

Y e a r

1 5 .

B e g i n n i n g

in

ease

Year

10,

an d

every

year

h e r e a f t e r ,

p e r c e n t a g e

rent

wllbe

dueand

payable

at

the

nd

o

each

year.

i.

5%

o

ross

r e v e n u e s .

p a y a b l e

in

he

first m o n t h of11

th

e a s e

Yea

and every year t h e r e a f t e r .

If

d e v e l o p e r

e x e r c i s e s

e x t e n s i o n

o p t i o n s ,

the

a n d

will

be

re

p p r a i s e d ,

b a s e d

upon

the

terms

set

forth

inhe L e a s e

A g r e e m e n t , to

d e t e r m i n e the

ew

base

rent

basedupon

the

a l u e

in

se

inthe

49h

year

and

69h

ear.

The

a s e

Rent

will

never

be l e s s

than the

pior

y e a r '

s

ase

r e n t .

I n c l u d e d

and d e f i n e d

as

d d i t i o n a l Rent

in

8/15/2019 99-23178 RESO (1)

8/11

May

26

999

C o m m i s s i o n

M e m o r a n d u m

Page

6

arking

Rates: G a r a g e p a r k i n g

r a t e s

shall

notbe

lessthan

the

City/

Agency rates

or

more

thanthe

ighest

garage

p a r k i n g

rates

charged

in

Mam-

Dade County.

S u b o r d i n a t i o n :

Cty

gees

tou b o r d i n a t e

p e r c e n t a g e rent

to

ebt

s e r v i c e

payments

on

first

m o r t g a g e ,

but

n o t b a s e

rent

ale/ R e f i n a n c i n g :

D e v e l o p e r

h a s

the

right

to

ell

project,

subject

to c e r t a i n

criteria (

i.

u r c h a s e r

musa v e

a

m i n i m u m

o

0

million

in

equity.

rack

r e c o r d .

no

l i t i g a t i on

w i t h City,

ec).

R i g h t

o f

First

R e f u s a l :

City/

D e v e l o p e r

has

the

i g h t

o

firstr e f u s a l

to

u r c h a s e

o t h e r '

s

ntees

in

the

r o j e c t .

E n v i r o n m e n t a l

M a t t e r s :

P r o p e r t y

is

leased

s

is

nd

developer

is

esponsible

for

r e m e d i a t i o n

F i n a n c i a l

R e t u r nto

hei t y :

The

f i n a n c i a l

return

tothe

City

c o n s i s t s

o

ent (ase

rent.e r c e n t a g e

rent

andd d i t i o n a l

rent ,

rea

s t a t e

taxes (

he

property

is

urrently

tax

x e m p t ) and

a d d i t i o n a l

private l a n d that

wll

r e v e r t

to

theit y at

the

termination

of

the

ease.

A d d i t i o n a l l y .

the

r o j e c t

wll

provide a p p r o x i m a t e l y

4 4 9 net

new

a r k i n g s p a c e s

in

he

rea

a n d

wll

provide

new

Class

A

f f i c e

s p a c e ,

fo

hich

there

is

aemand,

h a t wll

t t r a c t

pivatec o r p o r a t i o n s

to

anchor and

revitalizethe

ity

c e n t e r .

Such

i n v e s t m e n t

serves

s

a

atalyst

and

e r p e t u a t e s

a

strong

e c o n o m i c

i m p a c t

fo

u

community.

R e n t : The

negotiated

terms

r e p r e s e n t

a

far

arket

r e t u r n

onthe a p p r a i s e d v a l u eohe

landinhe

form

o

a s e rentn d

p e r c e n t a g e rent.

In

ddition,

to

he

0,

000 fee

p o n

e x e c u t i o n

ofthe

Agreement

and

the

e n t of$

175

0 0 /

year

d u r i n g

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

base

rent

in

he

amount

of$

250

00/year wllbeu e

and

p a y a b l e

two years a f t e r p o s s e s s i o n .

T h e base

rent

escalates

to

0 0 , 000/

year

a

theend

of

the

5hease

year,

thereafter, e s c a l a t i o n s to

base

rent

occur

every

5eas

h e

total base

r e n t

p a y m e n t s over

the

first

25

e a r s ,

total $

84m i ll i o n .

P e r c e n t a g e

Rent c o m m e n c e sahe earliero

a

ale

o

he

p r o j e c t

o

during

th e 9he a s e \ ~ar

and

is

stimated

to

otal

2

millionover

the

25

year

term.

The

t e r m s

p r o v i d e

a

return

o

th e

Cty

t h a t

would

enabe

the

e v e l o p e r

to

stabilize

the

project

and

a l l o w

the

Cty

to

e g i n to

par t i c i pa te

in

a

e r c e n t a g e (

2

%

f

gross

r e v e n u e s ,

during

the

9h

ease

Year.

a s e d

upon

a

25

ear

operating

p r o f o r m a

for the

project.

theaggregate

C i t y

returnover

the

first 25

year

p e r io d

totals $

11

4

m i l li o n .

The

Developer'

s

a g g r e g a t e

r e t u r n

d u r i n g

ths

am e

period.

o t a l s $

50million. (

Note:

This

r e t u r n

is

c a l c u l a t e d ove

25

e a r s

and

not

o v e r

the90

ear

lease

tem)

he

Lease

A g r e e m e n t

f u r t h e r

p r o v i d e s

that

any

b a t e m e n t or

a i v e r

o

eal

estate

t a x e s

wll

be

adas

Addit ional

Rentto

the

C i t y

in

the

vent

that

ax

e x e m p t i o n s

are

r a n t e d

fo

he

and

and i m p r o v e m e n t s .

T h e

land

is

currently

tax

exempt

bu t

non-

p u b l i c

uses

on

u n i c i p a l

land

are

u b j e c t

to

ad

a l o r e m

taxes

u r s u a n t

8/15/2019 99-23178 RESO (1)

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99

C o m m i s s i o n

M e m o r a n d u m

Page

7

Rea

s t a t e

T a x e s

A d d i t i o n a l l y ,

the

ity

will

benefit

from

he

projected

annual

real

e s t a t e t a x e s

that

will

be

paid

to th e

Cty

It

is

rojected

that

ofan

e s t i m a t e d total

p r o j e c t

hard

cosof$

19

28,

850,

the e s t i m a i e d

t o t a l i n i t i a l

tax

bll

will

be$

3t,

549.

f

ths

m o u n t , $147

196

will

represent

the

Cty

s

annual

tax

share

a n d

1 1 2 ,

213

ll

r e p r e s e n t

the

C o u n t ys

n n u a l

i n c r e m e n t

payable

tothe

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

T r u s t

Fund.

as

a

esut

of

the

p r o p e r t y '

s

o cat i o n in

the

Cty

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

District.

In

Y 2 0 2 3

the

Cty

ill

no longer

b e n e f i t

from

the

ounty i n c r e m e n t

due

o

the

e x p i r a t i o n

o

he term

ofthe

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

Dstrict.

a x

p a y m e n t s

tohe

ty

over

the

first

25

year

period

are

e s t i m a t e d

tooa

7i l l i o n .

inclusive

ofthe C o u n t y i n c r e m e n t .

Land

C o n t r i b u t i o n

The

D e v e l o p e r s are

a l s o

c o n t r i b u t i n g

a p p r o x i m a t e l y 14,

000so

d d i t i o n a l

land

tothe

a g g r e g a t e

p r o j e c t .

This

land

will

be

e e d e d

to

the

City

upon

o s s e s s i o n date and

wll

e c o m e

partf

the

premises

that

revert

tothe

Cty

pon

t e r m i n a t i o n

of

the

e a s e A g r e e m e n t . (

See

x h i b i t

I)

ale.

s s i l p l m e n t . T r a n s f e r & S u b l e t t i n f l :

The

Lease

A g r e e m e n t

provides t h a t

C i t y

consent

wll

be r e q u i r e din

the

event

of

aae,

s s i g n m e n t ,

t r a n s f e ro

s u b l e a s e

to

a e r m i t t e d

Buyer,if

the

e r m i t t e d

B u y e r

does

not

meet certain c r i t e r i a .

The P e r m i t t e d

B u y e ris

a

eal

s t a t e i n v e s t o r ,

pension

fundoeveloper

andthe

r i t e r i a

se

forthinhe Lease

A g r e e m e n t

c o n s i s t s

o

the

f o l l o w i n g : Must

meet

m i n i m u m

equity

r e q u i r e m e n t of $

20

million

M u s t

not

be

owned

by

a

f o r e i g n

i n s t r u m e n t a l i t y

Has

ot

been

in

itigation

with

th e

Cty

ove

he

pas

7ears

C a n n o t be

owned

by

n

i n d i v i d u a l

who

hasbeen

c o n v i c t e do

s

under

indictment

for

felonies Has no t filedfo

a n k r u p t c y

during

the

p a s t

7

years

Mus

have

ai n i m u m of

5

e a r s

operating

history

Must not

be

n

advocate

o

ave

as

its

tated purpose:

resistance a g a i n s t

the

U

S

o v e r n m e n t ; or g e n o c i d e .

violence. a t r e d

or

anmosity

toward

persons

based

on

ace.

eligion.

creed,

s e x u a l

o r i e n t a t i o n or

n a t i o n a l

orign

R E C O M M E N D A T I O N : '. . -

Itas

been

d e t e r m i n e d that

the

e v e l o p m e n t

p r o p o s a l s

presented

heren

e q u i r e P l a n n i n g

Board

review

pior

toinal Cty

Commission

approval.

Asa

e s u l t .the

second

h e a r i n g

of

the

e v e l o p m e n t A g r e e m e n t

and

he

p u b l i c

hearing

equired

for

the

Lease

g r e e m e n t

s h o u l d

be

et

fo

u n e

23

9 9 9 . Therefore.

it

s

e c o m m e n d e d that

the

M a y o r

and

Cty

o m m i s s i o n a p p r o v e the

Development

Agreement

on first

readng

or

purposes

o

s e t t i n g aecond p u b l i c h e a r i n g

on

u n e

23

999,

and

to

o n s i d e r

a p p r o v a l

o

h e

Lease A g r e e m e n t

pursuanttohe

8/15/2019 99-23178 RESO (1)

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8/15/2019 99-23178 RESO (1)

11/11

CITY

8 r

MIAMI

Bl:

ACH

NOTICE

OF

INTENT

ro

CONSIDER

DEVElOPMENT AGREEMENT

AT

PUBLIC HEARING

NOTICE IS

HEREBY

GIVEN that the

first of two

public

hearings

wll

be held

by

the

City

Commission

of

the

City

of

Mami Beach,

Florida, on

Wednesday, May

26,

1 9 9 9

a

20pm,

r

as

o o n

t h e r e a f t e r

as

possibe,

inheCity

C o m m i s s i o n

C h a m b e r s ,

Thrd

Floor,

Cty

Hal,

1700 C o n v e n t i o n

C e n t e r Dive,i a m i

Beach,

F l o r i d a , to

consider

andnte

nto

a

roposed

development

agreement (

the e v e l o p m e n t

A g r e e m e n t " )

b e t w e e n L i n c o l n

P l a z a

P a r t n e r s LLC,and

th e

Ctyf

M i a m i

Beach

n a c c o r d a n c e wththe

requirements

ohe

l o r i d a

L o c a l

Government


A g r e e m e n t

A

fo

r o p e r t y comprised

of

a p p r o x i m a t e l y

76

32

q u a r e

f e e t located

at

the

outheast

corner

o

17h S t r e e t

and

i c h i g a n Avenue, i a m i B e a c h ,

Florida.The

Project

shall

consist

of

a

700 p a c e

parking

garage

and

140,

000 s q u a r e

feet of

office

and

retal

space.

h e

Project

sha

e 80

fee

n

height. The

f o r e g o i n g

i n f o r m a t i o n

is

r o v i d e d

pursuant

to

he

e q u i r e m e n t s of Section

1 6 3 . 3 2 2 5 ,

Fa

S t a t . I n q u i r i e s

c o n c e r n i n g

the

proposed

D e v e l o p m e n t A g r e e m e n t

should

beirected

to

thef f i c e

o

he

City

C l e r k , (

305

673-

4 1 1 .

C o p i e s of

the

proposed


A g r e e m e n t a re a v a i l a b l e forn s p e c t i o n ,

and

may

be

o b t a i n e d

p u r s u a n t

to

119

07

Fa.

Sat.,

uring

n o r m a l

business

hours

in

he

Office

of

the

Cty

l e r k ,

C i t y

Hall,

7 0 0

C o n v e n t i o n

Center

D r i v e ,

M i a m i

Beach,

Florida.Al

e r s o n s

are

nvitedto

a p p e a r

at

t h i s

meetingo

e

represented by

an

a g e n t ,

oto

xpress

their

views

in

riting

a d d r e s s e d

to

the

it y

o

M i a m i

Beach

City

C o m m i s s i o n

do

the

ity

Clerk,

7 00

C o n v e n t i o n C e n t e r

Drive,

Frst

F l o o r ,

Miami

B e a c h ,

Florida

33139.

P u r s u a n t

to

e c t i o n

286

105,

Fa.

t a t . ,

the

Cty

hereby

d v i s e s

the

public

that:

If

a

person

decides

to

p p e a l

a n y decision

made

by

the

Cty

o m m i s s i o n

with

respect

to

nya t t e r

considered

atths

eeting

o

e a r i n g ,

such

p e r s o n m u s t i n s u r e

that

a

erbatim record

oftheroceedings

is

m a d e ,

w h i c h

r e c o r d i n c l u d e sthe

t e s t i m o n y

and

v i d e n c e

upon

whchhe

appeal

is

obe

a s e d . Ths

notice

d o e s

not

o n s t i t u t e

consent

by

h e

City

for

then t r o d u c t i o n

oradmission

of

otherwse

i n a d m i s s i b l e

or i r r e l e v a n t

evidence,nor

does

it

u t h o r i z e

challenges

or

a p p e a l s

no

therwise

allowed

by

law.

Inc c o r d a n c e wth

he

A m e r i c a n s

wth D i s a b i l i t i e s

Act

of

9 9 0

all

persons needing

s p e c i a l accommodation

to

p a r t i c i p a t e

in

hs

r o c e e d i n g

should

contact

the

Cty C l e r k '

s

f f i c eno

l a t e r

t h a n

fou

days

riorto

99-23178 RESO (1)

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