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)
4/11
May
26 /
99
C o m m i s s i o n
M e m o r a n d u m
Page
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
d e v e l o p m e n t
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
D e v e l o p m e n t
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
D e v e l o p m e n t
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
D e v e l o p 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
d e v e l o p m e n t
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
D e v e l o p m e n t
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
d e v e l o p m e n t
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
d e v e l o p m e n t
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)
6/11
May
26 /
99
C o m m i s s i o n
M e m o r a n d u m
Page
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)
9/11
M ay
26 /
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)
10/11
I~
I~
I
I
I
1
LINCOLN
PLAZA
17h
Sree
nd
Mchigan
E X H I B I T
1
B E V E N T E E
N
S T R E E T
I
B . . . . . . . . . . . =
f l l
r~~
---
I
I
I
L
E V E L O P E R
S
I
I~
l i l - -
l ;
N1,..
I' ,.
, - - -
l
II
Ii
T E _ _
J,
I
I
J ~
I .
t I I _
--
l l n L I . .
I~ '
II
i
I ,
I
I
______________
_ _ _ _ _ ~ ~ _ ~ _ _ _ _ ~
I
I
C I T Y -
O W N E D
I
I
I
3 1
q
J
I
I
I .._~
r .
I
I ,
Z O N I N G
I G R M
1
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
D e v e l o p m e n t
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
D e v e l o p m e n t
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