99-23303 RESO
RESOLUTION NO. 99-23303
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, APPROVING ON FIRST
READING, A DEVELOPMENT AGREEMENT, IN ACCORDANCE
WITH THE REQUIREMENTS OF THE FLORIDA LOCAL
GOVERNMENT DEVELOPMENT AGREEMENT ACT, BETWEEN
THE CITY OF MIAMI BEACH AND PARK ONE DEVELOPMENT,
L.L.C., FOR DEVELOPMENT OF THE SITE LOCATED AT 10TH
STREET AND COLLINS AVENUE AND SETTING THE SECOND
PUBLIC HEARING ON SEPTEMBER 22, 1999, FOR
CONSIDERATION OF THE DEVELOPMENT AGREEMENT AND
ALSO SETTING A PUBLIC HEARING PURSUANT TO SECTION
82-36 THROUGH 82-40 OF THE CODE OF THE CITY OF MIAMI
BEACH, ON SEPTEMBER 22, 1999, FOR APPROVAL OF A LEASE
AGREEMENT BETWEEN THE CITY OF MIAMI BEACH AND
PARK ONE DEVELOPMENT, L.L.c., TO LEASE THE SITE
LOCATED AT 10TH STREET AND COLLINS AVENUE.
WHEREAS, on January 5, 1998, pursuant to the authorization of the Mayor and City
Commission, the Administration issued a Request for Proposals for the development of public-
private parking facilities in the area south of Dade Boulevard (the "RFP"); and
WHEREAS, the City issued the RFP in order to solicit qualified development teams to bid
on certain publicly-owned sites identified in the RFP and/or to propose the development of parking
on privately owned property; and
WHEREAS, on April 6, 1998, the City received proposals from five (5) different
development teams for various sites throughout the South Beach area; and
WHEREAS, on June 30, 1998, an Evaluation Committee appointed by the City Manager
and approved by the Mayor and City Commission, heard presentations from five teams; and
WHEREAS, in accordance with the criteria identified in the RFP, the Evaluation Committee
ranked the proposals and provided their recommendations to the City Manager; and
WHEREAS, on July 15, 1998, the City Commission adopted Resolution No.98-22857,
authorizing the Administration to negotiate with an entity owned by Wayne, Suzette and David
Ducote (now known as Park One Development LLC), with regard to the site located between 10th
Street and Collins Avenue.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby approve the Development Agreement on First reading and set a second public
hearing on September 22, 1999 at 2:00 p.m. and also setting a public hearing on September 22, 1999
at 2:01 p.m., for approval of the Lease Agreement between the City of Miami Beach and Park One
Development LLC, pursuant to Section 82-36 through 82-40 of the code ofthe City Miami Beach,
to lease the site located between 10th Street and Collins Avenue.
PASSED and ADOPTED this 17th day of September, 1999.
~JI
MAYOR
ATTEST:
~d' pA,t~
CITY CLERK
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T\AGENDA \1999\SEP 1499\REGULAR\PARKONE.RES
~~~
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
htlp"\\ci miami-beach,f1.us
COMMISSION MEMORANDUM NO.
G.~~-99
TO:
Mayor Neisen o. Kasdin and
Members of the City C mission
DATE: September 14, 1999
FROM:
Sergio Rodriguez
City Manager
"
SUBJECT:
A RESOL N OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROVING ON FIRST READING,
A DEVELOPMENT AGREEMENT, IN ACCORDANCE WITH THE
REQUIREMENTS OF THE FLORIDA LOCAL GOVERNMENT
DEVELOPMENT AGREEMENT ACT, BETWEEN THE CITY OF MIAMI
BEACH AND PARK ONE DEVELOPMENT, L.L.c., FOR DEVELOPMENT
OF THE SITE LOCATED AT 10TH STREET AND COLLINS AVENUE AND
SETTING THE SECOND PUBLIC HEARING ON SEPTEMBER 22,1999,
FOR CONSIDERATION OF THE DEVELOPMENT AGREEMENT AND
ALSO SETTING A PUBLIC HEARING PURSUANT TO SECTION 82-36
THROUGH 82-40 OF THE CODE OF THE CITY OF MIAMI BEACH, ON
SEPTEMBER 22, 1999, FOR APPROVAL OF A LEASE AGREEMENT
BETWEEN THE CITY OF MIAMI BEACH AND PARK ONE
DEVELOPMENT, L.L.C., TO LEASE THE SITE LOCATED AT IOTlI
STREET AND COLLINS AVENUE.
RECOMMENDATION:
Approve the Development Agreement on first reading and set a second public hearing on September
22, 1999.
BACKGROUND:
On January 5; 1998, the City of Miami Beach issued RFP 20-97/98, seeking proposals for the
development of Public-Private Parking facilities. On April 6, 1998, proposals from five (5) different
development teams were submitted and evaluated by an Evaluation Committee. On July 15, 1998,
the City Commission authorized negotiations commence with four (4) of the proposed development
projects as follows:
Site 1: Municipal Parking Systems
Site 2: Municipal Parking Systems
Site 3: Park One, Inc.
Site 4: Lincoln Place
-Michigan and 17th Street
-Lenox Avenue and 17th Street
-Collins A venue and 10th Street
- W ashington Avenue and 16th Street
AGENDA ITEM~
DATE~
September 14, 1999
Commission Memorandum
Page 2
On September 10, 1998, the City issued RFP 111-97/98, to evaluate the four (4) municipal surface
parking lots proposed for the development of Public-Private Parking facilities. On September 23,
1998, the City Commission authorized the Administration to contract with HNTB to conduct such
an evaluation of the proposed developments. On February 3, 1999, the City Commission referred
Phase I ofHNTB's report and recommendations, regarding the proposed Public-Private Development
Proposals, to the Finance and Citywide Projects Committee, which met on February 25, 1999.
On March 3, 1999, the City Commission accepted the Finance and Citywide Projects Committee's
report to phase the development projects and directed the Administration to begin negotiations' for
Site 1 and Site 4 and to begin discussions with Site 3 to try to work out the differences and allow for
possible agreement on terms that can be presented back to the Committee. On April 14, 1999, the
City Commission directed the Administration to negotiate with Park One for the 10th Street Public-
Parking Garage site while stating that the City was not waiving its rights to proceed on its own,
should the negotiations be unsuccessful.
On May 26, 1999, after further recommendations from the City not to enter into the proposed
agreement with Park One, the Commission directed the Administration to negotiate the terms of a
Development and Lease Agreement and to present the negotiated terms at the June 9, 1999
Commission Meeting. On June 9, 1999, the City Commission directed staff to convene further
negotiations with Park One in order to reach closure on the financial issues. On June 23, 1999, the
re-negotiated terms were presented to the City Commission, at which time the resolution was
deferred pending the outcome of the KTKL litigation.
The City Commission further requested that Larry Herrup, an independent Certified Public
Accountant and Chairman ofthe City's Budget Advisory Committee, review the financial projections
presented by the City and alternatively by Park One. Larry Herrup reviewed the City's projections
and Park One's projections. Larry Herrup presented his findings at the July 21, 1999 meeting to the
City Commission.
On July 21, 1999, the City Commission approved 1) the Settlement Agreement between the City of
Miami Beach and KTKL and 2) the negotiated terms with Park One, Inc.; authorizing the
Administration to finalize a Development Agreement and Lease Agreement.
Planning Analysis
Pursuant to the provisions of City Ordinance 92-2783 (the "Shapiro Ordinance"), the lease of any
City-owned property for a period of five years or more, including option periods, is subject to the
following conditions:
· a Planning Department analysis
· a public hearing to obtain citizen input
· an advertised public bidding process
· an independent appraisal to determine the fair market or rental value of the property
Said Ordinance further provides that except for the public hearing and the Planning Department
analysis, the above referenced conditions may be waived by a 517ths vote of the City Commission
upon a finding that the public interest would be served by waiving such conditions. A public hearing
September 14, J 999
Commission Memorandum
Page 3
will be held on September 22nd, 1999, and the attached Planning Department analysis ofthe proposed
Lease Agreement will be considered on said date; therefore no waivers are requested at this time.
Approval TimeIines:
August 24, 1999
September 14, 1999
September 22, 1999
I.'
-Review by Planning Board
-Approval of Development Agreement on First Reading
-Final approval of Development Agreement and Lease Agreement
To facilitate the negotiations, the City Attorney engaged the firm of Bloom & Minsker to assist and
draft the attached Ground Lease Agreement and Development Agreement.
Development Regulations:
In accordance with the Florida Local Government Development Agreement Act, the City of Miami
Beach and Park One Development LLC, are entering into a Development Agreement to address,
among other things:
· the proposed development at the site
· the development regulations applicable to the site
. the improvements to be constructed by the developer (tenant)
. the timeframe by which the developer (tenant) shall obtain all building permits and complete
construction, subject to unavoidable delays.
The City Commission must hold two public hearings to enter into a Development Agreement. This
resolution will approve the Development Agreement on first hearing and will set the second public
hearing on September 22, 1999.
The subject City land is presently zoned Government Use (GU). The proposed public-private
development represents private or joint government/private uses in the GU district. Pursuant to
Section 142-423 of the City Code, any such uses require review by the Planning Board prior to
approval by the City Commission. On August 24, 1999, Park One presented their proposed
development project to the Planning Board, outlining the uses and setting forth the applicable
development regulations. There were no objections to the proposed project expressed by the Board
at this meeting.
Pursuant to Section 142-425 of the City Code, the City Commission must confirm the development
regulations that apply as a result of such proposed private or joint government/private use to be the
average of the requirements in the surrounding districts, as determined by the Planning and Zoning
Director. The Planning and Zoning Director has determined that the development regulations for
MXE will apply to this site and said development regulations are confirmed in the Development
Agreement.
APPRAISALS:
The appraisals of the Public-Private Parking projects were completed on March 19, 1999, by J. B.
Alhale & Associates Inc., and are based on the highest and best use of the property as of March 15,
September 14, 1999
Commission Memorandum
Page 4
1999.
Site 1: Michigan Site 2: Site 3: Site 4: Washington
& 17th St. Lenox & 17th St. Collins & 10th St. & 16th St.
Appraised Value: $5,070,000 $2,800,000 $2,600,000 $3,900,000
Highest & Best
Use @ 3/15/99
Proposed Les's than highest TBD Less than highest Site has limitations
Development: and best use and best use affecting ability to
develop the highest
and best use
without additional
land.
As reported on April 28, 1999, staff prepared a projected project cashflow analysis to reconcile the
fair market value and the base rent return to the City based upon the proposed value in use. As a
result ofthe less intensive proposed use for this site and the limited revenue potential of a parking
facility with minimal retail space, the property's value based on a "value in use" would be less than
the fair market value.
CONSULTANT RECOMMENDATIONS:
HNTB evaluated the proposals and recommended that the City should not sell its property and that:
. the City should strongly consider building a 100% public/municipal Garage at the loth Street
site. The site should be constructed as soon as possible and prior to the other public/private
garages. The highest priority should be given to constructing the 10th Street garage.
. a supply/demand analysis indicated that the 10th Street site would likely experience the
greatest overall external demand for parking.
ANALYSIS:
Following City Commission direction on April 14, May 26, June 9, June 23, and July 21, to finalize
negotiations with Park One, the Administration and Park One have agreed on all terms.
The recommended negotiated terms of the proposed project are delineated below.
TERMS:
Park One Development LLC
Owner:
City of Miami Beach
Developer/Tenant:
Park One Development LLC
Principals:
100% - Wayne, Suzette and David Ducote
September 14, /999
Commission Memorandum
Page 5
Proj ect Description:
Project Cost:
Funded Equity:
Lease Term:
'.
Fee upon Execution:
Possession Date:
Security Deposit:
CO Date:
Rent during Possession
Date thru Construction Period:
Delay Date:
Base Rent at Delay Date:
Base Rent Adjustments:
Percentage Rent:
(as a percentage of gross revenues)
270 spaces garage
Not to exceed 5,000 sf retail
$4,177,000
$1,844,250
40 years with 1, lO-year extension option.
Amount equal to City's out of pocket costs, not to exceed
$50,000.
On or before November 30, 1999.
- Upon commencement, an $18,000 deposit will be provided
for damages in connection with the performance clause in the
KTKL Settlement Agreement.
- Upon possession, one year of base rent will be provided as
security deposit until CO date.
Earlier of date upon which TCO/CO IS obtained or
12/31/2001.
$42,000/annually
(This fee represents the City's projected loss of revenue on
the site. Weare requiring developers to compensate City for
this loss during construction, or 22 months from possession
date. )
Earlier of CO Date or 9/30/2001, not subject to unavoidable
delays.
$75,000/annually
Base rent will be adjusted at the end of the 5th lease year and
every 5th lease year thereafter, based upon the lesser of 12%
or the cumulative CPI over the previous 5 year period.
At the earlier of (i) a sale of the project or (ii) once project
revenues exceed $1,090,000 or (iii) beginning in Year 8, and
every Lease Year thereafter, percentage rent of2.5% of gross
revenues will be calculated in addition to base rent.
Percentage rent will be due and payable at the end of each
year.
September 14, 1999
Commission Memorandum
Page 6
Re-appraisals:
If developer exercises extension options, the land will be re-
appraised, based upon the terms set forth in the Lease
Agreement, to determine the new base rent based upon the
value in use in the 39th year. The Base Rent will never be less
than the prior year's base rent.
Real Estate Taxes:
Included and defined as Additional Rent in the event taxes are
abated or reduced. If taxes are reduced as a result of decline
in property values in the area, this provision will not apply.
Parking Rates:
Garage parking rates shall not be less than the City/Agency
rates or more than the highest garage parking rates charged in
Miami-Dade County.
Subordination:
City agrees to subordinate percentage rent to debt service
payments on first mortgage, but not base rent.
Sale
Sale ofthe project will be subject to City consent.
Right of First Refusal:
City/Developer has the right of first refusal to purchase
other's interest in the Premises.
Environmental Matters:
Property is leased "as is" and developer is responsible for
remediation.
Financial Return to the City:
The financial return to the City consists of rent (base rent, percentage rent and additional rent) and
real estate taxes (the property is currently tax exempt).
As previously described, the fair market value ofthe land as of March 15, 1999, is $2,600,000, based
on the highest and best use. As a result of the less intensive proposed use for this site and the limited
revenue potential of a parking facility with minimal retail space, the property's value based on a
"value in use" would be less than the fair market value. Attached hereto, as Exhibit 1, is a 10 year
operating proforma prepared by Park One based upon 270 revenue producing parking spaces and
Park One's operating costs.
City staff reviewed Park One's revised financial projections based on 270 spaces and as a result of
Park One's estimated higher operating costs, the negotiated base rent has been reduced to $75,000
a year. At the $75,000 base rent level, Park One is able to achieve a 10% return due to their higher
operating expenses including payroll, insurance and property taxes. Additionally, a percentage rent
of2.5% of project revenues has been negotiated once the project exceeds a project revenue threshold
of $1.090 million. At the $1.090 million project revenue threshold, Park One is achieving its
minimum desired return and the City can begin to receive a percentage share in project revenues.
Likewise, the project revenue threshold will allow the City to share in revenues if the project is
September 14, 1999
Commission Memorandum
Page 7
permitted for more than 270 spaces.
Real Estate Taxes
The City will benefit from the projected annual real estate taxes that will be paid to the City. It is
projected that of an estimated total project hard cost of $3,074,275, the approximate total initial tax
bill will total $83,251, of which $23,053 will represent the City's portion.
I.'
The Lease Agreement further provides that any abatement or waiver of real estate taxes will be paid
as "Additional Rent" to the City in the event that tax exemptions are granted for the land and
improvements. The land is currently tax exempt but non-public uses on municipal land are subject
to ad-valorem taxes pursuant to State Statute. This Agreement provides that any change in law
would require the Developer to pay an amount equal to the taxes in the form of Additional Rent.
Sale. Assignment. Transfer & Subletting
The Lease Agreement provides that City consent will be required in the event of a sale, assignment,
transfer or sublease.
RECOMMENDATION:
As required by the Florida Local Government Development Agreement Act, a second hearing ofthe
Development Agreement and the public hearing required, pursuant to City Ordinance No. 92-2783,
for the Lease Agreement should be set for September 22, 1999. Therefore, it is recommended that
the Mayor and City Commission approve the Development Agreement on first reading and set a
second public hearing on September 22, 1999, and also consider on this date the approval ofthe
Lease Agreement pursuant to the requirements of Section 82-36 through 82-40 of the Code of the
City of Miami Beach.
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~8
CITY OF MIAMI BEACH
PLANNING DEPARTMENT
To: Christina M. Cuervo
Assistant City Manager
Dean Grandin I\XJ-,
Planning and Zoning Direc~
ffi
From:
Date:
Subject:
June 1, 1999
Analysis of Possible Lease of the City Owned Property at Collins
Avenue and 10th Street (Site 3) for a Parking Garage.
(Ordinance 92-2783)
Pursuant to your request, this memorandum serves to provide an analysis of the lease of
City Owned Property at the subject property.
Ordinance 92-2783 of the City of Miami Beach requires that any proposed sale or lease
of city-owned land be analyzed from a planning perspective in order that the City
Commission and the public are fully apprised of all conditions relating to the proposed sale
or lease. What follows, herein, are each of the eight criteria prescribed in said ordinance
and a response to each:
1. Whether or not the proposed use is in keeping with City goals and objectives
and conforms to the City Comprehensive Plan.
The City has owned the property in question, at Collins Avenue and 10th Street, for
many years. The site has been used as a Municipal surface parking lot. The Future
Land Use Map of the City's Comprehensive Plan designates the site as P, Parking.
Because of the City's policy to encourage the creation of parking facilities, the
leasing of this lot for the purpose of creating a parking garage and accessory
ground floor retail space would conform to the land use designation contained in the
Comprehensive Plan. As an alternate plan, the applicant also contemplates using
a privately owned adjacent parcel on the 11th Street side of the City's parcel.
2. The impact on adjacent property, including the potential positive or negative
impacts such as diminution of open space, increased traffic, noise level or
enhanced property values, improved development patterns and provision of
necessary services. Based on the proposed use of the property, the City shall
1
determine the potential impact of the project on City utilities and other
infrastructure needs and the magnitude of costs associated with needed
infrastructure improvements. Should it become apparent that further
evaluation of traffic impact is needed, the proponent shall be responsible for
obtaining a traffic impact analysis from a reputable traffic engineer.
The proposed development of the site, in conjunction with private property, will
result in a 419 space parking structure with accessory retail space of approximately
5,700 square feet. The creation of a multi-level parking garage will enhance the
parking supply in an area of high demand. The retail component will further
enhance the Collins Avenue commercial corridor.
A traffic analysis must be performed to assess the impact of the proposed
development on the surrounding area.
3. A determination as to whether or not the proposed use is in keeping with a
public purpose and community needs, such as expanding the City's revenue
base, reducing City costs, creating jobs, creating a significant revenue stream
and improving the community's overall quality of life.
The proposed development will result in an increased number of public parking
spaces. The accessory retail space will expand the City's revenue base and create
jobs, including those jobs created during the construction phase.
4. Determination as to whether or not the development is in keeping with the
surrounding neighborhood, will block views, or create other environmental
intrusions, and evaluation of the design and aesthetic considerations of the
project.
The proposed development will be approximately 55 feet in height (five floors); as
such a height variance to exceed the required height by five feet is required. While
the proposed development is generally compatible with the pattern of development
in the surrounding area, the Board of Adjustment may not grant approval of the
variances thereby reducing the size of the project and number of spaces. This
project will also require approval from the Joint Historic Preservation / Design
Review Board and will also require concurrency review as part of that process..
The Joint Board will likely require the project to meet the maximum height
requirements for the surrounding district.
2
5. The impact on adjacent properties, whether or not there is adequate parking,
street, and infrastructure needs.
The proposed project will increase the number of public parking spaces, this will
have a positive effect to the surrounding area. Furthermore, the parking spaces
created for the retail use will be available during non-business hours for other uses
in the area. Any infrastructure deficiencies will be address at the time of
concurrency determination, at which time the appropriate mitigation, if required, will
be performed.
6. A determination as to whether or not alternatives are available for the
proposed disposition, including assembly of adjacent properties, and whether
the project could be accomplished under a private-ownership assembly.
There are few opportunities to develop a parking structure in the Collins Avenue I
Ocean Drive area without utilizing City owned land. Assembly of adjacent property
in this historic district area for the purpose of creating parking structures is not
feasible.
7. Within the constraints of public objectives, the department should examine
financial issues such as job generation, providing housing opportunities, and
the return to the City for its disposition of property.
The proposed development will increase the job base of the City. No housing
opportunities will be created.
8. Such other items as the Planning Department may deem appropriate in
analysis of the proposed disposition.
Planning Staff has concluded that the lease of the subject site for the purpose of
creating a parking structure with accessory retail space would not have a negative
impact to the City.
DJG/JGG
3
ro C1TYOF MIAMI BEACH
NOTICE OF INTENT TO CONSIDER
DEVELOPMENT AGREEMENT
AT A PUBLIC HEARING
NOTICE IS IIEHEny GIVEN that the first of two public
hcarings will bc hcld by thc City Commission of the
City of Miami Beach, rIorida, on 1\lesday, September
14, 1999 at 2:00 p.m., or as soon thereafter as
possibleJ in the City Commission Chambers, Third
Floor, City Ilall, 1700 Convcntion Center Drive, Miami
Beach, Florida, to consider and enter into a proposed
development agreement (the "Development
Agrecmcnt") between Park One Devclopment L.L.c.
and thc City of Miami Beach in accordancc with the
requirements of thc Florida Local Government
Dcvelopnlent Agrecmcnt Act for property comprised
of approximately 21,140 square feet located on Collins
Avenue, bet wcen IO'h Street and Il'h Street
(approximately 100 fcet south of thc southeast corner
of 11'1> Stlcet). Miami Beach, r;lorida. The Project shall
consist of a parking garage of approximately 270
parking spaccs and not to cxceed 5,000 square feet of
retail space, The Project shall be approximately 50 feet
in height with a rIoor Area Ratio not to exceed 2.0.
Thc forgoing information is provided pursuant to the
requirements of Section 163.3225, Fla. Stat.
Inquilcs conccrning the proposed Developmcnt
Agrcement should be directed to the Office of the City
Clerk, (30~) 673-7411. Copics of the proposcd
Devclopmcnt Agrecment are available for inspection,
and Illay be obtaincd pursuant to ~ I I !).07, Fla. Stat.,
dUI ing normal business hours in the Office of the City
CICl k, City lIall, First Floor, 1700 Convention Center
Drive, I\liami Beach, Florida,
All persons are invited to appcar at at this meeting or
be replesented by an agent, or to express their views
in writing addressed to the City of Miami Beach City
Commission c/o the City Clerk, 1700 Convention
Center Drive, rirst Floor, Miami Bcach, Florida 33139.
Pursuant to Section 286.0 lOS, Fla. Stat., the City
hCI ehy advises the public that: If a person decides to
appeal any decision made by thc City Commission
with respect to any maller consideled at this meeting
or heating, such person must insure that a verbatim
recold of the proceedings is made, which record
includcs the testimony and evidence upon which the
appeal is to be based. This notice does not constitute
consent by the City for thc introduction or admission
of otherwise inadmissible or irrelevant evidence, nor
does it authorize challenges or appeals not otherwise
allowcd by law.
In accordance with the Americans with Disabilities Act
of ] 990. all persolls needing spccial accommodation
to pallicipate in this proceeding should contact the
City Clel k's Office no later than four days prior to the
proceeding, telephone (305) 673-741] for assistance; if
hearing impaired, telephone Florida Helay Service
numbers (BOO) 955-877] (TDD) or (BOO) 955-8770
(VOICE), for assistance.
5"'91613