99-23108 RESO
RESOLUTION NO.
99-23108
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, APPROPRIATING
$1,275,000 FROM THE SOUTH POINTE REDEVELOPMENT
TRUST FUND FOR THE PAYMENT OF THE CAPITAL
COST OF 115 PARKING SPACES, TOGETHER WITH
BATHROOM AND LAUNDRY FACILITIES, IN THE
GARAGE AT THE YACHT CLUB AT PORTOFINO,
APPROPRIATING $101 FOR THE SINGLE INSTALLMENT
OF BASE RENT FOR THE INITIAL 101-YEAR TERM OF
THE LEASE, AND APPROPRIATING $84,000 FOR THE
PROPORTIONATE SHARE OF OPERATING EXPENSES
FOR THE FIRST YEAR AS PROVIDED IN THE LEASE; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Miami Beach Redevelopment Agency ("RDA"), heretofore entered
into an agreement dated November 7, 1995 (the "Development Agreement"), with West Side
Partners, Ltd., a Florida limited partnership ("West Side"), East Coastline Development, Ltd., a
Florida limited partnership, 404 Investments, Ltd., a Florida limited partnership, Azure Coast
Development, Ltd., a Florida limited partnership, Beachwalk Development Corporation, a Florida
corporation, Porto fino Real Estate Fund, Ltd., a Florida limited partnership, St. Tropez Real Estate
Fund, Ltd., a Florida limited partnership, and Sun & Fun, Inc., a Florida corporation (collectively
the "Porto fino Entities") and the City of Miami Beach, Florida (the "City"); and
WHEREAS, pursuant to the Development Agreement, the City, RDA and West Side
entered into a Parking Agreement, dated as of January 10, 1996, pursuant to which West Side would
provide parking spaces, laundry and bathroom facilities for the Miami Beach Marina in a building
to be constructed on the parcel known as SSDI South (the "Parking Agreement"); and
WHEREAS, in accordance with the Parking Agreement, Yacht Club at Porto fino,
Ltd., a Florida limited partnership, as successor developer of a portion of the parcel known as SSDI
South, has delivered to the City and the RDA, a lease executed by its duly authorized representative,
dated as of November 30, 1998, for said parking spaces, laundry and bathroom facilities; and
WHEREAS, the construction of said facilities is nearing completion; and
WHEREAS, it is now necessary to provide for payment of the capital cost of the
aforesaid facilities and to pay the amount of$101.00 for the 101 year lease thereon, and appropriate
$84,000 for the proportionate share of operating expenses for the first year as provided in the lease.
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, AS FOLLOWS:
Section 3.
The amount of $1,275,101 is hereby appropriated from the South Pointe
Redevelopment Trust Fund for the payment of the capital cost of 115 parking spaces
in the garage at the Yacht Club at Portofino and for prepayment of a 1 01-year lease
thereon, all in accordance with that certain Lease Agreement, dated as of November
30, 1998 by and among the Yacht Club at Porto fino, Ltd., the RDA and the City (a
copy of which is attached hereto) and there is hereby appropriated $84,000 for the
proportionate share of the operating expenses for the first year as provided in the
aforesaid Lease Agreement.
Section 4.
This Resolution shall take effect immediately upon its adoption.
PASSED and ADOPTED this
17th day of ~Ch
1\YOR
,1999.
ATTEST:
~~ rt4~
CITY CLERK
APPROVED AS 1(,;
FORM & LANGUAGl:
& FOR EXECUTION
~(fi:ff-
4lc/~tJ
Date
T:IAGENDA \ 1999\MAR I 799\RDA IAPPR-POR.
0:\,' 11199
THlr 08: .I8 F_H :\055322519
PORTOFINO GROn>
!ill 001
YACHT CLUB AT PORTOFINO - ANNUAL C.A.M. PROJECTION'
SECURITY
$ 24,791.04
TAXES
$ 46,747.50
INSURANCE
$ 4,911.62
MAINTENANCE
$ 7,476.05
TOTAL ANNUAL C.A.M.
$ 831926.20
'It should be noted !halthese are projected Cosls and a'e estimates only The actual Costs shall be Provided upon
....8ceipt.
Post-it"' Fax Note
To CArl
CO.lOCpt
7671
Pilon" /I
Fa~ #
CITY OF MIAMI BEACH
:ITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
r,ttp:\\ci.miami-beach. fl. us
COMMISSION MEMORANDUM NO. 2 '2. 9~9
TO:
Mayor Neisen O. Kasdin and
Members of the City Co ission
DATE: March 17, 1999
FROM:
Sergio Rodriguez
City Manager
SUBJECT:
A RESOL TION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH APPROPRIATING $1,275,000 FROM THE
SOUTH POINTE REDEVELOPMENT TRUST FUND FOR THE PAYMENT
OF THE CAPITAL COST OF 115 PARKING SPACES, TOGETHER WITH
BATHROOM AND LAUNDRY FACILITIES, IN THE GARAGE AT THE
YACHT CLUB AT PORTO FINO, APPROPRIATING $101 FOR THE
SINGLE INSTALLMENT OF BASE RENT FOR THE INITIAL 101-YEAR
TERM OF THE LEASE, AND APPROPRIATING $84,000 FOR THE
PROPORTIONATE SHARE OF OPERATING EXPENSES FOR THE FIRST
YEAR AS PROVIDED IN THE LEASE; AND PROVIDING FOR AN
EFFECTIVE DATE.
RECOMMENDATION:
Adopt the Resolution.
BACKGROUND:
The Miami Beach Redevelopment Agency ("RDA"), entered into an agreement dated November 7,
1995 (the "Development Agreement"), with West Side Partners, Ltd., a Florida limited partnership
("West Side"), East Coastline Development Ltd., a Florida limited partnership, 404 Investments,
Ltd., a Florida limited partnership, Azure Coast Development, Ltd., a Florida limited partnership,
Beachwa1k Development Corporation, a Florida corporation, Porto fino Real Estate Fund, Ltd., a
Florida limited partnership, St. Tropez Real Estate Fund, Ltd., a Florida limited partnership, and Sun
& Fun, Inc., a Florida corporation (collectively the "Porto fino Entities") and the City of Miami
Beach, Florida (the "City").
Pursuant to the Development Agreement, the City, RDA and West Side entered into a Parking
Agreement, dated as of January 10, 1996, pursuant to which West Side would provide parking
spaces, laundry and bathroom facilities for the Miami Beach Marina in a building to be constructed
on the parcel known as SSDI South (the "Parking Agreement"). The Parking Agreement survived
the 1995 Settlement Agreement with Porto fino.
AGENDAITEM~
DATE~
In accordance with the Parking Agreement, Yacht Club at Portofino, Ltd., a Florida limited
partnership, as successor developer of a portion of the parcel known as SSDI South, has delivered
to the City and the RDA, a lease executed by its duly authorized representative, dated as of
November 30, 1998, for said parking spaces, laundry and bathroom facilities.
The construction of said facilities is nearing completion and is estimated to obtain a Temporary
Certificate of Occupancy (TCO) in May-June 1999. .
ANALYSIS:
The aforestated Parking Agreement survives the 1995 Settlement Agreement with Porto fino and
provides for the Agency to pay the capital costs, base rent payment and pro-rata share of operating
expenses for the 115 parking spaces, laundry and bathroom facilities.
According to the Lease Agreement, the CitylRDA is required to prepay "Base Rent" to the Yacht
Club at Portofino, Ltd. which is defined as: (a) a "Purchase Price Component" defined as the
$1,275,000 capital cost for the improvements, and (b) a single installment of base rent of$101 for
the initial 101-year lease term, and will pay the proportionate share of operating expenses in
advance, on a monthly basis, which share is estimated to be 19.368% and is calculated as follows:
Common Area
Maintenance (CAM) Charees
CitylRDA
Proportionate Share
Security
Taxes
Insurance
Maintenance
$ 24,791.04
46,747.50
4,911.62
7.476.05
Proportionate CAM Charges
$ 83,926.21
The estimated $84,000 in proportionate operating expenses is a preliminary estimate provided by
the lessor. This figure may be further reduced as a result of the City's Fourth Amendment to the
Marina Lease Agreement, which provides for the City and the Marina Operator to enter into a garage
management or operating agreement that further provides for the Marina lessee to be responsible for
routine security, maintenance and insurance for the operation of the Marina parking.
In accordance with the South Pointe Redevelopment Plan, the RDA is to provide and maximize the
parking facilities in the district. Therefore, it is recommended that the $1,275,000 in capital costs,
the $101 representing the single installment of base rent, and $84,000 in annual pro-rata share of
operating expenses be appropriated from the South Pointe Redevelopment Trust Fund.
CONCLUSION:
The Mayor and City Commission should adopt the Resolution.
SR:Cif"CSjph ~
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