231-96 RDA
RESOLUTION NO. 231-96
A RESOLUTION OF THE MIAMI BEACH
REDEVELOPMENT . AGENCY, AUTHORIZING THE
CHAIRMAN AND SECRETARY TO EXECUTE, ON BEHALF
OF THE AGENCY ADDENDUM NO. 1 TO THE THIRD
EXTENSION AND CLARIFICATION AGREEMENT
BETWEEN THE MIAMI BEACH REDEVELOPMENT
AGENCY AND COBB PARTNERS SOUTH BEACH LTD.
WHEREAS, on or about February 22, 1995 the Miami Beach Redevelopment Agency (the
Agency) approved a Third Extension and Clarification Agreement with Cobb Partners South Beach,
Ltd. (Cobb) regarding the Cobb Development Agreement originally executed on March 15, 1989;
and
WHEREAS, the Agency and Cobb have negotiated certain amendments to the Third
Extension and Clarification Agreement which are contained in the attached Addendum No.1.
NOW, THEREFORE, BE IT DULY RESOLVED by the Miami Beach Redevelopment
Agency, as follows:
Section 1.
That the Chairman and Secretary are hereby authorized to execute, on behalf
of the Agency, Addendum No.1 to The Third Extension and Clarification Agreement between the
Miami Beach Redevelopment Agency and Cobb Partners South Beach Ltd., attached as Exhibit "I ".
Section 2.
That this Resolution shall be effective upon adoption.
PASSED and ADOPTED this 24th day of J uary,1996.
FO APPROVED
VELOPMENT AGENCY
GENERAL~
By 4/!
Date ~ J 1'1t;
Q7~ p~
SECRETARY
.:::jd:addnn lcob.fes
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 96- 4
January 24, 1996
TO:
Chairman and Members of the Board
of the Miami Beach Redevelopment Agency
FROM:
Jose Garcia-Pedrosa ~ Murray H. DubbinlU/ {v{~t~
Executive Director~~ Clty Attorney . 7~
A Resolution of the Miami Beach Redevelopment Agency,
authorizing the Chairman and Secretary to execute,
on behalf of the Agency Addendum No. 1 to the Third
Extension and Clarification Agreement between the Miami
Beach Redevelopment Agency and Cobb Partners South Beach
Ltd.
SUBJECT:
RECOMMENDATION:
Approve the Resolution.
BACKGROUND:
As a result of the desire of the Redevelopment Agency (Agency) and
the Cobb Partners South Beach Limited (Developer) to implement the
highest quality street improvements, to preserve coral rock houses
(which due to structural conditions was not feasible), and to fully
comply with all other contractual obligations, delays have occurred
that were beyond the control of the Agency and/or the Developer.
Therefore, it is necessary to amend the Third Extension and
Clarification Agreement entered into in February 1995 to reflect
revised deadlines.
ANALYSIS:
The attached Addendum includes certain negotiated amendments to the
Third Extension and Clarification that will enable the Cobb
Development Agreement to be modified accordingly, and the project
brought to completion on a schedule that has been agreed upon by
both the Agency and the Developer.
SVUTti VVI~
l2edevel()pment Ulstlict
Clff CI:~1:12
l2ede~~l!WA'l~im1ct
January 24, 1996
CONCLUSION:
It is recommended that the Chairman and Secretary be authorized to
execute, on behalf of the Agency, Addendum No.1 to the Third
Extension and Clarification Agreement between the Miami Beach
Redevelopment Agency and Cobb Partners South Beach Ltd.
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Al)J)ENDUM NO. 1 TO ~BE 'J!HllU)
EXTENSION AND CLlRIFlCATtOH AGREEMENT
The Miami Beaoh Redeu-elopment Agency ( "Aqency" ) and Cobb.
Partners South Beach, Ltd. ("CObb") hereby agree to modify, ame.nd
and supplement the Third Extension and Clarification Agreement by
and between them dated February 22, 1995 (lIA9.reement") as follows:
1. Cobb hereby grants to the~qency.extensions of time to
complete its Parcel 2 environmental site p~eparation obligations
until and through April 15, 1996, "provj.ded that tbe Regulatory
Agency overseeing site preparation does' n~t require further action,
and to complete its etreetscape distriot implementation obligations
until and through June 30, 1996 in an amount not to exoeod
$150,000.
2. . Baoh party hereby ~a!~es any prior or existing defaults,
and claims .or causes of action of any nature against the other
party, under the terms of the Aqt'eement e..nd the "Cont~actG" ~f1
defined therein, and hereby agrees that the other party has fully
performed thereunder th~ouqh the date hereof.
3. Cobb's construction completion deadlines, including the
enforoement dates for the letters Of ~redit given to secure Cobb'D
timely completion of construction, and the deadline for Cobb's
abandonment of the interim sales office and delivery of that
structure for use aB a library, a~ specified on Exhibit A hereto,
are each extended by the AgencY for 18 months from the deadline
dates that would otherwise apply. Within the extended period for
the delivery of the library facility, the parties will coordinate
their efforts in good !aith with county officials, and the Agency
will promptly review the interior plan and provide the required
interior deoor selectionB (whioh finishes are presently estimated
to cost approxima.tely $110,000, prior to applying the $54,500
interio~ improvements allowance).
4. It was ~utually agreed by the Agency and Cobb to have
Cobb undertake certain design' And infrastructural work in the
~ioinity of the project that is the Agency's eont~actual
obligation, and has advanced necessary funds for such work
according to a budget approved by the A~ency in lieu of commenoing
payment of Cobb's quarterly installments of the additional purcha.se
price. The Agency a~~ees that Cobb shall be entitled to apply a
cuwulative credit equal to its total documented advances for the
Aqency's contractual Obligations, and the ~gency agrees that no
interest shall. be due or payable with respect to the amount so
advanced by Cobb which is in excees of the installments due. Based
on current approved cost ($305,401) for streetscape improvements,
under construotion by Cobb, the next quarterly payment due for the
additional purohase price is estimated to be March 1, 1997.
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5. Except as otherwise specifically provided herein, the
Agreement and the other contracts. shall survive and continue
unmodified, in full force and effoot. Howel1er, in the event of any
oonflict between the termS of the Agreement or any of the other
Contraets and this Addendum, the terms of the later doc~ent shall
always take precedence and govern.
IN WITNESS WIlBREOF, the
instrument to be executed as of
undersigned ha~e oaused thi6
February !,;L..., 1997.
By' ~lM\ d--- rAAl~
.
Robert.Par~her, City Clerk
By
l JLl-o- SiP,
Ja~ ~
t~~~.~
An~ ~~A~Ol'--
{M' ,+ ~l>'" ~
V
ATTBSTI
MIJ
.
S~ATE OF FLORIDA
COUNTY OF DADE
ss:
BEFORE ME, the u~derGigned authority duly authorized in the
state and cou~ty aforesaid to take acknowledgments, pereonally
appeared ' well known to me or who
presented- identification in the form of
, the Chairman of the Miami Beach
Redel1elopment Agency, and who took an oath, acknowledging that he
executed the above and foreqoinq document for and on beh~lf of said
Agenoy'and as its duly authorized represen~ative, for the purposes
set forth therein, and that the seal affixed thereto i~ the true
and cor~ect seal of said Agency.
IN WITNESS WHEREOF, I have hereu.nto set Jily hand and af1'f>_f"Jd my
OffiQ~~ seal, in the State and County aforesaid, on this day
of0 ,iltJJ-Y , 1997. .
~{f..~f3~~~~
Notary Pub ~c, State of F ~d~
at Larqe
Of'FICIAL NOT AP-Y SEAL
I.lLLlAN BEAUCHAMP
NOTARY PUBLIC STATE OF FLORIDA
COMMISSION i\0. CC347882
MY COWvllSS10"J ,Xl'. FEB. 13y)98
-....
Form Approvall
FORM APPROVED
REDEVELOPMENT AGENCY
GENERAL COUNSEL
By 1ft ~~
Date ~/ J9/ tJO
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ATTEST!
COBa PARTNERS SOUTH BEACH, LTD.
By: VIKING VENTURES, INC.,
aB~its .General Partner
J4r
ent
.
(Corporate seal)
STATE OF FLORIDA
552
COUNT! OF DADE
BEFORE ME, the undersigned authority duly author~zed in the
State and County aforesaid to take acknowledgments, personally
appeared R.T. Brinkley, II, well known to me or who presented
identifioation in the form of
, the President of VikinCJ Ventures, Ine., the
General Partner of Cobb Partners South Beach, Ltd., and who took an
oath, acknowled9inq that he exeouted the above and foregoing
document for and on behalf of eaid oorporation and as ita duly
authorized representativa, for the purposes Bet forth therein, and
that th~ seal affixed thereto is the true and correct seal of said
corporation.
IN WITNESS WHEREOF, I have hereunto Bet my hand And Affixed wy
offici~_6~~1, in the State and County aforesaid, on this 30 day
of ~~r' 1996. ..
,~~ J""'HMARSHALL INAME~7n~
!.i :.i MYCOMMISSIONICC446852 Notary Pubh.o, State of Florida
:. - EXPIRES: AprIl 28, 1999 at Large
" Bonded Thru Nolary PublIc UndeIwrlteIs
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BXKXBIT.A
;
[COBB PERFORMANCE COMPL~TION DEAOLINES
EXTENDED BY BIGHTEEN MONTHS. FROM THEIR
PRIOR CONTRACTUAL DZADL!~S DATE(S)]
Draw date on letter of credit given pursuant to section 9(A) (4) and
Bxhibit fl of,the 3-31-89 Cobb-Development Agreement
,
Completion Date for construction specified in section 9(b) of the
3-31-89 Cobb Development Agreement, as previously mod~fied
Delivery. of the library facility described Exhibit J(4) of the 3-
31-89 Cobb Development Agreement, as previously modified
Draw date on second letter of credit given pursuant to section )4
and Exhihit :H-2 of the 10-9-89 Modifioation to Cobb De~elopment
Agreement
Completion 'Date for construction on Parcel 2 speoified in section
15 of the 10-9-89 Modification to Cobb Development Aqraement, as
previously modified