333-99 RDA
RESOLUTION NO. 333-99
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE
REDEVELOPMENT AGENCY APPROVING QUIK PARK OF
FLORIDA, INC. AS THE SUBTENANT OF RDP ROYAL PALM
HOTEL LIMITED PARTNERSHIP PURSUANT TO SECTION
lO.l(c)(vii) OF THE AGREEMENT OF LEASE BETWEEN THE
MIAMI BEACH REDEVELOPMENT AGENCY AND RDP ROYAL
PALM HOTEL LIMITED PARTNERSHIP.
WHEREAS, pursuant to Section 10.1 (c) (vii) ofthe Agreement of Lease between the Miami
Beach Redevelopment Agency (RDA) and RDP Royal Palm Hotel Limited Partnership (RDP), the
RDA must approve the subtenant of any sublease of greater than fifty percent (50%) of the parking
on the hotel premises; and
WHEREAS, RDP has requested that the RDA approve Quik Park of Florida, Inc. as the
subtenant of the future Royal Palm garage; and
WHEREAS, the Developer has submitted the attached letter confirming "that the amount
of rent paid by Quik Park is in excess of amounts used in previous financial proforma for hotel
operations ..."; and
WHEREAS, while the Agency would prefer to submit this resolution based upon a thorough
review of the sublease, the Agreement of Lease between RDP and the RDA only provides for the
Agency's approval of the subtenant and not of the sublease, and therefore the Developer will not
provide a copy of the proposed sublease; and
WHEREAS, the Developer has preliminarily indicated that the annual rent will be $340,000,
subject to annual escalations, for a period of20 years and that the sublease is also subject to an initial
payment of approximately $340,000 that the Developer will include as Hotel Revenue in the first
year of operations; and
WHEREAS, the Agency and the Loews Hotel have expressed concerns with the lack of
quality operating standards demonstrated by Quik Park; and
WHEREAS, the Developer has assured the Agency that the proposed sublease between RDP
and Quik Park provides termination rights ifthere is a breach of quality standards and/or if operator
is terminated by the City or the Loews Hotel; and
WHEREAS, while the Agency would prefer to recommend approval ofthe subtenant based
upon a review of the sublease, the Agreement of Lease does not afford the Agency such review
rights nor will the Developer agree to provide a copy of the sublease voluntarily; and
WHEREAS, Legal advises that the Agency must act reasonably and in good faith in its
obligation to approve the subtenant, and therefore (1) since the Lease contemplates such subleases
for purpose of calculating "Hotel Revenue", and (2) since the Developer has stated that the sublease
provides RDP with a right to terminate Quik Park for breach of quality operating standards and/or
if terminated by the Agency or Loews, the Agency recommends approval of the subtenant.
NOW, THEREFORE BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman
and Members of the RDA approve Quik Park of Florida, Inc. as the subtenant ofRDP Royal Palm
Hotel Limited Partnership pursuant to Section 10. 1 (c)(vii) of the Agreement of Lease between the
Miami Beach Redevelopment Agency and RDP Royal Palm Hotel Limited Partnership; provided,
however, this approval shall not be construed as approval of Quik Park's performance nor waiver
of the Agency's right of enforcement or cancellation of said sublease.
~HAIRMAN
PASSED AND ADOPTED this 15th day of December, 1999
ATTEST: .)
{[(La ( J J It( ( ({~.~
SECRETARY
SRlCMC/rar
T:\AGENDA \ 19991DECl5991RDA IQUIKP ARK. RES
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUnON
If/( m4 ~- I?M/':!
RedeYelopment Agency ~~
".... .. ....: .... ..,...\ If"'', . ~
Miami Beach
Redevelopment Agency
] 700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673- 7295
Fax: (305) 673- 7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 99- , l
December 15, 1999
TO:
Chairman and Members of the
Miami Beach Redevelop ent Agency
FROM:
Sergio Rodriguez
Executive Director
SUBJECT:
A RESOLUTIO OF THE CHAIRMAN AND MEMBERS OF THE
REDEVELOPMENT AGENCY APPROVING QUIK PARK OF FLORIDA,
INC. AS THE SUBTENANT OF RDP ROYAL PALM HOTEL LIMITED
PARTNERSHIP PURSUANT TO SECTION 10.I(c)(vii) OF THE
AGREEMENT OF LEASE BETWEEN THE MIAMI BEACH
REDEVELOPMENT AGENCY AND RDP ROYAL PALM HOTEL LIMITED
PARTNERSHIP.
ANALYSIS
Pursuant to Section 10, 1 (c)(vii) of the Agreement of Lease (copy attached) between the Miami Beach
Redevelopment Agency (RDA) and RDP Royal Palm Hotel Limited Partnership (RDP), the RDA
must approve the subtenant of any sublease of greater than fifty percent (50%) of the parking on the
hotel premises,
RDP has requested that the RDA approve Quik Park of Florida, Inc, as the subtenant of the future
Royal Palm garage. Upon such a request by RDP, the agency requested a copy of the proposed
sublease, The Developer will not provide a copy of such sublease because its counsel doesn't want
to set a precedent in placing documents on the public records unless they are specifically required to
do so under the Agreement of Lease. However the Developer has submitted the attached letter
confirming "that the amount of rent paid by Quik Park is in excess of amounts used in previous
financial proforma for hotel operations ..,", which is also attached hereto,
Financial Impact:
While the Agency would prefer to submit the attached resolution based upon a thorough review of
the sublease, the Agreement of Lease between RDP and the RDA only provides for the Agency's
approval of the subtenant and not of the sublease, and therefore the Developer will not provide a copy
of the proposed sublease,
~()UTIl V()I~r=
l?edevel()pment Ulstnt:t
Agenda Item 3(1_
VedeDate J 2-1 5 -q1
Quik Park of Florida, Inc.
December 15,1999
Commission Memorandum
Page 2
Furthermore, the original intent of the negotiated Agreement of Lease was to allow RDP flexibility
in subleasing the garage, restaurant and other portions of the premises. Such flexibility was
contemplated as part of the negotiated rent structure, which is based upon the amount of revenue
derived by RDP, including rent paid by subleasees.
In an effort to not adversely impact "Hotel Revenue", by which Incentive Rent is calculated, the
Agency requested that gross parking revenues be utilized for purposes of calculating Hotel Revenue,
However, the Developer will only agree to calculate Hotel Revenues utilizing parking revenues
received by RDP from the sublease, as contemplated in the Agreement of Lease,
While the Developer has submitted the attached letter confirming that the sublease rent will exceed
the amounts reflected in the attached proforma, the Developer has preliminarily indicated that the
annual rent will be $340,000, subject to annual escalations, for a period of20 years, The sublease
is also subject to an initial payment of approximately $340,000 that the Developer will include as
Hotel Revenue in the first year of operations.
Operating Standards:
A further concern of the Agency involves Quik Park's operating standards. Quik Park is the operator
of the Agency's Anchor Shops Garage (16th Street Garage) as well as the valet operator for the
Loews Hotel. Pursuant to a meeting between the Agency and Loews, both parties have expressed
serious concerns with the lack of quality operating standards demonstrated by Quik Park, including
theft, damage, disorderly driving conduct, poor maintenance of garage facility, etc, Loews is
assessing its remedies towards Quik Park at this time.
While the Agency has termination rights for cause, Quik Park has responded to the Agency related
issues concerning the garage. Further complicating the Agency's arrangements with Quik Park is the
fact that the garage has yet to obtain a final C, 0, and therefore the Agency has not accepted the
premises from the contractor. The Agency can further terminate Quik Park's Operating Agreement
ifLoews or RDP terminates Quik Park for cause.
The Developer has verbally assured the Agency that the proposed sublease between RDP and Quik
Park provides termination rights if there is a breach of quality standards and/or if operator is
terminated by the City or the Loews Hotel, but this decision is completely up to RDP,
RECOMMENDA TION
While the Agency would prefer to recommend approval of the subtenant based upon a review of the
sublease, the Agreement of Lease does not afford the Agency such review rights nor will the
Developer agree to provide a copy of the sublease voluntarily.
Quik Park of Florida, Inc,
December 15,1999
Commission Memorandum
Page 3
Legal advises that the Agency must act reasonably and in good faith in its obligation to approve the
subtenant, and therefore:
1, since the Lease contemplates such subleases for purpose of calculating "Hotel
Revenue", and
2, since the Developer has verbally stated that the sublease provides RDP with a right
to terminate Quik Park for breach of quality operating standards and/or if terminated
by the Agency or Loews,
the Agency recommends approval of the subtenant.
SR/~/r~
T:IAGENDAII999IDECtS99\RDAIQUlKPARICCM
attachments
)
B. A Foreclosure Transfer to a Person that is not a Foreign
Instrumentality; provided, however, prior to the Hotel Opening Date, any sale by a Recognized
Mortgagee or its Designee shall be subject to Owner's approval.
C. Subject to the provisions of Article 33, the sale, lease or other
disposition of the Restaurant so long as the proceeds of the sale or other disposition of the
Restaurant are required by the terms of a Recognized Mortgage to be applied directly to the
reduction of such Recognized Mortgage.
Any Transfer pursuant to Section lO.l(a)(vi)A shall (1) not be to a Foreign Instrumentality and
(2) satisfy the provisions of Section IO.I(e).
(vii) "Sublease" means any sublease (including a sub-sublease or any
further level of subletting) of all or any portion of the Premises, but does not include subleases
serving the functional equivalent of a Recognized Mortgage or subleases in the ordinary course
of business (e.g., subleases for restaurants (except as provided in Article 33 as to the sale, lease
or other disposition of the Restaurant), parking, retail space or other space at the Premises;
provided, however, that in the event of a sublease of greater than fifty percent (50,%) of the
parking on the Premises, Owner shall have the right to approve the subtenant).
(viii) "Subtenant" means any party granted rights by Tenant under a
Sublease or by any other Subtenant (immediate or remote) under a Sublease.
(ix) "Transfer" means (i) any change, by operation of law or otherwise,
in ownership of an Equity Interest in Tenant, where such change in ownership directly or
indirectly produces any change in the Substantial Controlling Interest of Tenant, or (ii) any
transaction or series of transactions, by operation of law or otherwise, including, without
limitation, the issuance of additional Equity Interests or the direct or indirect revision of the
beneficial ownership or control structure of the management or operation of Tenant or any direct
or indirect constituent entity of Tenant, which, in either case, produces any change, by operation
of law or otherwise, in the Substantial Controlling Interest in Tenant.
(x) "Transferee" means a Person to which a Transfer is made.
(b) No Sale of the Hotel Prior to the Hotel Openin~ Date. Notwithstanding
anything in this Lease to the contrary, there shall not be any Sale of the Hotel prior to the Hotel
Opening Date.
(c) Sale of the Hotel to an African-American Person.
(i) After the Hotel Opening Date, Tenant may effect a Sale of the Hotel
to an African-American Person, approved by Owner, that is not a Foreign Instrumentality,
provided that the Net Sale Proceeds are distributed, to the extent available, in the following order:
A:\JNM\CMB\GLEASE.EX2(EXECUTION.2)\S-4-98 57
RDP Royal Palm Hotel, liP
c/o Peebles Atlantic DeveloRffi~f~t&;l'opWqp. 21
100 S.E. Second Streef,~tlh:e 4b50
Miami, Florida 33p~ '
Phone (305) 995-5330 Fax (305) i~9fi~0
December 7, 1999
Christina Cuervo
City of Miami Beach
1700 Convention Center Dr.
Miami Beach, Florida 33131
Re: Approval of Quik Park of Florida, Inc. as Sub Lessee of the Garage
Dear Christina:
Further to our most recent conversation, this confirms that the amount of rent paid by
Quik Park is in excess of amounts used in previous financial proforma for hotel
operations associated with the approval of the Lease by the City, dated April 8, 1997 as
attached hereto.
We trust that this will be sufficient for you to move forward with City approval of Quik
Park as sub lessee.
Should you have any questions on this matter please feel free to call me.
Sincerely,
RDP Royal Palm Hotel, LP
P ADC HOSPITALITY CORPORATION I, General Partner
Richard A. Matlof
Vice President
Attachment
cc: Lori Hartglass
R. Donahue Peebles
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[4J 002
RDP Royal Palm Hotel, LP
c/o Peebles Atlantic Development Corporation
100 S.E. Second Street, Suite 4650
NationsBank Tower at International Place
Miami, Florida 33131
December 9, 1999
Christina Cuervo
Assistant City Manager
City of Miami Beach
1700 Convention Center Dr.
Miami Beach, Florida 33138
Re: Approval of Quik Park of Florida, Inc. as Sub Lessee of the G~ rage
Dear Christina:
Further to your most recent conversation with Don Peebles, this letter confirms that the
Sub Lease Agreement with Quik Park includes quality standards and lermination
provisions for failure to comply with the quality standards,
In addition, as discussed, any advances of rental payments from Quik Park will count
as Hotel Revenue for purposes of the detemlination and computation of Illcentive Rent
pursuant to the Ground Lease,
We appreciate your continued cooperation in addressing this matter for Cir;1 approval of
Quik Park as suh lessee.
Should you have any questions, please feel free to call me.
RDP Royal Palm Hotef,LP
PADe HOSPITAI.JITY CORPORATION I, General Partner
Richard A. Matlof
Vice President
cc:Lori Hartglass
R. Donahue Peebles
Lawrence Levy
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
CITY OF MIAMI BEACH
OFFICE OF THE CITY CLERK
CITY HALL
1700 CONVENTION CENTER DRIVE
TELEPHONE: 673-7411
December 21, 1999
Holland & Knight
701 Brickell Avenue
Miami, Florida 33133
Attention: Stuart Hoffman
SUBJECT: RDA RESOLUTION NO. 333-99
Dear Mr. Hoffman:
Per your request enclosed you will find a certified copy of the above named
Redevelopment Agency Resolution executed on December 15, 1999.
If I can be of further assistance to you, please feel free to contact me.
Sincerely,
~ ~
. I : _ \ -, \1 - ,/
\. ( 1 \ ~ f- ! '-../
\ - I-I,. \ ' t \ "lCL ....
Robert E. Parcher
City Clerk
REP:ses
Enclosure #1
cc: Lawrence Levy, City Manager
~~iL Con
RESOLUTION NO. 333-99
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE
REDEVELOPMENT AGENCY APPROVING QUIK PARK OF
FLORIDA, INC. AS THE SUBTENANT OF RDP ROYAL PALM
HOTEL LIMITED PARTNERSHIP PURSUANT TO SECTION
lO.l(c)(vii) OF THE AGREEMENT OF LEASE BET\VEEN THE
MIA1\'II BEACH REDEVELOPMENT AGENCY AND RDP ROYAL
PALM HOTEL LIMITED PARTNERSHIP.
'WHEREAS, pursuant to Section lO,l(c)(vii) of the Agreement of Lease between the Miami
Beach Redevelopment Agency (RDA) and RDP Royal Palm Hotel Limited Partnership (RDP), the
RDA must approve the subtenant of any sublease of greater than fifty percent (50%) of the parking
on the hotel premises; and
\VHEREAS, RDP has requested that the RDA approve Quik Park of Florida, Inc. as the
subtenant of the future Royal Palm garage; and
\VHEREAS, the Developer has submitted the attached letter confirming "that the amount
of rent paid by Quik Park is in excess of amounts used in previous financial proforma for hotel
operations ..."; and
\VHEREAS, while the Agency would prefer to submit this resolution based upon a thorough
review of the sublease, the Agreement of Lease between RDP and the RDA only provides for the
Agency's approval ofth'e subtenant and not of the sublease, and therefore the Developer will not
provide a copy of the proposed sublease; and
\VHEREAS, the Developer has preliminarily indicated that the annual rent will be 5340,000,
subject to annual escalations, for a period of20 years and that the sublease is also subject to an initial
payment of approximately 5340,000 that the Developer will include as Hotel Revenue in the first
year of operations; and
WHEREAS, the Agency and the Loews Hotel have expressed concerns with the lack of
quality operating standards demonstrated by Quik Park; and
\VHEREAS, the Developer has assured the Agency that the proposed sublease benveen RDP
and Quik Park provides termination rights ifthere is a breach of quality standards and/or if operator
is terminated by the City or the Loews Hotel; and
\VHEREAS, while the Agency would prefer to recommend approval of the subtenant based
upon a review of the sublease, the Agreement of Lease does not afford the Agency such review
rights nor will the Developer agree to provide a copy of the sublease voluntarily; and
\VHEREAS, Legal advises that the Agency must act reasonably and in good faith in its
obligation to approve the subtenant, and therefore (1) since the Lease contemplates such subleases
for purpose of calculating "Hotel Revenue", and (2) since the Developer has stated that the sublease
provides RDP with a right to terminate Quik Park for breach of quality operating standards and/or
if terminated by the Agency or Loews, the Agency recommends approval of the subtenant.
NOW, THEREFORE BE IT DULY RESOL YED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman
and Members of the RDA approve Quik Park of Florida, Inc. as the subtenant ofRDP Royal Palm
Hotel Limited Partnership pursuant to Section 10,1 (c )(vii) of the Agreement of Lease between the
Miami Beach Redevelopment Agency and RDP Royal Palm Hotel Limited Partnership; provided,
however, this approval shall not be construed as approval of Quik Park's performance nor waiver
of the Agency's right of enforcement or cancellation of said sublease.
PASSED AND ADOPTED this 15th day of December, 1999
~
CHAIRlVlAL~
A~;rEST: . ) .'
Il/ lLL ( J I (LL C{~
SECRETARY
SR/CMC/rar
T: \AGENDA\ I 999\DECI 599\RDAIQUlKPARK.RES
.
.
APPROVED AS 10
FORM & LANGUAGE
& FOR EXECUTION
1ft( /fttU ~- 1;0 ;V9~
RedlM!lopment IvJency 0a1. '
,...._ '.. ~ .... f ....':r '. . ~
STATE OF FLORIDA
COUNlY OF DADE:
t, .Ra.BERT PARCHER, City Cler'j( of City of
MIamI Beach, Florida, do hereby certify that
the above and foregoing is a true and correct
copy of the original thereof on file in this
office.
~ITN~SS, my hand, and the seal of said City
thIS)! day of llceii&-ftA.D. 19&1(1
ROBERT PARCHER
I " CIty c~ or,1"- CIty,pf M/amj Beech, FIorfcfa
1/,.7tLll,'} 1:.LI <-lL"--. ("/1 fl" - /.
, -,- \....l... ,_ l. t "
By: .Deputy