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Home My WebLink About2005-26051 Reso RESOLUTION NO. 2005-26051 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, RETROACTIVELY APPROVING THE APPROPRIATION OF $183,566.66 FROM THE PARKING FUND'S RETAINED EARNINGS, TO PAY THE 2005 REAL ESTATE PROPERTY TAXES FOR PROPERTY LEASED BY THE CITY FROM THE FOLLOWING ENTITIES: 1) YACHT CLUB AT PORTOFINO, LTD., FOR THE USE OF 115 PARKING SPACES; 2) TRG-SSDI, LTD., FOR THE USE OF 108 PARKING SPACES; 3) MURANO TWO, LTD., FOR THE USE OF 142 PARKING SPACES; AND 4) MURANO THREE, LTD., FOR THE USE OF 206 PARKING SPACES WHEREAS, on November 30, 1998, the City, the Miami Beach Redevelopment Agency (RDA) and Yacht Club at Portofino, Ltd. entered into a Lease Agreement for the use of 115 parking spaces within the parking structure located at 90 Alton Road, Miami Beach, Florida (a/k/a the Yacht Club at Portofino parking garage); and WHEREAS, the City has received the 2005 Real Estate Property Taxes (2005 Tax Bill) for the Yacht Club at Portofino parking spaces (Folio No. 02-4203-234-0002), based on an assessed value of $1,035,000; and WHEREAS, without the benefit of a government tax exemption and in order to take advantage of the four percent (40/0) discount for early payment, $24,125.93 was paid by November 30, 2005; and WHEREAS, on April 22, 2002, the City, the RDA and TRG-SSDI, L TD entered into a Lease Agreement for the use of 108 parking spaces within the parking structure located at 1000 South Pointe Drive, Miami Beach, Florida (a/k/a the Murano at Portofino parking garage); and WHEREAS, the City has received the 2005 Tax Bill for the Murano at Portofino parking spaces (Folio No. 02-4203-251-0002), based on an assessed value of $1,620,000; and WHEREAS, without the benefit of a government tax exemption and in order to take advantage of the four percent (40/0) discount for early payment, $37,762.28 was paid by November 30, 2005; and WHEREAS, on April 9, 2003, the City, the RDA and Murano Two, Ltd. entered into a Lease Agreement for the use of 142 parking spaces within the parking structure located at 400 Alton Road, Miami Beach, Florida (a/k/a the Murano Grande parking garage); and WHEREAS, the City has received the 2005 Tax Bill for the Murano Grande parking spaces (Folio No. 02-4203-265-0002), based on an assessed value of $2,130,000; and WHEREAS, without the benefit of a government tax exemption and in order to take advantage of the four percent (40/0) discount for early payment, $49,650.40 was paid by November 30, 2005; and WHEREAS, on April 9, 2003, the City, the RDA and Murano Three, Ltd. entered into a Lease Agreement for the use of 206 parking spaces within the parking structure located at 450 Alton Road, Miami Beach, Florida (a/k/a the Icon parking garage); and WHEREAS, the City has received the 2005 Tax Bill for the Icon parking spaces (Folio No. 02-4203-286-0002), based on an assessed value of $3,090,000; and WHEREAS, without the benefit of a government tax exemption and in order to take advantage of the four percent (40/0) discount for early payment, $72,028.05 was paid by November 30, 2005; and WHEREAS, the City is required to pay its proportionate share of the aforestated property taxes pursuant to the above referenced Lease Agreements. 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 retroactively approve the appropriation of $183,566.66 from the Parking Fund's Retained Earnings, to pay the 2005 Real Estate Property Taxes for property leased by the City from the following entities: 1) Yacht Club at Portofino, Ltd., for the use of 115 parking spaces; 2) TRG-SSDI, LTD., for the use of 108 parking spaces; 3) Murano Two, Ltd., for the use of 142 parking spaces; and 4) Murano Three, Ltd., for the use of 206 parking spaces. PASSED and ADOPTED this ~ day of December ,2005. ATTEST: ~ .. CITY CLERK Robert Parcher MAYOR David Dermer JMG\TH\JD\rlr APPROVED AS TO FORM & LANGUAGE & FOR EXECUTION F:\DDHP\$ALL\ASSET\MARI NA\2005ParkingSpacesTaxAppropriation. RES.doc ~~~"-~ COMMISSION ITEM SUMMARY Condensed Title: A Resolution retroactively approving the appropriation of $183,566.66 from the Parking Fund's Retained Earnings, to pay the 2005 Real Estate Property Taxes for property leased by the City from the following entities: 1) Yacht Club at Portofino, Ltd., for the use of 115 parking spaces; 2) TRG-SSDI, Ltd., for the use of 108 parking spaces; 3) Murano Two, Ltd., for the use of 142 parking spaces; and 4) Murano Three, Ltd., for the use of 206 arkin s aces. Ke Intended Outcome Su orted: Increase satisfaction with recreational programs. Issue: Shall the City Commission approve the retroactive appropriation? Item Summary/Recommendation: Approve the Resolution. These parking spaces subject of the respective Lease Agreement are not tax exempt. In order to take advantage of the four percent discount for early payment, the amount of $183,566.66 was paid by November 30, 2005. Advisory Board Recommendation: I N/A Financial Information: Source of Funds: [gIJ OBPI $183,566.66 Financial Impact Summary: Parking Fund's Retained Earnings $183,566.66 Cit Clerk's Office Le islative Trackin Jose Damien X6727 F:\DDH P\$ALL \ASSEl\MARI NA \2005ParkingSpace....~'axAppropriation .su M .doc ~c~r- () C9 MIAMIBEACH AGENDA ITEM ~ 7 A DATE /,2-7-CJS tD ...,. City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov COMMISSION MEMORANDUM FROM: Mayor David Dermer and Members of the City Commission City Manager Jorge M. Gonzalez ~ December 7, 2005 0 U TO: DATE: SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, RETROACTIVELY APPROVING THE APPROPRIATION OF $183,566.66 FROM THE PARKING FUND'S RETAINED EARNINGS, TO PAY THE 2005 REAL ESTATE PROPERTY TAXES FOR PROPERTY LEASED BY THE CITY FROM THE FOLLOWING ENTITIES: 1) YACHT CLUB AT PORTOFINO, LTD., FOR THE USE OF 115 PARKING SPACES; 2) TRG-SSDI, LTD., FOR THE USE OF 108 PARKING SPACES; 3) MURANO TWO, LTD., FOR THE USE OF 142 PARKING SPACES; AND 4) MURANO THREE, LTD., FOR THE USE OF 206 PARKING SPACES. RECOMMENDATION: Adopt the Resolution. ANAL YSIS: The City of Miami Beach (City), the Miami Beach Redevelopment Agency (RDA) and certain third party entities entered into separate lease agreements for certain leasehold interests (parking spaces) in the vicinity of the Miami Beach Marina, as a result of the City's and the RDA's contractual obligations to provide parking to Miami Beach Marina Associates, Ltd. (MBMA), related to the respective Lease Agreement by and between the City and the RDA (Lessors) and MBMA (Lessee) for the use of the Marina property. Pursuant to the applicable agreements, the City and RDA are responsible for Ad Valorem Taxes on the respective parking spaces. Due to the private use of the leased parking spaces by MBMA, for its marina operations, the benefit of a government tax exemption is not available to the City. The City has received the 2005 Ad Valorem tax notices for said leasehold interests as more specifically outlined below: . Lease Agreement with Yacht Club at Portofino, Ltd. (dated November 30, 1998) for the use of 115 parking spaces within the parking structure located at 90 Alton Road, Miami Beach, Florida (a/k/a the Yacht Club at Portofino parking garage). The 2005 Real Estate Property Taxes Bill is based on an assessed value of $1,035,000. In order to take advantage of the four percent (40/0) discount for early payment, $24,125.93 was paid by November 30, 2005. . ' Commission Memorandum-2005 Parking Spaces Tax Appropriation December 7, 2005 Page 2 of 2 . Lease Agreement with TRG-SSDI, Ltd. (dated April 22, 2002) for the use of 108 parking spaces within the parking structure located at 1000 South Pointe Drive, Miami Beach, Florida (a/k1a the Murano at Portofino parking garage). The 2005 Real Estate Property Taxes Bill is based on an assessed value of $1 ,620,000. In order to take advantage of the four percent (40/0) discount for early payment, $37,762.28 was paid by November 30,2005. . Lease Agreement with Murano Two, Ltd., the City, and the RDA (dated April 9, 2003) for the use of 142 parking spaces within the parking structure located at 400 Alton Road, Miami Beach, Florida (a/k1a the Murano Grande parking garage). The 2005 Real Estate Property Taxes Bill is based on an assessed value of $2,130,000. In order to take advantage of the four percent (40/0) discount for early payment, $49,650.40 was paid by November 30,2005. . Lease Agreement with Murano Three, Ltd. (dated April 9, 2003) for the use of 206 parking spaces within the parking structure located at 450 Alton Road, Miami Beach, Florida (a/k1a the Icon parking garage). The 2005 Real Estate Property Taxes Bill is based on an assessed value of $3,090,000. In order to take advantage of the four percent (40/0) discount for early payment, $72,028.05 was paid by November 30,2005. In light of the foregoing, the Administration recommends retroactively appropriating available funds from the Parking Fund's Retained Earnings, in the amount of $183,566.66, for the 2005 Ad Valorem Taxes related to the aforementioned leased parking spaces. JMG:TH:JD:rd T:\AGENDA\2005\Dec0705\Consent\2005ParkingSpacesTaxAppropriation.MEM.doc