99-23236 RESO
~
, .
..
'.
RESOLUTION NO. 99-23236
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, APPROVING ON
SECOND READING, THE DEVELOPMENT AGREEMENT, IN
ACCORDANCE WITH THE REQUIREMENTS OF THE FLORIDA
LOCAL GOVERNMENT DEVELOPMENT AGREEMENT ACT,
BETWEEN THE CITY OF MIAMI BEACH AND LINCOLN PLAZA
PARTNERS LLC, FOR DEVELOPMENT OF THE SITE LOCATED
AT 17TH STREET AND LINCOLN LANE AND JEFFERSON AND
MICHIGAN AVENUES, AND APPROVING THE LEASE
AGREEMENT BETWEEN THE CITY OF MIAMI BEACH AND
LINCOLN PLAZA PARTNERS LLC, TO LEASE SAID SITE
FOLLOWING A PUBLIC HEARING HELD IN ACCORDANCE
WITH THE PROVISIONS OF SECTIONS 82-36 THROUGH 82-40 OF
THE CODE OF THE CITY AND PROVIDING AN EFFECTIVE
DATE.
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 "RFpII); 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 IS, 1998, the City Commission adopted Resolution No.98-22857,
authorizing the Administration to negotiate with a joint venture composed of entities owned by Scott
Robins and R. Donahue Peebles (now known as Lincoln Plaza Partnership LLC), with regard to the
site located between 17th Street and Lincoln Lane and Jefferson and Michigan Avenues; and
WHEREAS, on May 26, 1999, after a duly noticed public hearing held pursuant to the
Florida Local Government Development Agreement Act, Section 163 .3220, ~. ~., Florida Statutes,
the Mayor and City Commission approved the proposed development agreement by and between
Lincoln Plaza Partners LLC (the "Developer") and the City (the "Development Agreement"), on first
reading and set a second public hearing on the Development Agreement for July 7, 1999, and also
set said date for a hearing pursuant to Sections 82-36 through 82-40 of the Code of the City with
respect to the proposed agreement oflease by and between the Developer and the City (the "Lease");
and
"
~
WHEREAS, pursuant to the requirements of Section 82-39 of the Code of the City, the City
obtained an independent appraisal of the fair market or rental value of its property; and
WHEREAS, on June 22, 1999, after a duly noticed public hearing held pursuant to Sections
142-421 through 142-425 of the Code of the City, the Planning Board reviewed the proposed private
use of the land owned by the City and zoned GU government use district, and in connection with
such review the Planning Department prepared an analysis using the criteria set forth in Section 82-
38 of the Code of the City; and
WHEREAS, the aforesaid public hearings on the Development Agreement and the Lease
have been duly noticed and held and the Mayor and City Commission hereby find and determine that
it is in the best interest of the City to enter into the Development Agreement and the Lease.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, as follows:
1. It is hereby determined and declared that the matters set forth in the recitals are true and
correct and they are hereby incorporated as part of this Resolution.
2. The Mayor and City Commission hereby approve the Development Agreement on second
reading and approve the Lease Agreement substantially in the form attached hereto, and authorize
the Mayor and City Clerk to execute said documents.
3. This Resolution shall take effect immediately upon its adoption.
PASSED and ADOPTED this 7th day ofJuly, 1999.
n!YOR
ATTEST:
ftbr f AA~
CITY CLERK
APPROVED AS 10
fORM & LANGUAGE
& FOR EXECUTION
SR/CMC/rar
T:\AGENDA\I999\JUL0799\REGULAR\ROBINS.RES
~~ &/;0/91
ityA DeN
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\ci.miami-beach.fl.us
TO:
FROM:
SUBJECT:
COMMISSION MEMORANDUM NO. 503 -9'7
Mayor Neisen O. Kasdin and
Members of the City C mission
DATE: July 7, 1999
Sergio Rodriguez
City Manager
A RESOL I OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROVING ON SECOND
READING, THE DEVELOPMENT AGREEMENT, IN ACCORDANCE
WITH THE REQUIREMENTS OF THE FLORIDA LOCAL GOVERNMENT
DEVELOPMENT AGREEMENT ACT, BETWEEN THE CITY OF MIAMI
BEACH AND LINCOLN PLAZA PARTNERS LLC, FOR DEVELOPMENT
OF THE SITE LOCATED AT 17TH STREET AND LINCOLN LANE AND
JEFFERSON AND MICHIGAN A VENUES AND APPROVING THE LEASE
AGREEMENT BETWEEN THE CITY OF MIAMI BEACH AND LINCOLN
PLAZA PARTNERS LLC, TO LEASE SAID SITE FOLLOWING A PUBLIC
HEARING HELD IN ACCORDANCE WITH THE PROVISIONS OF
SECTION 82-36 THROUGH 82-40 OF THE CODE OF THE CITY AND
PROVIDING AN EFFECTIVE DATE.
RECOMMENDATION:
Adopt the Resolution.
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 17'. Street
-Collins Avenue and 10th Street
-Washington Avenue and 16'. Street
AGENDAITEM~
DATE 7 -1 ~q'i'
July 7, J 999
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 of the projects and directed the Administration to begin negotiations
for Site I and Site 4 and to begin discussions with the developer for Site 3 to try to work out the
differences and allow for possible agreement on terms that could be presented back to the
Committee. 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.
On May 26, 1999, the City Commission held a public hearing and approved the Development
Agreement on first reading for both Site I and Site 4. On June 22, 1999, the proposed project was
favorably reviewed by the City's Planning Board.
Pursuant to the provisions of City Ordinance 92-2783 (the "Shapiro Ordinance"), which is codified
in Sections 82-36 through 82-40 of the Code ofthe City, 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 5/7ths vote of the City Commission
upon a fmding that the public interest would be served by waiving such conditions. A public hearing
has been scheduled on this date and the Planning Department analysis of the proposed Lease
Agreement is attached for City Commission consideration (see Exhibit I). As previously stated, this
lease was negotiated based upon a publicly advertised RFP for which an appraisal has been procured;
therefore no waivers are requested at this time.
Development Regulations:
In accordance with the Florida Local Government Development Agreement Act, the City of Miami
Beach and Lincoln Plaza Partners 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.
July 7, 1999
Commission Memorandum
Page 3
The City Commission has held the first of two public hearings required to enter into a Development
Agreement. This resolution will approve the Development Agreement on second and final public
hearing.
The subject City land is presently zoned Government Use (GU). The proposed public-private
developments represent private or joint government/private uses in the GU district. Pursuant to
Section 142-423 of the City Code, any such use requires review by the Planning Board prior to
approval by the City Commission. On June 22,1999, Lincoln Plaza Partners LLC presented their
proposed development project to the Planning Board, outlining the uses and setting forth the
applicable development regulations. The Planning Board favorably reviewed the proposed project
commenting on its favorable location and adequacy of parking for the public.
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
CD-3 will apply to this site and said development regulations are confirmed in the Development
Agreement.
CONSULTANT'S RECOMMENDATION:
HNTB evaluated the proposals and recommended that the City should not sell its property to the
developers at any of the sites but should instead negotiate leases wherein:
. the guaranteed lease payments should be in the neighborhood of 10% of the market value of
the City owned land based on the ultimate zoning of the property.
. the term of the land leases should be in the average of 40 to 45 years in order to allow the
developer to achieve a reasonable profit and the City retain control of its property.
. the City should also obtain additional monthly payments based on gross revenues (profit
sharing) generated by the overall development.
. require the developer at each site to pay the City a lump sum amount for the estimated or
actual losses in parking revenue during the time the site is inoperable for parking.
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,
1999.
July 7, 1999
Commission Memorandum
Page 4
Site 1: Michigan Site 2: Site 3: Site 4: Washington
& 17" Sl. Lenox & 17" St. Collins & 10" St. & 16" St.
Appraised Value: $5,070,000 $2,800,000 $2,600,000 $3,900,000
Highest & Best
Use @ 3/15/99
Proposed Less 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 in order to
reconcile the fair market value and the annual rent payable to the City, based upon the proposed
value in use.
ANALYSIS:
Based on the consultant recommendations and based on the appraisals submitted, the Administration
has conducted negotiations for three (3) of the four (4) projects, as prioritized by the City
Commission. (Negotiations for Site 2 will commence upon completion of negotiations with the
proposers on Site 1, Site 3, and Site 4, ifso directed by the City Commission.)
The recommended negotiated terms of the proposed project are delineated below. Additional tenns
negotiated since the first public hearing held on May 26, are in bold for your easy reference.
TERMS:
Lincoln Plaza Partners. Michigan/Jefferson & 17th St.
Owner:
City of Miami Beach
Developer/Tenant:
Lincoln Plaza Partners LLC
Principals:
49% - Scott Robins
49% - R. Donahue Peebles
2% - Michael Milberg
Project Description:
711 space garage
34,510 sfretail
106,000 sf office
Project Cost:
$30,644,340
Funded Equity:
$7,661,085
July 7, 1999
Commission Memorandum
Page 5
Lease Term:
Commencement Date:
Fee upon Execution:
Construction/Permitting:
Preliminary Plans and Spees:
DRBIHP Application:
Building Permit:
Construction Completion:
Possession Date:
Security Deposit:
Rent during Possession
Date thru Construction Period:
Base Rent at Delay Date:
Delay Date:
CO Date:
Base Rent Adjustments:
50 years with 2, 20-year extension options
Agreement execution date.
$50,000 (This fee re-coups the City's out of pocket costs and
represents the up-front fee while the developer obtains
permits and approvals prior to possession date. City continues
to operate surface parking lots during this period.)
Subject to unavoidable delays.
No later than 24 weeks from commencement date.
No later than 8 weeks from approval of preliminary plans and spees
approvals.
No later than 32 weeks from DRBIHP approval
No later than 2 years from Possession date
One year from commencement date. Private land is deeded
to City at this time with a reverter in the event
construction does not commence.
Upon possession, one year of base rent will be provided as
security deposit until CO date.
$175,OOO/annua1ly
(This fee represents the City's projected loss ofrevenue on
the site. We are requiring developers to compensate City for
this loss during construction, estimated to last 2 years from
possession date.)
$250,000 for lease years 1-5 increasing to $300,000 for lease
years 6-10.
Earlier of CO Date or 2 years from possession date, not
subject to unavoidable delays. (On this date, Base Rent
commences whether or not construction is completed.)
Earlier of date upon which TCO/CO is obtained or 2 years
from possession date, subject to unavoidable delays.
Base rent will be adjusted at the end of the 10th lease year and
every 5th lease year thereafter, based upon the lesser of 12%
or the cumulative CPI over the previous 5 year period.
July 7. /999
Commission Memorandum
Page 6
Percentage Rent:
(as a percentage of gross revenues):
Re-appraisals:
Real Estate Taxes:
Parking Rates:
Subordination:
Prohibited Uses:
Condominium:
At the earlier of (i) a sale of the project or (ii) beginning in
Year 9, and every Lease Year thereafter, percentage rent of
2.5% of gross revenues will be calculated in addition to base
rent. Only in Lease Year 9, percentage rent will be payable,
in equal installments over ten years, in Lease Years II
through Lease Year 20. Beginning in Lease Year 10, and
every year thereafter, percentage rent will be due and payable
at the end of each year, i.e. 2.5% of gross revenues, payable
in the first sixty (60) days of II.h Lease Year and every year
thereafter.
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 49th year and 69th year. The Base Rent will
never be less than the prior year's base rent.
Included and defined as Additional Rent in the event taxes are
abated, waived or exempted. If taxes are reduced as a result
of decline in property values in the area, this provision will
not apply.
Garage parking rates shall not be less than the City/Agency
rates or more than comparable garage parking rates charged
in Miami-Dade County. Standard rates will apply during
special events and may not be increased.
City agrees to subordinate percentage rent to debt service
payments on first mortgage, but not base rent. If a
foreclosure occurs, to the extent cashftow is not available,
percentage rent will cease until transferee has five years
to stabilize operations.
.
unlawful/illegal businesses or any use which is
public nuisance
tatoo parlors, psychics, palm and tarot card
readers, body piercing shops or gambling casino
for any use involving ownership structure such as
time share, cooperative, etc.
.
.
Developer may create a condominium with a maximum of
3 units, consisting of an office unit, a retail unit and
garage unit, subject to the City's review and approval of
the Condominium Declaration and subject to there being
no legal or economic consequence to the City.
July 7, J 999
Commission Memorandum
Page 7
Sale/Refinancing:
Developer has the right to sell project, subject to certain
criteria (i.e. purchaser must have a minimum of $20 million
in equity, track record, no litigation with City, etc.),
Right of First Refusal:
CitylDeveloper 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), real
estate taxes (the property is currently tax exempt) and additional private land that will revert to the
City at the termination of the lease. Additionally, the project will provide approximately 449 net
new parking spaces in the area and will provide new Class "A" office space, for which there is a
demand, that will attract private corporations to anchor and revitalize the city center. Such
investment serves as a catalyst and perpetuates a strong economic impact for our community.
&n1;
The negotiated terms represent a fair market return on the appraised value of the land in the form of
base rent and percentage rent. In addition, to the $50,000 fee upon execution of the Agreement and
the rent of $ 1 75,000/year during construction, base rent in the amount of $250,000/year will be due
and payable two years after possession. The base rent escalates to $300,000/year at the end of the
5th lease year, thereafter, escalations to base rent occur every 5 years. The total base rent payments
over the first 25 years, total $8.4 million. Percentage Rent commences at the earlier of a sale of the
project or during the 9th lease year and is estimated to total $2.6 million over the 25 year term.
The terms provide a return to the City that would enable the Developer to stabilize the project and
allow the City to begin to participate in a percentage (2.5%) of gross revenues, during the 9th Lease
Year. Based upon a 25 year operating proforma for the project, the aggregate City return over the
first 25 year period totals $11.4 million. The Developer's aggregate return during this same period,
totals $50 million. (Note: This return is calculated over 25 years and not over the 90 year lease
term.)
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 City and County taxes in the form of
Additional Rent.
Real Estate Taxes
Additionally, 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$19,628,850, the estimated total
initial tax bill will be $531,549. Of this amount, $147,196 will represent the City's aIinual tax share
."
July 7, 1999
Commission Memorandum
Page 8
and $112,213 will represent the County's annual increment payable to the Redevelopment Trust
Fund, as a result of the property's location in the City Center Redevelopment District. In FY 2023
the City will no longer benefit from the County increment due to the expiration of the term of the
Redevelopment District. Tax payments to the City over the first 25 year period are estimated to total
$7 million, inclusive of the County increment.
Land Contribution
The Developer is also contributing approximately 14,000 sf of additional land to the aggregate
project. This land will be deeded to the City upon possession date and will become part of the
premises that revert to the City upon termination of the Lease Agreement. (See Exhibit 2)
Sale. Assignment. Transfer & Subletting
The Lease Agreement provides that City consent will be required in the event of a sale, assignment,
transfer or sublease to a "Permitted Buyer," if the Permitted Buyer does not meet certain criteria.
The Permitted Buyer is a real estate investor, pension fund or developer and the criteria set forth in
the Lease Agreement consists of the following:
. Must meet minimum equity requirement of$20 million
. Must not be owned by a foreign instrumentality
. Has not been in litigation with the City over the past 7 years
. Cannot be owned by an individual who has been convicted or is under indictment for
felonies
. Has not filed for bankruptcy during the past 7 years
. Must have a minimum of 5 years operating history
. Must not be an advocate or have as its stated purpose: resistance against the U. S.
Government; or genocide, violence, hatred or animosity toward persons based on
race, religion, creed, sexual orientation or national origin.
RECOMMENDATION:
Please note that the attached Development Agreement and Lease have been "redIined" to show
changes from the documents presented at the May 26th meeting of the City Commission in order to
expedite your review. Deleted material is indicated by a strike-through, and inserted text is indicated
by double underlining. A "clean" copy of the documents has been provided to the City Clerk for
inclusion in the official records of the City.
It is recommended that the Mayor and City Commission approve the Development Agreement and
Lease Agreement and adopt the resolution attached hereto.
SR/~rrar
T:\AGENDA \1999\JUL0799\REGUl.AR\R08[NS.CM
.. Semirldle Form UCC-l
UNIf=ORM COMMERCIAL CODE
STATE OF FLORIDA
FINANCING STATEMENT
1.
EI#
Street
tor or ra e me at
Beach,
1<1. Ip e
33139
c. Ity, tate
d. Ip e
Beach, Florida
c. p
33139
Ingress
4c. P e
See Exhibit "A" attached hereto and made a part hereof.
See Schedule to Financing Statement attached hereto and made a
part hereof.
. "
,
6. Check only K Appllceble: !Xl _ucts of conslerslare also covered. ~ Proceeds of conatarslare also covered. a Debtor is trsn!lllll1llng utility.
7. Check appropriate box: a An documentary stamp taxes due and payable or 10 become due and payable pursuant 10 s. 201.22 F.S., have been paid.
(One box musl be marked) m Florida Documenta Stam Tax Is not ulred.
8. In accordance with s. 671l.402(2), F.S., this stalementis flied wnhout the Debto(s signature 9. Number of additional sheets prasented: 2
to perfecta security Intarestln conatersl:
o alreedy subject to a security Interest In another Jurisdiction when It was brought Into this This Space for Use of Filing Officer
state or debtor'slocetlon changed to this state.
a which Is proceeds of the original collatorsl described above In which a security Interest was
perfected.
a as to which tha filing has lapsed. Dele flied end previous
UCc-1 ftle number .
o acquired after e change of name, identity, or corporste structure of the debtor.
em er
Mayor
Name
I
700
Address
Address
City,State,Zip L
~
!:;TANDARD FORM. FORM UCC.1
Approved by Secretary of State. State of Florida
SCHEDULE TO FINANCING STATEMENT
1. Building Equipment described as follows:
all installations incorporated in, located at or attached to and used or
usable in the operation of, or in cOIUlection with, the Premises and
shall include, but shall not be limited to, machinery, apparatus,
devices, motors, engines, dynamos, compressors, pumps, boilers and
burners, heating, lighting, plumbing, ventilating, air cooling and air
conditioning equipment; chutes, ducts, pipes, tanks, fittings, conduits
and wiring; incinerating equipment; elevators, escalators and hoists;
washroom, toilet and lavatory plumbing equipment; window washing
hoists and equipment; and all additions or replacements thereof,
excluding, however, any property which is owned by subtenants,
licensees, concessionaires or contractors (except to the extent any of
the foregoing are Affiliates of Debtor) and excluding furniture,
fixtures and equipment used in the operation, management and
maintenance of the Premises.
-,
,
2.
Reserve Account described as follows:
that specific account designated as the "Reserve Account" as more
fully described in that certain Agreement of Lease described
hereinbelow.
3. All Products and Proceeds from items 1 and 2.
Any reference to the Premises means the Land described on Exhibit A attached hereto and made a
part hereof and the Improvements thereon which include a Garage, office building and retail space
to be constructed on the Land in accordance with that certain Agreement of Lease between the City
of Miami Beach, Florida and Lincoln Plaza Partners LLC and any buildings (including footings and
foundations) and other improvements, appurtenances of every kind and description now existing or
hereafter erected, constructed, or placed upon the Land (whether temporary or permanent), and any
and all alterations and replacements thereof, additions thereto and substitutions therefor.
F:\MINSKER\C.M.B\Michipn-UtICl)ln P1aza\Sehtdule to UCC-I Finance.wpd
-,
,
EXlUBIT "A"
LEGAL DESCRIPTION
PARCEL 1
Lots 7 through 10, and Lots 16 through 20, Block 37, PALM VIEW
SUBDIVISION, as recorded in Plat Book 6, Page 29 of the Public Records of
Miami-Dade County, Florida.
::.ellllIl01e l"onn UCC-I
UNIFORM COMMERCIAL CODE
STATE OF' FLORIDA
FINANCING STATEMENT
"
1.
II
1.
Beach, Florida
. ateo rt or
Beach, Florida
4a. ng ....
rlpUon 0 real property on whlc ocat a owner 0 reco n
See Exhibit "A" attached hereto and made a part hereof.
See Schedule to Financing Statement attached hereto and made a
part hereof.
6. Check only If Applicable: lEI Products of collateral are also covered. ~ Proceeds of collsteralara also covered. 0 Debtor Is transmmlng utility.
7. Check appropriate box: 0 All documentary stamp taxes due and payable or to become due and payable pursuant to s. 201.22 F.S., have been paid.
(One box mull be marlted) III Rorlda Documenta Stam Tax Is not ulred.
B. In accordance with s. 679.402(2), F.S., this statement Is flied without the Debtor's signature 9. Number of additional sheets presented: 2
to par1ect a security In_In collateral:
o alreedy subject to a security Interest In another Jurisdiction when II was brought Into this This Space for Use of Filing Officer
state or debto(s location changed to this state.
o whlcflls proceeds of the original collateral described above In which a security Interest was
par1ected.
o ..to which the flllng has lapsed. Date flied and previous
UCC-1 flle number .
o acquired _ a chenge of name,ldentlty, or corporate structure of the debtor.
er
Mayor
Name
I
700
Address
Address
City,State,Zip L
-.J
FILING OFFICER COpy
STANDARD FORM - FORM UCC-1
Approved by SecteIary 01 State. State 01 florlc
.,
SCHEDULE TO FINANCING STATEMENT
1. Building Equipment described as follows:
all installations incorporated in, located at or attached to and used or
usable in the operation of, or in connection with, the Premises and
shall include, but shall not be limited to, machinery, apparatus,
devices, motors, engines, dynamos, compressors, pwnps, boilers and
burners, heating, lighting, plwnbing, ventilating, air cooling and air
conditioning equipment; chutes, ducts, pipes, tanks, fittings, conduits
and wiring; incinerating equipment; elevators, escalators and hoists;
washroom, toilet and lavatory plwnbing equipment; window washing
hoists and equipment; and all additions or replacements thereof,
excluding, however, any property which is owned by subtenants,
licensees, concessionaires or contractors (except to the extent any of
the foregoing are Affiliates of Debtor) and excluding furniture,
fixtures and equipment used in the operation, management and
maintenance of the Premises.
2. Resen'e Account described as follows:
,
that specific account designated as the "Reserve Account" as more
fully described in that certain Agreement of Lease described
hereinbelow.
3. All Products and Proceeds from items 1 and 2.
Any reference to the Premises means the Land described on Exhibit A attached hereto and made a .
part hereof and the Improvements thereon which include a Garage, office building and retail space
to be constructed on the Land in accordance with that certain Agreement of Lease between the City
of Miami Beach, Florida and Lincoln Plaza Partners LLC and any buildings (including footings and
foundations) and other improvements, appurtenances of every kind and description now existing or
hereafter erected, constructed, or placed upon the Land (whether temporary or permanent), and any
and all alterations and replacements thereof, additions thereto and substitutions therefor.
F:\MINSKER\C.M,B\MichiSIn.Linoolll Plaza\Sclledule to UCC.l FiIllrlCe.wpd
<.
EXHIBIT "A"
LEGAL DESCRIPTION
PARCEL 1
Lots 7 through 10, and Lots 16 through 20, Block 37, PALM VIEW
SUBDIVISION, as recorded in Plat Book 6, Page 29 of the Public Records of
Miami-Dade County, Florida.