548-2007 RDA Reso
RESOLUTION NO. 548-2007
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY (RDA), APPROVING BY 5/7ths
VOTE, A WAIVER OF COMPETITIVE BIDDING, FINDING SUCH
WAIVER TO BE IN THE BEST INTEREST OF THE RDA, AND
AUTHORIZING THE CHAIRMAN AND SECRETARY TO EXECUTE A
NEW MANAGEMENT AND LEASING AGREEMENT WITH THE MIAMI
BEACH COMMUNITY DEVELOPMENT CORPORATION (MBCDC), IN
ASSOCIATION FELENSTEIN KONNIVER STERN REALTY GROUP
(FKS), SUBSTANTIALLY IN THE FORM ATTACHED HERETO, FOR
THE MANAGEMENT AND LEASING OF THE RETAIL COMPONENT
OF THE ANCHOR SHOPS AND PARKING GARAGE (ANCHOR
SHOPS); SAID AGREEMENT HAVING AN INITIAL TERM OF THREE
(3) YEARS, COMMENCING RETROACTIVELY ON MAY 1, 2007 AND
ENDING ON APRIL 30,2010, WITH AN OPTION TO RENEW, AT THE
RDA'S SOLE DISCRETION, FOR AN ADDITIONAL THREE (3) YEAR
TERM, SUBJECT AND PURSUANT TO THE TERMS AND
CONDITIONS SET FORTH IN THE AGREEMENT.
WHEREAS, on May 30, 2003, the RDA Board approved a Management and
Leasing Agreement with the Miami Beach Development Corporation (MBCDC), in
association with Felenstein Koniver Stern Realty Group (FKS), as the successful proposer
pursuant to RFP No. 05-02/03, for the management and leasing of the retail component of
the Anchor Shops and Parking Garage, (Anchor Shops).; and
WHEREAS, the initial term of the Agreement was for a period of three (3) years,
commencing on May 1, 2003, and expiring on April 30, 2006, and
WHEREAS, on March 8, 2006, subsequent to the recommendation of the Finance
and Citywide Projects Committee, the RDA authorized a one (1) year renewal option, as
provided for in the Agreement, which extended the term until April 30, 2007; and
WHEREAS, MBCDC has expressed an interest to continue managing the Anchor
Shops; and
WHEREAS, since no renewal options remain under the present Agreement, the
Administration shall either have to initiate a Request for Proposals (RFP) process, in which
MBCDC may participate by submitting an application, or the RDA may consider waiving by
5/ihs vote, the formal competitive bidding requirement, in order to award a new contract to
MBCDC; and
WHEREAS, based on MBCDC's solid and long-standing relation with the tenants at
the Anchor Shops and considering that an RFP process is unlikely to generate significant
response, Staff believes that it is within the City and the RDA's best interest to waive
competitive bidding and to enter into a new agreement with MBCDC and FKS, for the
management and leasing of the Anchor Shops; and
WHEREAS, on April 19, 2007, the City's Finance and Citywide Projects Committee
considered Staff's recommendation and voted unanimously to recommend waiving
competitive bidding and enter into a new management and leasing agreement with MBCDC
and FKS; and
WHEREAS, until such time that a formal determination is made by the RDA to enter
into a new Agreement with MBCDC and FKS, or opt for the alternative of pursuing a formal
bidding process for the management of the Anchor Shops, MBCDC shall continue in its role
to manage the facility on a month-to-month basis, at the sole discretion of the Executive
Director of the RDA.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman and
Members hereby approve by 5/ihs vote, a waiver of competitive bidding, finding such
waiver to be in the best interest of the RDA, and authorizing the Chairman and Secretary to
execute a new Management and Leasing Agreement with the Miami Beach Development
Corporation (MBCDC) and Felenstein Koniver Stern Realty Group (FKS), substantially in
the form attached hereto, for the management and leasing of the retail component of the
Anchor Shops and Parking Garage (Anchor Shops); said Agreement having an initial term
of three (3) years, commencing retroactively on May 1, 2007 and ending on April 20, 2010,
with an option to renew, at the RDA's sole discretion, for an additional three (3) year term,
subject and pursuant to the terms and conditions set forth i,ry:!he Agreement.
',. ,I
A~1
SECRETARY
PASSED and ADOPTED this 16th day Ofi1r~Y I , 2007.
, /~
~~HAIRMAN
p~
David Dermer
Robert Parcher
T:IAGENDA \2007\May 16\RDA \MBCDC _Reso.doc
APPROVED AS TO
FORM & LANGUAGE
& FO EXECUTION
,) ;f zJl~ 1~1
... e opment Agency..~.(. Da
General Counsel V- ~_
MIAMI BEACH REDEVELOPMENT AGENCY
AGENDA ITEM SUMMARY
m
Condensed Title:
A Resolution of the Chairman and Members of the RDA, approving by 5/7 S vote, a waiver of competitive
bidding and authorizing the Chairman and Secretary to execute a Management Agreement with Miami
Beach Development Corporation (MBCDC) and Felenstein Koniver Stern Realty Group (FKS), for the
mana ement and leasin of the retail com onent of the Anchor Sho s and Parkin Gara e.
Ke Intended Outcome Su orted:
To ensure well maintained Capital Projects
Issue:
Should the RDA waive competitive bidding and enter into a new Management Agreement with MBCDC and FKS
for the mana ement and leasin of the Anchor Sho s?
Item Summary/Recommendation:
On May 30, 2003, the RDA Board approved a Management and Leasing Agreement with MBCDC, in
association with FKS, as the successful proposer pursuant to RFP No. 05-02/03, for the management and
leasing of the retail component of the Anchor Shops. The initial term of the Agreement was for a period of
three (3) years, commencing on May 1, 2003, and expiring on April 30, 2006. On March 8, 2006,
subsequent to the recommendation of the Finance and Citywide Projects Committee, the RDA Board
authorized a one (1) year renewal option, as provided for in the Agreement, which extended the term until
April 30, 2007. MBCDC has expressed an interest to continue in its role managing the Anchor Shops, but
with no renewal options remaining under the present Agreement, the RDA shall either have to initiate a
Request for Proposals (RFP) process, in which MBCDC may participate by submitting an application, or the
RDA Board may consider waiving by 517'hS vote, the formal competitive bidding requirement, in order to
award a new contract to MBCDC.
Given MBCDC's solid and long-standing relation with the tenants at the Anchor Shops and considering that
an RFP process is again unlikely to generate significant interest, Staff believes that it is within the City and
the RDA's best interest to waive competitive bidding and to enter into a new agreement with MBCDC and
FKS, for the management and leasing of the Anchor Shops. On April 19, 2007, the City's Finance and
Citywide Projects Committee voted unanimously to accept Staffs recommendation.
Adviso Board Recommendation:
Finance & Citywide Projects Committee on April 19, 2007 - Recommended in favor enter into a new
mana ement and leasin a reement with MBCDC and FKS
Financial Information:
Source of Amount Account Approved
Funds: 1
D 2
3
4
Finance Dept. Total
City Clerk's Office Legislative Tracking:
I Kent O. Bonde
Si n-Offs:
Redevelopm
Executive Director
JMG
AGENDA ITEM
DATE
aA-
s-/b-07
lD
MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
TO:
FROM:
DATE:
SUBJECT:
REDEVELOPMENT AGENCY MEMORANDUM
Chairman and Members of the Miami Beach Redevelopment Agency
Jorge M. Gonzalez, Executive Director ~,,~ I
May 16, 2007 0- D
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY (RDA), APPROVING BY 5/ihS VOTE, A WAIVER
OF COMPETITIVE BIDDING, FINDING SUCH WAIVER TO BE IN THE BEST
INTEREST OF THE RDA, AND AUTHORIZING THE CHAIRMAN AND
SECRETARY TO EXECUTE A NEW MANAGEMENT AND LEASING
AGREEMENT WITH THE MIAMI BEACH COMMUNITY DEVELOPMENT
CORPORATION (MBCDC), IN ASSOCIATION WITH FELENSTEIN KONNIVER
STERN REALTY GROUP (FKS), SUBSTANTIALLY IN THE FORM ATTACHED
HERETO, FOR THE MANAGEMENT AND LEASING OF THE RETAIL
COMPONENT OF THE ANCHOR SHOPS AND PARKING GARAGE (ANCHOR
SHOPS); SAID AGREEMENT HAVING AN INITIAL TERM OF THREE (3)
YEARS, COMMENCING RETROACTIVELY ON MAY 1,2007 AND ENDING ON
APRIL 30, 2010, WITH AN OPTION TO RENEW, AT THE RDA'S SOLE
DISCRETION, FOR AN ADDITIONAL THREE (3) YEAR TERM, SUBJECT AND
PURSUANT TO THE TERMS AND CONDITIONS SET FORTH IN THE
AGREEMENT.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANAL YSIS
On May 30, 2003, the RDA Board approved a Management and Leasing Agreement with the
Miami Beach Development Corporation (MBCDC), in association with Felenstein Koniver
Stern Realty Group (FKS), as the successful proposer pursuant to RFP No. 05-02/03, for the
management and leasing of the retail component of the Anchor Shops and Parking Garage,
(Anchor Shops).
The initial term of the Agreement was for a period of three (3) years, commencing on May 1,
2003, and expiring on April 30, 2006. On March 8, 2006, subsequent to the
recommendation of the Finance and Citywide Projects Committee, the RDA Board
authorized a one (1) year renewal option, as provided for in the Agreement, which extended
the term until April 30,2007.
MBCDC has since expressed an interest to continue in its role managing the Anchor Shops,
but with no renewal options remaining under the present Agreement, the RDA shall either
May 16, 2007
Redevelopment Agency Memorandum
Anchor Shops Management and Leasing Agreement
Page 2 of 4
have to initiate a Request for Proposals (RFP) process, in which MBCDC may participate by
submitting an application, or the RDA Board may consider waiving by 5/ihSvote, the formal
competitive bidding requirement, in order to award a new contract to MBCDC.
It should be noted that since the termination of the Master Lease Agreement between Loews
and the RDA in November, 1999, there have been two RFP processes for the management
and operation of the Anchor Shops, both of which generated very little interest from property
management/leasing firms. During the initial process in November, 2000, MBCDC in
partnership with FKS were the sole respondents to the RFP, which resulted in MBCDC and
FKS being awarded the first Management and Leasing Agreement for the Anchor Shops.
Only two proposals were submitted in response to the second RFP, which was issued in
September, 2002. One was submitted by MBCDC in partnership with FKS, and the other by
Boston and Chicago-based Urban Retail Properties Company. MBCDC and FKS were
eventually selected and awarded a new Agreement, which as noted earlier, expires on April
30,2007.
In an effort to secure a broad response to the RFPs, notices were issued to numerous local
and national property management/leasing firms, identified through organizations including
but not limited to, the Miami Beach Chamber Commerce, the Building Owners and
Managers Association (BOMA) and the Regional Council of Shopping Centers. This effort
resulted in numerous inquiries from such firms as Trammell Crow, Scott Robins Companies,
Comras Companies and LNR Property Corp, but as already noted, only one firm, other than
MBCDC ever responded. Subsequent to the second RFP process, a survey of firms which
requested the RFP but did not submit proposals was conducted at the request of the RDA
Board. The unanimous response indicated that the real incentive in managing and leasing a
retail facility is the potential to earn leasing commissions on new leases and/or renewals.
Since the Anchor Shops was 100% leased, there was little interest in submitting a proposal.
Additionally, with only 21,000 square feet of retail space, there was little flexibility in being
able to charge a significant management fee to make submitting a proposal worthwhile.
Based on the foregoing and considering that the Anchor Shops remains fully leased, Staff
believes that an RFP is again unlikely to attract much interest and therefore recommends
considering a waiver of competitive bidding. Furthermore, since MBCDC not only has a
solid and long-standing relation with the tenants at the Anchor Shops, but has also been
instrumental in various initiatives aimed at promoting the facility as well improving the area's
image, Staff believes that it is within the City and the RDA's best interest, to enter into a new
agreement with MBCDC and FKS, for the management and leasing of the Anchor Shops.
On April 19, 2007, the City's Finance and Citywide Projects Committee considered Staff's
recommendation and voted unanimously to recommend waiving competitive bidding and
enter into a new management and leasing agreement with MBCDC.
Proposed Management and Leasing Agreement
Staff recommends entering into a new Management and Leasing Agreement with MBCDC
and FKS, commencing on May 1,2007, for an initial term of three (3) years, with an option,
at the RDA's sole discretion to renew and extend this Agreement for an additional three (3)
year term, subject to the terms and conditions to be set forth in a new Agreement.
Pursuant to the current Agreement, MBCDC receives a fee equivalent to four (4) percent of
annual lease revenues, which based upon last year's operating results, totaled
approximately $25,400 in FY 05/06. The fee partially funds three management/administrative
May 16, 2007
Redeve/opment Agency Memorandum
Anchor Shops Management and Leasing Agreement
Page 3 of 4
positions and one maintenance position. It is recommended that this fee structure be
applied to the new Agreement.
Direct costs associated with the upkeep and maintenance of the Anchor Shops shall
continue to be paid on a reimbursable basis. These costs include, but are not limited to,
operating supplies including cleaning materials, light bulbs and other consumable and
expendable items; minor (non-structural) repair and maintenance costs; accounting and
professional service contracts; and, other costs and expenses, pre-approved by the RDA,
necessary for the operation of the Facility. Pursuant to the operating statement for FY 05/06
for the Anchor Shops, actual reimbursable expenses totaled $30,517 for the year. It should
be noted that despite additional costs associated with hurricane shutter and awning repairs,
required as a result of the prior year's storm season, total operating costs only exceeded
budget by 5%. Barring any unforeseen circumstances during the remainder of FY 2006/07,
reimbursable expenses are not anticipated to exceed $24,000 for the year.
It should be noted that the proposed Agreement also provides for a leasing commission,
which is competitive by industry standards. However, since the Anchor Shops are 100%
leased, with the shortest remaining lease term, exceeding the proposed initial term of the
Agreement, the RDA does not anticipate having to pay leasing commissions at this time. To
the extent that any of the retail spaces become vacant during the term of the Management
Agreement, the RDA shall pay a leasing commission based on the following:
An amount equal to the aggregate of the following percentages of the minimum rent paid by
the tenant to the RDA during the following years of the term of the lease:
Six (6%) percent of the Minimum Rent for years one (1) through five (5) of the term of
the lease;
Four (4%) percent of the Minimum Rent for years six (6) through ten (10) of the term of
the lease; and
Three (3%) percent of the Minimum Rent for the remaining years of the term of the
lease.
The term "Minimum Rent" excludes additional rent or other charges of any type or nature
whatsoever paid or payable by the tenant under the Lease, including amounts payable on
account of increases in real estate taxes, operating expenses, any escalations, utility
payments or other charges for any services. No leasing commissions are paid for renewals,
relocations, expansions, assignments or transfers of lease.
As the Property Manager for the Anchor Shops, MBCDC's scope of services shall continue
to include, but not be limited to:
Procuring and negotiating leases for available space as well as for space that becomes
available upon expiration and/or termination of existing leases;
Collecting and remitting lease revenues;
Providing a means of communication for retail tenants to address and/or resolve
matters pertaining to their respective leases, such as, but not limited to, maintenance or
repair concerns;
Providing timely response to tenant issues and concerns;
Conducting daily on-site inspections to ensure that tenant spaces and common area
spaces are maintained to a standard consistent with a first class retail center;
Coordinating with the City's Property Management Division on maintenance issues
affecting the facility.
Communicating and coordinating with tenants to secure their respective spaces, in the
event of a hurricane and/or any other citywide emergency;
May 16, 2007
Redevelopment Agency Memorandum
Anchor Shops Management and Leasing Agreement
Page 4 of 4
Coordinating and facilitating any tenant improvements involving new and/or existing
leases;
Coordinating marketing and advertising efforts at tenant's expense;
Maintaining a system of accounting, bookkeeping and reporting that will accurately
reflect all income received and disbursements made in connection with the operation
and maintenance of the Anchor Shops;
Affecting a good neighbor policy through involvement and coordination with local area
residents, businesses and business organizations.
The Property Manager's primary role shall continue to maintain the Anchor Shops in a
manner consistent with a first class retail establishment. Daily on-site visits will serve to
ensure that all common areas and sidewalks are kept clean and free of any unsightly
conditions such as graffiti. The Property Manager will coordinate with the City's Parking
Department and the City's Property Management Division to identify and track items in need
of replacement and/or repair. Since the tenants are responsible for maintaining their own
space, the Property Manager will enforce that this is done as well as provide assistance, as
needed, to facilitate and/or expedite repairs. Additionally, any space which becomes vacant
will fall under the responsibility of the Property Manager to maintain and show to prospective
new tenants.
Entering into a new Agreement with MBCDC and FKS, would allow for a seamless
continuation in the management of the Anchor Shops by a proven team that has local
presence and understands the nature of the community, which in turn provides for greater
responsiveness to the needs of the tenants as well as ensures that the retail space is
maintained in good condition. Additionally, with its offices located within four blocks of the
Anchor Shops, MBCDC can continue to conduct daily and otten-times multiple daily site
visits to address tenant issues, maintenance and cleaning of the facility. For these reasons,
Staff is fully supportive of executing a new contract with MBCDC and FKS.
It should be noted that until such time that a formal determination is made by the RDA to
enter into a new Agreement with MBCDC and FKS, or opt for the alternative of pursuing a
formal bidding process for the management of the Anchor Shops, MBCDC shall continue in
its role to manage the facility on a month-to-month basis, at the sole discretion of the
Executive Director of the RDA.
In order to facilitate the RDA's consideration of MBCDC's request, the following documents
are included:
Summary of proposed terms under the new Management and Leasing
Agreement as Exhibit A;
Report of Operations, Fiscal Year Ended September 30,2006 as Exhibit B;
Current Year (FY 2006/07) Operating Budget as Exhibit C;
Anchor Shops Leasing Summary Matrix as Exhibit 0
JMG/TH/KOB
Attachments
T:IAGENDA\2007\May 17\RDA\MBCDC Memo.doc
EXHIBIT A
Proposed Management Agreement Between the Miami Beach Redevelopment Agency (RDA)
and Miami Beach Community Development Corporation (MBCDC), a Florida Not-For-Profit
Corporation. for the Management and Operation of the Retail Component of the Anchor
Shops and Parking Garage
Summary of Proposed Terms
Document Type: Management and Leasing Agreement
Management Company: Miami Beach Community Development Corporation (MBCDC)
Management Company Contact: Miami Beach Community Development Corporation
1205 Drexel Avenue
Miami Beach, Florida 33139
Attn: Mr. Roberto Datorre, President
Corporate Status: 501 (c) 3
Location Address: 100 16th Street
Location Use: Management and leasing of approximately 21,000 square feet of retail
space, (currently fully leased by seven (7) tenants).
Commencement Date: May 1st, 2007
Termination Date: April 30th, 2010
Term:
. Initial Term:
. Renewal Term:
Three (3) years, (expiration April 30th, 2010)
One (1) Option to renew for three (3) year term, (upon thirty (30) day
notice to Contractor, prior to expiration of initial term).
Management Operation Responsibility:
As the Property Manager for the Anchor Shops, MBCDC's scope of
services shall continue to include, but not be limited to:
Procuring and negotiating leases for available space as well as for space that becomes available upon
expiration and/or termination of existing leases;
Collecting and remitting lease revenues;
Providing a means of communication for retail tenants to address and/or resolve matters pertaining to
their respective leases, such as, but not limited to, maintenance or repair concerns;
Providing timely response to tenant issues and concerns;
Conducting daily on-site inspections to ensure that tenant spaces and common area spaces are
maintained to a standard consistent with a first class retail center;
Coordinating with the City's Property Management Division on maintenance issues affecting the
facility;
Communicating and coordinating with tenants to secure their respective spaces, in the event of a
hurricane andlor any other citywide emergency;
Coordinating and facilitating any tenant improvements involving new and/or existing leases;
Coordinating marketing and advertising efforts at tenant's expense;
Maintaining a system of accounting, bookkeeping and reporting that will accurately reflect all income
received and disbursements made in connection with the operation and maintenance of the Anchor
Shops;
1
Affecting a good neighbor policy through involvement and coordination with local area residents,
businesses and business organizations.
The Property Manager's primary role shall continue to maintain the Anchor Shops in a manner consistent
with a first class retail establishment.
Maintenance:
Direct costs associated with the upkeep and maintenance of the Anchor
Shops shall continue to be paid on a reimbursable basis. These costs
include, but are not limited to, operating supplies including cleaning
materials, light bulbs and other consumable and expendable items;
minor (non-structural) repair and maintenance costs; accounting and
professional service contracts; and, other costs and expenses, pre-
approved by the RDA, necessary for the operation of the Facility.
Management Fee:
Four percent (4%) of gross annual lease revenues
Leasing Commissions:
An amount equal to the aggregate of the following percentages of the
minimum rent paid by the tenant to the RDA during the following years
of the term of the lease:
Six (6%) percent of the Minimum Rent for years one (1) through five (5) of the term of the lease;
Four (4%) percent of the Minimum Rent for years six (6) through ten (10) of the term of the lease; and
Three (3%) percent of the Minimum Rent for the remaining years of the term of the lease.
No Leasing commissions are paid for renewals, relocations, expansions, assignments or transfers
of Leases.
Reimbursable Expenses:
M8CDC shall submit with each Monthly Report, invoices detailing
eligible reimbursable expenses, in accordance with provisions set forth
in Sections 7.2 and 8.3, respectively.
Financial Reports and Records:
o 7.2 Monthlv Reports: On or before the 15th day of each month
o 7.3 Annual Financial Statements: Upon Owner's request, within
thirty (30) days after the end of each Fiscal year.
o 7.4 Annual Budoets: No later than July 1 st of each year
Insurance:
Comprehensive General Liability $1,000,000.00 dollars minimum.
Workman's Compensation as required under Florida State Law and
Automobile Insurance 81 $1,000,000.00 per person, per accident and
Property Damage $1,000,000.00 per accident. Copies need to be
provided to the City upon each renewal of policy.
DLF:\ECON\$ALL\Summaries\RDA Anchor Garage\RDA Mngnt Agreement Anchor Garage Shops.doc
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