316-99 RDA
RESOLUTION NO. 316-99
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY APPROPRIATING $1,275,000
FROM THE SOUTH POINTE REDEVELOPMENT TRUST FUND FOR THE
PAYMENT OF THE CAPITAL COST OF 115 PARKING SPACES,
TOGETHER WITH BATHROOM AND LAUNDRY FACILITIES, IN THE
GARAGE AT THE YACHT CLUB AT PORTOFINO, APPROPRIATING
$101 FOR THE SINGLE INSTALLMENT OF BASE RENT FOR THE
INITIAL lOl-YEAR TERM OF THE LEASE, AND APPROPRIATING
$84,000 FOR THE PROPORTIONATE SHARE OF OPERATING EXPENSES
FOR THE FIRST YEAR AS PROVIDED IN THE LEASE; AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the Miami Beach Redevelopment Agency ("RDA"), heretofore entered into
an agreement dated November 7,1995 (the "Development Agreement"), with West Side Partners,
Ltd., a Florida limited partnership ("West Side"), East Coastline Development, Ltd., a Florida
limited partnership, 404 Investments, Ltd., a Florida limited partnership, Azure Coast Development,
Ltd., a Florida limited partnership, Beachwalk Development Corporation, a Florida corporation,
Portofino Real Estate Fund, Ltd., a Florida limited partnership, St. Tropez Real Estate Fund, Ltd.,
a Florida limited partnership, and Sun & Fun, Inc., a Florida corporation (collectively the "Portofino
Entities") and the City of Miami Beach, Florida (the "City"); and
WHEREAS, pursuant to the Development Agreement, the City, RDA and West Side entered
into a Parking Agreement, dated as ofJanuary 10, 1996, pursuant to which West Side would provide
parking spaces, laundry and bathroom facilities for the Miami Beach Marina in a building to be
constructed on the parcel known as SSDI South (the "Parking Agreement"); and
WHEREAS, in accordance with the Parking Agreement, Yacht Club at Porto fino, Ltd., a
Florida limited partnership, as successor developer ofa portion of the parcel known as SSDI South,
has delivered to the City and the RDA, a lease executed by its duly authorized representative, dated
as of November 30, 1998, for said parking spaces, laundry and bathroom facilities; and
WHEREAS, the construction of said facilities is nearing completion; and
WHEREAS, it is now necessary to provide for payment of the capital cost of the aforesaid
facilities and to pay the amount of$101.00 for the 101 year lease thereon, and appropriate $84,000
for the proportionate share of operating expenses for the first year as provided in the lease.
NOW THEREFORE, BE IT RESOLVED BY THE CHAIRMAN AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY, AS FOLLOWS:
Section 1.
The amount of $1,275,101 is hereby appropriated from the South Pointe
Redevelopment Trust Fund for the payment of the capital cost of 115 parking spaces
in the garage at the Yacht Club at Portofino and for prepayment ofa 101-year lease
thereon, all in accordance with that certain Lease Agreement, dated as of November
30,1998 by and among the Yacht Club at Portofmo, Ltd., the RDA and the City (a
copy of which is attached hereto) and there is hereby appropriated $84,000 for the
proportionate share of the operating expenses for the first year as provided in the
aforesaid Lease Agreement.
Section 2.
This Resolution shall take effect immediately upon its adoption.
PASSED and ADOPTED this
17th day of
IAN
CRA!
,1999.
ATTEST:
~r f~~
SECRETARY
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
11L~y
General Counsel
~~/~/99
Date
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Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beaeh, Florida 33139
Telephone: (305) 673- 7295
Fax: (305) 673- 7772
REDEVELOPMENT AGENCY MEMORANDUM NO. 99- '4
March 17, 1999
TO:
Chairman and Members of the
Miami Beach Redevelopm nt Agency
FROM:
Sergio Rodriguez
Executive Director
SUBJECT:
A RESOLUTlO OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY APPROPRIATING $1,275,000
FROM THE SOUTH POINTE REDEVELOPMENT TRUST FUND FOR THE
PAYMENT OF THE CAPITAL COST OF 115 PARKING SPACES,
TOGETHER WITH BATHROOM AND LAUNDRY FACILITIES, IN THE
GARAGE AT THE YACHT CLUB AT PORTOFINO, APPROPRIATING
$101 FOR THE SINGLE INSTALLMENT OF BASE RENT FOR THE
INITIAL IOI-YEAR TERM OF THE LEASE, AND APPROPRIATING
$84,000 FOR THE PROPORTIONATE SHARE OF OPERATING EXPENSES
FOR THE FIRST YEAR AS PROVIDED IN THE LEASE; AND PROVIDING
FOR AN EFFECTIVE DATE.
RECOMMENDATION:
Adopt the Resolution.
BACKGROUND:
The Miami Beach Redevelopment Agency ("RDA"), entered into an agreement dated November 7,
1995 (the "Development Agreement"), with West Side Partners, Ltd., a Florida limited partnership
("West Side"), East Coastline Development Ltd., a Florida limited partnership, 404 Investments,
Ltd., a Florida limited partnership, Azure Coast Development, Ltd., a Florida limited partnership,
Beachwalk Development Corporation, a Florida corporation, Porto fino Real Estate Fund, Ltd., a
Florida limited partnership, St. Tropez Real Estate Fund, Ltd., a Florida limited partnership, and Sun
& Fun, Inc., a Florida corporation (collectively the "Porto fino Entities") and the City of Miami
Beach, Florida (the "City").
S()UTIl J)()I""TI:
l2edevel{)pment [)I'itrtct
(Agenda Item 3 A
l2ede"," Date 3- b- qq
Pursuant to the Development Agreement, the City, RDA and West Side entered into a Parking
Agreement, dated as of January 10, 1996, pursuant to which West Side would provide parking
spaces, laundry and bathroom facilities for the Miami Beach Marina in. a building to be constructed
on the parcel known as ssm South (the "Parking Agreement"), The Parking Agreement survived
the 1995 Settlement Agreement with Porto fino.
In accordance with the Parking Agreement, Yacht Club at Porto fino, Ltd., a Florida limited
partnership, as successor developer of a portion of the parcel known as SSDI South, has delivered
to the City and the RDA, a lease executed by its duly authorized representative, dated as of
November 30, 1998, for said parking spaces, laundry and bathroom facilities.
The construction of said facilities is nearing completion and is estimated to obtain a Temporary
Certificate of Occupancy (TCO) in May-June 1999.
ANALYSIS:
The aforestated Parking Agreement survives the 1995 Settlement Agreement with Porto fino and
provides for the Agency to pay the capital costs, base rent payment and pro-rata share of operating
expenses for the 115 parking spaces, laundry and bathroom facilities.
According to the Lease Agreement, the CitylRDA is required to prepav "Base Rent" to the Yacht
Club at Portofino, Ltd. which is defined as: (a) a "Purchase Price Component" defined as the
$1,275,000 capital cost for the improvements, and (b) a single installment of base rent of$IOI for
the initial IOI-year lease term, and will pay the proportionate share of operating expenses in
advance, on a monthly basis, which share is estimated to be 19.368% and is calculated as follows:
Common Area
Maintenance (CAMI Charves
CitylRDA
Proportionate Share
Security
Taxes
Insurance
Maintenance
$ 24,791.04
46,747.50
4,911.62
7.476.05
Proportionate CAM Charges
$ 83,926.21
The estimated $84,000 in proportionate operating expenses is a preliminary estimate provided by
the lessor. This figure may be further reduced as a result of the City's Fourth Amendment to the
Marina Lease Agreement, which provides for the City and the Marina Operator to enter into a garage
management or operating agreement that further provides for the Marina lessee to be responsible for
routine security, maintenance and insurance for the operation of the Marina parking.
In accordance with the South Pointe Redevelopment Plan, the RDA is to provide and maximize the
parking facilities in the district. Therefore, it is recommended that the $1,275,000 in capital costs,
the $101 representing the single installment of base rent, and $84,000 in annual pro-rata share of
operating expenses be appropriated from the South Pointe RedeveloP!TIent Trust Fund.
CONCLUSION:
The Chairman and Members of the Miami Beach Redevelopment Agency should adopt the
Resolution.
~.,.
SR:CMC/jph
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