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8/15/2019 2000-24220 Reso
1/7
8/15/2019 2000-24220 Reso
2/7
Transfer ofthe
Project prior
tothe
CO Date [
i,
e
the date
that
acertificate
of
occupancy
is
granted
for
the
Project]
other
than as
pennitted
by
the
provisions
of
Section
10.4nd o t h e r
han
a
o r e c l o s u r e
T r a n s f e r , (
a
copy
of
A r t i c l e
10
ftheg r e e m e n t
oease
is
attached h e r e t o
fo
e f e r e n c e ) ;
and
H E R E A S ,
the
a s s i g n m e n to
he existing A g r e e m e n t
Lease
n d
D e v e l o p m e n t
Agreementto
NR
J e f f e r s o n
LLC
ill
be
a c c o m p l i s h e d
b ythe
i t y '
s
o n s e n t
to
ssignment
a n d
A s s u m p t io n
A g r e e m e n t ,a
o p y
o
hich
ist t a c h e d
hereto),
h i c h
wi l l assign
al
o
incoln P l a z a Partners, L C
s
interest
intheg r e e m e n t
o
ease
n d D e v e l o p m e n t
Agreement
to
NR
Jefferson
LLC;
and
H E R E A S ,
the
o n s e n t
to
ssignment
and
Assumption
Agreement
will
s p e c i f i c a l l y
i n d e m n i f y
and
hod
he City h a r m l e s s and
wll
ot
c o n s t i t u t e
a p p r o v a l of
any
o
he
d o c u m e n t s
r e v i e w e d as
part
of
the
Cty
s
due
diligence;
n d
W H E R E A S ,
pursuant
to
sadssignment
and
Assumption A g r e e m e n t ,
LNR
Jefferson
L L C wi l l
a s s u m e
al
theb l i g a t i o n s and
liabilities
set
foth
n d e r
theg r e e m e n t
o
ease
and
Development A g r e e m e n t ;
andHEREAS,the a f o r e m e n t i o n e d
transaction
wll
not
a d v e r s e l y
i m p a c t
the
i t y
s
i n t e r e s t
in
the
Poel. N O W , THEREFORE, BEITESOLVED
BY
THE
MAYOR
ND
CITY C O M M I S S I O N
OF
THE
CTY
OFIAMI
B E A C H
F L O R I D A ,
that:I
he
City
hereby
w a i v e s
the
r o v i s i o n of
S e c t i o n
I
0
(
a
f
the
A g r e e m e n t
o
e a s e ,
but
only
wth
e s p e c t
to
her o p o s e d
A s s i g n m e n t
andssumption
g r e e m e n t
by
nd
b e t w e e n
Lincoln
Pazaa r t n e r s ,
LLC
and
L N R
J e f f e r s o n
LLCnd only
to
h e extent
t h a t
said
A g r e e m e n t
is
xecutedin
x a c t l y
theo rm
a t t a c h e d
h e r e t o
as Exhibi t An d
ony
f NR
Jefferson
is
o m p o s e d of
the
w n e r s h i p
interests
s h o w n
inxhibit
B
e r e t o .
2
Theit y
h e r e b y
consents
to
the
xecution
ohe
s s i g n m e n t ands s u m p t i o n
A g r e e m e n t
a t t a c h e d
hereto
as
E x h i b i t
A
nd
the
Mayor
a n d Ctyl e r k
are
e r e b y
authorized
to
executethe
o n s e n t
tos s i g n m e n t and
s s u m p t i o n A g r e e m e n t
in
h e
form
attached
hereto
asExhibi t
C
h is
Resolution
shalake
efec
m m e d i a t e l y
u p o n
its
a d o p t i o n ,
PASSED
A N D
ADOPTED
THIS
2 0 t h
d a y
oecember
ft
A Y O R
2000.
Atest:
r~
I T Y C L E R K
A P P R O V E D AS10
8/15/2019 2000-24220 Reso
3/7
CTY
OF
MAM
BEACH
CTY
HALL 1700
O N V E N T I O N
CENTER
DRIVE
MIAMI
BEACH
F L O R I D A
33139htp:\\
L m i a m i
b e a c h .
s O M M I S S I O N
M E M O R A N D U M
NO.
9D...
0<
O :
Mayor
N e i s e n
Oa s d i n
and
M e m b e r s
o
the
Cty
C o m m i s s i o n
DATE
e c e m b e r
20
2000
FROM:
J o r g e
M
o n z a l e z
Ctya n a g e r
6at1(SUBJECT:AE S O L U T I O N
O
HE
MAYOR
AND
CITY C O M M I S S I O NOFTHE
CTYOF
MAME A C H ,
FLORIDA,
W A I V I N G
T HE
P R O V I S I O N SO
E C T I O N
10 3
F
THEG R E E M E N T
OF
LEASEATED ASOFSEPTEMBER
1999BYAND
ETWEEN
THE
CITY
AND
I N C O L N
PLAZA
P A R T N E R S ,
LLC
M E N D I N G
E X H I B I T
10
TOADGREEMENTOFLEASEND C O N S E N T I N G
TO
AN
ASSIGNMENT
AND
S S U M P T I O N
A G R E E M E N T , ASSIGNING SAID A G R E E M E N T
OF
LEASEANDTHEE V E L O P M E N T A G R E E M E N T BY AN D
BETWEEN
THE CITYANDI N C O L N PLAZA
PARTNERS,
LLC,
DATED
AS
O
S E P T E M B E R
1
1999
TO
LNR
J E F F E R S O N
LLC
AND
P R O V I D I N G
AN
E F F E C T I V E
DATE. R E C O M M E N D A T I O N : A p p r o v e
the
ttached
R e s o l u t i o n .
A N A L Y S I S :
On
a n u a r y5
998,
the
Cty
of
Miami
Beach
issued
RFP 20
97
8eeking proposals
forthe
d e v e l o p m e n t
oPubc-
Pivate
a r k i n g f a c i l i t i e s .
On
April
6
1998
roposas
from
ive (
5i f f e r e n t
d e v e l o p m e n t
teamswereu b m i t te d
an d e v a l u a t e d byn
E v a l u a t i o n
Committee
and
on
July
15
998,
the
Cty
C o m m i s s i o n
authorized n e g o t i a t i o n s
wth
our ( f
the
r o p o s e d
d e v e l o p m e n t
proects,
A
ae s u l t
o
a id
n e g o t i a t i o n s ,on
uly
7999,theayor
and
Cty
o m m i s s i o n a d o p t e d
R e s o l u t i o n
N
9-
23236
a p p r o v i n g
the
greement
oLease
and
he
e v e l o p m e n t
A g r e e m e n t
between
the
Cty
o
Miami B e a c h
and
Lincoln
Plaza
P a r t n e r s LLC ,
fo
Development
o
the
te
located
ai c h i g a n a n d
Jefferson Avenues
a n d
b e t w e e n
L i n c o l n Lane
and
17hreet.
n a c c o r d a n c e
wth
rticle
10
o
he Lease,
S a l e
of
the
Project,
Transfer
and Subletting, L i n c o l n
Plaza
Partners,
LLC
s
equesting
approval
to
s s i g n
the
e a s e
a n d
D e v e l o p m e n t
A g r e e m e n t
to
NR
Jefferson
LLC
h i c h w i l l
be
owned (
i
0%y
LNR
e f f e r s o n
Holdings,
Inc (
LNRJ )(a
holly
o w n e d
subsidiaryof
Leisure
Colony
M a n a g e m e n tCoph i c h
is
a
holly
o w n e d
s u b s i d i a r y
ofLNR
8/15/2019 2000-24220 Reso
4/7
December
20
000
C o m m i s s i o n
M e m o r a n d u m
Lincoln
Plaza
P a r t n e r s
LL C Page2Ase f l e c t e d
in
Exhibit
10.
4
o
heAgreement
oe a s e ,
Lincoln
Plaza
P a r t n e r s
LLC
isurrently
owned
49%
by
S R C
Lincoln Plaza
LLC (
Scott
R o b i n s ) ,
49%y
DP
L i n c o l n
Paza
LLC(R
o n o h u e P e e b l e s ) ,
and
2%
y
i c h a e l
M i lb e r g ,
Approval
of
the
Assignment
will
result
in
nm e n d m e n t
of
Exhibit
10
,
eflecting
the
n e w o w n e r s h i p
i n t e r e s tinhe Lessee,
h i c h is
attached
h e r e t o ,In
order
toffectuate t h i s
t r a n s a c t i o n ,it
is
e c e s s a r y thatthe
Cty
aive Sect ion 103(aohe A g r e e m e n t
o
e a s e
whch
r o v i d e s
that,
There shall
be no
Sale
o
h e
P r o j e c t orT r a n s f e r
ohe
Poectp r i o r
to
h e
CO
a t e [
i,
e,
thedate
that
a
e r t i f i c a t e
of
occupancy
is
granted
for
the
r o j e c t ]
o t h e r
han
as
p e r m i t t e d
by
he provisions
of
S e c t i o n
10
andt h e r
thana
o r e c l o s u r e
Transfer.
A
copy
of
A r t i c l e
10
o
he A g r e e m e n t o
Lease
is
t t a c h e d hereto
fo
r e f e r e n c e ,
The
a s s i g n m e n t
ohe
e x i s t i n g
A g r e e m e n t
o f Lease
a n d
Development
A g r e e m e n t
to
NR
e f f e r s o n
LLC
wi l lbec c o m p l i s h e d
by
he
City'
s
onsent
to
s s i g n m e n t
and
A s s u m p t i o n
A g r e e m e n t acopyo
whchis
t t a c h e dto
h e
R e s o l u t i o n
appended
h e r e t o ) ,
which will
assgn
al
f
Lincoln
Paza
P a r t n e r s ,
LLC'
sn t e r e s t
in
he
Agreement
o
ease
ande v e l o p m e n t
A g r e e m e n t to
LNR
J e f f e r s o n
LLChe C o n s e n t
to
ssignment
and
s s u m p t i o n
A g r e e m e n t
wi l l s p e c i f i c a l l y indemnifYando ld
the
C i t y
h a n n l e s s
and
w i l l
not
constitute
approval
of
any
o
he
documents
reviewed
as
par
o
the
Ctys
u e
d i l i g e n c e ,
Pursuant
tosads s i g n m e n t and A s s u m p t i o n A g r e e m e n t ,
LNR
e f f e r s o n LLCwill
assumeal
of
the
o b l i g a t i o n s
and
liablities
et
forth
under
t h e
Agreement
of
Lease
and
e v e l o p m e n t
Agreement.
As
art
o
he
A d m i n i s tr a t io n ' s
due
i l i g e n c e
inevaluatingthe
proposed
a s s i g n m e n t ,
the
o l l o w i n g
information
w a s
requested
a n d
reviewed,A
ummary
ohe
financial
t r a n s a c t i o n
amongst
the
p a r t i e s
is
utlinedint t a c h m e n t A
1
i n c o l n
Plaza P a r t n e r s LLC
has
g r e e d
toe i m b u r s e
theCty
or
costs i n c u r r e d
in
he
ity'
s
e v i e w
othse q u e s t for
a s s i g n m e n t ,
n a m e l y
outside c o u n s e l
fees,2
LNRJ,
the
anaging
p a r t n e r
and90%w n e r
o
NR
J e f f e r s o n
LLC,
has
r o v i d e d
an
Officer'
s
e r t i f i c a t e
o f L N R Property
Corporation,
e r t i f Y i n g
that
LNRJ and
its
f f i l i a t e s (
the
NR
G r o u p )
comply
with the
r o v i s i o n s
o
O
3c
ofthe
g r e e m e n toe a s e ,whch
e ts forth
the
arameters
fora
uaifier
Buyer ,
A d d i t i o n a l l y ,
a
e v i s e d
E x h i b i t
10.
4
has
een
p r o v i d e d
tha
n c l u d e s
ful
disc losure
o
he
o w n e r s h i p
interests
of
LNR J e f f e r s o n
L L C .
h e latest
lO
Ko
NR
Gouphasee n
provided
an d
r e v i e w e d
e v i d e n c i n g c o m p l i a n c e
wth
he
provisions
of
Section
10
4
he
A g r e e m e n t
o
Lease,
A ll
proposed
a g r e e m e n t s
and
ontracts
b e t w e e n
o
mong
he
parties
have
been
provided
as
follows:
a
p e r a t i n g
8/15/2019 2000-24220 Reso
5/7
December
20
000
C o m m i s s i o n
M e m o r a n d u m Lincoln
Plaza
P a r t n e r s
L L C
Page
3
e v e l o p m e n t
M a n a g e m e n t
A g r e e m e n t ;
f.
ledge
and
S e c u r i t y
Agreement;and
g, G u a r a n t y
Agreement.
a
h e O p e r a t i n g
Agreemento
LNR
J e f f e r s o n
LLCN R J LLC)
outlines
the
LLC
formation,
captal
c o n t r i b u t i o n s
requred
l l o c a t i o n s
and
d i s t r i b u t i o n s
o
poits
nd cashflow,
a n a g e m e n t
and
r a n s f e r s
of
i n t e r e s t
in
theLLC
The
o p e r a t i n g a g r e e m e n t sets
foth
he
L L C
formation
and
h e
p a r t n e r s '
i n t e r e s t
in
heLLC
Aticle
VIf t h i s
A g r e e m e n t
oulines th e
capital c o n t r i b u t i o n s o f LNRJ
as (
i
nitial
Capital
C o n t r i b u t i o n swhche p r e s e n t s a
r e i m b u r s e m e n t
o
al
p r o j e c t r e l a t e d
costspaidbyincoln P l a z a P a r t n e r s L L C
to
date (
ii)
he
eal P r o p e r t y
P u r c h a s e
Price
forthe
parcel
o
a n d
b e i n g
c o n t r i b u t e d
to
h e
project
and (
iii)
ther
p r o j e c t
related
coss
hat
may
i n a d v e r t e n t l y
not b e e n
p r o v i d e d ,
LNR
s
also obligated
to
maked d i t i o n a l
capital
c o n t r i b u t i o n s
to
und
the
r o j e c t ,
not
limited
to
the
q u i t y
c o n t r i b u t i o n
r e q u i r e d
to
complete
the
c o n s t r u c t i o n
financing,
O n c e
Cty
p p r o v a l
is
r a n t e dthe
g r e e m e n t
oease
and
D e v e l o p m e n t
A g r e e m e n t
wi l l
bes s i g n e d
to
NRJand
i n c o l n
wlle c e i v e a
credit
to
its
c a p i t a l a c c o u n t
e q u a l
to0%
o
the
LNRJ
intia
capta
c o n t r i b u t i o n ,
The
O p e r a t i n g
A g r e e m e n t
a l s o
ses
o r t h
LNRJ'
s
responsibility
to
b t a i n th e
c o n s t r u c t i o n loan
fo
75%
o
he
Tota
Project
Costs,
A d d i t i o n a l l y ,
a
on
o m p e t e
c l a u s e
hasbeen
i n c l u d e d
in
the
O p e r a t i n g
A g r e e m e n t
tha
limits
any
o
the
artners, w i t h
exception
o f R .
Donohue Peeb les,
toe v e l o pa
w
ixed-
use
eal
estate d e v e l o p m e n t
project
c o n t a i n i n g realspace, p a r k i n g
garage
a n d
more
than
50 ,
000s
assAffice
s p a c e
inthe
S o u t h
B e a c h
area,
souh
o
23rd
Sreet,
bhe
r o p e r t y M a n a g e m e n t and
Lease
g r e e m e n t
b e t w e e n LNRJ
LLCn d
Lincoln
M a n a g e m e n t
L L C ,theatter
w h i c h
iswned
50%
50%
y
R
onohue
Peebles
and S c o t t
Robns,
w as r e v i e w e d
an d
oulinesLincoln
M a n a g e m e n t
LLC
s
e s p o n s i b i l i t i e s
as
othea n a g e m e n t ,
o p e r a t i o n
and
a i n t e n a n c e ofther o p e r t y
in
c c o r d a n c e
wth
a
udget
to
e s u b m i t t e d
and
pproved
by
NRJ
180
days
b e f o r e
c o m p l e ti o n
of
the
P r o p e r t y , L i n c o l n
M a n a g e m e n t
L L C
w i l l
r e c e i v e
1)
a
o n t h l y
fee
equal
to
he
greater
o (
a) $
10
000
o
4% o
al
ross
rents
from
the
r o p e r t y ,
and2
a
xed
onstruction
m a n a g e m e n t fee
o $
289,
288,and
3
g r e e m e n t
tha
Scott
R o b i n s C o n s t r u c t i o n , Inc,shall
be
heo n s t r u c t i o n
m a n a g e r
fo
he
Property.
T h e
P r o p e r t y
M a n a g e m e n t
and
L e a s e Agreement
asosetsfoth
h a t L i n c o l n M a n a g e m e n t
LLC
wll
aso
o o r d i n a t e
the
Leasng
otheroperty
wththe
exclusive
L e a s i n g
Agent
d e s i g n a t e d in the
Ofice
B u i l d i n g
Leasing
A g r e e m e n t . Th e
Leasing
C o m m i s s i o n s
are
t a n d a r d
m a r k e t
r a t e s
and
u t l i n e d in
E x h i b i t
E
o
the
A g r e e m e n t .
8/15/2019 2000-24220 Reso
6/7
December
20000
C o m m i s s i o n
M e m o r a n d u m
Lincoln Plaza
P a r t n e r s
LLC
Page
4
he
Leasing
A g e n t
wll
perform
the
i n i t i a l l e a s e -
up
o
the
buldng
h e r e a f t e r ,
L i n c o l n Management L L C
wll
oordinate
all
leasing
activities,
cfice
u i l d i n g
L e a s i n g A g r e e m e n t
sets
f o r t h
LNRJ
LLC'
s
intent
10
ire
an
exclusive
l e a s i n g
agentto
p e r f o r m
the i n i t i a l
lease-
up
f
the
proect.
h e r e a f t e r ,
the
Property M a n a g e m e n t
an d Lease
Agreement
p r o v i d e s
for
Lncona n a g e m e n t
LLC
toc o o r d i n a t e
the
l e a s i n g ofthe
project.
d
nx c l u s i v e
L i s t i n g Agreement,
between
LNRJ
and
Lincoln
M a n a g e m e n t LLC
was
r o v i d e d
fo
ur
r e v i e w
tha
p r o v i d e s
fo
n
exclusive
listing
r r a n g e m e n t
wth L i n c o l n M a n a g e m e n t
L L C
an d sets
f o r t h ,
at the t i m e
of
a
al e
of
th e
p r o j e c t ,aee
o
1h e
s a l e
price,
unless
t h e r e
isa
o -
broker
in
w h i c h
case
it
hal
be1
5%
e v e l o p m e n t
Management
A g r e e m e n t
between
LNRJ
LLC
n d
Lncoln
a n a g e m e n t
LLC
outlines
Lncon M a n a g e m e n t '
s
e s p o n s i b i l i t y
to
o o r d i n a t e ,
m a n a g e ,
a d m i n is t e r
and
evaluate,
he d e v e l o p m e n t
of
h e
project.
i n c o l n M a n a g e m e n t
wll
be
aida
D e v e l o p e r
fee
o
2 1 ,
130,
amortized
over
an
18
month
eriod,5e r t i f i e d
copies
o
the
o r g a n i z a t i o n a l
documents
fo
N R
Jefferson
L L C
h a v e b e e n
provided
a n d reviewed,6
he
c e r t i f i c a t i o n
required
by
Section 27.
1(
o
h e
A g r e e m e n t
o
e a s e haseen
provided,
a t t e s t i n g
thaherehaveeenno
h a n g e s
in
the
w n e r s h i p
o
incoln
P l a z a
P a r t n e r s ,
TheR e s o l u t i o n futhera u t h o r i z e s
an
amendmenttox h i b i t
10.
4
u t l i n i n g
the
o w n e r s h i p
i n t e r e s tinh e L e s s e e ,
as
d e s c r i b e d
a b o v e ,
Thef o r e m e n t i o n e d a m e n d m e n t s
do
ot
a d v e r s e l y
mpac
the
City' s
nterestin
the
Project.
It
ise c o m m e n d e d
that
thea y o r
and
Cty
o m m i s s i o n a d o p t
the
a t t a c h e d
Resolution,nd
t h e r e b y e n a b l i n g
the
proect
8/15/2019 2000-24220 Reso
7/7
Attachment
A
ODerat ing
Aereement - Sets
up
the
partnership
interests
for
new
entity
called
LNR
Jefferson LLC
1
NR
wll
r o v i d e
al
a p i t a l ande c u r e
al
inancing
r e q u i r e d
fop
the
o n s t r u c t i o n
of
the
project.
2
ntia
p e r c e n t a g e
i n t e r e s t
shal
be0%
LNR
10%i n c o l n Plaza
3
ash
flow
nd ne t p r o c e e d s
from
project shalbeas
ol lows:90%
N R
10%
Lincoln Plazauntil
LNR
a c h i e v e s a0% lRR
75%
LNR25%i n c o l n
Plazaunil
NR
a c h i e v e s
a
25%RR
65%NR
35%
i n c o l n
Plaza
until
LNR
c h i e v e s
a0%RR
0 %
LNR
40%
i n c o l n
P l a z a
unil
NR
a c h i e v e s
a
5%
R R
55%
LNR
45%
i n c o l n P l a z a
until
LNR
a c h i e v e s
a
5%RR4
NR
to
be
anager
a n d
have
tota
c o n t r o l
o
ala j o r
aspects
o
theroject.
5NR
wll
repay
L inco ln Paza
al
uo
o c k e t
e x p e n s e stoate approx $\.2M
D e v e l o p m e n t
M a n a g e m e n t
Ap
e m e n t -
LNR
J e f f e r s o n LLC
toire
new
c o m p a n y
called
i n c o l n M a n a g e m e n t LLC
owned
y S c o t t
R o b i n s
and
Dn
eebles
50%
each
to
e v e l o p ther o j e c t .
1
LNRJefferson LLC
will
pay
a
e v e l o p m e n t
fee
o
Lncoln
Management
of$2 1 ,
130in
8
equa
monthly
i n s t a l l m e n t s
subject
to
r o p e r
p e r fo r m a n c e
ouies
as
outlined,
2
NR
Jeffersonwllalso
pay
Scott
Robns
C o n s t r u c t i o n
a
o n s t r u c t i o n m a n a g e m e n tfeeof
289,
88
pad
onthly duing
o n s t r u c t i o n
subject
to
r o p e r
p e r f o r m a n c e as
u t l i n e d .
P r o p e r t Y
M a n a g e m e n t
and
e a s i n e A g r e e m e n t -
LNR
Jefferson
L L C
will
hre
Lncoln
a n a g e m e n t
o w n e d
by P e e b l e s
and
Robins)
to
a n a g e
the
buildingupon
o m p l e t i o n
and
serve
as
theeasng
g e n t
fo
hee t a i l
portion
n o t
the
o f f i c e portion
o
he
u i l d i n g .
1
a n a g e m e n t
fee
toe4o
gross
o l l e c t e d
r e n t so
10000
pe
month
h i c h e v e r
is
greater
subjectto
roper
p e r f o r m a n c e
o
a n a g e m e n t
duties
as
statedingreement. 2Anx c l u s i v e l e a s i n g agent
wll
beired until stabilization
ater
h i c h
L i n c o l n
M a n a g e m e n t shal
be
ffice-
e a s i n g
c o m p a n y .
3
L i n c o l n
M a n a g e m e n t
s h a l l b e
r e t a i l -
leasing
c o m p a n y
subjectto
n d u s t r y
s t a n d a r d
l e a s i n g
fees.x c l u s i v e Listine A e r e e m e n t -
At
time
of
sae,
LNR
effersonLLCshal
hreincoln M a n a g e m e n tto
be
he
exclusive
listing
agent
fo
he
p r o p e r t y ,
1
e e to
be