R7A - Approve Smith & Wollensky Lease Amendment

A Resolution Of The Mayor And City Commission Of The City Of Miami Beach, Florida, Approving, On First Reading, Pursuant To Section 82-37(a)(2) Of The City Code, An Amended And Restated Lease Agreement ("lease Amendment"), Attached As An Exhibit To The Commission Memorandum Accompanying This Resolution, Between The City Of Miami Beach ("city") And 1 Washington Avenue Corp. D/b/a Smith & Wollensky Restaurant (the "tenant"), The Current Long-term Restaurant Operator Of The City-owned Property Located At 1 Washington Avenue, Miami Beach, Florida, As Described More Particularly In The Lease Amendment (the " Leased Premises" ), For The Continued Operation Of The Smith & Wollensky Restaurant, Which Lease Amendment Shall Provide For: (1) An Initial Term Of Twenty-four (24) Years, With Two (2) 10-year Renewal Term Options; (2) Increased Rent Due To The City For The Leased Premises, Which Shall Be The Greater Of $1,042,550 Annually, Subject To A 2.5% Annual Escalator, Or 9% Of The Tenant's Gross Revenues; (3) Tenant Improvements To The Leased Premises, Including Upgrades And Completion Of The 40-year Recertification For The Leased Premises; And (4) Community Benefits, Including, The Reimbursement Of The City's Costs, In An Amount Not To Exceed $60,000, For The City's Installation Of A Security Gate To The Entrance To The South Pointe Park Parking Lot; Further, Providing That The Lease Amendment Shall Be Subject To And Contingent Upon Approval By A Majority Of The Voters Voting In A City-wide Referendum Pursuant To Section 1.03(b)(1) Of The City Charter; Further, Waiving, By 5/7th Vote, The Competitive Bidding Requirement Of Section 82-39(a) Of The City Code, Finding That The Public Interest Would Be Served By Waiving Such Condition; And Further, Setting The Public Hearing For The Second And Final Reading Of The Resolution.