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Item C7F

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C7F - A Resolution Of The Mayor And City Commission Of The City Of Miami Beach, Florida, Approving A First Amendment To The Agreement Of Lease (“ground Lease”) Between The City, As Owner, And Clpf – Lincoln, Llc (“clpf”), As Tenant, Involving The Project Located At 1691 Michigan Avenue (project Site); Said Amendment, Among Other Terms,  Clarifying That Certain Indirect Non-controlling Interests In Tenant May Be Held Through Investment Funds And Publicly Traded Companies That Are Organized Under The Laws Of The United States Or Any State Thereof, Provided That All Office Of Foreign Asset Control (“ofac”) Regulations Are Satisfied; And\ Approving The Sale Of The Improvements Located At The Project Site From Clpf To 1691 Michigan Avenue Property Owner, L.p. (“proposed Buyer”), For The Total Sales Price Of $92,500,000, Subject To The Administration’s Successful Completion Of Its Evaluation Of The Proposed Buyer In Accordance With Article 10 Of The Ground Lease, And Payment To The City Of Its Reasonable Costs Incurred In Connection With The Proposed Sale Including, Without Limitation, Reimbursement Of The City’s Due Diligence Costs; And Further Authorizing The Mayor And City Clerk To Execute The Amendment And Any And All Closing Documents Related To The Sale.

July 20, 2022
Sponsors
Fleet Management

Detailed Information

Item Coversheet

Resolutions - C7  F




COMMISSION MEMORANDUM

TO:Honorable Mayor and Members of the City Commission 
FROM:Alina T. Hudak, City Manager 
DATE:July  20, 2022
 

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