R7I - Exercise Right of First Offer for 1027-1041 Col...

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH FLORIDA, AUTHORIZING: (1) THE CITY MANAGER TO EXERCISE THE RIGHT OF FIRST OFFER, IN ACCORDANCE WITH SECTION 36.2 AND EXHIBIT 36.2(A) OF THAT CERTAIN AGREEMENT OF LEASE, DATED AS OF DECEMBER 1, 1999 (GROUND LEASE), BETWEEN THE CITY (OWNER) AND LIPT COLLINS AVENUE, LLC, A DELAWARE LIMITED LIABILITY CORPORATION (TENANT), RELATING TO TENANT'S NOTICE TO THE CITY (OFFER NOTICE) OF ITS INTENT TO SELL TO MR PELICAN GARAGE, LLC, A FLORIDA LIMITED LIABILITY COMPANY, TENANT'S LEASEHOLD INTEREST IN THE GROUND LEASE AND TENANT'S TITLE AND INTEREST IN THE IMPROVEMENTS ON THE LAND LOCATED AT 1027-1041 COLLINS AVENUE (LAND), CONSISTING OF A PARKING GARAGE CONTAINING 278 PARKING SPACES AND APPROXIMATELY 3,350 SQUARE FEET OF GROUND FLOOR RETAIL SPACE (COLLECTIVELY, THE PROJECT), IN THE AMOUNT OF $15,000,000.00 PLUS CLOSING COSTS; (2) AUTHORIZING THE CITY MANAGER TO DISAPPROVE THE SALE OF THE PROJECT TO THE PROPOSED PURCHASER IN ACCORDANCE WITH SECTION 10.5(A) OF THE GROUND LEASE; (3) AUTHORIZING THE CITY TO CONVERT THE PROJECT INTO A CONDOMINIUM FORM OF OWNERSHIP IN ORDER TO SECURE THE MUNICIPAL TAX EXEMPTION FOR THE GARAGE UNIT; AND (4) AUTHORIZING THE CITY MANAGER AND CITY CLERK TO EXECUTE ANY AND ALL DOCUMENTS AND AGREEMENTS IN CONNECTION WITH THE PURCHASE OF THE PROJECT AND THE CONDOMINIUMIZATION PROCESS.