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<br />RESOLUTION NO. 2010 -.J ~ 58
<br />
<br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY
<br />ISLES BEACH, FLORIDA, APPROVING A GROUND LEASE, DEVELOPMENT
<br />AGREEMENT AND DESIGN-BUILD AGREEMENT BETWEEN THE CITY OF
<br />SUNNY ISLES BEACH AND 4M INVESTORS, LLC., IN AN AMOUNT NOT TO
<br />EXCEED FIFTEEN MILLION DOLLARS ($15,000,000.00), IN
<br />SUBSTANTIALLY THE SAME FORM AS EXHIBITS "A", "B" AND "C",
<br />ATTACHED HERETO, TO DEVELOP AN UPSCALE LIFESTYLE
<br />CENTER/PARK AND PARKING GARAGE, AND AQUATIC
<br />ENTERTAINMENT CENTER; AUTHORIZING THE CITY MANAGER AND
<br />THE CITY ATTORNEY TO NEGOTIATE AGREEMENTS WITH 4M
<br />INVESTORS, LLC FOR APPROVAL BY THE CITY COMMISSION WITHIN
<br />SIXTY (60) DAYS; AUTHORIZING THE CITY MANAGER AND THE CITY
<br />ATTORNEY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS
<br />RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE.
<br />
<br />WHEREAS, the City of Sunny Isles Beach (the "City") is the owner of certain real property
<br />consisting approximately 3.7 acres on Sunny Isles Boulevard; and
<br />
<br />WHEREAS, the City contemplates the development of the 3.7 acres of land for a public
<br />parking garage, a park, and an Aquatic Entertainment Center and associated retail space (the
<br />"Project"); and
<br />
<br />WHEREAS, the City provided public notice of its intent to solicit proposals to design and
<br />build the Project on the Property; and
<br />
<br />WHEREAS, in response to the City's bid solicitation (RFP No.1 0-1 0-1) issued by the City
<br />on October 6, 2010, 4M Investors, LLC, ("Developer") submitted a response to RFP No.1 0-1 0-1
<br />which was accepted by the City Commission on November 18,2010, via Resolution No. 2010-1632,
<br />to develop the Project; and
<br />
<br />WHEREAS, the City desires to enter into a Ground Lease, Development Agreement, and
<br />Design-Build Agreement with Developer, in substantially the same form as the attached Exhibits
<br />"A", "B" and "C", in an amount not to exceed Fifteen Million Dollars ($15,000,000.00).
<br />
<br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
<br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
<br />
<br />Section 1. Approval of Ground Lease, Development Agreement and Design-Build Agreement.
<br />The Ground Lease, Development Agreement, and Design-Build Agreement between the City of
<br />Sunny Isles Beach and 4M Investors, LLC, attached hereto as Exhibits "A", "B" and "C", are hereby
<br />approved in substantially the same form with the final contracts to be approved by the City
<br />Commission within sixty (60) days. The contract price for Design-Build Agreement must not
<br />exceed a net Fifteen Million Dollars ($15,000,000.00), unless approved by the City Commission.
<br />
<br />Section 2. Authorization of City Manager and City Attorney. The City Manager and City
<br />Attorney are authorized to negotiate a final Ground Lease, Development Agreement, and Design-
<br />Build Agreement between the City of Sunny Isles Beach and 4M Investors, LLC.
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<br />R20l0-1658 4M Investors Ground Lease and Agmts Page I of2
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