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<br />RESOLUTION NO. 2011 - <br /> <br />\1~c; <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, APPROVING A GROUND LEASE AND <br />DEVELOPMENT AGREEMENT AND DESIGN-BUILD AGREEMENT <br />BETWEEN THE CITY OF SUNNY ISLES BEACH AND 4M INVESTORS, LLC., <br />IN AN AMOUNT NOT TO EXCEED TEN MILLION, SEVEN HUNDRED <br />THOUSAND DOLLARS ($10,700,000.00), IN SUBST ANTIALL Y THE SAME <br />FORM AS EXHIBITS "'A" AND "'B" ATTACHED HERETO, TO DESIGN AND <br />BUILD AN UPSCALE LIFESTYLE CENTER IN GA TEW A Y PARK <br />CONSISTING OF A PARK, PARKING GARAGE, AND RESTAURANT(S); <br />AUTHORIZING THE CITY MANAGER AND THE CITY ATTORNEY TO <br />NEGOTIATE FINAL AGREEMENTS WITH 4M INVESTORS, LLC FOR <br />APPROVAL BY THE CITY COMMISSION WITHIN THIRTY (30) DAYS; <br />AUTHORIZING THE CITY MANAGER AND THE CITY ATTORNEY TO DO <br />ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />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, park, and upscale lifestyle center in Gateway Park with high end retail restaurants <br />(the "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. 10-10-1) issued by the City <br />on October 6,2010, 4M Investors, LLC, ("Developer") submitted a response to RFP No. 10-10-1 <br />which was accepted by the City Commission on November 18,20 I 0, via Resolution No. 20 10-1632, <br />to develop the Project; and <br /> <br />WHEREAS, on December 16,2010, via Resolution No. 2010-1658, the City Commission <br />authorized the City Manager and the City Attorney to negotiate agreements with Developer for <br />approval by the City Commission; and <br /> <br />WHEREAS, the Developer subsequently submitted a revised site plan for the Project to <br />include high end retail restaurants instead of the initially proposed aquarium area. which proposal <br />was formally submitted to the City Commission on April 21. 20 II: and <br /> <br />WHEREAS, the City desires to enter into a Ground Lease and Development Agreement. and <br />Design-Build Agreement with Developer, in substantially the same form as the attached Exhibits <br />"A" and "B", in an amount not to exceed Ten Million, Seven Hundred Thousand Dollars <br />($10,700,000.00). <br /> <br />R2011- 4M Investors Agmts Page I 01'2 <br />