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<br />RESOLUTION NO. 2011 - ~ <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), ATTACHED HERETO AS EXHIBITS <br />"A" AND "B", TO DESIGN AND BUILD AN UPSCALE LIFESTYLE CENTER <br />IN GATEWAY PARK CONSISTING OF A PARK, PARKING GARAGE, AND <br />REST AURANT(S); AUTHORIZING THE MA YOR TO EXECUTE SAID <br />AGREEMENTS; 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, 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.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, 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, 2011; and <br /> <br />WHEREAS, on June 15, 2011, via Resolution No. 2011-1736, 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 City desires to enter into a Ground Lease and Development Agreement, and <br />Design-Build Agreement with Developer, attached hereto as Exhibits "A" and "B", in an amount not <br />to exceed Ten Million, Seven Hundred Thousand Dollars ($10,700,000.00). <br /> <br />RlO 11- 4M Investors Agmts Final <br /> <br />Page I of2 <br />