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8/15/2019 98-22753 RESO
1/7
RESOLUTIONNO.
98 -
22753
A
E S O L U T I O N OF
HE MAYOR
AN D
M E M B E R S
OF
THE
IT Y
C O M M I S S I O N OF
HE
CTY
OF
AM
BEACH
L O R I D A ,
EXTENDING
THE T E R M I N A T I O N
DATE
OF
THE
SCROW A G R E E M E N T
D A T E DAS
F
OCTOBER
21
997,
AS
M E NDE D,
BETWEEN
THE
IAMI
B E A C H
R E D E V E L O P M E N T AGENCY, THE
CTY
RDP
ROYAL
ALM
HOTEL
LIMTED
P A R T N E R S H I P ,
A N D BLOOM&
INSKER, FO RAN
ADDITIONAL PERIOD OFSEVENTY
H R E E
DAYS
ND
PROVIDING
AN
E F F E C T I V E
DATE.
WHEREAS,
the
i a m i
Beach R e d e v e l o p m e n t
A g e n c y (
the
RDA),
the
Cty
o
M i a m i
Beach,
Florida (
the
Cty ),
RDP
Roya
Palm Hotel Limited
Partnership (
R D P ) ,
and
Bloom &
M i n s k e r , as
escrow
agent (
he
s c r o w Agen ),
entered
into
an
escrow
a g r e e m e n tand
and d e n d u m
to
scrow
agreement, together
wth
e r t a i n exhibits
thereto (
c o l l e c t i v e l y ,
the
s c r o w
Agreement ) ,
d a t e d
asOctober
21
997;
n d
W H E R E A S ,
said Escrow Agreement provided,
in
part,tha u n l e s s certain
C o n d i t i o n s (
a~
uch
term
ise f i n e d inhe
E s c r o w
A g r e e m e n t ) , w h e r e met
on
p r i o r
toaate s e v e n t y -
five (
75)
days
from
October21
9 9 7 (
that
is,
January
49 9 8 ) ,thescrowA g e n t
was
i n s t r u c t e d
to destroy
all s i g n a t u r e son
the
s c r o w e d
Documents (as
u ch te rmis
e f i n e d
in the Escrow
Agreement ;
and
WHEREAS,
Condi t ion
No.
4
on
x h i b i t B
to
he E s c r o w
A g r e e m e n t ,
w h i c h
Condition
r e q u i r e d
RDP
to
p r e s e n t
to
heDAandheD A to a p p r o v e
a
u a r a n t e e d m a x i m u m price
c o n s t r u c t i o n c o n t r a c t , whcho n t r a c t w as
to
be
n
full
forceandffect forthe
constructiono
he
Hotel c o n t e m p l a t e d
in
the
r o u n d
L e a s e and
the
otel
Development
A g r e e m e n t (as
uch
terms
are
d e f i n e d
in
he
Escrow g r e e m e n t ) ;andH E R E A S ,
such
c o n d i t i o n was
ot
met
by
a n u a r y4
1998
n d
W H E R E A S , said
deadne
of
January
4
998
w as e x t e n d e d
fo
sixty (
60
aysto
arch5
998,
pursuant to
a irst Amendment
to
sc row
A g r e e m e n t
dateds
o
J a n u a r y
4
998 ;
and
H E R E A S ,
thef o r e s a i d
C o n d i t i o n
No.
4
on
Exhibit
B
o
the
Escrowg r e e m e n t
was
no
o m p l e t e d
by
M a r c h5
998;
an d W H E R E A S , sad d e a d l was
xtended
foixty (
8/15/2019 98-22753 RESO
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WHEREAS,
there arestill
unresolved
issues
as to
the
aforesaid
ConditionNo. 4
and
H E R E A S ,
the
Cty,
DA and RDP have
beenworking
d i l i g e n t l yto
e s o l v e
the
open
i s s u e s
and
break
s c r o w
sotha
o n s t r u c t i o n o
the
Hotel
my
o m m e n c e ;
and
H E R E A S it
is
e c e s s a r y
and
e s i r a b l e
a n d
in
hebest
n t e r e s t
of
the
City
a n d
its
c i t i z e n stox t e n d
thee r m i n a t io n
Date (as
uch
t e r m
is
e f i n e d
in
the
Escrow
A g r e e m e n t , foran
a d d i t i o n a l
p e r i o d
o
eventy-
three
days.
NOW
H E R E F O R E , BEITULY
E S O L V E D
BYTHE
AYORAND
M E M B E R S
OF
THE
CTY
O M M I S S I O N
OFTHE
CITY
OF
AM
BEACH
L O R I D A ,as
f o l l o w s :
1
he
M a y o r
andCity
Clerk
ae
e r e b y autho r i zed a n d
directedtoxecute
an d
deliverthe
h i r d Amendment
to
scrow A g r e e m e n t ,
a t t a c h e d
hereto
as E x h i b i t
A
nd
b
hs
r e f e r e n c e
made part
hereof,and
such
ther
documents
an d
i n s t r u m e n t s
as
my
be
necessary
toextend
he
T e r m i n a t i o n
Date (s d e f i n e din
the
s c r o w A g r e e m e n t ,
fo
a
period
o
s e v e n t y -
three (
73)
d a y s
f rom
May4998(to
J u l y
16,
1998)..
2
l
a c t i o n
h e r e t o f o r e t a k e n by
he Cty
M a n a g e r
andity
staf
in
order
to
x t e n d
the
e r m i n a t io n Dae
n d e r
the
E s c r o w
A g r e e m e n t
is
e r e b y
rat i f ied, c o n f i r m e d
and approved.
3he
Cty
anager,
City
Clerk,
andity
Attorney
and
h e i r
r e s p e c t i v e
d e s i g n e e s
andu t s i d e
c o u n s e l
ar e
hereby
u t h o r i z e dtoak e
such
c t i o n s
asmay
be
necessaryto
f f e c t u a t e
the
purposeso
hi s
Resolut ion
4
his
Resolution
shal l
t a k e
e f f e c t
i m m e d i a t e l y
u po n
i t s
a d o p t i o n
PASSED
AND
ADOPTED
this
20th
day
o
May ,
1998
11 ,
4I (;
f
AYOR
A T T E S T :
A P P R O V E D
AS
TO
F O R M L A N G U A G E
FOR E X E C U T I O N
aA .
J
8/15/2019 98-22753 RESO
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TY
OF MAM
BEACH
TY
HALL
1700
O N V E N T I O N
C E N T E R
DRIVE MIAMI
BEACH,
33139
1ttp:\\
iam
-
e a c h .
f
s O M M S S O N M E M O R A t "
l D U M
N O .
31
q
9TOayor
NesenO. a s d i n
and
Memers
o
the
Cty
C o m m i s s i o n
DATE
May20
1998
F R O M :
Segoo d r i g u e z , Cty Manager S U B J E C T :AESOLUTION
OF THE
MAYOR
AN D
CTY
C O M M I S S I O NOTHE
ITY
O IAMI
B E A C H , F L O R I D A ,
EXTENDINGTHEE R M I N A T I O N D A T E OF
THE E S C R O W
AGREEMENT
DATED
ASOF
C T O B E R
2 997
AS
A M E N D E D ,
B E T W E E N THEMAM
BEACH
R E D E V E L O P M E N T AGENCY,
THECTY
O
MAM
BEACH,
FLORIDA,
RDPOYAL
P A L M
HOTEL
IMITED
P A R T N E R S H I P ,
AND
LOOM &
INSKER,
FOR
AN
D D I T I O N A L
PEROD
OF
SEVENTY
THREE
DAYS;
AND PROVIDING
AN
E F F E C T I V E
DATE
A D M I N I S T R A T I O N
R E C O M M E N D A T I O N
Adop
theResoution. B A C K G R O U N D
On
O c t o b e r
21
997,an
scrow
Ageemen
was
entered into
by
he
City;
the
amBeach
R e d e v e l o p m e n t
Agency (
RDA;
the
deveoper
o
the
African
American
Hotel,
Roya
Palm
Hotel
Lmted
Partnership
RDP;
nd
Boom&
Mnsker,
an
scrow
agent. The E s c r o w
A g r e e m e n t
p r o v i d e d
ha,
un less
certan
cond i t ions
wee
me
n
o
rior
to
a n u a r y
4
998
the
Escrowg e n t
was
instructed
to
d e s t r o y
al
signatures
on
he
s c r o w e d
documents.
C o n d i t i o n
N
4on
Exhibit
Bo
the
s c r o w
A g r e e m e n t
required
the
developer
to
presen
to
the
City/RDA
and
s u b s e q u e n t l y
the
tyRD A
to
approve,
au a r a n t e e d
maximum
price ( GMP)
constructon
c o n t r a c t .
That
contract
must
be
nul
force
and efec
fo
the
o n s t r u c t i o n
o
he
hotel.Ths cond it ion waso
met
by
a n u a r y
1998
nd, p u r s u a n ttoesouionNo.287
98
aid
date was
exended
o
sixty
60
days
to
a r c h
5,
1998
pursuan
to
a
Frs
Amendment
to
E s c r o w
A g r e e m e n t ,
a n d
o
8/15/2019 98-22753 RESO
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ANALYSIS
The
developer
is
working
dligenly
wthTishman
Constructon
the
City'
s/ RDA'
s
consutan,
to
finaize
al
remaining
technca
ssues.
There
aesill
unesoved
ssues
as
to
the
aforesadCondton
No.
4Ind d i t i o n ,
the
roject
fna
approvals
have
been
o
d m i n i s t r a t iv e
hod
due to
the
u n r e s o l v e d
Cty-
wide
FAR
i ssues.
The
Escrow
A g r e e m e n t
mus
project
can
r e a l i s t i c a l l y
thee r m i n a t i o n o
ths
d o c u m e n t s .
be
x t e n d e din
rder
to
ssure that
the
begn
wthn
seventy-
three (
73)
days
agreement
as r e q u i r e d
in
the
closing
A
ths
e x t e n d e d
1 9 9 8 .
me
t
s
r e c o m m e n d e d thatthe
o
an
addtona
seveny-
three
e s c r o w
a g r e e m e n t
73)
days
to
July
be6
O N C L U S I O N
The
Cty
Commission
and
the
DA
should
approve
an
xtension
fo
an
a d d i t i o n a l
s e v e n t y -
hee
73) daysSR
J;
Pht t a c h m e n t s
8/15/2019 98-22753 RESO
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EXHIBIT
A
THIRD
AMENDMENT
TO
ESCROW
AGREEMENT
hLu~
is THIRD AMENDMENT
TO
ESCROW
AGREEMENT,
dated
as ofthe~
d ay
of
1998,
etween MIAMI
BEACH
E D E V E L O P M E N T
A G E N C Y ,
aubl ic
body
o r p o r a t e
and
p o l i ti c (
the"
g e n c y ) ;an d the
IT Y
OF
IAMI
B E A C H ,
a
unicipal
c o r p o r a t i o n
of
the
t a t eo
l o r id a (
the
City )RDPOYAL PALM
HOTELLMTED
A R T N E R S H I P
a
lorida
lmted
p a r t n e r s h i p (
RDP ) ;
and
BLOOM&
I N S K E R (
he
Escrow
Agen").
R E C I T A L S :
A
The
a r t i e s to
hs
Thrd
m e n d m e n t
to
Escrow
Agreement
e x e c u t e d
tha
certain
Escrow
A g r e e m e n t ( he
Escrow
A g r e e m e n t ) d a t e d
as
o
October
21,
1997,
pu r s u an t
to
which
c e r t a i n
d o c u m e n t s r e l a t i n g
tohch
he
easing,
e v e l o p m e n t
a n d
operationo
a
o n v e n t i o n
c e n t e r
hoe
to
e
constructed
on
he
r o p e r t y
c o m m o n l y known
as
535
and
1545
ollins
Avenue,
Miami
Beach,
Florida
were
s c r o w e d
The
s c r o w
Agreement
contains
an
d d e n d u m toEscrow A g r e e m e n t
dated
as
f October
21
997,
a
i r s t
A m e n d m e n t
tos c r o w Agreement daedso
January
4
9 9 8 ,
a n d
a
e c o n d Amendment
to
scrow
A g r e e m e n t
d a t e d
as
M a r c h
4
9 9 8 .
The
Escrow
A g r e e m e n t , t o g e t h e r
w i th
th e
Addendum
a n d said
a m e n d m e n t s ,
ise r e i n referredto
s
the
II
g r e e m e n t .
B
The
p a r t i e s
w i s h
to
amend
c e r t a i n
o
he p r o v i s i o n s
o
the
Agreement.C
Bye s o l u t i o n
adopted ~,
998,
he A g e n c y
and
he
Ci ty
have
a u t h o r i z e d and
i r e c t e d
the
a p p r o p r i a t e
oficers
of
the
Agencyandh e
Cty
om e n d
the
A g r e e m e n t
as
e r e i n a f t e r
set
forth.
NOW,
T H E R E F O R E ,inxchange for
the
m u t u a l
p r o m is es
c o n t a i n e d
herein,
and
other
good
and
a l u a b l e
c o n s i d e r a t i o n ,
th e r e c e i p t
and
d e q u a c y
owhich
ae
hereby
c o n c l u s i v e l y
a c k n o w l e d g e d ,
theartieso
his Agreement
a g r e e as
folows:
1
e r e i n .
Recitals. T h e
f o r e g o i n g Recitals
ae
rue
a n d
c o r r e c t
and
ae
n c o r p o r a t e d
2
m e n d m e n t
to
e c t i o n
5
the Escrow
Agreement.
e c t i o n5
o
he E s c r o w
A g r e e m e n t
is
m e n d e d
to
change
th e
s e v e n t y -
five(5
day
period
c o n t a i n e d
in
the
second
line
on P a g e
3
f
the Escrow
g r e e m e n tto
two
u n d r e d
and
sxty-
egh (
68) a y s .
3o
u r t h e r m o d i f ic a t i o n s .
8/15/2019 98-22753 RESO
6/7
IN
WITNESS WHEREOF,
the
par t ies
have executed
this
Third
Amendment
to Escrow
Agreement
as
of
the
date
first set
forth
above.
OJ~
eL.
~
APPROVED
AS TO
FORM &
LANGUAGE
FOR
EXeCUnON
Q (~
R e d ~
Agency
General
Counsel
1/~
f
D o t e
oJJ~
E S S E S :
OJ~
C~.
O ~
P P R O V E D
AS
TO
FORM&
L A N G U A G E
FOR
E X E C U T I O N
7 ;
j;
o
D a t e
W I T N E S S E S :
J~
M I A M I
B E A C ~
f 7 D E V E L O P M E N T
A G E N C Y
By ?
JM
A T T E S T :
B y : ~
~
jU
18
I
ate:
C I T Y
OF
MAMI
J J E t C H ,
F L O R I D A
By:
1f11U
Neisen
Kasd in ,
Mayor
T E S ~ ~
p~~obert
Parcher,
S e c r e t a r y
5/~/
1
I
ae
RDP
ROYAL
PALM
HOTEL
L I M I T E D
P A R T N E R S H I P B
ADC
H O S P I T L I T Y C O R P O R A T I O N ,
I
it s
n e r a l
p
e
By:
a t e :
o/
u 1
8/15/2019 98-22753 RESO
7/7
The
unde rs i gned ,
as
Escrow
Agent
under
the
Agreement,
h e r e b y
a c k n o w l e d g e s
rece ip t
of
the
foregoing
Third
Amendment
toEscrow
Agreement.
WITNESSES:
BLOOM &
MINSKER, as
Escrow
Agent
By:
Joel
N. Minsker,
P.A
oa~
By:
p..~ ...
Date:
F:\
AT()\. l O T L \
D A M E N D _
ESC