HomeMy WebLinkAbout2011-096-1489 - Agreement with landlord
1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 City of Miami Gardens Agenda Cover Memo Council Meeting Date: June 8, 2011 Item Type: (Enter X in box) Resolution
Ordinance Other X Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading X Public Hearing: (Enter X in box) Yes No Yes No X Funding Source:
N/A Advertising Requirement: (Enter X in box) Yes No X Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid #: X Strategic Plan Related (Enter X in box) Yes No Strategic Plan
Priority Area: Enhance Organizational Bus. & Economic Dev Public Safety Quality of Education Qual. of Life & City Image Communication Strategic Plan Obj./Strategy: (list the specific
objective/strategy this item will address) N/A X Sponsor Name Dr. Danny Crew, City Manager Department: City Manager’s Office Short Title: A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MIAMI GARDENS, FLORIDA, AUTHORIZING THE CITY MANAGER AND THE CITY CLERK TO EXECUTE AND ATTEST RESPECTIVELY, THAT CERTAIN SUBORDINATION, NON‐DISTURBANCE AND ATTORNMENT AGREEMENT WITH
MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC AND BRI 1814 GGOP, LLC., A COPY OF WHICH IS ATTACHED HERETO AS EXHIBIT “A”; PROVIDING FOR INSTRUCTIONS TO THE CITY CLERK; PROVIDING FOR THE
ADOPTION OF REPRESENTATIONS; PROVIDING FOR AN EFFECTIVE DATE. Staff Summary: BRI 1814 GGOP, Inc. owns and manages the business office park where Miami Gardens City Hall is currently
located at 1515 NW 167 Street in Buildings 3, 4, 5 and 7.
1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 BRI 1814 GGOP, Inc. is in the process of refinancing with Morgan Stanley Mortgage Capital Holdings LLC (“Morgan
Stanley”), and has requested that the City review and execute the attached Subordination, Non‐Disturbance and Attornment Agreement (SNDA), which will be included in the overall refinancing
package. It is a common practice for lenders to require the execution of an SNDA Agreement by landlords and existing tenants of commercial properties. SNDA Agreements address the rights
of tenants and lenders, in the event the landlord defaults on its mortgage. By executing the attached SNDA agreement, unless the City is in default under the lease agreement, the City’s
right to utilize the premises will be undisturbed, even if the landlord defaults on the mortgage. Proposed Action: That City Council approved the resolution authorizing the City Manager
to execute the Subordination, Non‐Disturbance and Attornment Agreement with Morgan Stanley Mortgage Capital Holdings LLC and BRI 1814 GGOP, Inc. Attachment: Attachment A – Subordination,
Non‐Disturbance and Attornment Agreement