HomeMy Public PortalAboutLTC 017-2014 - One Bal Harbour Resort and SpaSAL HARBOUR
F LO RI DA'S/IPA R A D 1 S E
OFFICE OF THE VILLAGE MANAGER
NO. 017-2014
TO: Mayor Jean Rosenfield and Members of the City Council
FROM: Jorge M. Gonzalez, Village Manager ,
DATE: October 3, 2014U�
SUBJECT: One Bal Harbour Resort and Spa
LETTER TO COUNCIL
The purpose of this Letter to Council (LTC) is to provide you an update as to the change in
ownership of the One Bal Harbour Resort and Spa.
As you may already be aware, as of October 2, 2014, Lionstone Development (Ritz Carlton Hotels)
assumed ownership of the One Bal Harbour Resort and Spa.
In preparation for the closing, the Village identified all outstanding issues at the One Bal Harbour
property. The Village and the One Bal Harbour Corporation (OBHC) signed an agreement to
memorialize all outstanding issues. In addition, the One Bal Harbour Corporation provided the
Village with $102,041 to hold in escrow for the renovation of the loading dock area, as well as the
landscape improvements to the parking lot area, roadway and beach, as described in the original
development agreement with the Village.
The funds for the landscape escrow are to be expended by the Village to ensure the improvements
outlined in the original development agreement are completed. The funds held in escrow related to
the loading dock improvements will be returned to the OBHC once their work has been completed.
Lionstone Development has also been made aware of the agreement and plan of action with the
Village.
If you have any questions, please feel free to contact me.
JMG/DM/PAR