HomeMy Public PortalAboutLTC 159- 2021 - Addendum to Bal Harbour ShopsBAL HARBOUR
- VILLAGE -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 159-2021
To: Mayor Gabriel Groisman and Members of the Village Council
From: Jorge M. Gonzalez, Village Mana
Date: November 5, 2021
Subject: Addendum to Bal Harbour Shop ADevelopment Agreement
The purpose of this Letter to Council (LTC) is to provide an update on execution of the Second
Addendum to the Bal Harbour Shops Development Agreement.
On October 19, 2021, Village Council approved the Second Addendum to the Development
Agreement. The second addendum was executed on October 25, 2021 resulting in the
following more significant and beneficial changes:
• Conveyance of the Fairfield Property to the Village by Special Warranty Deed.
• Payment to the Village $18,056,228.00, which consisted of the Owner's initial cost of (1) the
New Village Hall (NVH) calculated as $9,600,000 in the Agreement increased by estimate
form January 2016 until the date of the Second Addendum for a total of $12,056,228.00;
and (2) NHV Garage cost calculated as $6,000,000 in the Agreement. Payment was
received by the Village on 11/4/2021.
• $1,000,000 Payment of Voluntary Contribution: Under the previous Development
Agreement, BHS must make five (5) Voluntary Contributions in the amount of $500,000
each (subject to adjustments as set forth in the Development Agreement). The Third
Payment was due on 5/21/2020 and the Fourth Payment was due on 5/21/21. Payment
was received by the Village on 11/4/2021.
Should you have any questions or need any additional information, please contact me.
JMG/CD