CRESPOGRAM REPORT
JUNE 5, 2014
BARRED FROM NUMEROUS GOVERNMENTAL COMPUTER NETWORKS FOR TELLING THE TRUTH
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In meetings that I was told went into the night and that included as many as 4-5 lawyers going over the draft contract, the City of Miami today posted a copy of the revised lease agreement with Bayside Marketplace that includes provisions for Bayside Marketplace to pay a base rent of $1,540,000.00 and for Skyrise to pay $1,059,082.00 for a total of $2,599,085.00, which is approximately what the City now receives from Bayside, without any money from Skyrise.


What this means is that Bayside, instead of paying more money in base rent will in fact pay approximately $1 million less in base rent, with that million now being credited as base rent from Skyrise.  Talk about a Three Card Monti deal!


Already this is beginning to smell funny, and I’ve only skimmed the contract. Both entities will also be paying a percentage of “Gross” receipts, although it doesn’t appear that the at the end of the day the City will ever see much in actual money because of the allowed exclusions to the “Gross” receipts calculations.


Because this document has just appeared online I have not had an opportunity to review it with any detail, so I am posting it so that as many folks as possible can go through the documents and make their own analysis, although given that this is Miami, and as the Mayor so famously said last year, “In Miami, any deal is a bad deal,” we can start with that as the premise for what we will find.


It is evident however, that the decision that led to this agreement was based in large part on trying to get it done before the window on placing this issue on the August ballot closed, rather than risk this item on the November ballot where it might have gotten caught in with any Beckham stadium referendum.


I’ll be getting back once I and others have an opportunity to review this contract in detail.


OLD SITEORIGINAL_SITE.html
ANOTHER BAD DEAL FOR MIAMI
CITY REACHES AGREEMENT WITH BAYSIDE OVER AMENDED LEASE THAT NOW INCLUDES PAYMENTS BY SKYRISE AND ALREADY THE DEAL LOOKS SKANKY
PART V