OPENED IN 1969, MONTY'S RAW BAR HAS GROWN THROUGH THE YEARS TO BECOME ONE OF MIAMI'S MOST Iconic destinations AND RESPECTED RESTAURANTS. Monty's HAS SERVED AS THE BACKDROP FOR TV SERIES, MUSIC VIDEOS AND MOVIES INCLUDING MIAMI VICE, BURN NOTICE AND MARLEY & ME.
On November 7th, the City of Miami is asking you to vote on a lease extension for Monty's in Coconut Grove. The Ballot question will authorize the City to extend its lease with the Monty’s Restaurant and Marina for an additional 32 years and require Monty’s to fund and construct at least $7 million of improvements to the restaurant, retail building and Marina. The lease extension also requires Monty’s to pay the City an additional rent of $10M or an additional 1.75% of gross revenues, whichever is greater. Most important, THIS WILL BE AT NO EXPENSE TO THE TAXPAYERS, AS THE OWNER IS PAYING THE COMPLETE BILL!
The Benefits to Monty's and the Community:
Public Access – If the lease extension is approved, the marina will be redesigned at Monty’s expense to give the public better access and better views of the Coconut Grove waterfront.
Sea-Level Mitigation – As a result of their lease extension, Monty’s will be required to rebuild the marina to protect against sea-level rise and to renovate the restaurant and retail buildings on the site at their own expense.
Revenue for City – Under the lease extension with the City, Monty’s will pay the City an additional 10 million dollars or an additional 1.75% of its revenues, whichever is greater, providing guaranteed revenue for the City that can be used for other City services to Miami residents and taxpayers.
Affordable Housing – Under the lease extension with the City, Monty’s will be required to pay a percentage of their additional rent to the City’s Affordable Housing Trust Fund in order to provide affordable housing in other areas of the City.