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RESOLUTION NO. 2014-2M_G <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, ACCEPTING THE FINAL <br />PAYMENT OF 575,000.00 FOR NAMING THE GVNINASIUNI <br />LOCATED AT THE PELICAN COMMUNITY PARK THE <br />"RAANAN AND PHYLLIS KATZ SPORTS CENTER" IN <br />PERPETUITY; PROVIDING THE CITY NIANAGER AND THE <br />CITY ATTORNEY WITH THE AUTHORITY TO DO ALL <br />THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, in 2009, the City of Sunny Isles Beach; Florida (the "City ") received a <br />philanthropic offer from Raanan Katz to name the gymnasium located at the Pelican Community <br />Park; 18115 North Bay Road. the 'Raanan and Phyllis Katz Sports Center",- and <br />WHEREAS; Raanan Katz and the City subsequently entered into an Agreement for <br />Gymnasium Naming Rights, wherein Raanan Katz agreed to pay the sum of $525.000.00 (Five <br />Hundred Twenty Five Thousand Dollars) to the City for a seven year period, with yearly payments <br />of $75,000.00 (Seventy Five Thousand Dollars); and <br />WHEREAS, Raanan Katz \wishes to make the final, remaining payment of 575,000.00 to <br />the City to name the Gymnasium located at the Pelican Community_ Park the 'Raanan and Phyllis <br />Katz Sports Center' in perpetuity. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COi\4MISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Accepting the Final Payment of $75.000.00. The City Commission hereby accepts <br />the final payment of $75.000.00 from Raanan Katz in connection with an Agreement for <br />Gymnasium Naming Rights. to name the Gymnasium located at the Pelican Community Park the <br />'Raanan and Phyllis Katz Sports Center' in perpetuity. The City Commission hereby authorizes <br />the City Attorney to file a restrictive covenant with Miami -Dade County to reflect the approval of <br />this Resolution and conditions of the naming right. <br />Section 2. Authorization of Citv Manager and Citv Attorney. The City Manager and City <br />Attorney are hereby authorized to do all things necessary to effectuate the terms of this <br />Resolution. y <br />Section 1. Effective Date. This Resolution shall become effective upon adoption. <br />Page I of 2 <br />