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<br /> <br />City Commission May 15,2008 <br />Norman S. Edelcup <br />Mayor <br /> <br />Lewis J. Thaler <br />Vice Mayor <br /> <br />Roslyn Brezin <br />Commissioner <br /> <br />Gerry Goodman <br />Commissioner <br /> <br />Via Facsimile Only <br /> <br />Raanan Katz <br />R.K. Associates <br />17100 Collins Avenue <br />Sunny Isles Beach, Florida 33 I 60 <br /> <br />Re: (Revised Letter) Gymnasium Naming Rights <br /> <br />George "Bud" Scholl Dear Mr. Katz'. <br />Commissioner <br /> <br />A. John Szerlag <br />City Manager <br /> <br />Hans Ottinot <br />City Attorney <br /> <br />Jane A. Hines <br />City Clerk <br /> <br />As a follow-up to our conversation, this letter is written to confirm your philanthropic offer to <br />name the gymnasium located at the Pelican Community Park the "Raanan and Phyllis Katz <br />Sports Center". <br /> <br />In consideration of the mutual understanding between the parties, the City is willing to provide <br />you with the naming rights to the gymnasium if you agree to pay the sum of $525,000.00 to the <br />City over a seven year period. The agreed payment schedule is as follows: (1) $150,000.00 <br />upfront payment for the first two years and (2) $75,000.00 for each one of the remaining five <br />years, for a total combined payment of $525,000.00. <br /> <br />The Payments must be made on an annual basis no later than September 30 of each year. Failure <br />to provide the annual payment wi II cause the termination of the naming rights. At the end of the <br />seventh year, YOll will have the option to continue the naming rights by providing payment of <br />$75,000.00 per year for any additional years. Finally, the City agrees to have your trademark RK <br />logo placed near the designated area for the name. <br /> <br />Please note that the naming rights are personal and not assignable to anyone or any entity. If the <br />offer discussed herein is acceptable to you, please execute below and fax an executed copy of <br />this letter to me. <br /> <br />Thank y u for your prompt attention to this matter. <br /> <br /> <br />Agreed and Accepted <br /> <br />Raanan Katz <br /> <br />cc: <br /> <br />The Honorable City Commission <br />Hans Ottinot, City Attorney <br />Fernando Amuchastegui, Assistant City Attorney <br />Doug Haag, Asst. City Manager/Finance <br /> <br />FY\ <br /> <br />EXHIBIT "A" <br />