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<br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5 107 Fax <br /> <br />Cify Commission <br />Norman S. Edelcup, Mayor <br />Lewis .1. Thaler. J'ice Mayor <br />Gerry Goodman,Commissioner <br />Hoslyn Brezin, Comllllssioner <br />George "Bud" Scholl, Commissioner <br /> <br />A. John Szerlag, City Manager <br />lIans Ottinol, Cify A/lorney <br />.Jane A. lIines. CMC. Cify Clerk <br /> <br />MEMORANDUM <br /> <br />TO: The Honorable City Commissio <br /> <br /> <br />FROM: Hans Ottinot, City Attorney <br /> <br />DATE: December 18, 2008 <br /> <br />RE: Approval of Letter of Intent with LSB Investment Corporation <br /> <br />RECOMMENDA TION <br /> <br />It is recommended that the City Commission approve the attached Resolution, approving a letter of <br />intent between the City of Sunny Isles Beach and LSB Investment Corporation. <br /> <br />REASONS <br /> <br />As you know. the City owns a small vacant lot abutting the Millennium Shopping Plaza. The owner of <br />the Millennium shopping Plaza, LSB Investment Corp ("LSB") wishes to add additional parking for <br />the shopping center and has approached the City to buy the property from the City. <br /> <br />Staff has negotiated and proposed entering in to a non-binding letter of intent with LSB to lease the <br />vacant lot to add parking for the shopping center. LSB will rent the vacant lot for an initial term of 20 <br />years for $25,000.00 per year subject to an annualized increase per year based on the lesser of the CPI <br />or 3%. LSB will also. as a condition of use, be responsible for installing sufficient landscape buffer to <br />mitigate any impacts that the property may have on adjacent neighborhoods and view from Collins <br />Avenue. LSB will also be required to add security lighting. <br /> <br />Upon approval of this Letter of Intent, staff will take the necessary steps to enter in a lease agreement <br />with LSB Investment Corp. <br /> <br />/ attachment <br /> <br />Agenda Item l D ~ <br />Date ( 2. - \ ~ - () ~ <br />