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Reso 2010-1593
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Reso 2010-1593
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Last modified
7/22/2010 2:30:19 PM
Creation date
7/22/2010 2:02:35 PM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2010-1593
Date (mm/dd/yyyy)
07/15/2010
Description
Ltr of Intent w/H & M Gables Investors: Lease Property to Operate Aquarium
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<br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Lewis J. Thaler, Viir M'!yrJr <br />Roslyn Brezin, Commi(l"ioner <br />Gerry Goodman, Commi(l"ioner <br />George "Bud" Scholl, CommirJioner <br /> <br />(305) 947-0606 City 1 [all <br />(305) 949-3113 ','ax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />Rick Conner, Adi~g City Mana.ger <br />Hans Ottinot, City Allorney <br />Jane A. Hines, City Clerk <br /> <br />MEMORANDUM <br /> <br />DATE: July 15,2010 <br /> <br /> <br />TO: <br /> <br />FROM: Hans Ottinot, City Attorne <br /> <br />RE: Approving a Letter of Intent and the First Amendment between the City of <br />Sunny Isles Beach and H & M Gables Investors, LLC <br /> <br />RECOMMENDATION: <br /> <br />The attached Resolution is presented for your consideration. <br /> <br />REASONS: <br /> <br />The City and H& M Gables Investor, LLC ("operator of Seaquarium") have finalized a proposed <br />Letter of Intent to facilitate the drafting of a lease and development agreement for the construction <br />of an Aquarium at the site located at 151 Sunny Isles Boulevard. As you know, operator of the <br />Seaquarium has expressed a strong interest in developing a private/public partnership with the City <br />to develop an Aquarium in the City. To facilitate the execution of a Lease Agreement for the <br />aforementioned property, the operator of Seaquarium has agreed to accept the terms outlined in the <br />attached Letter of Intent and the First Amendment. <br /> <br />In the proposed Letter of Intent and its amendment, the City and the operator of the Miami <br />Seaquarium have agreed to enter a 99 year lease. Under the proposed Lease, the City will collect, with <br />the exception of the first four (4) years of the Lease term, an annual rent in the amount of <br />$324,000.00 (with appropriate inflating increases). H & M will be responsible for all costs associated <br />with the construction of the Aquarium. The City will provide the Aquarium with the use of the <br />parking garage that the City intends to build adjacent to the Aquarium. The City, however, will <br />collect all revenues generated from the use of the garage. In addition to collecting rent, the City will <br />be entitled to collect a percentage of the gross sales from the Aquarium less the amount of the Base <br />Rent. The City will have the right to approve the sale of the Aquarium to a third party. The City will <br />also have the right to terminate the Lease if the Aquarium is not constructed. Lastly, the parties <br />agree to finalize all necessary agreements within ninety (90) days of approval of the Letter of Intent. <br />
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