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<br /> <br />City Commission <br /> <br />Norman S. Edelcup <br />Mayor <br /> <br />Lewis J. Thaler <br />Vice Mayor <br /> <br />July 7,2010 <br /> <br />Roslyn Brezin <br />Commissioner <br /> <br />Arthur Hertz <br />H&M Gables Investors, LLC <br />C/O Arthur Hertz <br />W ometco Enterprises, Inc. <br />3195 Ponce de Leon, 5th Floor <br />Coral Gables, FL 33134 <br /> <br />Gerry Goodman <br />Commissioner <br /> <br />GeorQe "Bud" Scholl <br />Commissioner <br /> <br />Rick Conner <br />City Manager <br /> <br />Re: <br /> <br />First Amendment to Letter of Intent for Land Lease Between the City <br />of Sunny Isles Beach and H & M Gables Investors, LLC. <br /> <br />Hans Ottinot <br />City Attorney <br /> <br />Jane A. Hines <br />City Clerk <br /> <br />Dear Mr. Hertz: <br /> <br />The City has reviewed the Letter of Intent regarding the above-referenced matter. <br />Based on this review, the City has proposed the following amendments: <br /> <br />4. Rent. <br /> <br />(a) For the first four years of the Lease no rent shall be payable. <br /> <br />(b) Thereafter, the Base Rent shall be $324,000 per year. Every fifth <br />year of the Lease, the Base Rent shall be adjusted by an amount <br />base on the Consumer Price Index, increase over the base year. <br />The parties agree to use the South Florida Consumer Price Index <br />ofMiami-Ft. Lauderdale. <br /> <br />(c) In addition to the Base Rent, the Lessee shall pay the Lessor <br />Percentage Rent equal to 4% of the gross sales from the <br />Aquarium, less the amount of the Base Rent. <br /> <br />(d) All rent shall be paid in quarter annual installments. <br /> <br />~ Real Estate Taxes. The Lease shall provide that th.e Lessee sh.allnot <br />be responsible for the payment of any real estate taxes for the <br />Property or (]flY improvements thereon, unless required by the lavl of <br />the State of Florida. Lessor shall cooperate \vith the Lessee in any <br />negotiations or request or application to eJ<empt the Property and any <br />