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<br />07/14/2010 14:05 <br /> <br />PAGE 02/03 <br /> <br />305-529-1485 <br /> <br />WoMETCo ENT 5 FLOOR <br /> <br /> <br />City Commission <br />Norman S. Edelcup <br />Mayor <br /> <br />Lewis J. Thaler <br />Vice Mayor <br /> <br />Roslyn Brezin <br />Comml~sioner <br /> <br />Gerry Goodman <br />Commissioner <br /> <br />George HBud" Scholl <br />Commissioner <br /> <br />Rick Conner <br />City Manager <br /> <br />Ha ns Otti nol <br />City Altomoy <br /> <br />Jane A. Hines <br />City Clerk <br /> <br />July 7, 2010 <br /> <br />Arthur Hertz <br />H&M Gables Investors, LLC <br />CIO Arthur Hertz <br />Wometco Enterprises, Inc. <br />3195 Ponce de Leon, 5th Floor <br />Coral Gables, FL 33134 <br /> <br />Re: <br /> <br />i <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 />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 shaH 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 oatties ae;ree to use the South FlQrida Consumer Priee Index <br />of Miami-Ft. ~auderdale. <br /> <br />(c) In addition to the Base Rent, th,e Lessee shall pay the Lessor <br />Percentage Rent equal to 4% iof the gross sales from the <br />Aquarium, less the amount ofthci Base Rent. <br /> <br />(d) All rent shall be paid in quarter apnual installments. <br /> <br />~ Real Estate Taxes. The Le~e shall provide that the Le~e shall not <br />be respeooible (-or the payment of any rea.l estate taxes fer the <br />Property or any i1fl1*'&vemems tHereoa, tmless req1:1ir.ed by the 1a".'1-e-f <br />the State of Fffir-icla. hessor shall cooperate "..ita the Lessee ifl--!Hly <br />negotiatioflS-0r-r~t or applicatiol'l ~o E!!Kemp-t the Property ~ <br />~~. <br />Agenda Item \ 0 Q <br />~ <br /> <br />- .,.- . ~ <br />