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1/15/2016 <br />Item Coversheet <br />condominiums are still being actively marketed at the end of the <br />current Dezer lease, the City would agree to lease Corner House the <br />15800 Collins Avenue sales office for up to an additional 18 months for <br />$5,000.00 per month. A proposed Letter of Intent will be presented to <br />the City Commission for approval of the proposed lease agreement. <br />The above agreement is very favorable to the City for the following <br />reasons: <br />1. The Property located at 18590 Collins Avenue is strategically <br />important to the City given the City's prior acquisition of the Turnberry <br />site on Atlantic Boulevard. These two sites connect through the <br />overlap of the back alley. <br />2. The above agreement puts to rest the notion of a multistory building <br />at the entrance to a single family neighborhood. <br />3. The 71,500 TDRs that the City is donating for the property located <br />at 18801 Collins Avenue ("Veradero") is marginally higher than the <br />actual yield of the property's TDRs of 62,685. However, since the City <br />is able to receive the property located at 18590 Collins Avenue <br />immediately, the benefits to the City are high. This includes immediate <br />benefits to the surrounding communities, strategic assemblage of this <br />block of properties, and the avoidance of litigation. <br />respectfully request your approval of this Resolution. <br />[1] It should be noted that through the course of negotiations, the <br />Parties actually ended up at 71,500 TDRs. However, Corner House <br />wanted to show a net transaction of 75,000 TDRs. In order to realize <br />this objective, the City is being rebated the difference in cash value <br />(3,500 TDRs x $125 = $437,500). <br />ATTACHMENTS: <br />Description <br />Resolution <br />Letter of Intent <br />Item Number: 10.H. <br />hNn•//citnnviclac nnviicananria rnm/anonriawah/( nvprShpet.asDx?ltemID=1837 212 <br />