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Preview Page 1 of 2 so".fs,e. City of Sunny Isles Beach E'` ', 18070 Collins Avenue u = Sunny Isles Beach,Florida 33160 y, ,,---------F oIA- y4* (305)947-0606 City Hall c?y op svN F*� (305)949-3113 Fax MEMORANDUM TO: The Honorable Mayor and City Commission FROM: Christopher J. Russo, City Manager DATE: 1/17/2013 RE: Lease Agreement with Newport to Manage, Operate and Maintain the Historic Pier, Restaurant Facilities and Bait Shop RECOMMENDATION: It is recommended that the City of Sunny Isles Beach (the "City") enter into the attached, proposed agreement between the City and Newport Operating Corporation and Dr. Robert Cornfeld ("Newport") to manage, operate and maintain the Historic Pier, Restaurant Facilities and Bait Shop. REASONS: The important points of the lease agreement are as follows: • Newport agrees to manage, operate and maintain the fishing pier, its restaurant facilities of 5,000 square feet, and bait shop, located at 16501 Collins Avenue (the "Area") • Newport shall have the exclusive right to regulate the entrance to the fishing pier, restaurant facilities and other facilities • Newport shall charge a fee of no more than $5.00 (five dollars) to non-residents of the City and shall charge a discount fee to residents of the City, as determined by the City • The initial term of the lease shall be for twenty (20) years with an option to renew for two (2) additional ten (10) year periods • Newport shall pay the City a guaranteed monthly payment of $7,000.00 (seven thousand dollars) in rent. The rent shall be subject to 3% (three percent) increase every five years of the lease term • The consent of the City is required before Newport selects a vendor to sell food and beverages in its restaurant facility http://sibagenda.sibfl.net/Agenda/Preview.aspx?ItemID=963&MeetinglD=O&MeetingDate... 1/11/2013