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HomeMy WebLinkAboutR-90-0136R-90-0136 No Resolution on file with the Clerk's Office. See attached supporting documents and minutes for said resolution. "a# RESOLUTION 90-136 WAS IMMEDIATELY RESCINDED BY MOTION 90-137 AND SUBSEQUENTLY PASSED AS RESOLUTION 90--140 FEBRUARY 15, 1990 48, CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO Honorable Mayor and Members DATE JAN 3 0 1990 FILE . of the City Commission FA°M Cesar H. Odi City Manager RECOM!!ENDATION SUEUECT : Resolution Authorizing Consent for Collateral Assignment of Rights & Concession Agreement REFERENCES: ENCLOSURES: It is respectfully recommended that Terremark at Dinner Rey, Inc. (Terremark) be granted the consent requested in order to assign its rights under that Concession Agreement dated September 25, 1979 to Florida International Bank. It is further recommended that the City !Manager be allowed to execute a Consent to Collateral Assignment of Rights and Concession Agreement acceptable to the City Attorney, as required by Florida International Bank. BACKGROUND The General Services Administration Department has reviewed a request from Terremark to be allowed to execute a Consent to Collateral Assignment of the Rights and Concession Agreement for the .leased space for the Havana Clipper Restaurant as required by their lender, Florida International Bank. On September 25, 1979, the City of Miami entered into a Restaurant and Concession Agreement for Coconut Grove Exhibition Center, as amended on November 26, 1986, and on October 31, 1989 for a restaurant and concession operation, on certain City owned real estate. The expiration of this agreement is September 30, 2004. Terremark is seeking a loan from Florida International Bank (Bank) for working capital to finance improvements performed at the Havana Clipper Restaurant and Coconut Grove Exhibition Center. The Bank has extended a commitment for the financing to Terremark but has required an assignment as a condition to making the loan. . Section 31. Extension, Assignment, or Transfer of Stock of the agreement tween the City and Terremark requ res approval for assignment of the Concession Agreement. Terremark has been an outstanding tenant with the terms and conditions of the been optimal. Business development and have been impressive. cca Attachments the City of the City. Compliance Concession Agreement has thus revenues to the City 17 AD "1 h a� Y ; ; e 4