HomeMy WebLinkAboutR-90-0136R-90-0136
No Resolution on file
with the Clerk's Office.
See attached
supporting documents
and minutes for said
resolution.
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RESOLUTION 90-136 WAS IMMEDIATELY RESCINDED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
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